Privileged Investors - BNP Paribas Investment Partners

Cadogan Market Neutral Fund USD
Statement of operations and changes in net assets
from 01/01/08 to 31/12/08
Expressed in '000s USD
31/12/08
31/12/07
Income
Bank interest on cash account 48
42
Redemption fees 98
60
Total income
Expenses
146 102
Management fees 4 479
547
Performance fees 5 0
50
Taxe d'abonnement 3 18
21
Administrative & custodian fees 7 58
67
Professional & legal fees 3
6
Bank interest on overdrafts 3
0
Other expenses 2h 77
2
Total expenses
Notes
638 693
Net gain/(loss) from investments (492) (591)
Net realised gain/(loss) on sales of investment securities 2c 2,483
3,416
Net realised gain/(loss) on foreign exchange (1)
0
Net realised gain/(loss) on forward foreign exch. cont. 51
0
Net realised gain/(loss) 2,041 2,825
Change in net unreal. apprec./deprec. on inv. sec. 2c (9,225)
1,067
Change in net unreal. apprec./deprec. on fwrd for. exch. cont. 2f,9 (21)
0
Change in net assets as a result of operations (7,205) 3,892
Dividends paid 14 (246)
(303)
Subscription of accumulation shares 3,495
5,852
Market Neutral Fund USD - Class A
3,495 5,852
Subscription of distribution shares 141
386
Market Neutral Fund USD - Class A
141 386
Redemption of accumulation shares (12,117)
(9,130)
Market Neutral Fund USD - Class A
(8,345) (9,130)
Market Neutral Fund USD - Class I
(3,772) 0
Redemption of distribution shares (292)
(1,178)
Market Neutral Fund USD - Class A
(292) (1,178)
Change in net assets (16,223) (480)
Net assets at the beginning of the year 44,866 45,345
USD
USD
Net assets at the end of the year
28,642 44,866
The accompanying notes form an integral part of these financial statements
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