Privileged Investors - BNP Paribas Investment Partners

Cadogan Market Diversified 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 364
420
Other income 6
304
Redemption fees 250
0
Total income
Expenses
620 724
Management fees 4 3,867
3,907
Performance fees 5 0
899
Taxe d'abonnement 3 114
120
Administrative & custodian fees 7 396
387
Professional & legal fees 17
32
Bank interest on overdrafts 101
82
Other expenses 2h 63
149
Total expenses
Notes
4,558 5,576
Net gain/(loss) from investments (3,938) (4,852)
Net realised gain/(loss) on sales of investment securities 2c 21,005
13,080
Net realised gain/(loss) on foreign exchange (6,956)
(7,250)
Net realised gain/(loss) on forward foreign exch. cont. (42,541)
26,491
Net realised gain/(loss) (32,430) 27,470
Change in net unreal. apprec./deprec. on inv. sec. 2c (52,710)
3,029
Change in net unreal. apprec./deprec. on fwrd for. exch. cont. 2f,9 21,834
(3,193)
Change in net assets as a result of operations (63,306) 27,306
Dividends paid 14 (8,873)
(7,850)
Subscription of accumulation shares 15,957
35,160
Market Diversified Fund EUR-Class A
14,724 28,460
Market Diversified Fund EUR-Class I
1,234 6,700
Subscription of distribution shares 9,226
16,517
Market Diversified Fund EUR-Class A
9,226 16,517
Redemption of accumulation shares (22,181)
(22,247)
Market Diversified Fund EUR-Class A
(22,181) (22,247)
Redemption of distribution shares (9,257)
(14,198)
Market Diversified Fund EUR-Class A
(9,257) (14,198)
Change in net assets (784,334) 34,687
Net assets at the beginning of the year 286,015 251,327
EUR
EUR
Net assets at the end of the year
207,581 286,015
The accompanying notes form an integral part of these financial statements
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