Privileged Investors - BNP Paribas Investment Partners

TABLE OF CONTENTS
GENERAL INFORMATION ............................................................................................ 3
ANNUAL REPORT........................................................................................................... 4
(1) Movement schedule per asset class............................................................................ 4
(2) Changes in net assets ................................................................................................. 5
(3) Number and value of shares issued and redeemed during 2008................................ 5
(4)
NAV per Sub-Fund and per Class and total shares issued per Class during the
reporting period.......................................................................................................... 5
(5) Statement of net assets per 31/12/08.......................................................................... 5
(6) Valuation of non-quoted securities policy ................................................................. 5
(7) Hedging transactions.................................................................................................. 5
(8) Redemptions .............................................................................................................. 5
(9) Personal interests of the Directors of the Fund by transactions by the Fund............. 6
(10) Fees and expenses of Privileged Investors................................................................. 6
(11) Total expense ratio (TER)........................................................................................ 11
(12) Turn-over ratio......................................................................................................... 12
(13)
Percentage of total transaction volume of the Fund transacted through parties
affiliated to the investment manager or the custodian ............................................. 12
(14) Transactions with affiliated parties.......................................................................... 12
(15) Amount of transactions made in non regulated markets.......................................... 13
(16) Subscription and redemption instruction procedure ................................................ 13
(17) Retrocessions received by the Fund......................................................................... 14
Independent Assurance Report ......................................................................................... 15
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