Privileged Investors - BNP Paribas Investment Partners

Cadogan Market Diversified 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 12
10
Redemption fees 4
8
Total income
Expenses
16 18
Management fees 4 102
109
Performance fees 5 0
35
Taxe d'abonnement 3 3
4
Administrative & custodian fees 7 10
11
Professional & legal fees 0
1
Bank interest on overdrafts 10
3
Other expenses 2h 3
5
Total expenses
Notes
128 167
Net gain/(loss) from investments (112) (149)
Net realised gain/(loss) on sales of investment securities 2c 488
819
Net realised gain/(loss) on foreign exchange 0
8
Net realised gain/(loss) on forward foreign exch. cont. 0
(2)
Net realised gain/(loss) 376 675
Change in net unreal. apprec./deprec. on inv. sec. 2c (1,911)
176
Change in net unreal. apprec./deprec. on fwrd for. exch. cont. 2f,9 0
1
Change in net assets as a result of operations (1,535) 852
Dividends paid 14 (75)
(80)
Subscription of accumulation shares 332
705
Market Diversified Fund USD-Class A
332 705
Subscription of distribution shares 44
63
Market Diversified Fund USD-Class A
44 63
Redemption of accumulation shares (244)
(814)
Market Diversified Fund USD-Class A
(244) (814)
Redemption of distribution shares (256)
(114)
Market Diversified Fund USD-Class A
(256) (114)
Change in net assets (1,733) 612
Net assets at the beginning of the year 7,412 6,800
USD
USD
Net assets at the end of the year
5,678 7,412
The accompanying notes form an integral part of these financial statements
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