Privileged Investors - BNP Paribas Investment Partners

Cadogan Market Neutral Fund EUR
Statement of operations and changes in net assets
from 01/01/08 to 31/12/08
Expressed in '000s EUR
31/12/08
31/12/07
Income
Bank interest on cash account 1,517
1,002
Redemption fees 1,575
828
Total income
Expenses
3,092 1,829
Management fees 4 10,461
11,081
Performance fees 5 0
8
Taxe d'abonnement 3 374
420
Administrative & custodian fees 7 1,283
1,361
Professional & legal fees 75
125
Bank interest on overdrafts 332
1
Other expenses 2h 1,949
16
Total expenses
Notes
14,474 13,013
Net gain/(loss) from investments (11,382) (11,183)
Net realised gain/(loss) on sales of investment securities 2c 62,890
45,921
Net realised gain/(loss) on foreign exchange (47,784)
(21,909)
Net realised gain/(loss) on forward foreign exch. cont. (130,948)
91,610
Net realised gain/(loss) (127,224) 104,439
Change in net unreal. apprec./deprec. on inv. sec. 2c (109,214)
(28,706)
Change in net unreal. apprec./deprec. on fwrd for. exch. cont. 2f,9 71,864
(10,712)
Change in net assets as a result of operations (164,574) 65,021
Dividends paid 14 (20,759)
(19,332)
Subscription of accumulation shares 60,616
77,532
Market Neutral Fund EUR - Class A
46,411 65,133
Market Neutral Fund EUR - Class I
14,205 12,398
Subscription of distribution shares 29,564
57,851
Market Neutral Fund EUR - Class A
29,537 57,851
Market Neutral Fund EUR - Class I
27 0
Redemption of accumulation shares (138,037)
(80,212)
Market Neutral Fund EUR - Class A
(137,878) (80,212)
Market Neutral Fund EUR - Class I
(158) 0
Redemption of distribution shares (60,451)
(24,752)
Market Neutral Fund EUR - Class A
(60,451) (24,752)
Change in net assets (293,641) 76,107
Net assets at the beginning of the year 934,299 858,192
EUR
EUR
Net assets at the end of the year
640,658 934,299
The accompanying notes form an integral part of these financial statements
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