SKANDIA GLOBAL FUNDS PLC - Fidelity Investments

SKANDIA GLOBAL FUNDS PLC 

(Registered Number 271517) 

An Umbrella Fund with Segregated Liability between Sub-Funds 

Interim Report and Unaudited Financial Statements 

for the period ended 30 June 2012

Skandia Global Funds plc 

Interim Report and Unaudited Financial Statements for the period ended 30 June 2012 

CONTENTS PAGE 

Directory 3 

General Information 10 

Investment Advisers’ Reports: 

Skandia Global Equity Fund 14 

Skandia US Large Cap Growth Fund 15 

Skandia US Capital Growth Fund 16 

Skandia US All Cap Value Fund 17 

Skandia US Value Fund 18 

Skandia European Equity Fund 19 

Skandia European Opportunities Fund 20 

Skandia Swedish Equity Fund 21 

Skandia Swedish Growth Fund 22 

Skandia Japanese Equity Fund 23 

Skandia Pacific Equity Fund 24 

Skandia Greater China Equity Fund 25 

Skandia Global Bond Fund 26 

Skandia Total Return USD Bond Fund 27 

Skandia Swedish Bond Fund 28 

Skandia SEK Reserve Fund 29 

Skandia Emerging Market Debt Fund 30 

Skandia Swiss Equity Fund 31 

Skandia Healthcare Fund 32 

Skandia Technology Fund 33 

Skandia European Best Ideas Fund 35 

Skandia US Large Cap Value Fund 36 

Skandia Investment Grade Corporate Bond Fund 37 

Skandia Global Emerging Markets Fund 38 

Skandia Asian Equity Fund 39 

Skandia Local Currency Emerging Market Debt Fund 40 

Skandia Managed Futures Fund 41 

Portfolio of Investments: 

























1



CONTENTS (continued) PAGE 

Portfolio of Investments: 




Balance Sheet 136 

Notes to the Financial Statements 194 

Significant Purchases and Sales: 




























Total Expense Ratios 269 

Portfolio Turnover Ratios 272 

Fund Performance 273 

Significant Events 275 

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 (until 16 March 2012) 

Finsbury Dials, 

20 Finsbury Street, 

London EC2Y 9AQ, 

England. 

3 

Five Oceans Asset Management Limited 

(from 16 March 2012) 

Level 17, 

255 Pitt Street, 

Sydney, 

NSW 2000, 

Australia. 

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 Marsico Capital Management, LLC, 

for the Skandia US Capital Growth Fund (until 20 April 2012) 

1200 17 th Street, 

Suite 1600, 

Denver, 

CO 80202, 

USA. 

300 North Capital, LLC, 

(from 20 April 2012) 

300 N Lake Avenue, 

#1120, 

Pasadena, 

CA 91101, 

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. 

*Mr. Keck resigned from the Board with effect from 1 August 2012.



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 (until 16 March 2012) 

Peterborough Court, 

133 Fleet Street, 

London EC4A 2BB, 

England. 

4 

GE Asset Management Limited, 

(from 16 March 2012) 

The Ark, 201, 

Talgarth Road, 

Hammersmith, 

London W6 8BJ, 

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 Fonder AB, 

for the Skandia Swedish Equity Fund 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 Greater China Equity Fund 23 St. Andrew Square, 

(until 2 March 2012) and the Skandia Pacific Edinburgh EH2 1BB, 

Equity Fund Scotland. 

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

for the Skandia Greater China Equity Fund Level 40, 

(from 2 March 2012) and the Skandia Asian 50 Bridge Street, 

Equity Fund Sydney, 

NSW 2000, 

Australia. 

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 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. 

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 (until 15 February 2012) 

Theaterstr. 12, 

8022 Zürich, 

Switzerland. 

5 

Analytic Investors, LLC 

(from 15 February 2012) 

50th Floor, 

55 West Fifth Street, 

Los Angeles, 

CA 90013, 

USA. 

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 Adviser to the Manager Janus Capital International Limited, 

for the Skandia Technology Fund 26th Floor, 

Citypoint, 

1 Ropemaker Street, 

London EC2Y 9HT, 

England. 

Investment Advisers to the Manager Acadian Asset Management, LLC, 

for the Skandia European Best Ideas Fund (until 13 April 2012) 

One Post Office Square, 

Boston, 

MA 02109, 

USA. 

6 

BlackRock Investment Management (UK) Limited, 

(from 13 April 2012) 

Drapers Gardens, 

12 Throgmorton Avenue, 

London EC2N 2DL, 

England. 

BNY Mellon Asset Management International Limited, 

The Bank of New York Mellon Centre, 

160 Queen Victoria Street, 

London EC4V 4LA, 

England. 

Danske Capital, a division of Danske Bank A/S, 

Strødamvej 46, 

DK-2100 Copenhagen, 

Denmark. 

Financière de L’Echiquier, 

53, avenue d’Iéna, 

75116 Paris, 

France. 

Jupiter Asset Management Limited, 

1 Grosvenor Place, 

London SW1X 7JJ, 

England. 

Liontrust Investment Partners LLP 

2 Savoy Court, 

London WC2R 0EZ, 

England. 

Mandarine Gestion, 

5 rue Alfred de Vigny, 

75008 Paris, 

France. 

Odey Asset Management LLP, 

12 Upper Grosvenor Square, 

London W1K 2ND, 

England.




Investment Advisers to the Manager SVM Asset Management Limited, 

for the Skandia European Best Ideas 7 Castle Street, 

Fund (continued) Edinburgh EH2 3AH, 

Scotland. 

7 

Wellington Management Company, LLP, 

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 Aspect Capital Limited, 

for the Skandia Managed 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 Citibank Europe plc, 

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, 

24th Floor, 

Henley Building, 

5 Queen’s Road, 

Central, 

Hong Kong. 

8 

SGF Marketing Limited, 



Dublin 2, 

Ireland. 

Old Mutual Asset Managers (UK) Limited, 

2 Lambeth Hill, 

London EC4P 4WR, 

England. 

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. 

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

24th Floor, 

Henley Building, 

5 Queen’s Road, 

Central, 

Hong Kong. 

Paying Agent in Luxembourg 

BNP Paribas Securities Services, 

Luxembourg Branch, 

33, rue de Gasperich, 

L-5826 Hesperange, 

Grand Duchy of Luxembourg.




Paying Agent in Switzerland 

9 

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. 

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 

Skandia US Large Cap Growth Fund 

Skandia US Capital Growth Fund 

Skandia Greater China Equity Fund 

Skandia Asian Equity Fund 

Skandia High Yield Bond Fund 

Skandia Local Currency Emerging Market Debt Fund 

Skandia Managed Futures Fund



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 2012 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. 


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 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. 

Skandia Swedish Equity Fund 

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. 

Skandia Swedish Growth Fund 

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. 

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. 

10



GENERAL INFORMATION (continued) 

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. 


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. 

Skandia Swedish Bond Fund 

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. 

Skandia SEK Reserve Fund 

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 asset growth through investment in a well-diversified 

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 Swiss issuers or of issuers established outside Switzerland which have a significant portion of their 

assets or business operations in Switzerland.. 


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. 

Skandia US Large Cap Value Fund 

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. 

11





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. 


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 Managed Futures Fund 

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

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

Distribution Policy 

Distributions were made during 2012 with respect to certain Share Classes of the Skandia Global Bond Fund, Skandia Total Return 

USD Bond Fund, Skandia Emerging Market Debt 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. 

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, Class S 

Shares, Class World Shares and Class X 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. 

12




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 14 on page 212. 

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



SKANDIA GLOBAL EQUITY FUND 

INVESTMENT ADVISER’S REPORT FOR THE PERIOD ENDED 30 June 2012 

Skandia Global Equity Fund – Five Oceans Asset Management Limited 

Below is a report from the Investment Adviser of the Skandia Global Equity Fund for the first six months of 2012. 

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 underperfomed its benchmark for the first half of 2012, the MSCI World Index Net. The Fund 

returned +0.37%, while the benchmark index posted a total net return of +5.91% over the period.* The Fund outperformed the 

benchmark over the first quarter. The biggest stock contributors to the fund’s performance were computer giant Apple, plus 

heavyweights Citigroup and AXA from the strongly outperforming financials sector. Apple’s shares continued to outperform as 

investors upgraded their growth expectations after the company’s stellar fourth quarter results and the strong launch of the latest 

iPad in March. Sales of the new device exceeded the company’s own expectations, with customer satisfaction surveys reaching 

the unheard of level of 95%. During the quarter, Apple also announced it would begin returning capital through both a dividend, 

its first since 1995, and a US$10bn share buyback. 

Financial stocks generally had a very strong quarter. European banks bounced strongly from very depressed levels as the benefits 

of the European Central Bank’s long term refinancing operation (LTRO) underpinned their survival assuaging the market’s 

gravest fears. Having said that, the longer term prospects for both lending growth and bad debts in some of Europe’s more 

exposed economies suggested caution. US banks, however, also had a very strong quarter. The Fund’s key US bank holding, 

Citigroup, produced semi-annual report results. Growth might not be dramatic, but the investment adviser believes investors will 

be well rewarded for continuing to own these important institutions. 

The main detractors from performance were energy holdings, notably Royal Dutch Shell and Arch Coal. Arch Coal is the second 

largest coal producer in the US and suffered during the quarter, as decade-low US natural gas prices and a relatively warm 

winter adversely affected the domestic coal market. In addition, investors were worried about Arch Coal’s metallurgical coal 

exposure as China growth slows. 

The Fund underperformed the benchmark during the quarter. More defensive names remained at high valuations, but the Fund’s 

value bias produced a skew towards more cyclical names, which underperformed over the second quarter. Certain stock-specific 

problems also arose over the period, which resulted in sharp corrections in the uncertain markets. The hedging structures used by 

the Fund, with the net position conservatively positioned between 70% and 80%, could not compensate fully for the combination 

of this portfolio skew and the company specific issues. 

JP Morgan and Barclays were major detractors over the second quarter as each company faced material questions over their 

corporate governance and risk management. The investment adviser had felt that probes into banking behaviours in the wake of 

the financial crisis were drawing to a close with new regulations in place and both banks having made strong assurances that 

they were through these processes. In the case of JP Morgan, the company also announced a significant trading loss at its Chief 

Investment Office, though the amount was not revealed at the time of writing. The loss was a significant shock to investors. As 

at the end of the quarter, the investment adviser had greatly reduced the holding in JP Morgan in light of significantly reduced 

confidence in its risk management practices and the commercial significance of the now increasingly challenging political 

environment. 

Source: Five Oceans Asset Management Limited, as at 29th June 2012. 

*Performance figures refer to Class A 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. 

14



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 the first six months of 2012. 

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, for the first half of 2012. 

The fund returned +3.91%, while the benchmark index gained +10.08% over the period.* For the first quarter, the fund 

outperformed its benchmark. Driven by favourable stock selection, financials, healthcare, and industrials were the portfolio’s best 

performing sectors. While the portfolio’s absolute exposure to financials was minimal at 4%, stock selection was a primary 

contributor to performance. The investment adviser continues to favour high quality, well-capitalised, larger cap banks such as 

JPMorgan Chase and Wells Fargo. American Express was also a strong performer during the first quarter. While returns in 

healthcare stocks were generally lacklustre, the portfolio’s relative performance was bolstered by its holdings in Alexion 

Pharmaceuticals, Mettler-Toledo International, UnitedHealth Group, and Biogen Idec. Within industrials, performance was 

enhanced by owning Cummins, Fastenal, Danaher, Caterpillar and Ametek. Additionally, the portfolio benefited from being 

significantly underweight in the lagging consumer staples sector. Apple commands a spot as the top holding in the portfolio and 

was the single largest contributor to performance during the quarter. Remarkably, this stock continues to advance to all time highs 

- gaining 48% in the first quarter, while rising 72% over the past 12 months. 

The only notable area weighing on performance came from stock selection in the consumer discretionary sector, where the 

portfolio suffered from several poor performers during the quarter. Disappointing holiday sales from both Tiffany and Williams- 

Sonoma knocked their share prices. The portfolio’s large position in McDonald’s also detracted as investors sought higher-beta 

growth companies. The portfolio’s underweight position in IT, the best performing industry during the first quarter, detracted from 

performance, but this was more than made up for by successful stock selection in the sector. 

The Fund lagged its benchmark in the second quarter, with the extremely weak performance in the month of May a major factor 

behind this. The portfolio’s worst performing sectors were consumer staples, consumer discretionary and financials. Within 

consumer staples, shares in Estee Lauder declined on fears of slowing global sales growth. More pessimistic guidance from 

Procter & Gamble also weighed on performance in the sector. Detractors among consumer discretionary stocks included 

BorgWarner, Johnson Controls, PVH Corporation, McDonald’s, Tractor Supply Company and priceline.com. In financials, 

JPMorgan Chase was one of the portfolio’s worst performing stocks as a result of the company’s announcement of an over $2bn 

trading loss. 

Source: Fifth Third Asset Management, Inc as at 29th June 2012. 




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

15



SKANDIA US CAPITAL GROWTH FUND 


Skandia US Capital Growth Fund – 300 North Capital, LLC 

Below is a report from the Investment Adviser of the Skandia U.S. Capital Growth Fund for the first six months of 2012. 

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, for the first half 2012. 

The Fund returned +7.39%, while the benchmark index returned +8.33% over the period.* The Fund significantly outperformed 

the benchmark in the first quarter. Both stock selection and sector allocation benefited relative performance overall. In terms of 

individual sectors, the Fund greatly benefited from being overweight in outperforming consumer discretionary shares; stock 

picking in this area also boosted relative performance. Being underweight in the lagging, defensive consumer staples sector was 

another helpful position, enhanced by beneficial stock selection among these shares. Meanwhile, having no holding in badly 

underperforming utilities was another contributor to the portfolio’s relative performance. Less helpful was being underweight in 

the financial sector, which outperformed over much of the quarter due to improved investor sentiment. Stock selection in 

industrials was another negative for returns. 

Among shares held in the Fund, technology-related companies led the way. An overweight position in the online travel group 

priceline.com was the single largest relative contributor to returns, benefiting from investor optimism on earnings and more 

generally strong investor demand for internet stocks. Similarly, a surge in shares of computer giant Apple was a principal driver 

behind the strong gains in IT stocks. Apple benefited from strong earnings and sales. Shares also soared after Apple initiated its 

first dividend and share repurchase programme during the period. Apple has been the beneficiary of incremental sales 

opportunities over the past few years from new regions (China), phone service carriers and products (iPad). Among detractors, 

earnings fears weighed on oil services group Halliburton. And a holding in railway freight group CSX in the underperforming 

transport sector also 

detracted from relative returns. 

During the second quarter, the Fund underperformed the benchmark, hurt by poor relative performance from stocks in both the 

consumer discretionary and energy sectors. Within consumer discretionary, Coach detracted from relative performance, as its 

shares suffered on fears of the impact of a potential slowdown in demand from Asia, particularly China, where Coach has 

benefited from strong growth trends. Despite the benefit of a sector underweight position, stock picking in energy was a net 

detractor - an example being Pioneer Natural Resources, one of the weaker holdings in the portfolio. This was largely due to 

investor concerns that a deteriorating economic backdrop would result in reduced global demand for oil. On the other hand, the 

portfolio’s overweight position in the defensive healthcare industry and successful stock selection within it gave a boost to the 

Fund’s relative return. 

Within the sector, Perrigo, a provider of over-the-counter store brand products, was a significant contributor as it continued to 

gain market share. And C.R. Bard, a diversified medical products company, benefited from a positive ruling on patent litigation. 

Both stock picking and an underweight position in IT were beneficial overall for the portfolio. A notable contributor was 

NetSuite, a provider of subscription-based enterprise resource planning (ERP) software. It outperformed following a user 

conference in May which highlighted continued strong demand for its products, as well as its unique competitive positioning. 

Nevertheless, the two largest individual stock detractors over the second quarter were also IT companies - Rackspace Hosting 

and F5 networks. Conversely, the strongest individual relative contributor to the Fund’s quarterly performance came from a 

constituent of the consumer staples sector, i.e., retailer Whole Foods Market, which was a significant factor behind the 

successful stock picking result in the sector. Unfortunately, this was more than outweighed by the portfolio’s underweight 

position in this outperforming sector. 

Source: 300 North Capital, LLC as at 29th June 2012 

Prior to 20 April 2012 the fund was sub advised by Marsico Capital Management, LLC. 

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

income reinvested in fund base currency (US Dollars). 


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

16



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 the first six months of 2012. 

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, for the first half of 2012. The 

Fund returned +0.86%, while the benchmark index returned +9.32% over the period.* The Fund achieved a solid real gain in the 

first quarter, but lagged the benchmark. Both sector allocation and stock picking were unhelpful to relative performance during 

the period, although being underweight in the utilities, energy and healthcare sectors, and an overweight position in 

outperforming consumer discretionaries proved beneficial. Stock selection among financials was another significant plus for 

performance. But this was outweighed by unsuccessful security selection elsewhere, while an underweight position in strongly 

outperforming IT stocks and overweights in the lagging industrials and telecoms sectors significantly weighed on the Fund’s 

relative performance. 

The Fund underperformed its benchmark in the second quarter. Stock selection overall was the single biggest detractor from 

performance, notably in telecoms, consumer discretionary, industrials and healthcare. However sector allocation was a net 

positive; especially beneficial were underweights in IT and energy, plus an overweight in consumer staples. 

At the stock level, the three biggest detractors from performance were carmaker Ford Motor Company, large vehicle producer 

Navistar and NII Holdings. Ford’s stock faced headwinds in the second quarter from investor worries over future sales, amid 

signs that the global economy was cooling. Meanwhile, truck/bus manufacturer Navistar, based in Lisle, Illinois, saw its shares 

fall because of a lack of positive news regarding EPA certification of the company’s 13L EGR engine. Furthermore, the 

announcement of $25 million in non-conforming penalties and higher foundry start-up costs headlined the company’s guidance 

change following a weaker than expected first quarter. Wireless telecoms group NII Holdings, focused primarily on business 

customers in Latin America, saw its shares decline amid investor concerns about postponements to the start dates for 3G 

commercial network launches, as it was experiencing construction-related delays. 

Source: GAMCO Asset Management, Inc., as at 29th June 2012. 




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

17



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 the first six months of 2012. 

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, for the first half of 2012. 

The Fund returned +5.10%, while the benchmark index recorded a total return of +8.68% over the period.* The 

portfolio outperformed the benchmark during the first quarter. Positive stock selection in financials, consumer 

discretionary and energy were the primary contributors to performance during the quarter. Cobalt International Energy, 

Gap, and CA Technologies were the largest individual contributors. Stock selection in utilities, healthcare, and telecoms 

were the primary detractors from performance. Hewlett-Packard, Royal Dutch Shell, and Exelon were the largest 

individual detractors. 

The portfolio underperformed the benchmark in the second quarter. Stock selection in consumer discretionary, 

financials, and industrials detracted from performance. The largest individual detractors were Hewlett-Packard, Cobalt 

International Energy, and JP Morgan. Positive stock selection in consumer staples and an underweight position in 

materials helped to mitigate the Fund’s weak return. The most significant individual contributors were Allstate, 

Vodafone, and Public Service Enterprise Group. 

Source: Hotchkis & Wiley Capital Management, LLC as at 29th June 2012. 




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

18



SKANDIA EUROPEAN EQUITY FUND 


Skandia European Equity Fund – GE Asset Management Limited 

Below is a report from the Investment Adviser of the Skandia European Equity Fund for the first six months of 2012. 

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


During the first half of 2012, the Skandia European Equity Fund returned +7.80% outperforming it’s benchmark, the MSCI 

Europe GR Index, that produced a return of +4.75 % over the same period.* The Fund achieved big gains and strongly 

outperformed the benchmark in the first quarter. Country, sector and stock selection all benefited relative performance. At the 

country level, the portfolio’s overweight positioning Germany was a major positive as it was the strongest regional component of 

the benchmark. No exposure to Spain, by far the worst performing region, was also beneficial. At the sector level, the portfolio’s 

two largest overweight positions were in the two strongest performing sectors – IT and consumer discretionary - thus greatly 

benefiting relative returns, while another big plus was having no exposure to one of the worst performing sectors, utilities. 

European markets have more reasons to be positive at the end of the first quarter than at the beginning. The long-term refinancing 

operation (LTRO) begun by the European Central Bank (ECB) in December has effectively provided a financial back-stop for the 

European financial system, facilitating the huge issuance of sovereign debt. Meanwhile Greece has secured another bailout 

package, preventing financial melt down. However, with Portugal, Spain and Italy still in a perilous economic condition, the 

greater challenge is to implement sufficient reforms, such that a path to longer- term economic growth can be forged despite the 

burden of short-term austerity. The progress made in the first quarter has given European leaders the opportunity to address this 

challenge over the rest of the year. Risks in the form of the election outcome in France, slowdown in China, unrest in the Middle 

East and a stubbornly high oil price could also prove opportunities - should they resolve themselves more positively than the 

markets expect. At the same time, continuing signs of an economic upturn in the US provides a positive backdrop for 

improvement in Europe. 

The Fund outperformed the benchmark over the second quarter. Stock selection was positive, more than offsetting the negative 

effect of sector and country selection on the portfolio’s return. 

Stock selection was positive in most sectors, particularly in materials, consumer staples, financials and healthcare. At stock level, 

the strongest contributors to performance were from holdings in Diageo, Fresenius, Bayer, Gerresheimer and Symrise – all 

examples of companies whose leading products, strong brands and diversified customer base have enabled them to continue to 

increase earnings despite the difficult economic backdrop. 

There were no significant transactions during the quarter. The portfolio remains overweight the consumer discretionary, IT and 

materials sectors, and underweight utilities, consumer staples and telecoms. At the country level, an overweight position in 

Germany reflects the number of attractively priced companies the manager has found in this market with good earnings growth 

prospects due to their global presence and positioning. 

Source: Goldman Sachs Asset Management International and GE Asset Management Limited as at 29th June 2012. 


income reinvested in fund base currency (Euros). 


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

19



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 the first six months of 2012. 

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 +5.24% outperformimg its benchmark index MSCI Europe Index which had a gross return 

of +4.75% for the first half of 2012. The Fund strongly outperformed the benchmark in the first quarter. The best performing 

stocks were from a diverse array of sectors with little in the way of themes. These ranged from smaller companies including oil 

services firm Kvaerner and semiconductor designer Dialog. A number of larger companies also performed well, with Barclays and 

BMW both benefiting relative returns. The end of the quarter saw a divergence in the trends seen over the preceding months, with 

a clear underperformance from financials such as Aviva, Bankinter, Aareal Bank and Unicredito. 

The Fund underperformed the benchmark in the second quarter. Two stocks posted particularly disappointing performances - UK 

chemicals company Yule Catto and Swedish kitchen manufacturer Nobia. Both stocks experienced declines in excess of 30%. 

Yule Catto surprisingly spoke of increased competition and capacity in its Asian operations resulting in a downgrade of full year 

expectations. The investment adviser had been aware of a worsening in the outlook and had steadily reduced the holding in the 

stock, though the rapid rate of the deterioration did come as a surprise. The investment adviser had not expected good sales 

numbers from Nobia and viewed the investment case as a restructuring play rather than a top line argument. 

The acceleration in the decline, however, was more extreme than expected, offsetting any benefits of cost cutting, so the decision 

was made to cut the holding. Barclays also plunged after the news of the LIBOR fixing scandal came to light. The investment 

adviser decided to sell the stock as the turmoil that resulted from this event suggested the issue had the potential to do lasting 

damage. Some of the technology holdings also performed poorly over the quarter, though little in the way of company specific 

news drove these declines. The decline in the price of oil over the second quarter was also damaging to the share price of 

companies such as Galp and Subsea7 in the petroleum sector. The better performing stocks were almost exclusively defensive in 

nature including Pearson, Atos Origin and Associated British Foods. All three demonstrate a certain resilience to their earnings, a 

characteristic that was rewarded as markets fell during the second quarter. The best performing stock was Sky Deutschland, which 

the investment adviser purchased following news of their successful acquisition of rights to the German Bundesliga (i.e., the 

broadcast rights to German football). This was a make or break event, and with the removal of uncertainty the shares have 

outperformed. 

* 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 (Euros). 


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

Source: SVM Asset Management Limited, as at 29th June 2012. 

20



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 the first six months of 2012. 

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 the first half of 2012. The Fund 

returned +3.46%, compared to the benchmark index that returned +6.89%.* 

The Fund’s performance was strong and exceeded that of its benchmark during the first quarter. An overweight position in 

industrials and automotive stocks contributed to performance as did an underweight position in telecoms. Relative performance 

was negatively affected by the Fund being underweight in financials. 

At the stock level, the biggest positives for performance were: pumps and motor producer, Concentric, which benefited from its 

US exposure and well received introduction of new products; Volvo’s shares gained on better-than-expected conditions in the 

truck market and investor optimism on the company’s margin potential; white goods group Electrolux benefited from investor 

optimism on sales to the US; and the shares of Autoliv gained on news of stronger-than-expected vehicle production and potential 

sales in new markets. Meanwhile the structural growth case at Hexagon also attracted market buying. Less helpfully, the Fund 

holdings in specialty pharmaceuticals group Meda detracted; its shares underperformed as product launches reduced margin 

expectations. And shares in ABB (energy services) languished on disappointing results amid pricing pressures. 

The Fund underperformed its benchmark in the second quarter. Overweights in industrials and automotive stocks weighed on 

performance, as did an underweight position in financials. At the stock level, the biggest detractors among the holdings were 

Volvo, whose shares suffered from investor worries over the cyclical nature of its sales and more concretely from weaker US truck 

numbers. The Fund’s holding in SKF Group (bearings, seals and lubrication systems) was hit by a profit warning due to weaker 

demand in Europe and China. For seatbelt/airbag maker Autoliv, good news on the resolution of US antitrust litigation was more 

than offset by concerns over weak economic prospects affecting future demand. Meanwhile, the holding in MTG underperformed 

after the broadcasting group released disappointing first quarter results, while shares in Alfa Laval declined on concerns that a 

downturn in shipping would weigh on profit margins. 

The strongest stock performers in the portfolio during the quarter included Aarhuskarlshamn (producer of vegetable oils and fats), 

as a plan to migrate from bulk to specialty fats appeared to be paying off. Specialty pharma group, Meda saw its shares benefit 

from the approaching launch of its new allergy drug Dymista. The healthcare industry as a whole was one of the strongest areas of 

the market in the second quarter. The Fund also received a boost from its holding in housing developer, JM whose shares gained 

on data showing that Swedish house prices were proving more resilient than thought, while shares in Electrolux rallied after the 

release of positive first quarter results, and expectations that US housing will improve in the second half of this year. 


income reinvested in Fund base currency (Swedish Krona). 


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

Source: Enter Fonder AB as at 29th June 2012. 

21



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 the first six months of 2012. 

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 slightly, the SIXPRX Index, for the first half of 2012. 

The Fund returned +6.84%, while the benchmark index recorded a total return of +6.89% over the period.* During the first 

quarter, the Fund strongly advanced and outperformed the benchmark. The main reason for outperformance during the 

quarter was due to outperformance in specific sectors rather than in particular shares, with some exceptions. The Fund had 

overweights in financials and capital goods, which both outperformed. An underweight position in oil also helped 

performance as both Lundin Petroleum and Alliance Oil fell saw their shares fall. Companies who contributed most to Fund 

performance were truck manufacturer Volvo and white goods producer Electrolux. Their shares performed well due to hopes 

of an improving economy in the US. 

Shares in Byggmax, a DIY retailer, outperformed amid a stronger retail environment in Sweden, especially after releasing 

better-than-expected results. Sectors that hurt performance were mainly overweight positions in healthcare, where 

constituents like Meda suffered significant declines, and materials where an overweight in Boliden underperformed. 

Elsewhere underweights in Assa Abloy and Hexagon hurt performance, which surged during the first quarter also weighed 

on returns, due to their large weights in the benchmark. 

During the second quarter, the Fund trailed its benchmark. The main detractor was more due to underperformance in specific 

shares rather than particular sectors. Companies that contributed most to Fund performance were smoke free tobacco 

producer Swedish Match, healthcare group Meda and Swedbank. The first two benefited from the less cyclical nature of their 

businesses, while Swedbank reported Q1 results that were well received by investors. However, overweight holdings in 

Securitas and Autoliv both hurt performance. 

Among sectors, the portfolio’s major overweight position was in financials which benefited returns, while an underweight 

position in oil also contributed as shares in both Lundin Petroleum and Alliance Oil performed badly. Sectors that hurt 

performance were mainly overweight positions in media, explained by the weakness in shares of MTG, and industrials due to 

the underperformance of SKF. During the latter part of the first quarter, the investment adviser reduced holdings in cyclical 

businesses and increased holdings in more defensive companies in accordance with a more cautious view of the equity 

market at the beginning of the review period. However, in the second quarter many defensive companies reported 

disappointing results and their shares fell. Two examples were Tele2 and Securitas. 

Source: Lannebo Fonder AB as at 29th June 2012. 


income reinvested in Fund base currency (Swedish Krona) 


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

22



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 the first six months of 2012. 

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 Tokyo Stock Exchange First Selection Index 

(“Topix”), for the first half of 2012. The Fund returned +4.87%, while the benchmark index recorded a total return of +7.01% 

over the period.* 

The Fund produced a strong gain, but modestly trailed the benchmark during the first quarter. This underperformance was 

mainly due to being underweight in domestic cyclicals (securities, insurance) and being overweight in telecoms. Stock selection 

had a slightly negative impact in air transport, particular a holding in budget airline Skymark, whose shares succumbed to profit 

taking despite its favourable earnings expectations. Holdings in defensively oriented telecoms firms NTT and NTT DoCoMo 

also lagged the benchmark substantially. 

On a brighter note, Fund holdings in major automakers (Toyota Motor, Honda Motor and Isuzu Motor) boosted the Fund on the 

back of an earnings recovery. Fanuc, Hitachi (electric appliances) and Komatsu (machinery) also posted good performances 

thanks to their active business exposure to the global market. On the sector front, Fund positions in banks and export oriented 

areas (automobiles, machinery and electric appliances), which outperformed, benefited the portfolio. On the other hand, 

positions in telecoms and pharmaceuticals underperformed due to their defensive nature, and detracted from returns. 

The fund lagged the benchmark in the second quarter, mainly due to unproductive stock selection in export-oriented sectors. The 

investment adviser focused on individual stock selection with a focus on earnings prospects over the next one to two years based 

on the view that the 2012 financial year would show a substantial earnings recovery and stabilisation in the yen. This resulted in 

an increased overweight position in export-oriented sectors in April and May. However, in the face of the resurgent European 

crisis and accompanying strong risk averse sentiment, the investment adviser reduced the holdings in export sectors and 

companies (notably wholesale trade and electric appliances) and increased positions in domestic/defensive stocks (banks and 

telecoms in particular). 

In stock selection, the biggest positives included major telecoms (NTT, SoftBank and NTT DoCoMo), classic defensive stocks, 

which looked likely to post stable earnings growth regardless of the volatile environment. Holdings in three big banks (Mizuho, 

Sumitomo Mitsui and Mitsubishi UFJ) also benefited returns due to their relative competitive strength versus European rivals. 

Other domestic and defensive stocks, such as Otsuka Holdings (pharmaceuticals), Japan Tobacco (foods) and Seven & I (retail 

trade) were picked up because of their steady earnings outlook. 

Conversely, typical exporters like Komatsu (machinery), Canon, TDK and Sony (electric appliances) which had risen in the first 

quarter were sold due to concerns over the global economic slowdown and yen appreciation versus the dollar and euro. 

On the sector allocation front, positions in telecoms, banks and pharmaceuticals were mainly positive, while the positions in 

export-oriented sectors like electric appliances, machinery, automobiles and wholesale trade underperformed. 

Source: Dalton Capital (Hong Kong) Limited as at 29 th June 2012. 

* 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 (Japanese Yen). 


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

23



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 the first six months of 2012. 

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 underperformed its benchmark, the MSCI AC Asia Pacific Free ex. Japan. The Fund returned 

+4.34%, while the benchmark index returned +5.30.* 

The Fund underperformed its benchmark Index over the first quarter. On the negative side, E-Mart (South Korea: consumer 

services) lagged as the Korean Government threatened to curtail retail trading hours and Uni-President Enterprises (Taiwan: 

consumer staples) underperformed as its Chinese business produced weak results, and investors rotated away from defensive 

companies. China Telecom was weak due to the challenging competitive environment. 

However, performance was boosted by DBS Group (Singapore: financials) which rose as it was viewed as one of the few 

beneficiaries of European bank de-leveraging in Asia. Samsung Electronics (South Korea: IT) outperformed as investors were 

drawn to its quality franchise and good growth prospects and Overseas-Chinese Banking Corp (Singapore: financials) rose on 

the back of strong loan growth. 

Over the second quarter the manager bought Yum! Brands, a successful global company with a defensive franchise in China, and 

Hong Kong-based consumer discretionary group Li & Fung, which has a good business track record and an attractive valuation. 

A holding in Taiwanese IT business Delta Electronics was sold during the quarter as its core business has come under pressure 

and its stock valuation already reflects much of the upside from newer earnings streams. Korean consumer discretionary group 

Shinsegae was also sold because it looked vulnerable in the face of a slowdown in domestic consumption. 

Source: First State Investment Management (UK) Limited, as at 29th June 2012. 



24



SKANDIA GREATER CHINA EQUITY FUND 


Skandia Greater China Equity Fund – MIR Investment Management (Pty) Limited 

Below is a report from the Investment Adviser of the Skandia Greater China Equity Fund for the first six months of 2012. 

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 was launched on 5th May 1998 with a starting net asset value per share of USD 10.00. 

The Skandia Greater China Equity Fund underperformed its benchmark, the MSCI Golden Dragon Net Return, for the first half 

of 2012. The fund returned -2.37 %, compared to the benchmark which returned +4.71%.* The Fund rose over the period, but 

trailed its benchmark index. Both sector allocation and stock picking detracted from relative performance, particularly in the 

areas of consumer staples (overweight), industrials (overweight) and IT (underweight). Stock selection and the Fund’s 

underweight in telecoms were modest positives for the Fund. The portfolio’s underweight holding in China Mobile benefited 

from the weakness in telecom stocks. However, the overweight in Chunghwa Telecom (Taiwan: telecom services) was unhelpful 

for similar reasons; the company’s shares fell as revenue growth lost momentum. Meanwhile, Yantai Changyu Pioneer Wine 

(Hong Kond: consumer discretionary) weighed on performance after revealing disappointing sales, and President Chain Store 

(Taiwan: consumer staples) lagged as defensive companies fell out of favour. 

The Fund underperformed the benchmark in the second quarter as the portfolio’s outperformance in China was more than offset 

by its underperformance in Taiwan and Hong Kong. At sector level, contributions from financials and energy benefited relative 

performance, while the impact from IT and industrials detracted. Among individual holdings, overweight positions in Shimao 

Property Holdings, China Railway Group and Wheelock & Co all proved helpful for the Fund’s return. 

In the second quarter, the manager continued to add cyclical names to the portfolio and thus increased its beta, which positioned 

the Fund to benefit from a continuation in the first quarter’s positive market trend. In the event, the sharp downturn during the 

second quarter detracted from performance, especially from industrial and technology stocks. 

Source: MIR Investment Management (Pty) Limited, as at 29th June 2012. 




guarantee that the Skandia Greater China Equity Fund will outperform this benchmark. 

25



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 the first six months of 2012. 

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 Bond Index, for 

the first half of 2012. The Fund returned +1.13%, while the benchmark index was +1.50 % over the period.* The Fund 

marginally led the benchmark in the first quarter, with a modest real return. The portfolio’s macro strategies added to 

performance overall. Currency and country strategies contributed, while duration and yield curve strategies detracted. Among 

the contributors, an overweight to the US Dollarversus high-beta currencies (Australian Dollar, Turkish Lira and Brazilian 

Real) had the biggest positive impact. 

And credit strategies were largely beneficial as well, such as an overweight position in investment-grade corporate bonds and 

in commercial mortgage backed securities. At the regional level, favourable positions in German bonds versus an underweight 

to peripheral Europe (Austria, Portugal) were also positive. Less helpfully for returns, a US five year - 30 year flattener 

position detracted, and an underweight to covered bonds was another negative during the quarter, as were the portfolio’s 

quantitatively-oriented strategies. 

The Fund trailed the benchmark in the second quarter. The main detractor from the portfolio’s relative performance was an 

overweight position in the US Dollar versus a basket of other currencies (the Euro, Australian Dollar, Canadian Dollar, 

Colombian Peso and Singapore Dollar). 

Other macro strategies were largely positive. Duration and country strategies were positive overall. The portfolio’s 

underweight position in Germany (ten-year) contributed to performance. An overweight to the US detracted, but US five-to- 30 

year flatteners were beneficial. 

The portfolio’s credit strategies were positive for performance in the second quarter. An underweight to covered bonds 

contributed during the period. Quantitatively-oriented strategies also posted strongly positive returns. 

Source: Wellington Management Company, LLP as at 29th June 2012. 

*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). 


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

26



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 the first six months of 2012. 

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 outperformed its benchmark, the Barclays Capital U.S. Aggregate Bond Index, for the 

first half of 2012. The Fund gained +5.29%, while the benchmark index returned +2.37% over the period. *The Fund 

outperformed its index in the first quarter. Most sectors that trade at a spread to US treasuries outperformed amid supportive 

policy measures and an improved appetite for risk. The portfolio also benefited from an underweight to longer maturities, as the 

US yield curve steepened amid concerns over a reflationary recovery. At the same time, the Fund’s emphasis on the bonds of 

banks, finance companies, and insurers also favoured relative returns, as these outpaced the broader corporate market, thanks to 

their robust fundamentals. 

Exposure to high yield credits boosted performance as they rallied when risk aversion subsided. The investment adviser’s 

allocation to non-agency mortgages was another area that benefited from the increased demand for risk assets. Elsewhere, an 

overweight exposure to emerging markets (EM), especially to corporate bonds in Russia and Brazil, was another productive area 

for returns on the back of the increased demand for risk assets. Meanwhile, the Fund’s exposure to Build America Bonds (BABs) 

was positive for the portfolio, as they continued to benefit from strong technical factors. Similarly, an overweight position in 

agency mortgage-backed securities contributed to performance as the sector outperformed treasuries 

Less helpfully, Fund exposure to the developed markets outside the US hindered performance, especially in Canada, as rates rose 

in most of these areas. Currency strategies designed to benefit from a depreciation of the euro also did not work, as the currency 

appreciated. 

The portfolio outperformed its index for the second quarter. Most sectors that trade at a spread to US treasuries underperformed 

amid renewed uncertainty in the Eurozone and weak US economic data. 

Among the strategies that benefited performance during the quarter, was the portfolio’s exposure to non-US rates in other 

developed markets, as rates fell in most of these markets, especially in Canada. Within corporate bonds, the Fund benefited from 

an emphasis on the bonds of financial firms, which fared better than the broader market. Elsewhere, active relative-value 

positioning within agency mortgage-backed securities, including a focus on lower-coupon mortgages relative to higher coupon 

mortgages contributed to the portfolio’s relative performance. Exposure to local debt in Brazil and Mexico was another plus, as 

rates continued to fall in these markets. Meanwhile, an allocation to select non-agency mortgages also benefited amid continued 

investor demand, despite the broader market risk aversion. 

Less helpfully, the portfolio’s underweight to US interest rates, especially longer maturities, detracted as the US yield curve 

flattened amid fears of a faltering recovery, as did an allocation to Build America Bonds (BABs), as spreads widened on credit 

concerns. 

Source: Pacific Investment Management Company LLC as at 29th June 2012. 




guarantee that the Skandia Total Return USD Bond Fund will outperform this benchmark. 

27



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 the first six months of 2012. 

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 outperformed its benchmark in relative terms, the OMRX T-Bond Index (Income reinvested), 

for the first half of 2012. The Fund returned +0.76%, compared to the benchmark index that returned +0.49%.* 

The Fund outperformed its benchmark in the first quarter, with the major portion attributed to allocation to non government bonds, 

mortgages and corporate bonds. A slightly steeper curve was another contributor. Duration in the Fund was neutral for the first 

quarter. Government bonds underperformed amid a big increase in investor risk appetite. 

Due to the sovereign debt problems in Europe it is difficult to anticipate market moves as political developments dominate 

conditions. The investment adviser has not made any major changes to the portfolio on the view that value investment through 

mortgages offers the best risk/reward trade off in this environment. The combination of overweight mortgages versus government 

bonds also provides a curve steepener which will benefit if longer term interest rates rise. The portfolio is therefore underweight in 

government bonds and overweight in covered mortgage bonds and other corporate bonds. 

The investment adviser is very cautious in the current market environment. Seeking to employ outright duration risk in the 

portfolio is considered too risky a strategy at this time. Instead the investment adviser looks to maintain the portfolio’s allocation 

to mortgages, which has excellent carry. Current interest rate levels are at historic lows and are reflective of extreme investor 

caution. Yields at these levels are not sustainable over the longer term. It is just a question of when credit risk will be priced into 

German government bonds, which will then also be reflected in Swedish government bonds. This might lead to a steeper curve 

from which the portfolio’s short exposure in the longer segment of the curve should benefit. 

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

income reinvested in Fund base currency (Swedish Krona). 


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

Source: DnB NOR Asset Management AB, as at 29th June 2012. 

28



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 the first six months of 2012. 

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 slightly underperformed its benchmark, the Handelsbank Short Treasury Bill Index, for the first 

half of 2012. The fund returned +0.39%, compared to a return of +0.73% for the benchmark index.* The Fund is now 0.10 years 

longer than the index and this is approximately the same as at the end of the first quarter. The index consists of the two first 

maturing T-bills, i.e., at the time the report was written 50% April and 50% 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. Going short the index is not possible if the 

Fund is not able to use derivatives. 

As at the end of the second quarter, the Fund was 0.12 years longer than the benchmark index and this was approximately the 

same as at the end of first quarter. The benchmark index consists of the two first maturing T-bills, i.e., 33% July and 67% 

August T-bills (at the time of writing). 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 use of derivatives is not allowed. 


income reinvested in Fund base currency (Swedish Krona) 


guarantee that the Skandia SEK Reserve Fund will outperform this benchmark. 

Source: DnB NOR Asset Management AB, as at 29th June 2012. 

29



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 the first six months of 2012. 

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 first half of 2012, the Fund returned +5.90%, underperforming the JPMorgan EMBI Global Diversified Index benchmark 

which returned +7.12%.* 

The Fund had a solid return and outperformed its benchmark in the first quarter. Country selection decisions contributed to roughly 

half of the positive excess returns, led by exposure to emerging markets’ corporate debt, which continued to rebound from the sharp 

market correction seen in September 2011. Venezuela external debt benefited from attractive valuations and high oil prices. It was 

also helped by President Chavez’s declining health in combination with the rise of a strong opposition candidate. Key drivers of 

excess returns in issue selection included allocations to local currency markets in Brazil, Colombia, Malaysia, Mexico and South 

Africa, which outperformed relative to benchmark hard currency sovereign debt. 

The Fund produced a modest positive return but lagged the benchmark in the second quarter. Country selection accounted for the bulk 

of the underperformance, notably an overweight to Argentine external sovereign debt, as questions regarding the consistency and 

economic orthodoxy of government policy weighed on asset prices. Exposure to Brazil corporate debt also pared gains. Key 

detractors in issue selection included an allocation to US dollar-denominated local law bonds in Argentina, as well as positions in the 

Brazilian Real, Russian Rouble and South African Rand. Exposure to local bond markets in Brazil and Mexico enhanced 

performance, as did bond selection in Venezuela external sovereign debt. 




guarantee that the Skandia Emerging Market Debt Fund will outperform this benchmark. 

Source: Stone Harbor Investment Partners LP, as at 29th June 2012. 

30



SKANDIA SWISS EQUITY FUND 


Skandia Swiss Equity Fund – Analytics Investors, LLC 

Below is a report from the Investment Adviser of the Skandia Swiss Equity Fund for the first six months of 2012. 

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 outperformed its benchmark, the Swiss Performance Index (SPI), for the first half of 2012. The 

Fund returned +9.41%, compared to the benchmark index which returned +5.42%.* The Fund outperformed the benchmark 

during the first quarter, despite a more challenging month in March. Sector allocation and stock selection both benefited 

performance, particularly in the areas of industrials (beneficial overweight), financials (positive overweight as banks rallied), 

consumer staples (beneficial underweight as defensives underperformed), healthcare (underweight to this defensive sector) and 

to a lesser extent IT (beneficial overweight) which rallied worldwide. Among stocks, being underweight defensive 

pharmaceutical Novartis was the strongest contributor to returns. 

The Fund’s Swiss low volatility strategy outperformed the SPI in the second quarter, even after the sharply increased appetite for 

risk by investors’ in June. Beta positioning was the primary driver of the outperformance, as low beta stocks outperformed high 

beta stocks by around 18%. Sector selection was also moderately positive, although this was an outcome of the focus on lower 

risk names rather than specific sector allocation decisions. The Fund’s Swiss low volatility strategy performed in line with 

expectations during the second quarter as it tends to do particularly well in choppy markets characterised by periods of both risk 

seeking and risk avoiding behaviour. 


income reinvested in Fund base currency (Swiss Francs). 


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

Source: Deutsche Asset Management Switzerland & Analytic Investors, LLC, as at 29th June 2012. 

31



SKANDIA HEALTHCARE FUND 


Skandia Healthcare Fund – OrbiMed Capital, LLC 

Below is a report from the Investment Adviser of the Skandia Healthcare Fund for the first six months of 2012. 

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 outperformed its benchmark, the MSCI World Healthcare Index, in relative terms for the 

year 2012. The Fund returned +11.38%, while the benchmark index generated a total net return of +8.79% over the 

period.* 

The Fund posted a positive absolute return that outperformed the benchmark in the first quarter. Both individual stock 

selection and sub-sector allocation contributed to relative performance. The Fund’s overweight positioning in 

biotechnology was instrumental in driving outperformance during the period. Among the more important contributors in 

the quarter was the emerging biopharmaceutical company, Vivus, Inc. 

The company has completed the development of a new combination therapy, known as Qnexa, for the treatment of 

obesity. In February, the US Food and Drug Administration convened an advisory committee meeting which 

overwhelming recommended approval of the drug. 

The stock price has more than doubled in 2012. Another key contributor during the first quarter was Incyte Corp. The 

stock rallied in response to a shift in market sentiment towards the company’s newly launched drug, Jakafi, for 

Myelofibrosis. Another new product story was the launch of the drug Eylea, from Regeneron Pharmaceuticals, Inc., 

which is used to treat a specific form of blindness and continues to exceed expectations; Regeneron’s shares rallied 

accordingly. There was only one significant detractor; Mitsubishi Tanabe, a Japanese pharmaceutical company, sold off 

by 10% during in the quarter. The company licensed their new, orally-administered multiple sclerosis drug, Gilenya to 

Novartis. Despite a tremendous launch in 2011, the European Medicines Agency announced a safety review of the drug 

in January after a patient suffered a sudden death, which knocked the share price. The manager remains confident of the 

value of Gilenya and expects the stock to rebound after the review is complete. 

Large cap pharmaceuticals were a modest negative for the fund during the second quarter, mainly due to the portfolio’s 

underweight positioning, in particular to European-based stocks. However, the Fund’s beneficial positioning in specialty 

and generic pharmaceuticals outweighed this negative impact, and therefore the pharmaceutical industry as a whole was a 

modest positive during the period. The holding in managed care was modestly beneficial for returns, while medical 

devices & technology and healthcare services were minor detractors. 

Source: OrbiMed Capital LLC, as at 29th June 2012. 

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


References to benchmarks are for illustrative purposes only and are not intended to imply a performance objective. There 

is no guarantee that the Skandia Healthcare Fund will outperform this benchmark. 

32



SKANDIA TECHNOLOGY FUND 


Skandia Technology Fund – Janus Capital International Limited 

Below is a report from the Investment Adviser of the Skandia Technology Fund for the first six months of 2012. 

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 slightly underperformed its benchmark, MSCI World Information Technology (Net Return), 

for the first half of 2012. The Fund recorded +8.04%, while the benchmark index had a return of +10.31% over the period.* 

The Fund performed in line with its benchmark during the first quarter. The Fund’s holdings in internet software/services 

and in IT consulting (as well as an underweight position in this sector) contributed the most to relative performance. On an 

absolute basis, strong performance in the largest holdings, namely Microsoft, Apple and eBay, were key to the Fund’s 

returns. Apple benefited from a strong earnings report, driven by significant iPhone and iPad sales. Apple also initiated its 

first dividend and share repurchase programme during the period. The company has been the beneficiary of incremental 

sales opportunities over the past few years from new regions (China), phone service carriers and products(iPad). The 

investment adviser thinks it continues to have strong opportunities as its products reach new countries, and lower price 

points draw new customers. Apple continues to implement its business plan extremely well, and its stocks remain 

reasonably valued. Microsoft also reported better-than-expected earnings, although revenue growth came in below 

estimates. The investment adviser believes Microsoft will benefit from its Windows 8 launch later this year, a strong shift 

to multiyear agreements and services (now the majority of the enterprise’s revenues) and significant traction in key lock-in 

products like System Center. Windows 8 has the potential to be a strong competitor on desktops, laptops, tablets, and smart 

phones, and Microsoft’s XBOX platform is gaining share and expanding product offerings in the living room. 

Within Internet software/services, online marketplace operator eBay also recorded double-digit gains. Similarly to Apple, 

eBay appeared to continue benefiting from a strong earnings report when it raised its three-year forecast. The company’s 

online payment system, PayPal, is also receiving valuation upgrades from market analysts based on its new digital wallet 

service, which is being implemented much faster than anticipated. The investment adviser continues to feel the company is 

innovating both its online payment service PayPal and marketplace businesses beyond what is priced into the stock. In 

particular, the investment adviser believes eBay’s open platform for commerce and payments is best positioned to benefit 

from accelerating multi-channel commerce in which increasingly online will be used to generate offline in-store demand. 

Relative detractors included an underweight in computer hardware and holdings in application software. Within application 

software and for the fund overall, RealPage was the largest detractor. The provider of software and related services to the 

residential rental market reported an in-line quarter, although with some deterioration of underlying trends. 

The investment adviser considers RealPage to have the most comprehensive suite of products in its market with several 

proprietary databases that appear likely to compound value over time for its customers through rental effectiveness and 

reduced costs. Vocus, a software provider for public relations management, also weighed on performance. The stock 

declined significantly after the company agreed to buy an email marketing company. Since the investment adviser felt the 

acquisition represented a significant shift from its core business the position was closed. In addition, solar module 

component maker STR Holdings traded lower after reporting lower-than-expected results. The timing of the solar market 

recovery will be much slower than the investment adviser anticipated. The investment adviser is therefore less optimistic 

about when STR’s customers will begin making substantial orders again; therefore, decided to sell the position. 

The Fund trailed its benchmark during the second quarter. Detractors included holdings in semiconductors, especially 

Atmel and ON Semiconductor. Atmel traded lower due to macro concerns and a shallower than expected recovery for the 

industry. ON Semiconductor also declined after reporting in-line results, but the investment adviser continues to believe 

this large-scale provider of low-cost analogue and other semiconductor chips has a business-model advantage over its 

competitors. 

Elsewhere, social game maker Zynga was hurt by the disappointing Facebook IPO, which contributed to a negative 

environment for social media stocks in general. Insider selling following a lock-up period on Zynga’s Initial Public 

Offering in December also weighed on the shares. Storage providers EMC and NetApp were hit by a slowing enterprise 

technology spending environment driven by weakness in financial services, Europe and the US government. 

On a more positive note, holdings in internet software and services, led by eBay, were the largest contributors to the Fund’s 

relative performance. eBay reported better-than-expected results in its latest quarter, led by strong growth of its electronic 

payment platform, PayPal, and raised guidance. 

33



SKANDIA TECHNOLOGY FUND 


Skandia Technology Fund – Janus Capital International Limited 

Investment Adviser’s Commentary (continued) 

Amazon.com’s shares also rose by double digits after the company reported better-than-expected revenue growth in its 

latest quarter and improvement in its gross margins. 

And despite the weak enterprise IT spending environment, enterprise software giant Oracle reported strong financial results 

in its latest quarter. The investment adviser believes that the company can continue to expand its margins as its licensing 

business grows and its hardware business improves. The investment adviser considers Oracle’s products to be reasonably 

recession-resistant in that they are considered necessary, not discretionary, purchases by corporate customers. 

Source: Janus Capital International Limited, as at 29th June 2012. 

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


References to benchmarks are for illustrative purposes only and are not intended to imply a performance objective. There is 

no guarantee that the Skandia Technology Fund will outperform this benchmark. 

34



SKANDIA EUROPEAN BEST IDEAS FUND 


Skandia European Best Ideas Fund – BlackRock Investment Management (UK) Limited, 

BNY Mellon Asset Management International Limited, 

Danske Capital, a division of Danske Bank A/S, 

Financière de L’Echiquier, 

Jupiter Asset Management Limited, 

Liontrust European Investment Services Limited, 

Mandarine Gestion, 

Odey Asset Management LLP, 

SVM Asset Management Limited, 

Wellington Management Company, LLP. 

Below is a report from the Investment Advisers of the Skandia European Best Ideas Fund for the first six months of 2012. 

The Skandia European Best Ideas Fund was launched on 10 April 2008 with a starting Net Asset Value per share of EUR 10.00. 


On the 13 April 2012 –Blackrock Investment Management (UK) Limited was appointed as an investment adviser for the fund. 

The Skandia European Best Ideas Fund outperformed its benchmark, the MSCI Europe Index, for the first half of 2012. The Fund 

gained +7.35%, compared to +4.75% for the benchmark index.* The Fund outperformed in the first quarter, with strong gains and 

well ahead of both its benchmark and peer group. As would be expected given this backdrop the stocks that were the main 

contributors to performance were economically sensitive in nature – Infineon and fellow German stocks, Sky Deutschland and 

Lanxess led the way. At the country level, the Fund benefited from an overweight position in Germany and an underweight 

position in the UK, and more importantly from strong stock picking in the UK, France, Switzerland, Germany and Spain. At the 

investment adviser level, strong relative performances were delivered by Financière de L’Echiquier, Danske Capital and 

Wellington Management Company LLC, while Liontrust Investment Partners LLP was the laggard. 

The Skandia European Best Ideas Fund trailed its primary benchmark, the MSCI Europe Index, over the second quarter, which 

was characterised by continued volatile markets in which risk-averse investors focused on perceived safe established stocks. This 

did not favour the more aggressive positioning of the portfolio. Against this difficult backdrop, overall sector and country 

allocation detracted from performance, as did stock selection. An underweight in financials was the only significant positive at the 

sector level. Stock picking in consumer discretionary, materials and industrials also helped to partially mitigate the overall 

underperformance in stock selection. 

At the individual stock level, the biggest detractors were from the underperforming technology and banking sectors. In IT, shares 

in Infineon were hit by investor concerns over the impact of deteriorating economic conditions on futures sales and earnings. The 

stock of Barclays bank was knocked after the revelation that individuals in the bank had manipulated the benchmark Libor rate. 

On a brighter note, the portfolio continued to benefit from the outperformance of its holding in Sky Deutschland, as investors 

continued to be drawn by the strong prospect for the company after its victory in winning football broadcast rights in Germany. 

Source as at 29 June 2012: 

SVM Asset Management Limited 

Wellington Management Company, LLP 

Mandarine Gestion 

Jupiter Asset Management Limited 

Financière de L'Echiquier 

Danske Capital, a division of Danske Bank A/S 

Odey Asset Management LLP 

Liontrust Investment Partners LLP 

BNY Mellon Asset Management International Limited 

Blackrock Investment Management (UK) Limited (from 13 April 2012) 

Acadian Asset Management, LLC (until 13 April 2012) 

* Performance figures refer to Class A 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 net, in Euros. 


guarantee that the Skandia European Best Ideas Fund will outperform this benchmark. 

35



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 the first six months of 2012. 

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, for the first half of 2012. The 

Fund recorded a return of +3.55%, while the benchmark index returned +9.38% over the period.* 

The portfolio provided a solid return for the first quarter, but marginally trailed the benchmark. Portfolio returns were 

hindered relative to the benchmark by stock selection in the consumer discretionary, financials and IT sectors. Returns were 

helped by a lower-than benchmark weight in the consumer staples sector and stock selection in the healthcare, energy and 

utilities sectors. The top contributors to absolute returns during the first quarter included: Apple, Microsoft, Comcast, TJX and 

Thermo Fisher Scientific. Holdings that detracted from performance included: Electronic Arts, Yahoo, United Technologies, 

International Game Technology and Travelers. 

The Fund’s portfolio lagged the benchmark in the second quarter. Relative underperformance was attributable to both security 

selection and sector allocations. Portfolio returns relative to the benchmark were primarily hurt by stock selection in the 

healthcare, energy and financial sectors. Having a low weight relative to the benchmark in the consumer staples sector was also 

a negative factor. Portfolio results were helped by stock selection in the IT and consumer discretionary sectors. The top 

contributors to absolute returns in the second quarter included Wisconsin Energy, DaVita, Ventas, Comcast and Northeast 

Utilities. Among holdings that detracted from performance were Aetna, Dell, Devon Energy, Prudential Financial and Texas 

Instruments. 

Source: Epoch Investment Partners Inc., as at 29th June 2012. 


income reinvested in Fund base currency (US dollars). 


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

36



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 the first six months of 

2012. 

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 outperformed its primary benchmark, the Barclays Capital Global Aggregate 

Credit Corporate Bond Index. The Fund recorded a total net return of +6.63%, while the benchmark index had a total return of 

+4.90% for the period.* 

The Fund’s underweight to the government sector and security selection within corporate bonds were the biggest contributors to 

returns during the first quarter. Within investment grade financials, the allocation to banking and security selection within 

insurance companies generated positive results during the quarter. Within industrials, issuer selection in consumer noncyclicals 

and capital goods generated the majority of excess returns. Gains were partially offset by overweight positions within basic 

industry. The portfolio’s underweight duration bias in the US added value as yields rose over the quarter due to improving 

economic data, while yield curve positioning detracted. These gains were partially offset by overweight positions in German 

interest rates relative to rates in Italy and Spain. 

The Fund ended the second quarter with a marginal gain, but modestly lagged the benchmark during a very challenging period for 

financial markets. Interest rate management and sector allocation benefited performance in May despite the strong market 

volatility, but security selection detracted amid the very difficult trading conditions. In June, amid an improved trading 

environment, corporate security selection was the biggest positive for performance. 

*Performance figures refer to A 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. 

Source: Wellington Management Company LLP, Inc., as at 29th June 2012. 

37



SKANDIA GLOBAL EMERGING MARKETS FUND 


Skandia Global Emerging Markets Fund – Fisher Asset Management, LLC 

Investment Adviser’s Commentary (continued) 

Below is a report from the Investment Adviser of the Skandia Global Emerging Markets Fund for the first six months of 2012. 

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 underperformed its benchmark, MSCI Emerging Markets NR Index, for the first half 

of 2012. The fund returned -0.92%%, while the benchmark index was +3.93% over the period.* 

The Fund underperformed the benchmark in the first quarter. Sector allocation benefited relative returns, but country allocation 

and stock selection decisions detracted. The Fund’s underweight to South Africa and overweight to Colombia contributed to 

relative returns, but an overweight to Indonesia and underweight to India detracted. At the sector level, an underweight to telecom 

services and overweight to industrials added to relative returns, while overweights to materials and consumer staples detracted. 

Stock selection decisions in Colombia, Poland, and Russia were particular bright spots, while selection in financials, consumer 

discretionary, and South Africa hurt. 

The Fund underperformed the benchmark in the second quarter. Sector allocation detracted from relative returns in most areas, but 

stock selection in a number of sectors proved particularly strong, notably in energy, materials and IT. Country allocation decisions 

benefited performance overall. Among markets, underweights in Taiwan and Russia were positive (enhanced in both cases by 

beneficial stock picking). 

Source: Fisher Asset Management, LLC, as at 29 June 2012. 



38



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 the first six months of 2012. 

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 Pacific Free ex Japan Index, over 

the first half of 2012. The fund returned +0.36% whilst the benchmark returned +5.05%.* 

The Fund lagged its benchmark in the first quarter due to the underperformance in mid-cap and large-cap stocks. At the 

country level, the relative outperformers were India, Taiwan and Hong Kong whereas the relative underperformers were 

China, Korea and Australia. At the sector level, consumer discretionary and IT benefited performance, while financials and 

telecoms detracted. At the stock level, the largest contributors to relative performance were overweights in Tata Motors, 

Samsung Electronics, Sands China and Tata Steel. The sharp surge of the regional equity markets in the first two months of 

the quarter surprised many and given the more defensive posture of the portfolio since last year, the Fund’s overweight 

positions in telecoms and utilities detracted from performance. Nevertheless, the investment adviser has gradually increased 

the beta of the portfolio since the beginning of this year, which should have a positive impact on the portfolio’s 

performance should the region’s bull run in equity markets continue. 

The portfolio underperformed its benchmark in the second quarter. Large-cap and mid-cap stocks were the worst 

performers. At the country level, the best areas were Thailand and Malaysia whereas the relative underperformers were 

China and Taiwan. At sector level, energy and telecoms were relatively beneficial, while industrials and financials 

detracted from performance. At stock level, the biggest pluses were overweight positions in Westfield Group Australia (its 

shares gained after the company embarked on its share buy-back programme); Guangzhou R&F Properties (it added to 

performance as sentiment on the Chinese property sector improved after a recent interest rate cut and it benefited from 

policy support for first-time home owners); Shin Corp (investors continued to treat Shin Corp as a ‘cheaper’ way to invest 

in Advanced Info Services of Thailand, which is 40% owned by Shin Corp and looks poised to achieve big earnings this 

year due to strong 3G take-up in the country); and Huaneng Power International (whose shares outperformed in June on the 

back of lower fuel costs as coal prices declined by 11% during the month, Huaneng is one of the biggest beneficiaries of 

lower coal prices, as it sources 72% of its coal requirements from the spot market). 

Significant detractors from performance over the second quarter were overweight positions in China National Building 

Material (whose shares weakened as cement prices continued to decline amidst weak demand); Tata Motors (whose stocks 

fell after reporting disappointing earnings results); and Yangzijiang Shipbuilding Holdings (its shares declined due to 

weakening new orders and a possible downside in margins). Financial stocks, particularly Chinese banks, also detracted 

from performance during the second quarter. The limited exposure to expensive consumer staples names was another 

detractor. 

Source: MIR Investment Management (Pty) Limited, as at 29 June 2012. 

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


References to benchmarks are for illustrative purposes only and are not intended to imply a performance objective. There is 

no guarantee that the Skandia Asian Equity Fund will outperform this benchmark. 

39



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 the first six 

months of 2012. 

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 the first half 2012. The Fund returned +4.38%, while the benchmark index returned +6.99% over the 

period.* 

Though producing a solid return, the Fund slightly trailed the benchmark in the first quarter. Issue selection was responsible for 

much of the underperformance, in particular allocations to long duration local bonds in Brazil. After rallying strongly over the 

course of January and February, the Brazilian authorities imposed new measures on inflows and the central bank resumed heavy 

intervention in the market. Coupled with a surprisingly large rate cut of 0.75% (taking the official rate to 9.75%), the currency 

market took light and the Real weakened by 7% over the course of March, reducing the gains in Brazil’s market from over 12.5% 

year-to-date on 28 February to 6.35% for the quarter. An underweight duration position in Russia, where inflation continued to 

come in below expectations as the government postponed tariff hikes until after the March presidential election, also had a 

negative impact. 

The Fund faced a rise-averse environment in the second quarter and trailed the performance of the benchmark. Country selection 

was responsible for much of this, in particular an underweight allocation to Hungary where bonds rallied in the wake of the EU’s 

decision to allow the country to begin negotiations over an IMF loan. A decision to underweight Peru, which performed well in 

spite of market volatility, also detracted. However, an underweight to Poland, which was vulnerable to Euro weakness, enhanced 

relative returns, as did overweight allocations to Colombia and Turkey. Unhelpful issue selection in Turkey, Hungary, Poland and 

Malaysia were partly offset by an allocation to long duration bonds in Mexico and South Africa. 




guarantee that the Skandia Local Currency Emerging Market Debt Fund will outperform this benchmark. 

Source: Stone Harbor Investment Partners LP, as at 29th June 2012. 

40



SKANDIA MANAGED FUTURES FUND 


Skandia Managed Futures Fund - Aspect Capital Limited 

Below is a report from the Investment Adviser of the Skandia Managed Futures Fund for the first six months of 2012. 

The Skandia Managed Futures Fund was launched on 1 November 2011 with a starting net asset value per share of USD 10.00. 


The Fund achieved a marginally positive return in the first quarter. The energy sector was the best performer as the Fund’s short 

position in natural gas gained when prices continued to fall, while increased global demand for oil, together with Iran-associated 

supply stresses, pushed oil prices higher to the benefit of the Fund’s long positions. The improving economic outlook resulted in 

the fund gaining from its long positions in stock indices, but it suffered losses from its net long exposure to the bonds sector. The 

interest-rate sector benefited returns, as Euribor futures rose in January amid the prospect of further liquidity from the European 

Central Bank. Short exposure to Australian 90 day bank bills also contributed to returns following February’s surprise decision 

by the Reserve Bank of Australia to keep interest rates on hold. Losses resulted from short positions in some industrial metals, in 

particular zinc and aluminium, as prices rose at the start of the year. The currencies sector suffered a small loss over the quarter, 

with gains from long positions incommodity currencies outweighed by losses from positions in the Yen and the Euro. 

The US Dollar share class of the Fund performed well in the second quarter, though the net real return was marginally negative. 

Gains from the fixed income, metals and agriculture sectors were reduced by losses in stock indices, energies and currencies. 

The Fund began the second quarter with long positions in fixed income, stock indices and energies and a net short exposure to 

the US Dollar. As equity and commodity markets sold off and the US Dollar strengthened, the Fund responded by switching to a 

more risk adverse stance during May, with net short positions in stock indices and energies and a net long exposure to the US 

Dollar. Safe haven appeal pushed fixed income futures higher, to the benefit of the Fund, while gains also came from short 

positions in industrial and precious metals. Trend capture in stock indices was more difficult. The Fund's initially long positions 

in oil markets produced losses as prices fell following news of a potential increase in supply from Saudi Arabia and increasing 

inventories. The Fund's short position in natural gas also incurred losses as prices rallied following reports of smaller-thanexpected 

inventories and above average temperatures in the US. In currencies, losses came from the Fund's initially net short US 

Dollar exposure, though this was partly offset by the Fund's short positioning in the Euro. 

Source: Aspect Capital Limited as at 29th June 2012. 

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

References to benchmarks are for illustrative purposes only and are not intended to imply a performance objective. 

There is no guarantee that the Skandia Managed Futures Fund will outperform this benchmark. 

41



PORTFOLIO OF INVESTMENTS - Skandia Global Equity Fund 

Nominal Security Description Value USD % Net Assets 

Equities 

Bermuda - 0.40% (2011 - –%) 

10,307,000 GOME Electrical Appliances Holding Ltd 1,355,386 0.40% 

1,355,386 0.40% 

Brazil - 0.96% (2011 - 0.95%) 

171,670 Vale SA ADR 3,223,963 0.96% 

3,223,963 0.96% 

Cayman Islands - 1.24% (2011 - 0.96%) 

3,004,000 Ajisen China Holdings Ltd 2,064,227 0.61% 

2,112,000 Daphne International Holdings Ltd 2,129,272 0.63% 

4,193,499 1.24% 

France - 4.04% (2011 - 4.27%) 

163,763 AXA SA 2,114,732 0.63% 

34,776 L'Oreal SA 3,985,899 1.18% 

35,080 PPR 4,907,327 1.46% 

48,182 Schneider Electric SA 2,584,840 0.77% 

13,592,798 4.04% 

Germany - 0.47% (2011 - 5.32%) 

24,278 Henkel AG & Co KGaA 1,578,396 0.47% 

1,578,396 0.47% 

Hong Kong - 0.76% (2011 - 1.09%) 

870,000 China Resources Enterprise Ltd 2,574,141 0.76% 

2,574,141 0.76% 

India - 1.33% (2011 - 0.54%) 

62,621 ICICI Bank Ltd ADR 1,904,305 0.56% 

120,559 Tata Motors Ltd 2,595,635 0.77% 

4,499,940 1.33% 

Ireland - 0.95% (2011 - 0.71%) 

56,318 Accenture PLC 3,189,288 0.95% 

3,189,288 0.95% 

Japan - 1.70% (2011 - 5.99%) 

35,237 FANUC Corp 5,740,586 1.70% 

5,740,586 1.70% 

Jersey C.I. - 0.36% (2011 - 0.35%) 

101,012 WPP PLC 1,217,530 0.36% 

1,217,530 0.36% 

Mexico - 2.06% (2011 - 0.26%) 

56,576 Fomento Economico Mexicano SAB de CV ADR 4,851,958 1.44% 

804,664 Wal-Mart de Mexico SAB de CV 2,092,866 0.62% 

6,944,824 2.06% 

Netherlands - 0.56% (2011 - 1.36%) 

354,800 STMicroelectronics NV 1,892,028 0.56% 

1,892,028 0.56% 

42



PORTFOLIO OF INVESTMENTS - Skandia Global Equity Fund (continued) 


Equities (continued) 

Netherlands Antilles - 1.52% (2011 - –%) 

81,826 Schlumberger Ltd 5,132,126 1.52% 

5,132,126 1.52% 

Republic of Korea (South) - 0.31% (2011 - 0.86%) 

1,001 Samsung Electronics Co Ltd 1,049,642 0.31% 

1,049,642 0.31% 

Singapore - 0.33% (2011 - 0.25%) 

204,300 Fraser and Neave Ltd 1,127,039 0.33% 

1,127,039 0.33% 

Spain - 1.85% (2011 - –%) 

61,727 Inditex SA 6,207,546 1.85% 

6,207,546 1.85% 

Sweden - 0.95% (2011 - 0.53%) 

354,343 Telefonaktiebolaget LM Ericsson 3,177,719 0.95% 

3,177,719 0.95% 

Switzerland - 5.54% (2011 - 4.06%) 

47,501 Holcim Ltd 2,597,652 0.77% 

97,342 Nestle SA 5,751,169 1.71% 

136,584 Noble Corp 4,238,202 1.26% 

35,424 Roche Holding AG 6,061,880 1.80% 

18,648,903 5.54% 

United Kingdom - 1.35% (2011 - 12.96%) 

27,604 Shire PLC 780,438 0.23% 

1,038,140 Vodafone Group PLC 2,902,699 0.86% 

70,256 Xstrata PLC 887,158 0.26% 

4,570,295 1.35% 

United States - 47.68% (2011 - 51.01%) 

117,179 Aetna Inc 4,669,583 1.38% 

80,334 Agilent Technologies Inc 3,030,198 0.90% 

15,389 Apache Corp 1,311,604 0.39% 

21,121 Apple Inc 12,018,905 3.56% 

317,419 Arch Coal Inc 2,063,224 0.61% 

92,842 Automatic Data Processing Inc 5,030,180 1.49% 

69,310 Baker Hughes Inc 2,769,628 0.82% 

90,873 Cisco Systems Inc 1,497,587 0.44% 

73,521 Coach Inc 4,125,999 1.22% 

138,457 Danaher Corp 6,913,159 2.04% 

86,679 Devon Energy Corp 4,926,834 1.46% 

100,269 eBay Inc 4,088,970 1.21% 

81,754 Emerson Electric Co 3,620,884 1.07% 

129,470 Gentex Corp/MI 2,654,135 0.79% 

8,343 Google Inc 4,708,038 1.39% 

49,796 Harley-Davidson Inc 2,225,383 0.66% 

71,377 Johnson & Johnson 4,777,976 1.42% 

106,973 Johnson Controls Inc 2,855,109 0.85% 

43






United States - 47.68% (2011 - 51.01%) (continued) 

11,800 Jones Lang LaSalle Inc 807,356 0.24% 

112,436 JPMorgan Chase & Co 4,034,204 1.20% 

116,508 Lowe's Cos Inc 3,173,678 0.94% 

261,127 Microsoft Corp 7,810,309 2.31% 

73,985 MSCI Inc 2,418,570 0.72% 

208,229 Oracle Corp 5,865,811 1.74% 

97,947 Procter & Gamble Co/The 5,905,225 1.75% 

55,050 QUALCOMM Inc 2,989,215 0.89% 

215,570 Quanta Services Inc 5,074,518 1.50% 

149,398 Robert Half International Inc 4,084,541 1.21% 

48,421 Sirona Dental Systems Inc 2,105,345 0.62% 

33,568 Sohu.com Inc 1,403,478 0.42% 

75,498 United Parcel Service Inc 5,821,651 1.73% 

90,603 UnitedHealth Group Inc 5,399,939 1.61% 

63,241 Urban Outfitters Inc 1,668,930 0.49% 

209,488 US Bancorp 6,586,303 1.95% 

134,694 Varian Medical Systems Inc 7,946,946 2.36% 

28,085 Visa Inc 3,412,889 1.01% 

277,004 Wells Fargo & Co 8,997,089 2.67% 

32,993 Yum! Brands Inc 2,107,923 0.62% 

160,901,316 47.68% 

Total Equities 250,816,965 74.36% 

Futures ^ - 0.01% (2011 - 0.00%) 

Maturity 

Date 

(98) NASDAQ 100 E-MINI* 21/09/2012 27,080 0.01% 

27,080 0.01% 

Options ** - 0.78% (2011 - 0.00%) 

1,091 PUT Vale SA 18 22/09/2012 125,465 0.04% 

122 PUT S&P 500 Index 1250 16/08/2012 181,780 0.05% 

242 PUT Xstrata Plc 920 17/08/2012 539,956 0.16% 

249 PUT HSBC Holdings Plc 17/08/2012 31,081 0.01% 

56 PUT DAX Index 6000 17/08/2012 37,690 0.01% 

151 PUT S&P/ASX 200 Index 3900 16/08/2012 55,366 0.02% 

180 PUT S&P 500 Index 1325 19/07/2012 396,000 0.12% 

122 PUT S&P 500 Index 1325 16/08/2012 441,640 0.13% 

206 PUT Russel 2000 Index 19/07/2012 780 19/07/2012 384,602 0.11% 

243 CALL Coach Inc 67.5 18/08/2012 7,290 0.00% 

668 CALL DJ Euro Stoxx 50 2225 20/07/2012 357,986 0.11% 

156 PUT Apple Inc 540 21/07/2012 62,244 0.02% 

2,621,100 0.78% 

Swaps *** - 0.40% (2011 - 0.00%) 

256,775 ASICS Corp 27/03/2014 552,378 0.16% 

744,032 HSBC Holdings Plc 25/03/2014 633,860 0.18% 

71,000 Standard Chartered 20/03/2014 100,257 0.03% 

44





Swaps *** - 0.40% (2011 - 0.00%) (continued) 

318,095 Tesco Plc 25/03/2014 43,567 0.01% 

621,200 Vodafone Group 20/03/2014 60,191 0.02% 

1,390,253 0.40% 

Financial Assets at Fair Value Through Profit or Loss 254,855,398 75.56% 

(Cost USD 268,624,424) (2011: USD 274,085,743 ) 

Options ** - (0.15)% (2011 - 0.00%) 

(242) PUT Xstrata Plc 800 17/08/2012 (239,771) (0.07)% 

(243) PUT Coach Inc 12 50 18/08/2012 (36,450) (0.01)% 

(1,091) PUT Vale SA 16 22/09/2012 (51,277) (0.02)% 

(505) CALL Wells Fargo & Co 21/07/2012 (14,140) 0.00% 

(151) PUT S&P/ASX 200 Index 3450 16/08/2012 (7,536) 0.00% 

(243) CALL Coach Inc 75 18/08/2012 (2,430) 0.00% 

(206) PUT Russel 2000 Index 680 19/07/2012 (17,510) (0.01)% 

(302) CALL Ebay Inc 21/07/2012 45 21/07/2012 (4,530) 0.00% 

(122) PUT S&P 500 Index 1175 16/08/2012 (94,550) (0.03)% 

(156) PUT Apple Inc 470 21/07/2012 (2,964) 0.00% 

(180) PUT S&P 500 Index 1175 19/07/2012 (25,200) (0.01)% 

(496,358) (0.15)% 

Swaps *** - (0.51)% (2011 - 0.00%) 

1,027,748 Barclays Bank Plc 25/03/2014 (191,630) (0.06)% 

270,582 Bharti Airtel Ltd 29/04/2013 (317,170) (0.09)% 

74,277 Novozymes A/S 29/04/2013 (148,997) (0.04)% 

566 Samsung Electronics Co Ltd 29/04/2013 (58,767) (0.02)% 

8,756 Samsung Electronics Pref 02/04/2013 (521,174) (0.15)% 

186,580 Shire Plc 25/03/2014 (46,579) (0.01)% 

149,453 WPP Plc 25/03/2014 (6,413) 0.00% 

269,346 Xstrata Plc 25/03/2014 (477,836) (0.14)% 

(1,768,566) (0.51)% 

Financial Liabilities at Fair Value Through Profit or Loss (2,264,924) (0.67)% 

Cash at Bank 62,923,101 18 .66% 

Other Net Assets 21,779,452 6.45% 

Net Asset Value as at 30 June 2012 337,293,027 100.00% 

45




Total assets comprised as follows; 

Transferable securities and money market instruments admitted to an 

official stock exchange listing or traded on a regulated market 50.38% 

Transferable securities and money market instruments other than those 

admitted to an official exchange listing or traded on another regulated 

market 24.51% 

Collective Investment Schemes 0.00% 

Exchange traded financial derivative instruments 0.00% 

OTC financial derivative instruments 0.00% 

Other current assets 25.11% 

100.00% 

*Exchange traded 

^ The broker for futures is Goldman Sachs. 

** The broker for options is Goldman Sachs. 

*** The counterparty for swaps is Morgan Stanley. 

46



PORTFOLIO OF INVESTMENTS - Skandia US Large Cap Growth Fund 


Equities 

Basic Materials - 7.62% (2011 - 5.42%) 

12,000 Airgas Inc 975,120 1.88% 

10,000 Ecolab Inc 666,400 1.28% 

19,000 FMC Corp 983,630 1.89% 

6,300 Freeport-McMoRan Copper & Gold Inc 203,238 0.39% 

22,000 Valspar Corp 1,128,380 2.18% 

3,956,768 7.62% 

Communications - 2.45% (2011 - 2.19%) 

1,100 priceline.com Inc 707,828 1.36% 

21,000 TIBCO Software Inc 563,430 1.09% 

1,271,258 2.45% 

Consumer, Cyclical - 14.98% (2011 - 14.43%) 

9,700 Costco Wholesale Corp 901,324 1.74% 

16,000 Fastenal Co 618,080 1.19% 

19,000 Home Depot Inc/The 982,110 1.89% 

16,000 Johnson Controls Inc 427,040 0.82% 

12,000 McDonald's Corp 1,058,160 2.03% 

11,000 PVH Corp 828,520 1.60% 

36,000 Sally Beauty Holdings Inc 912,240 1.76% 

9,000 Starwood Hotels & Resorts Worldwide Inc 452,700 0.87% 

9,000 TJX Cos Inc 374,400 0.72% 

8,200 Tractor Supply Co 670,924 1.29% 

10,000 WESCO International Inc 553,300 1.07% 

7,778,798 14.98% 

Consumer, Non-cyclical - 20.66% (2011 - 17.16%) 

10,000 Alexion Pharmaceuticals Inc 964,900 1.86% 

13,000 Beam Inc 795,600 1.53% 

5,700 Biogen Idec Inc 798,627 1.54% 

19,000 Coca-Cola Co/The 1,454,830 2.81% 

9,000 Cooper Cos Inc/The 695,970 1.34% 

12,000 Estee Lauder Cos Inc/The 635,040 1.22% 

1,300 Intuitive Surgical Inc 697,177 1.34% 

2,600 Mastercard Inc 1,095,380 2.11% 

9,000 Mead Johnson Nutrition Co 770,850 1.48% 

6,600 Perrigo Co 756,492 1.46% 

8,000 Procter & Gamble Co/The 482,320 0.93% 

6,700 Ralcorp Holdings Inc 444,545 0.86% 


10,724,131 20.66% 

Energy - 8.20% (2011 - 10.79%) 

6,300 EOG Resources Inc 536,508 1.03% 

21,000 Exxon Mobil Corp 1,745,100 3.37% 

9,800 National Oilwell Varco Inc 608,972 1.17% 

6,800 Occidental Petroleum Corp 550,392 1.06% 

47



PORTFOLIO OF INVESTMENTS - Skandia US Large Cap Growth Fund (continued) 



Energy - 8.20% (2011 - 10.79%) (continued) 

13,000 Schlumberger Ltd 815,360 1.57% 

4,256,332 8.20% 

Financial - 4.66% (2011 - 4.00%) 

17,000 American Express Co 963,730 1.86% 

18,000 JPMorgan Chase & Co 645,840 1.24% 

25,000 Wells Fargo & Co 812,000 1.56% 

2,421,570 4.66% 

Industrial - 13.11% (2011 - 15.58%) 

19,000 Agilent Technologies Inc 716,680 1.38% 

21,000 AMETEK Inc 1,008,840 1.94% 

4,800 Cummins Inc 442,848 0.86% 

17,000 Danaher Corp 848,810 1.63% 

3,000 Deere & Co 234,720 0.45% 

8,500 Fluor Corp 410,890 0.79% 

3,500 Mettler-Toledo International Inc 534,135 1.03% 

5,000 Precision Castparts Corp 807,900 1.56% 

6,400 Stericycle Inc 573,120 1.10% 

7,500 Union Pacific Corp 864,900 1.67% 

5,000 United Technologies Corp 363,000 0.70% 

6,805,843 13.11% 

Technology - 23.78% (2011 - 23.41%) 

5,700 Apple Inc 3,243,585 6.25% 

38,000 EMC Corp/MA 900,980 1.74% 

17,000 Fiserv Inc 1,186,770 2.29% 

41,000 Intel Corp 1,059,030 2.04% 

11,700 International Business Machines Corp 2,239,380 4.31% 

19,000 Maxim Integrated Products Inc 473,290 0.91% 


8,000 Oracle Corp 225,360 0.43% 

18,000 QUALCOMM Inc 977,400 1.88% 

15,000 Teradata Corp 1,020,450 1.97% 

12,343,185 23.78% 

Utilities - 1.90% (2011 - 1.73%) 

25,000 Wisconsin Energy Corp 988,000 1.90% 

988,000 1.90% 


Financial Assets at Fair Value Through Profit or Loss (Cost USD 

47,071,544) (2011: USD 76,976,367) 50,545,885 97.36% 

Cash at Bank 2,070,198 3.99% 

Other Net Liabilities (697,417) (1.34)% 


48








market 32.00% 





100.00% 

49



PORTFOLIO OF INVESTMENTS - Skandia US Capital Growth Fund 


Equities 


116,470 FMC Corp 6,029,652 3.36% 

6,029,652 3.36% 


26,732 F5 Networks Inc 2,495,700 1.39% 

80,216 Rackspace Hosting Inc 3,365,061 1.88% 

134,666 TIBCO Software Inc 3,613,089 2.02% 

9,473,850 5.29% 


32,692 BorgWarner Inc 2,108,961 1.18% 

6,345 Chipotle Mexican Grill Inc 2,391,748 1.33% 

46,455 Coach Inc 2,607,055 1.46% 

39,700 Dick's Sporting Goods Inc 1,870,664 1.04% 

117,793 Fastenal Co 4,550,344 2.54% 

23,970 Lululemon Athletica Inc 1,400,088 0.78% 

64,070 Nordstrom Inc 3,091,378 1.72% 

62,821 PACCAR Inc 2,365,211 1.32% 

46,550 PetSmart Inc 3,106,746 1.74% 

59,332 Ross Stores Inc 3,659,003 2.05% 

35,360 Tractor Supply Co 2,893,155 1.61% 

33,106 Ulta Salon Cosmetics & Fragrance Inc 2,989,141 1.67% 

17,522 Under Armour Inc 1,585,916 0.88% 

34,619,410 19.32% 


33,712 Alexion Pharmaceuticals Inc 3,252,871 1.81% 

46,497 Allergan Inc/United States 4,186,125 2.34% 

34,233 Alliance Data Systems Corp 4,545,115 2.54% 

50,136 BioMarin Pharmaceutical Inc 1,888,122 1.05% 


55,386 CR Bard Inc 5,805,560 3.24% 

88,281 Estee Lauder Cos Inc/The 4,671,831 2.61% 

6,178 Intuitive Surgical Inc 3,313,200 1.85% 

44,141 Perrigo Co 5,059,440 2.82% 

72,914 Verisk Analytics Inc 3,494,039 1.95% 

75,015 Whole Foods Market Inc 7,030,406 3.92% 

50,666,419 28.27% 

Energy - 6.17% (2011 - 9.66%) 

35,050 Concho Resources Inc 2,846,061 1.59% 

21,700 Continental Resources Inc/OK 1,366,449 0.76% 

46,457 FMC Technologies Inc 1,755,145 0.98% 

24,752 Pioneer Natural Resources Co 2,062,089 1.15% 

48,386 Schlumberger Ltd 3,034,770 1.69% 

11,064,514 6.17% 

Financial - 6.12% (2011 - 11.72%) 

39,774 Affiliated Managers Group Inc 4,196,157 2.34% 

50



PORTFOLIO OF INVESTMENTS - Skandia US Capital Growth Fund (continued) 



Financial - 6.12% (2011 - 11.72%) (continued) 

96,544 CBRE Group Inc 1,520,568 0.85% 

20,448 IntercontinentalExchange Inc 2,742,895 1.53% 

75,618 Raymond James Financial Inc 2,505,224 1.40% 

10,964,844 6.12% 

Industrial - 6.60% (2011 - 11.86%) 

24,935 Chart Industries Inc 1,623,518 0.91% 

110,693 Old Dominion Freight Line Inc 4,665,710 2.60% 

43,439 TransDigm Group Inc 5,541,513 3.09% 

11,830,741 6.60% 

Technology - 19.81% (2011 - 11.46%) 

81,974 Analog Devices Inc 2,993,690 1.68% 

54,020 ANSYS Inc 3,293,599 1.84% 

15,276 Apple Inc 8,692,808 4.85% 

35,861 Cerner Corp 2,798,234 1.56% 

17,641 International Business Machines Corp 3,376,487 1.88% 

50,368 KLA-Tencor Corp 2,392,480 1.33% 


74,625 NetSuite Inc 3,864,083 2.16% 

35,512,774 19.81% 



170,599,899) (2011: USD 186,761,820) 170,162,204 94.94% 

Cash at Bank 9,651,243 5.39% 








market 59.60% 





100.00% 

51



PORTFOLIO OF INVESTMENTS - Skandia US All Cap Value Fund 


Equities 


145,000 Alcoa Inc 1,233,950 0.63% 

21,000 EI du Pont de Nemours & Co 1,043,490 0.53% 

37,000 Ferro Corp 172,420 0.09% 

13,000 Freeport-McMoRan Copper & Gold Inc 419,380 0.21% 

130,000 Huntsman Corp 1,664,000 0.85% 

35,500 Monsanto Co 2,848,875 1.46% 

87,000 Newmont Mining Corp 4,099,440 2.10% 

10,000 Sensient Technologies Corp 357,400 0.18% 

11,838,955 6.05% 


41,000 AMC Networks Inc 1,476,410 0.75% 

205,000 Cablevision Systems Corp 2,656,800 1.36% 

100,000 CBS Corp 3,225,000 1.65% 

80,000 Comcast Corp 2,447,200 1.25% 

100,000 Corning Inc 1,259,000 0.64% 

5,000 Discovery Communications Inc 265,500 0.14% 

5,000 Discovery Communications Inc 246,650 0.13% 

100,000 DISH Network Corp 2,755,000 1.41% 

30,000 eBay Inc 1,223,400 0.63% 

10,000 EchoStar Corp 257,200 0.13% 

10,000 Fisher Communications Inc 291,600 0.15% 

69,000 Grupo Televisa SAB ADR 1,457,280 0.74% 

6,000 IAC/InterActiveCorp 266,040 0.14% 

65,000 Interpublic Group of Cos Inc/The 679,250 0.35% 

17,000 Liberty Global Inc 825,520 0.42% 

35,000 Liberty Interactive Corp 602,700 0.31% 

9,762 Liberty Media Corp - Liberty Capital 848,318 0.43% 

14,000 Loral Space & Communications Inc 923,720 0.47% 

38,000 Media General Inc 166,820 0.09% 

29,500 Millicom International Cellular SA 2,615,175 1.35% 

40,000 News Corp 879,600 0.45% 

97,000 NII Holdings Inc 986,490 0.50% 

330,000 Sprint Nextel Corp 1,075,800 0.55% 

98,000 Telephone & Data Systems Inc 2,037,420 1.04% 

5,000 Time Warner Cable Inc 400,100 0.20% 

50,000 Time Warner Inc 1,893,500 0.97% 

64,000 United States Cellular Corp 2,429,440 1.24% 

133,000 Viacom Inc 6,765,710 3.45% 

175,000 Yahoo! Inc 2,703,750 1.37% 

43,660,393 22.31% 


6,000 AutoNation Inc 206,700 0.11% 

15,000 Best Buy Co Inc 313,200 0.16% 

26,000 Big 5 Sporting Goods Corp 187,980 0.10% 

80,000 Boyd Gaming Corp 564,800 0.29% 

52



PORTFOLIO OF INVESTMENTS - Skandia US All Cap Value Fund (continued) 



Consumer, Cyclical - 11.13% (2011 - 10.91%) (continued) 

9,000 Cavco Industries Inc 445,950 0.23% 

6,000 Churchill Downs Inc 332,880 0.17% 

37,000 CVS Caremark Corp 1,701,630 0.86% 

18,000 Dana Holding Corp 224,640 0.11% 

375,000 Ford Motor Co 3,783,750 1.93% 

57,000 Gaylord Entertainment Co 2,141,490 1.09% 

34,000 Harman International Industries Inc 1,286,900 0.66% 

48,000 International Game Technology 739,200 0.38% 

13,000 JC Penney Co Inc 291,980 0.15% 

31,000 Las Vegas Sands Corp 1,310,990 0.67% 

48,000 Macy's Inc 1,605,600 0.82% 

45,000 Madison Square Garden Co/The 1,656,450 0.84% 

12,000 MGM Resorts International 129,480 0.07% 

104,000 Navistar International Corp 2,658,240 1.36% 

44,000 Pep Boys-Manny Moe & Jack/The 427,680 0.22% 

2,000 Starwood Hotels & Resorts Worldwide Inc 100,600 0.05% 

60,000 Superior Industries International Inc 961,200 0.50% 

24,000 Walgreen Co 696,960 0.36% 

21,768,300 11.13% 


8,500 Allergan Inc/United States 765,255 0.39% 

10,000 Archer-Daniels-Midland Co 291,400 0.15% 

3,500 Ascent Capital Group Inc 176,645 0.09% 

26,000 Avon Products Inc 401,700 0.21% 

15,000 Baxter International Inc 773,700 0.40% 

63,000 Beam Inc 3,855,600 1.97% 

28,000 Becton Dickinson and Co 2,047,920 1.04% 

100,000 Boston Scientific Corp 555,000 0.28% 

14,000 Brink's Co/The 317,940 0.16% 

83,000 Bristol-Myers Squibb Co 2,911,640 1.49% 

24,000 Brown-Forman Corp 2,214,480 1.13% 

6,000 Bunge Ltd 367,680 0.19% 

4,500 Chemed Corp 271,800 0.14% 


22,000 Covidien PLC 1,154,780 0.59% 

40,008 Danone SA ADR 475,295 0.24% 

4,000 DENTSPLY International Inc 146,960 0.08% 

21,000 Diageo PLC ADR 2,130,030 1.09% 

14,000 Dr Pepper Snapple Group Inc 608,580 0.31% 

26,000 Eli Lilly & Co 1,094,600 0.56% 

120,000 Hillshire Brands Co 2,220,000 1.13% 

60,000 Human Genome Sciences Inc 783,600 0.40% 

18,000 Johnson & Johnson 1,204,920 0.62% 

5,000 Matthews International Corp 158,650 0.08% 

1,000 Mead Johnson Nutrition Co 85,650 0.04% 

53






Consumer, Non-cyclical - 19.64% (2011 - 17.73%) (continued) 

44,000 Monster Worldwide Inc 355,960 0.18% 

33,000 Nestle SA 1,949,709 1.00% 

37,000 Patterson Cos Inc 1,243,570 0.64% 

20,010 Post Holdings Inc 617,309 0.32% 

34,021 Ralcorp Holdings Inc 2,257,293 1.15% 

75,000 Safeway Inc 1,340,250 0.68% 

49,000 Sanofi 68,110 0.03% 

49,000 Schiff Nutrition International Inc 856,030 0.44% 

9,043 Tootsie Roll Industries Inc 210,792 0.11% 

6,000 Unilever NV 193,440 0.10% 

3,000 Young Innovations Inc 101,610 0.05% 

38,419,248 19.64% 

Energy - 3.53% (2011 - 3.69%) 

2,000 Apache Corp 170,460 0.09% 

30,000 BP PLC 1,155,900 0.60% 

5,000 ConocoPhillips 272,650 0.14% 

8,000 Devon Energy Corp 454,720 0.23% 

12,000 Exxon Mobil Corp 997,200 0.51% 

32,000 Halliburton Co 886,080 0.45% 

25,000 Rowan Cos Plc 772,750 0.39% 

180,000 Weatherford International Ltd/Switzerland 2,192,400 1.12% 

6,902,160 3.53% 

Financial - 11.40% (2011 - 8.99%) 

92,000 American Express Co 5,215,480 2.67% 

210,000 Bank of New York Mellon Corp/The 4,418,400 2.26% 

20,500 Cohen & Steers Inc 690,850 0.35% 

325,000 Janus Capital Group Inc 2,463,500 1.26% 


21,000 Marsh & McLennan Cos Inc 661,920 0.34% 

49,000 Northern Trust Corp 2,156,490 1.10% 

88,000 SLM Corp 1,345,520 0.69% 

27,000 State Street Corp 1,165,590 0.60% 

40,000 Wells Fargo & Co 1,299,200 0.66% 

10,000 WR Berkley Corp 380,700 0.19% 

22,309,250 11.40% 

Industrial - 20.67% (2011 - 21.30%) 

2,500 Belden Inc 80,375 0.04% 

55,000 Boeing Co/The 3,936,900 2.01% 

17,000 CIRCOR International Inc 545,190 0.28% 

50,000 CNH Global NV 1,835,500 0.93% 

14,000 Cooper Industries PLC 929,600 0.48% 

63,000 Crane Co 2,266,110 1.16% 

77,000 CTS Corp 709,170 0.36% 

20,000 Curtiss-Wright Corp 590,200 0.30% 

10,000 Deere & Co 782,400 0.40% 

54






Industrial - 20.67% (2011 - 21.30%) (continued) 

36,000 Energizer Holdings Inc 2,635,560 1.35% 

43,000 Exelis Inc 414,520 0.21% 

70,000 Fortune Brands Home & Security Inc 1,524,600 0.78% 

25,000 GATX Corp 915,750 0.47% 

215,000 General Electric Co 4,343,000 2.22% 

14,000 Goodrich Corp 1,775,900 0.91% 

8,000 Gorman-Rupp Co/The 233,040 0.12% 

21,000 Greif Inc 817,320 0.42% 

48,000 Honeywell International Inc 2,540,160 1.30% 

12,000 Itron Inc 477,120 0.24% 

21,500 ITT Corp 369,800 0.19% 

3,500 Lawson Products Inc/DE 31,745 0.02% 

60,000 Louisiana-Pacific Corp 633,000 0.32% 

69,000 Myers Industries Inc 1,173,690 0.60% 

16,000 Park-Ohio Holdings Corp 284,480 0.15% 

7,000 Precision Castparts Corp 1,131,060 0.57% 

80,000 Republic Services Inc 2,033,600 1.04% 

14,000 Rockwell Automation Inc 882,840 0.45% 

15,000 TE Connectivity Ltd 465,000 0.24% 

10,000 Textron Inc 238,200 0.12% 

30,000 Tredegar Corp 406,200 0.21% 

11,500 Twin Disc Inc 213,440 0.11% 

80,000 Tyco International Ltd 4,112,800 2.10% 

45,000 Xylem Inc/NY 1,106,550 0.57% 

40,434,820 20.67% 

Technology - 3.52% (2011 - 5.36%) 

17,000 Cypress Semiconductor Corp 212,330 0.11% 

24,000 Diebold Inc 869,760 0.44% 

90,000 Electronic Arts Inc 1,070,100 0.54% 

54,000 Intel Corp 1,394,820 0.71% 

72,000 LSI Corp 437,760 0.22% 

29,000 NCR Corp 625,530 0.32% 

14,000 Take-Two Interactive Software Inc 129,360 0.07% 

80,000 Texas Instruments Inc 2,149,600 1.11% 

6,889,260 3.52% 

Utilities - 1.83% (2011 - 1.79%) 

8,000 El Paso Electric Co 266,800 0.14% 

70,000 National Fuel Gas Co 3,321,500 1.69% 

3,588,300 1.83% 


Financial Assets at Fair Value Through Profit or Loss 

(Cost USD 179,644,827) (2011: USD 181,040,679) 195,810,686 100.08% 

55




Cash at Bank 359,009 0.18% 








market 28.89% 




Other current assets (0.35)% 

100.00% 

56



PORTFOLIO OF INVESTMENTS - Skandia US Value Fund 


Equities 


11,200 Comcast Corp 342,608 1.27% 

32,700 Corning Inc 411,693 1.53% 

31,600 Interpublic Group of Cos Inc/The 330,220 1.22% 

3,500 Time Warner Cable Inc 280,070 1.04% 

30,200 Vodafone Group PLC ADR 851,942 3.16% 

2,216,533 8.22% 


4,100 Carnival Corp 138,334 0.51% 

7,400 CVS Caremark Corp 340,326 1.26% 

5,300 Delphi Automotive PLC 134,779 0.50% 

10,400 Gap Inc/The 274,144 1.02% 

12,500 General Motors Co 247,750 0.92% 

2,700 Home Depot Inc/The 139,563 0.52% 

12,600 JC Penney Co Inc 282,996 1.05% 

18,300 Johnson Controls Inc 488,427 1.81% 

10,400 Magna International Inc 405,080 1.50% 

12,000 PACCAR Inc 451,800 1.67% 

6,000 Wal-Mart Stores Inc 409,800 1.53% 

3,312,999 12.29% 


3,100 AstraZeneca PLC ADR 137,609 0.51% 

6,500 Covidien PLC 341,185 1.26% 

3,300 Eli Lilly & Co 138,930 0.52% 

3,700 General Mills Inc 139,860 0.51% 

11,200 Johnson & Johnson 749,728 2.79% 

1,700 Kimberly-Clark Corp 140,352 0.52% 

3,700 Kraft Foods Inc 139,490 0.52% 

3,600 Medtronic Inc 136,224 0.51% 

5,153 Merck & Co Inc 209,624 0.78% 

3,500 Molson Coors Brewing Co 139,160 0.52% 

4,800 PepsiCo Inc 334,080 1.23% 

9,100 Pfizer Inc 205,023 0.76% 

3,800 Quest Diagnostics Inc 225,150 0.83% 

7,800 Safeway Inc 139,386 0.52% 

9,500 Sanofi ADR 343,615 1.27% 

2,200 Zimmer Holdings Inc 137,214 0.51% 

3,656,630 13.56% 

Energy - 8.07% (2011 - 9.47%) 

32,000 Cobalt International Energy Inc 701,440 2.60% 

5,400 ConocoPhillips 294,462 1.09% 

2,550 Phillips 66 82,391 0.31% 

8,000 Royal Dutch Shell PLC ADR 548,160 2.03% 

57



PORTFOLIO OF INVESTMENTS - Skandia US Value Fund (continued) 



Energy - 8.07% (2011 - 9.47%) (continued) 

12,900 Total SA 550,701 2.04% 

2,177,154 8.07% 

Financial - 27.94% (2011 - 25.19%) 

24,000 Allstate Corp/The 819,360 3.04% 

33,600 American International Group Inc 1,036,224 3.85% 

74,428 Bank of America Corp 576,073 2.14% 

8,800 Capital One Financial Corp 470,448 1.74% 

25,366 Citigroup Inc 669,409 2.48% 


36,155 KeyCorp 272,609 1.01% 

8,268 MetLife Inc 243,823 0.90% 

13,800 Morgan Stanley 191,406 0.71% 

3,465 PNC Financial Services Group Inc 206,202 0.76% 

2,900 Prudential Financial Inc 135,633 0.50% 

17,800 SunTrust Banks Inc 414,740 1.54% 

14,600 Unum Group 275,940 1.02% 

29,314 Wells Fargo & Co 952,118 3.53% 

10,200 XL Group PLC 208,998 0.77% 

7,538,618 27.94% 

Industrial - 9.27% (2011 - 9.98%) 

2,900 Boeing Co/The 207,582 0.77% 

4,900 Cummins Inc 452,074 1.68% 

7,600 Embraer Sa Erj Us ADR 194,864 0.72% 

4,700 FedEx Corp 417,313 1.55% 

6,500 Lockheed Martin Corp 549,445 2.03% 

6,500 Northrop Grumman Corp 401,245 1.49% 

8,925 TE Connectivity Ltd 276,675 1.03% 

2,499,198 9.27% 

Pharmaceuticals - 1.02% (2011 - –%) 

5,000 Novartis Ag-Adr Nvs Us 274,600 1.02% 

274,600 1.02% 

Technology - 11.55% (2011 - 11.34%) 

15,643 CA Inc 405,467 1.50% 

55,500 Hewlett-Packard Co 1,074,480 3.98% 

22,700 Microsoft Corp 678,957 2.52% 

26,700 Oracle Corp 752,139 2.79% 

7,600 Texas Instruments Inc 204,212 0.76% 

3,115,255 11.55% 

Utilities - 7.47% (2011 - 7.29%) 

6,900 Edison International 317,538 1.18% 

19,100 Exelon Corp 714,340 2.65% 

17,600 NRG Energy Inc 296,208 1.10% 

58



PORTFOLIO OF INVESTMENTS - Skandia US Value Fund (continued) 



Utilities - 7.47% (2011 - 7.29%) (continued) 

21,500 Public Service Enterprise Group Inc 685,420 2.54% 

2,013,506 7.47% 



(Cost USD 26,953,269) (2011: USD 63,324,612) 26,804,493 99.39% 

Cash at Bank 977,929 3.63% 








market 30.52% 





100.00% 

59



PORTFOLIO OF INVESTMENTS - Skandia European Equity Fund 

Nominal Security Description Value EUR % Net Assets 

Equities 

Finland - 2.53% (2011 - 3.41%) 

61,658 Outotec OYJ 2,135,833 2.53% 

2,135,833 2.53% 

France - 8.91% (2011 - 11.73%) 

124,283 Cie Generale de Geophysique - Veritas 2,437,811 2.89% 

27,294 LVMH Moet Hennessy Louis Vuitton SA 3,213,869 3.81% 

16,725 PPR 1,859,820 2.21% 

7,511,500 8.91% 

Germany - 26.14% (2011 - 10.50%) 

33,027 Adidas AG 1,829,035 2.17% 

58,707 Bayer AG 3,261,173 3.87% 

89,477 Deutsche Bank AG 2,518,778 2.99% 

50,542 Fresenius SE & Co KGaA 4,094,912 4.86% 

51,124 Gerresheimer AG 1,902,835 2.26% 

25,674 Linde AG 3,087,299 3.66% 

77,176 SAP AG 3,543,922 4.20% 

75,826 Symrise AG 1,799,351 2.13% 

22,037,305 26.14% 

Italy - 4.73% (2011 - 3.53%) 

146,155 Luxottica Group SpA 3,982,724 4.73% 

3,982,724 4.73% 

Sweden - 5.73% (2011 - 4.92%) 

174,677 Alfa Laval AB 2,323,220 2.76% 

189,986 Hexagon AB 2,505,178 2.97% 

4,828,398 5.73% 

Switzerland - 8.08% (2011 - 16.51%) 

89,451 Nestle SA 4,201,075 4.98% 

9,665 Syngenta AG 2,614,952 3.10% 

6,816,027 8.08% 


286,645 BG Group PLC 4,611,177 5.47% 

115,764 BHP Billiton PLC 2,592,379 3.08% 

304,104 Cookson Group PLC 2,195,192 2.60% 

237,146 Diageo PLC 4,841,424 5.75% 

595,862 HSBC Holdings PLC 4,166,757 4.95% 

128,452 IMI PLC 1,295,266 1.54% 

444,723 Prudential PLC 4,029,371 4.78% 

94,953 Royal Dutch Shell PLC 2,535,008 3.01% 

231,752 Standard Chartered PLC 4,022,757 4.77% 

1,624,929 Vodafone Group PLC 3,611,602 4.28% 

33,900,933 40.23% 

United States - 0.36% (2011 - –%) 

9,300 Vanguard MSCI European ETF 302,583 0.36% 

302,583 0.36% 

60



PORTFOLIO OF INVESTMENTS - Skandia European Equity Fund (continued) 





(Cost EUR 83,852,465) (2011: EUR 124,304,077 ) 

Cash at Bank 2,738,724 3 .25% 

Other Net Assets 32,239 0.04% 







market 41.14% 





100.00% 

61



PORTFOLIO OF INVESTMENTS - Skandia European Opportunities Fund 


Equities 

Finland - 2.67% (2011 - –%) 

41,000 Huhtamaki OYJ 473,140 2.67% 

473,140 2.67% 

France - 12.07% (2011 - 7.63%) 

17,000 AtoS 792,540 4.47% 

30,000 AXA SA 307,950 1.74% 

7,700 Danone SA 371,179 2.09% 

26,000 France Telecom SA 262,730 1.48% 

3,650 PPR 405,880 2.29% 

2,140,279 12.07% 

Germany - 18.93% (2011 - 16.20%) 

2,654 2G energy AG 83,229 0.47% 

34,750 Aareal Bank AG 436,113 2.46% 

29,064 ADVA AG Optical Networking 116,198 0.66% 

7,463 Allianz SE 577,338 3.25% 

5,800 Fresenius SE & Co KGaA 469,916 2.65% 

127,100 Sky Deutschland AG 362,362 2.04% 

28,629 Suss Microtec AG 255,170 1.44% 

89,300 TAG Immobilien AG 643,853 3.63% 

31,000 United Internet AG 412,765 2.33% 

3,356,944 18.93% 

Ireland - 1.93% (2011 - 2.12%) 

10,000 Kerry Group PLC 341,450 1.93% 

341,450 1.93% 

Italy - 5.38% (2011 - 8.23%) 

31,000 Eni SpA 510,880 2.88% 

38,800 Prysmian SpA 443,484 2.50% 

954,364 5.38% 

Netherlands - 1.69% (2011 - 3.31%) 

5,500 Nutreco NV 299,090 1.69% 

299,090 1.69% 

Norway - 4.37% (2011 - 4.16%) 

16,400 Aker ASA 353,661 2.00% 

1,670 Veripos Inc 418 0.00% 

12,300 Yara International ASA 419,333 2.37% 

773,412 4.37% 

Sweden - 3.25% (2011 - 6.52%) 

84,000 Nobia AB 204,869 1.16% 

11,700 Swedish Match AB 370,160 2.09% 

575,029 3.25% 

Switzerland - 9.58% (2011 - 1.85%) 

8,700 Holcim Ltd 378,196 2.13% 

11,100 Nestle SA 521,313 2.93% 

9,200 Novartis AG 406,437 2.29% 

62



PORTFOLIO OF INVESTMENTS - Skandia European Opportunities Fund (continued) 



Switzerland - 9.58% (2011 - 1.85%) (continued) 

2,900 Roche Holding AG 394,482 2.23% 

1,700,428 9.58% 


37,100 Associated British Foods PLC 589,454 3.32% 

142,500 Balfour Beatty PLC 520,897 2.94% 

181,000 Barclays PLC 368,548 2.08% 

35,300 BG Group PLC 567,862 3.21% 

167,000 BT Group PLC 437,874 2.47% 

138,000 Centrica PLC 541,042 3.05% 

67,000 HSBC Holdings PLC 468,519 2.65% 

90,000 Invensys PLC 246,361 1.39% 

35,200 Pearson PLC 554,464 3.13% 

16,700 Subsea 7 SA 253,089 1.43% 

31,100 Tate & Lyle PLC 249,377 1.41% 

60,356 Yule Catto & Co PLC 104,804 0.59% 

4,902,291 27.67% 



(Cost EUR 14,282,553) (2011: EUR 24,011,110 ) 

Cash at Bank 2,307,180 13 .02% 








market 54.70% 





100.00% 

63



PORTFOLIO OF INVESTMENTS - Skandia Swedish Equity Fund 

Nominal Security Description Value SEK % Net Assets 

Equities 


261,908 Boliden AB 24,540,780 2.94% 

24,540,780 2.94% 


52,322 Millicom International Cellular SA 33,329,114 3.99% 

89,662 Modern Times Group AB 28,046,274 3.36% 

61,375,388 7.35% 


130,663 Autoliv Inc 49,429,813 5.92% 

292,433 Electrolux AB 39,419,968 4.72% 

318,128 Hennes & Mauritz AB 77,877,735 9.32% 

114,559 Mekonomen AB 23,828,272 2.85% 

981,882 Volvo AB 75,752,196 9.07% 

266,307,984 31.88% 


102,315 AarhusKarlshamn AB 23,788,238 2.85% 

508,032 Meda AB 33,276,096 3.98% 

57,064,334 6.83% 

Financial - 13.65% (2011 - 22.38%) 

295,025 Investment AB Kinnevik 40,211,908 4.81% 

672,866 Nordea Bank AB 39,564,520 4.74% 

318,374 Swedbank AB 34,288,880 4.10% 

114,065,308 13.65% 

Industrial - 36.17% (2011 - 31.77%) 

262,071 Alfa Laval AB 30,583,685 3.66% 

267,399 Atlas Copco AB 39,040,254 4.67% 

69,991 Axis Communications AB 10,183,691 1.22% 

204,020 Concentric AB 10,303,010 1.23% 

319,300 Gunnebo AB 9,036,190 1.08% 

302,133 Hexagon AB 34,956,788 4.19% 

56,394 Hexpol AB 12,716,847 1.52% 

155,450 Indutrade AB 29,690,950 3.55% 

275,098 JM AB 33,424,407 4.00% 

524,236 Sandvik AB 45,110,508 5.40% 

353,859 SKF AB 47,169,404 5.65% 

302,215,734 36.17% 


Financial Assets at Fair Value Through Profit or Loss (Cost SEK 

831,988,280) (2011: SEK 853,442,022) 825,569,528 98.82% 

Cash at Bank 11,396,024 1.36% 

Other Net Liabilities (1,564,016) (0.19)% 


64








market 31.25% 





100.00% 

65



PORTFOLIO OF INVESTMENTS - Skandia Swedish Growth Fund 


Equities 


73,000 Boliden AB 6,840,100 0.59% 

534,000 Svenska Cellulosa AB 55,055,400 4.72% 

61,895,500 5.31% 


107,266 Modern Times Group AB 33,552,805 2.88% 

271,000 Tele2 AB 28,671,800 2.46% 

1,295,000 Telefonaktiebolaget LM Ericsson 81,002,250 6.96% 

1,629,000 TeliaSonera AB 70,698,600 6.07% 

213,925,455 18.37% 


48,000 Autoliv Inc 18,158,400 1.56% 

64,900 Byggmax Group AB 2,239,050 0.19% 

324,000 Hennes & Mauritz AB 79,315,200 6.82% 

704,000 Volvo AB 54,313,600 4.66% 

154,026,250 13.23% 


70,000 Elekta AB 22,246,000 1.91% 

120,000 Getinge AB 20,292,000 1.74% 

245,000 Loomis AB 20,641,250 1.77% 

200,000 Meda AB 13,100,000 1.12% 

17,000 Oriflame Cosmetics SA 3,877,700 0.33% 

912,000 Securitas AB 48,427,200 4.17% 

149,000 Swedish Match AB 41,362,400 3.55% 

169,946,550 14.59% 

Diversified - 1.80% (2011 - –%) 

242,000 Industrivarden AB 20,957,200 1.80% 

20,957,200 1.80% 

Energy - 2.28% (2011 - –%) 

206,000 Lundin Petroleum AB 26,594,600 2.28% 

26,594,600 2.28% 

Financial - 21.12% (2011 - 24.38%) 

296,000 Investment AB Kinnevik 40,344,800 3.47% 

1,741,000 Nordea Bank AB 102,370,800 8.80% 

1,101,000 Skandinaviska Enskilda Banken AB 48,609,150 4.17% 

506,000 Swedbank AB 54,496,200 4.68% 

245,820,950 21.12% 

Industrial - 19.69% (2011 - 19.09%) 

522,000 Atlas Copco AB 76,212,000 6.54% 

130,000 JM AB 15,795,000 1.36% 

570,000 Sandvik AB 49,048,500 4.21% 

400,000 Skanska AB 41,640,000 3.57% 

66



PORTFOLIO OF INVESTMENTS - Skandia Swedish Growth Fund (continued) 




350,000 SKF AB 46,655,000 4.01% 

229,350,500 19.69% 

Total Equities 1,122,517,005 96.39% 

Financial Assets at Fair Value Through Profit or Loss (Cost SEK 

1,157,926,970) (2011: SEK 824,742,225) 1,122,517,005 96.39% 

Cash at Bank 42,767,501 3.67% 


Net Asset Value as at 30 June 2012 1,164,602,813 100.00% 






market 28.20% 





100.00% 

67



PORTFOLIO OF INVESTMENTS - Skandia Japanese Equity Fund 

Nominal Security Description Value JPY % Net Assets 

Equities 


67,000 Asahi Kasei Corp 28,810,000 0.65% 

159,000 DIC Corp 24,486,000 0.55% 

35,000 Dowa Holdings Co Ltd 17,185,000 0.39% 

14,000 Hitachi Metals Ltd 13,202,000 0.30% 

21,900 JSR Corp 30,068,700 0.68% 

6,700 Kyoei Steel Ltd 9,721,700 0.22% 

283,000 Nippon Steel Corp 50,657,000 1.14% 

8,300 Nitto Denko Corp 28,012,500 0.63% 

8,200 Shin-Etsu Chemical Co Ltd 35,752,000 0.80% 

140,000 Showa Denko KK 21,560,000 0.49% 

120,000 Sumitomo Chemical Co Ltd 29,160,000 0.66% 

38,000 Zeon Corp 22,914,000 0.52% 

311,528,900 7.03% 


199 Fuji Media Holdings Inc 27,183,400 0.61% 

36,100 Nippon Telegraph & Telephone Corp 133,570,000 3.02% 

552 NTT DOCOMO INC 73,250,400 1.65% 

25,700 Softbank Corp 75,892,100 1.71% 

309,895,900 6.99% 


14,000 Aisin Seiki Co Ltd 36,834,000 0.83% 

31,000 Bridgestone Corp 56,265,000 1.27% 

9,100 Canon Electronics Inc 15,178,800 0.34% 

32,300 Citizen Holdings Co Ltd 14,987,200 0.34% 

13,300 Don Quijote Co Ltd 36,455,300 0.82% 

2,300 Fast Retailing Co Ltd 36,524,000 0.82% 

38,000 Fuji Heavy Industries Ltd 24,206,000 0.55% 

51,600 Honda Motor Co Ltd 141,848,400 3.20% 

132,000 Isuzu Motors Ltd 55,836,000 1.26% 

92,500 JVC Kenwood Corp 25,437,500 0.57% 

86,000 Marubeni Corp 45,236,000 1.02% 

31,000 Mitsubishi Corp 49,476,000 1.12% 

33,700 Mitsui & Co Ltd 39,563,800 0.89% 

109,400 Nissan Motor Co Ltd 81,831,200 1.85% 

87,100 Panasonic Corp 56,005,300 1.27% 

30,500 Seven & I Holdings Co Ltd 73,108,500 1.66% 

23,100 Sony Corp 25,941,300 0.59% 

84,700 Sumitomo Corp 93,847,600 2.12% 

58,400 Sumitomo Electric Industries Ltd 57,407,200 1.30% 

33,000 Toray Industries Inc 17,853,000 0.40% 

60,600 Toyota Motor Corp 193,314,000 4.36% 

10,500 TS Tech Co Ltd 15,193,500 0.34% 

68



PORTFOLIO OF INVESTMENTS - Skandia Japanese Equity Fund (continued) 



Consumer, Cyclical - 27.36% (2011 - 28.79%) (continued) 

4,830 Yamada Denki Co Ltd 19,585,650 0.44% 

1,211,935,250 27.36% 


15,000 Asahi Group Holdings Ltd 25,635,000 0.58% 

16,300 Astellas Pharma Inc 56,479,500 1.27% 

5,500 Eisai Co Ltd 19,195,000 0.43% 

32,800 Japan Tobacco Inc 77,440,800 1.75% 

6,000 Kao Corp 13,164,000 0.30% 

23,200 Mitsubishi Tanabe Pharma Corp 26,564,000 0.60% 

17,200 Otsuka Holdings Co Ltd 42,019,600 0.95% 

4,400 Secom Co Ltd 16,038,000 0.36% 

16,500 Takeda Pharmaceutical Co Ltd 59,647,500 1.35% 

18,000 Toyo Suisan Kaisha Ltd 38,286,000 0.86% 

374,469,400 8.45% 

Energy - 1.27% (2011 - 1.62%) 

59 Inpex Corp 26,225,500 0.59% 

73,600 JX Holdings Inc 30,028,800 0.68% 

56,254,300 1.27% 

Financial - 20.39% (2011 - 15.69%) 

88,000 Bank of Yokohama Ltd/The 33,000,000 0.74% 

47,000 Chiba Bank Ltd/The 22,419,000 0.51% 

3,600 Daito Trust Construction Co Ltd 27,180,000 0.61% 

38,000 Mitsubishi Estate Co Ltd 53,884,000 1.22% 

558,200 Mitsubishi UFJ Financial Group Inc 210,999,600 4.76% 

40,000 Mitsui Fudosan Co Ltd 61,200,000 1.38% 

970,700 Mizuho Financial Group Inc 130,073,800 2.94% 

21,100 MS&AD Insurance Group Holdings 29,181,300 0.66% 

90,500 Nomura Holdings Inc 26,607,000 0.60% 

9,090 ORIX Corp 66,993,300 1.51% 

54,300 Sumitomo Mitsui Financial Group Inc 141,831,600 3.20% 

15,000 Sumitomo Realty & Development Co Ltd 29,115,000 0.66% 

40,300 T&D Holdings Inc 33,972,900 0.77% 

18,700 Tokio Marine Holdings Inc 37,138,200 0.83% 

903,595,700 20.39% 

Industrial - 20.67% (2011 - 21.78%) 

34,800 COMSYS Holdings Corp 32,503,200 0.74% 

44,000 Dainippon Screen Manufacturing Co Ltd 25,432,000 0.57% 

14,100 East Japan Railway Co 70,500,000 1.59% 

5,900 FANUC Corp 76,405,000 1.72% 

13,600 FUJIFILM Holdings Corp 20,372,800 0.46% 

225,000 Hitachi Ltd 109,575,000 2.46% 

8,000 JGC Corp 18,360,000 0.41% 

125,000 Kajima Corp 29,125,000 0.66% 

177,000 Kawasaki Heavy Industries Ltd 38,232,000 0.86% 

69



PORTFOLIO OF INVESTMENTS - Skandia Japanese Equity Fund (continued) 




56,800 Komatsu Ltd 106,670,400 2.41% 

3,600 Kyocera Corp 24,588,000 0.55% 

19,700 LIXIL Group Corp 33,056,600 0.75% 

10,500 Maruichi Steel Tube Ltd 17,923,500 0.40% 

44,000 Mitsubishi Electric Corp 29,040,000 0.66% 

5,100 Murata Manufacturing Co Ltd 21,190,500 0.48% 

75,000 Nachi-Fujikoshi Corp 25,125,000 0.57% 

6,800 Nidec Corp 40,936,000 0.92% 

18,000 Nikon Corp 43,236,000 0.98% 

93,000 Nippon Yusen KK 19,437,000 0.44% 

4,400 Rinnai Corp 24,112,000 0.54% 

102,000 Toshiba Corp 30,600,000 0.69% 

72,000 Toshiba Machine Co Ltd 29,592,000 0.67% 

5,400 West Japan Railway Co 17,712,000 0.40% 

54,000 Yaskawa Electric Corp 32,400,000 0.74% 

916,124,000 20.67% 

Technology - 4.42% (2011 - 3.29%) 

35,500 Canon Inc 112,357,500 2.54% 

18,700 Capcom Co Ltd 31,079,400 0.70% 

11,000 TDK Corp 35,200,000 0.79% 

4,700 Tokyo Electron Ltd 17,366,500 0.39% 

196,003,400 4.42% 

Utilities - 1.11% (2011 - 1.45%) 

20,500 Chubu Electric Power Co Inc 26,527,000 0.60% 

18,400 Hokuriku Electric Power Co 22,779,200 0.51% 

49,306,200 1.11% 

Total Equities 4,329,113,050 97.69% 

Financial Assets at Fair Value Through Profit or Loss (Cost JPY 

4,394,061,276) (2011: JPY 9,578,908,885) 4,329,113,050 97.69% 

Cash at Bank 145,192,620 3.28% 


Net Asset Value as at 30 June 2012 4,431,395,873 100.00% 






market 31.15% 





100.00% 

70



PORTFOLIO OF INVESTMENTS - Skandia Pacific Equity Fund 


Equities 

Australia - 22.94% (2011 - 21.87%) 

499,076 Csl Ltd Csl Au 20,037,537 2.98% 

1,678,976 Newcrest Mining Ltd 38,663,938 5.73% 

1,306,667 QBE Insurance Group Ltd 17,806,644 2.64% 

5,900,110 QR National Ltd 20,431,490 3.02% 

2,920,193 ResMed Inc 9,130,845 1.35% 

1,064,786 Wesfarmers Ltd 32,426,087 4.80% 

224,860 Woodside Petroleum Ltd 7,104,198 1.05% 

360,386 WorleyParsons Ltd 9,213,034 1.37% 

154,813,773 22.94% 

Bermuda - 0.53% (2011 - –%) 

1,862,000 Li & Fung Ltd 3,557,610 0.53% 

3,557,610 0.53% 

China - 3.12% (2011 - 2.36%) 

48,458,000 China Telecom Corp Ltd 21,053,572 3.12% 

21,053,572 3.12% 

Hong Kong - 22.13% (2011 - 23.98%) 

3,213,400 AIA Group Ltd 10,978,451 1.63% 

2,982,000 Cheung Kong Holdings Ltd 36,368,817 5.39% 

2,688,000 China Merchants Holdings International Co Ltd 8,126,481 1.21% 

3,600,000 China Resources Enterprise Ltd 10,651,618 1.58% 

10,668,000 CNOOC Ltd 21,180,399 3.15% 

2,514,501 Henderson Land Development Co Ltd 13,826,150 2.05% 

11,837,791 Hong Kong & China Gas Co Ltd 25,059,605 3.72% 

1,236,000 Hutchison Whampoa Ltd 10,596,697 1.57% 

2,103,827 Link REIT/The 8,584,483 1.27% 

1,099,524 MTR Corp Ltd 3,749,392 0.56% 

149,122,093 22.13% 

India - 5.89% (2011 - 5.51%) 

473,959 HDFC Bank Ltd 4,783,754 0.71% 

1,142,696 Hindustan Unilever Ltd 9,301,654 1.38% 

138,401 Infosys Ltd 6,219,709 0.92% 

943,682 Mahindra & Mahindra Ltd 11,953,476 1.77% 

3,996,168 Tata Power Co Ltd 7,493,522 1.11% 

39,752,115 5.89% 

Malaysia - 3.75% (2011 - 3.39%) 

9,780,600 Axiata Group Bhd 16,847,701 2.50% 

3,539,500 CIMB Group Holdings Bhd 8,437,730 1.25% 

25,285,431 3.75% 

Philippines - 1.09% (2011 - 1.54%) 

58,110 Philippine Long Distance Telephone Co 3,654,680 0.54% 

58,969 Philippine Long Distance Telephone Co ADR 3,694,408 0.55% 

7,349,088 1.09% 

71



PORTFOLIO OF INVESTMENTS - Skandia Pacific Equity Fund (continued) 



Republic of Korea (South) - 11.13% (2011 - 11.92%) 

66,290 E-Mart Co Ltd 14,469,450 2.15% 

313,959 LG Corp 15,076,468 2.24% 

15,587 NHN Corp 3,402,252 0.50% 


99,805 Samsung Fire & Marine Insurance Co Ltd 19,693,582 2.92% 

74,994,611 11.13% 

Singapore - 15.12% (2011 - 12.88%) 

2,866,486 DBS Group Holdings Ltd 31,332,770 4.65% 

2,382,500 Fraser and Neave Ltd 13,143,271 1.95% 

5,028,728 Oversea-Chinese Banking Corp Ltd 34,835,299 5.17% 

8,660,000 Singapore Telecommunications Ltd 22,521,865 3.35% 

101,833,205 15.12% 

Taiwan - 7.49% (2011 - 8.19%) 

11,761,848 Taiwan Semiconductor Manufacturing Co Ltd 31,997,645 4.74% 

11,657,091 Uni-President Enterprises Corp 18,567,312 2.75% 

50,564,957 7.49% 

Thailand - 4.18% (2011 - 5.03%) 

2,289,300 Kasikornbank PCL 11,893,348 1.76% 

485,000 PTT PCL 4,932,439 0.73% 

2,462,700 Siam Commercial Bank PCL 11,398,464 1.69% 

28,224,251 4.18% 

United States - 0.75% (2011 - –%) 

79,574 Yum! Brands Inc 5,083,983 0.75% 

5,083,983 0.75% 



(Cost USD 576,827,585) (2011: USD 664,466,245 ) 

Cash at Bank 10,722,409 1 .59% 








market 23.10% 





100.00% 

72



PORTFOLIO OF INVESTMENTS - Skandia Greater China Equity Fund 


Equities 


1,972,000 Jiangxi Copper Co Ltd 4,306,761 1.43% 

874,000 Kingboard Chemical Holdings Ltd 1,681,166 0.56% 

5,987,927 1.99% 


1,539,000 China Mobile Ltd 16,815,459 5.59% 

9,230,000 PCCW Ltd 3,379,484 1.13% 

453,000 Television Broadcasts Ltd 3,139,114 1.05% 

112,100 VTech Holdings Ltd 1,331,054 0.44% 

24,665,111 8.21% 


2,490,000 Cathay Pacific Airways Ltd 3,999,887 1.33% 

1,169,000 Digital China Holdings Ltd 2,037,613 0.68% 

3,596,000 Dongfeng Motor Group Co Ltd 5,516,925 1.83% 

3,050,000 Eva Airways Corp 1,852,373 0.62% 

3,955,000 Geely Automobile Holdings Ltd 1,376,704 0.46% 

690,500 Great Wall Motor Co Ltd 1,369,148 0.46% 

2,183,000 Pou Chen Corp 1,859,060 0.62% 

373,200 Sands China Ltd 1,178,795 0.39% 

325,000 Yue Yuen Industrial Holdings Ltd 1,013,979 0.34% 

20,204,484 6.73% 


4,180,000 First Pacific Co Ltd/Hong Kong 4,316,574 1.44% 

4,316,574 1.44% 

Diversified - 1.10% (2011 - 9.41%) 

2,274,000 NWS Holdings Ltd 3,295,241 1.10% 

3,295,241 1.10% 

Energy - 10.46% (2011 - 7.04%) 

1,106,000 China Oilfield Services Ltd 1,579,884 0.53% 

3,278,000 China Petroleum & Chemical Corp 2,907,554 0.97% 

9,891,000 CNOOC Ltd 19,637,733 6.53% 

777,500 Inner Mongolia Yitai Coal Co 4,389,765 1.46% 

1,888,000 Yanzhou Coal Mining Co Ltd 2,916,011 0.97% 

31,430,947 10.46% 

Financial - 39.98% (2011 - 28.13%) 

5,877,000 Agricultural Bank of China Ltd 2,341,233 0.78% 

11,558,000 Bank of China Ltd 4,380,871 1.46% 

3,059,000 Bank of Communications Co Ltd 2,046,809 0.68% 

2,742,000 BOC Hong Kong Holdings Ltd 8,342,762 2.78% 

1,305,000 Cheung Kong Holdings Ltd 15,915,930 5.30% 

11,912,000 China Citic Bank Corp Ltd 6,066,137 2.02% 

26,297,000 China Construction Bank Corp 17,934,623 5.96% 

4,566,000 China Minsheng Banking Corp Ltd 4,044,111 1.35% 

984,000 China Vanke Co Ltd 1,288,900 0.43% 

8,931,063 Country Garden Holdings Co Ltd 3,488,801 1.16% 

73



PORTFOLIO OF INVESTMENTS - Skandia Greater China Equity Fund (continued) 




8,506,000 Evergrande Real Estate Group Ltd 4,309,713 1.43% 

4,056,000 Fubon Financial Holding Co Ltd 4,044,512 1.35% 

2,678,800 Guangzhou R&F Properties Co Ltd 3,515,754 1.17% 

328,100 Hang Seng Bank Ltd 4,483,761 1.49% 

166,000 Hongkong Land Holdings Ltd 947,860 0.32% 

25,790,000 Industrial & Commercial Bank of China 14,263,924 4.74% 

615,000 Longfor Properties Co Ltd 956,209 0.32% 

7,501,000 Shimao Property Holdings Ltd 11,449,889 3.81% 

2,277,000 Sino-Ocean Land Holdings Ltd 1,124,326 0.37% 

2,082,500 Soho China Ltd 1,584,045 0.53% 

1,140,000 Wheelock & Co Ltd 4,291,589 1.43% 

13,602,000 Yuexiu Property Co Ltd 3,296,788 1.10% 

120,118,547 39.98% 

Industrial - 13.20% (2011 - 6.07%) 

548,000 AAC Technologies Holdings Inc 1,575,491 0.52% 

1,167,500 Anhui Conch Cement Co Ltd 3,153,344 1.05% 

4,341,000 China Communications Construction Co Ltd 3,788,863 1.26% 

3,204,000 China National Building Material Co Ltd 3,424,344 1.14% 

1,164,500 China Railway Construction Corp Ltd 962,339 0.32% 

9,960,000 China Railway Group Ltd 4,134,715 1.38% 

4,161,000 China Shanshui Cement Group Ltd 2,816,355 0.94% 

9,473,000 China Shipping Container Lines Co Ltd 2,259,382 0.75% 

827,000 Delta Electronics Inc 2,515,482 0.84% 

1,117,000 Hon Hai Precision Industry Co Ltd 3,341,509 1.11% 

527,000 Orient Overseas International Ltd 2,554,635 0.85% 

1,268,768 Tripod Technology Corp 3,566,263 1.19% 

3,510,000 Yangzijiang Shipbuilding Holdings Ltd 2,766,175 0.92% 

2,214,800 Zoomlion Heavy Industry Science and Technology Co Ltd 2,795,423 0.93% 

39,654,320 13.20% 

Technology - 14.29% (2011 - 7.46%) 

364,600 ASM Pacific Technology Ltd 4,627,674 1.54% 

472,000 Asustek Computer Inc 4,288,088 1.43% 

1,445,000 Epistar Corp 3,167,095 1.05% 

3,177,000 Lite-On Technology Corp 3,965,317 1.32% 

3,260,000 Macronix International 1,022,137 0.34% 

4,982,000 Quanta Computer Inc 13,236,591 4.41% 

3,038,000 Taiwan Semiconductor Manufacturing Co Ltd 8,264,759 2.75% 

2,197,000 United Microelectronics Corp 948,357 0.32% 

2,777,000 Wistron Corp 3,391,725 1.13% 

42,911,743 14.29% 

Utilities - 0.44% (2011 - 10.02%) 

1,838,000 Guangdong Investment Ltd 1,322,239 0.44% 

1,322,239 0.44% 

74



PORTFOLIO OF INVESTMENTS - Skandia Greater China Equity Fund (continued) 

Nominal Security Description Maturity Date Value USD % Net Assets 


Futures ^ - 0.00% (2011 - –%) 

5 Hang Seng Index* 30/07/2012 806 0.00% 

20 MSCI Taiwan Index* 30/07/2012 4,190 0.00% 

4,996 0.00% 


(Cost USD 309,253,201) (2011: USD 296,121,752) 293,912,129 97.84% 

Futures ^ - (0.01)% (2011 - 0.00%) 

26 H-Shares Index* 30/07/2012 (43,240) (0.01)% 

(43,240) (0.01)% 

Financial Liabilities at Fair Value Through Profit or Loss 

(Cost USD 309,253,201) (2011: USD 296,121,752 ) (43,240) (0.01)% 

Cash at Bank 2,350,930 0.78% 








market 40.40% 





100.00% 


^ The broker for futures is Goldman Sachs 

75



PORTFOLIO OF INVESTMENTS - Skandia Global Bond Fund 

Nominal Security Description 

Asset Backed Securities - 16.98% (2011 - 17.12%) 

325,000 Ally Master Owner Trust 

Banc of America Merrill Lynch Commercial 

Coupon 

Rate % 

1.99 

100,000 Mortgage Inc 

450,000 Bank of America Auto Trust 

120,768 Bear Stearns Commercial Mortgage Securities 



268,157 CarMax Auto Owner Trust 

Citigroup/Deutsche Bank Commercial Mortgage 

5.36 

0.59 

5.91 

4.83 

5.69 

1.41 

225,000 Trust 

200,000 Commercial Mortgage Loan Trust 

85,000 CW Capital Cobalt Ltd 

133,120 Fannie Mae Pool 















FHLMC Multifamily Structured Pass Through 

5.32 

6.20 

5.22 

5.00 

4.50 

4.00 

3.00 

3.50 

4.50 

4.50 

4.00 

6.00 

5.00 

5.50 

4.50 

5.00 

4.00 

3.50 

169,611 Certificates 

325,000 Ford Credit Floorplan Master Owner Trust 

100,000 Freddie Mac Gold Pool 












451 Ginnie Mae I pool 


10,367 Ginnie Mae I pool 











1.88 

1.79 

4.50 

5.50 

4.00 

3.50 

3.00 

6.00 

5.50 

5.00 

6.00 

4.50 

3.50 

4.00 

7.50 

7.50 

7.50 

6.00 

7.50 

7.50 

7.50 

7.50 

7.50 

8.00 

7.50 

8.00 

8.00 

76 

Maturity 

Date Value USD % Net Assets 

15/01/2015 327,917 0.34% 

10/10/2045 111,858 0.11% 

17/11/2014 450,103 0.46% 

11/06/2040 139,331 0.14% 

11/11/2041 270,065 0.28% 

11/06/2050 110,834 0.11% 

16/02/2015 269,477 0.28% 

11/12/2049 251,509 0.26% 

10/12/2049 229,454 0.23% 

15/08/2048 94,529 0.10% 

01/03/2019 144,017 0.15% 

25/09/2024 107,203 0.11% 

25/11/2025 212,844 0.22% 

25/03/2026 209,719 0.21% 

25/03/2026 211,344 0.22% 

01/01/2031 73,789 0.08% 

01/03/2031 9,108 0.01% 

01/03/2031 92,304 0.09% 

07/06/2033 329,859 0.34% 

14/07/2035 433,188 0.44% 

14/07/2035 654,844 0.67% 

15/07/2035 966,515 0.98% 

01/09/2040 259,812 0.27% 

25/01/2041 852,624 0.86% 

25/02/2041 421,250 0.43% 

25/08/2016 9,461 0.01% 

15/09/2014 326,303 0.33% 

15/07/2019 106,234 0.11% 

01/09/2019 94,581 0.10% 

15/11/2025 211,469 0.22% 

15/07/2027 105,188 0.11% 

15/07/2027 209,250 0.21% 

01/12/2027 128,406 0.13% 

13/07/2036 434,875 0.44% 

01/03/2038 540,249 0.55% 

15/09/2038 109,672 0.11% 

15/08/2040 855,374 0.88% 

15/04/2041 210,219 0.21% 

15/04/2041 425,000 0.43% 

15/12/2025 545 0.00% 

15/04/2026 859 0.00% 

15/03/2027 12,055 0.01% 

15/11/2028 157,588 0.16% 

15/08/2029 2,924 0.00% 

15/08/2029 18,023 0.02% 

15/08/2029 618 0.00% 

15/09/2029 2,093 0.00% 

15/09/2029 2,430 0.00% 

15/09/2029 48,076 0.05% 

15/10/2029 16,517 0.02% 

15/02/2030 13,653 0.01% 

15/05/2030 12,451 0.01%



PORTFOLIO OF INVESTMENTS - Skandia Global Bond Fund (continued) 

Coupon 


Asset Backed Securities - 16.98% (2011 - 17.12%) (continued) 












125,000 Greenwich Capital Commercial Funding Corp 

100,000 GS Mortgage Securities Corp II 144A 

JP Morgan Chase Commercial Mortgage 

Rate % 

8.00 

8.00 

7.00 

7.00 

7.00 

5.00 

3.50 

4.50 

4.00 

4.50 

5.50 

5.44 

3.55 

100,000 Securities Corp 


3.91 



5.77 



4.94 



5.46 



5.48 



5.43 



5.34 



5.92 


125,000 LB-UBS Commercial Mortgage Trust 


Merrill Lynch/Countrywide Commercial 

6.07 

5.35 

5.43 

165,000 Mortgage Trust 

55,333 Morgan Stanley Capital I Inc 

450,000 Nissan Auto Receivables Owner Trust 

144,800 Prudential Commercial Mortgage Trust 

15,000 State of Illinois 

95,000 UBS-Barclays Commercial Mortgage Trust 

101,578 Wells Fargo Mortgage Backed Securities Trust 

5.81 

5.57 

0.74 

4.49 

5.88 

3.53 

2.74 

Corporate Bonds - 34.61% (2011 - 23.97%) 

100,000 ABB Finance BV 

160,000 ABN Amro Bank NV 

200,000 Allianz Finance II BV 

275,000 Alltel Corp 

250,000 Altria Group Inc 



371,000 American Express Bank FSB 

300,000 American Express Bank FSB 

180,000 American Express Credit Corp 

50,000 American International Group Inc 


2.63 

4.13 

3.50 

7.00 

4.13 

9.70 

4.75 

5.55 

5.50 

2.75 

5.00 

8.18 

77 

Maturity 


15/10/2030 12,958 0.01% 

15/11/2031 589 0.00% 

15/11/2032 14,144 0.01% 

15/01/2033 41,631 0.04% 

15/11/2033 19,473 0.02% 

15/07/2034 550,546 0.57% 

15/07/2035 214,281 0.22% 

21/07/2038 328,313 0.34% 

15/01/2041 546,796 0.57% 

15/06/2041 438,919 0.45% 

31/12/2099 221,844 0.23% 

10/03/2039 139,216 0.14% 

10/04/2034 104,108 0.11% 

05/05/2030 103,616 0.11% 

12/06/2041 91,815 0.09% 

15/08/2042 155,016 0.16% 

12/01/2043 27,446 0.03% 

15/04/2043 112,627 0.12% 

12/12/2043 197,262 0.20% 

15/05/2047 222,807 0.23% 

12/02/2049 142,961 0.15% 

12/02/2051 150,212 0.15% 

15/11/2038 141,505 0.14% 

15/02/2040 303,093 0.32% 

12/06/2050 178,940 0.18% 

15/12/2044 60,456 0.06% 

15/09/2014 450,692 0.45% 

11/02/2036 147,718 0.15% 

01/03/2019 17,004 0.02% 

10/05/2063 96,894 0.10% 

25/02/2035 94,325 0.10% 

16,614,817 16.98% 

26/03/2019 128,393 0.13% 

28/03/2022 209,349 0.21% 

14/02/2022 262,619 0.27% 

15/03/2016 335,255 0.34% 

11/09/2015 274,642 0.28% 

10/11/2018 20,944 0.02% 

05/05/2021 101,533 0.10% 

17/10/2012 380,242 0.39% 

16/04/2013 314,279 0.32% 

15/09/2015 186,925 0.19% 

26/04/2023 73,909 0.08% 

15/05/2058 135,375 0.14%




Coupon 


Corporate Bonds - 34.61% (2011 - 23.97%) (continued) 

139,000 Amgen Inc 

155,000 Anadarko Petroleum Corp 

170,000 Anheuser-Busch Cos LLC 

325,000 Anheuser-Busch InBev Worldwide Inc 

275,000 AT&T Inc 

220,000 AT&T Inc 

50,000 AT&T Inc 

145,000 Bank of America Corp 

165,000 Barclays Bank PLC 

50,000 BAT International Finance PLC 

150,000 Berkshire Hathaway Finance Corp 

300,000 BMW Finance NV 

125,000 BNP Paribas SA 

British American Tobacco Holdings The 

Rate % 

3.88 

6.38 

5.50 

3.00 

4.95 

4.45 

6.50 

5.88 

6.75 

5.88 

4.25 

4.95 

6.74 

175,000 Netherlands BV 

British American Tobacco Holdings The 

4.38 

50,000 Netherlands BV 

825,000 British Telecommunications PLC 


201,000 CBS Corp 


475,000 CDP Financial Inc 

100,000 Centrais Eletricas Brasileiras SA 

300,000 Cie de Financement Foncier SA 

135,000 Citigroup Inc 







20,000 CNA Financial Corp 


375,000 Comcast Cable Communications Holdings Inc 

Cooperatieve Centrale Raiffeisen- 

4.88 

5.15 

5.75 

5.63 

4.30 

4.40 

6.88 

2.50 

4.45 

6.00 

6.13 

5.38 

4.50 

4.25 

5.88 

6.50 

7.25 

8.38 

130,000 Boerenleenbank BA/Netherlands 

350,000 COX Communications Inc 


200,000 Credit Suisse/New York NY 

250,000 CVS Caremark Corp 


175,000 Deutsche Telekom International Finance BV 


375,000 Diageo Capital PLC 

DIRECTV Holdings LLC / DIRECTV Financing 

3.88 

7.13 

6.25 

5.30 

5.75 

4.13 

3.13 

7.38 

5.20 

105,000 Co Inc 


4.60 

75,000 Co Inc 

250,000 DNB Boligkreditt AS 

400,000 Dominion Resources Inc/VA 

270,000 Dr Pepper Snapple Group Inc 

250,000 Dr Pepper Snapple Group Inc 

45,000 E.ON International Finance BV 

125,000 Electricite de France SA 


5.00 

2.75 

5.70 

2.35 

6.12 

5.80 

6.50 

4.63 

78 

Maturity 


15/11/2021 147,150 0.15% 

15/09/2017 183,350 0.19% 

15/01/2018 204,226 0.21% 

15/10/2012 329,266 0.34% 

15/01/2013 287,972 0.29% 

15/05/2021 251,368 0.26% 

01/09/2037 64,549 0.07% 

05/01/2021 160,491 0.16% 

22/05/2019 194,038 0.20% 

12/03/2015 71,291 0.07% 

15/01/2021 168,971 0.17% 

26/11/2012 394,463 0.40% 

07/09/2017 201,650 0.21% 

15/09/2014 242,468 0.25% 

24/02/2021 73,538 0.08% 

15/01/2013 863,055 0.88% 

07/12/2028 259,987 0.27% 

15/08/2012 206,389 0.21% 

15/02/2021 212,623 0.22% 

25/11/2019 542,947 0.55% 

30/07/2019 119,435 0.12% 

16/09/2015 304,082 0.31% 

10/01/2017 144,024 0.15% 

15/08/2017 50,394 0.05% 

21/11/2017 27,727 0.03% 

09/08/2020 55,162 0.06% 

14/01/2022 90,244 0.09% 

25/02/2030 48,861 0.05% 

30/01/2042 44,881 0.05% 

15/08/2016 22,962 0.02% 

15/11/2023 64,861 0.07% 

15/03/2013 404,165 0.41% 

08/02/2022 133,130 0.14% 

01/10/2012 361,488 0.37% 

01/06/2018 207,294 0.21% 

13/08/2019 229,379 0.23% 

01/06/2017 297,277 0.31% 

15/05/2021 219,833 0.22% 

11/04/2016 182,280 0.19% 

04/12/2019 101,352 0.10% 

30/01/2013 393,042 0.40% 

15/02/2021 114,507 0.12% 

01/03/2021 84,194 0.09% 

20/04/2015 331,352 0.34% 

17/09/2012 410,685 0.43% 

21/12/2012 272,400 0.28% 

01/05/2013 263,678 0.27% 

30/04/2018 53,456 0.05% 

26/01/2019 151,113 0.15% 

26/04/2030 67,357 0.07%




Coupon 



200,000 Enterprise Products Operating LLC 

208,000 ERAC USA Finance LLC 


555,000 European Financial Stability Facility 

100,000 FCE Bank PLC 

125,000 GE Capital Trust II 

80,000 General Electric Capital Corp 





275,000 Goldman Sachs Group Inc/The 


70,000 HBOS PLC 

100,000 HSBC Bank PLC 

145,000 HSBC Holdings PLC 

100,000 Hutchison Whampoa International 09/16 Ltd 

175,000 ING Bank NV 

176,000 International Business Machines Corp 

150,000 JPMorgan Chase & Co 



230,000 Kellogg Co 

750,000 KFW 

410,000 KFW 

110,000 Kinder Morgan Energy Partners LP 

248,000 Koninklijke KPN NV 

275,000 Kraft Foods Inc 


420,000 Kroger Co/The 

100,000 LCH Clearnet SA Via Freshwater Finance PLC 

245,000 Lloyds TSB Bank PLC 


75,000 Lorillard Tobacco Co 


415,000 McKesson Corp 

175,000 Merrill Lynch & Co Inc 

110,000 Morgan Stanley 

80,000 Motiva Enterprises LLC 144A 

200,000 Muenchener Rueckversicherungs AG 

250,000 National Grid Gas PLC 

225,000 NBCUniversal Media LLC 

430,000 New York Life Global Funding 

50,000 Newell Rubbermaid Inc 

125,000 News America Inc 

140,000 Nexen Inc 

85,000 Pemex Project Funding Master Trust 

400,000 PepsiCo Inc 

75,000 Philip Morris International Inc 

200,000 Philip Morris International Inc 

Plains All American Pipeline LP / PAA Finance 

Rate % 

5.25 

5.80 

2.75 

2.00 

7.25 

5.50 

2.38 

6.00 

5.50 

4.63 

4.65 

7.50 

5.25 

4.38 

4.00 

4.00 

4.63 

5.13 

2.90 

1.18 

4.35 

4.50 

5.13 

4.38 

4.00 

6.55 

4.50 

5.38 

7.00 

5.50 

6.58 

4.20 

6.38 

8.13 

6.88 

5.25 

4.63 

5.75 

5.75 

6.25 

5.13 

4.38 

5.25 

4.70 

5.65 

6.20 

5.75 

0.55 

5.65 

2.90 

75,000 Corp 

175,000 PNC Funding Corp 

75,000 PNC Funding Corp 

70,000 Prudential Financial Inc 

5.00 

5.13 

3.30 

6.10 

79 

Maturity 


31/01/2020 234,631 0.24% 

15/10/2012 213,091 0.22% 

01/07/2013 410,785 0.42% 

15/05/2017 710,822 0.73% 

15/07/2013 141,740 0.14% 

15/09/2067 148,313 0.15% 

30/06/2015 82,857 0.08% 

07/08/2019 179,462 0.18% 

08/01/2020 158,077 0.16% 

07/01/2021 83,976 0.09% 

17/10/2021 362,964 0.38% 

15/02/2019 321,075 0.33% 

27/07/2021 103,122 0.11% 

30/10/2019 67,770 0.07% 

15/01/2021 141,194 0.14% 

30/03/2022 151,795 0.16% 

11/09/2015 108,303 0.11% 

01/05/2015 177,267 0.18% 

01/11/2021 185,987 0.19% 

30/05/2017 206,771 0.21% 

15/08/2021 159,858 0.16% 

24/01/2022 82,084 0.08% 

03/12/2012 235,298 0.24% 

11/10/2013 1,022,702 1.04% 

27/01/2020 478,499 0.48% 

15/09/2040 128,972 0.13% 

18/03/2013 323,568 0.33% 

10/02/2020 330,899 0.34% 

11/08/2037 132,813 0.14% 

01/02/2013 440,815 0.45% 

29/05/2049 92,783 0.09% 

28/03/2017 249,137 0.25% 

21/01/2021 63,977 0.07% 

23/06/2019 93,762 0.10% 

01/05/2020 252,307 0.26% 

01/03/2013 434,756 0.45% 

14/09/2018 211,225 0.22% 

25/01/2021 110,745 0.11% 

15/01/2020 96,240 0.10% 

26/05/2042 253,604 0.26% 

14/05/2013 327,488 0.33% 

01/04/2021 251,403 0.26% 

16/10/2012 440,078 0.45% 

15/08/2020 55,376 0.06% 

15/08/2020 149,235 0.15% 

30/07/2019 166,620 0.17% 

01/03/2018 97,896 0.10% 

10/05/2013 401,103 0.41% 

16/05/2018 91,160 0.09% 

15/11/2021 207,256 0.21% 

01/02/2021 86,311 0.09% 

08/02/2020 205,972 0.21% 

08/03/2022 77,783 0.08% 

15/06/2017 80,258 0.08%




Coupon 


Rate % 


165,000 Republic Services Inc 4.75 

166,000 Reynolds American Inc 7.63 



125,000 Royal Bank of Scotland PLC/The 3.95 

200,000 RZD Capital Ltd 5.70 

300,000 SABMiller Holdings Inc 144A 3.75 

304,000 Sanofi 3.50 

400,000 Sanofi 0.77 

335,000 Siemens Financieringsmaatschappij NV 4.13 

405,000 Telefonica Emisiones SAU 4.38 



375,000 TESCO PLC 5.63 

400,000 Time Warner Cable Inc 5.40 

150,000 Time Warner Cable Inc 8.75 

215,000 Time Warner Inc 4.88 

185,000 Time Warner Inc 4.70 

325,000 Toronto-Dominion Bank/The 2.20 

180,000 UBS AG/Stamford CT 5.88 

101,000 United Technologies Corp 1.80 

425,000 UnitedHealth Group Inc 4.88 

425,000 Verizon Communications Inc 5.25 



120,000 Viacom Inc 6.25 

100,000 Viacom Inc 6.13 

31,000 Viacom Inc 4.50 

429,000 Vodafone Group PLC 3.63 

300,000 Vodafone Group PLC 5.00 

450,000 Volkswagen International Finance NV 1.63 

350,000 Volkswagen Leasing GmbH 4.88 

100,000 Wells Fargo & Co 4.60 

185,000 Wells Fargo & Co 3.50 

75,000 Yara International ASA 5.25 

175,000 Yara International ASA 7.88 

Government Security - 57.05% (2011 - 66.27%) 

485,000 Australia Government Bond 

550,000 Australian Government Bond 

325,000 Australian Government Bond 

205,000 Austria Government Bond 

185,000 Austria Government Bond 

230,000 Belgium Government Bond 

325,000 Belgium Government Bond 

2,255,000 Bundesobligation 

900,000 Bundesobligation 

1,435,000 Bundesrepublik Deutschland 

338,000 Bundesrepublik Deutschland 





450,000 Canadian Government Bond 

225,000 Canadian Government Bond 

6.25 

6.00 

4.50 

3.20 

3.65 

3.25 

3.75 

2.00 

0.50 

4.00 

3.25 

2.50 

2.00 

1.75 

4.75 

2.25 

3.00 

80 

Maturity 


15/05/2023 183,639 0.19% 

01/06/2016 200,404 0.20% 

15/06/2017 90,547 0.09% 

01/06/2018 55,621 0.06% 

21/09/2015 127,862 0.13% 

05/04/2022 211,720 0.22% 

15/01/2022 326,942 0.33% 

17/05/2013 393,347 0.40% 

28/03/2014 401,333 0.41% 

20/02/2013 436,961 0.44% 

02/02/2016 483,354 0.49% 

15/07/2019 45,913 0.05% 

16/02/2021 62,098 0.06% 

12/09/2012 497,340 0.50% 

02/07/2012 410,762 0.42% 

14/02/2019 204,315 0.21% 

15/03/2020 245,229 0.25% 

15/01/2021 210,290 0.21% 

29/07/2015 341,450 0.35% 

20/12/2017 201,320 0.21% 

01/06/2017 103,064 0.11% 

01/04/2013 442,445 0.45% 

15/04/2013 444,933 0.45% 

01/11/2018 173,365 0.18% 

01/04/2021 116,260 0.12% 

30/04/2016 140,589 0.14% 

05/10/2017 121,293 0.12% 

01/03/2021 34,996 0.04% 

29/11/2012 557,643 0.57% 

16/12/2013 318,468 0.33% 

12/08/2013 456,156 0.47% 

18/10/2012 460,613 0.47% 

01/04/2021 112,807 0.12% 

08/03/2022 192,644 0.20% 

15/12/2014 80,609 0.08% 

11/06/2019 221,258 0.23% 

33,863,447 34.61% 

15/06/2014 530,238 0.54% 

15/02/2017 656,647 0.67% 

15/04/2020 371,463 0.38% 

20/02/2017 282,916 0.29% 

20/04/2022 259,257 0.26% 

28/09/2016 313,672 0.32% 

28/09/2020 445,177 0.45% 

26/02/2016 3,024,588 3.08% 

07/04/2017 1,125,926 1.15% 

04/07/2016 2,130,855 2.18% 

04/01/2020 494,403 0.51% 

04/01/2021 197,083 0.20% 

04/01/2022 489,889 0.50% 

04/07/2022 983,632 1.01% 

04/07/2040 597,996 0.61% 

01/08/2014 454,643 0.46% 

01/12/2015 233,789 0.24%




Coupon 


Rate % 

Government Security - 57.05% (2011 - 66.27%) (continued) 

225,000 Canadian Government Bond 2.75 

1,605,000 Canadian Government Bond 1.50 



2,375,000 Denmark Government Bond 4.00 

100,000 Finland Government Bond 4.38 

455,000 France Government Bond OAT 3.00 






350,000 French Treasury Note BTAN 0.75 

275,000 Italy Buoni Poliennali Del Tesoro 3.75 




369,450,000 Japan Government Five Year Bond 0.60 

43,450,000 Japan Government Ten Year Bond 1.40 




86,050,000 Japan Government Thirty Year Bond 2.30 

48,250,000 Japan Government Thirty Year Bond 2.00 

71,200,000 Japan Government Twenty Year Bond 2.10 

131,650,000 Japan Government Twenty Year Bond 2.20 

680,000,000 Korea Treasury Bond 3.50 

214,730,000 Korea Treasury Bond 4.25 

1,833,000 Mexican Bonos 10.00 

96,000 Mexican Bonos 4.75 

150,000 Netherlands Government Bond 4.50 



1,025,000 Poland Government Bond 5.00 

45,000 Poland Government International Bond 4.20 

50,000 Poland Government International Bond 5.13 

200,000 Russian Foreign Bond - Eurobond 3.63 

1,350,000 Singapore Government Bond 3.63 

2,260,000 South Africa Government Bond 8.25 

750,000 Spain Government Bond 4.40 





3,655,000 Sweden Government Bond 6.75 


160,000 Switzerland Government Bond 2.00 

75,000 Switzerland Government Bond 1.50 

5,000,000 Thailand Government Bond 3.88 

640,000 United Kingdom Gilt 2.25 

1,070,000 United Kingdom Gilt 2.00 





81 

Maturity 


01/09/2016 235,474 0.24% 

01/03/2017 1,594,966 1.63% 

01/06/2020 785,167 0.80% 

01/06/2033 731,319 0.75% 

15/11/2017 482,582 0.49% 

04/07/2019 153,847 0.16% 

25/10/2015 622,834 0.64% 

25/10/2016 762,729 0.78% 

25/10/2021 436,124 0.45% 

25/04/2022 479,693 0.49% 

25/10/2038 83,281 0.09% 

25/04/2041 428,834 0.44% 

25/09/2014 444,977 0.45% 

01/08/2016 337,535 0.34% 

01/03/2019 843,751 0.86% 

01/03/2022 564,580 0.58% 

01/09/2040 504,223 0.52% 

20/03/2016 4,737,738 4.83% 

20/12/2015 571,286 0.58% 

20/12/2018 1,425,400 1.46% 

20/06/2019 578,666 0.59% 

20/03/2021 1,498,999 1.53% 

20/03/2039 1,189,116 1.22% 

20/03/2042 624,193 0.64% 

20/12/2027 984,670 1.01% 

20/09/2028 1,846,293 1.89% 

10/09/2016 601,699 0.61% 

10/06/2021 196,715 0.20% 

05/12/2024 190,419 0.19% 

08/03/2044 104,021 0.11% 

15/07/2017 226,630 0.23% 

15/01/2023 204,521 0.21% 

15/01/2037 182,334 0.19% 

25/04/2016 308,717 0.32% 

15/04/2020 60,720 0.06% 

21/04/2021 55,978 0.06% 

29/04/2015 208,215 0.21% 

01/07/2014 1,156,884 1.18% 

15/09/2017 301,183 0.31% 

31/01/2015 948,461 0.97% 

31/01/2017 235,283 0.24% 

30/04/2020 27,318 0.03% 

30/04/2021 272,990 0.28% 

30/07/2041 144,812 0.15% 

05/05/2014 584,062 0.60% 

12/08/2017 338,520 0.35% 

25/05/2022 189,986 0.19% 

30/04/2042 89,368 0.09% 

13/06/2019 161,589 0.17% 

07/03/2014 1,038,413 1.06% 

22/01/2016 1,768,045 1.81% 

07/03/2022 369,076 0.38% 

07/12/2030 616,535 0.63% 

07/12/2040 558,597 0.57% 

07/12/2042 533,887 0.55%






1,500,000 United States Treasury Note/Bond 

775,000 United States Treasury Note/Bond 








Coupon 

Rate % 

2.25 

7.50 

0.63 

1.75 

3.88 

4.25 

4.38 

3.13 

3.00 

Maturity 

Date 

31/05/2014 

15/11/2016 

31/05/2017 

15/05/2022 

15/08/2040 

15/11/2040 

15/05/2041 

15/11/2041 

15/05/2042 

Value USD % Net Assets 

1,557,284 1.59% 

1,009,943 1.03% 

1,733,317 1.77% 

794,723 0.81% 

87,560 0.09% 

408,979 0.42% 

1,070,694 1.09% 

1,273,330 1.30% 

670,977 0.69% 

55,822,236 57.05% 

Futures ^ - 0.04% (2011 - 0.23%) 

(9) Euro Bund Future* 06/09/2012 35,266 0.04% 

(6) Long Gilt Future* 26/09/2012 248 0.00% 

35,514 0.04% 

Financial Assets at Fair Value Through Profit or Loss (Cost USD 104,859,857) (2011: USD 

84,503,044) 106,336,014 108.68% 

Futures ^ - (0.05)% (2011 - (0.10)%) 

2 Euro Bobl Future* 06/09/2012 (681) 0.00% 

4 Euro Buxl Future* 06/09/2012 (16,590) (0.02)% 

20 Euro Schatz Future* 06/09/2012 (7,548) (0.01)% 

(26) US Treasury 10 Year Note Future* 19/09/2012 (13,739) (0.01)% 

17 US Treasury 2 Year Note Future* 28/09/2012 (1,179) 0.00% 


(1) US Ultra Bond (CBT)* 19/09/2012 (1,099) 0.00% 

(49,508) (0.05)% 

Financial Liabilities at Fair Value Through Profit or Loss (Cost USD 501) (2011: USD -) (49,508) (0.05)% 

Cash at Bank 732,394 0.75% 








market 108.59% 





100.00% 

*Exchange Traded 


82



PORTFOLIO OF INVESTMENTS - Skandia Total Return USD Bond Fund 

Coupon 



31,179 American Home Mortgage Investment Trust 

1,000,000 Arran Residential Mortgages Funding PLC 

258,294 Arran Residential Mortgages Funding PLC 

550,279 Banc of America Funding Corp 


Rate % 

2.57 

2.09 

1.89 

2.63 

1,800,000 Mortgage Inc 


5.89 

2,000,000 Mortgage Inc 

9,311 Bear Stearns Adjustable Rate Mortgage Trust 







7,665 Bear Stearns Alt-A Trust 



1,505,727 Bear Stearns Alt-A Trust 

413,833 Bear Stearns Asset Backed Securities Trust 

Buckeye Tobacco Settlement Financing 

5.80 

2.90 

5.68 

2.66 

3.10 

3.17 

2.22 

2.52 

2.57 

2.68 

2.88 

2.83 

1.25 

500,000 Authority 

Buckeye Tobacco Settlement Financing 

5.75 


35,381 Citigroup Mortgage Loan Trust Inc 

526,523 Citigroup Mortgage Loan Trust Inc 

6,300,000 City of Los Angeles Department of Airports 

800,000 Clark County School District 

59,894 Countrywide Alternative Loan Trust 

140,831 Countrywide Alternative Loan Trust 

Countrywide Home Loan Mortgage Pass 

5.88 

2.34 

2.23 

5.00 

5.00 

6.25 

5.48 

79,317 Through Trust 


2.90 



6.50 



0.59 


Credit Suisse First Boston Mortgage Securities 

7.50 

268,295 Corp 

510,916 Driver One GmbH 

51,085 European Loan Conduit 

378,954 Fannie Mae Grantor Trust 

269,046 Fannie Mae Grantor Trust 












2.46 

1.08 

0.84 

6.50 

6.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

83 

Maturity 


25/10/2034 28,356 0.01% 

16/05/2047 1,268,400 0.25% 

16/05/2047 326,659 0.06% 

25/05/2035 552,438 0.11% 

10/07/2044 2,042,592 0.40% 

10/06/2049 2,275,038 0.44% 

25/02/2033 7,769 0.00% 

25/02/2033 9,317 0.00% 

25/08/2033 121,135 0.02% 

25/07/2034 61,618 0.01% 

25/11/2034 18,791 0.00% 

25/08/2035 421,201 0.08% 

25/02/2036 153,018 0.03% 

25/10/2033 6,338 0.00% 

25/09/2034 62,399 0.01% 

25/09/2035 218,388 0.04% 

25/11/2036 798,165 0.16% 

25/10/2037 262,239 0.05% 

01/06/2034 387,626 0.08% 

01/06/2047 77,381 0.02% 

25/09/2035 31,010 0.01% 

25/09/2035 489,780 0.10% 

15/05/2040 6,942,354 1.34% 

15/06/2019 934,084 0.18% 

25/12/2033 62,632 0.01% 

25/08/2036 140,865 0.03% 

25/08/2034 61,409 0.01% 

25/11/2034 506,790 0.10% 

25/06/2035 219,874 0.04% 

25/06/2035 284,453 0.06% 

25/06/2033 252,361 0.05% 

21/02/2017 646,092 0.13% 

15/05/2019 55,014 0.01% 

25/08/2041 434,474 0.08% 

25/01/2044 305,763 0.06% 

01/06/2013 93,200 0.02% 

01/08/2013 32,196 0.01% 

01/10/2013 39,943 0.01% 

01/11/2013 219,882 0.04% 

01/12/2013 526,728 0.10% 

01/01/2014 95,170 0.02% 

01/03/2014 228,105 0.04% 

01/05/2014 696,287 0.14% 

01/11/2014 8,552 0.00% 

01/12/2014 3,012 0.00% 

01/04/2015 189,510 0.04%



PORTFOLIO OF INVESTMENTS - Skandia Total Return USD Bond Fund (continued) 












2,000,000 Fannie Mae Pool 














































Coupon 

Rate % 

2.48 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.50 

4.00 

4.00 

4.00 

4.00 

3.50 

4.00 

4.00 

4.50 

4.50 

3.00 

3.50 

6.00 

6.00 

5.00 

2.49 

5.50 

5.00 

2.21 

5.00 

5.00 

5.00 

5.50 

4.50 

2.33 

5.50 

6.00 

6.00 

6.00 

6.00 

4.50 

6.00 

5.00 

6.00 

6.00 

5.50 

5.50 

5.50 

6.00 

5.50 

5.50 

5.50 

4.00 

3.50 

4.50 

4.00 

Maturity 

Date 

01/04/2019 

01/05/2021 

01/04/2024 

01/04/2024 

01/04/2024 

01/06/2024 

01/07/2024 

01/07/2024 

01/09/2024 

25/09/2024 

01/07/2025 

01/07/2025 

01/08/2025 

01/09/2025 

01/09/2025 

01/12/2025 

01/01/2026 

01/01/2026 

01/01/2026 

25/03/2026 

25/03/2026 

01/07/2027 

01/08/2027 

01/03/2034 

01/11/2034 

01/02/2035 

01/03/2035 

01/06/2035 

01/06/2035 

01/07/2035 

14/07/2035 

14/07/2035 

15/07/2035 

01/10/2035 

01/04/2036 

01/04/2036 

01/05/2036 

01/07/2036 

01/07/2036 

01/09/2036 

01/09/2036 

01/12/2036 

01/05/2037 

01/06/2037 

01/07/2037 

01/02/2038 

01/05/2038 

01/05/2038 

01/07/2038 

01/09/2038 

01/08/2039 

25/02/2040 

15/08/2040 

01/11/2040 

25/01/2041 


730,231 0.14% 

9,804 0.00% 

1,049,549 0.20% 

747,187 0.15% 

122,533 0.02% 

518,752 0.10% 

669,836 0.13% 

260,383 0.05% 

324,956 0.06% 

2,144,063 0.42% 

872,461 0.17% 

1,061,610 0.21% 

314,522 0.06% 

404,077 0.08% 

546,513 0.11% 

338,523 0.07% 

267,948 0.05% 

1,426,392 0.28% 

427,979 0.08% 

40,895,156 7.96% 

15,850,781 3.08% 

946,088 0.18% 

568,751 0.11% 

739,980 0.14% 

1,086,196 0.21% 

4,192 0.00% 

312,741 0.06% 

1,772,618 0.34% 

4,596,597 0.89% 

69,236 0.01% 

17,327,500 3.37% 

24,010,938 4.67% 

1,073,906 0.21% 

166,570 0.03% 

286,867 0.06% 

333,235 0.06% 

31,570 0.01% 

219,456 0.04% 

138,328 0.03% 

21,459,375 4.17% 

515,296 0.10% 

197,005 0.04% 

144,092 0.03% 

402,811 0.08% 

70,779 0.01% 

1,752,013 0.34% 

69,241 0.01% 

19,852 0.00% 

3,728,648 0.72% 

2,663,473 0.52% 

45,788 0.01% 

45,747,969 8.91% 

39,911,875 7.77% 

795,487 0.15% 

36,236,563 7.06% 

84












26,963 Fannie Mae REMICS 





10,123 Fannie Mae Whole Loan 

298,362 FHLMC Structured Pass Through Securities 

400,000 First Horizon Asset Securities Inc 

35,510 First Horizon Asset Securities Inc 

1,000,000 FNCL 

3,200,000 Fosse Master Issuer PLC 














2,055,726 Freddie Mac Gold Pool 


446,915 Freddie Mac Non Gold Pool 

274,816 Freddie Mac Reference REMIC 

13,177 Freddie Mac REMICS 


1,300,000 Freddie Mac REMICS 


9,376 Globaldrive BV 

1,064,310 Globaldrive BV 

52,730 GMAC Mortgage Corp Loan Trust 

508,554 Gosforth Funding PLC 

156,478 Gosforth Funding PLC 

17,074 Government National Mortgage Association 

2,322,990 Granite Master Issuer PLC 

1,102 GSR Mortgage Loan Trust 




174,432 Harborview Mortgage Loan Trust 

48,744 Impac CMB Trust 


Coupon 

Rate % 

3.50 

4.50 

5.00 

4.50 

5.00 

4.00 

0.65 

0.70 

0.56 

6.50 

6.50 

0.75 

1.53 

5.50 

2.66 

5.50 

2.64 

2.53 

2.15 

6.00 

6.00 

6.00 

6.00 

6.00 

5.50 

5.50 

5.50 

4.50 

4.50 

4.50 

4.50 

4.50 

2.68 

6.00 

0.69 

5.50 

5.00 

5.50 

4.00 

1.98 

3.35 

2.03 

2.31 

0.64 

0.42 

6.00 

2.65 

2.65 

2.91 

3.09 

1.25 

Maturity 

Date 

25/02/2041 

01/04/2041 

01/07/2041 

01/07/2041 

01/10/2041 

01/11/2041 

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 

12/07/2012 

18/10/2054 

18/10/2054 

18/10/2054 

01/06/2017 

01/03/2026 

01/12/2027 

01/02/2028 

01/03/2028 

01/06/2035 

01/07/2038 

01/01/2039 

01/07/2039 

01/04/2040 

01/02/2041 

01/05/2041 

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 


3,159,375 0.61% 

22,681 0.00% 

2,821,594 0.55% 

1,961,195 0.38% 

468,179 0.09% 

2,037,985 0.40% 

26,785 0.01% 

488,968 0.10% 

234,720 0.05% 

609,115 0.12% 

957,316 0.19% 

10,129 0.00% 

310,996 0.06% 

394,540 0.08% 

29,136 0.01% 

1,091,250 0.21% 

5,050,831 0.98% 

4,788,804 0.93% 

3,433,252 0.67% 

2,580 0.00% 

30,156 0.01% 

898,284 0.17% 

288,202 0.06% 

376,593 0.07% 

129,598 0.03% 

140,633 0.03% 

1,001,477 0.19% 

888,076 0.17% 

625,913 0.12% 

346,981 0.07% 

2,205,215 0.43% 

276,778 0.05% 

478,298 0.09% 

321,111 0.06% 

13,270 0.00% 

1,066,928 0.21% 

1,501,108 0.28% 

503,530 0.10% 

11,856 0.00% 

1,356,452 0.26% 

50,249 0.01% 

643,550 0.13% 

245,626 0.05% 

17,202 0.00% 

2,233,104 0.43% 

1,160 0.00% 

373,470 0.07% 

71,392 0.01% 

414,495 0.08% 

125,120 0.02% 

43,914 0.01% 

2,100,000 Securities Corp 


5.44 12/06/2047 2,385,548 0.46% 

1,500,000 Securities Corp 5.42 15/01/2049 1,688,252 0.33% 

85






15,693 JP Morgan Mortgage Trust 

64,166 JP Morgan Mortgage Trust 

400,000 Los Angeles Unified School District/CA 

873,697 Louisiana Public Facilities Authority 


Coupon 

Rate % 

5.01 

5.75 

6.76 

0.97 

Maturity 

Date 

25/02/2035 

25/01/2036 

01/07/2034 

26/04/2021 


15,690 0.00% 

59,546 0.01% 

536,330 0.10% 

875,797 0.17% 

1,500,000 Mortgage Trust 


5.38 12/08/2048 1,628,232 0.32% 



6.16 12/08/2049 1,882,930 0.37% 




428,008 Morgan Stanley Mortgage Loan Trust 

4,000,000 New Jersey Economic Development Authority 

New York City Transitional Finance Authority 

5.49 

5.33 

5.73 

5.50 

– 

12/03/2051 

15/12/2043 

12/07/2044 

25/08/2035 

15/02/2017 

2,294,265 

802,941 

459,413 

430,757 

3,443,720 

0.45% 

0.16% 

0.09% 

0.08% 

0.67% 

300,000 Building Aid Revenue 

700,000 New York State Dormitory Authority 

420,630 Nomura Asset Acceptance Corp 



2,600,000 Orange County Local Transportation Authority 

1,000,000 Pasadena Public Financing Authority 

300,000 Public Power Generation Agency 

614,714 Residential Asset Securitization Trust 

400,000 RFMSI Trust 

82,054 SC Germany Auto 

656,143 SC Germany Auto 

Small Business Administration Participation 

5.00 

5.05 

7.50 

4.98 

5.82 

6.91 

7.15 

7.24 

5.50 

5.50 

1.43 

1.33 

15/01/2025 

15/09/2027 

25/03/2034 

25/05/2035 

25/03/2047 

15/02/2041 

01/03/2043 

01/01/2041 

25/08/2034 

25/12/2034 

12/08/2019 

13/11/2021 

344,537 

840,967 

451,461 

266,425 

407,403 

3,686,709 

1,364,380 

369,506 

534,618 

386,812 

103,924 

830,490 

0.07% 

0.16% 

0.09% 

0.05% 

0.08% 

0.72% 

0.27% 

0.07% 

0.10% 

0.08% 

0.02% 

0.16% 



5.18 01/05/2024 755,153 0.15% 



5.17 01/08/2024 503,801 0.10% 



4.88 01/11/2024 505,382 0.10% 



5.11 01/08/2025 701,068 0.14% 



6.07 01/07/2026 914,369 0.18% 


100,000 State of California 




285,792 Storm BV 

222,871 Structured Adjustable Rate Mortgage Loan Trust 

37,093 Structured Adjustable Rate Mortgage Loan Trust 

27,560 Structured Asset Mortgage Investments Inc 

301,409 Structured Asset Mortgage Investments Inc 

386,743 Structured Asset Securities Corp 

814,604 Thornburg Mortgage Securities Trust 

1,740,533 Titan Europe PLC/Ireland 

185,000 Tobacco Settlement Finance Authority 

200,000 University of Pittsburgh/PA 

207,437 Volkswagen Car Lease 

500,000 Wachovia Bank Commercial Mortgage Trust 

5.78 

7.50 

5.65 

7.55 

7.60 

1.46 

2.74 

2.74 

1.08 

0.44 

3.38 

5.52 

1.29 

7.47 

5.00 

1.01 

5.42 

01/08/2027 

01/04/2034 

01/04/2039 

01/04/2039 

01/11/2040 

22/03/2052 

25/07/2034 

25/08/2035 

19/10/2033 

25/06/2036 

25/08/2031 

25/10/2046 

23/10/2016 

01/06/2047 

15/09/2028 

21/02/2017 

15/01/2045 

356,493 

127,901 

105,087 

131,049 

527,542 

359,696 

207,303 

29,396 

21,571 

186,110 

380,554 

788,162 

2,396,316 

140,563 

231,429 

261,894 

561,912 

0.07% 

0.02% 

0.02% 

0.03% 

0.10% 

0.07% 

0.04% 

0.01% 

0.00% 

0.04% 

0.07% 

0.15% 

0.46% 

0.03% 

0.04% 

0.05% 

0.11% 

86






3,500,000 Wachovia Bank Commercial Mortgage Trust 

392,651 WaMu Mortgage Pass Through Certificates 




Washington Mutual MSC Mortgage Pass- 

Coupon 

Rate % 

5.57 

0.51 

2.64 

1.16 

0.90 

Maturity 

Date 

15/10/2048 

25/11/2045 

25/07/2046 

25/08/2046 

25/01/2047 


3,906,137 0.75% 

309,661 0.06% 

482,257 0.09% 

395,652 0.08% 

461,799 0.09% 

2,414 Through CTFS 

Washington Mutual MSC Mortgage Pass- 

2.21 25/02/2033 2,070 0.00% 

3,119 Through CTFS 

Washington State Convention Center Public 

2.50 25/02/2033 2,913 0.00% 

1,000,000 Facilities District 





6.79 

4.69 

2.61 

2.64 

2.62 

01/07/2040 

25/12/2033 

25/01/2035 

25/04/2036 

25/07/2036 

1,266,483 

120,960 

42,744 

218,895 

556,813 

0.25% 

0.02% 

0.01% 

0.04% 

0.11% 


387,655,660 75.37% 

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 







1,000,000 American Express Centurion Bank 

1,100,000 American Express Centurion Bank 

1,353,000 American International Group Inc 

1,700,000 American International Group Inc 

1,000,000 ANZ National International Ltd/New Zealand 

100,000 Banco Santander Brasil SA/Brazil 

700,000 Banco Santander Brazil SA/Cayman Islands 


1,575,000 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 


1,200,000 BNP Paribas SA 

100,000 BPCE SA 

400,000 Burlington Northern Santa Fe LLC 

200,000 CenturyLink Inc 

300,000 CITIC Resources Finance 2007 Ltd 

900,000 Citigroup Capital XXI 


2,500,000 Citigroup Inc 

2,200,000 Commonwealth Bank of Australia 

1.80 

1.82 

7.38 

6.88 

7.50 

4.50 

3.87 

6.75 

8.30 

7.50 

5.55 

6.00 

6.80 

8.18 

6.20 

4.50 

2.57 

0.80 

6.00 

5.30 

6.10 

5.55 

4.75 

2.85 

1.65 

7.28 

2.36 

5.45 

10.18 

1.37 

2.38 

5.65 

5.80 

6.75 

8.30 

2.47 

5.50 

0.89 

04/10/2012 

10/06/2013 

01/07/2021 

28/08/2012 

31/12/2013 

11/02/2014 

20/06/2014 

01/12/2014 

12/02/2015 

15/09/2020 

17/10/2012 

13/09/2017 

15/11/2017 

15/05/2058 

19/07/2013 

06/04/2015 

18/03/2014 

15/08/2016 

01/09/2017 

15/03/2017 

15/06/2017 

11/02/2020 

30/09/2015 

09/06/2015 

29/10/2015 

29/05/2049 

04/04/2014 

12/09/2012 

12/06/2021 

10/01/2014 

04/10/2013 

01/05/2017 

15/03/2022 

15/05/2014 

21/12/2057 

13/08/2013 

15/10/2014 

12/07/2013 

126,362 

3,842,484 

115,147 

309,167 

439,917 

512,063 

398,575 

735,278 

336,476 

342,125 

1,024,720 

1,321,852 

1,950,604 

1,841,103 

1,064,556 

101,538 

674,525 

85,046 

1,731,550 

1,055,946 

1,694,570 

110,805 

1,122,630 

212,088 

308,216 

171,090 

685,082 

1,024,649 

1,143,880 

1,177,353 

98,977 

473,966 

203,071 

318,225 

904,230 

404,162 

2,671,114 

2,213,258 

0.02% 

0.75% 

0.02% 

0.06% 

0.09% 

0.10% 

0.08% 

0.14% 

0.07% 

0.07% 

0.20% 

0.26% 

0.38% 

0.36% 

0.21% 

0.02% 

0.13% 

0.02% 

0.34% 

0.21% 

0.33% 

0.02% 

0.22% 

0.04% 

0.06% 

0.03% 

0.13% 

0.20% 

0.22% 

0.23% 

0.02% 

0.09% 

0.04% 

0.06% 

0.18% 

0.08% 

0.52% 

0.43% 

87






Cooperative Centrale Raiffeisen-Boerenleenbank 

Coupon 

Rate % 

Maturity 


1,700,000 BA/Netherlands 

300,000 Corp Nacional del Cobre de Chile 


2,600,000 CSN Islands XI Corp 

90,053 CVS Pass-Through Trust 

500,000 Danske Bank A/S 

1,300,000 Dexia Credit Local SA 

100,000 DISH DBS Corp 

100,000 Dow Chemical Co/The 

800,000 Ecopetrol SA 

700,000 Entergy Corp 

200,000 Export-Import Bank of Korea 

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 


600,000 Gazprom OAO Via Gaz Capital SA 



1,100,000 General Electric Co 

100,000 Gerdau Trade Inc 


1,000,000 Goldman Sachs Group Inc/The 

200,000 Hyundai Motor Manufacturing Czech sro 

1,100,000 ICICI Bank Ltd/Dubai 

100,000 International Lease Finance Corp 


2,300,000 Intesa Sanpaolo SpA/New York NY 

4,300,000 JPMorgan Chase & Co 


800,000 JPMorgan Chase Bank NA 

500,000 Korea Midland Power Co Ltd 


100,000 LBG Capital No.1 PLC 

1,200,000 LBG Capital No.1 PLC 






4,700,000 Lembaga Pembiayaan Ekspor Indonesia 


7,800,000 Macquarie Bank Ltd 

1,000,000 Macy's Retail Holdings Inc 

1,000,000 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 

4,200,000 Nile Finance Ltd 

500,000 Nisource Finance Corp 

600,000 Noble Group Ltd 

100,000 Nordea Bank AB 

11.00 

7.50 

2.20 

6.88 

6.94 

5.68 

0.95 

7.00 

6.00 

7.63 

3.63 

5.13 

7.25 

0.84 

8.70 

7.00 

5.88 

7.29 

5.50 

5.50 

5.25 

5.75 

3.30 

5.25 

4.50 

4.75 

5.75 

6.75 

2.38 

1.22 

6.00 

0.80 

5.38 

6.13 

7.38 

7.59 

6.44 

7.63 

8.00 

8.50 

9.33 

3.75 

6.35 

3.30 

7.45 

6.13 

5.57 

2.97 

5.35 

2.20 

5.25 

6.13 

6.75 

2.13 

30/06/2019 

15/01/2019 

14/01/2014 

21/09/2019 

10/01/2030 

29/12/2049 

29/04/2014 

01/10/2013 

01/10/2012 

23/07/2019 

15/09/2015 

29/06/2020 

15/07/2013 

13/06/2013 

01/10/2014 

15/04/2015 

02/08/2021 

16/08/2037 

15/09/2066 

15/09/2067 

06/12/2017 

30/01/2021 

03/05/2015 

27/07/2021 

15/04/2015 

25/11/2016 

15/05/2016 

01/09/2016 

21/12/2012 

02/05/2014 

15/01/2018 

13/06/2016 

11/02/2013 

01/02/2018 

12/03/2020 

12/05/2020 

23/05/2020 

14/10/2020 

29/12/2049 

29/12/2049 

07/02/2020 

26/04/2017 

29/10/2049 

17/07/2014 

15/07/2017 

03/10/2016 

04/10/2012 

14/05/2013 

12/06/2013 

19/10/2016 

05/08/2015 

01/03/2022 

29/01/2020 

14/01/2014 

2,241,993 

393,855 

306,348 

2,895,659 

107,849 

583,638 

1,240,949 

107,249 

102,647 

1,032,825 

727,435 

223,129 

1,700,882 

3,903,086 

231,836 

1,125,874 

341,002 

695,547 

435,155 

236,602 

1,286,493 

106,380 

100,340 

1,031,217 

212,401 

1,099,231 

102,093 

110,213 

2,243,764 

4,296,893 

350,230 

741,452 

520,132 

979,948 

108,083 

1,626,523 

1,422,186 

338,314 

1,876,844 

654,033 

148,887 

4,784,941 

174,884 

8,311,953 

1,255,127 

1,083,992 

1,629,238 

5,213,883 

417,659 

315,028 

4,099,368 

599,288 

598,635 

101,185 

0.44% 

0.08% 

0.06% 

0.56% 

0.02% 

0.11% 

0.24% 

0.02% 

0.02% 

0.20% 

0.14% 

0.04% 

0.33% 

0.76% 

0.05% 

0.22% 

0.07% 

0.14% 

0.08% 

0.05% 

0.25% 

0.02% 

0.02% 

0.20% 

0.04% 

0.21% 

0.02% 

0.02% 

0.44% 

0.83% 

0.07% 

0.14% 

0.10% 

0.19% 

0.02% 

0.32% 

0.28% 

0.07% 

0.36% 

0.13% 

0.03% 

0.93% 

0.03% 

1.61% 

0.25% 

0.21% 

0.32% 

1.00% 

0.08% 

0.06% 

0.79% 

0.12% 

0.12% 

0.02% 

88






200,000 Northern States Power Co/MN 

Northwest Airlines 2000-1 Class G Pass Through 

Coupon 

Rate % 

8.00 

Maturity 

Date 

28/08/2012 


207,647 0.04% 

1,002,511 Trust 

200,000 Novatek OAO via Novatek Finance Ltd 

2,000,000 OMX Timber Finance Investments I LLC 

100,000 Pacific LifeCorp 

700,000 Petroleos Mexicanos 


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 Reynolds American Inc 

400,000 Royal Bank of Scotland Group PLC 

600,000 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 

400,000 Santander Finance Preferred 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 

3,000,000 Tokyo Electric Power Co Inc 

100,000 Transocean Inc 

72,804 UAL 2009-1 Pass Through Trust 

3,100,000 UBS Preferred Funding Trust V 

100,000 Vale Overseas Ltd 

3,100,000 Wachovia Bank NA 

5,000,000 Wachovia Capital Trust III 

7.15 

5.33 

5.42 

6.00 

6.50 

5.50 

5.00 

3.13 

4.50 

4.50 

6.75 

7.64 

6.99 

3.95 

4.25 

5.74 

11.30 

5.50 

5.38 

4.88 

2.62 

5.13 

6.00 

4.30 

1.50 

1.85 

4.95 

10.40 

6.24 

6.88 

0.80 

5.57 

01/10/2019 

03/02/2016 

29/01/2020 

10/02/2020 

02/06/2041 

27/06/2044 

21/07/2020 

16/11/2015 

19/10/2020 

19/10/2020 

15/06/2017 

29/03/2049 

29/10/2049 

21/09/2015 

25/01/2016 

03/04/2017 

27/07/2014 

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 

15/11/2015 

01/11/2016 

29/05/2049 

21/11/2036 

15/03/2016 

29/03/2049 

1,043,843 

212,798 

2,193,166 

112,217 

825,496 

102,364 

1,373,369 

1,336,806 

770,140 

1,440,472 

603,648 

275,555 

471,786 

613,739 

1,321,633 

1,081,870 

614,964 

643,508 

418,248 

2,552,658 

1,152,356 

109,571 

376,796 

339,015 

24,094 

36,467 

108,186 

84,315 

2,968,654 

117,278 

2,978,149 

4,774,654 

0.20% 

0.04% 

0.43% 

0.02% 

0.16% 

0.02% 

0.27% 

0.26% 

0.15% 

0.28% 

0.12% 

0.05% 

0.09% 

0.12% 

0.26% 

0.21% 

0.12% 

0.13% 

0.08% 

0.49% 

0.22% 

0.02% 

0.07% 

0.07% 

0.00% 

0.01% 

0.02% 

0.02% 

0.58% 

0.02% 

0.58% 

0.92% 


130,806,260 25.43% 

4,400,000 Brazilian Government International Bond 

200,000 Canada Housing Trust No 1 

200,000 Canada Housing Trust No 1 

1,900,000 Federal Home Loan Mortgage Corp 




100,000 Federal Home Loan Mortgage Corp 

600,000 Federal National Mortgage Association 

43,100,000 Federal National Mortgage Association 



1,300,000 Federal National Mortgage Association 


140,000,000 Japan Treasury Discount Bill 

1,100,000 Korea Development Bank/The 

29,400,000 Mexican Bonos 


200,000 Mexico Government International Bond 

10.25 

3.35 

3.80 

1.00 

1.00 

3.75 

1.75 

2.38 

0.50 

0.50 

1.38 

1.25 

1.13 

5.38 

– 

4.38 

10.00 

7.75 

4.25 

10/01/2028 

15/12/2020 

15/06/2021 

08/03/2017 

29/06/2017 

27/03/2019 

30/05/2019 

13/01/2022 

27/05/2015 

02/07/2015 

15/11/2016 

30/01/2017 

27/04/2017 

12/06/2017 

18/09/2012 

10/08/2015 

05/12/2024 

29/05/2031 

14/07/2017 

2,746,602 

214,521 

221,908 

1,914,038 

2,803,598 

1,167,005 

1,022,840 

104,019 

599,967 

43,086,543 

513,226 

511,444 

1,314,693 

121,477 

1,760,700 

1,191,022 

3,054,180 

10,856,594 

281,597 

0.53% 

0.04% 

0.04% 

0.37% 

0.55% 

0.23% 

0.20% 

0.02% 

0.12% 

8.39% 

0.10% 

0.10% 

0.26% 

0.02% 

0.34% 

0.23% 

0.59% 

2.11% 

0.05% 

89






100,000 Province of British Columbia Canada 

200,000 Province of Ontario Canada 



2,700,000 Province of Ontario Canada 

1,000,000 Province of Ontario Canada 


700,000 Province of Quebec Canada 




3,400,000 Province of Quebec Canada 

1,000,000 Societe Financement de l'Economie Francaise 

200,000 Societe Financement de l'Economie Francaise 

470,000 United States Treasury Bill 

3,600,000 United States Treasury Bill 

100,000 United States Treasury Inflation Indexed Bonds 

1,400,000 United States Treasury Inflation Indexed Bonds 



















Coupon 

Rate % 

4.30 

4.30 

4.20 

4.00 

3.15 

6.50 

4.60 

4.50 

4.50 

4.50 

4.25 

3.50 

0.67 

3.38 

– 

– 

0.13 

1.25 

1.13 

0.63 

0.13 

2.38 

2.00 

2.38 

1.75 

2.50 

2.13 

0.75 

1.00 

0.88 

0.63 

0.75 

1.50 

1.25 

3.38 

3.00 

Maturity 

Date 

18/06/2042 

08/03/2017 

02/06/2020 

02/06/2021 

02/06/2022 

08/03/2029 

02/06/2039 

01/12/2017 

01/12/2018 

01/12/2020 

01/12/2021 

01/12/2022 

16/07/2012 

05/05/2014 

18/10/2012 

27/06/2013 

15/04/2016 

15/07/2020 

15/01/2021 

15/07/2021 

15/01/2022 

15/01/2025 

15/01/2026 

15/01/2027 

15/01/2028 

15/01/2029 

15/02/2040 

15/02/2042 

31/03/2017 

30/04/2017 

31/05/2017 

30/06/2017 

31/08/2018 

30/04/2019 

15/11/2019 

15/05/2042 


116,190 0.02% 

219,562 0.04% 

219,846 0.04% 

433,923 0.08% 

2,726,245 0.53% 

1,405,833 0.27% 

234,551 0.05% 

772,900 0.15% 

445,104 0.09% 

111,740 0.02% 

219,620 0.04% 

3,504,429 0.69% 

1,002,710 0.19% 

209,003 0.04% 

469,855 0.09% 

3,592,692 0.70% 

108,478 0.02% 

1,725,840 0.34% 

121,719 0.02% 

5,938,431 1.15% 

970,351 0.19% 

4,403,715 0.86% 

6,444,821 1.25% 

7,766,316 1.51% 

2,504,251 0.49% 

7,380,742 1.44% 

462,351 0.09% 

2,376,859 0.46% 

41,374,015 8.05% 

21,901,506 4.26% 

3,885,021 0.76% 

5,808,166 1.13% 

33,087,466 6.43% 

2,432,481 0.47% 

1,394,917 0.27% 

1,373,654 0.27% 

240,631,277 46.79% 

Futures ^ - 0.01% (2011 - 0.18%) 

13 90 Day Euro $ Future* 14/09/2015 8,938 0.00% 

78 90 Day Euro$ Future* 16/03/2015 11,550 0.00% 

68 90 Day Euro$ Future* 15/06/2015 20,199 0.01% 

(3) Euro-Bund Future* 06/09/2012 2,793 0.00% 

Options ** - 0.00% (2011 - 0.01%) 

43,480 0.01% 

320 Put 90 Day Euro $ Future* 92.5 17/09/2012 2,000 0.00% 

950 Put 90 Day Euro $ Future* 93 17/09/2012 5,938 0.00% 

Swaps *** - 0.39% (2011 - 0.48%) 

7,938 0.00% 

54,300,000 Cdx Ig18 5y Cme 20/06/2017 475,778 0.10% 

6,286,500 Cdx Hy18 5y Cme 20/06/2017 306,797 0.07% 

3,300,000 Cdx Em13 Sp 03/22/2010 Hus 20/06/2015 220,830 0.05% 

2,400,000 Cdx Em13 Sp 03/22/2010 Brc 20/06/2015 160,604 0.03% 

3,936,000 Cdx Hy17 5y Cme 20/12/2016 146,370 0.03% 

3,500,000 Dj Itraxx16eu2 Bp Boa 20/12/2016 144,368 0.03% 

90





91 

Coupon 

Rate % 

Maturity 


Swaps *** - 0.39% (2011 - 0.48%) (continued) 

1,000,000 Masco Corp Negb Ns Bp Fbf 20/12/2016 86,331 0.02% 

1,000,000 Cdx Em14 Sp 09/20/2010 Hus 20/12/2015 72,352 0.01% 

1,200,000 Ally Financial Inc (Aka: G Snr S* Sp Dub 20/12/2016 47,372 0.01% 

600,000 Cdx Em14 Sp 09/20/2010 Myc 20/12/2015 43,411 0.01% 

1,900,000 United Kingdom Gilt Sw Sp Gst 20/06/2015 39,535 0.01% 

8,000,000 Irs Usd 3ml/1.5 03/18/15 Cme 18/03/2016 35,612 0.01% 

3,683,394 Cdx Hy9 5y 35-100% Sp Gst 20/12/2012 27,835 0.01% 

500,000 Gecc Snr Unsec Ns Sp Cbk 20/12/2013 24,277 0.00% 


400,000 Gecc Snr Ns Sp Brc 20/12/2013 22,375 0.00% 

300,000 Cdx Em14 Sp 09/20/2010 Cbk 20/12/2015 21,706 0.00% 

1,000,000 United Kingdom Gilt Sw Sp Gst 20/12/2015 21,635 0.00% 

1,300,000 Australia Gov't Au Sp Boa 20/06/2017 18,559 0.00% 

300,000 Gecc Snr Unsec Ns Sp Dub 20/12/2013 17,003 0.00% 


13,000,000 Irs Mxn R Tiie/5.6 09/13/11 Hus 06/09/2016 15,656 0.00% 



900,000 Australia Gov't Au Sp Uag 20/06/2017 12,849 0.00% 

1,500,000 Japan Gov't Jp Sp Gst 20/03/2017 12,507 0.00% 


700,000 Japan Gov't Jp Sp Dub 20/03/2015 11,187 0.00% 


400,000 United Kingdom Gilt Sw Sp Gst 20/12/2015 8,654 0.00% 

500,000 Australia Gov't Au Sp Boa 20/06/2017 7,138 0.00% 

800,000 Japan Gov't Jp Sp Gst 20/03/2017 6,670 0.00% 

200,000 United Kingdom Gilt Sw Sp Myc 20/06/2016 4,203 0.00% 

9,000,000 Irs Mxn R Tiie/5.5 09/19/12 Brc 13/09/2017 3,892 0.00% 

3,800,000 China As Sp 03/21/11 Brc 20/06/2016 3,859 0.00% 

400,000 Japan Gov't Jp Sp Boa 20/03/2017 3,335 0.00% 


1,800,000 Irs Mxn R Tiie/5.6 09/13/11 Myc 06/09/2016 2,168 0.00% 


100,000 Japan Gov't Jp Sp Brc 20/03/2017 834 0.00% 

100,000 Japan Gov't Jp Sp Gst 20/03/2017 834 0.00% 

100,000 Japan Gov't Jp Sp Myc 20/03/2017 834 0.00% 

1,000,000 Irs Mxn R Tiie/5.5 09/19/12 Myc 13/09/2017 432 0.00% 

1,000,000 Irs Mxn R Tiie/5.5 09/19/12 Hus 13/09/2017 432 0.00% 

400,000 Mexico Em Sp 12/21/09 Brc 20/03/2015 57 0.00% 

400,000 Mexico Em Sp 12/21/09 Cbk 20/03/2015 57 0.00% 

200,000 Mexico Em Sp 12/21/09 Dub 20/03/2015 29 0.00% 

2,123,281 0.39% 


(Cost USD 738,453,780) (2011: USD 577,336,291) 761,267,896 147.99% 

Asset Backed Securities - (0.21)% (2011 - (5.16)%) 

(1,000,000) Fannie Mae Pool 4.00 

25/11/2025 (1,064,219) (0.21)% 

(1,064,219) (0.21)% 

Swaps *** - (0.38)% (2011 - (0.70)%) 

9,400,000 Irs Usd 3ml/2.75 06/20/12 Cme 20/06/2042 (708,803) (0.13)% 

3,100,000 American International Gro Snr S* Sp Gst 20/12/2020 (364,102) (0.06)% 

3,600,000 France Gov't Sw Sp Uag 20/12/2015 (145,316) (0.03)%





92 

Coupon 

Rate % 

Maturity 


Swaps *** - (0.38)% (2011 - (0.70)%) 

2,100,000 France Gov't Sw Sp Gst 20/12/2016 (134,632) (0.03)% 

2,100,000 Mexico Em Sp 12/20/10 Boa 20/03/2021 (130,606) (0.03)% 

2,700,000 Germany Gov't Sw Sp Boa 20/06/2017 (97,050) (0.02)% 

2,000,000 France Gov't Sw Sp Fbf 20/03/2016 (91,952) (0.02)% 

1,900,000 France Gov't Sw Sp Ryl 20/03/2016 (87,355) (0.02)% 

1,400,000 Metlife Inc Snr S* Sp Boa 20/03/2016 (81,255) (0.02)% 

1,900,000 Mexico Em Sp 03/20/12 Gst 20/06/2017 (39,463) (0.01)% 

700,000 France Gov't Sw Sp Ryl 20/12/2015 (28,256) (0.01)% 

300,000 France Gov't Sw Sp Hus 20/09/2016 (17,122) 0.00% 

700,000 Mexico La Sp 06/20/12 Dub 20/09/2017 (16,723) 0.00% 

1,400,000 South Korea Govt As Sp Uag 20/06/2017 (15,774) 0.00% 

900,000 Brazil Em Sp 03/21/11 Cbk 20/06/2016 (14,785) 0.00% 

100,000 American International Gro Snr S* Sp Uag 20/12/2020 (11,745) 0.00% 

1,500,000 Mexico Em Sp 12/20/10 Hus 20/03/2016 (10,597) 0.00% 

1,000,000 Brazil Em Sp 06/21/10 Cbk 20/09/2015 (8,518) 0.00% 

400,000 Mexico Em Sp 03/20/12 Hus 20/06/2017 (8,308) 0.00% 

1,000,000 Brazil Em Sp 03/22/10 Dub 20/06/2015 (6,767) 0.00% 

400,000 Gecc Snr S* Sp Boa 20/12/2015 (6,729) 0.00% 

700,000 Brazil Em Sp 06/21/10 Hus 20/09/2015 (5,963) 0.00% 

100,000 France Gov't Sw Sp Hus 20/09/2016 (5,707) 0.00% 

1,000,000 United States Govt Sw Sp Bps 20/03/2016 (5,122) 0.00% 

300,000 Gecc Snr S* Sp Boa 20/12/2015 (5,047) 0.00% 

200,000 Mexico La Sp 06/20/12 Hus 20/09/2017 (4,778) 0.00% 

200,000 Berkshire Hathaway Finance Snr S* Sp Brc 20/06/2017 (4,276) 0.00% 

500,000 Brazil Em Sp 06/21/10 Uag 20/09/2015 (4,259) 0.00% 

500,000 Brazil Em Sp 03/22/10 Brc 20/06/2015 (3,383) 0.00% 

500,000 Brazil Em Sp 03/22/10 Gst 20/06/2015 (3,383) 0.00% 

100,000 Berkshire Hathaway Finance Snr S* Sp Fbf 20/06/2017 (2,138) 0.00% 

300,000 Brazil Em Sp 03/22/10 Hus 20/06/2015 (2,030) 0.00% 

700,000 Mexico Em Sp 06/21/10 Cbk 20/09/2015 (1,970) 0.00% 

300,000 Mexico Em Sp 06/21/10 Boa 20/09/2015 (844) 0.00% 

400,000 China As Sp 06/20/11 Dub 20/09/2016 (300) 0.00% 

300,000 China As Sp 06/20/11 Myc 20/09/2016 (225) 0.00% 

300,000 China As Sp 06/20/11 Uag 20/09/2016 (225) 0.00% 

(2,075,508) (0.38)% 

Swaptions **** - (0.02)% (2011 - (0.10)%) 

(1,400,000) IRO USD 5Y C 1.4000 03/18/13 MYC 18/03/2013 (24,329) (0.01)% 

(12,400,000) INF FLOOR USD CPURNSA 216.687 @ 0 CBK 01/04/2020 (20,341) (0.01)% 

(1,000,000) IRO USD 5Y C 1.4000 03/18/13 FBF 18/03/2013 (17,378) 0.00% 

(3,800,000) INF FLOOR USD CPURNSA 215.949 @ 0 DUB 10/03/2020 (11,169) 0.00% 

(1,400,000) IRO USD 5Y P 1.4000 03/18/13 MYC 18/03/2013 (8,225) 0.00% 

(4,800,000) IRO USD 2Y P 1.2000 07/11/13 DUB 11/07/2013 (5,930) 0.00% 

(3,800,000) INF FLOOR USD CPURNSA 215.949 @ 0 CBK 12/03/2020 (5,906) 0.00% 

(1,000,000) IRO USD 5Y P 1.4000 03/18/13 FBF 18/03/2013 (5,875) 0.00% 

(2,400,000) IRO USD 5Y P 2.0000 03/18/13 DUB 18/03/2013 (4,431) 0.00% 

(10,700,000) IRO USD 2Y P 0.9150 11/14/12 MYC 14/11/2012 (3,988) 0.00% 

(900,000) INF FLOOR USD CPURNSA 217.965 @ 0 CBK 29/09/2020 (1,582) 0.00% 

(7,500,000) IRO USD 1Y P 1.0000 11/19/12 GLM 19/11/2012 (1,025) 0.00% 

(7,600,000) IRO USD 1Y P 2.2500 05/28/13 BOA 28/05/2013 (990) 0.00% 

(4,100,000) IRO USD 5Y P 1.3500 08/13/12 RYL 13/08/2012 (718) 0.00% 

(21,300,000) IRO USD 5Y P 1.5500 08/13/12 DUB 13/08/2012 (656) 0.00% 

(1,500,000) IRO USD 2Y P 0.9150 11/14/12 CBK 14/11/2012 (559) 0.00% 

(5,900,000) IRO USD 5Y P 1.5500 08/13/12 RYL 13/08/2012 (182) 0.00% 

(5,500,000) IRO USD 5Y P 1.5500 08/13/12 FBF 13/08/2012 (169) 0.00% 

(8,500,000) IRO USD 1Y P 1.7500 11/19/12 RYL 19/11/2012 (160) 0.00%





93 

Coupon 

Rate % 

Maturity 


Swaptions **** - (0.02)% (2011 - (0.10)%) 

(18,500,000) IRO USD 5Y P 1.7000 08/13/12 DUB 13/08/2012 (131) 0.00% 

(11,800,000) IRO USD 5Y P 1.7000 08/13/12 JPM 13/08/2012 (84) 0.00% 

(2,500,000) IRO USD 5Y P 1.5500 08/13/12 MYC 13/08/2012 (77) 0.00% 

(1,900,000) IRO USD 3Y P 1.0000 08/13/12 DUB 13/08/2012 (64) 0.00% 

(7,500,000) IRO USD 5Y P 1.7000 08/13/12 CBK 13/08/2012 (53) 0.00% 

(1,200,000) IRO USD 5Y P 1.5500 08/13/12 CBK 13/08/2012 (37) 0.00% 

(2,000,000) IRO USD 5Y P 1.7000 08/13/12 BOA 13/08/2012 (14) 0.00% 

(1,000,000) IRO USD 5Y P 1.7000 08/13/12 GLM 13/08/2012 (7) 0.00% 

(27,300,000) IRO USD 2Y P 2.2500 09/24/12 RYL 24/09/2012 (3) 0.00% 

(24,700,000) IRO USD 10Y P 10.000 07/10/12 DUB 10/07/2012 (2) 0.00% 

(114,085) (0.02)% 


(Cost USD –) (2011: USD -) (3,253,812) (0.61)% 

Cash at Bank 7,193,613 1.40% 








market 147.47% 





100.00% 


*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.



PORTFOLIO OF INVESTMENTS - Skandia Swedish Bond Fund 

Coupon 


Rate % 


17,500,000 Electrolux AB 4.50 

5,000,000 Holmen AB 4.00 

15,000,000 Industrivarden AB 3.60 

10,000,000 Investor AB 5.25 

9,000,000 Nordea Hypotek AB 3.25 

6,000,000 Nordea Hypotek AB 3.00 

5,000,000 SBAB Bank AB 3.31 

7,500,000 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 

16,000,000 Swedbank Hypotek AB 3.75 

16,000,000 Swedbank Hypotek AB 3.75 

26,000,000 Swedish Covered Bond Corp 4.00 


4,500,000 Sweden Government Bond 









6.75 

3.00 

3.75 

4.25 

5.00 

4.00 

3.50 

2.25 

3.50 

94 

Maturity 

Date Value SEK % Net Assets 

08/06/2016 18,226,863 4.34% 

25/11/2013 5,184,689 1.23% 

12/01/2016 15,434,325 3.67% 

04/09/2019 11,376,108 2.71% 

17/06/2015 9,291,540 2.21% 

21/06/2017 6,075,400 1.45% 

07/10/2013 5,170,297 1.23% 

18/06/2014 7,875,525 1.87% 

17/06/2015 4,212,193 1.00% 

15/06/2016 5,329,164 1.27% 

21/06/2017 13,123,717 3.12% 

18/06/2014 3,244,873 0.77% 

21/06/2017 18,404,053 4.38% 

04/11/2014 5,255,606 1.25% 

15/06/2016 16,753,493 3.99% 

15/03/2017 16,861,893 4.01% 

15/04/2015 27,545,238 6.57% 

189,364,977 45.07% 

05/05/2014 5,015,565 1.19% 

12/07/2016 2,756,792 0.66% 

12/08/2017 10,416,743 2.48% 

12/03/2019 47,795,493 11.37% 

01/12/2020 51,786,819 12.32% 

01/12/2020 3,478,925 0.83% 

01/06/2022 54,718,755 13.03% 

01/06/2032 8,002,332 1.90% 

30/03/2039 37,562,526 8.94% 

221,533,950 52.72% 


(Cost SEK 388,367,296) (2011: SEK 387,985,675) 410,898,927 97.79% 

Cash at Bank 7,681,668 1.83% 








market 97.79% 





100.00%



PORTFOLIO OF INVESTMENTS - Skandia SEK Reserve Fund 

Coupon 


Rate % 



100,000 Sweden Government Bond 6.75 

66,000,000 Sweden Treasury Bill – 




95 

Maturity 

Date Value SEK % Net Assets 

08/10/2012 83,041,245 26.53% 

05/05/2014 111,457 0.04% 

15/08/2012 65,903,178 21.05% 

19/09/2012 82,811,590 26.46% 

17/10/2012 74,757,900 23.88% 

19/12/2012 994,540 0.32% 

307,619,910 98.28% 


(Cost SEK 304,381,469) (2011: SEK 224,178,169) 307,619,910 98.28% 

Cash at Bank 2,992,640 0.96% 








market 98.28% 





100.00%



PORTFOLIO OF INVESTMENTS - Skandia Emerging Market Debt Fund 



300,000 Abu Dhabi National Energy Co 

589,000 Adaro Indonesia PT 

114,000 Afren PLC 

503,000 Alfa Bank OJSC Via Alfa Bond Issuance PLC 

360,000 ALROSA Finance SA 

381,000 Alto Palermo SA 

1,603,000 America Movil SAB de CV 

466,000 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 

2,787,000 Banco del Estado de Chile 

300,000 Bancolombia SA 

Bank of New York Mellon SA Institucion de 

Coupon 

Rate % 

4.13 

7.63 

10.25 

7.88 

7.75 

7.88 

2.38 

7.63 

9.00 

11.50 

8.88 

5.38 

3.88 

5.95 

Maturity 

Date 

13/03/2017 

22/10/2019 

08/04/2019 

25/09/2017 

03/11/2020 

11/05/2017 

08/09/2016 

01/02/2017 

22/09/2019 

07/05/2015 

22/09/2020 

16/09/2020 

08/02/2022 

03/06/2021 


320,904 0.05% 

634,781 0.11% 

121,878 0.02% 

518,652 0.09% 

381,960 0.06% 

319,518 0.05% 

1,655,519 0.27% 

324,286 0.05% 

460,000 0.08% 

696,625 0.12% 

580,946 0.10% 

776,903 0.13% 

2,920,114 0.48% 

323,414 0.05% 

2,045,845 Banca Multiple 

150,000 BBVA Bancomer SA/Texas 

457,000 Berau Coal Energy Tbk PT 

483,000 BM&FBovespa SA 

328,000 BR Malls International Finance Ltd 

200,000 Braskem Finance Ltd 

4,012,207 BTA Bank JSC 

3,108,249 BTA Bank JSC 

9.63 

4.50 

7.25 

5.50 

8.50 

7.38 

10.75 

– 

02/05/2021 

10/03/2016 

13/03/2017 

16/07/2020 

21/01/2016 

29/10/2049 

01/07/2018 

30/06/2020 

1,885,225 

152,040 

455,376 

528,396 

348,184 

206,483 

799,934 

267,107 

0.31% 

0.03% 

0.08% 

0.09% 

0.06% 

0.03% 

0.13% 

0.04% 

2,088,000 Bumi Investments Pte Ltd 07/08/2013 2,117,231 0.35% 

201,836 Bumi Vallar 18/01/2013 177,616 0.03% 

252,887 Bumi Vallar 

1,085,790 Cap Cana SA 

1,511,995 Cap Cana SA 

936,000 Capex SA 

100,000 Cemex Espana Luxembourg 

555,000 Cemex SAB de CV 

250,000 Cemex SAB de CV 

800,000 Cencosud SA 

333,000 Central China Real Estate Ltd 

599,000 China Liansu Group Holdings Ltd 

200,000 China Overseas Finance Cayman IV Ltd 

1,849,000,000 Citigroup Funding Inc 



85,500,000 Credit Suisse/Nassau 

500,000 Deutsche Bank AG/London 

1,818,000 Deutsche Bank AG/London 

527,000 Digicel Group Ltd 

356,000 Digicel Ltd 

760,380 Dolphin Energy Ltd 

400,000 Dolphin Energy Ltd 

720,000 DP World Ltd 

1,580,000 DP World Sukuk Ltd 

450,000 Dubai Holding Commercial Operations MTN Ltd 

1,150,000 Dubai Holding Commercial Operations MTN Ltd 

635,000 Empresa de Energia de Bogota SA 

249,000 Empresa Distribuidora Y Comercializadora Norte 

600,000 Empresa Distribuidora Y Comercializadora Norte 

400,000 ENN Energy Holdings Ltd 

118,000 Evergrande Real Estate Group Ltd 

10.00 

10.00 

10.00 

9.25 

5.46 

9.00 

5.50 

12.25 

7.88 

4.88 

– 

7.50 

6.15 

7.60 

10.47 

9.38 

9.13 

8.25 

5.89 

5.50 

6.85 

6.25 

4.75 

6.00 

6.13 

9.75 

9.75 

6.00 

13.00 

18/01/2013 

30/04/2016 

30/04/2016 

10/03/2018 

12/05/2020 

30/09/2015 

11/01/2018 

20/01/2021 

20/10/2015 

13/05/2016 

15/02/2017 

25/07/2024 

15/01/2019 

24/10/2036 

14/04/2021 

22/12/2012 

13/02/2018 

15/01/2015 

01/09/2017 

15/06/2019 

15/12/2021 

02/07/2037 

02/07/2017 

30/01/2014 

01/02/2017 

10/11/2021 

25/10/2022 

25/10/2022 

13/05/2021 

27/01/2015 

222,541 

237,517 

264,599 

599,300 

85,916 

509,948 

233,540 

858,591 

356,593 

569,088 

212,151 

1,362,354 

357,145 

693,922 

2,515,179 

506,768 

1,428,834 

554,177 

374,527 

835,840 

446,366 

732,445 

1,754,210 

540,044 

1,542,116 

678,394 

93,489 

233,699 

413,839 

119,462 

0.04% 

0.04% 

0.04% 

0.10% 

0.01% 

0.09% 

0.04% 

0.14% 

0.06% 

0.10% 

0.04% 

0.23% 

0.06% 

0.12% 

0.42% 

0.08% 

0.24% 

0.09% 

0.06% 

0.14% 

0.07% 

0.12% 

0.29% 

0.09% 

0.26% 

0.11% 

0.02% 

0.04% 

0.07% 

0.02% 

96



PORTFOLIO OF INVESTMENTS - Skandia Emerging Market Debt Fund (continued) 



363,000 Evergrande Real Estate Group Ltd 

782,000 Evraz Group SA 

500,000 Export-Import Bank of Korea 

911,000 Ferrexpo Finance PLC 

691,000 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 

1,000,000 Grupo Aval Ltd 

818,000 Grupo Bimbo SAB de CV 

600,000 Grupo Televisa SAB 

1,520,000 Gruposura Finance 

Coupon 

Rate % 

13.00 

6.75 

4.38 

7.88 

10.00 

10.00 

6.25 

4.88 

5.25 

4.88 

6.00 

5.70 

Maturity 

Date 

27/01/2015 

27/04/2018 

15/09/2021 

07/04/2016 

09/11/2015 

29/11/2049 

20/07/2015 

07/10/2020 

01/02/2017 

30/06/2020 

15/05/2018 

18/05/2021 


365,109 0.06% 

755,697 0.13% 

536,234 0.09% 

844,596 0.13% 

678,927 0.11% 

721,828 0.12% 

244,922 0.04% 

1,569,965 0.26% 

1,070,383 0.18% 

934,953 0.15% 

701,297 0.12% 

1,611,567 0.26% 

423,077 Hidroelectrica El Chocon 

602,000 Hutchison Whampoa International 10 Ltd 


716,000 Hypermarcas SA 

105,000 ICICI Bank Ltd 

100,000 ICICI Bank Ltd 

200,000 Indosat Palapa Co BV 

639,000 Inkia Energy Ltd 

500,000 IOI Investment Bhd 

900,000 IPIC GMTN Ltd 

600,000 IPIC GMTN Ltd 

637,000 Itau Unibanco Holding SA/Cayman Island 

1,568,000 KazMunayGas National Co 






400,000 Korea Electric Power Corp 

300,000 Korea Exchange Bank 

400,000 Korea Hydro & Nuclear Power Co Ltd 

1,475,000 Korea Western Power Co Ltd 

200,000 KT Corp 

339,000 Listrindo Capital BV 

1,500,000 MAF Global Securities Ltd 

821,000 Mega Advance Investments Ltd 

660,000 Metalloinvest Finance Ltd 

493,000 Metinvest BV 

744,000 MIE Holdings Corp 

250,000 Minerva Luxembourg SA 

504,000 Minerva Overseas II Ltd 

286,000 Mirabela Nickel Ltd 

1,195,000 Mongolian Mining Corp 

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 

750,000 Novatek OAO via Novatek Finance Ltd 

1,347,000 Novatek OAO via Novatek Finance Ltd 

196,000 Odebrecht Drilling Norbe VIII/IX Ltd 

447,860 Odebrecht Drilling Norbe VIII/IX Ltd 

539,000 Odebrecht Finance Ltd 

500,000 Odebrecht Finance Ltd 

6.00 

4.63 

6.50 

5.75 

5.75 

7.38 

8.38 

4.38 

3.75 

6.88 

5.65 

8.38 

11.75 

7.00 

7.00 

6.38 

6.38 

3.00 

3.13 

4.75 

3.13 

3.88 

6.95 

5.25 

5.00 

6.50 

8.75 

9.75 

12.25 

10.88 

8.75 

8.88 

10.95 

8.63 

6.38 

7.50 

5.33 

6.60 

6.35 

6.35 

5.13 

7.13 

01/03/2015 

28/10/2015 

13/01/2022 

20/04/2021 

16/11/2020 

16/11/2020 

29/07/2020 

04/04/2021 

27/06/2022 

01/03/2017 

01/11/2041 

19/03/2022 

02/07/2013 

23/01/2015 

05/05/2020 

05/05/2020 

09/04/2021 

09/04/2021 

05/10/2015 

26/06/2017 

13/07/2021 

10/05/2017 

20/01/2017 

21/02/2019 

05/07/2019 

12/05/2021 

21/07/2016 

14/02/2018 

12/05/2016 

10/02/2022 

15/11/2019 

15/04/2018 

29/03/2017 

30/03/2016 

22/06/2020 

28/07/2017 

27/01/2020 

03/02/2016 

03/02/2021 

30/06/2021 

30/06/2021 

26/06/2022 

26/06/2042 

423,077 

623,170 

751,122 

710,600 

104,516 

99,531 

222,765 

677,196 

499,664 

948,152 

708,186 

652,456 

1,713,812 

9,247,089 

1,325,376 

2,695,709 

1,986,962 

1,296,923 

410,540 

303,080 

445,893 

1,514,923 

213,921 

355,486 

1,511,145 

877,978 

670,469 

466,968 

733,011 

273,732 

515,739 

202,484 

1,226,438 

928,235 

574,774 

2,146,520 

1,346,430 

800,036 

1,504,863 

212,478 

484,976 

538,556 

500,297 

0.07% 

0.10% 

0.12% 

0.12% 

0.02% 

0.02% 

0.04% 

0.11% 

0.08% 

0.16% 

0.12% 

0.11% 

0.28% 

1.54% 

0.22% 

0.45% 

0.33% 

0.22% 

0.07% 

0.05% 

0.07% 

0.25% 

0.04% 

0.06% 

0.25% 

0.14% 

0.11% 

0.08% 

0.12% 

0.05% 

0.09% 

0.03% 

0.19% 

0.16% 

0.10% 

0.36% 

0.22% 

0.13% 

0.25% 

0.04% 

0.08% 

0.09% 

0.08% 

97




Coupon 


Rate % 


680,000 OGX Austria GmbH 8.50 

444,000 OGX Austria GmbH 144A 8.38 

1,181,000 PCCW-HKT Capital No 4 Ltd 4.25 

1,360,000 Pemex Finance Ltd 9.15 

1,000,000 Pemex Project Funding Master Trust 5.50 

1,841,000 Pemex Project Funding Master Trust 6.63 

2,181,000 Penerbangan Malaysia Bhd 5.63 

7,082,310 Peru Payroll Deduction Finance Ltd – 

308,000 Petrobras International Finance Co - Pifco 2.88 

28,712,373 Petroleos de Venezuela SA 4.90 

301,332 Petroleos de Venezuela SA 5.00 

5,095,500 Petroleos de Venezuela SA 5.25 

750,000 Petroliam Nasional Bhd 7.63 

2,011,000 Petronas Capital Ltd 5.25 

5,935,000 Petronas Capital Ltd 7.88 

100,000 PSA International Pte Ltd 3.88 

1,261,980 QGOG Atlantic / Alaskan Rigs Ltd 5.25 

1,755,000 Qtel International Finance Ltd 4.75 

1,053,000 Qtel International Finance Ltd 5.00 

461,890 Ras Laffan Liquefied Natural Gas Co Ltd II 5.30 

525,000 Reliance Holdings USA Inc 5.40 

944,000 Saudi Electricity Global Sukuk Co 2.67 

1,868,000 Saudi Electricity Global Sukuk Co 4.21 

700,000 Sberbank of Russia Via SB Capital SA 6.13 

1,052,000 SCF Capital Ltd 5.38 

1,060,000 Schahin II Finance Co SPV Ltd 5.88 

2,959,000 Sinochem Overseas Capital Co Ltd 4.50 

1,693,000 Sinopec Group Overseas Development 2012 Ltd 4.88 

595,000 Southern Copper Corp 6.75 

100,000 STATS ChipPAC Ltd 5.38 

1,000,000 Swire Pacific MTN Financing Ltd 4.50 

681,000 Telemar Norte Leste SA 5.50 

400,000 Tencent Holdings Ltd 4.63 

645,000 Texhong Textile Group Ltd 7.63 

650,000 Transportadora de Gas Internacional SA ESP 5.70 

2,490,000 Ukreximbank Via Biz Finance PLC 8.38 

300,000 Urbi Desarrollos Urbanos SAB de CV 9.75 

752,000 Vedanta Resources PLC 8.25 

Vimpel Communications Via VIP Finance 

Maturity 

Date 

01/06/2018 

01/04/2022 

24/02/2016 

15/11/2018 

24/02/2025 

15/06/2035 

15/03/2016 

01/11/2029 

06/02/2015 

28/10/2014 

28/10/2015 

12/04/2017 

15/10/2026 

12/08/2019 

22/05/2022 

11/02/2021 

30/07/2018 

16/02/2021 

19/10/2025 

30/09/2020 

14/02/2022 

03/04/2017 

03/04/2022 

07/02/2022 

27/10/2017 

25/09/2022 

12/11/2020 

17/05/2042 

16/04/2040 

31/03/2016 

28/02/2022 

23/10/2020 

12/12/2016 

19/01/2016 

20/03/2022 

27/04/2015 

03/02/2022 

07/06/2021 


611,396 0.10% 

395,473 0.07% 

1,238,972 0.20% 

1,699,569 0.28% 

1,345,292 0.22% 

2,188,721 0.36% 

2,467,889 0.41% 

4,513,061 0.75% 

315,817 0.05% 

24,606,295 4.09% 

234,658 0.04% 

3,601,062 0.60% 

1,085,320 0.18% 

2,357,544 0.39% 

8,190,144 1.36% 

107,821 0.02% 

1,294,198 0.22% 

1,907,567 0.31% 

1,137,016 0.19% 

513,050 0.09% 

543,669 0.09% 

960,097 0.16% 

1,972,972 0.34% 

746,865 0.12% 

1,014,014 0.17% 

1,081,042 0.18% 

2,998,591 0.51% 

1,810,534 0.30% 

647,525 0.11% 

104,439 0.02% 

1,051,150 0.17% 

702,151 0.12% 

413,045 0.07% 

545,624 0.09% 

687,814 0.11% 

2,298,180 0.38% 

328,514 0.05% 

701,271 0.12% 

899,000 Ireland Ltd OJSC 

330,000 VimpelCom Holdings BV 

7.75 

6.25 

02/02/2021 

01/03/2017 

895,496 

323,107 

0.15% 

0.05% 

576,471 Virgolino De Oliveira 

217,000 Virgolino de Oliveira Finance Ltd 

430,000 Volcan Cia Minera SAA 

400,000 Votorantim Cimentos SA 

1,271,000 VTB Bank OJSC Via VTB Capital SA 

595,000 VTB Bank OJSC Via VTB Capital SA 

325,000 West China Cement Ltd 

Yancoal International Resources Development 

10.50 

5.38 

7.25 

6.32 

6.25 

7.50 

03/11/2015 

28/01/2018 

02/02/2022 

05/04/2041 

22/02/2018 

30/06/2035 

25/01/2016 

551,971 

203,452 

456,635 

410,767 

1,322,733 

634,208 

304,175 

0.09% 

0.03% 

0.08% 

0.07% 

0.22% 

0.11% 

0.05% 

600,000 Co Ltd 

2,651,000 Yuksel Insaat AS 

1,011,000 Zhaikmunai LLP 

5.73 

9.50 

10.50 

16/05/2022 

10/11/2015 

19/10/2015 

601,971 

2,268,476 

1,034,255 

0.10% 

0.38% 

0.17% 

177,212,050 29.45% 

98




Coupon 


Rate % 

Credit Linked Notes - 0.50% (2011 - –%) 

4,000,000,000 Titulos De Tesoreria 11.00 

99 

Maturity 


24/07/2020 2,995,573 0.50% 

2,995,573 0.50% 


3,963,522 Argentina Boden Bonds 


Argentine Republic Government International 

7.00 

7.00 

03/10/2015 

17/04/2017 

3,070,529 

713,346 

0.51% 

0.12% 

1,084,415 Bond 


8.75 02/06/2017 929,889 0.15% 

15,191,603 Bond 


7.82 31/12/2033 10,840,980 1.80% 

9,511,548 Bond 


7.82 31/12/2033 6,718,677 1.12% 

1,948,818 Bond 


8.28 31/12/2033 1,291,316 0.21% 

11,702,122 Bond 


5.83 31/12/2033 1,684,260 0.28% 

16,249,000 Bond 


N.A. 15/12/2035 1,788,609 0.30% 

913,000 Bond 

8,586,000,000 Bogota Distrito Capital 

54,000 Brazil Government International Bond 

90,900 Brazil Notas do Tesouro Nacional Serie F 

1,078,900 Brazil Notas do Tesouro Nacional Serie F 


400,000 Brazilian Government International Bond 

797,000 Brazilian Government International Bond 




869,000 City of Buenos Aires Argentina 

383,000,000 Colombia Government International Bond 

993,000 Colombia Government International Bond 


730,000 Colombia Government International Bond 



948,000 Croatia Government International Bond 

2,700,000 Croatia Government International Bond 

5,783,000 Croatia Government International Bond 

1,945,000 El Salvador Government International Bond 

1,720,000 El Salvador Government International Bond 

1,252,000 Hungary Government International Bond 

101,000 Hungary Government International Bond 

349,000 Hungary Government International Bond 




3,360,000 Indonesia Government International Bond 




274,000 Lithuania Government International Bond 

9,768,000 Lithuania Government International Bond 



N.A. 

9.75 

8.25 

10.00 

10.00 

12.75 

4.88 

8.88 

8.75 

10.13 

7.13 

9.95 

12.00 

7.38 

8.13 

10.38 

7.38 

6.13 

6.25 

6.63 

6.38 

7.38 

7.38 

4.50 

5.50 

5.00 

3.50 

4.38 

5.75 

11.63 

11.63 

5.88 

4.88 

7.38 

6.13 

6.63 

6.63 

15/12/2035 

26/07/2028 

20/01/2034 

01/01/2014 

01/01/2021 

15/01/2020 

22/01/2021 

15/04/2024 

04/02/2025 

15/05/2027 

20/01/2037 

01/03/2017 

22/10/2015 

18/03/2019 

21/05/2024 

28/01/2033 

18/09/2037 

18/01/2041 

27/04/2017 

14/07/2020 

24/03/2021 

01/12/2019 

01/12/2019 

29/01/2014 

06/05/2014 

30/03/2016 

18/07/2016 

04/07/2017 

11/06/2018 

04/03/2019 

04/03/2019 

13/03/2020 

05/05/2021 

11/02/2020 

09/03/2021 

01/02/2022 

01/02/2022 

90,798 

6,923,641 

87,085 

470,014 

5,456,023 

2,751,305 

470,514 

1,248,774 

1,673,477 

2,085,882 

2,590,137 

638,208 

277,949 

1,314,624 

2,405,316 

1,323,338 

16,288,871 

2,259,399 

952,263 

2,759,493 

5,723,539 

2,159,964 

1,910,466 

1,580,274 

153,622 

490,361 

2,460,808 

1,739,091 

1,610,676 

5,055,575 

8,153,838 

2,599,193 

1,151,233 

332,436 

10,983,630 

1,533,525 

1,605,873 

0.02% 

1.15% 

0.01% 

0.08% 

0.91% 

0.46% 

0.08% 

0.21% 

0.28% 

0.35% 

0.43% 

0.11% 

0.05% 

0.22% 

0.40% 

0.22% 

2.70% 

0.38% 

0.16% 

0.46% 

0.95% 

0.36% 

0.32% 

0.26% 

0.03% 

0.08% 

0.41% 

0.29% 

0.27% 

0.84% 

1.35% 

0.43% 

0.19% 

0.06% 

1.83% 

0.25% 

0.27%








1,446,000 Mexico Government International Bond 


830,000 Mexico Government International Bond 



4,605,000 Panama Government International Bond 

969,000 Panama Government International Bond 






1,007,000 Peruvian Government International Bond 


922,000 Philippine Government International Bond 

2,689,000 Philippine Government International Bond 

5,958,000 Philippine Government International Bond 

581,000 Philippine Government International Bond 

13,456,000 Poland Government International Bond 


493,000 Poland Government International Bond 



5,520,000 Qatar Government International Bond 




1,318,000 Republic of Ghana 

18,734,000 Republic of Iraq 

875,000 Republic of Korea 

2,800,000 Russian Foreign Bond - Eurobond 




3,656,000 Slovakia Government International Bond 

100,000 South Africa Government International Bond 

3,662,000 South Africa Government International Bond 


582,000 South Africa Government International Bond 


3,840,000 Turkey Government Bond 

988,000 Turkey Government International Bond 


1,237,000 Turkey Government International Bond 









5,332,000 Ukraine Government International Bond 

Coupon 

Rate % 

6.50 

8.50 

5.95 

8.00 

8.30 

6.05 

5.75 

5.20 

9.38 

7.13 

8.88 

9.38 

8.13 

6.70 

8.75 

6.55 

6.50 

9.50 

7.75 

6.38 

6.38 

4.20 

5.13 

5.00 

5.25 

6.55 

5.25 

6.40 

5.75 

8.50 

5.80 

7.13 

5.00 

5.00 

12.75 

7.50 

4.38 

5.25 

6.88 

5.50 

4.67 

6.25 

9.00 

7.00 

7.50 

6.75 

7.00 

7.50 

7.00 

5.63 

5.13 

6.25 

7.38 

7.25 

7.65 

Maturity 

Date 

10/06/2021 

31/05/2029 

19/03/2019 

24/09/2022 

15/08/2031 

11/01/2040 

12/10/2110 

30/01/2020 

16/01/2023 

29/01/2026 

30/09/2027 

01/04/2029 

28/04/2034 

26/01/2036 

21/11/2033 

14/03/2037 

20/01/2020 

02/02/2030 

14/01/2031 

23/10/2034 

15/07/2019 

15/04/2020 

21/04/2021 

23/03/2022 

20/01/2025 

09/04/2019 

20/01/2020 

20/01/2040 

20/01/2042 

04/10/2017 

15/01/2028 

16/04/2019 

29/04/2020 

29/04/2020 

24/06/2028 

31/03/2030 

21/05/2022 

16/05/2013 

27/05/2019 

09/03/2020 

17/01/2024 

08/03/2041 

08/03/2017 

26/09/2016 

14/07/2017 

03/04/2018 

11/03/2019 

07/11/2019 

05/06/2020 

30/03/2021 

25/03/2022 

26/09/2022 

05/02/2025 

05/03/2038 

11/06/2013 


2,615,403 0.43% 

3,252,175 0.54% 

1,787,934 0.30% 

8,123,826 1.35% 

1,312,163 0.22% 

9,081,953 1.51% 

11,448,608 1.89% 

5,486,361 0.91% 

1,415,358 0.24% 

1,035,671 0.17% 

1,764,029 0.29% 

6,434,883 1.07% 

1,242,587 0.21% 

5,845,179 0.97% 

1,658,263 0.28% 

3,366,616 0.56% 

1,174,857 0.20% 

4,465,479 0.74% 

8,701,455 1.45% 

751,171 0.12% 

16,315,221 2.70% 

2,306,020 0.38% 

551,946 0.09% 

8,143,701 1.35% 

2,001,271 0.33% 

6,885,955 1.14% 

1,180,036 0.20% 

1,377,782 0.23% 

2,812,310 0.47% 

1,493,432 0.25% 

15,913,076 2.63% 

1,120,746 0.19% 

3,043,833 0.51% 

4,704,580 0.78% 

3,625,846 0.60% 

34,851,365 5.78% 

3,588,174 0.60% 

131,000 0.02% 

4,535,647 0.75% 

8,557,538 1.42% 

642,687 0.11% 

4,501,841 0.75% 

2,211,154 0.37% 

1,138,431 0.19% 

494,450 0.08% 

1,436,683 0.24% 

526,555 0.09% 

4,271,521 0.71% 

4,544,720 0.75% 

587,603 0.10% 

3,949,036 0.66% 

6,467,975 1.07% 

807,361 0.13% 

1,356,774 0.23% 

5,265,883 0.88% 

100








482,000 Ukraine Government International Bond 


1,406,000 Uruguay Government International Bond 

698,958 Uruguay Government International Bond 



3,868,000 Venezuela Government International Bond 

2,062,000 Venezuela Government International Bond 

Coupon 

Rate % 

6.88 

6.88 

6.25 

6.75 

9.25 

8.00 

7.88 

7.63 

13.63 

6.00 

Maturity 

Date 

23/09/2015 

23/09/2015 

17/06/2016 

14/11/2017 

17/05/2017 

18/11/2022 

15/01/2033 

21/03/2036 

15/08/2018 

09/12/2020 


2,500,777 0.42% 

3,160,834 0.53% 

434,472 0.07% 

1,058,964 0.18% 

1,879,564 0.31% 

990,623 0.16% 

3,270,904 0.54% 

4,645,019 0.77% 

4,122,187 0.68% 

1,388,413 0.23% 

394,106,702 65.48% 


(Cost USD 549,779,244) (2011: USD 502,747,542) 574,314,325 95.43% 

Corporate Bond - 0.00% (2011 - –%) 

– MHP SA 10.25 

101 

29/04/2015 (450) 0.00% 

(450) 0.00% 


(Cost USD –) (2011: USD -) (450) 0.00% 

Cash at Bank 27,151,723 4.51% 








market 95.54% 





100.00%



PORTFOLIO OF INVESTMENTS - Skandia Swiss Equity Fund 

Nominal Security Description Value CHF % Net Assets 

Equities 


15,512 EMS-Chemie Holding AG 2,661,858 4.33% 

2,747 Givaudan SA 2,524,493 4.10% 

1,301 Siegfried Holding AG 146,363 0.24% 

1,173 Syngenta AG 381,460 0.62% 

5,714,174 9.29% 


1,122 Ascom Holding AG 7,529 0.01% 

17,100 Goldbach Group AG 375,345 0.61% 

1,029 PubliGroupe AG 144,677 0.24% 

7,808 Swisscom AG 2,963,136 4.81% 

406 Tamedia AG 41,006 0.07% 

8,048 U-Blox AG 305,824 0.50% 

3,837,517 6.24% 


80,454 Mobilezone Holding AG 759,486 1.24% 

549 Valora Holding AG 95,087 0.15% 

854,573 1.39% 


6,067 Acino Holding AG 657,663 1.07% 

3,039 Barry Callebaut AG 2,593,787 4.22% 

66 Bell AG 122,430 0.20% 

1,301 Emmi AG 246,930 0.40% 

1,341 Galenica AG 805,941 1.31% 

80 Lindt & Spruengli AG 2,768,000 4.50% 

50,067 Nestle SA 2,826,282 4.58% 

53,446 Novartis AG 2,837,983 4.61% 

8,274 Orior AG 395,497 0.64% 


1,551 SGS SA 2,723,556 4.43% 

17,491 Sonova Holding Ag Soon Vx 1,577,688 2.56% 

139 Straumann Holding AG 19,154 0.03% 

34,667 Tecan Group AG 2,223,888 3.62% 

22,752,099 36.97% 

Diversified - 0.54% (2011 - –%) 

93 Metall Zug AG 332,010 0.54% 

332,010 0.54% 

Energy - 0.32% (2011 - 1.68%) 

6,249 BKW AG 194,656 0.32% 

194,656 0.32% 

Financial - 32.05% (2011 - 18.78%) 

6,538 Allreal Holding AG 900,283 1.46% 

1,636 Bank Coop AG 93,252 0.15% 

1,809 Banque Cantonale Vaudoise 905,405 1.47% 

7 Banque Privee Edmond de Rothschild SA 129,500 0.21% 

102



PORTFOLIO OF INVESTMENTS - Skandia Swiss Equity Fund (continued) 




210 Basellandschaftliche Kantonalbank 270,060 0.44% 

24,681 Basler Kantonalbank 2,700,100 4.40% 

1,403 Berner Kantonalbank AG 351,452 0.57% 

246 Graubuendner Kantonalbank 290,772 0.47% 

12 Hypothekarbank Lenzburg 51,000 0.08% 

611 Intershop Holdings 199,186 0.32% 

264 Liechtensteinische Landesbank AG 8,989 0.01% 

1,746 Luzerner Kantonalbank AG 573,125 0.93% 

10,027 Mobimo Holding AG 2,180,873 3.55% 

16,171 Partners Group Holding AG 2,695,705 4.38% 

33,214 PSP Swiss Property AG 2,755,101 4.49% 

7,430 Schweizerische National-Versicherungs-Gesellschaft AG 248,162 0.40% 

1,507 St Galler Kantonalbank AG 506,729 0.82% 

34,383 Swiss Prime Site AG 2,699,066 4.39% 

726 Swissquote Group Holding SA 19,130 0.03% 

12,354 Valiant Holding 1,304,582 2.13% 

501 Vaudoise Assurances Holding SA 134,393 0.22% 

1,073 Verwaltungs- und Privat-Bank AG 77,578 0.13% 

4,448 Vontobel Holding AG 81,843 0.13% 

2,169 VZ Holding AG 194,885 0.32% 

73 Walliser Kantonalbank 63,510 0.10% 

24 Warteck Invest AG 45,288 0.07% 

47 Zuger Kantonalbank AG 234,013 0.38% 

19,713,982 32.05% 

Industrial - 13.32% (2011 - 21.78%) 

113 Belimo Holding AG 182,269 0.29% 

117 Burkhalter Holding AG 32,058 0.05% 

105 Conzzeta AG 180,810 0.29% 

348 Daetwyler Holding AG 23,612 0.04% 

4,898 Flughafen Zuerich AG 1,621,238 2.64% 

826 Geberit AG 151,901 0.25% 

26,972 Implenia AG 792,977 1.29% 

2,031 Inficon Holding AG 385,077 0.63% 

731 Jungfraubahn Holding AG 44,883 0.07% 

390 Kaba Holding AG 138,548 0.23% 

619 LEM Holding SA 294,489 0.48% 

148 Phoenix Mecano AG 68,228 0.11% 

3,080 Schaffner Holding AG 693,000 1.12% 

16,957 Schindler Holding AG 1,812,704 2.95% 

2,850 Schweiter Technologies AG 1,315,275 2.14% 

36,753 Swisslog Holding AG 33,078 0.05% 

187 Vetropack Holding AG 313,225 0.51% 

103



PORTFOLIO OF INVESTMENTS - Skandia Swiss Equity Fund (continued) 




1,942 Zehnder Group AG 108,558 0.18% 

8,191,930 13.32% 

Utilities - 0.14% (2011 - –%) 

79 Romande Energie Holding SA 88,085 0.14% 

88,085 0.14% 



(Cost CHF 60,589,197) (2011: CHF 67,265,003) 61,679,026 100.26% 

Cash at Bank 643,510 1.05% 








market 55.32% 





100.00% 

104



PORTFOLIO OF INVESTMENTS - Skandia Healthcare Fund 


Equities 


110,000 Abbott Laboratories 6,920,100 4.37% 

114,000 Actelion Ltd 4,650,917 2.94% 

48,000 Aetna Inc 1,912,800 1.21% 

25,000 Allergan Inc/United States 2,250,750 1.42% 

64,700 Auxilium Pharmaceuticals Inc 1,723,608 1.09% 

34,000 Baxter International Inc 1,753,720 1.11% 

25,000 Biogen Idec Inc 3,502,750 2.21% 

39,000 BioMarin Pharmaceutical Inc 1,468,740 0.93% 

2,088,000 Biosensors International Group Ltd 1,867,665 1.18% 

219,300 Bristol-Myers Squibb Co 7,693,044 4.86% 

775,300 China Shineway Pharmaceutical Group Ltd 1,113,488 0.70% 

137,300 Dendreon Corp 998,171 0.63% 

148,000 Elan Corp PLC ADR 2,125,280 1.34% 

135,000 Exact Sciences Corp 1,401,300 0.88% 

74,600 Express Scripts Holding Co 4,087,334 2.58% 

98,000 Gilead Sciences Inc 4,903,920 3.09% 

60,000 Given Imaging Ltd 936,600 0.59% 

119,100 HCA Holdings Inc 3,509,877 2.22% 

21,000 Humana Inc 1,670,760 1.05% 

43,700 Illumina Inc 1,712,603 1.08% 

65,400 Immunogen Inc 1,057,518 0.67% 

60,000 Impax Laboratories Inc 1,289,400 0.81% 

200,000 Incyte Corp Ltd 4,470,000 2.82% 

83,000 Life Technologies Corp 3,658,640 2.31% 

20,600 Medivir AB 197,882 0.12% 

242,000 Merck & Co Inc 9,844,559 6.21% 

413,000 Mitsubishi Tanabe Pharma Corp 5,948,988 3.76% 

104,000 Neurocrine Biosciences Inc 817,440 0.52% 

113,000 Nichi-iko Pharmaceutical Co Ltd 2,496,264 1.58% 

58,000 Novartis AG 3,223,402 2.04% 

148,000 NPS Pharmaceuticals Inc 1,228,400 0.78% 

54,000 Ono Pharmaceutical Co Ltd 3,396,654 2.14% 

70,300 Onyx Pharmaceuticals Inc 4,497,091 2.84% 

180,000 OraSure Technologies Inc 1,857,600 1.17% 

381,700 Pfizer Inc 8,599,700 5.43% 

43,900 Questcor Pharmaceuticals Inc 2,276,215 1.44% 


5,000 Roche Holding AG 855,618 0.54% 

87,000 Sanofi 6,431,047 4.06% 

40,600 Sawai Pharmaceutical Co Ltd 4,382,288 2.77% 

275,000 Sequenom Inc 1,089,000 0.69% 

2,235,000 Shandong Weigao Group Medical Polymer Co Ltd 2,460,740 1.55% 

23,000 Shire PLC 1,935,220 1.22% 

72,000 Towa Pharmaceutical Co Ltd 4,044,283 2.55% 

105



PORTFOLIO OF INVESTMENTS - Skandia Healthcare Fund (continued) 





43,100 Verastem Inc 422,811 0.27% 

83,000 Vivus Inc 2,367,160 1.49% 

108,700 Warner Chilcott PLC 1,996,819 1.26% 

43,800 Watson Pharmaceuticals Inc 3,162,360 2.00% 

45,000 WellPoint Inc 2,965,500 1.87% 

35,000 Zimmer Holdings Inc 2,182,950 1.38% 

156,158,734 98.59% 

Industrial - 0.80% (2011 - 1.56%) 

25,100 Thermo Fisher Scientific Inc 1,268,805 0.80% 

1,268,805 0.80% 



(Cost USD 145,690,873) (2011: USD 111,606,100) 157,427,539 99.39% 

Cash at Bank 1,932,940 1.22% 








market 46.39% 





100.00% 

106



PORTFOLIO OF INVESTMENTS - Skandia Technology Fund 


Equities 


13,710 Amazon.com Inc 3,034,160 2.71% 

89,380 Amdocs Ltd 2,604,534 2.33% 

24,555 Bankrate Inc 434,624 0.39% 

30,315 CBS Corp 962,804 0.86% 

96,730 Cisco Systems Inc 1,594,110 1.42% 

31,185 Crown Castle International Corp 1,808,106 1.62% 

23,905 Ctrip.com International Ltd ADR 397,062 0.35% 

150,930 eBay Inc 6,154,925 5.50% 

18,134 Facebook Inc 568,682 0.51% 

10,000 LinkedIn Corp 1,027,400 0.92% 

9,070 MercadoLibre Inc 647,235 0.58% 

5,995 Netflix Inc 403,823 0.36% 

62,630 News Corp 1,377,234 1.23% 

20,915 OpenTable Inc 899,972 0.80% 

23,175 SBA Communications Corp 1,318,194 1.18% 


29,200 Tencent Holdings Ltd 850,789 0.76% 

16,490 Time Warner Cable Inc 1,319,530 1.18% 

21,065 Walt Disney Co/The 1,007,328 0.90% 

30,700 Yelp Inc 691,057 0.62% 

41,345 Youku Inc 866,591 0.77% 

342,783 Zynga Inc 1,844,173 1.65% 

31,683,346 28.31% 


652,346 Bwin.Party Digital Entertainment PLC 1,113,534 0.99% 

9,800 Nintendo Co Ltd 1,140,395 1.02% 

2,253,929 2.01% 


16,565 Celgene Corp 1,027,858 0.92% 

41,628 Gartner Inc 1,771,688 1.58% 

43,140 Iron Mountain Inc 1,394,285 1.25% 

77,200 Live Nation Entertainment Inc 700,976 0.63% 

5,670 Mastercard Inc 2,388,771 2.13% 

24,745 Verisk Analytics Inc 1,185,780 1.06% 

33,306 VistaPrint NV 1,015,500 0.91% 

26,245 Zillow Inc 942,196 0.84% 

10,427,054 9.32% 

Financial - 0.76% (2011 - –%) 

15,070 American Express Co 854,318 0.76% 

854,318 0.76% 

Industrial - 9.99% (2011 - 10.82%) 

13,655 Agilent Technologies Inc 515,067 0.46% 

63,576 Amphenol Corp 3,384,150 3.02% 

14,800 FANUC Corp 2,411,121 2.15% 

107



PORTFOLIO OF INVESTMENTS - Skandia Technology Fund (continued) 




116,175 TE Connectivity Ltd 3,601,425 3.22% 

47,581 Ultra Electronics Holdings PLC 1,181,911 1.06% 

69,000 WT Microelectronics Co Ltd 92,932 0.08% 

11,186,606 9.99% 

Technology - 48.78% (2011 - 48.35%) 

39,255 ANSYS Inc 2,393,377 2.14% 

14,200 Apple Inc 8,080,511 7.22% 

88,735 ARM Holdings PLC 697,804 0.62% 

44,282 ASML Holding NV 2,212,115 1.98% 

21,935 athenahealth Inc 1,685,485 1.51% 

487,340 Atmel Corp 3,109,230 2.77% 

53,675 Autodesk Inc 1,762,150 1.57% 

38,438 Aveva Group PLC 968,593 0.87% 

39,055 Blackbaud Inc 981,452 0.88% 

41,660 Ceva Inc 726,134 0.65% 

15,120 Cognizant Technology Solutions Corp 849,744 0.76% 

61,340 Cornerstone OnDemand Inc 1,374,629 1.23% 

19,435 Informatica Corp 798,390 0.71% 

27,970 Intuit Inc 1,594,290 1.42% 

34,455 Jack Henry & Associates Inc 1,160,789 1.04% 


17,165 MSCI Inc 561,124 0.50% 

80,970 NetApp Inc 2,420,193 2.16% 

62,100 Nexon Co Ltd 1,210,907 1.08% 

321,585 ON Semiconductor Corp 2,173,915 1.94% 

157,228 Oracle Corp 4,429,113 3.96% 

17,840 Parametric Technology Corp 357,157 0.32% 

59,175 RealPage Inc 1,289,423 1.15% 

4,560 Salesforce.com Inc 600,917 0.54% 

679 Samsung Electronics Co Ltd 711,995 0.64% 

32,295 Solera Holdings Inc 1,313,761 1.17% 

15,865 SS&C Technologies Holdings Inc 382,664 0.34% 

800,000 Taiwan Semiconductor Manufacturing Co Ltd 2,176,368 1.94% 

20,115 Teradata Corp 1,368,423 1.22% 

11,595 VMware Inc 974,676 0.87% 

37,525 Xilinx Inc 1,214,684 1.09% 

54,598,283 48.78% 



106,770,347) (2011: USD 111,683,260) 111,003,536 99.17% 

Cash at Bank 1,514,980 1.35% 



108



PORTFOLIO OF INVESTMENTS - Skandia Technology Fund (continued) 






market 52.89% 





100.00% 

109



PORTFOLIO OF INVESTMENTS - Skandia European Best Ideas Fund 


Equities 


39,715 Air Liquide SA 3,509,615 1.26% 

51,658 Bayer AG 2,869,602 1.03% 

225,966 Croda International PLC 6,283,565 2.27% 

72,869 Lanxess AG 3,544,713 1.27% 

43,778 Linde AG 5,264,305 1.89% 

52,500 Rio Tinto PLC 1,968,452 0.71% 

22,353 Syngenta AG 6,047,802 2.17% 

70,746 Umicore SA 2,527,755 0.90% 

194,359 Victrex PLC 2,984,371 1.07% 

275,079 Yule Catto & Co PLC 477,653 0.17% 

35,477,833 12.74% 


160,586 ADVA AG Optical Networking 642,023 0.23% 

282,361 British Sky Broadcasting Group PLC 2,418,220 0.87% 

2,811,153 ITV PLC 2,669,053 0.96% 

159,168 SES SA 2,938,241 1.06% 

2,523,680 Sky Deutschland AG 7,195,011 2.58% 


19,962,662 7.17% 


61,455 CFAO SA 2,273,835 0.82% 

67,630 Cie Financiere Richemont SA 2,875,223 1.03% 

37,000 Continental AG 2,418,690 0.87% 

42,102 Inditex SA 3,365,634 1.21% 

53,670 Paddy Power PLC 2,790,840 1.00% 

369,624 Pirelli & C. SpA 3,014,284 1.08% 

114,500 Rallye SA 2,569,380 0.92% 

53,000 SEB SA 2,567,320 0.92% 

1,060,012 Sports Direct International PLC 4,009,942 1.44% 

18,800 Swatch Group AG/The 5,812,257 2.09% 

22,493 Volkswagen AG 2,627,183 0.95% 

14,982 Volkswagen AG 1,823,309 0.65% 

36,147,897 12.98% 


50,883 Anheuser-Busch InBev NV 3,031,100 1.09% 

406,005 Capita PLC 3,290,822 1.19% 

870,308 Distribuidora Internacional de Alimentacion SA 3,198,382 1.15% 

39,445 Fresenius SE & Co KGaA 3,195,834 1.15% 

3,635 Galenica AG 1,817,566 0.65% 

462,959 GlaxoSmithKline PLC 8,239,898 2.96% 

165,000 Groupe Steria SCA 2,003,925 0.72% 

1,150,000 ITE Group PLC 2,767,114 0.99% 

201,466 Jeronimo Martins SGPS SA 2,720,798 0.98% 

33,240 Novo Nordisk A/S 3,751,871 1.35% 

110



PORTFOLIO OF INVESTMENTS - Skandia European Best Ideas Fund (continued) 




34,000 Nutreco NV 1,848,920 0.66% 


54,135 Sanofi 3,180,973 1.14% 

116,512 Swedish Match AB 3,686,157 1.32% 

80,000 Unilever PLC 2,126,374 0.76% 

47,773,731 17.16% 

Diversified - 2.56% (2011 - 1.14%) 

10,000 Bollore SA 1,712,500 0.62% 

133,931 GEA Group AG 2,743,576 0.98% 

50,411 Groupe Bruxelles Lambert SA 2,661,197 0.96% 

7,117,273 2.56% 

Energy - 5.88% (2011 - 10.55%) 

115,000 Bourbon SA 2,119,450 0.76% 

424,934 BP PLC 2,215,967 0.80% 

39,723 Fugro NV 1,862,611 0.67% 

350,000 John Wood Group PLC 2,951,920 1.06% 

186,488 Lundin Petroleum AB 2,743,853 0.98% 

102,049 Royal Dutch Shell PLC 2,718,075 0.98% 

116,000 Subsea 7 SA 1,757,981 0.63% 

11,600 Veripos Inc 2,906 0.00% 

16,372,763 5.88% 

Financial - 14.07% (2011 - 14.76%) 

148,000 Aareal Bank AG 1,857,400 0.67% 

76,135 Allianz SE 5,889,804 2.12% 

2,407,918 Barclays PLC 4,902,952 1.76% 

92,236 BNP Paribas SA 2,721,884 0.98% 

362,360 DNB ASA 2,789,064 1.00% 

20,326,524 Governor & Co of the Bank of Ireland/The 1,870,040 0.67% 

5,013,683 Intesa Sanpaolo SpA 5,304,476 1.91% 

369,857 Prudential PLC 3,351,055 1.20% 

130,000 SCOR SE 2,455,700 0.88% 

796,917 TAG Immobilien AG 5,745,772 2.06% 

12,897 Zurich Insurance Group AG 2,277,980 0.82% 

39,166,127 14.07% 

Industrial - 16.09% (2011 - 15.59%) 

233,551 Aker Solutions ASA 2,491,885 0.89% 

67,329 Andritz AG 2,649,733 0.95% 

155,677 Assa Abloy AB 3,358,604 1.21% 

116,080 DSV A/S 1,792,769 0.64% 

168,000 Huhtamaki OYJ 1,938,720 0.70% 

64,230 Krones AG 2,511,393 0.90% 

76,119 Lafarge SA 2,626,486 0.94% 

125,000 Rotork PLC 2,978,275 1.07% 

100,000 Safran SA 2,872,500 1.03% 

111



PORTFOLIO OF INVESTMENTS - Skandia European Best Ideas Fund (continued) 




64,629 Schneider Electric SA 2,756,104 0.99% 

1,733 Sika AG 2,621,222 0.94% 

213,191 SKF AB 3,238,789 1.16% 

225,075 Smiths Group PLC 2,816,734 1.01% 

223,847 Spectris PLC 4,164,568 1.50% 

111,968 Spirax-Sarco Engineering PLC 2,705,268 0.98% 

90,948 Vinci SA 3,275,037 1.18% 

44,798,087 16.09% 

Technology - 6.38% (2011 - 4.40%) 

89,000 AtoS 4,149,180 1.49% 

165,852 Aveva Group PLC 3,322,162 1.19% 

1,054,239 Infineon Technologies AG 5,527,375 1.98% 

69,119 SAP AG 3,173,944 1.14% 

180,000 Suss Microtec AG 1,604,340 0.58% 

17,777,001 6.38% 

Utilities - 1.89% (2011 - 1.47%) 

158,471 E.ON AG 2,644,089 0.95% 

263,694 Veolia Environnement SA 2,622,173 0.94% 

5,266,262 1.89% 



(Cost EUR 257,845,247) (2011: EUR 318,135,360) 269,859,636 96.92% 

Cash at Bank 10,974,586 3.94% 








market 54.98% 





100.00% 

112



PORTFOLIO OF INVESTMENTS - Skandia US Large Cap Value Fund 


Equities 


43,699 EI du Pont de Nemours & Co 2,171,403 1.50% 

50,840 International Paper Co 1,417,928 0.98% 

33,360 Praxair Inc 3,514,142 2.41% 

7,103,473 4.89% 


74,167 CenturyLink Inc 2,877,680 1.98% 

130,204 Comcast Corp 3,982,940 2.75% 

83,014 Corning Inc 1,045,146 0.72% 

50,680 Time Warner Inc 1,919,252 1.32% 

180,280 Yahoo! Inc 2,785,326 1.92% 

12,610,344 8.69% 


37,900 Darden Restaurants Inc 1,864,680 1.28% 

31,070 Genuine Parts Co 1,853,326 1.28% 

104,660 International Game Technology 1,611,764 1.11% 

61,490 Kohl's Corp 2,739,380 1.89% 

140,550 Staples Inc 1,769,525 1.22% 

69,762 TJX Cos Inc 2,902,098 2.00% 

12,740,773 8.78% 


66,540 Abbott Laboratories 4,186,031 2.88% 

70,050 Aetna Inc 2,791,493 1.92% 

17,998 Colgate-Palmolive Co 1,835,616 1.26% 

41,870 DaVita Inc 4,049,248 2.80% 

32,430 Laboratory Corp of America Holdings 2,984,857 2.06% 

23,191 PepsiCo Inc 1,614,094 1.11% 


20,706,201 14.27% 

Energy - 9.63% (2011 - 10.67%) 

42,221 Cameron International Corp 1,742,883 1.20% 

42,590 Devon Energy Corp 2,420,816 1.67% 

44,208 Exxon Mobil Corp 3,673,685 2.54% 

44,832 National Oilwell Varco Inc 2,785,860 1.92% 

36,644 Occidental Petroleum Corp 2,965,965 2.04% 

11,902 Phillips 66 384,554 0.26% 

13,973,763 9.63% 

Financial - 18.81% (2011 - 15.19%) 

64,300 American Express Co 3,645,167 2.51% 

33,290 Ameriprise Financial Inc 1,691,132 1.17% 

22,260 BlackRock Inc 3,697,164 2.55% 

35,377 Capital One Financial Corp 1,891,254 1.30% 

53,290 CIT Group Inc 1,870,479 1.29% 

66,150 Marsh & McLennan Cos Inc 2,085,048 1.43% 

55,000 MetLife Inc 1,621,950 1.12% 

113



PORTFOLIO OF INVESTMENTS - Skandia US Large Cap Value Fund (continued) 




84,210 NYSE Euronext 2,119,566 1.46% 

34,090 Prudential Financial Inc 1,594,389 1.10% 

134,880 TD Ameritrade Holding Corp 2,245,752 1.55% 

26,450 Travelers Cos Inc/The 1,662,383 1.15% 

26,090 Visa Inc 3,170,457 2.18% 

27,294,741 18.81% 

Industrial - 12.02% (2011 - 12.69%) 

49,598 Boeing Co/The 3,550,224 2.45% 

63,150 Danaher Corp 3,153,079 2.17% 

28,991 Deere & Co 2,268,256 1.56% 

62,820 Ingersoll-Rand PLC 2,583,787 1.78% 

32,425 Rockwell Collins Inc 1,548,294 1.07% 

60,069 Thermo Fisher Scientific Inc 3,036,488 2.09% 

17,950 United Technologies Corp 1,303,170 0.90% 

17,443,298 12.02% 

Technology - 15.52% (2011 - 14.72%) 

6,489 Apple Inc 3,692,565 2.55% 

112,760 Applied Materials Inc 1,250,508 0.86% 

24,050 Cognizant Technology Solutions Corp 1,351,610 0.93% 

138,590 Dell Inc 1,656,151 1.14% 

86,680 Electronic Arts Inc 1,030,625 0.71% 

69,538 Fidelity National Information Services Inc 2,326,741 1.60% 


114,527 Oracle Corp 3,226,226 2.22% 

96,480 Texas Instruments Inc 2,592,418 1.79% 

22,523,984 15.52% 

Utilities - 4.84% (2011 - 4.03%) 

86,286 Northeast Utilities 3,308,205 2.28% 

93,960 Wisconsin Energy Corp 3,713,299 2.56% 

7,021,504 4.84% 



(Cost USD 133,254,090) (2011: USD 158,680,318) 141,418,081 97.45% 

Cash at Bank 5,130,950 3.54% 



114



PORTFOLIO OF INVESTMENTS - Skandia US Large Cap Value Fund (continued) 






market 21.81% 





100.00% 

115



PORTFOLIO OF INVESTMENTS - Skandia Investment Grade Corporate Bond Fund 



625,613 Bank of America Auto Trust 






Citigroup/Deutsche Bank Commercial Mortgage 

Coupon 

Rate % 

3.52 

5.62 

5.91 

5.41 

4.83 

5.69 

Maturity 

Date 

15/06/2016 

11/03/2039 

11/06/2040 

11/12/2040 

11/11/2041 

11/06/2050 


632,627 0.23% 

311,409 0.12% 

225,114 0.08% 

151,806 0.06% 

324,077 0.12% 

174,975 0.07% 

525,000 Trust 

375,000 Commercial Mortgage Loan Trust 

165,000 CW Capital Cobalt Ltd 

FHLMC Multifamily Structured Pass Through 

5.32 

6.20 

5.22 

11/12/2049 

10/12/2049 

15/08/2048 

586,854 

430,227 

183,497 

0.21% 

0.16% 

0.07% 


675,000 Ford Credit Floorplan Master Owner Trust 

402,032 GE Equipment Transportation LLC 

305,000 GMAC Commercial Mortgage Securities Inc 

225,000 Greenwich Capital Commercial Funding Corp 

221,000 GS Mortgage Securities Corp II 144A 

365,197 Harley-Davidson Motorcycle Trust 


1.88 

1.79 

0.77 

5.64 

5.44 

3.55 

2.40 

25/08/2016 

15/09/2014 

21/10/2013 

10/05/2040 

10/03/2039 

10/04/2034 

15/07/2014 

17,253 

677,707 

402,234 

318,718 

250,589 

230,078 

366,699 

0.01% 

0.26% 

0.15% 

0.12% 

0.09% 

0.09% 

0.14% 



3.91 05/05/2030 259,040 0.10% 



5.77 12/06/2041 237,032 0.09% 



5.46 12/01/2043 98,806 0.04% 



5.43 12/12/2043 225,442 0.08% 



5.48 12/12/2044 280,359 0.11% 



5.34 15/05/2047 417,764 0.16% 



5.92 12/02/2049 228,738 0.09% 



6.07 12/02/2051 453,305 0.17% 






Los Angeles County Metropolitan Transportation 

5.72 

6.07 

5.35 

5.43 

6.31 

15/02/2051 

15/06/2038 

15/11/2038 

15/02/2040 

15/04/2041 

108,505 

252,735 

226,408 

572,508 

11,942 

0.04% 

0.10% 

0.09% 

0.21% 

0.00% 


77,025 Merrill Lynch Mortgage Investors Inc 

310,733 Merrill Lynch Mortgage Investors Inc 


5.74 

0.45 

0.36 

01/06/2039 

25/12/2036 

25/03/2037 

901,558 

52,107 

171,196 

0.34% 

0.02% 

0.06% 

395,000 Mortgage Trust 




255,445 NCUA Guaranteed Notes 




395,000 New Jersey State Turnpike Authority 

785,000 North Texas Tollway Authority 

5.81 

4.99 

5.37 

5.57 

0.64 

0.69 

2.65 

2.90 

7.10 

6.72 

12/06/2050 

13/08/2042 

14/11/2042 

15/12/2044 

06/02/2020 

07/10/2020 

29/10/2020 

29/10/2020 

01/01/2041 

01/01/2049 

428,371 

148,713 

184,431 

125,648 

255,656 

281,665 

609,100 

154,933 

576,838 

1,094,421 

0.16% 

0.06% 

0.07% 

0.05% 

0.10% 

0.11% 

0.22% 

0.06% 

0.22% 

0.41% 

116



PORTFOLIO OF INVESTMENTS - Skandia Investment Grade Corporate Bond Fund (continued) 



255,000 Ohio State University/The 

137,338 Securitized Asset Backed Receivables LLC 

90,000 State of Illinois 

205,000 UBS-Barclays Commercial Mortgage Trust 

1,255,000 University of California 

225,000 Wachovia Bank Commercial Mortgage Trust 



Coupon 

Rate % 

4.80 

0.38 

5.88 

3.53 

6.55 

5.93 

2.61 

2.62 

Maturity 

Date 

01/06/2111 

25/05/2037 

01/03/2019 

10/05/2063 

15/05/2048 

15/06/2049 

25/02/2035 

25/03/2035 


287,766 0.11% 

70,754 0.03% 

102,022 0.04% 

209,087 0.08% 

1,673,973 0.63% 

246,680 0.09% 

122,908 0.05% 

182,173 0.06% 

16,536,448 6.23% 




500,000 Aegon NV 

300,000 AES Corp/The 

215,000 Aetna Inc 

440,000 Aflac Inc 

385,000 Aflac Inc 

185,000 Alcoa Inc 

300,000 Allianz Finance II BV 

134,000 Allstate Corp/The 


1,195,000 Altria Group Inc 


1,100,000 Amer Express Credit Corp 

110,000 American Express Co 









275,000 Anglian Water Services Financing PLC 

1,710,000 Anheuser-Busch InBev Worldwide Inc 

500,000 AON Financial Services Luxembourg SA 

Aquarius + Investments Plc for Swiss 

4.25 

6.25 

4.63 

7.75 

4.50 

2.65 

4.00 

6.15 

3.50 

5.20 

9.70 

9.25 

4.75 

7.30 

6.15 

7.00 

8.13 

5.00 

6.40 

4.88 

5.00 

5.95 

6.95 

4.50 

7.75 

6.25 

02/02/2017 

27/04/2022 

01/12/2015 

01/03/2014 

15/05/2042 

15/02/2017 

15/02/2022 

15/08/2020 

14/02/2022 

15/01/2042 

10/11/2018 

06/08/2019 

05/05/2021 

20/08/2013 

28/08/2017 

19/03/2018 

20/05/2019 

26/06/2017 

15/12/2020 

01/06/2022 

26/04/2023 

15/09/2016 

15/06/2019 

05/10/2027 

15/01/2019 

01/07/2014 

643,303 

635,290 

536,121 

330,521 

224,677 

458,195 

410,404 

199,316 

393,928 

154,250 

188,497 

1,691,227 

490,553 

1,202,551 

132,454 

1,112,989 

1,205,313 

452,113 

593,349 

598,174 

812,998 

604,904 

1,198,282 

464,846 

2,320,540 

715,282 

0.24% 

0.24% 

0.20% 

0.12% 

0.08% 

0.17% 

0.15% 

0.08% 

0.15% 

0.06% 

0.07% 

0.64% 

0.18% 

0.45% 

0.05% 

0.42% 

0.45% 

0.17% 

0.22% 

0.23% 

0.31% 

0.23% 

0.44% 

0.18% 

0.86% 

0.27% 

1,350,000 Reinsurance Co Ltd 

475,000 AT&T Inc 

1,085,000 AT&T Inc 

360,000 AT&T Inc 

1,700,000 AT&T Inc 

800,000 AT&T Inc 

250,000 Autoroutes du Sud de la France SA 

200,000 AutoZone Inc 

186,000 Aviva PLC 

370,000 BAA Funding Ltd 

400,000 Baltimore Gas & Electric Co 

555,000 Bancolombia SA 






8.25 

5.50 

5.80 

4.45 

3.00 

5.35 

4.13 

3.70 

6.88 

5.88 

3.50 

4.25 

6.50 

4.63 

3.88 

4.75 

5.65 

01/09/2018 

01/02/2018 

15/02/2019 

15/05/2021 

15/02/2022 

01/09/2040 

13/04/2020 

15/04/2022 

22/05/2038 

13/05/2041 

15/11/2021 

12/01/2016 

01/08/2016 

07/02/2017 

22/03/2017 

03/04/2017 

01/05/2018 

1,367,325 

574,950 

1,343,750 

411,330 

1,750,667 

943,868 

331,805 

207,402 

207,584 

618,522 

428,030 

589,488 

700,720 

966,125 

333,250 

329,338 

268,408 

0.53% 

0.22% 

0.51% 

0.16% 

0.65% 

0.36% 

0.13% 

0.08% 

0.08% 

0.23% 

0.16% 

0.22% 

0.26% 

0.36% 

0.13% 

0.12% 

0.10% 

117








1,695,000 Bank of America Corp 










395,000 BM&FBovespa SA 

535,000 BMW Finance NV 




265,000 BP Capital Markets PLC 



405,000 Braskem Finance Ltd 

1,225,000 British Telecommunications PLC 


700,000 Burlington Northern Santa Fe LLC 

390,000 Canadian Pacific Railway Co 

615,000 Capital One Financial Corp 

195,000 Carlsberg Breweries A/S 

215,000 Carolina Power & Light Co 

500,000 Casino Guichard Perrachon SA 






CCO Holdings LLC / CCO Holdings Capital 

Coupon 

Rate % 

5.88 

5.00 

5.70 

5.00 

0.67 

6.75 

5.13 

6.63 

5.88 

5.38 

6.38 

3.63 

5.50 

3.63 

2.88 

4.13 

7.78 

4.33 

3.56 

3.25 

5.75 

5.15 

5.75 

4.70 

4.45 

2.15 

2.63 

2.80 

4.73 

5.75 

4.30 

3.38 

7.88 

5.90 

Maturity 

Date 

05/01/2021 

13/05/2021 

24/01/2022 

22/09/2016 

11/09/2017 

22/05/2019 

08/01/2020 

30/03/2022 

12/03/2015 

29/06/2017 

12/12/2019 

09/11/2021 

16/07/2020 

29/01/2018 

27/11/2017 

14/01/2022 

29/06/2049 

10/12/2018 

01/11/2021 

06/05/2022 

15/04/2021 

15/01/2013 

07/12/2028 

01/10/2019 

15/03/2023 

23/03/2015 

03/07/2019 

15/05/2022 

26/05/2021 

15/04/2020 

15/02/2021 

01/03/2022 

30/07/2030 

15/10/2040 


774,785 0.29% 

283,309 0.11% 

1,900,598 0.72% 

356,618 0.13% 

659,997 0.25% 

723,094 0.27% 

299,694 0.11% 

758,556 0.29% 

142,582 0.05% 

258,624 0.10% 

588,869 0.22% 

1,120,579 0.42% 

432,125 0.16% 

737,940 0.28% 

1,052,685 0.40% 

611,378 0.23% 

371,030 0.14% 

466,945 0.18% 

416,127 0.16% 

654,432 0.25% 

421,431 0.16% 

1,281,504 0.48% 

1,434,414 0.54% 

802,661 0.30% 

422,428 0.16% 

622,487 0.23% 

244,995 0.09% 

220,233 0.08% 

643,996 0.24% 

951,353 0.36% 

70,874 0.03% 

634,596 0.24% 

266,896 0.10% 

812,510 0.31% 

75,000 Corp 

CCO Holdings LLC / CCO Holdings Capital 

7.88 30/04/2018 82,812 0.03% 

65,000 Corp 

1,250,000 CDP Financial Inc 

Cellco Partnership / Verizon Wireless Capital 

8.13 

4.40 

30/04/2020 

25/11/2019 

73,503 

1,428,807 

0.03% 

0.54% 

800,000 LLC 

140,000 CenterPoint Energy Resources Corp 

705,000 Centrais Eletricas Brasileiras SA 

150,000 Centrica PLC 







675,000 Coca-Cola Enterprises Inc 

375,000 Coca-Cola Enterprises Inc 

1,150,000 Comcast Corp 

250,000 Comcast Corp 

125,000 ConocoPhillips 

8.50 

5.85 

5.75 

5.50 

0.74 

8.50 

5.38 

4.50 

4.25 

5.75 

3.50 

3.25 

5.70 

3.13 

6.00 

15/11/2018 

15/01/2041 

27/10/2021 

24/10/2016 

09/06/2016 

22/05/2019 

09/08/2020 

14/01/2022 

25/02/2030 

15/08/2021 

15/09/2020 

19/08/2021 

01/07/2019 

15/07/2022 

15/01/2020 

1,101,359 

175,619 

779,556 

273,964 

303,569 

1,559,814 

1,771,816 

546,770 

1,612,414 

772,035 

714,549 

391,245 

1,398,196 

250,999 

161,185 

0.42% 

0.07% 

0.29% 

0.10% 

0.11% 

0.59% 

0.67% 

0.21% 

0.61% 

0.29% 

0.27% 

0.15% 

0.52% 

0.09% 

0.06% 

118






250,000 ConocoPhillips 

345,000 Consumers Energy Co 

150,000 Conti-Gummi Finance BV 


Coupon 

Rate % 

6.50 

2.85 

7.13 

Maturity 

Date 

01/02/2039 

15/05/2022 

15/10/2018 


354,686 0.13% 

352,603 0.13% 

203,469 0.08% 



5.88 20/05/2019 421,211 0.16% 

1,075,000 Boerenleenbank BA/Netherlands 


3.88 08/02/2022 1,100,883 0.41% 


1,050,000 COX Communications Inc 


750,000 Credit Agricole SA/London 


1,200,000 Credit Suisse/New York NY 

200,000 CSC Holdings Inc 



429,000 Daimler AG 

975,000 Daimler AG 

400,000 Daimler Finance North America LLC 

1,175,000 Deutsche Telekom International Finance BV 




655,000 Devon Energy Corp 

250,000 Devon Energy Corp 

600,000 Diageo Investment Corp 

420,000 Diageo Investment Corp 


4.13 

6.25 

8.38 

5.44 

5.30 

4.38 

7.88 

6.60 

4.13 

3.00 

2.63 

2.63 

5.25 

3.13 

2.25 

7.38 

4.00 

3.25 

2.88 

4.25 

14/07/2025 

01/06/2018 

01/03/2039 

18/10/2013 

13/08/2019 

05/08/2020 

15/02/2018 

15/03/2019 

15/05/2021 

19/07/2013 

02/04/2019 

15/09/2016 

22/07/2013 

11/04/2016 

06/03/2017 

04/12/2019 

15/07/2021 

15/05/2022 

11/05/2022 

11/05/2042 

557,148 

1,243,765 

327,861 

745,990 

688,138 

1,299,960 

230,363 

736,637 

577,063 

566,731 

1,253,070 

415,696 

1,253,121 

729,121 

476,217 

658,789 

725,371 

255,961 

618,437 

445,581 

0.21% 

0.47% 

0.12% 

0.28% 

0.26% 

0.49% 

0.09% 

0.28% 

0.22% 

0.21% 

0.47% 

0.16% 

0.47% 

0.27% 

0.18% 

0.25% 

0.27% 

0.10% 

0.23% 

0.17% 

725,000 Co Inc 


5.00 01/03/2021 813,873 0.31% 

425,000 Co Inc 


3.80 15/03/2022 436,171 0.16% 

350,000 Co Inc 

435,000 Discovery Communications LLC 

450,000 DNB Bank ASA 

205,000 Dominion Resources Inc/VA 

40,000 Duke Energy Carolinas LLC 

36,000 Duke Energy Carolinas LLC 

225,000 Duke Energy Corp 

500,000 Duke Energy Corp 




675,000 Enel Finance International NV 

475,000 Enterprise Op Ll 6.5% 08-31/jan/19 

275,000 Enterprise Products Operating LLC 

1,275,000 Enterprise Products Operating LLC 


335,000 ERP Operating LP 

200,000 Express Scripts Holding Co 





6.35 

6.35 

3.20 

4.90 

7.00 

4.25 

2.15 

5.05 

5.80 

5.75 

4.63 

6.25 

6.50 

5.95 

4.85 

6.38 

4.75 

6.13 

7.25 

5.13 

3.00 

8.13 

15/03/2040 

01/06/2040 

03/04/2017 

01/08/2041 

15/11/2018 

15/12/2041 

15/11/2016 

15/09/2019 

30/04/2018 

07/05/2020 

26/04/2030 

15/09/2017 

31/01/2019 

01/02/2041 

15/08/2042 

15/10/2017 

15/07/2020 

15/11/2041 

15/07/2013 

16/11/2015 

12/06/2017 

15/01/2020 

409,725 

539,827 

461,418 

236,118 

52,372 

39,049 

232,346 

594,411 

1,009,727 

197,397 

404,142 

694,464 

587,878 

323,301 

1,303,335 

775,771 

371,897 

249,036 

496,091 

253,842 

763,785 

378,157 

0.15% 

0.20% 

0.17% 

0.09% 

0.02% 

0.01% 

0.09% 

0.22% 

0.39% 

0.07% 

0.15% 

0.26% 

0.22% 

0.12% 

0.49% 

0.29% 

0.14% 

0.09% 

0.19% 

0.10% 

0.29% 

0.14% 

119






275,000 France Telecom SA 




135,000 Freeport-McMoRan Copper & Gold Inc 

325,000 Freeport-McMoRan Copper & Gold Inc 

105,000 Fresenius Medical Care US Finance II Inc 

86,000 Fresenius Medical Care US Finance II Inc 

170,000 Gazprom OAO Via Gaz Capital SA 

400,000 GDF Suez 

265,000 GE Capital European Funding 

375,000 GE Capital Trust II 

2,950,000 General Electric Capital Corp 


2,925,000 General Electric Capital Corp 



175,000 GlaxoSmithKline Capital Inc 

530,000 GlaxoSmithKline Capital PLC 






1,165,000 Grupo Bimbo SAB de CV 

395,000 Hartford Financial Services Group Inc 

699,000 HBOS PLC 

300,000 HeidelbergCement Finance BV 

346,000 Heineken NV 

400,000 Holcim US Finance Sarl & Cie SCS 

1,075,000 HSBC Bank PLC 

850,000 HSBC Bank PLC 





850,000 Imperial Tobacco Finance PLC 

550,000 Indian Oil Corp Ltd 

1,275,000 ING Bank NV 



150,000 Ingredion Inc 




325,000 International Power Finance 2010 PLC 

500,000 Intesa Sanpaolo SpA 






1,225,000 Kaiser Foundation Hospitals 



Coupon 

Rate % 

5.00 

8.00 

4.13 

3.00 

2.15 

3.55 

5.63 

5.88 

8.15 

3.13 

2.88 

5.50 

6.00 

4.63 

4.65 

6.75 

5.50 

6.38 

2.85 

7.50 

5.38 

6.00 

5.25 

5.75 

4.88 

5.13 

4.38 

4.00 

2.50 

6.00 

0.95 

4.00 

6.00 

4.00 

6.50 

7.63 

8.38 

4.75 

3.75 

1.16 

4.50 

6.63 

5.75 

5.88 

6.25 

7.25 

3.63 

1.16 

3.15 

6.30 

4.35 

4.50 

3.50 

5.80 

6.55 

Maturity 

Date 

12/05/2016 

20/12/2017 

14/09/2021 

15/06/2022 

01/03/2017 

01/03/2022 

31/07/2019 

31/01/2022 

11/04/2018 

21/01/2020 

18/06/2019 

15/09/2067 

07/08/2019 

07/01/2021 

17/10/2021 

15/03/2032 

15/09/2067 

15/05/2038 

08/05/2022 

15/02/2019 

15/03/2020 

15/06/2020 

27/07/2021 

24/01/2022 

30/06/2020 

15/04/2022 

30/10/2019 

08/03/2016 

19/03/2019 

30/12/2019 

30/09/2020 

15/01/2021 

10/06/2019 

30/03/2022 

20/05/2024 

09/04/2019 

17/02/2016 

22/01/2015 

07/03/2017 

03/07/2017 

21/02/2022 

15/04/2037 

15/05/2016 

01/04/2019 

15/05/2019 

11/05/2017 

12/08/2015 

12/10/2015 

05/07/2016 

23/04/2019 

15/08/2021 

24/01/2022 

01/04/2022 

01/03/2021 

15/09/2040 


469,780 0.18% 

603,253 0.23% 

402,033 0.15% 

124,484 0.05% 

134,347 0.05% 

323,986 0.12% 

111,946 0.04% 

91,587 0.03% 

205,627 0.08% 

522,216 0.20% 

334,120 0.13% 

444,937 0.17% 

3,529,415 1.32% 

503,855 0.19% 

3,266,669 1.23% 

594,626 0.22% 

353,940 0.13% 

243,265 0.09% 

543,106 0.20% 

1,167,547 0.44% 

813,105 0.31% 

979,904 0.37% 

763,100 0.29% 

1,393,681 0.53% 

1,315,785 0.50% 

409,934 0.15% 

676,730 0.26% 

393,965 0.15% 

443,926 0.17% 

434,116 0.16% 

1,195,477 0.45% 

1,200,147 0.45% 

614,881 0.23% 

985,099 0.37% 

809,254 0.31% 

565,533 0.21% 

1,323,776 0.50% 

577,574 0.22% 

1,270,929 0.48% 

327,351 0.12% 

428,578 0.16% 

189,302 0.07% 

306,280 0.12% 

214,685 0.08% 

412,048 0.16% 

499,969 0.19% 

457,322 0.17% 

1,632,011 0.62% 

443,303 0.17% 

1,030,028 0.39% 

506,218 0.19% 

1,586,960 0.60% 

1,284,908 0.49% 

381,428 0.14% 

1,143,160 0.43% 

120






320,000 Kraft Foods Group Inc 144A 

2,625,000 Kraft Foods Inc 


320,000 L-3 Communications Corp 

150,000 LCH Clearnet SA Via Freshwater Finance PLC 

85,000 Libbey Glass Inc 

375,000 Liberty Interactive LLC 

280,000 Liberty Mutual Group Inc 











301,000 Macy's Retail Holdings Inc 

110,000 McDonald's Corp 

260,000 McDonald's Corp 

1,225,000 McKesson Corp 

200,000 Medtronic Inc 

525,000 Merck Financial Services GmbH 

350,000 Merrill Lynch & Co Inc 

200,000 Metropolitan Life Global Funding I 

475,000 Midamerican Energy Co 

425,000 Molson Coors Brewing Co 

380,000 Molson Coors Brewing Co 


1,900,000 Morgan Stanley 


370,000 Motiva Enterprises LLC 144A 



400,000 National Grid Gas PLC 



941,000 Newell Rubbermaid Inc 

88,000 Newmont Mining Corp 


1,140,000 News America Inc 


1,000,000 Nissan Motor Acceptance Corp 

50,000 Noble Holding International Ltd 

700,000 Nordea Bank AB 

265,000 Occidental Petroleum Corp 

675,000 Oncor Electric Delivery Co LLC 

400,000 Pernod-Ricard SA 




1,250,000 Philip Morris International Inc 


Coupon 

Rate % 

3.50 

5.38 

6.88 

4.95 

6.58 

6.88 

5.70 

6.50 

4.20 

5.63 

5.38 

6.38 

11.88 

3.50 

8.13 

6.88 

8.13 

7.00 

3.88 

1.88 

3.70 

5.25 

4.50 

4.50 

4.63 

4.63 

5.30 

3.50 

5.00 

3.45 

5.63 

5.50 

5.75 

6.00 

6.25 

6.38 

5.15 

4.38 

4.70 

1.63 

6.90 

5.65 

4.50 

4.50 

5.25 

4.88 

3.13 

7.00 

5.00 

4.25 

5.50 

5.50 

4.88 

Maturity 

Date 

06/06/2022 

10/02/2020 

01/02/2038 

15/02/2021 

29/05/2049 

15/05/2020 

15/05/2013 

01/05/2042 

28/03/2017 

05/03/2018 

03/09/2019 

21/01/2021 

16/12/2021 

04/08/2016 

23/06/2019 

01/05/2020 

01/05/2040 

04/08/2041 

15/01/2022 

29/05/2019 

15/02/2042 

01/03/2013 

15/03/2042 

24/03/2020 

14/09/2018 

16/05/2017 

15/03/2018 

01/05/2022 

01/05/2042 

02/11/2015 

23/09/2019 

28/07/2021 

15/01/2020 

26/05/2041 

26/05/2042 

03/03/2020 

30/04/2020 

01/04/2021 

15/08/2020 

15/07/2017 

01/03/2019 

15/08/2020 

15/02/2021 

30/01/2015 

15/03/2042 

13/05/2021 

15/02/2022 

01/09/2022 

15/03/2017 

15/07/2022 

15/01/2042 

27/06/2044 

16/05/2013 


328,051 0.12% 

3,158,580 1.19% 

634,865 0.24% 

351,592 0.13% 

139,175 0.05% 

88,322 0.03% 

389,594 0.15% 

288,909 0.11% 

1,001,633 0.38% 

243,289 0.09% 

648,378 0.24% 

695,602 0.26% 

167,276 0.06% 

180,787 0.07% 

562,574 0.21% 

919,118 0.35% 

317,257 0.12% 

180,839 0.07% 

322,084 0.12% 

110,854 0.04% 

263,839 0.10% 

1,283,316 0.49% 

222,688 0.08% 

753,871 0.29% 

422,450 0.16% 

276,568 0.10% 

567,483 0.21% 

438,793 0.17% 

413,585 0.16% 

160,458 0.06% 

1,904,152 0.73% 

274,629 0.10% 

445,111 0.17% 

249,472 0.09% 

634,010 0.24% 

783,426 0.30% 

466,070 0.18% 

1,005,612 0.38% 

1,042,169 0.40% 

115,358 0.04% 

93,986 0.04% 

1,361,023 0.51% 

642,557 0.24% 

1,085,555 0.41% 

51,288 0.02% 

691,734 0.26% 

280,437 0.11% 

842,317 0.33% 

559,710 0.21% 

838,989 0.32% 

370,702 0.14% 

454,453 0.17% 

1,304,561 0.49% 

625,000 Corp 6.50 01/05/2018 758,868 0.29% 

121







Coupon 

Rate % 

Maturity 


95,000 Corp 


5.00 01/02/2021 109,327 0.04% 

225,000 Corp 

1,305,000 PNC Funding Corp 

700,000 Pohjola Bank PLC 

45,000 Post Holdings Inc 

700,000 Progress Energy Inc 

75,000 QVC Inc 

900,000 RCI Banque SA 

100,000 RCI Banque SA 

300,000 Reinsurance Group of America Inc 

345,000 Republic Services Inc 



1,100,000 Reynolds American Inc 

915,000 Roche Holdings Inc 

175,000 Roche Holdings Inc 






370,000 RZD Capital Ltd 

745,000 RZD Capital Ltd 

500,000 SABMiller Holdings Inc 144A 

350,000 SABMiller Holdings Inc 

200,000 Sberbank of Russia Via SB Capital SA 

246,000 Securitas AB 

215,000 Sensata Technologies BV 144A 

175,000 Ses Global America Holdings GP 

350,000 Siemens Financieringsmaatschappij NV 

445,000 SLM Corp 

860,000 Societe Generale SA 

205,000 South Carolina Electric & Gas Co 

300,000 Starwood Hotels & Resorts Worldwide Inc 

825,000 Statoil ASA 

770,000 Sunoco Logistics Partners Operations LP 

475,000 Sunoco Logistics Partners Operations LP 

775,000 Svenska Handelsbanken AB 

200,000 Swedbank AB 

500,000 Swedbank AB 

550,000 Swiss Re Solutions Holding Corp 

850,000 Swiss Reinsurance Co via ELM BV 

525,000 Target Corp 

350,000 Telefonica Emisiones SAU 






975,000 Telefonos de Mexico SAB de CV 

325,000 Telemar Norte Leste SA 

675,000 TeliaSonera AB 

3.65 

6.70 

5.75 

7.38 

4.88 

5.13 

2.34 

3.40 

6.45 

5.70 

7.30 

7.63 

7.75 

6.00 

7.00 

4.88 

3.95 

5.50 

4.63 

9.50 

5.74 

5.70 

3.75 

4.95 

5.72 

2.75 

6.50 

4.88 

5.13 

6.25 

5.20 

4.35 

7.15 

3.15 

4.65 

6.10 

2.88 

1.75 

2.38 

6.45 

5.25 

4.00 

4.67 

4.38 

4.75 

5.88 

4.69 

5.46 

5.50 

5.13 

3.63 

01/06/2022 

10/06/2019 

28/02/2022 

15/02/2022 

01/12/2019 

02/07/2022 

11/04/2014 

11/04/2014 

15/11/2019 

15/05/2041 

15/07/2015 

01/06/2016 

01/06/2018 

01/03/2019 

01/03/2039 

25/08/2014 

21/09/2015 

23/03/2020 

22/09/2021 

16/03/2022 

03/04/2017 

05/04/2022 

15/01/2022 

15/01/2042 

16/06/2021 

28/02/2017 

15/05/2019 

09/07/2014 

20/02/2017 

25/01/2016 

15/04/2021 

01/02/2042 

01/12/2019 

23/01/2022 

15/02/2022 

15/02/2042 

04/04/2017 

18/06/2015 

04/04/2016 

01/03/2019 

29/05/2049 

01/07/2042 

07/02/2014 

02/02/2016 

07/02/2017 

15/07/2019 

11/11/2019 

16/02/2021 

15/11/2019 

15/12/2017 

14/02/2024 

234,852 

1,633,076 

944,128 

48,737 

811,911 

74,670 

880,734 

100,675 

344,735 

405,534 

340,153 

676,060 

1,390,535 

1,162,582 

262,827 

470,417 

230,152 

274,238 

764,873 

536,573 

400,292 

788,657 

544,904 

398,874 

203,612 

316,486 

224,233 

245,645 

517,849 

473,407 

826,506 

221,617 

355,848 

874,360 

816,673 

506,787 

797,276 

251,589 

640,046 

640,742 

931,786 

512,635 

442,927 

238,693 

117,477 

367,305 

608,837 

323,795 

1,138,515 

431,678 

894,125 

0.09% 

0.62% 

0.36% 

0.02% 

0.31% 

0.03% 

0.33% 

0.04% 

0.13% 

0.15% 

0.13% 

0.25% 

0.52% 

0.45% 

0.10% 

0.18% 

0.09% 

0.10% 

0.29% 

0.20% 

0.15% 

0.30% 

0.21% 

0.15% 

0.08% 

0.12% 

0.08% 

0.09% 

0.20% 

0.18% 

0.31% 

0.08% 

0.13% 

0.32% 

0.31% 

0.19% 

0.30% 

0.09% 

0.24% 

0.24% 

0.35% 

0.19% 

0.17% 

0.09% 

0.04% 

0.14% 

0.23% 

0.12% 

0.43% 

0.16% 

0.34% 

122






775,000 TESCO PLC 

785,000 Time Warner Cable Inc 

1,300,000 Time Warner Cable Inc 

775,000 Time Warner Cable Inc 

250,000 Time Warner Inc 




175,000 TransCanada PipeLines Ltd 

225,000 TransCanada PipeLines Ltd 

525,000 TRW Automotive Inc 

225,000 UBS AG/Jersey 

1,300,000 Ubs AG/Stamford CT 

745,000 UBS AG/Stamford CT 



595,000 United Technologies Corp 

400,000 UnitedHealth Group Inc 

225,000 UnitedHealth Group Inc 

115,000 Unum Group 

540,000 UnumProvident Finance Co PLC 

105,000 UR Merger Sub Corp 

55,000 UR Merger Sub Corp 144A 

750,000 Vale Overseas Ltd 

300,000 Veolia Environnement SA 

600,000 Veolia Environnement SA 

400,000 Verizon Communications Inc 

1,350,000 Verizon Communications Inc 



225,000 Viacom Inc 

1,195,000 Viacom Inc 

175,000 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 




575,000 Vodafone Group PLC 



1,200,000 Volkswagen International Finance NV 

550,000 Volkswagen Leasing GmbH 



1,400,000 Wachovia Bank Commercial Mortgage Trust 

945,000 Walt Disney Co/The 

146,000 Waste Management Inc 

2,100,000 Wells Fargo & Co 

815,000 Western Gas Partners LP 

265,000 Western Power Distribution East Midlands PLC 

225,000 Williams Partners LP 

200,000 Williams Partners LP 

Coupon 

Rate % 

3.38 

5.85 

4.00 

5.88 

4.70 

4.00 

3.40 

6.20 

7.13 

3.80 

7.00 

4.28 

5.75 

5.88 

5.88 

4.88 

3.10 

6.50 

4.38 

7.13 

6.85 

7.38 

7.63 

4.38 

6.75 

4.63 

8.75 

4.60 

3.50 

4.75 

6.13 

4.50 

6.88 

5.50 

5.95 

3.45 

4.00 

3.45 

4.88 

4.75 

5.63 

4.63 

4.38 

1.63 

4.88 

3.38 

3.25 

3.92 

2.75 

6.13 

4.60 

5.38 

5.25 

5.25 

4.00 

Maturity 

Date 

02/11/2018 

01/05/2017 

01/09/2021 

15/11/2040 

15/01/2021 

15/01/2022 

15/06/2022 

15/03/2040 

15/01/2019 

01/10/2020 

15/03/2014 

31/12/2099 

25/04/2018 

15/07/2016 

20/12/2017 

04/08/2020 

01/06/2022 

15/06/2037 

15/03/2042 

30/09/2016 

15/11/2015 

15/05/2020 

15/04/2022 

11/01/2022 

24/04/2019 

30/03/2027 

01/11/2018 

01/04/2021 

01/11/2021 

01/11/2041 

05/10/2017 

01/03/2021 

30/04/2036 

15/01/2021 

15/09/2017 

01/09/2022 

31/03/2017 

12/01/2018 

02/12/2019 

12/04/2022 

27/02/2017 

15/07/2018 

16/03/2021 

12/08/2013 

18/10/2012 

03/06/2016 

10/05/2018 

25/05/2017 

16/08/2021 

30/11/2039 

01/04/2021 

01/06/2021 

17/01/2023 

15/03/2020 

15/11/2021 


1,050,300 0.40% 

923,011 0.35% 

1,382,895 0.51% 

872,096 0.33% 

284,175 0.11% 

786,066 0.30% 

373,501 0.14% 

367,367 0.14% 

231,015 0.09% 

250,000 0.09% 

574,991 0.21% 

235,871 0.09% 

1,455,210 0.55% 

804,908 0.30% 

251,650 0.09% 

624,102 0.24% 

626,467 0.24% 

538,228 0.20% 

237,531 0.09% 

134,996 0.05% 

608,320 0.23% 

110,343 0.04% 

58,234 0.02% 

779,637 0.30% 

463,853 0.17% 

789,196 0.30% 

554,769 0.21% 

1,569,516 0.59% 

559,770 0.21% 

111,158 0.04% 

272,910 0.10% 

1,349,024 0.51% 

229,941 0.09% 

878,237 0.33% 

339,056 0.13% 

518,415 0.20% 

525,832 0.20% 

221,556 0.08% 

893,113 0.34% 

223,649 0.08% 

682,501 0.26% 

110,771 0.04% 

891,015 0.34% 

1,216,415 0.46% 

723,821 0.27% 

667,896 0.25% 

267,153 0.10% 

1,268,693 0.48% 

980,985 0.37% 

184,831 0.07% 

2,368,945 0.90% 

909,107 0.34% 

475,032 0.18% 

258,020 0.10% 

210,528 0.08% 

123






Willow No.2 Ireland PLC for Zurich Insurance 

Coupon 

Rate % 

Maturity 


290,000 Co Ltd 

140,000 WM Morrison Supermarkets PLC 

609,000 WM Wrigley Jr Co 144A 

256,000 WPP Finance 2010 

375,000 Yara International ASA 

1,085,000 Yara International ASA 

3.38 

4.63 

3.70 

4.75 

5.25 

7.88 

27/06/2022 

08/12/2023 

30/06/2014 

21/11/2021 

15/12/2014 

11/06/2019 

363,282 

241,079 

641,063 

270,630 

403,045 

1,371,799 

0.14% 

0.09% 

0.24% 

0.10% 

0.15% 

0.51% 


229,929,911 86.66% 

600,000 Russian Foreign Bond - Eurobond 

200,000 Russian Foreign Bond - Eurobond 


25,000 United Kingdom Gilt 

25,000 United Kingdom Gilt 


4.50 

5.63 

3.75 

5.00 

4.25 

– 

04/04/2022 

04/04/2042 

12/08/2017 

07/03/2025 

07/12/2027 

23/08/2012 

633,084 

215,158 

1,995,441 

52,303 

48,561 

9,849,507 

0.24% 

0.08% 

0.75% 

0.02% 

0.02% 

3.71% 

Futures ^ - 0.15% (2011 - 0.21%) 

12,794,054 4.82% 

(12) Australia 3 Year Bond Future* 17/09/2012 2,432 0.00% 

51 CAN 10 Year Bond* 19/09/2012 106,550 0.04% 

(41) Euro Bund Future* 06/09/2012 82,325 0.03% 

37 Euro Schatz Future* 06/09/2012 4,542 0.00% 

(6) Long Gilt Future* 26/09/2012 4,992 0.00% 

118 US Long Bond (CBT)* 19/09/2012 191,695 0.08% 

(18) US Treasury 2 Year note Future* 28/09/2012 844 0.00% 

Contracts for Difference - 0.04% (2011 - 0.18%) 

393,380 0.15% 

(9,750) Bonos Y Oblig Del Estado 6% 20/08/2012 20/08/2012 10,325 0.00% 

(11,450) BTPS 6% 15/08/2012 15/08/2012 22,452 0.01% 

(19,000) BTPS 6% 30/07/2012 30/07/2012 76,622 0.02% 

(6,250) Spanish Government 5.75% 06/08/2012 06/08/2012 8,928 0.00% 

(15,400) Spanish Governmnet 5.75% 20/08/2012 20/08/2012 14,502 0.01% 

Swaps ** - 0.03% (2011 - 0.00%) 

132,829 0.04% 

825,000 CDS Upmky 

450,000 CDS Pnlna 

1,200,000 CDS Bnp 

1,050,000 CDS Kgfln 

1,050,000 CDS Gszfp 

1,125,000 CDS Acafp 

355,000 CDS Vlvy 

320,000 CDS Vlvy 

710,000 Itraxx-Xovers 

– 

– 

– 

– 

– 

– 

– 

– 

5.00 

20/09/2017 

20/09/2017 

20/09/2017 

20/09/2017 

20/09/2017 

20/09/2017 

20/09/2017 

20/09/2017 

20/06/2017 

19,995 

7,649 

31,221 

8,343 

7,960 

3,772 

1,619 

2,127 

16,418 

0.01% 

0.00% 

0.01% 

0.00% 

0.00% 

0.00% 

0.00% 

0.00% 

0.01% 

99,104 0.03% 


(Cost USD 250,081,961) (2011: USD 156,002,671) 259,885,726 97.93% 

Futures ^ - (0.08)% (2011 - (0.16)%) 

8 Australia 10 Year Bond Future* 17/09/2012 (1,603) 0.00% 

29 Euro Bobl Future* 06/09/2012 (26,719) (0.01)% 

8 Euro Buxl Future* 06/09/2012 (21,814) (0.01)% 

(2) Japan 10 Year Note Future* 10/09/2012 (8,680) 0.00% 

124





125 

Coupon 

Rate % 

Maturity 


Futures ^ - (0.08)% (2011 - (0.16)%) (continued) 



(9) US Ultra Bond (CBT)* 19/09/2012 (47,953) (0.02)% 

(212,482) (0.08)% 

Contracts for Difference - (0.03)% (2011 - (0.17)%) 

9,250 Bonos Y Oblig Del Estado 4.7% 20/08/2012 20/08/2012 (11,723) 0.00% 

11,450 BTPS 4% 15/08/2012 15/08/2012 (1,820) 0.00% 

20,750 BTPS 4% 30/07/2012 30/07/2012 (57,788) (0.02)% 

7,000 Spanish Government 4.2% 06/08/2012 06/08/2012 (9,877) 0.00% 

15,850 Spanish Government 4.2% 20/08/2012 20/08/2012 (20,104) (0.01)% 

(101,312) (0.03)% 

Swaps ** - 0.00% (2011 - (0.00)%) 

800,000 Cds Sterv 

1,050,000 CDS Tscol 

1,025,000 CDS Siegr 

1,050,000 CDS Rwe 

3,420,000 Itraxx-Europes 

– 

– 

– 

– 

– 

20/09/2017 (8,355) 0.00% 

20/09/2017 (6,889) 0.00% 

20/09/2017 (2,548) 0.00% 

20/09/2017 (4,157) 0.00% 

20/06/2017 (8,170) 0.00% 

(30,119) 0.00% 


(Cost USD 1,025) (2011: USD -) (343,913) (0.11)% 

Cash at Bank 4,040,337 1.52% 








market 98.49% 





100.00% 

* Exchange Traded 

^ The broker for futures is Merrill Lynch International. 

** The counterparties for swaps are Deutsche Bank, Goldman Sachs and Barclays.



PORTFOLIO OF INVESTMENTS - Skandia Global Emerging Markets Fund 


Equities 


200,590 Gerdau Sa -Spon Adr Ggb Us 1,586,667 1.04% 

1,603,324 Grupo Mexico SAB de CV 4,600,726 3.00% 

5,195 Honam Petrochemical Corp 1,072,706 0.70% 

35,775 Industrias Penoles Sab De Cv Pe&oles* Mm 1,517,910 0.99% 

41,145 Kghm Polska Miedz Pln10 Br 1,762,513 1.15% 

55,860 Sasol Ltd 2,288,584 1.49% 

27,970 Sociedad Quimica y Minera de Chile SA 1,514,576 0.99% 

183,180 Ultrapar Participacoes SA 3,962,031 2.59% 

77,825 Vale Sa-Sp Pref Adr Vale/p Us ADR 1,431,202 0.93% 

19,736,915 12.88% 


136,320 America Movil SAB de CV ADR 3,446,170 2.25% 

39,555 Baidu Inc ADR 4,296,464 2.80% 

43,605 Naspers Ltd 2,323,519 1.52% 

143,200 Tencent Holdings Ltd 4,172,361 2.72% 

14,238,514 9.29% 


2,108,000 Brilliance China Automotive Holdings Ltd 1,831,728 1.20% 

481,700 Genting Bhd Gent Mk 1,430,461 0.93% 

978,000 Golden Eagle Retail Group Ltd 1,984,605 1.30% 

9,150 Hyundai Mobis 2,192,943 1.43% 

19,675 Hyundai Motor Co 3,993,941 2.60% 

917,800 Sands China Ltd 2,898,976 1.90% 


1,516,080 Wal-Mart de Mexico SAB de CV 3,943,201 2.57% 

21,802,577 14.23% 


105,515 Cia de Bebidas das Americas 3,833,360 2.51% 

111,420 Cielo SA 3,190,549 2.08% 

220,400 Fomento Economico Mexicano SAB de CV 1,915,509 1.25% 

260,500 Gudang Garam Tbk PT 1,705,729 1.11% 

167,500 Hengan International Group Co Ltd 1,618,515 1.06% 

349,820 ITC Ltd 1,622,080 1.06% 

119,650 Magnit OJSC 3,510,531 2.29% 

164,000 Souza Cruz SA 2,301,175 1.50% 

19,697,448 12.86% 

Energy - 6.76% (2011 - 14.86%) 

12,830 Cnooc Ltd-Adr Ceo Us 2,465,413 1.61% 

82,220 Ecopetrol SA 4,461,257 2.91% 

229,695 Rosneft Oil Co GDR 1,434,445 0.94% 

16,525 SK Innovation Co Ltd 1,991,061 1.30% 

10,352,176 6.76% 

Financial - 20.91% (2011 - 16.73%) 

218,240 Banco Bradesco-Adr Bbd Us 3,083,731 2.01% 

126



PORTFOLIO OF INVESTMENTS - Skandia Global Emerging Markets Fund (continued) 




14,895 Banco Santander Chile ADR 1,121,742 0.73% 

3,670,500 Bank Mandiri Persero Tbk PT 2,813,747 1.84% 

3,970,000 Bank Rakyat Indonesia Persero Tbk PT 2,684,055 1.75% 

536,000 China Pacific Insurance Group Co Ltd 1,720,658 1.12% 

613,100 CIMB Group Holdings Bhd 1,461,555 0.95% 

1,161,000 CITIC Securities Co Ltd 2,433,790 1.59% 

9,295 Credicorp Ltd 1,126,926 0.74% 

106,160 Hdfc Bank Ltd-Adr Hdb Us ADR 3,288,837 2.15% 


233,470 Itau Unibanco Hldng-Pref Adr Itub Us ADR 3,058,457 2.00% 

348,500 Ping An Insurance Group Co 2,772,160 1.81% 

21,090 Samsung Securities Co Ltd 016360 Ks 901,350 0.59% 

928,860 Turkiye Garanti Bankasi AS 3,569,291 2.33% 

32,025,727 20.91% 

Industrial - 9.31% (2011 - 9.84%) 

100,415 Embraer Sa Erj Us ADR 2,574,641 1.68% 

899,000 Hon Hai Precision Industry Co Ltd 2,689,361 1.75% 

8,115 Hyundai Heavy Industries 009540 Ks 1,824,441 1.19% 

66,700 Larsen & Toubro Ltd GDR 1,684,175 1.10% 

637,000 Synnex Technology International Corp 1,547,490 1.01% 

969,500 United Tractors Tbk PT 2,203,804 1.44% 

647,000 Zhuzhou CSR Times Electric Co Ltd 1,747,506 1.14% 

14,271,418 9.31% 

Technology - 13.14% (2011 - 12.29%) 

379,377 Advanced Semiconductor Engineering Inc 1,502,333 0.98% 

184,000 Asustek Computer Inc 1,671,628 1.09% 

5,530,000 Lenovo Group Ltd 4,662,654 3.04% 


128,325 Siliconware Precision Industries Co 636,492 0.42% 

66,310 SK Hynix Inc 1,380,802 0.90% 

340,070 Taiwan Semiconductor Manufacturing Co Ltd 4,570,541 2.98% 

52,000 Tata Consultancy Services Ltd 1,189,715 0.78% 

20,138,844 13.14% 



(Cost USD 164,338,924) (2011: USD 94,026,886) 152,263,619 99.38% 

Cash at Bank 1,406,683 0.92% 



127



PORTFOLIO OF INVESTMENTS - Skandia Global Emerging Markets Fund (continued) 






market 69.88% 





100.00% 

128



PORTFOLIO OF INVESTMENTS - Skandia Asian Equity Fund 


Equities 


178,745 BHP Billiton Ltd 5,725,528 4.30% 

47,669 Bhushan Steel Ltd 395,671 0.30% 

148,000 Formosa Chemicals & Fibre Corp 388,266 0.29% 

255,166 Fortescue Metals Group Ltd 1,273,444 0.96% 

5,538 KCC Corp 1,344,194 1.02% 

181,000 Kingboard Chemical Holdings Ltd 348,159 0.26% 

204,801 Steel Authority of India Ltd 332,320 0.25% 

9,807,582 7.38% 


294,400 Advanced Info Service PCL 1,710,219 1.29% 

620,000 China Mobile Ltd 6,774,260 5.10% 

44,600 NetEase Inc ADR 2,590,368 1.95% 

1,140,000 PCCW Ltd 417,401 0.31% 

1,756,400 Shin Corp PCL 3,359,597 2.53% 

1,779,006 Telecom Corp of New Zealand Ltd 3,394,231 2.56% 

799,700 Telekom Malaysia Bhd 1,422,864 1.07% 

2,604,500 Telekomunikasi Indonesia Persero Tbk PT 2,260,004 1.70% 

56,900 Tencent Holdings Ltd 1,657,872 1.25% 

539,500 Total Access Communication PCL 1,257,016 0.95% 

24,843,832 18.71% 


660,000 Astra International Tbk PT 481,351 0.36% 

110,400 Big C Supercenter PCL 740,399 0.56% 

890,000 Great Wall Motor Co Ltd 1,764,724 1.33% 

7,733 LG Corp 371,343 0.28% 

740,800 MGM China Holdings Ltd 1,119,332 0.84% 

101,200 Sands China Ltd 319,652 0.24% 


7,694,486 5.79% 


130,318 GrainCorp Ltd 1,260,924 0.95% 

1,260,924 0.95% 

Energy - 6.57% (2011 - 10.29%) 

1,092,000 Bangchak Petroleum PCL 773,611 0.58% 

1,325,760 China Petroleum & Chemical Corp 1,175,936 0.89% 

2,933,459 CNOOC Ltd 5,824,131 4.38% 

530,300 Thai Oil PCL 960,079 0.72% 

8,733,757 6.57% 

Financial - 34.01% (2011 - 31.99%) 

450,000 Ascendas Real Estate Investment Trust 762,471 0.57% 

519,800 Bangkok Bank PCL 3,134,170 2.36% 

37,775 Bank of Baroda 495,844 0.37% 

1,037,000 Bank of China Ltd 393,058 0.30% 

4,113,000 Bank of Communications Co Ltd 2,752,051 2.07% 

129



PORTFOLIO OF INVESTMENTS - Skandia Asian Equity Fund (continued) 




78,000 Cheung Kong Holdings Ltd 951,297 0.72% 

4,274,000 China Citic Bank Corp Ltd 2,176,517 1.64% 

5,501,000 China Construction Bank Corp 3,751,697 2.82% 

3,941,500 China Minsheng Banking Corp Ltd 3,490,991 2.63% 

2,051,000 Evergrande Real Estate Group Ltd 1,039,175 0.78% 

1,254,400 Guangzhou R&F Properties Co Ltd 1,646,320 1.24% 

55,350 Hyundai Securities Co Ltd 410,288 0.31% 


814,000 Keppel Land Ltd 2,065,632 1.55% 

91,720 Korea Exchange Bank 652,658 0.49% 

222,159 Macquarie Group Ltd 5,882,993 4.44% 

208,928 Power Finance Corp Ltd 668,865 0.50% 

506,000 Prince Housing & Development Corp 338,635 0.25% 

15,007 Samsung Life Insurance Co Ltd 1,219,853 0.92% 

609,000 Sino-Ocean Land Holdings Ltd 300,709 0.23% 

593,000 Suntec Real Estate Investment Trust 630,901 0.47% 

496,340 Westfield Group 4,802,462 3.62% 

234,740 Woori Finance Holdings Co Ltd 2,551,646 1.92% 

2,500,000 Yuexiu Property Co Ltd 605,938 0.46% 

45,162,081 34.01% 

Industrial - 11.80% (2011 - 5.25%) 

276,000 AAC Technologies Holdings Inc 793,495 0.60% 

389,700 Airports of Thailand PCL 733,138 0.55% 

1,245,000 China Communications Construction Co Ltd 1,086,647 0.82% 

714,000 China Liansu Group Holdings Ltd 306,530 0.23% 

4,522,000 China National Building Material Co Ltd 4,832,985 3.65% 

151,188 Downer EDI Ltd 481,973 0.36% 

543,000 Hon Hai Precision Industry Co Ltd 1,624,387 1.22% 

2,434,000 Lonking Holdings Ltd 577,390 0.43% 

4,647 Samsung Electro-Mechanics Co Ltd 430,073 0.32% 

488,000 Semen Gresik Persero Tbk PT 587,118 0.44% 

1,208,720 STX OSV Holdings Ltd 1,419,334 1.07% 

110,500 United Tractors Tbk PT 251,181 0.19% 

3,237,000 Yangzijiang Shipbuilding Holdings Ltd 2,551,027 1.92% 

15,675,278 11.80% 

Technology - 11.15% (2011 - 3.05%) 

514,000 AmTRAN Technology Co Ltd 412,787 0.31% 

1,306,000 Compal Electronics Inc 1,195,233 0.90% 

1,510,000 Lenovo Group Ltd 1,273,166 0.96% 

385,000 Lite-On Technology Corp 480,531 0.36% 

175,000 Quanta Computer Inc 464,954 0.35% 


94,510 SK Hynix Inc 1,968,023 1.48% 

3,013,000 United Microelectronics Corp 1,300,591 0.98% 

130



PORTFOLIO OF INVESTMENTS - Skandia Asian Equity Fund (continued) 



Technology - 11.15% (2011 - 3.05%) (continued) 

1,597,000 Wistron Corp 1,950,517 1.47% 

14,816,210 11.15% 

Utilities - 0.39% (2011 - 3.53%) 

1,392,000 Perusahaan Gas Negara Persero Tbk PT 522,427 0.39% 

522,427 0.39% 


Nominal Security Description Maturity Date Value USD % Net Assets 

Futures ^ - 0.00% (2011 - 0.00%) 

9 Hang Seng Index* 30/07/2012 1,450 0.00% 

3 MSCI Singapore Index* 30/07/2012 2,459 0.00% 

7 MSCI Taiwan Index* 30/07/2012 1,466 0.00% 

9 SGX CNX Nifty* 26/07/2012 3,774 0.00% 

9,149 0.00% 


(Cost USD 137,862,947) (2011: USD 90,829,185) 128,525,726 96.75% 

Futures ^ - 0.00% (2011 - 0.00%) 

4 SPI 200 Index* 20/09/2012 (3,055) 0.00% 

(3,055) 0.00% 


(Cost USD 137,862,947) (2011: USD 90,829,185 ) (3,055) 0.00% 

Cash at Bank 2,984,038 2.25% 








market 0.00% 





100.00% 



131



PORTFOLIO OF INVESTMENTS - Skandia Local Currency Emerging Market Debt Fund 








1,283,000 Barclays Bank PLC 


80,000 Citigroup Funding Inc 



600,000,000 Citigroup Funding Inc 










125,000 Credit Suisse/Nassau 






50,800,000,000 Deutsche Bank AG/London 



1,270,000,000 Emgesa SA ESP 

472,000,000 Emgesa SA ESP 

378,000,000 Empresas Publicas de Medellin ESP 

2,194,000,000 Empresas Publicas de Medellin ESP 

European Bank for Reconstruction & 

Coupon 

Rate % 

6.00 

10.00 

10.00 

10.00 

10.00 

10.00 

6.00 

10.00 

10.00 

11.00 

11.00 

11.00 

11.00 

11.00 

11.00 

– 

11.00 

– 

100.00 

100.00 

10.00 

7.00 

6.88 

7.40 

7.50 

7.60 

8.25 

7.00 

8.25 

8.75 

8.75 

8.38 

8.38 

Maturity 

Date 

05/07/2012 

09/07/2012 

09/07/2012 

13/07/2012 

13/07/2012 

30/07/2012 

17/05/2015 

18/07/2012 

01/01/2014 

24/07/2020 

24/07/2020 

24/07/2020 

24/07/2020 

24/07/2020 

27/07/2020 

27/07/2020 

27/07/2020 

27/07/2020 

01/01/2021 

01/01/2021 

10/10/2012 

03/06/2015 

15/07/2015 

14/06/2017 

15/03/2018 

14/04/2021 

19/07/2021 

17/05/2022 

17/06/2032 

25/01/2021 

25/01/2021 

01/02/2021 

01/02/2021 


1,511,264 0.33% 

1,466,466 0.32% 

390,022 0.09% 

397,234 0.09% 

603,589 0.13% 

6,487,849 1.43% 

1,633,498 0.36% 

413,564 0.09% 

775,833 0.17% 

1,123,340 0.25% 

449,336 0.10% 

973,561 0.21% 

411,891 0.09% 

5,242,252 1.16% 

524,225 0.12% 

337,002 0.07% 

1,527,742 0.34% 

486,781 0.11% 

1,097,321 0.24% 

1,517,034 0.33% 

632,098 0.14% 

16,449,741 3.61% 

462,161 0.10% 

3,980,479 0.87% 

2,505,810 0.55% 

1,544,408 0.34% 

6,398,561 1.41% 

1,680,765 0.37% 

1,420,428 0.31% 

799,162 0.18% 

297,329 0.07% 

232,937 0.05% 

1,349,343 0.29% 

19,100,000,000 Development 

4,200,000,000 Inter-American Development Bank 

32,130,000,000 Inter-American Development Bank 

International Bank for Reconstruction & 

7.20 

6.50 

– 

08/06/2016 

10/03/2014 

20/08/2015 

2,133,875 

455,392 

2,790,755 

0.47% 

0.10% 

0.61% 

10,000,000 Development 

International Bank for Reconstruction & 

4.88 16/09/2013 308,201 0.07% 

300,000,000 Development 





2,020,000 JPMorgan Chase Bank NA 








67,350,000,000 JPMorgan Chase Bank NA 


8.00 

6.00 

10.00 

10.00 

– 

10.00 

10.00 

– 

6.88 

6.88 

6.88 

7.50 

7.60 

8.25 

7.00 

02/03/2020 

16/08/2012 

17/08/2012 

18/08/2012 

18/08/2012 

18/08/2012 

18/08/2012 

08/11/2012 

17/07/2015 

17/07/2015 

17/07/2015 

19/03/2018 

16/04/2021 

19/07/2021 

15/05/2022 

198,966 

2,200,222 

273,575 

520,029 

1,391,327 

10,420,931 

384,315 

777,856 

1,910,267 

228,000 

308,108 

320,405 

1,765,417 

8,483,131 

4,367,703 

0.04% 

0.48% 

0.06% 

0.11% 

0.31% 

2.28% 

0.08% 

0.17% 

0.42% 

0.05% 

0.07% 

0.07% 

0.39% 

1.86% 

0.96% 

132



PORTFOLIO OF INVESTMENTS - Skandia Local Currency Emerging Market Debt Fund (continued) 





440,000 Petroleos de Venezuela SA 

12,050,000 Petroleos Mexicanos 

Coupon 

Rate % 

11.00 

8.25 

4.90 

7.65 

Maturity 

Date 

17/09/2025 

17/06/2032 

28/10/2014 

24/11/2021 


939,230 0.21% 

4,371,490 0.96% 

377,077 0.08% 

966,488 0.22% 

111,015,786 24.39% 




7.00 03/10/2015 859,914 0.19% 

1,303,193 Bond 


5.83 31/12/2033 187,566 0.04% 

406,957 Bond 

6,100,000,000 Bogota Distrito Capital 


1,525,000 Brazil Notas do Tesouro Nacional Serie F 



202,000,000 Chile Government International Bond 

2,730,000,000 Colombia Government International Bond 

4,862,000,000 Colombia Government International Bond 

1,124,430,000 Hungary Government Bond 

309,670,000 Hungary Government Bond 







950,000 Malaysia Government Bond 

16,000,000 Malaysia Government Bond 


















2,380,000 Mexican Udibonos 





5,210,000 Poland Government Bond 

870,000 Poland Government Bond 


7.82 

9.75 

10.00 

10.00 

10.00 

10.00 

5.50 

12.00 

7.75 

6.75 

7.50 

5.50 

6.75 

8.00 

7.75 

6.75 

7.50 

3.21 

5.09 

3.74 

3.84 

3.20 

4.26 

4.01 

4.16 

3.42 

4.39 

6.00 

8.00 

7.75 

8.00 

6.50 

6.50 

8.50 

7.75 

8.50 

5.00 

4.00 

2.50 

7.84 

8.20 

– 

5.25 

– 

31/12/2033 

26/07/2028 

01/01/2014 

01/01/2017 

01/01/2021 

01/01/2023 

05/08/2020 

22/10/2015 

14/04/2021 

12/02/2013 

24/10/2013 

12/02/2014 

22/08/2014 

12/02/2015 

24/08/2015 

24/02/2017 

12/11/2020 

31/05/2013 

30/04/2014 

27/02/2015 

12/08/2015 

15/10/2015 

15/09/2016 

15/09/2017 

15/07/2021 

15/08/2022 

15/04/2026 

18/06/2015 

17/12/2015 

14/12/2017 

11/06/2020 

10/06/2021 

09/06/2022 

31/05/2029 

29/05/2031 

18/11/2038 

16/06/2016 

13/06/2019 

10/12/2020 

12/08/2020 

12/08/2026 

25/01/2013 

25/04/2013 

25/07/2013 

287,462 

4,918,962 

464,843 

7,870,628 

2,831,933 

2,151,994 

432,506 

1,981,204 

3,345,416 

5,021,628 

1,426,003 

1,130,519 

1,329,222 

1,480,366 

406,644 

287,425 

39,998 

300,638 

5,271,589 

559,864 

8,187,980 

2,101,197 

23,076,671 

2,770,371 

3,651,360 

2,815,098 

1,039,998 

3,657,759 

438,421 

8,102,299 

5,029,296 

17,915,634 

6,056,700 

797,908 

857,671 

2,397,775 

979,408 

151,607 

7,748,159 

1,509,183 

571,327 

1,499,954 

260,521 

461,750 

0.06% 

1.08% 

0.10% 

1.73% 

0.62% 

0.47% 

0.10% 

0.44% 

0.74% 

1.10% 

0.31% 

0.25% 

0.29% 

0.33% 

0.09% 

0.06% 

0.01% 

0.07% 

1.16% 

0.12% 

1.80% 

0.46% 

5.07% 

0.61% 

0.80% 

0.62% 

0.23% 

0.80% 

0.10% 

1.78% 

1.11% 

3.94% 

1.33% 

0.18% 

0.19% 

0.53% 

0.22% 

0.03% 

1.70% 

0.33% 

0.13% 

0.33% 

0.06% 

0.10% 

133



PORTFOLIO OF INVESTMENTS - Skandia Local Currency Emerging Market Debt Fund (continued) 









1,778,000,000 Republic of Colombia 


11,840,000 South Africa Government Bond 






5,400,000 Thailand Government Bond 











200,000 Turkey Government Bond 


200,000 Turkey Government Bond 



Coupon 

Rate % 

– 

5.50 

3.00 

5.25 

5.75 

5.75 

9.85 

7.85 

13.50 

8.25 

8.00 

6.75 

10.50 

7.00 

4.25 

5.25 

3.63 

3.13 

3.25 

2.80 

1.20 

3.65 

– 

– 

– 

8.00 

9.00 

10.00 

9.00 

9.00 

Maturity 

Date 

25/01/2014 

25/04/2015 

24/08/2016 

25/10/2020 

25/10/2021 

23/09/2022 

28/06/2027 

10/03/2018 

15/09/2015 

15/09/2017 

21/12/2018 

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 

20/02/2013 

15/05/2013 

17/07/2013 

29/01/2014 

05/03/2014 

17/06/2015 

27/01/2016 

08/03/2017 


6,938,470 1.52% 

23,194,817 5.10% 

2,196,352 0.48% 

2,307,053 0.51% 

3,837,440 0.84% 

2,290,297 0.50% 

1,458,764 0.32% 

1,953,770 0.43% 

1,801,864 0.40% 

2,118,274 0.47% 

6,274,106 1.38% 

40,811,215 8.96% 

681,118 0.15% 

1,142,987 0.25% 

175,598 0.04% 

4,979,089 1.09% 

4,828,380 1.06% 

1,846,902 0.41% 

6,802,427 1.49% 

516,700 0.11% 

1,943,665 0.43% 

3,978,597 0.87% 

7,615,261 1.67% 

12,035,703 2.64% 

13,242,758 2.91% 

110,462 0.02% 

3,540,658 0.78% 

114,462 0.03% 

6,804,235 1.50% 

4,831,141 1.06% 

315,036,936 69.23% 


(Cost USD 427,519,344) (2011: USD 227,867,647) 426,052,722 93.62% 

Cash at Bank 36,821,014 8.09% 








market 91.60% 





100.00% 

134



PORTFOLIO OF INVESTMENTS - Skandia Managed Futures Fund 


Collective Investment Schemes - 7.80% (2011 - 7.74%) 

Goldman Sachs Funds PLC - US Treasury Liquid 

Coupon 

Rate % 

Maturity 


9,200,170 Reserves Fund 9,200,170 7.80% 


9,200,170 7.80% 









– 

– 

– 

– 

– 

– 

– 

– 

05/07/2012 

12/07/2012 

19/07/2012 

26/07/2012 

02/08/2012 

09/08/2012 

16/08/2012 

23/08/2012 

8,000,000 

13,699,986 

14,399,986 

9,299,898 

14,699,691 

15,199,529 

15,299,281 

10,199,490 

6.78% 

11.62% 

12.21% 

7.88% 

12.46% 

12.89% 

12.97% 

8.65% 

Futures - 0.69% (2011 - 0.79%) 

100,797,861 85.46% 

117,015,359 US GSCI Index Future* 31/12/2020 810,296 0.69% 

810,296 0.69% 


(Cost USD 109,990,020) (2011: USD 39,400,046) 110,808,327 93.95% 

Cash at Bank 6,884,007 5.84% 








market 94.40% 





100.00% 



135



BALANCE SHEET as at 30 June 2012 

Assets 

Skandia Global 

Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

136 

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 

Financial assets at fair value through profit 

or loss 1d,4 254,855,398 50,545,885 170,162,204 195,810,686 26,804,493 81,515,303 15,516,427 

Cash at bank 10 62,923,101 2,070,198 9,651,243 359,009 977,929 2,738,724 2,307,180 

Receivables 

Accrued Income Receivable 1b 486,252 41,200 79,226 198,892 69,338 174,772 58,114 

Capital Shares Sold Receivable 20,666,750 200,499 192,909 27,487 296,040 11,004 785 

Due from Broker 1,547,503 28,416 - 225,133 - - 167,266 

Other Assets - 27,431 - - 31,066 - - 

Prepaid Expenses - - - - - - - 

Unrealised Gain on Currency Exchange 

Contracts 1f, 15 - - - 534,401 - - - 

Total Receivables 22,700,505 297,546 272,135 985,913 396,444 185,776 226,165 

Total Assets 340,479,004 52,913,629 180,085,582 197,155,608 28,178,866 84,439,803 18,049,772 

Liabilities: Amounts Due within One 

Year 

Financial liabilities at fair value through 

profit or loss 4 (2,264,924) - - - - - - 

Accrued Expenses Payable (552,608) (129,908) (78,307) (349,909) (40,924) (153,158) (53,602) 

Bank Overdraft 10 (666) (31) (380,788) - (62,562) (241) (196) 

Other Payables - - - (226,512) - - - 

Due to Broker (340,220) (28,097) - (31,923) (405,585) - (256,829) 

Payable for Capital Shares Redeemed (27,559) (836,927) (403,991) (887,566) (702,105) (138) (14,844) 

Unrealised Loss on Currency Exchange 

Contracts 1f, 15 - - - - - - - 

Total Liabilities (3,185,977) (994,963) (863,086) (1,495,910) (1,211,176) (153,537) (325,471) 

Net Assets Attributable to Redeemable 

Participating Shareholders 337,293,027 51,918,666 179,222,496 195,659,698 26,967,690 84,286,266 17,724,301



BALANCE SHEET as at 30 June 2012 (continued) 

Assets 

Skandia Swedish 

Equity Fund 


Growth Fund 

Skandia Japanese 

Equity Fund 

137 

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 


or loss 1d,4 825,569,528 1,122,517,005 4,329,113,050 661,634,689 293,912,129 106,336,014 761,267,896 

Cash at bank 10 11,396,024 42,767,501 145,192,620 10,722,409 2,350,930 732,394 7,193,613 

Receivables 

Accrued Income Receivable 1b - - 5,447,433 1,251,741 3,402,319 9,277 - 

Capital Shares Sold Receivable 486,567 973,880 404,181 3,074,448 82,347 53,067 3,836,296 

Due from Broker - - 70,712,609 2,472,652 1,171,829 4,722,277 170,966,398 

Other Assets - - - - - - 7,151 



Contracts 1f, 15 - - 11,060,991 - - 49,195 1,579,468 

Total Receivables 486,567 973,880 87,625,214 6,798,841 4,656,495 4,833,816 176,389,313 

Total Assets 837,452,119 1,166,258,386 4,561,930,884 679,155,939 300,919,554 111,902,224 944,850,822 


Year 


profit or loss 4 - - - - (43,240) (49,508) (3,253,812) 

Accrued Expenses Payable (367,645) (414,897) (10,480,060) (1,572,105) (137,047) (66,170) (917,113) 

Bank Overdraft 10 - (1,629) - (1) (123,495) (32) (1,398,000) 

Other Payables - - - - - (320) (388) 

Due to Broker - (1,125,884) (68,877,450) (2,498,251) - (13,721,619) (420,492,636) 

Payable for Capital Shares Redeemed (1,682,938) (113,163) (51,177,501) (797,832) (236,214) (134,090) (3,380,290) 


Contracts 1f, 15 - - - - - (84,847) (1,101,552) 

Total Liabilities (2,050,583) (1,655,573) (130,535,011) (4,868,189) (539,996) (14,056,586) (430,543,791) 


Participating Shareholders 835,401,536 1,164,602,813 4,431,395,873 674,287,750 300,379,558 97,845,638 514,307,031




Assets 


Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 

Emerging Market 

Debt Fund 

138 

Skandia Swiss 

Equity Fund 

Skandia 

Healthcare Fund 

Skandia 

Technology Fund 

Skandia 

European Best 

Ideas Fund 

Notes SEK SEK USD CHF USD USD EUR 


or loss 1d,4 410,898,927 307,619,910 574,314,325 61,679,026 157,427,539 111,003,536 269,859,636 

Cash at bank 10 7,681,668 2,992,640 27,151,723 643,510 1,932,940 1,514,980 10,974,586 

Receivables 

Accrued Income Receivable 1b - - 9,166 - 90,083 26,142 317,526 

Capital Shares Sold Receivable 2,357,878 2,655,952 6,711,774 2,806 2,514,215 166,059 100,359 

Due from Broker - 9,993,782 1,476,408 - 3,772,594 169,363 2,306,089 

Other Assets - - - - - - - 



Contracts 1f, 15 - - 1,005,719 - - - - 

Total Receivables 2,357,878 12,649,734 9,203,067 2,806 6,376,892 361,564 2,723,974 

Total Assets 420,938,473 323,262,284 610,669,115 62,325,342 165,737,371 112,880,080 283,558,196 


Year 


profit or loss 4 - - (450) - - - - 


Bank Overdraft 10 (5,829) (4,224) - - - (32) - 

Other Payables - - - - - - - 

Due to Broker - (9,985,964) (6,899,309) - (6,642,037) (70,960) (550,940) 

Payable for Capital Shares Redeemed (326,150) (91,887) (1,303,831) (694,034) (431,020) (627,780) (3,978,731) 


Contracts 1f, 15 - - (327,091) - - - - 

Total Liabilities (757,856) (10,255,777) (8,857,518) (805,793) (7,345,042) (946,624) (5,117,881) 






Assets 

Skandia 

US Large Cap 

Value Fund 

Skandia 

Investment Grade 

Corporate Bond 

Fund 

Skandia 

Global Emerging 

Markets Fund 

139 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 

Skandia Managed 

Futures Fund* 

Notes USD USD USD USD USD USD 


or loss 1d,4 141,418,081 259,885,726 152,263,619 128,525,726 426,052,722 110,808,327 

Cash at bank 10 5,130,950 4,040,337 1,406,683 2,984,038 36,821,014 6,884,007 

Receivables 

Accrued Income Receivable 1b 50,865 8,076 375,026 1,204,523 - - 

Capital Shares Sold Receivable 89,619 2,072,028 468,090 - 470,697 18,000 

Due from Broker 1,286,420 3,497,489 7,806,490 428,442 1,189,151 - 

Other Assets - 279,588 - 5,057 14,000 - 

Prepaid Expenses - - - - - - 


Contracts 1f, 15 - 2,271,302 - - 100,089 536,275 

Total Receivables 1,426,904 8,128,483 8,649,606 1,638,022 1,773,937 554,275 

Total Assets 147,975,935 272,054,546 162,319,908 133,147,786 464,647,673 118,246,609 


Year 


profit or loss 4 - (343,913) - (3,055) - - 

Accrued Expenses Payable (292,328) (91,562) (297,799) (221,377) (120,393) (274,880) 

Bank Overdraft 10 - (1) (149,810) - (7,744,328) - 

Other Payables - (93,081) - - - - 

Due to Broker (1,113,611) (4,881,846) (2,292,142) - (501,775) - 

Payable for Capital Shares Redeemed (1,445,518) (832,384) (6,365,645) (84,948) (154,796) (19,610) 


Contracts 1f, 15 - (490,666) - - (1,035,755) (1,991) 

Total Liabilities (2,851,457) (6,733,453) (9,105,396) (309,380) (9,557,047) (296,481) 


Participating Shareholders 145,124,478 265,321,093 153,214,512 132,838,406 455,090,626 117,950,128




Assets 

Combined Total 

June 2012 


December 2011 

Notes USD USD 


or loss 1d,4 5,554,383,986 5,263,991,255 

Cash at bank 10 217,071,381 145,739,505 

Receivables 

Accrued Income Receivable 1b 8,068,898 3,486,516 

Capital Shares Sold Receivable 42,028,651 24,184,414 

Due from Broker 206,233,479 101,516,992 

Other Assets 364,293 7,233 

Prepaid Expenses - - 


Contracts 1f, 15 6,215,075 5,482,897 

Total Receivables 262,910,396 134,678,052 

Total Assets 6,034,365,763 5,544,408,812 


Year 


profit or loss 4 (5,958,902) (28,517,462) 

Accrued Expenses Payable (7,447,621) (7,828,140) 

Bank Overdraft 10 (9,861,993) (3,269,362) 

Other Payables (320,301) (661) 

Due to Broker (463,418,195) (238,193,900) 

Payable for Capital Shares Redeemed (25,435,773) (15,022,240) 


Contracts 1f, 15 (3,041,902) (2,850,996) 

Total Liabilities (515,484,687) (295,682,761) 


Participating Shareholders 5,518,881,076 5,248,726,051 

* The Skandia Global Futures Fund changed its name to the Skandia Managed Futures Fund with effect from 29 June 2012. 

140





Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

141 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 

USD USD USD USD USD EUR EUR 

Class A1 

As at 30 June 2012 

Net assets 296,887,632 46,230,333 162,870,800 91,407,469 17,724,013 80,748,405 15,053,219 

Shares outstanding 360,485,326 69,571,960 11,744,426 5,830,645 1,644,550 137,852,359 1,657,096 

Net asset value per share 0.824 0.664 13.868 15.677 10.777 0.586 9.084 

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 




Net assets 358,557,261 76,033,924 202,015,653 172,249,993 75,120,873 141,817,972 35,909,983 



Class B 


Net assets 379,448 1,502,135 1,398,731 3,661,306 1,322,383 305,549 516,199 

Shares outstanding 28,898 131,998 120,386 280,648 147,129 30,149 60,284 



Net assets 608,477 2,475,452 1,250,150 4,390,067 2,341,875 361,246 614,743 




Net assets 1,280,043 815,280 1,416,326 4,403,589 1,767,450 445,360 1,728,733 


Net asset value per share 15.236 11.763 11.804 14.044 9.464 11.132 10.277





Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

142 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class C 


Net assets 3,774,614 3,648,203 14,129,474 16,034,430 7,491,059 1,820,626 728,449 

Shares outstanding 297,780 325,228 1,193,149 1,199,043 813,543 185,136 85,956 



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 


Class A2 


Net assets - - - - - 1,105,847 1,211,749 

Shares outstanding - - - - - 101,142 112,960 

Net asset value per share - - - - - 10.934 10.727 


Net assets - - - - - 1,242,751 1,477,619 




Net assets - - - - - 1,381,054 1,454,483 


Net asset value per share - - - - - 11.629 12.495





Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

143 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class A3 


Net assets - 41,911 823,491 434,925 21,565 - - 

Shares outstanding - 3,434 65,207 33,700 2,020 - - 

Net asset value per share - 12.205 12.629 12.906 10.676 - - 


Net assets - 377,217 502,204 747,695 20,595 - - 

Shares outstanding - 31,732 42,601 58,220 2,004 - - 



Net assets - 7,654 134,395 453,059 173,289 - - 

Shares outstanding - 627 10,750 33,301 15,344 - - 


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 

144 



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 - - - 43,673,088 - - - 

Shares outstanding - - - 3,679,839 - - - 

Net asset value per share - - - 11.868 - - - 


Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

145 



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 

146 



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 

147 



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 35,562,080 - - 40,448,480 - - - 

Shares outstanding 3,790,000 - - 3,395,774 - - - 

Net asset value per share 9.383 - - 11.911 - - - 


Net assets - - - 9,056,276 - - - 

Shares outstanding - - - 769,768 - - - 



Net assets - - - 9,720,959 - - - 

Shares outstanding - - - 794,408 - - - 

Net asset value per share - - - 12.237 - - -





Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

148 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 




Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 



Class S4 


Net assets 689,253 496,084 - - 408,670 305,839 214,685 

Shares outstanding 43,579 28,504 - - 24,823 23,769 16,997 

Net asset value per share 15.816 17.404 - - 16.463 12.867 12.631 


Net assets 554,931 672,977 - - 1,383,316 277,180 270,036 


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 


Net asset value per share 17.409 16.943 - - 16.530 13.298 14.334





Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

149 



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 

150 



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 

151 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class C1 


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 

152 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class S4 Hedged Income 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

153 


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 835,401,536 1,164,602,813 2,685,141,417 508,348,475 252,550,099 51,654,791 239,951,502 




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 



Class B 


Net assets - - 32,824,566 19,805,873 14,523,038 1,067,399 19,829,934 

Shares outstanding - - 46,164 631,896 857,070 69,331 1,308,924 

Net asset value per share - - 711.043 31.344 16.945 15.396 15.150 


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 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 asset value per share - - 878.371 34.765 20.086 14.946 14.475





Equity Fund 


Growth Fund 


Equity Fund 

154 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Class C 


Net assets - - 156,319,111 36,082,380 19,398,694 26,663,605 83,804,625 

Shares outstanding - - 221,810 1,191,608 1,237,569 1,692,071 5,509,110 



Net assets - - 296,975,825 38,753,924 22,987,133 24,352,320 72,857,817 




Net assets - - 209,519,689 73,329,360 38,476,285 16,458,306 69,808,723 



Class A2 


Net assets - - 713,088,636 - - - - 

Shares outstanding - - 982,101 - - - - 

Net asset value per share - - 726.085 - - - - 


Net assets - - 711,155,096 - - - - 

Shares outstanding - - 1,026,381 - - - - 



Net assets - - 595,958,593 - - - - 


Net asset value per share - - 860.078 - - - -





Equity Fund 


Growth Fund 


Equity Fund 

155 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Class A3 


Net assets - - - 86,509,975 - - - 




Net assets - - - 92,238,752 - - - 




Net assets - - - 106,300,446 - - - 





Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - 50,060,473 

Shares outstanding - - - - - - 4,415,438 

Net asset value per share - - - - - - 11.338





Equity Fund 


Growth Fund 


Equity Fund 

156 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - 47,633,349 

Shares outstanding - - - - - - 4,425,144 

Net asset value per share - - - - - - 10.764 



Net assets - - 785,635,418 - - 1,063,420 47,624,302 

Shares outstanding - - 870,695 - - 66,509 3,571,071 

Net asset value per share - - 902.308 - - 15.989 13.336 


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





Equity Fund 


Growth Fund 


Equity Fund 

157 


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 - - - - - 97,822 37,194,767 

Shares outstanding - - - - - 9,705 3,241,727 



Net assets - - - - - 100,379 38,842,595 




Net assets - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

158 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 





Net assets - - - - - 1,928,169 46,868,274 




Net assets - - - - - 3,724,104 48,672,938 




Net assets - - - - - 1,618,793 49,965,070 


Net asset value per share - - - - - 10.340 11.110





Equity Fund 


Growth Fund 


Equity Fund 

159 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Class CIM 


Net assets - - - - - 209,766 37,381,076 




Net assets - - - - - 71,968 36,169,745 




Net assets - - - - - - - 



Class I 


Net assets - - - 22,989,442 13,271,918 11,051,726 - 

Shares outstanding - - - 2,375,751 1,162,312 1,054,729 - 

Net asset value per share - - - 9.677 11.419 10.478 - 


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 -





Equity Fund 


Growth Fund 


Equity Fund 

160 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - 3,033,838 160,163 




Net assets - - - - - 3,165,923 224,301 




Net assets - - - - - 12,162,059 227,841 



Class S4 


Net assets - - 58,386,725 551,605 635,809 - - 

Shares outstanding - - 48,519 31,328 40,568 - - 

Net asset value per share - - 1,203.379 17.607 15.673 - - 


Net assets - - 72,196,887 543,042 468,680 - - 


Net asset value per share - - 1,144.475 16.825 16.007 - - 


Net assets - - 65,723,554 250,876 426,989 - - 


Net asset value per share - - 1,403.480 18.658 17.772 - -





Equity Fund 


Growth Fund 


Equity Fund 

161 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - 1,075,102 - 

Shares outstanding - - - - - 67,128 - 

Net asset value per share - - - - - 16.016 - 


Net assets - - - - - 1,451,723 - 




Net assets - - - - - 461,270 - 





Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

162 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - - 1,492,388 

Shares outstanding - - - - - - 992,250 



Net assets - - - - - - - 




Net assets - - - - - - - 





Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

163 


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 - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

164 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

165 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 

SEK SEK USD CHF USD USD EUR 

Class A1 


Net assets 420,180,617 313,006,507 180,762,437 61,519,549 138,310,934 101,570,316 250,188,877 




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 



8.984 

Class B 


Net assets - - 12,971,734 - - - - 




Net assets - - 11,790,432 - - - - 




Net assets - - 5,961,161 - - - 



-





Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

166 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


SEK SEK USD CHF USD USD 

Skandia 

European Best 

Ideas Fund 

Class C 


Net assets - - 14,696,393 - 1,238,783 5,053,629 39,775 

Shares outstanding - - 836,704 - 131,551 550,431 5,000 

Net asset value per share - - 17.565 - 9.417 9.181 7.955 


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 asset value per share - - 16.247 - 8.609 9.803 - 

Class A2 


Net assets - - - - - - 545,558 




Net assets - - - - - - 611,891 




Net assets - - - - - - 746,572 


Net asset value per share - - - - - - 7.163





Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

167 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 

Class A3 


Net assets - - 14,192,991 - - 5,309,511 - 

Shares outstanding - - 708,323 - - 369,788 - 

Net asset value per share - - 20.037 - - 14.358 - 


Net assets - - 9,536,714 - - 5,163,286 - 

Shares outstanding - - 503,804 - - 388,322 - 



Net assets - - 21,064,500 - - 5,570,119 - 

Shares outstanding - - 1,166,888 - - 373,608 - 




Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - 4,136,068 - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

168 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 



Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - 12,592,377 - - - - 





Net assets - - 21,528,262 - - - - 




Net assets - - 12,340,026 - - - - 




Net assets - - 11,459,426 - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

169 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 

Class A4 


Net assets - - - - - - 560,534 




Net assets - - - - - - 468,171 




Net assets - - - - - - 444,338 





Net assets - - 45,131,972 - - - - 




Net assets - - 34,602,515 - - - - 




Net assets - - 30,678,718 - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

170 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 



Net assets - - - - 372,565 - 27,105,571 

Shares outstanding - - - - 20,307 - 2,417,781 

Net asset value per share - - - - 18.347 - 11.211 


Net assets - - - - 160,700 - 26,019,851 

Shares outstanding - - - - 9,533 - 2,483,992 



Net assets - - - - 19,994,100 - 35,458,461 

Shares outstanding - - - - 1,204,463 - 2,707,258 




Net assets - - 162,075,407 - - - - 




Net assets - - 156,858,426 - - - - 




Net assets - - 142,199,919 - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

171 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 

Class CIM Income 


Net assets - - 73,313,087 - - - - 




Net assets - - 75,148,188 - - - - 




Net assets - - 74,898,940 - - - - 



Class I 


Net assets - - 36,199,925 - 18,470,047 - - 

Shares outstanding - - 3,292,334 - 1,694,798 - - 

Net asset value per share - - 10.995 - 10.898 - - 


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 - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

172 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 



Net assets - - 49,040 - - - - 




Net assets - - 157,492 - - - - 




Net assets - - 3,971,970 - - - - 



Class S4 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

173 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 



Net assets - - 2,050,340 - - - - 




Net assets - - 934,661 - - - - 




Net assets - - 328,881 - - - - 





Net assets - - 557,728 - - - - 




Net assets - - 368,815 - - - - 




Net assets - - 19,247,897 - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

174 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 



Net assets - - 35,263,086 - - - - 




Net assets - - 28,545,505 - - - - 




Net assets - - - - - - - 





Net assets - - 3,019,195 - - - - 




Net assets - - 1,641,698 - - - - 




Net assets - - - - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

175 

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 - - - - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

176 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 




Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

177 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 

USD USD USD USD USD USD 

Class A1 


Net assets 129,089,491 802,411 18,446,292 105,837,979 14,956,640 51,876,106 

Shares outstanding 12,961,257 74,996 1,988,804 13,007,331 1,461,006 5,040,652 

Net asset value per share 9.960 10.699 9.275 8.137 10.237 10.292 


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 - - - 

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 

178 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Class C 


Net assets 4,295,303 35,805,986 - - 44,402 - 

Shares outstanding 479,407 3,387,881 - - 4,294 - 

Net asset value per share 8.960 10.569 - - 10.340 - 


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 - - - - 

Class A2 


Net assets - - 114,519,851 - 46,437,653 - 

Shares outstanding - - 9,257,585 - 3,283,798 - 

Net asset value per share - - 12.370 - 14.141 - 


Net assets - - 58,889,361 - 22,274,368 - 

Shares outstanding - - 4,717,272 - 1,644,433 - 



Net assets - - 56,075,588 - - - 

Shares outstanding - - 3,698,704 - - - 

Net asset value per share - - 15.161 - - -




Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

179 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Class A3 


Net assets - - - - - - 




Net assets - - - - - - 




Net assets 1,041,375 - - - - - 

Shares outstanding 55,000 - - - - - 

Net asset value per share 18.934 - - - - - 



Net assets - 2,698,276 - - - - 

Shares outstanding - 262,525 - - - - 

Net asset value per share - 10.278 - - - - 


Net assets - 990,217 - - - - 




Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

180 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - - - - - - 




Net assets - - - - - - 




Net assets - - - - - - 





Net assets - - - - - 2,109,879 

Shares outstanding - - - - - 166,500 

Net asset value per share - - - - - 12.672 


Net assets - - - - - - 




Net assets - 34,270,919 - - - - 

Shares outstanding - 22,308,270 - - - - 

Net asset value per share - 1.536 - - - -




Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

181 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Class A4 


Net assets - - 5,686,307 27,000,427 - - 

Shares outstanding - - 443,068 2,034,590 - - 

Net asset value per share - - 12.834 13.271 - - 


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 - - - - - - 



Class A1 M Income 


Net assets - - - - 1,672,106 - 

Shares outstanding - - - - 163,950 - 

Net asset value per share - - - - 10.199 - 


Net assets - - - - - - 




Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

182 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - 109,415,632 - - - - 




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 - - 38,323 - - - 

Shares outstanding - - 5,000 - - - 

Net asset value per share - - 7.665 - - - 


Net assets - - 39,622 - 44,856 - 

Shares outstanding - - 5,000 - 5,000 - 



Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

183 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Class CIM 


Net assets - - - - 1,566,780 - 




Net assets - - - - 1,458,966 - 




Net assets - - - - - - 



Class I 


Net assets 11,168,473 - - - 313,463,269 - 

Shares outstanding 916,797 - - - 30,202,917 - 

Net asset value per share 12.182 - - - 10.379 - 


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 - - - - - 

Shares outstanding 250,608 - - - - - 

Net asset value per share 11.885 - - - - -




Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

184 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - - - - 76,949,776 - 

Shares outstanding - - - - 5,023,581 - 



Net assets - - - - 45,508,451 - 

Shares outstanding - - - - 3,021,563 - 



Net assets - - - - - - 



Class S4 


Net assets 571,211 - 13,546,984 - - - 

Shares outstanding 33,359 - 999,421 - - - 

Net asset value per share 17.123 - 13.555 - - - 


Net assets 794,942 - 615,271 - - - 


Net asset value per share 16.498 - 13.632 - - - 


Net assets 233,574 - 196,607 - - - 


Net asset value per share 16.658 - 16.348 - - -




Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

185 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - - - - - - 




Net assets - - - - - - 




Net assets - 27,518 - - - - 





Net assets - - - - - 43,809,332 

Shares outstanding - - - - - 2,703,822 



Net assets - - - - - 40,179,987 

Shares outstanding - - - - - 2,522,535 



Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

186 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - 113,931,716 - - - 19,788,218 

Shares outstanding - 68,455,912 - - - 13,744,911 

Net asset value per share - 1.664 - - - 1.440 


Net assets - 47,489,029 - - - - 




Net assets - - - - - - 





Net assets - - - - - - 




Net assets - - - - - - 




Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

187 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Class C1 


Net assets - - 976,755 - - - 




Net assets - - 1,265,128 - - - 




Net assets - - - - - - 





Net assets - - - - - 366,593 

Shares outstanding - - - - - 47,060 



Net assets - 2,619,281 - - - - 




Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

188 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - 2,667,072 - - - - 




Net assets - 2,619,281 - - - - 




Net assets - - - - - - 





BALANCE SHEET as at 31 December 2011 (continued) 

Assets 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

189 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 

Notes USD USD USD USD USD EUR EUR 


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 




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 


Year 


profit or loss 4 - - - - - - - 


Bank Overdraft 10 (137) (32) - - - (20) (152) 


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) 


Contracts 1f, 15 - - - - - - - 

Total Liabilities (665,904) (2,714,452) (1,867,333) (5,435,660) (192,677) (191,455) (102,122) 






Assets 


Equity Fund 


Growth Fund 


Equity Fund 

190 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 

Notes SEK SEK JPY USD USD USD USD 


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 

191 

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 




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) - 


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 

192 

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 

193



NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 June 2012 

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 2012 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. During the period transaction costs of 

US$6,724,117 were incurred. 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. 

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. 

194



NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 June 2012 (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. 

195





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: 

196





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. 

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. 

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. 

197





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 xx. 

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. 

3. 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). 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 and amounts paid 

to related parties are set out in Note 10. 

4. 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 136 to 193. 

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. 

*Mr. Keck resigned from the Board with effect from 1 August 2012. 

198




5. 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. 

6. Efficient Portfolio Management 

The Company may, for the purposes of efficient portfolio management, enter into futures contracts, forwards, options, 

swaps, swaptions, contracts for difference, convertible securities and structured notes. Forward currency contracts, 

futures, swaps, options and swaptions open at 30 June 2012 are disclosed in Note 12 and in the Portfolio of Investments 

on pages 42 to 135. The positions held at 30 June 2012 are indicative of positions held throughout the year. 

7. 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 Equity Fund USD 1,081,574 (2011:-) Morgan Stanley 

Skandia Greater China Equity Fund USD 1,171,828 (2011:-) Morgan Stanley 

Skandia Global Bond Fund USD 1,746 (2011: USD (94,677)) Goldman Sachs 

Skandia Total Return USD Bond Fund USD (19,557) (2011: USD (523,629)) Goldman Sachs 

Skandia Total Return USD Bond Fund USD 1,066 (2011: USD (199,411)) JP Morgan 

Skandia Total Return USD Bond Fund USD 233,650 (2011: USD 82,601) Barclays Bank 

Skandia Total Return USD Bond Fund USD 210 (2011: USD (310,352)) Credit Suisse 

Skandia Emerging Market Debt Fund USD (760,000) (2011: USD (940,000)) JP Morgan 

Skandia Investment Grade Corporate Bond Fund USD 300,264 (2011: USD 860,707) Merrill Lynch 

Skandia Asian Equity Fund USD 428,441 (2011: 122,183) Morgan Stanley 

8. 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 EUR 30,000. 

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. 

9. Soft Commission Arrangements 

Some Investment Advisers did enter into soft commission arrangements (including commission-sharing arrangements) on 

behalf of the Company for the period ended 30 June 2012. 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 during the period ended 30 June 2012 and the year ended 31 December 2011: 





Skandia Pacific Equity Fund 




199




10. 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 

200 


% of Net Asset 

Value for Class I 

Shares 


% of Net Asset 

Value for Class S 

Shares 

Skandia Managed Futures Fund 2.00 1.00 - 

Skandia Global Emerging Markets Fund 1.75 0.90 1.20 

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 Emerging Market Debt Fund 1.50 0.75 1.10 

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 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 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 US Capital Growth Fund 1.50 0.75 - 

Skandia US All Cap Value Fund 1.50 0.75 - 

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 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 Investment Grade Corporate Bond Fund 1.00 0.50 0.90 

Skandia Total Return USD Bond Fund 1.00 0.50 - 

Skandia Swedish Bond Fund 0.75 0.375 - 

Skandia SEK Reserve Fund 0.50 - -




10. Fees and Expenses (continued) 

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 39,588,866 for the period ended 30 June 2012 (2011: USD 41,864,777). 

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 1,278,261 for the period ended 30 June 2012 (2011: USD 1,548,887). 

Performance Fee 

With respect to the Skandia Managed 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 Managed Futures Fund’s assets. 

The performance fee is equal to 20% 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 Managed 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 613,340 for the period ended 30 June 2012 (2011: USD -). 

201




10. 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 923,243 for the period ended 30 June 2012 (2011: USD 727,531). 

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. 

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. 

202




11. Distributions 

For the period ended 30 June 2012 

Distributions reflect income earned in the Funds below during the period to 31 May 2012 for Class A1 M Income 

Shares, Class B1 M Income Shares, Class C1 M Income Shares and during the period to 31 March 2012 for Class S4 

Income Shares, Class A4 Income Shares and Class A4 Hedged Income Shares. Income to 30 June 2012 was 

distributed in July 2012. 


Class B1 M Income Class A1 M Income Class S4 Income 

31 January 2012 US$0.0250/Unit US$0.0190/Unit - 

29 February 2012 US$0.0216/Unit US$0.0247/Unit - 

31 March 2012 US$0.0227/Unit US$0.0180/Unit US$0.1273/Unit 

30 April 2012 US$0.0245/Unit US$0.02340/Unit - 

31 May 2012 US$0.0209/Unit US$0.01980/Unit - 

Class A4 Income Class C1 M Income 

31 January 2012 - US$0.0157/Unit 

29 February 2012 - US$0.0212/Unit 

31 March 2012 US$0.1178/Unit US$0.0148/Unit 

30 April 2012 - US$0.0198/Unit 

31 May 2012 - US$0.0163/Unit 


Class B1 M Income Class A4 Income Class A1 M Income 

31 January 2012 US$0.0312/Unit - US$0.0351/Unit 

29 February 2012 US$0.0254/Unit - US$0.0292/Unit 


30 April 2012 US$0.0267/Unit - US$0.0301/Unit 

31 May 2012 US$0.0209/Unit - US$0.0254/Unit 

Class C1 M Income 

31 January 2012 US$0.0300/Unit 

29 February 2012 US$0.0249/Unit 

31 March 2012 US$0.0251/Unit 

30 April 2012 US$0.0252/Unit 

31 May 2012 US$0.0208/Unit 


Class A1 M Income Class B1 M Income Class C1 M Income 

31 January 2012 US$0.0535/Unit US$0.0563/Unit US$0.0592/Unit 

29 February 2012 US$0.0532/Unit US$0.0564/Unit US$0.0583/Unit 


30 April 2012 US$0.0540/Unit US$0.0567/Unit US$0.0599/Unit 

31 May 2012 US$0.0536/Unit US$0.0559/Unit US$0.0582/Unit 


31 January 2012 - 

29 February 2012 - 

31 March 2012 US$0.2508/Unit 

30 April 2012 - 

31 May 2012 - 

203




11. Distributions (continued) 

For the period ended 30 June 2012 (continued) 

Skandia Investment Grade Corporate Fund 


Income 

Class S4 Income Class A1 Income 



Class B1 M Income 

30 April 2012 US$0.0200/Unit 

31 May 2012 US$0.0171/Unit 


Class B1 M Income Class C1 M Income Class A4 Income 

31 January 2012 US$0.0379/Unit US$0.0440/Unit - 

29 February 2012 US$0.0398/Unit US$0.0398/Unit - 

31 March 2012 - US$0.0376/Unit US$0.2181/Unit 

30 April 2012 - US$0.0324/Unit - 

31 May 2012 - US$0.0276/Unit - 

Class A1 M Income 

31 January 2012 US$0.0423/Unit 

29 February 2012 US$0.0453/Unit 

31 March 2012 US$0.0460/Unit 

30 April 2012 US$0.0403/Unit 

31 May 2012 US$0.0338/Unit 

The change in net assets attributable to redeemable participating shareholders of distributing sub-funds during the 

period was as follows: 

Skandia 

Skandia 

Skandia Total Emerging Investment Grade 

Skandia Global Return USD Market Debt Corporate Bond 

Bond Fund Bond Fund Fund 

Fund 

USD USD USD USD 

Change in net assets attributable 

to redeemable participating 

shareholders 443,409 19,576,672 18,718,357 8,460,652 


Emerging 

Markets Fund 

204 

Skandia Local 

Currency 

Emerging 

Market Debt 

Fund 

USD USD 

Change in net assets attributable 

to redeemable participating 

shareholders (8,828,079) 4,666,891





For the period ended 30 June 2011 

Distributions reflect income earned in the Funds below during the period to 31 May 2011. Income to 30 June 2011 

was distributed in July 2011. 



31 January 2011 - US$0.0227/unit - 

28 February 2011 US$0.0298/share US$0.0230/share - 

31 March 2011 US$0.0374/share US$0.0266/share - 

30 April 2011 US$0.0224/share US$0.0263/share - 

31 May 2011 US$0.0293/share US$0.0252/share US$0.0037/share 

Class A4 Income Class S4 Income 

31 January 2011 - - 

28 February 2011 - - 

31 March 2011 US$0.1240/share US$0.1644/share 

30 April 2011 - - 

31 May 2011 - - 



31 January 2011 US$0.0345/share US$0.0297/share US$0.0316/share 

28 February 2011 US$0.0173/share US$0.0255/share US$0.0131/share 

31 March 2011 US$0.0396/share US$0.0360/share US$0.0348/share 

30 April 2011 US$0.0304/share US$0.0274/share US$0.0269/share 



31 January 2011 - 

28 February 2011 - 

31 March 2011 US$0.1368/share 

30 April 2011 - 

31 May 2011 - 



31 January 2011 US$0.0542/share US$0.0556/share US$0.0612/share 

28 February 2011 US$0.0434 /share US$0.0523 /share US$0.0432/share 

31 March 2011 US$0.0645 /share US$0.0707/share US$0.0718/share 

30 April 2011 US$0.0563/share US$0.0610/share US$0.0617 /share 


Class A1 Income Class C1 Income Class A4 Income 

31 January 2011 US$0.0178 /share US$0.0160/share - 

28 February 2011 - - - 

31 March 2011 - - US$0.2756/share 

30 April 2011 - - - 

31 May 2011 - - - 

205





For the period ended 30 June 2011 (continued) 

Skandia Emerging Market Debt Fund (continued) 

Class S4 Income Class A6 Hedged Income 

31 January 2011 - - 

28 February 2011 - - 

31 March 2011 US$0.2465/share US$0.0094/share 

30 April 2011 - - 

31 May 2011 - - 



31 January 2011 - US$0.0227/share - 

28 February 2011 US$0.0298/share US$0.0230/share - 

31 March 2011 US$0.0374/share US$0.0266/share - 

30 April 2011 US$0.0224/share US$0.0263/share - 


12. 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 

31/07/2012 EUR 34,770,011 USD 43,217,677 534,401 

Total Open Forward Currency Exchange Contracts at 30 June 2012 534,401 

Total Open Forward Currency Exchange Contracts at 31 December 2011 (3,800,145) 


Actual 


Unrealised 

Settle Date 

Currency Received Currency Delivered Gain/(Loss) JPY 

31/07/2012 EUR 7,744,839 JPY 763,248,770 11,060,991 

Total Open Forward Currency Exchange Contracts at 30 June 2012 11,060,991 

Total Open Forward Currency Exchange Contracts at 31 December 2011 (3,800,145) 

206




12. Forward Currency Exchange Contracts 


Actual 


Unrealised 

Settle Date 

Currency Received Currency Delivered Gain/(Loss) USD 

31/07/2012 CAD 100,000 USD 97,770 (188) 

31/07/2012 CHF 345,000 USD 359,093 2,272 

31/07/2012 CZK 3,550,000 USD 172,294 1,975 

31/07/2012 EUR 899,378 USD 1,117,961 13,752 

31/07/2012 ILS 345,000 USD 87,496 201 

31/07/2012 JPY 548,375,000 USD 6,900,185 1,724 

31/07/2012 KRW 694,578,000 USD 595,106 10,094 

31/07/2012 MXN 1,692,000 USD 120,863 4,633 

31/07/2012 MYR 610,000 USD 190,816 1,346 

31/07/2012 NOK 1,788,000 USD 297,618 526 

31/07/2012 NZD 321,000 USD 251,646 4,045 

31/07/2012 USD 589,619 AUD 587,000 (6,384) 

31/07/2012 USD 1,757,562 CAD 1,801,000 107 

31/07/2012 USD 183,839 DKK 1,094,000 (1,468) 

31/07/2012 USD 3,855,882 EUR 3,091,000 (33,601) 

31/07/2012 USD 457,375 GBP 294,000 (1,314) 

31/07/2012 USD 361,978 JPY 28,897,000 (1,723) 

31/07/2012 USD 72,629 KRW 84,740,000 (1,209) 

31/07/2012 USD 114,319 PLN 390,000 (435) 

31/07/2012 USD 813,857 SEK 5,757,000 (10,540) 

31/07/2012 USD 1,020,313 SGD 1,306,000 (8,912) 

31/07/2012 USD 84,598 ZAR 719,000 (2,247) 

07/09/2012 CNY 1,590,000 USD 252,742 (2,479) 

07/09/2012 USD 246,895 CNY 1,590,000 (3,368) 

23/04/2014 CNY 1,015,000 USD 167,630 (10,979) 

23/04/2014 USD 165,006 CNY 1,015,000 8,520 

Total Open Forward Currency Exchange Contracts at 30 June 2012 (35,652) 

Total Open Forward Currency Exchange Contracts at 31 December 2011 (160,812) 

207




12. Forward Currency Exchange Contracts (continued) 


Actual 

Issue Currency Settle Currency Unrealised 

Settle Date 


02/07/2012 IDR 10,911,954,500 USD 1,207,743 (47,474) 

02/07/2012 USD 1,164,743 IDR 10,911,954,500 4,481 

03/07/2012 EUR 21,669,000 USD 27,042,912 217,123 

03/07/2012 GBP 13,319,000 USD 20,822,367 (40,732) 

03/07/2012 USD 27,294,553 EUR 21,669,000 34,518 

03/07/2012 USD 20,907,874 GBP 13,319,000 126,237 

12/07/2012 INR 27,554,000 USD 592,814 (100,782) 

12/07/2012 USD 534,871 INR 27,554,000 42,966 

16/07/2012 EUR 15,692,000 USD 20,076,785 (333,751) 

16/07/2012 USD 8,501,969 EUR 6,514,000 306,283 

31/07/2012 EUR 37,817,504 USD 47,005,348 581,476 

31/07/2012 SEK 10,071,374 USD 1,420,055 22,135 

02/08/2012 BRL 350,009 USD 171,750 (4,686) 

02/08/2012 USD 3,067,828 BRL 6,021,777 194,988 

02/08/2012 USD 27,050,063 EUR 21,669,000 (217,192) 

02/08/2012 USD 15,845,507 GBP 10,155,000 2,173 

15/08/2012 MXN 344,996 USD 24,896 654 

15/08/2012 USD 13,837,584 MXN 190,502,750 (272,283) 

23/08/2012 SEK 3,427,000 USD 474,925 15,379 

23/08/2012 USD 972,518 SEK 7,002,000 (29,326) 

10/09/2012 USD 1,541,733 JPY 123,468,000 (13,155) 

18/09/2012 USD 1,774,283 JPY 140,000,000 10,978 

20/09/2012 USD 10,726,620 CAD 11,026,000 (20,570) 

01/02/2013 CNY 10,941,000 USD 1,735,289 (21,601) 

01/02/2013 USD 1,733,671 CNY 10,941,000 20,077 


Total Open Forward Currency Exchange Contracts at 31 December 2011 1,627,925 

208






Actual 


Settle Date 


03/07/2012 BRL 6,044,550 USD 2,952,377 (47,179) 

03/07/2012 USD 2,924,350 BRL 6,044,550 19,160 

25/07/2012 USD 9,328,766 COP 16,644,850,000 158,025 

31/07/2012 EUR 19,500,592 USD 24,275,899 262,242 

31/07/2012 GBP 350,727 USD 544,632 2,558 

31/07/2012 SEK 245,740,934 USD 34,649,605 539,760 

31/07/2012 SGD 3,784,176 USD 2,958,237 23,974 

31/07/2012 USD 33,927,845 EUR 27,170,752 (261,805) 

31/07/2012 USD 2,110,269 GBP 1,359,000 (9,991) 

02/08/2012 BRL 4,825,350 USD 2,311,323 (8,116) 


Total Open Forward Currency Exchange Contracts at 31 December 2011 344,743 


Actual 


Settle Date 


31/07/2012 CAD 55,000 USD 53,673 (3) 

31/07/2012 GBP 72,336,575 USD 112,328,896 527,807 

31/07/2012 JPY 218,000 USD 2,743 1 

31/07/2012 SEK 795,775,398 USD 112,209,155 1,743,494 

31/07/2012 USD 2,008,909 AUD 2,003,000 (24,819) 

31/07/2012 USD 42,875,764 EUR 34,396,000 (405,580) 

31/07/2012 USD 10,420,386 GBP 6,701,434 (34,933) 

31/07/2012 USD 1,955,831 SEK 13,835,000 (25,331) 

Total Open Forward Currency Exchange Contracts at 30 June 2012 1,780,636 

Total Open Forward Currency Exchange Contracts at 31 December 2011 1,180,902 


Actual 


Settle Date 


03/07/2012 BRL 22,619,534 USD 11,053,427 (181,778) 

03/07/2012 USD 10,895,729 BRL 22,619,534 24,092 

16/07/2012 USD 4,109,288 COP 7,371,268,100 40,421 

02/08/2012 BRL 22,619,534 USD 10,834,667 (38,047) 

16/08/2012 RUB 403,911,910 USD 12,972,467 (815,930) 

06/09/2012 PHP 46,684,000 USD 1,070,415 35,576 

Total Open Forward Currency Exchange Contracts at 30 June 2012 (935,666) 

Total Open Forward Currency Exchange Contracts at 31 December 2011 (384,603) 

209





Skandia Managed Futures Fund 

Actual 


Unrealised 

Settle Date 


31/07/2012 EUR 1,665,000 USD 2,069,478 25,638 

31/07/2012 GBP 28,052,962 USD 43,562,518 204,618 

31/07/2012 SEK 137,895,816 USD 19,443,194 303,074 

31/07/2012 SGD 464,809 USD 363,359 2,945 

31/07/2012 USD 161,433 GBP 103,827 (554) 

31/07/2012 USD 114,690 SEK 810,950 (1,437) 


Total Open Forward Currency Exchange Contracts at 31 December 2011 73,137 

The brokers for forward currency exchange contracts at 30 June 2012 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. 

210




13. Exchange Rates 

The USD exchange rates used in this report are as follows: 

30 June 2012 31 December 2011 

ARS 4.5237 4.3040 

AUD 0.9756 0.9754 

BRL 2.0184 1.8653 

CAD 1.0195 1.0183 

CHF 0.9465 0.9351 

CLP 502.2602 519.4805 

CNY 6.3541 6.2940 

COP 1,785.7143 1,937.9845 

CZK 20.1195 19.6452 

DKK 5.8582 5.7253 

EUR 0.7880 0.7703 

GBP 0.6376 0.6435 

HKD 7.7569 7.7666 

HUF 225.1725 242.4719 

IDR 9,392.3171 9,067.8273 

ILS 3.9072 3.8238 

INR 55.8347 53.1039 

ISK 124.7038 122.3242 

JPY 79.7900 76.9400 

KRW 1,145.3442 1,151.9941 

LKR 133.9047 113.8952 

MXN 13.4259 13.9554 

MYR 3.1755 3.1700 

NOK 5.9445 5.9679 

NZD 1.2442 1.2819 

PHP 42.1354 43.8558 

PLN 3.3373 3.4339 

RUB 32.4370 32.1234 

SEK 6.9024 6.8553 

SGD 1.2668 1.2967 

THB 31.7601 31.5497 

TRL 1,265,822.7848 1,265,822.7848 

TRY 1.8087 1.8886 

TWD 29.8846 30.2792 

UYU 21.6300 19.9501 

ZAR 8.1785 8.0734 

The EUR exchange rates used in this report are as follows: 


CHF 1.2012 1.2139 

DKK 7.4343 7.4324 

GBP 0.8091 0.8353 

NOK 7.5438 7.7473 

PLN 4.2352 4.4578 

SEK 8.7595 8.8992 

USD 1.2691 1.2982 

211




13. Exchange Rates (continued) 

The JPY exchange rates used in this report are as follows: 


EUR 0.0099 0.0100 

USD 0.0125 0.0130 

The SEK exchange rates used in this report are as follows: 


EUR 0.1142 0.1124 

USD 0.1449 0.1459 

The CHF exchange rates used in this report are as follows: 


USD 1.0565 1.0694 

14. Securities Lending 

The Company participated in a securities lending programme managed by Securities Finance Trust Company, trading as 

eSec Lending. 

During the period the Company decided to no longer participate in securities lending and on 4 May 2012 the Company 

unwound its’ positions in the programme. 

15. Financial Statements 

These financial statements were approved by the Board of Directors on 22 August 2012. 

212



SIGNIFICANT PURCHASES AND SALES – Skandia Global Equity Fund 

Security Description 

BUYS 

Issue 

Currency Shares/Par Cost USD 

Varian Medical Systems Inc USD 134,694 9,327,262 

Apple Inc USD 13,005 7,236,067 

Procter & Gamble Co/The USD 97,947 6,569,887 

JPMorgan Chase & Co USD 144,936 6,465,149 

Danaher Corp USD 117,660 6,415,028 

Devon Energy Corp USD 86,679 6,363,221 

FANUC Corp JPY 35,237 6,326,337 

Oracle Corp USD 208,229 6,223,375 

Schlumberger Ltd USD 81,826 6,171,138 

United Parcel Service Inc USD 75,498 6,058,576 

Noble Corp USD 152,584 6,041,023 

US Bancorp USD 187,902 5,953,477 

Inditex SA EUR 61,727 5,816,633 

Coach Inc USD 73,521 5,722,807 

Aetna Inc USD 117,179 5,380,730 

Wells Fargo & Co USD 153,793 5,180,352 

Automatic Data Processing Inc USD 92,842 5,078,375 

PPR EUR 27,638 4,795,055 

Tata Motors Ltd USD 170,559 4,644,150 

Quanta Services Inc USD 215,570 4,624,581 

Microsoft Corp USD 146,538 4,610,608 

Robert Half International Inc USD 149,398 4,550,112 

Petroleo Brasileiro SA USD 154,593 4,317,595 

ICICI Bank Ltd USD 120,533 4,280,189 

Fomento Economico Mexicano SAB de CV USD 56,576 4,231,365 

Emerson Electric Co USD 81,754 4,200,669 

L'Oreal SA EUR 34,776 4,058,257 

Roche Holding AG CHF 23,046 4,009,227 

Vale SA USD 171,670 3,978,272 

Daphne International Holdings Ltd HKD 3,292,000 3,843,382 

eBay Inc USD 100,269 3,761,595 

UnitedHealth Group Inc USD 67,223 3,672,861 

Ajisen China Holdings Ltd HKD 3,004,000 3,635,326 

Arch Coal Inc USD 317,419 3,582,726 

Telefonaktiebolaget LM Ericsson SEK 354,343 3,547,544 

Johnson Controls Inc USD 106,973 3,458,412 

STMicroelectronics NV EUR 532,596 3,373,989 

Visa Inc USD 28,085 3,274,487 

Gentex Corp/MI USD 129,470 3,245,183 

Fraser and Neave Ltd SGD 604,000 3,241,686 

Holcim Ltd CHF 47,501 3,192,591 

213



SIGNIFICANT PURCHASES AND SALES – Skandia Global Equity Fund (continued) 


SELLS 

Issue 

Currency Shares/Par Proceeds USD 

Citigroup Inc USD 128,146 4,878,980 

Pfizer Inc USD 202,414 4,405,726 

Chevron Corp USD 40,415 4,386,097 

Royal Dutch Shell PLC EUR 110,646 3,920,536 

Apple Inc USD 6,658 3,859,985 

International Business Machines Corp USD 16,584 3,386,713 

Philip Morris International USD 39,449 3,347,643 

Merck & Co Inc USD 87,994 3,322,095 

Total SA EUR 58,563 3,216,612 

British Amercian Tobacco Plc GBP 62,879 3,133,651 

General Electric Co USD 149,030 2,990,530 

Rio Tinto PLC GBP 52,516 2,892,355 

GlaxoSmithKline PLC GBP 123,395 2,787,967 

ING Groep NV EUR 346,243 2,783,060 

Bank of New York Mellon Corp/The USD 117,458 2,750,178 


Exxon Mobil Corp USD 30,469 2,638,172 

Novartis AG CHF 47,482 2,613,408 

BASF SE EUR 29,382 2,603,419 

Standard Chartered PLC GBP 97,218 2,500,238 

214



SIGNIFICANT PURCHASES AND SALES – Skandia US Large Cap Growth Fund 


BUYS 

Issue 


PVH Corp USD 25,000 1,925,564 

WESCO International Inc USD 31,000 1,874,867 


Intuitive Surgical Inc USD 3,100 1,586,409 

Cooper Cos Inc/The USD 17,800 1,476,095 

Freeport-McMoRan Copper & Gold Inc USD 34,500 1,454,570 

EOG Resources Inc USD 13,000 1,447,972 

Fluor Corp USD 22,000 1,386,667 

TIBCO Software Inc USD 38,000 1,253,661 

Mead Johnson Nutrition Co USD 13,500 1,140,223 

Airgas Inc USD 13,000 1,106,918 

Apple Inc USD 2,300 1,079,991 

Costco Wholesale Corp USD 12,300 1,069,646 

Tractor Supply Co USD 11,300 1,059,651 

QUALCOMM Inc USD 17,000 1,041,878 

Union Pacific Corp USD 8,800 990,465 

Home Depot Inc/The USD 21,500 981,730 

International Business Machines Corp USD 4,900 952,064 

American Express Co USD 18,000 934,780 

Beam Inc USD 15,500 928,298 

EMC Corp/MA USD 35,000 888,429 

Stericycle Inc USD 10,000 873,191 

Fiserv Inc USD 13,000 869,097 

Exxon Mobil Corp USD 9,500 813,551 

Precision Castparts Corp USD 4,600 796,406 

Mastercard Inc USD 1,950 779,873 

BorgWarner Inc USD 10,000 776,242 

Caterpillar Inc USD 6,900 734,127 

Sally Beauty Holdings Inc USD 31,000 727,916 

UnitedHealth Group Inc USD 13,500 726,984 

Intel Corp USD 27,000 721,283 

Ecolab Inc USD 10,700 704,120 

AMETEK Inc USD 14,500 688,653 

McDonald's Corp USD 7,000 684,305 

Wisconsin Energy Corp USD 19,000 682,400 

Wells Fargo & Co USD 22,000 674,815 

Valspar Corp USD 15,000 665,402 

Cognizant Technology Solutions Corp USD 9,000 658,452 

Agilent Technologies Inc USD 15,000 633,540 

Mettler-Toledo International Inc USD 3,500 615,206 

FMC Corp USD 7,000 612,714 

Occidental Petroleum Corp USD 6,000 608,124 

Schlumberger Ltd USD 8,000 594,152 

215



SIGNIFICANT PURCHASES AND SALES – Skandia US Large Cap Growth Fund (continued) 


BUYS 

Issue 


Coca-Cola Co/The USD 8,000 584,905 

Alexion Pharmaceuticals Inc USD 7,000 568,180 

Perrigo Co USD 5,200 536,967 

Estee Lauder Cos Inc/The USD 8,000 536,101 

Biogen Idec Inc USD 4,300 531,928 

Teradata Corp USD 8,500 530,416 

216





SELLS 

Issue 


Apple Inc USD 11,400 6,766,636 



BorgWarner Inc USD 30,200 2,305,967 

McDonald's Corp USD 22,000 2,142,427 

Costco Wholesale Corp USD 23,600 2,073,289 

Caterpillar Inc USD 19,500 2,049,222 

Coca-Cola Co/The USD 27,500 2,007,158 

Alexion Pharmaceuticals Inc USD 22,000 1,992,342 

Anadarko Petroleum Corp USD 26,000 1,928,136 



FMC Corp USD 19,000 1,863,730 

Occidental Petroleum Corp USD 20,100 1,859,770 

Fastenal Co USD 37,000 1,830,805 


American Express Co USD 32,000 1,819,229 

Valspar Corp USD 36,000 1,763,329 

Airgas Inc USD 20,000 1,753,846 


EMC Corp/MA USD 60,000 1,717,245 

Union Pacific Corp USD 15,300 1,676,348 

United Technologies Corp USD 20,650 1,665,718 

Fiserv Inc USD 24,000 1,652,151 

WESCO International Inc USD 26,000 1,630,282 

Home Depot Inc/The USD 32,500 1,624,370 

Precision Castparts Corp USD 9,500 1,621,640 

Agilent Technologies Inc USD 37,000 1,607,230 

Cognizant Technology Solutions Corp USD 23,000 1,573,072 

Mastercard Inc USD 3,600 1,556,364 

National Oilwell Varco Inc USD 19,700 1,547,018 



Cummins Inc USD 13,300 1,530,451 

Williams-Sonoma Inc USD 41,200 1,502,290 

Teradata Corp USD 21,500 1,459,990 

Perrigo Co USD 14,200 1,432,549 

AMETEK Inc USD 29,500 1,425,604 

Wisconsin Energy Corp USD 40,000 1,424,608 

PVH Corp USD 16,000 1,421,341 

Altera Corp USD 38,000 1,409,041 

Estee Lauder Cos Inc/The USD 22,100 1,404,975 

Mettler-Toledo International Inc USD 7,900 1,394,481 

217





SELLS 

Issue 


Mettler-Toledo International Inc USD 7,900 1,394,481 

Stericycle Inc USD 16,100 1,369,809 

Intel Corp USD 47,000 1,303,945 

Deere & Co USD 15,450 1,287,088 


priceline.com Inc USD 1,850 1,244,279 

Sally Beauty Holdings Inc USD 48,000 1,216,947 

Freeport-McMoRan Copper & Gold Inc USD 30,700 1,168,211 


Maxim Integrated Products Inc USD 40,000 1,109,673 

Biogen Idec Inc USD 8,600 1,090,535 

Starwood Hotels & Resorts Worldwide Inc USD 19,000 1,056,074 

218


Annual Report and Audited Financial Statements for the year ended 30 June 2012 

SIGNIFICANT PURCHASES AND SALES – Skandia US Capital Growth Fund 


BUYS 

Issue 




Whole Foods Market Inc USD 75,015 6,333,839 

FMC Corp USD 58,235 6,128,498 

CR Bard Inc USD 55,386 5,455,380 

Estee Lauder Cos Inc/The USD 88,281 5,449,382 

Fastenal Co USD 117,793 5,410,370 

Old Dominion Freight Line Inc USD 110,693 5,285,576 

CSX Corp USD 216,290 4,943,592 

Perrigo Co USD 44,141 4,587,952 

TIBCO Software Inc USD 134,666 4,423,105 

Rackspace Hosting Inc USD 80,216 4,394,730 

Affiliated Managers Group Inc USD 39,774 4,386,011 

Alliance Data Systems Corp USD 34,233 4,373,399 

Allergan Inc/United States USD 46,497 4,356,908 

Capital One Financial Corp USD 86,279 4,236,962 

TransDigm Group Inc USD 33,068 4,030,038 

NetSuite Inc USD 74,625 3,521,502 

Tractor Supply Co USD 35,360 3,510,860 

Verisk Analytics Inc USD 72,914 3,506,976 

Nordstrom Inc USD 64,070 3,501,566 

F5 Networks Inc USD 26,732 3,489,486 

Coach Inc USD 46,455 3,487,145 


VMware Inc USD 34,703 3,483,042 

Concho Resources Inc USD 35,050 3,475,221 


Alexion Pharmaceuticals Inc USD 33,712 3,082,497 

Analog Devices Inc USD 81,974 3,045,318 

BorgWarner Inc USD 38,656 2,821,160 

Lyondell Basell Industries NV USD 71,878 2,730,313 

PetSmart Inc USD 46,550 2,634,151 

PACCAR Inc USD 62,821 2,632,288 

Cerner Corp USD 35,861 2,629,106 

El Paso Corp USD 86,689 2,621,428 

IntercontinentalExchange Inc USD 20,448 2,618,174 

Raymond James Financial Inc USD 75,618 2,611,951 

KLA-Tencor Corp USD 50,368 2,609,627 

Pioneer Natural Resources Co USD 24,752 2,609,237 

Stanley Black & Decker Inc USD 31,095 2,432,742 

FMC Technologies Inc USD 46,457 2,192,756 

Check Point Software Technologies USD 33,130 1,904,043 

Dick's Sporting Goods Inc USD 39,700 1,893,551 

219



SIGNIFICANT PURCHASES AND SALES – Skandia US Capital Growth Fund (continued) 


SELLS 

Issue 


PNC Financial Services Group Inc USD 142,779 8,957,451 


Sensata Technologies Holding NV USD 275,247 8,675,521 

Ross Stores Inc USD 146,859 7,738,677 


Precision Castparts Corp USD 40,556 6,911,080 


Wynn Resorts Ltd USD 54,041 6,718,554 

Apple Inc USD 12,652 6,065,531 

Ralph Lauren Corp USD 35,952 5,903,569 

Halliburton Co USD 173,886 5,884,916 

Yum! Brands Inc USD 81,603 5,697,373 

priceline.com Inc USD 8,129 5,508,877 

Accenture PLC USD 87,971 5,467,236 

Amazon.com Inc USD 29,666 5,367,356 

City National Corp USD 101,474 5,113,304 

Dollar Tree Inc USD 53,069 4,908,207 

Roper Industries Inc USD 51,608 4,880,521 

Abbott Laboratories USD 82,610 4,792,116 

CSX Corp USD 216,290 4,651,729 



Monsanto Co USD 59,465 4,552,066 

Fulton Financial Corp USD 455,136 4,301,937 

Panera Bread Co USD 28,672 4,240,860 

Jones Lang LaSalle Inc USD 53,677 4,171,722 

Ulta Salon Cosmetics & Fragrance Inc USD 54,332 3,991,243 

Viacom Inc USD 85,297 3,987,654 

Expeditors International of Washington Inc USD 89,762 3,925,166 

Red Hat Inc USD 67,008 3,823,158 

First Niagara Financial Group Inc USD 393,755 3,768,304 

VMware Inc USD 32,892 3,512,451 

CarMax Inc USD 107,707 3,365,785 

Google Inc USD 5,398 3,228,567 

Lyondell Basell Industries NV USD 71,878 3,141,743 


Cummins Inc USD 25,869 3,017,798 

Williams-Sonoma Inc USD 78,443 2,841,746 

McCormick & Co Inc USD 54,100 2,715,996 

First Horizon National Corp USD 283,605 2,570,206 

Informatica Corp USD 57,908 2,527,202 

El Paso Corp Ep Us USD 86,689 2,521,987 

Monster Beverage Corp USD 39,629 2,500,046 

220



SIGNIFICANT PURCHASES AND SALES – Skandia US All Cap Value Fund 


BUYS 

Issue 


Ralcorp Holdings Inc USD 34,021 2,831,585 

Thomas & Betts Corp USD 38,596 2,761,283 

Goodrich Corp USD 21,000 2,618,716 

Huntsman Corp USD 130,000 1,862,428 

Tyco International Ltd USD 32,500 1,616,278 


Weatherford International Ltd/Switzerland USD 93,000 1,541,509 

Newmont Mining Corp USD 26,000 1,471,507 

BP PLC USD 33,000 1,470,257 

Navistar International Corp USD 41,200 1,348,539 

Bank of New York Mellon Corp/The USD 60,000 1,280,710 

Corning Inc USD 88,000 1,196,619 

Electronic Arts Inc USD 60,000 961,531 

Superior Industries International Inc USD 54,000 941,727 

NII Holdings Inc USD 44,000 934,627 

Cablevision Systems Corp USD 65,000 912,256 

Bristol-Myers Squibb Co USD 28,000 907,440 

Becton Dickinson and Co USD 11,800 900,435 

Human Genome Sciences Inc USD 60,000 856,770 

Walgreen Co USD 24,000 805,423 

Apple Inc USD 1,700 741,318 

Curtiss-Wright Corp USD 20,000 712,200 

Alcoa Inc USD 70,000 710,267 

Interpublic Group of Cos Inc/The USD 65,000 707,173 

Liberty Interactive Corp USD 35,000 662,936 

Janus Capital Group Inc USD 82,000 632,125 

SLM Corp USD 40,000 603,644 

221



SIGNIFICANT PURCHASES AND SALES – Skandia US All Cap Value Fund (continued) 


SELLS 

Issue 


Thomas & Betts Corp USD 69,298 4,986,350 

Goodrich Corp USD 31,000 3,899,366 

Las Vegas Sands Corp USD 56,000 3,064,451 

Apple Inc USD 3,600 1,840,076 

Mead Johnson Nutrition Co USD 21,400 1,722,890 

Comcast Corp USD 56,400 1,534,493 


Hillshire Brands Co USD 65,000 1,318,452 

Sprint Nextel Corp USD 515,000 1,294,875 


DIRECTV USD 25,100 1,147,338 



EI du Pont de Nemours & Co USD 21,200 1,076,901 

Kraft Foods Inc USD 26,000 1,002,902 

EMC Corp/MA USD 34,400 906,142 

Google Inc USD 1,500 905,641 

Beam Inc USD 16,000 902,393 

EOG Resources Inc USD 7,100 770,598 

Netlogic Microsystems Inc USD 15,000 746,312 

El Paso Corp USD 25,000 714,835 

International Business Machines Corp USD 3,600 703,635 

Occidental Petroleum Corp USD 7,100 687,785 

Hess Corp USD 11,400 682,628 

Ford Motor Co USD 60,000 682,024 

Bank of New York Mellon Corp/The USD 30,000 655,324 

222



SIGNIFICANT PURCHASES AND SALES – Skandia US Value Fund 


BUYS 

Issue 


Johnson & Johnson USD 9,900 645,676 

Unum Group USD 22,400 490,895 

NRG Energy Inc USD 28,300 470,967 

Cobalt International Energy Inc USD 19,300 451,786 

Covidien PLC USD 8,000 406,542 

American International Group Inc USD 13,600 401,713 

Hewlett-Packard Co USD 16,600 398,529 

JPMorgan Chase & Co USD 9,300 362,797 

Citigroup Inc USD 11,900 345,057 

Vodafone Group PLC USD 11,500 313,870 

Capital One Financial Corp USD 6,500 304,136 

Exelon Corp USD 7,400 289,716 

Johnson Controls Inc USD 9,100 289,612 

Oracle Corp USD 10,100 285,108 

Zimmer Holdings Inc USD 4,800 272,874 

Texas Instruments Inc USD 8,600 255,734 

Cummins Inc USD 2,600 249,520 

Delphi Automotive PLC USD 7,200 210,933 

AstraZeneca PLC USD 4,300 190,830 

JC Penney Co Inc USD 6,800 180,795 

Medtronic Inc USD 4,500 176,334 

Wells Fargo & Co USD 5,500 174,090 

Molson Coors Brewing Co USD 4,000 174,064 

TE Connectivity Ltd USD 4,900 162,236 

General Mills Inc USD 3,900 149,818 

Total SA USD 2,800 135,043 

Public Service Enterprise Group Inc USD 4,000 123,327 

Wal-Mart Stores Inc USD 2,000 120,539 

Microsoft Corp USD 3,600 114,423 

Lockheed Martin Corp USD 1,300 112,793 

Edison International USD 2,700 112,530 

Boeing Co/The USD 1,500 112,209 

Bank of America Corp USD 13,600 112,096 

PACCAR Inc USD 2,600 109,171 

223



SIGNIFICANT PURCHASES AND SALES – Skandia US Value Fund (continued) 


SELLS 

Issue 




Allstate Corp/The USD 63,400 1,986,731 

Gap Inc/The USD 83,600 1,932,437 

Hewlett-Packard Co USD 66,700 1,871,462 

CA Inc USD 66,100 1,695,483 

ConocoPhillips USD 22,000 1,572,509 

Lockheed Martin Corp USD 17,200 1,472,146 

Royal Dutch Shell PLC USD 18,700 1,361,716 


Vodafone Group PLC USD 45,100 1,247,174 


Total SA USD 21,300 1,132,016 


Exelon Corp USD 28,300 1,112,969 

Citigroup Inc USD 33,300 1,055,751 

Public Service Enterprise Group Inc USD 33,900 1,041,672 

JC Penney Co Inc USD 27,800 1,041,175 

American International Group Inc USD 38,100 1,033,171 

Wal-Mart Stores Inc USD 16,500 1,004,864 

PACCAR Inc USD 21,300 943,875 

Bank of America Corp USD 120,300 929,230 

SunTrust Banks Inc USD 40,000 893,365 

Johnson & Johnson USD 13,100 849,691 

Cummins Inc USD 7,300 837,149 

FedEx Corp USD 8,600 795,419 

General Motors Co USD 29,700 760,126 

Capital One Financial Corp USD 14,600 711,696 

Corning Inc USD 51,500 707,293 

Eli Lilly & Co USD 17,600 700,693 

Magna International Inc USD 15,800 687,468 

Northrop Grumman Corp USD 11,400 686,517 

Cobalt International Energy Inc USD 27,700 673,144 

Pfizer Inc USD 31,100 671,035 

CVS Caremark Corp USD 15,000 653,347 

Edison International USD 15,400 639,729 

Johnson Controls Inc USD 18,900 628,327 

PNC Financial Services Group Inc USD 10,200 623,814 

XL Group PLC USD 29,200 599,601 

Time Warner Cable Inc USD 7,500 559,397 

Sanofi USD 15,200 558,363 

Interpublic Group of Cos Inc/The USD 50,800 548,948 

224



SIGNIFICANT PURCHASES AND SALES – Skandia European Equity Fund 


BUYS 

Issue 

Currency Shares/Par Cost EUR 

Standard Chartered PLC GBP 246,101 4,792,742 

Prudential PLC GBP 516,203 4,731,941 

Diageo PLC GBP 251,768 4,631,303 

Nestle SA CHF 94,991 4,458,575 

Luxottica Group SpA EUR 155,204 4,221,233 

Fresenius SE & Co KGaA EUR 53,671 4,174,204 

LVMH Moet Hennessy Louis Vuitton SA EUR 28,984 3,828,936 

Deutsche Bank AG EUR 103,087 3,807,808 

BG Group PLC GBP 205,734 3,707,282 

Linde AG EUR 27,264 3,587,195 

SAP AG EUR 65,534 3,431,977 

Cie Generale de Geophysique - Veritas EUR 131,979 2,960,562 

BHP Billiton PLC GBP 122,933 2,883,283 

Hexagon AB SEK 201,749 2,865,439 

Alfa Laval AB SEK 185,492 2,846,270 

Cookson Group PLC GBP 323,521 2,747,426 

Royal Dutch Shell PLC GBP 100,833 2,706,387 

Vanguard MSCI European ETF USD 81,209 2,692,328 

Syngenta AG CHF 10,264 2,552,019 

PPR EUR 17,761 2,363,229 

Adidas AG EUR 35,071 2,034,861 

Outotec OYJ EUR 46,452 1,892,457 

Gerresheimer AG EUR 54,388 1,845,286 

Bayer AG EUR 31,192 1,690,712 

Shire PLC GBP 64,427 1,688,814 

Symrise AG EUR 80,667 1,683,351 

Societe Generale SA EUR 84,500 1,590,722 

IMI PLC GBP 136,655 1,589,240 

Imperial Tobacco Group Plc GBP 55,678 1,559,069 

Vodafone Group PLC GBP 729,714 1,527,413 


HSBC Holdings PLC GBP 190,501 1,250,765 

Julius Baer Group Ltd CHF 36,624 1,100,549 

225



SIGNIFICANT PURCHASES AND SALES – Skandia European Equity Fund (continued) 


SELLS 

Issue 

Currency Shares/Par Proceeds EUR 


Imperial Tobacco GBP 163,307 4,920,679 

BP PLC GBP 821,400 4,786,642 


Total SA EUR 106,509 4,424,477 

Unilever NV EUR 170,333 4,294,603 


Eni SpA EUR 206,634 3,714,612 

BASF SE EUR 53,693 3,546,248 

Air Liquide SA EUR 34,636 3,396,379 

Reckitt Benckiser GBP 77,289 3,209,938 

Nokian Renkaat EUR 94,859 3,176,442 


Hargreaves Lansdow GBP 230,897 3,093,223 

Reed Elsevier Plc GBP 471,834 3,066,874 

Bayer AG EUR 53,885 2,927,568 

Safran SA EUR 106,429 2,778,291 

Scania AB SEK 182,288 2,699,545 


Julius Baer Group Ltd CHF 86,475 2,628,058 

UBS AG CHF 245,322 2,613,659 

Kerry Group PLC EUR 79,051 2,610,313 

Tullow Oil GBP 146,291 2,609,831 

Marks & Spencer Group Plc GBP 575,933 2,576,669 

Victrex PLC GBP 157,618 2,478,491 

Zurich Insurance Group AG CHF 12,800 2,476,612 

Vanguard MSCI European ETF USD 71,909 2,379,809 

Daimlerchrysler AG EUR 46,840 2,123,155 

Brenntag AG EUR 24,042 2,080,850 

Aryzta AG CHF 57,301 2,071,482 

Anglo American GBP 67,279 2,047,702 

Societe Generale SA EUR 84,500 2,046,720 

Vodafone Group PLC GBP 968,705 1,990,520 

GDF Suez EUR 99,380 1,972,238 

Remy Cointreau SA EUR 27,657 1,950,425 

Sulzer AG CHF 18,383 1,911,122 

Svenska Handelsbanken SEK 76,326 1,907,091 

CHR Hansen Holding A/S DKK 100,409 1,862,869 


National Grid GBP 233,527 1,783,324 

UCB SA EUR 53,934 1,768,010 

Shire PLC GBP 64,427 1,679,905 


BNP Paribas SA EUR 49,320 1,588,928 

226



SIGNIFICANT PURCHASES AND SALES – Skandia European Opportunities Fund 


BUYS 

Issue 


Unicredit S.p.A EUR 270,600 1,041,455 

Yara International ASA NOK 28,200 971,616 

Suss Microtec AG EUR 82,629 698,763 

Snam Rete Gas S.p.A EUR 159,000 554,299 

Banco Santander SA EUR 91,900 549,450 

Danieli & C Officine Meccaniche S.p.A EUR 49,000 495,528 

Centrica PLC GBP 138,000 489,991 

Huhtamaki OYJ EUR 41,000 455,729 

ADVA AG Optical Networking EUR 87,025 431,925 

United Internet AG EUR 31,000 430,361 

Prysmian SpA EUR 38,800 426,340 

Nobia AB SEK 114,000 425,359 

Royal Caribbean Cruises Ltd NOK 19,200 413,338 

Bankinter SA EUR 86,250 410,559 

Danone SA EUR 7,700 407,373 

Holcim Ltd CHF 8,700 404,235 

Aker ASA NOK 16,400 403,580 

Novartis AG CHF 9,200 387,074 

Roche Holding AG CHF 2,900 386,412 

AXA SA EUR 30,000 300,600 

Sky Deutschland AG EUR 127,100 296,633 

Nutreco NV EUR 5,500 295,020 

France Telecom SA EUR 26,000 256,404 

Invensys PLC GBP 90,000 249,581 

Aareal Bank AG EUR 13,000 177,018 

227



SIGNIFICANT PURCHASES AND SALES – Skandia European Opportunities Fund (continued) 


SELLS 

Issue 


Nutreco NV EUR 17,500 967,554 

Unicredit S.p.A EUR 270,600 946,541 

Kvaerner ASA NOK 457,000 941,888 

Booker Group Plc GBP 774,000 689,108 

Swedish Match AB SEK 23,600 678,663 

Banca Intesa S.p.A EUR 695,000 673,945 

Yule Catto & Co PLC GBP 289,505 664,492 

Azimut Hldg S.p.A EUR 88,000 663,161 

Aareal Bank AG EUR 35,250 607,256 

Deutsche Post AG EUR 45,700 602,711 

Fresnillo Plc GBP 26,200 577,918 

Distribuidora Internacional de Alimentacion SA EUR 164,000 572,819 

Volvo AB SEK 52,700 568,427 

Snam S.p.A EUR 159,000 565,971 

Vodafone Group PLC GBP 268,660 554,338 

Total SA EUR 14,000 550,078 

Banco Santander SA EUR 91,900 541,584 

Bayerische Motoren Werke AG EUR 8,000 539,535 

TAG Immobilien AG EUR 75,700 533,369 

BG Group PLC GBP 30,000 527,420 

Reed Elsevier PLC GBP 81,500 518,029 

Suss Microtec AG EUR 54,000 517,570 

TDC A/S DKK 85,400 509,120 

Yara International ASA NOK 15,900 505,938 

Tate & Lyle PLC GBP 61,100 502,070 

Danieli & C Officine Meccaniche S.p.A EUR 49,000 499,530 

Tryg A/S DKK 11,850 491,205 

Storebrand ASA NOK 134,500 486,985 

Davide Campari-Milano SpA EUR 92,000 486,834 

Deutsche Bank AG EUR 17,400 485,295 

Galp Energia EUR 52,000 467,583 

Dialog Semiconductor Plc EUR 29,000 451,721 

Rio Tinto PLC GBP 12,400 443,519 

BNP Paribas SA EUR 16,500 412,498 

Royal Caribbean Cruises Ltd NOK 19,200 398,476 

Aviva Plc GBP 105,000 380,207 

Kerry Group PLC EUR 10,000 334,928 

Telefonaktiebolaget LM Ericsson SEK 43,000 326,696 

Bankinter SA EUR 86,250 293,757 

Subsea 7 SA NOK 15,000 287,323 

ADVA AG Optical Networking EUR 57,961 251,009 

BT Group PLC GBP 98,000 249,147 

228



SIGNIFICANT PURCHASES AND SALES – Skandia Swedish Equity Fund 


BUYS 

Issue 

Currency Shares/Par Cost SEK 

Sandvik AB SEK 566,936 54,879,816 

TeliaSonera AB SEK 973,200 44,314,962 

Swedbank AB SEK 318,374 33,931,054 

Volvo AB SEK 386,782 33,508,614 

Electrolux AB SEK 207,883 27,905,567 

SKF AB SEK 168,159 26,525,852 


Autoliv Inc SEK 53,163 23,364,704 

Hexagon AB SEK 162,734 20,933,836 

Hennes & Mauritz AB SEK 89,028 20,286,496 

Millicom International Cellular SA SEK 20,722 14,092,011 

Boliden AB SEK 123,308 12,882,159 

Hexpol AB SEK 56,394 12,799,069 

Investment AB Kinnevik SEK 89,925 12,292,942 

Atlas Copco AB SEK 70,499 11,304,898 

Nordea Bank AB SEK 191,866 11,184,708 

Axis Communications AB SEK 69,991 10,855,420 

JM AB SEK 83,998 10,202,767 

Mekonomen AB SEK 39,659 8,511,711 

Modern Times Group AB SEK 16,312 5,367,976 

Meda AB SEK 76,732 5,271,488 

ABB Ltd SEK 36,100 4,973,321 

AarhusKarlshamn AB SEK 21,315 4,899,590 

229



SIGNIFICANT PURCHASES AND SALES – Skandia Swedish Equity Fund (continued) 


SELLS 

Issue 

Currency Shares/Par Proceeds SEK 

Skandinaviska Enskilda Banken AB SEK 1,082,000 45,850,180 

TeliaSonera AB SEK 973,200 45,613,132 

ABB Ltd SEK 333,200 42,425,416 

Investor AB SEK 299,900 40,972,283 






JM AB SEK 167,200 20,426,902 

Volvo AB SEK 204,000 17,628,431 


SKF AB SEK 89,600 13,739,510 


Avanza AB SEK 76,900 11,987,133 

Boliden AB SEK 109,900 11,759,343 


Meda AB SEK 144,300 10,034,500 

Concentric AB SEK 178,000 9,582,114 

Hexagon AB SEK 71,800 9,249,234 

Nobia AB SEK 324,400 8,556,495 

230



SIGNIFICANT PURCHASES AND SALES – Skandia Swedish Growth Fund 


BUYS 

Issue 


TeliaSonera AB SEK 2,922,000 130,483,730 


Telefonaktiebolaget LM Ericsson SEK 1,038,000 64,585,507 

SKF AB SEK 415,000 64,231,925 


ABB Ltd SEK 405,000 55,354,769 

Svenska Cellulosa AB SEK 464,000 53,271,110 

Tele2 AB SEK 436,000 53,018,457 

Astrazeneca SEK 175,000 52,936,318 

Boliden AB SEK 450,000 48,816,210 

Volvo AB SEK 525,000 46,580,962 





Skanska AB SEK 361,000 39,089,549 

Securitas AB SEK 618,000 38,557,160 

Skandinaviska Enskilda Banken AB SEK 809,000 34,536,380 

Sandvik AB SEK 332,000 31,403,569 

Getinge AB SEK 174,000 31,139,424 

Elekta AB SEK 95,000 30,916,306 

Lundin Petroleum AB SEK 206,000 27,083,876 


Industrivarden AB SEK 279,000 25,983,788 

Loomis AB SEK 245,000 22,858,085 


JM AB SEK 179,500 21,687,450 

SSAB SEK 282,000 19,498,883 

Swedish Match AB SEK 70,000 17,646,158 



231



SIGNIFICANT PURCHASES AND SALES – Skandia Swedish Growth Fund (continued) 


SELLS 

Issue 

Currency Shares/Par Proceeds SEK 


TeliaSonera AB SEK 1,293,000 59,518,457 


SKF AB SEK 322,000 52,654,693 

AstraZeneca PLC SEK 175,000 52,403,247 

ABB Ltd SEK 405,000 51,569,453 


Tele2 AB SEK 377,000 48,434,175 

Volvo AB SEK 489,000 42,276,049 

Boliden AB SEK 393,000 39,273,043 

SSAB SEK 552,000 38,901,763 

Scania AB SEK 312,000 37,094,371 

Getinge AB SEK 204,000 37,074,393 

Svenska Cellulosa AB SEK 288,000 33,516,719 

Elekta AB SEK 98,000 30,821,269 




NCC SEK 185,000 24,489,738 



Skanska AB SEK 182,000 20,850,166 

Sandvik AB SEK 203,000 20,199,897 

JM AB SEK 140,500 17,108,870 


Swedish Match AB SEK 65,000 15,479,590 


Meda AB SEK 207,000 13,890,826 

232



SIGNIFICANT PURCHASES AND SALES – Skandia Japanese Equity Fund 


BUYS 

Issue 

Currency Shares/Par Cost JPY 

Nomura TOPIX Exchange Traded Fund JPY 409,350 333,248,255 

Sumitomo Mitsui Financial Group Inc JPY 81,700 204,194,425 

Mitsubishi Corp JPY 96,700 193,106,866 

Sumitomo Corp JPY 157,400 174,565,992 

Mitsui & Co Ltd JPY 120,100 155,031,832 

Mizuho Financial Group Inc JPY 1,154,100 147,772,383 

Nidec Corp JPY 17,600 129,935,553 

Canon Inc JPY 33,800 117,262,277 

Sumitomo Chemical Co Ltd JPY 281,000 90,487,092 

Showa Denko KK JPY 562,000 90,412,905 

Daiwa Bank Holdings JPY 263,700 90,199,422 

Mitsubishi UFJ Financial Group Inc JPY 225,500 86,584,831 

MS&AD Insurance Group Holdings JPY 52,000 84,964,345 

Marubeni Corp JPY 146,000 83,068,106 

Kawasaki Heavy Industries Ltd JPY 332,000 81,363,168 

Toyota Motor Corp JPY 22,800 77,961,402 

TDK Corp JPY 18,100 76,523,175 

T&D Holdings Inc JPY 68,700 65,520,782 

Toshiba Corp JPY 193,000 64,622,323 

Murata Manufacturing Co Ltd JPY 13,900 64,029,175 

Sanken Electric Co Ltd JPY 146,000 56,558,140 

Ajinomoto Co Inc JPY 61,000 56,081,916 

COMSYS Holdings Corp JPY 64,300 55,646,833 

Nippon Steel Corp JPY 231,000 49,746,805 

Honda Motor Co Ltd JPY 17,000 49,050,661 

FANUC Corp JPY 3,600 48,728,536 

Sony Corp JPY 27,300 47,325,177 

Capcom Co Ltd JPY 25,300 46,219,259 

Ryohin Keikaku Co JPY 12,000 45,983,512 

Nitto Denko Corp JPY 13,000 44,267,460 

233



SIGNIFICANT PURCHASES AND SALES – Skandia Japanese Equity Fund (continued) 


SELLS 

Issue 

Currency Shares/Par Proceeds JPY 

Nomura TOPIX Exchange Traded Fund JPY 792,980 635,149,652 

Sumitomo Mitsui Financial Group Inc JPY 139,000 368,253,508 

Mitsubishi UFJ Financial Group Inc JPY 850,600 333,441,245 

Mitsui & Co Ltd JPY 242,000 316,629,556 

Sumitomo Corp JPY 223,700 260,566,304 

Canon Inc JPY 65,500 236,155,328 

Toyota Motor Corp JPY 72,900 232,679,480 

Mitsubishi Corp JPY 132,400 228,623,407 

Hitachi Ltd JPY 480,000 225,569,284 

FANUC Corp JPY 15,400 212,118,034 

Nippon Telegraph & Telephone Corp JPY 57,000 211,556,487 

NTT DOCOMO INC JPY 1,262 171,513,699 

Komatsu Ltd JPY 75,800 169,356,108 

Mizuho Financial Group Inc JPY 1,367,700 157,889,415 

Nidec Corp JPY 20,300 148,782,842 

Honda Motor Co Ltd JPY 49,700 145,386,888 

Marubeni Corp JPY 272,000 141,983,868 

Otsuka Holdings Co Ltd JPY 53,500 126,280,448 

Toshiba Corp JPY 347,000 115,378,005 

Fast Retailing Co Ltd JPY 6,500 107,148,114 

Nippon Steel Corp JPY 495,000 99,726,359 

234



SIGNIFICANT PURCHASES AND SALES – Skandia Pacific Equity Fund 


BUYS 

Issue 


China Telecom Corp Ltd HKD 24,028,000 12,958,239 

Woodside Petroleum Ltd AUD 305,673 10,756,825 

Mahindra & Mahindra Ltd INR 448,851 6,411,927 

Yum! Brands Inc USD 86,789 6,387,552 

WorleyParsons Ltd AUD 210,823 5,954,384 

Li & Fung Ltd HKD 2,028,000 3,751,702 

Wesfarmers Ltd AUD 94,324 2,942,538 

HDFC Bank Ltd INR 245,980 2,235,167 

CSL Ltd AUD 60,906 2,164,846 

Singapore Telecommunications Ltd SGD 801,000 1,956,157 

Newcrest Mining Ltd AUD 60,793 1,955,968 

Kasikornbank PCL THB 494,900 1,883,752 

LG Corp KRW 26,834 1,711,013 

CNOOC Ltd HKD 832,000 1,702,537 

Oversea-Chinese Banking Corp Ltd SGD 243,000 1,650,785 

QBE Insurance Group Ltd AUD 123,114 1,493,402 

Axiata Group Bhd MYR 561,600 877,026 

Philippine Long Distance Telephone Co PHP 12,260 783,537 

Siam Commercial Bank PCL THB 184,500 735,432 

ResMed Inc AUD 251,584 728,853 

235



SIGNIFICANT PURCHASES AND SALES – Skandia Pacific Equity Fund (continued) 


SELLS 

Issue 


Cheung Kong Holdings Ltd HKD 1,112,000 14,456,119 

Kasikornbank PCL THB 2,505,800 12,541,947 

Hong Kong & China Gas Co Ltd HKD 5,466,000 11,915,065 

CNOOC Ltd HKD 5,087,000 10,422,895 

Samsung Electronics Co Ltd KRW 7,458 8,029,319 

Oversea-Chinese Banking Corp Ltd SGD 1,173,000 7,896,852 

Newcrest Mining Ltd AUD 313,185 7,865,168 

Bharti Airtel Ltd INR 888,741 6,845,204 

Taiwan Semiconductor Manufacturing Co Ltd TWD 2,498,000 6,788,309 

Wesfarmers Ltd AUD 222,479 6,622,526 

PTT PCL THB 517,600 5,997,590 

Delta Electronics Inc TWD 1,972,256 5,966,939 

QR National Ltd AUD 1,538,760 5,653,181 

Singapore Telecommunications Ltd SGD 1,964,000 4,849,048 

Philippine Long Distance Telephone Co PHP 78,915 4,715,251 

CSL Ltd AUD 113,815 4,362,460 

Siam Commercial Bank PCL THB 954,800 4,331,576 

Samsung Fire & Marine Insurance Co Ltd KRW 22,711 4,247,768 

Shinsegae Co Ltd KRW 18,939 4,124,290 

Hindustan Unilever Ltd INR 472,502 3,755,758 

China Resources Enterprise Ltd HKD 1,034,000 3,570,214 

Chunghwa Telecom Co Ltd TWD 1,155,437 3,527,015 

ResMed Inc AUD 931,736 3,049,504 


Woodside Petroleum Ltd AUD 80,813 2,751,162 

DBS Group Holdings Ltd SGD 258,000 2,713,192 

Uni-President Enterprises Corp TWD 1,606,000 2,508,821 

Axiata Group Bhd MYR 1,418,300 2,404,392 

E-Mart Co Ltd KRW 10,825 2,373,289 

WorleyParsons Ltd AUD 83,029 2,221,273 

Fraser and Neave Ltd SGD 369,000 1,966,498 

236



SIGNIFICANT PURCHASES AND SALES – Skandia Greater China Equity Fund 


BUYS 

Issue 


China Mobile Ltd HKD 2,893,500 30,923,083 

Industrial & Commercial Bank of China HKD 37,594,000 25,498,481 

China Construction Bank Corp HKD 30,018,240 23,723,284 


Quanta Computer Inc TWD 5,312,000 13,837,881 

Sands China Ltd HKD 2,901,200 10,742,810 

United Microelectronics Corp TWD 20,162,000 10,177,770 

Sino Land Co Ltd HKD 5,748,000 9,992,385 

Compal Electronics Inc TWD 8,623,000 9,588,510 

Li & Fung Ltd HKD 4,190,000 9,278,607 

Shimao Property Holdings Ltd HKD 7,748,000 8,985,013 

China Citic Bank Corp Ltd HKD 13,531,000 8,506,044 

Yanzhou Coal Mining Co Ltd HKD 3,686,000 8,471,417 

CNOOC Ltd HKD 4,173,000 8,387,222 

BOC Hong Kong Holdings Ltd HKD 2,816,500 8,103,908 

CLP Holdings Ltd HKD 909,500 7,980,269 

Wistron Corp TWD 4,784,000 7,592,710 

Dongfeng Motor Group Co Ltd HKD 3,946,000 7,152,087 

China Communications Construction Co Ltd HKD 7,040,000 6,947,638 

Acer Inc TWD 4,642,000 6,713,770 

Lenovo Group Ltd HKD 7,182,000 6,160,897 

Cathay Pacific Airways Ltd HKD 3,059,000 6,015,076 

Bank of China Ltd HKD 14,200,000 5,987,624 

China Petroleum & Chemical Corp HKD 5,244,000 5,928,236 

Jiangxi Copper Co Ltd HKD 2,351,000 5,909,438 

ASM Pacific Technology Ltd HKD 434,700 5,758,722 

Macronix International TWD 13,784,000 5,547,060 

China Railway Construction Corp Ltd HKD 7,448,500 5,385,509 

Agricultural Bank of China Ltd HKD 10,820,000 5,134,227 

Evergrande Real Estate Group Ltd HKD 8,786,000 5,131,862 

Tata Motors Ltd HKD 1,122,000 5,061,161 

Asustek Computer Inc TWD 472,000 4,880,056 

China Minsheng Banking Corp Ltd HKD 4,716,500 4,781,443 

237



SIGNIFICANT PURCHASES AND SALES – Skandia Greater China Equity Fund (continued) 


SELLS 

Issue 



Link REIT/The HKD 4,113,158 15,074,632 

China Mobile Ltd HKD 1,354,500 14,554,302 

Hong Kong & China Gas Co Ltd HKD 5,738,207 14,352,727 


China Oilfield Services Ltd HKD 7,218,000 11,755,448 

Jardine Matheson Holdings Ltd USD 226,488 11,564,943 

China Resources Power Holdings Co Ltd HKD 6,009,800 11,370,598 

Chunghwa Telecom Co Ltd TWD 3,541,307 11,075,225 

Uni-President Enterprises Corp TWD 7,601,472 10,907,253 

ENN Energy Holdings Ltd HKD 3,138,000 10,641,464 

Yantai Changyu Pioneer Wine Co Ltd HKD 938,352 9,934,043 

China Resources Enterprise Ltd HKD 2,646,000 9,768,993 

Li & Fung Ltd HKD 5,150,980 9,702,237 

China Merchants Bank Co Ltd HKD 4,482,008 9,554,292 

President Chain Store Corp TWD 1,811,776 9,481,374 

Sands China Ltd HKD 2,528,000 9,120,640 

Sino Land Co Ltd HKD 5,748,000 9,039,810 

Belle International Holdings Ltd HKD 5,337,000 8,953,471 

Mindray Medical International Ltd USD 274,400 8,777,293 


Compal Electronics Inc TWD 8,623,000 8,516,668 

United Microelectronics Corp TWD 17,965,000 8,407,843 

China Vanke Co Ltd HKD 6,458,288 8,008,740 

Delta Electronics Inc TWD 2,979,362 7,997,686 



China Taiping Insurance Holdings Co Ltd HKD 3,639,200 7,410,485 

AIA Group Ltd HKD 2,096,800 7,247,849 

Standard Chartered PLC HKD 280,604 7,195,838 

Taiwan Semiconductor Manufacturing Co Ltd TWD 2,611,021 7,023,435 


China Communications Services Corp Ltd HKD 13,479,482 6,709,021 

Dairy Farm International Holdings Ltd USD 620,157 6,332,191 

Advantech Co Ltd TWD 1,902,302 6,086,921 

Hengan International Group Co Ltd HKD 646,000 5,769,177 

Chinatrust Financial Holding Co Ltd TWD 8,891,233 5,691,376 

Powertech Technology Inc TWD 2,716,677 5,681,420 

Simplo Technology Co Ltd TWD 758,390 5,499,877 

China BlueChemical Ltd HKD 6,772,000 5,388,928 

Acer Inc TWD 4,642,000 5,071,324 

238



SIGNIFICANT PURCHASES AND SALES – Skandia Global Bond Fund 


Coupon 

Rate % 

239 

Maturity 

Date 

Issue 


BUYS 

Sweden Government Bond 3.75 12/08/2017 SEK 25,355,000 4,290,046 

Bundesrepublik Deutschland 4 04/07/2016 EUR 1,925,000 2,991,590 

Japan Government Ten Year Bond 1.1 20/03/2021 JPY 204,500,000 2,612,797 

Canadian Government Bond 1.5 01/03/2017 CAD 2,595,000 2,610,374 

United States Treasury Note/Bond 7.5 15/11/2016 USD 1,760,000 2,342,857 

Japan Government Five Year Bond 0.6 20/03/2016 JPY 184,250,000 2,333,380 

Fannie Mae Pool 4.5 25/11/2021 USD 2,000,000 2,131,250 







Bundesschatzanweisungen 0.25 13/12/2013 EUR 1,300,000 1,724,864 



Freddie Mac Gold Pool 3.5 15/04/2041 USD 1,400,000 1,467,094 

Freddie Mac Gold Pool 4 15/04/2041 USD 1,200,000 1,270,328 


Fannie Mae Pool 5.5 25/06/2038 USD 1,100,000 1,202,410



SIGNIFICANT PURCHASES AND SALES – Skandia Global Bond Fund (continued) 


Coupon 

Rate % 

240 

Maturity 

Date 

Issue 

Currency Shares/Par 

Proceeds 

USD 

SELLS 


Bundesschatzanweisungen 0.25 13/12/2013 EUR 3,300,000 4,346,248 



Bundesrepublik Deutschland 3.5 04/01/2016 EUR 2,277,000 3,363,337 

Singapore Government Bond 3.625 01/07/2014 SGD 3,650,000 3,104,509 

Credit Suisse/Nassau 7 03/06/2015 USD 2,475,000 2,474,936 

China Shipping Container Lines Co Ltd - 31/08/2012 USD 2,165,000 2,253,119 

General Electric Capital Corp 5.5 08/01/2020 USD 2,000,000 2,134,328 

Ford Motor Credit Co LLC 8.125 15/01/2020 USD 2,000,000 2,132,266 

Pemex Finance Ltd 9.15 15/11/2018 USD 2,000,000 2,130,781 

Bear Stearns Adjustable Rate Mortgage Trust 2.52 25/02/2036 USD 2,000,000 2,130,313 

Japan Government Ten Year Bond 1.1 20/03/2021 JPY 147,900,000 1,865,633 

Republic of Iraq 5.8 15/01/2028 USD 1,700,000 1,823,668 

GSR Mortgage Loan Trust 2.91 25/04/2036 USD 1,700,000 1,820,508 

Bank of Nova Scotia 1.65 29/10/2015 JPY 126,600,000 1,581,857 

Bundesrepublik Deutschland 3.25 04/01/2020 EUR 1,040,000 1,553,640 

Freddie Mac Gold Pool 3.5 15/04/2041 USD 1,200,000 1,258,992 

Japan Government Twenty Year Bond 2.1 20/12/2027 JPY 91,200,000 1,208,373 

Colombia Government International Bond 10.375 28/01/2033 USD 1,100,000 1,203,559 

Swissquote Group Holding SA - 31/12/2099 USD 1,100,000 1,198,492 

Oriflame Cosmetics SA - 13/04/2035 USD 1,100,000 1,198,180 

Hypermarcas SA 6.5 20/04/2021 USD 1,100,000 1,197,422 

United Parcel Service Inc - 25/02/2037 USD 1,100,000 1,197,281 

Swissquote Group Holding SA - 15/01/2034 USD 1,100,000 1,197,195



SIGNIFICANT PURCHASES AND SALES – Skandia Total Return USD Bond Fund 


Coupon 

Rate % 

241 

Maturity 

Date 

Issue 


BUYS 

Fannie Mae Pool 4 15/06/2039 USD 128,000,000 135,311,270 


United States Treasury Note/Bond 1 31/03/2017 USD 83,100,000 84,037,742 













Federal National Mortgage Association 0.5 02/07/2015 USD 45,600,000 45,556,182 









United States Treasury Bill 0 18/10/2012 USD 38,000,000 37,976,153 









SIGNIFICANT PURCHASES AND SALES – Skandia Total Return USD Bond Fund (continued) 


Coupon 

Rate % 

242 

Maturity 

Date 

Issue 


Proceeds 

USD 

SELLS 
















United States Treasury Note/Bond 1 31/03/2017 USD 42,400,000 43,137,526 






United States Treasury Bill 0 18/10/2012 USD 37,530,000 37,506,401 









SIGNIFICANT PURCHASES AND SALES – Skandia Swedish Bond Fund 


Coupon 

Rate % 

243 

Maturity 

Date 

Issue 


BUYS 

Swedbank Hypotek AB 3.75 15/03/2017 SEK 16,000,000 16,708,904 

Industrivarden AB 3.6 12/01/2016 SEK 15,000,000 15,142,500 

Skandinaviska Enskilda Banken AB 3 21/06/2017 SEK 13,000,000 13,309,857 


Skandinaviska Enskilda Banken AB 4.5 18/06/2014 SEK 7,000,000 7,662,445 

Nordea Hypotek AB 3 21/06/2017 SEK 6,000,000 6,112,820 






Coupon 

Rate % 

Maturity 

Date 

Issue 


Proceeds 

SEK 

SELLS 


Skandinaviska Enskilda Banken AB 4.5 18/06/2014 SEK 10,000,000 10,853,350 


Swedbank Hypotek AB 3.75 15/06/2016 SEK 7,000,000 7,610,873 



Sweden Government Bond 5 01/12/2020 SEK 2,000,000 2,526,349 




Sweden Government Bond 6.75 05/05/2014 SEK 1,000,000 1,178,380



SIGNIFICANT PURCHASES AND SALES – Skandia SEK Reserve Fund 


Coupon 

Rate % 

244 

Maturity 

Date 

Issue 


BUYS 

Sweden Treasury Bill – 19/09/2012 SEK 83,000,000 82,600,738 








Sweden Treasury Bill – 19/12/2012 SEK 1,000,000 994,103 


Coupon 

Rate % 

Maturity 

Date 

Issue 


Proceeds 

SEK 

SELLS 







Sweden Treasury Bill – 16/05/2012 SEK 50,000,000 49,989,933



SIGNIFICANT PURCHASES AND SALES – Skandia Emerging Market Debt Fund 


Coupon 

Rate % 

245 

Maturity 

Date 

Issue 


BUYS 

Mexico Government International Bond 6.05 11/01/2040 USD 9,178,000 11,274,837 

Russian Foreign Bond - Eurobond 7.5 31/03/2030 USD 8,255,000 8,372,104 

Turkey Government International Bond 6.25 26/09/2022 USD 6,738,000 7,332,343 


Petroleos de Venezuela SA 4.9 28/10/2014 USD 8,201,862 7,075,263 

Mexican Bonos 6.5 10/06/2021 MXN 80,140,000 6,480,709 

Argentine Republic Government International Bond 7.82 31/12/2033 EUR 4,207,584 4,937,699 

Slovakia Government International Bond 4.375 21/05/2022 USD 4,906,000 4,860,963 

South Africa Government Bond 8 21/12/2018 ZAR 35,070,000 4,758,111 

Citigroup Funding Inc 10 20/07/2012 BRL 930,000 4,730,882 

Peru Payroll Deduction Finance Ltd 0 01/11/2029 USD 7,091,000 4,518,598 

JPMorgan Chase Bank NA 10 18/08/2012 BRL 670,000 3,691,543 


Poland Government International Bond 5 23/03/2022 USD 3,472,000 3,571,400 

Argentina Boden Bonds 7 03/10/2015 USD 3,963,522 3,426,294 

Brazilian Government International Bond 12.75 15/01/2020 USD 2,000,000 3,411,083 

Croatia Government International Bond 6.625 14/07/2020 USD 3,369,000 3,402,561 

Peruvian Government International Bond 6.55 14/03/2037 USD 2,450,000 3,247,267 

Argentine Republic Government International Bond – 15/12/2035 EUR 22,584,000 3,204,364 

Panama Government International Bond 9.375 01/04/2029 USD 1,873,000 3,062,965 

Titulos De Tresoria 10 24/07/2014 COP 4,000,000,000 3,030,710 

Indonesia Government International Bond 11.625 04/03/2019 USD 1,978,000 3,009,777 

Turkey Government International Bond 7 05/06/2020 USD 2,514,000 2,927,790 

Lithuania Government International Bond 6.125 09/03/2021 USD 2,736,000 2,899,843 


Credit Suisse/Nassau 7.6 14/04/2021 RUB 85,500,000 2,803,569 

Qatar Government International Bond 6.55 09/04/2019 USD 2,337,000 2,789,878 

Banco del Estado de Chile 3.875 08/02/2022 USD 2,787,000 2,756,423



SIGNIFICANT PURCHASES AND SALES – Skandia Emerging Market Debt Fund (continued) 


Coupon 

Rate % 

246 

Maturity 

Date 

Issue 


Proceeds 

USD 

SELLS 


South Africa Government Bond 6.75 31/03/2021 ZAR 78,930,000 9,619,833 

Brazilian Government International Bond 4.875 22/01/2021 USD 8,404,000 9,608,294 






Argentine Republic Government International Bond 7.82 31/12/2033 EUR 4,591,405 4,101,266 

Turkey Government Bond 0 17/07/2013 TRY 8,580,000 4,079,596 

Uruguay Government International Bond 9.25 17/05/2017 USD 2,876,000 3,857,343 

Poland Government International Bond 5.125 21/04/2021 USD 3,419,000 3,704,555 


Malaysia Government Bond 3.835 12/08/2015 MYR 9,405,000 3,248,903 

Pemex Project Funding Master Trust 6.625 15/06/2035 USD 2,658,000 3,154,003 

Colombia Government International Bond 9.85 28/06/2027 COP 3,725,000,000 3,146,146 


Argentine Republic Government International Bond 0 15/12/2035 EUR 18,735,716 3,077,026 



Peruvian Government International Bond 8.375 03/05/2016 USD 2,307,000 2,883,796 

El Salvador Government International Bond 7.65 15/06/2035 USD 2,646,000 2,820,404 

Republic of Iraq 5.8 15/01/2028 USD 3,346,000 2,799,225 





Petroleos de Venezuela SA 8.5 02/11/2017 USD 2,910,900 2,460,964 



Petroleos de Venezuela SA 4.9 28/10/2014 USD 2,587,478 2,319,339



SIGNIFICANT PURCHASES AND SALES – Skandia Swiss Equity Fund 


BUYS 

Issue 

Currency Shares/Par Cost CHF 

Lindt & Spruengli AG CHF 107 3,510,161 

PSP Swiss Property AG CHF 44,070 3,442,923 

EMS-Chemie Holding AG CHF 19,697 3,440,785 

Swiss Prime Site AG CHF 48,015 3,432,345 

SGS SA CHF 1,990 3,417,488 

Swisscom AG CHF 9,334 3,363,384 

Partners Group Holding AG CHF 16,794 2,865,807 

Basler Kantonalbank CHF 25,442 2,858,047 

Sonova Holding AG CHF 29,827 2,828,990 

Barry Callebaut AG CHF 3,039 2,695,742 

Tecan Group AG CHF 36,821 2,617,455 

Mobimo Holding AG CHF 10,139 2,210,474 

Swiss Life Holding AG CHF 20,779 2,179,645 

Swiss Re AG CHF 36,642 2,116,004 

Schindler Holding AG CHF 17,294 1,860,213 

Givaudan SA CHF 2,109 1,859,587 

Valiant Holding CHF 12,354 1,400,135 

Banque Cantonale Vaudoise CHF 2,377 1,180,378 

OC Oerlikon Corp AG CHF 140,121 1,150,168 

Allreal Holding AG CHF 6,538 923,537 

Galenica AG CHF 1,561 866,479 

Flughafen Zuerich AG CHF 2,288 783,412 

Implenia AG CHF 26,972 762,781 

Acino Holding AG CHF 6,474 705,635 

Kuehne + Nagel International AG CHF 5,733 637,104 

247



SIGNIFICANT PURCHASES AND SALES – Skandia Swiss Equity Fund (continued) 


SELLS 

Issue 

Currency Shares/Par Proceeds CHF 

Swiss Re AG CHF 93,477 5,031,237 

ABB Ltd CHF 236,700 4,531,728 

UBS AG CHF 340,550 4,427,202 

Nestle SA CHF 63,496 3,515,439 





Cie Financiere Richemont SA CHF 51,300 2,740,376 

SGS SA CHF 1,459 2,453,600 

OC Oerlikon Corp AG CHF 325,121 2,338,750 

Credit Suisse Group AG CHF 95,900 2,320,950 

Swiss Life Holding AG CHF 20,779 1,989,313 

Kuehne + Nagel International AG CHF 16,833 1,962,600 

Adecco SA CHF 41,000 1,912,981 

Swatch Group AG/The CHF 26,700 1,828,379 

Galenica AG CHF 3,045 1,697,784 

Transocean Ltd CHF 30,000 1,361,957 

Geberit AG CHF 6,400 1,255,075 

Sonova Holding AG CHF 12,336 1,242,300 

Actelion Ltd CHF 36,750 1,226,415 

Georg Fischer AG CHF 3,072 1,207,872 

Sulzer AG CHF 9,800 1,192,425 

Swiss Prime Site AG CHF 13,632 1,005,670 

Givaudan SA CHF 1,112 981,403 

Basilea Pharmaceutica CHF 19,000 944,280 

Gategroup Holding AG CHF 31,000 910,916 

Lonza Group AG CHF 17,400 883,838 

Zehnder Group AG CHF 14,242 882,928 

Lindt & Spruengli AG CHF 27 881,842 

PSP Swiss Property AG CHF 10,856 862,480 

Panalpina Welttransport Holding AG CHF 6,821 724,650 

EMS-Chemie Holding AG CHF 4,185 720,614 

248



SIGNIFICANT PURCHASES AND SALES – Skandia Healthcare Fund 


BUYS 

Issue 


Pfizer Inc USD 490,600 10,880,374 


Gilead Sciences Inc USD 101,000 5,202,783 

Actelion Ltd CHF 114,000 4,619,997 

Merck & Co Inc USD 115,700 4,448,944 

Sanofi EUR 58,000 4,159,839 

Bristol-Myers Squibb Co USD 119,600 3,945,062 


Onyx Pharmaceuticals Inc USD 72,600 3,084,039 

Ono Pharmaceutical Co Ltd JPY 54,000 3,036,593 

Express Scripts Holding Co USD 53,540 2,953,997 

Life Technologies Corp USD 59,000 2,768,525 

HCA Holdings Inc USD 91,900 2,531,723 

Biosensors International Group Ltd SGD 2,266,600 2,423,718 


Questcor Pharmaceuticals Inc USD 53,000 1,898,510 

Illumina Inc USD 43,700 1,849,867 

Watson Pharmaceuticals Inc USD 26,200 1,644,742 


Mitsubishi Tanabe Pharma Corp JPY 98,500 1,511,165 

Thermo Fisher Scientific Inc USD 27,500 1,485,358 

Impax Laboratories Inc USD 60,000 1,355,827 

China Shineway Pharmaceutical Group Ltd HKD 775,300 1,332,268 

Auxilium Pharmaceuticals Inc USD 64,700 1,237,207 

OraSure Technologies Inc USD 111,000 1,204,182 

Immunogen Inc USD 78,100 1,080,514 

Incyte Corp Ltd USD 59,300 1,066,821 


Mediolanum SpA USD 75,700 1,013,685 

WellPoint Inc USD 14,000 1,008,764 

Baxter International Inc USD 18,500 999,382 

249



SIGNIFICANT PURCHASES AND SALES – Skandia Healthcare Fund (continued) 


SELLS 

Issue 


Pfizer Inc USD 391,900 8,799,355 


Allergan Inc/United States USD 41,000 3,630,039 

Align Technology Inc USD 108,000 3,112,041 

BioMarin Pharmaceutical Inc USD 73,000 2,677,986 

Watson Pharmaceuticals Inc USD 39,400 2,649,053 


Regeneron Pharmaceuticals Inc USD 21,000 2,384,435 


Vivus Inc USD 123,400 2,336,628 

Sanofi EUR 31,000 2,229,262 

WellPoint Inc USD 33,000 2,162,455 

Bristol-Myers Squibb Co USD 55,300 1,841,387 

Incyte Corp Ltd USD 96,500 1,803,803 

Stryker Corp USD 35,000 1,799,742 

Hikma Pharmaceuticals PLC GBP 129,100 1,414,365 

Forest Laboratories Inc USD 44,000 1,381,914 

Aetna Inc USD 28,000 1,288,896 

Shire PLC USD 12,000 1,281,142 

Dendreon Corp USD 91,000 1,252,114 

Cardinal Health Inc USD 29,000 1,214,783 

McKesson Corp USD 14,000 1,208,739 

Medco Health Solutions Inc USD 19,000 1,200,301 

Mediolanum SpA USD 78,400 1,165,906 

Warner Chilcott PLC USD 58,300 1,125,845 

Mitsubishi Tanabe Pharma Corp JPY 80,500 1,084,434 

Sinopharm Group Co Ltd HKD 364,000 994,826 

Abbott Laboratories USD 15,000 931,817 

Elan Corp PLC USD 63,200 844,763 

Life Technologies Corp USD 16,000 755,656 

Ariad Pharmaceuticals Inc USD 45,500 747,812 

250



SIGNIFICANT PURCHASES AND SALES – Skandia Technology Fund 


BUYS 

Issue 


Apple Inc USD 7,000 4,273,652 

Zynga Inc USD 318,513 2,580,335 

Intuit Inc USD 30,080 1,706,323 



Nexon Co Ltd JPY 88,800 1,369,814 

Blackbaud Inc USD 43,745 1,361,341 

Atmel Corp USD 170,625 1,341,505 

TE Connectivity Ltd USD 35,430 1,165,596 

Autodesk Inc USD 29,620 1,102,783 



Ceva Inc USD 46,320 1,057,144 

NetApp Inc USD 29,910 964,132 

Microsoft Corp USD 30,570 948,649 

Nintendo Co Ltd JPY 6,900 930,586 

eBay Inc USD 23,440 901,624 

Facebook Inc USD 22,519 855,722 

American Express Co USD 15,255 821,509 

Cisco Systems Inc USD 45,410 801,259 

Xilinx Inc USD 23,290 791,905 

MSCI Inc USD 19,340 720,922 

Yelp Inc USD 33,895 710,742 

MercadoLibre Inc USD 9,565 709,893 

VMware Inc USD 7,210 703,769 

Solera Holdings Inc USD 14,700 697,560 

Agilent Technologies Inc USD 15,550 679,027 

Amphenol Corp USD 9,290 530,782 

Informatica Corp USD 11,885 513,413 

ON Semiconductor Corp USD 58,940 480,850 

ANSYS Inc USD 7,530 479,154 

OpenTable Inc USD 12,055 469,739 

Amazon.com Inc USD 2,330 453,534 

251



SIGNIFICANT PURCHASES AND SALES – Skandia Technology Fund (continued) 


SELLS 

Issue 


EMC Corp/MA USD 180,335 4,474,085 

QLIK Technologies Inc USD 99,175 3,058,186 


Taiwan Semiconductor Manufacturing Co Ltd TWD 735,000 2,027,381 

ON Semiconductor Corp USD 256,192 2,006,053 

Teradata Corp USD 26,620 1,859,037 

ASML Holding NV EUR 32,614 1,526,117 

Iron Mountain Inc USD 51,345 1,509,623 

eBay Inc USD 35,795 1,418,673 

Walt Disney Co/The USD 32,330 1,373,029 

athenahealth Inc USD 18,065 1,344,647 

TE Connectivity Ltd USD 35,770 1,225,966 

Crown Castle International Corp USD 21,420 1,162,638 

Apple Inc USD 1,935 1,102,465 

STR Holdings Inc USD 159,775 1,089,622 

Temenos Group AG CHF 59,065 1,074,042 

Celgene Corp USD 15,365 1,055,590 

Amphenol Corp USD 18,400 1,007,332 

Time Warner Cable Inc USD 12,590 996,152 

CBS Corp USD 30,475 970,862 

Vocus Inc USD 51,004 928,087 

Vertex Pharmaceuticals Inc USD 24,680 891,074 

Comcast Corp USD 29,190 845,742 

Gartner Inc USD 18,430 773,094 

Demand Media Inc USD 78,700 716,482 

Quanta Computer Inc TWD 289,125 686,728 

NetApp Inc USD 18,445 686,286 

Oracle Corp USD 22,280 628,416 

Mastercard Inc USD 1,450 613,390 

SBA Communications Corp USD 11,260 578,685 

Verisk Analytics Inc USD 11,875 570,316 

Atmel Corp USD 67,465 553,949 

Tellabs Inc USD 139,385 530,117 

Ultra Electronics Holdings PLC GBP 20,604 522,445 

252



SIGNIFICANT PURCHASES AND SALES – Skandia European Best Ideas Fund 


BUYS 

Issue 



DNB ASA NOK 790,675 6,479,340 

Lafarge SA EUR 193,822 6,312,421 


Holcim Ltd CHF 121,786 5,590,054 

Lukoil OAO USD 109,264 5,332,954 

Intesa Sanpaolo SpA EUR 3,984,288 5,229,097 


Umicore SA EUR 128,089 4,669,571 

Aveva Group PLC GBP 220,000 4,442,387 

Allianz SE EUR 52,374 4,354,661 


Spectris PLC GBP 190,837 4,196,244 

Spirax-Sarco Engineering PLC GBP 150,000 4,089,954 

Sports Direct International PLC GBP 1,422,697 4,062,654 

Swatch Group AG/The CHF 12,800 4,039,002 

Krones AG EUR 92,967 4,007,671 

Victrex PLC GBP 219,359 3,982,349 

John Wood Group PLC GBP 450,000 3,912,341 

Rotork PLC GBP 150,000 3,870,892 

Veolia Environnement SA EUR 354,829 3,843,353 

Governor & Co of the Bank of Ireland/The EUR 29,280,000 3,804,115 

ITE Group PLC GBP 1,400,000 3,796,450 

Distribuidora Internacional de Alimentacion SA EUR 1,008,580 3,731,967 

Sanofi EUR 66,149 3,643,713 

AtoS EUR 104,000 3,641,330 

SEB SA EUR 55,000 3,379,165 

AXA SA EUR 283,292 3,370,977 

Infineon Technologies AG EUR 515,632 3,318,194 

Aker Solutions ASA NOK 270,616 3,300,938 


Smiths Group PLC GBP 278,716 3,248,013 

Sika AG CHF 1,987 3,240,278 

Croda International PLC GBP 128,250 3,028,003 

Schneider Electric SA EUR 69,116 3,013,307 

Aareal Bank AG EUR 198,000 2,973,004 

Groupe Bruxelles Lambert SA EUR 56,044 2,922,097 


Groupe Eurotunnel SA EUR 442,557 2,876,109 

Eurasian Natural Resources Corp PLC GBP 347,041 2,874,939 


ITV PLC GBP 2,811,153 2,756,861 

Banco Santander SA EUR 430,000 2,741,562 

253



SIGNIFICANT PURCHASES AND SALES – Skandia European Best Ideas Fund (continued) 


BUYS 

Issue 


Anheuser-Busch InBev NV EUR 50,883 2,732,177 

HeidelbergCement AG EUR 63,474 2,674,057 

ADVA AG Optical Networking EUR 490,000 2,631,967 

Nobia AB SEK 646,817 2,541,591 

E.ON AG EUR 159,415 2,533,786 

PPR EUR 20,241 2,452,741 




254



SIGNIFICANT PURCHASES AND SALES – Skandia European Best Ideas Fund 


SELLS 

Issue 


European Aeronautic Defence and Space Co NV EUR 324,853 9,793,394 

Allianz SE EUR 106,850 9,185,545 

Holcim Ltd CHF 193,547 8,630,331 

Gazprom OAO USD 761,611 7,458,230 

Infineon Technologies AG EUR 989,104 7,367,445 

Dufry AG CHF 71,315 6,776,721 

Groupe Eurotunnel SA EUR 1,016,568 6,483,729 

Sanofi EUR 104,199 5,832,362 


British Sky Broadcasting Group PLC GBP 601,565 5,036,478 

Lukoil OAO USD 109,264 5,013,418 

Kerry Group PLC EUR 150,000 4,446,084 

Barclays PLC GBP 1,646,741 4,441,598 

Distribuidora Internacional de Alimentacion SA EUR 1,219,843 4,272,147 


Sandvik AB SEK 368,768 4,088,595 

DNB ASA NOK 428,315 3,930,751 


Cie Generale d'Optique Essilor International SA EUR 57,764 3,913,722 

Lafarge SA EUR 117,703 3,875,526 

Xstrata PLC GBP 262,162 3,861,646 

Kabel Deutschland Holding AG EUR 82,825 3,854,262 

Koninklijke Vopak NV EUR 81,043 3,789,985 



Yule Catto & Co PLC GBP 1,432,921 3,491,353 

Michael Page International PLC GBP 650,000 3,482,222 

Publicis Groupe SA EUR 94,448 3,460,363 

Givaudan SA CHF 4,815 3,449,331 

AstraZeneca PLC SEK 104,444 3,408,856 

Lundin Petroleum AB SEK 218,056 3,359,614 

AXA SA EUR 283,292 3,266,874 

Storebrand ASA NOK 893,000 3,233,246 

Aurubis AG EUR 80,248 3,197,142 

Reed Elsevier NV EUR 351,061 3,145,888 

Nexans SA EUR 59,000 3,037,630 

255



SIGNIFICANT PURCHASES AND SALES – Skandia US Large Cap Value Fund 


BUYS 

Issue 



BlackRock Inc USD 14,100 2,492,544 

United Technologies Corp USD 26,800 2,303,416 

Marsh & McLennan Cos Inc USD 71,320 2,294,593 


NSTAR LLC USD 46,100 2,115,255 



PepsiCo Inc USD 30,391 2,000,928 

Darden Restaurants Inc USD 38,100 1,976,269 





Deere & Co USD 21,400 1,688,660 

Kohl's Corp USD 33,850 1,632,872 

Yahoo! Inc USD 104,950 1,588,723 

CIT Group Inc USD 34,350 1,418,987 

Boeing Co/The USD 16,550 1,228,306 

DaVita Inc USD 13,750 1,180,237 

Praxair Inc USD 10,550 1,151,178 

Apple Inc USD 2,150 1,143,279 






Aetna Inc USD 23,450 1,069,945 

Texas Instruments Inc USD 32,350 1,046,052 

UnitedHealth Group Inc USD 18,200 996,267 

TJX Cos Inc USD 23,950 995,710 

Visa Inc USD 8,800 990,179 

Exxon Mobil Corp USD 11,400 974,522 

Laboratory Corp of America Holdings USD 10,850 970,588 

CenturyLink Inc USD 24,900 961,649 

Ameriprise Financial Inc USD 17,050 935,442 

EI du Pont de Nemours & Co USD 17,850 917,518 

Prudential Financial Inc USD 13,800 832,022 

Ingersoll-Rand PLC USD 21,050 813,125 

Dell Inc USD 46,600 789,998 

MetLife Inc USD 20,750 777,009 

TD Ameritrade Holding Corp USD 42,550 775,079 

NYSE Euronext USD 26,700 761,154 

256



SIGNIFICANT PURCHASES AND SALES – Skandia US Large Cap Value Fund (continued) 


BUYS 

Issue 


Cameron International Corp USD 14,100 751,515 

Waste Management Inc USD 21,350 742,321 

Staples Inc USD 47,100 722,859 

Fidelity National Information Services Inc USD 23,300 722,805 

257





SELLS 

Issue 


Waste Management Inc USD 130,060 4,514,504 

Visa Inc USD 35,200 4,044,362 

TJX Cos Inc USD 93,050 3,773,663 



Praxair Inc USD 29,250 3,189,164 


Ameriprise Financial Inc USD 54,100 2,793,225 


DaVita Inc USD 28,250 2,425,196 

Boeing Co/The USD 31,850 2,340,458 

Apple Inc USD 4,150 2,335,214 

ConocoPhillips USD 39,155 2,286,173 

Prudential Financial Inc USD 39,650 2,213,249 

Franklin Resources Inc USD 19,836 2,203,270 






Aetna Inc USD 45,000 1,994,364 


Texas Instruments Inc USD 62,000 1,927,089 

MetLife Inc USD 55,800 1,873,554 

Laboratory Corp of America Holdings USD 20,900 1,845,085 

CenturyLink Inc USD 47,650 1,820,323 

BlackRock Inc USD 9,750 1,804,674 

Corning Inc USD 132,850 1,801,128 

Ingersoll-Rand PLC USD 40,400 1,617,986 


Yahoo! Inc USD 103,300 1,587,227 


Northeast Utilities USD 40,750 1,496,846 

TD Ameritrade Holding Corp USD 84,250 1,491,813 

Fidelity National Information Services Inc USD 44,650 1,425,361 

EI du Pont de Nemours & Co USD 27,450 1,408,281 

NYSE Euronext USD 52,400 1,398,157 

Dell Inc USD 89,150 1,360,528 

Cameron International Corp USD 27,100 1,345,154 

Staples Inc USD 90,300 1,331,282 


Deere & Co USD 16,350 1,291,535 

Genuine Parts Co USD 20,050 1,266,943 

258





SELLS 

Issue 


Marsh & McLennan Cos Inc USD 37,300 1,208,750 

Time Warner Inc USD 32,600 1,179,594 

Kohl's Corp USD 24,800 1,168,294 

Rockwell Collins Inc USD 20,800 1,143,540 

CIT Group Inc USD 30,500 1,136,922 

Colgate-Palmolive Co USD 11,600 1,126,823 

259



SIGNIFICANT PURCHASES AND SALES – Skandia Investment Grade Corporate Bond Fund 


Coupon 

Rate % 

260 

Maturity 

Date 

Issue 


BUYS 

United States Treasury Bill - 23/08/2012 USD 12,425,000 12,422,299 




General Electric Capital Corp 4.65 17/10/2021 USD 2,600,000 2,822,073 

Goldman Sachs Group Inc/The 5.75 24/01/2022 USD 2,525,000 2,586,772 

McKesson Corp 5.25 01/03/2013 USD 2,450,000 2,569,233 


Netherlands Government Bond 2.25 15/07/2022 EUR 1,800,000 2,322,112 

Kraft Foods Inc 5.375 10/02/2020 USD 1,625,000 1,906,943 

Bank of America Corp 5.7 24/01/2022 USD 1,695,000 1,771,921 

AT&T Inc 3 15/02/2022 USD 1,700,000 1,712,662 

BAT International Finance PLC 3.625 09/11/2021 EUR 1,175,000 1,623,029 

JPMorgan Chase & Co 4.5 24/01/2022 USD 1,450,000 1,549,185 

Wells Fargo & Co 4.6 01/04/2021 USD 1,300,000 1,453,772 

Cooperatieve Centrale Raiffeisen-Boerenleenbank 

BA/Netherlands 3.875 08/02/2022 USD 1,425,000 1,421,254 

Time Warner Cable Inc 4 01/09/2021 USD 1,300,000 1,367,356 

Aquarius + Investments Plc for Swiss Reinsurance Co 

Ltd 8.25 USD 1,350,000 1,350,000 

Philip Morris International Inc 4.875 16/05/2013 USD 1,250,000 1,305,911 

Kaiser Foundation Hospitals 3.5 01/04/2022 USD 1,225,000 1,284,665 


Coupon 

Rate % 

Maturity 

Date 

Issue 


Proceeds 

USD 

SELLS 






Netherlands Government Bond 2.25 15/07/2022 EUR 1,800,000 2,320,454 


BNP Paribas SA - 27/04/2017 USD 1,300,000 1,300,000 

Alltel Corp 7 01/07/2012 USD 1,205,000 1,245,183 

Goldman Sachs Group Inc/The 5.75 24/01/2022 USD 1,225,000 1,238,839 

Allianz Finance II BV 6.125 31/05/2022 EUR 925,000 1,149,544 

Wal-Mart Stores Inc 6.5 15/08/2037 USD 750,000 1,003,352 

FMG Resources August 2006 Pty Ltd 6.875 01/04/2022 USD 975,000 984,665 

British American Tobacco Holdings The Netherlands BV 4.875 24/02/2021 EUR 615,000 954,996 

ING Bank NV 4.625 15/03/2019 EUR 775,000 946,257 

Compass Group PLC 3.125 13/02/2019 EUR 675,000 927,508 

BMW Finance NV 4.875 18/10/2012 EUR 650,000 904,725 

Banc of America Merrill Lynch Commercial Mortgage 

Inc 5.356 10/10/2045 USD 750,000 834,757 

Verizon Communications Inc 1.95 28/03/2014 USD 800,000 827,089 

Telemar Norte Leste SA 5.125 15/12/2017 EUR 600,000 820,432



SIGNIFICANT PURCHASES AND SALES – Skandia Global Emerging Markets Fund 


BUYS 

Issue 


Hyundai Motor Co KRW 19,675 4,426,553 

Tencent Holdings Ltd HKD 148,100 4,320,694 

Tata Motors Ltd USD 163,805 4,294,795 


Ecopetrol SA USD 62,550 3,623,557 

Turkiye Garanti Bankasi AS TRY 965,985 3,583,450 

Cielo SA BRL 110,900 3,579,179 

HDFC Bank Ltd USD 106,160 3,566,454 

Sands China Ltd HKD 917,800 3,360,759 

Hon Hai Precision Industry Co Ltd TWD 899,000 3,019,411 

Baidu Inc USD 22,020 2,954,688 

America Movil SAB de CV USD 113,520 2,942,412 

Wal-Mart de Mexico SAB de CV MXN 1,003,135 2,914,648 

United Tractors Tbk PT IDR 917,500 2,785,626 

Taiwan Semiconductor Manufacturing Co Ltd USD 186,290 2,704,542 

Naspers Ltd ZAR 46,395 2,691,834 

Souza Cruz SA BRL 175,000 2,622,498 


CITIC Securities Co Ltd HKD 1,161,000 2,424,209 

Ultrapar Participacoes SA BRL 104,310 2,259,498 

Itau Unibanco Holding SA USD 122,170 2,237,266 

Vale SA USD 93,475 2,190,834 

Magnit OJSC USD 76,850 2,118,500 

China Pacific Insurance Group Co Ltd HKD 664,200 2,043,707 

Gerdau SA USD 200,590 2,030,123 

CNOOC Ltd USD 9,650 1,984,541 

Golden Eagle Retail Group Ltd HKD 790,000 1,945,880 

Bank Rakyat Indonesia Persero Tbk PT IDR 2,687,500 1,893,028 

KGHM Polska Miedz SA PLN 43,090 1,892,864 

Banco Bradesco SA USD 113,240 1,891,995 

Sesa Goa Ltd INR 423,575 1,854,483 

Ping An Insurance Group Co HKD 233,500 1,800,523 

SK Innovation Co Ltd KRW 11,790 1,779,550 

Larsen & Toubro Ltd USD 66,700 1,776,222 

Rosneft Oil Co USD 254,565 1,761,528 

Cia de Bebidas das Americas USD 43,915 1,739,847 

Embraer SA USD 55,715 1,699,397 


ITC Ltd INR 384,585 1,661,913 

Hyundai Heavy Industries Co Ltd KRW 5,870 1,588,984 

Synnex Technology International Corp TWD 637,000 1,587,594 

Anhui Conch Cement Co Ltd HKD 464,500 1,540,459 

Bank Mandiri Persero Tbk PT IDR 2,112,000 1,531,605 

Brilliance China Automotive Holdings Ltd HKD 1,394,000 1,512,261 

Sociedad Quimica y Minera de Chile SA USD 25,195 1,448,790 

261



SIGNIFICANT PURCHASES AND SALES – Skandia Global Emerging Markets Fund (continued) 


SELLS 

Issue 


Daewoo Shipbuilding & Marine Engineering Co Ltd KRW 138,480 3,469,226 

Hyundai Department Store Co Ltd KRW 21,230 3,239,444 

Vale SA USD 147,800 3,231,979 

Weichai Power Co Ltd HKD 704,000 3,069,152 

China Petroleum & Chemical Corp USD 25,325 2,710,370 

Anhui Conch Cement Co Ltd HKD 848,500 2,572,235 

China Oilfield Services Ltd HKD 1,562,000 2,301,764 

Amorepacific Corp KRW 2,490 2,282,615 

POSCO USD 24,055 2,002,533 

Genting Bhd MYR 578,000 1,958,161 


Sesa Goa Ltd INR 535,475 1,884,589 

Gazprom OAO USD 142,325 1,711,894 

Bank Rakyat Indonesia Persero Tbk PT IDR 2,272,000 1,631,576 

Anglo American Platinum Ltd ZAR 24,225 1,571,895 

Sociedad Quimica y Minera de Chile SA USD 26,925 1,532,696 

Cia Energetica de Minas Gerais 

Sany Heavy Equipment International Holdings Co 

USD 62,375 1,501,426 

Ltd HKD 1,991,000 1,497,232 

Hyundai Heavy Industries Co Ltd KRW 5,500 1,367,938 

Bumi Resources Tbk PT IDR 5,707,500 1,339,941 

CNOOC Ltd USD 6,770 1,292,245 

Fomento Economico Mexicano SAB de CV MXN 170,200 1,230,323 

KGHM Polska Miedz SA PLN 33,995 1,210,428 

SK Innovation Co Ltd KRW 9,300 1,198,690 


Taiwan Semiconductor Manufacturing Co Ltd USD 73,345 1,044,392 

Doosan Infracore Co Ltd KRW 58,600 965,556 

Industrias Penoles SAB de CV MXN 16,700 820,428 

CIMB Group Holdings Bhd MYR 333,200 798,929 

Baidu Inc USD 6,040 783,171 

Woori Investment & Securities Co Ltd KRW 73,700 769,137 

Samsung Fire & Marine Insurance Co Ltd KRW 4,170 766,579 

Reliance Industries Ltd USD 26,700 748,976 

Bank Mandiri Persero Tbk PT IDR 974,500 734,167 

Embraer SA USD 20,800 710,812 

Gudang Garam Tbk PT IDR 113,000 703,903 

262



SIGNIFICANT PURCHASES AND SALES – Skandia Asian Equity Fund 


BUYS 

Issue 




Macquarie Group Ltd AUD 222,159 6,567,567 

Westfield Group AUD 651,298 6,089,846 

BHP Billiton Ltd AUD 156,584 5,682,345 

China National Building Material Co Ltd HKD 4,522,000 5,570,853 

CNOOC Ltd HKD 2,648,000 5,482,335 


China Mobile Ltd HKD 429,500 4,761,297 

Tata Motors Ltd INR 731,726 3,896,629 

Bangkok Bank PCL THB 570,500 3,440,270 

Yangzijiang Shipbuilding Holdings Ltd SGD 3,237,000 3,300,263 

Bank of Communications Co Ltd HKD 4,113,000 3,061,669 

Keppel Land Ltd SGD 1,042,000 2,827,000 

China Minsheng Banking Corp Ltd HKD 2,937,500 2,816,304 

China Citic Bank Corp Ltd HKD 4,274,000 2,748,368 

NetEase Inc USD 44,600 2,690,234 

Telecom Corp of New Zealand Ltd NZD 1,329,736 2,617,934 

Shin Corp PCL THB 1,367,300 2,515,409 

Wistron Corp TWD 1,597,000 2,484,681 

SK Hynix Inc KRW 94,510 2,411,206 

Woori Finance Holdings Co Ltd KRW 234,740 2,408,791 

Advanced Info Service PCL THB 423,400 2,334,109 

Telekomunikasi Indonesia Persero Tbk PT IDR 2,604,500 2,253,906 



Hon Hai Precision Industry Co Ltd TWD 543,000 1,895,387 

Great Wall Motor Co Ltd HKD 890,000 1,715,817 

Tencent Holdings Ltd HKD 56,900 1,678,646 

KCC Corp KRW 5,538 1,657,439 

Guangzhou R&F Properties Co Ltd HKD 1,254,400 1,608,220 

263



SIGNIFICANT PURCHASES AND SALES – Skandia Asian Equity Fund (continued) 


SELLS 

Issue 


National Australia Bank Ltd AUD 200,203 4,820,588 


China Mobile Ltd HKD 336,000 3,472,088 


Advanced Info Service PCL THB 670,700 3,248,328 



KT&G Corp KRW 43,455 2,871,840 

CNOOC Ltd HKD 1,398,541 2,820,757 

Westpac Banking Corp AUD 130,585 2,812,132 

Sands China Ltd HKD 710,000 2,623,895 

Chipbond Technology Corp TWD 2,028,000 2,616,601 

Tata Motors Ltd INR 487,234 2,536,330 


Caltex Australia Ltd AUD 158,256 2,248,230 

Astra International IDR 271,500 2,174,389 

Telstra Corp Ltd AUD 563,952 2,076,316 

Bank of China Ltd HKD 4,554,800 1,915,690 

Tata Motors Ltd HKD 419,000 1,900,363 

POSCO KRW 4,424 1,473,836 

Westfield Group AUD 154,958 1,448,358 

China Communications Construction Co Ltd HKD 1,642,000 1,444,809 

Rio Tinto Ltd AUD 20,111 1,410,378 

Agricultural Bank of China Ltd HKD 3,002,000 1,405,827 

Tata Steel Ltd INR 153,350 1,374,490 

NHN Corp KRW 6,276 1,327,670 



Daum Communications Corp KRW 10,374 1,174,131 

264



SIGNIFICANT PURCHASES AND SALES – Skandia Local Currency Emerging Market Debt Fund 


Coupon 

Rate % 

265 

Maturity 

Date 

Issue 


BUYS 



Poland Government Bond 5.5 25/04/2015 PLN 46,310,000 15,316,135 



Credit Suisse/Nassau 7 03/06/2015 RUB 367,700,000 12,262,129 


JPMorgan Chase Bank NA 10 18/08/2012 BRL 2,020,000 11,662,237 

Barclays Bank PLC 10 30/07/2012 BRL 1,600,000 8,685,460 



Brazil Notas do Tesouro Nacional Serie F 10 01/01/2017 BRL 1,480,000 7,634,555 


Thailand Government Bond 3.25 16/06/2017 THB 216,650,000 7,029,058 

Poland Government Bond 0 25/01/2014 PLN 25,200,000 6,997,430 

JPMorgan Chase Bank NA 8.25 19/07/2021 IDR 51,000,000,000 6,892,536 

Mexican Udibonos 2.5 10/12/2020 MXN 17,536,000 6,489,096 








JPMorgan Chase Bank NA 7 15/05/2022 IDR 38,200,000,000 4,719,266 


Bogota Distrito Capital 9.75 26/07/2028 COP 5,000,000,000 4,015,272 

Mexican Bonos 6 18/06/2015 MXN 47,400,000 3,880,804 

Credit Suisse/Nassau 7.4 14/06/2017 RUB 111,000,000 3,872,762 


Turkey Government Bond 4.5 11/02/2015 TRY 5,290,000 3,707,760



SIGNIFICANT PURCHASES AND SALES – Skandia Local Currency Emerging Market Debt Fund (continued) 


Coupon 

Rate % 

266 

Maturity 

Date 

Issue 


Proceeds 

USD 

SELLS 






JPMorgan Chase Bank NA 0 16/02/2012 BRL 1,020,000 5,792,899 



Barclays Bank PLC 10 19/06/2012 BRL 1,000,000 5,182,426 



Turkey Government Bond 4.5 11/02/2015 TRY 5,400,000 3,730,808 

Mexican Bonos 8 11/06/2020 MXN 42,023,000 3,659,936 



Poland Government Bond 5.5 25/04/2015 PLN 8,360,000 2,758,489 




Barclays Bank PLC 10 19/06/2012 BRL 480,000 2,487,565 

Colombia Government International Bond 9.85 28/06/2027 COP 2,877,000,000 2,422,577 


Nota Do Tesouro Nacional 3.84 12/08/2015 BRL 450,000 2,302,069 


Brazil Notas do Tesouro Nacional Serie B 6 15/05/2015 BRL 196,100 2,169,578 

Russian Foreign Bond - Eurobond 7.85 10/03/2018 RUB 60,000,000 2,053,370 

Poland Government Bond 0 25/01/2013 PLN 6,610,000 2,032,400 


Deutsche Bank AG/London 8.25 19/07/2021 IDR 15,200,000,000 1,867,171 





BRL 303,000 1,609,626 


Brazil Notas do Tesouro Nacional Serie B 10 01/01/2021 BRL 300,000 1,561,363



SIGNIFICANT PURCHASES AND SALES – Skandia Managed Futures Fund 


Coupon 

Rate % 

267 

Maturity 

Date 

Issue 


BUYS 

United States Treasury Note/Bond - 07/06/2012 USD 17,700,000 17,698,995 



















Goldman Sachs Funds PLC - US Treasury Liquid 

Reserves Fund - - USD 6,000,170 6,000,000



SIGNIFICANT PURCHASES AND SALES – Skandia Managed Futures Fund (continued) 


Coupon 

Rate % 

268 

Maturity 

Date 

Issue 


Proceeds 

USD 

SELLS 


























United States Treasury Note/Bond - 01/03/2012 USD 4,500,000 4,500,000



TOTAL EXPENSE RATIOS 

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 July 2011 to 30 June 2012 are as follows: 

Fund Name Share Class TER 

Skandia Global Equity Fund A (USD) 1.66% 

B (USD) 4.09% 

C (USD) 3.82% 

I (USD) 0.84% 

S (GBP) 1.45% 

Skandia US Large Cap Growth Fund A (EUR) 3.53% 

A (USD) 1.77% 

B (USD) 4.37% 

C (USD) 4.04% 

S (GBP) 1.53% 

Skandia US Capital Growth Fund A (EUR) 2.28% 

A (USD) 1.68% 

B (USD) 4.08% 

C (USD) 3.53% 

Skandia US All Cap Value Fund A (EUR) 2.44% 

A (EUR) Hedged 1.63% 

A (USD) 1.69% 

B (USD) 3.95% 

C (USD) 3.42% 

I (USD) 0.94% 

Skandia US Value Fund A (EUR) 2.73% 

A (USD) 1.78% 

B (USD) 3.90% 

C (USD) 3.71% 

S (GBP) 1.44% 

Skandia European Equity Fund A (EUR) 1.78% 

A (USD) 2.41% 

B (USD) 4.49% 

C (USD) 3.93% 

S (GBP) 1.81% 

Skandia European Opportunities Fund A (EUR) 2.01% 

A (USD) 2.48% 

B (USD) 4.30% 

C (USD) 4.95% 

S (GBP) 2.01% 

Skandia Swedish Equity Fund A (SEK) 1.82% 

I (SEK) 1.35% 

Skandia Swedish Growth Fund A (SEK) 1.89% 

Skandia Japanese Equity Fund A (EUR) Hedged 1.85% 

A (JPY) 1.82% 

A (USD) 2.03% 

B (USD) 4.56% 

C (USD) 4.08% 

S (GBP) 1.53% 

Skandia Pacific Equity Fund A (EUR) 1.68% 

A (USD) 1.67% 

B (USD) 3.49% 

C (USD) 3.34% 

I (USD) 0.93% 

S (GBP) 1.40% 

269



TOTAL EXPENSE RATIOS (continued) 


Skandia Greater China Equity Fund A (USD) 1.71% 

B (USD) 3.49% 

C (USD) 3.42% 

I (USD) 0.97% 

S (GBP) 1.62% 

Skandia Global Bond Fund A (EUR) Hedged 1.79% 

A (GBP) Income 1.50% 

A (USD) 1.41% 

A (USD) Income 2.96% 

B (USD) 3.53% 

B (USD) Income 3.24% 

C (USD) 3.00% 

C (USD) Income 4.59% 

I (USD) 0.92% 

S (GBP) Income 1.42% 

Skandia Total Return USD Bond Fund A (EUR) Hedged 1.17% 


A (SEK) Hedged 1.43% 

A (USD) 1.18% 


B (USD) 3.06% 


C (USD) 2.74% 


Skandia Swedish Bond Fund A (SEK) 0.94% 

Skandia SEK Reserve Fund A (SEK) 0.58% 

Skandia Emerging Market Debt Fund A (EUR) 1.75% 

A (EUR) Hedged 1.68% 

A (GBP) Hedged 2.45% 



A (SGD) Hedged Income 1.84% 

A (USD) 1.65% 


B (USD) 3.44% 


C (USD) 3.49% 


I (USD) 0.91% 

S (GBP) Income 1.42% 

Skandia Swiss Equity Fund A (CHF) 1.66% 

Skandia Healthcare Fund A (GBP) Income 1.97% 

A (USD) 1.92% 

C (USD) 4.90% 

I (USD) 1.19% 

Skandia Technology Fund A (EUR) 2.05% 

A (USD) 1.94% 

C (USD) 3.99% 

Skandia European Best Ideas Fund A (EUR) 2.31% 

A (GBP) 3.07% 


A (USD) 3.02% 

Skandia US Large Cap Value Fund A (EUR) 0.86% 

A (USD) 1.71% 

C (USD) 3.86% 

I (USD) 1.00% 

S (GBP) 1.48% 

270



TOTAL EXPENSE RATIOS (continued) 


Skandia Investment Grade Corporate Bond Fund A (GBP) Hedged Income 1.17% 


A (USD) 1.40% 


C (USD) 2.83% 

S (GBP) Hedged Income 1.03% 

Skandia Global Emerging Markets Fund A (EUR) 2.02% 

A (GBP) 2.09% 

A (USD) 2.03% 


C (USD) 4.78% 

S (GBP) 1.53% 

Skandia Asian Equity Fund A (GBP) 1.76% 

A (USD) 1.74% 

Skandia Local Currency Emerging Market Debt Fund A (EUR) 2.08% 


A (USD) 2.04% 



C (USD) 5.64% 


I (USD) 1.16% 

Skandia Managed Futures Fund A (EUR) Hedged 1.87% 

A (GBP) Hedged 2.31% 


A (SGD) Hedged 3.93% 

A (USD) 2.19% 

I (USD) 2.17% 

271



PORTFOLIO TURNOVER RATIOS 

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 July 2011 to 30 June 2012 are as follows: 

Skandia Global Equity Fund 263.22% 

Skandia US Large Cap Growth Fund (294.89%) 

Skandia US Capital Growth Fund 370.23% 

Skandia US All Cap Value Fund (93.11%) 

Skandia US Value Fund (44.12%) 

Skandia European Equity Fund 278.76% 

Skandia European Opportunities Fund 306.20% 

Skandia Swedish Equity Fund 55.53% 

Skandia Swedish Growth Fund 322.67% 

Skandia Japanese Equity Fund 136.76% 

Skandia Pacific Equity Fund (38.39%) 

Skandia Greater China Equity Fund 222.63% 

Skandia Global Bond Fund 290.73% 

Skandia Total Return USD Bond Fund 1,667.27% 

Skandia Swedish Bond Fund 26.84% 

Skandia SEK Reserve Fund 662.97% 

Skandia Emerging Market Debt Fund (36.19%) 

Skandia Swiss Equity Fund 227.31% 

Skandia Healthcare Fund 80.55% 

Skandia Technology Fund 3.52% 

Skandia European Best Ideas Fund 225.80% 

Skandia US Large Cap Value (2.23%) 

Skandia Investment Grade Corporate Bond Fund 88.40% 

Skandia Global Emerging Markets Fund 104.02% 

Skandia Asian Equity Fund 364.20% 

Skandia Local Currency Emerging Market Debt Fund 107.61% 

Skandia Managed Futures Fund 530.82% 

272



FUND PERFORMANCE 

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 

273 

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 (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 Managed 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. 

274



SIGNIFICANT EVENTS 

Significant Events During The Period 

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. 

A revised prospectus was issued on 29 June 2012. This prospectus update provided for the following principal changes: 

6. Skandia Fund Management (Ireland) Limited becoming Promoter of the Company; 

7. Appointment of Old Mutual Asset Managers (UK) Limited as a Distributor; 

8. Closure of certain share classes that have never been funded; 

9. Creation of new share classes in certain Funds; 

10. Aligning the disclosure regarding temporary suspension of dealing with the Company's articles of association; 

11. The resignation of Mr. Rob Williams from the board of Skandia Fund Management (Ireland) Limited; 

12. Changes to Investment Advisers; and 

13. Change of name of Skandia Global Futures Fund to Skandia Managed Futures Fund. 

275



SIGNIFICANT EVENTS (continued) 

Post Balance Sheet Events 

The resignation of Alain Keck as a Director of the Company with effect from 1 August 2012. 

276

SKANDIA GLOBAL FUNDS PLC - Fidelity Investments

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