SKANDIA GLOBAL FUNDS PLC - Fidelity Investments

Skandia Global Funds plc
Annual Report and Audited Financial Statements for the year ended 31 December 2011
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2011 (continued)
13. Fees and Expenses (continued)
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 3,165,887 for the year ended 31 December 2011 (2010: USD 2,556,156) and the
amount payable at the year end for 2011 was USD 874,380 (2010: USD 166,616).
Performance Fee
With respect to the Skandia Global 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 Global Futures Fund‟s assets.
The performance fee is equal to 20 per cent. 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 Global 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 303,109 for the year ended 31 December 2011 (2010: USD -) and the amount accrued at
the year end for 2011 was USD 198,555 (2010: USD -).
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