Sparinvest SICAV Annual Report 2009 R.C.S. Luxembourg B 83.976

74
Sparinvest SICAV
SPARINVEST - HIGH YIELD VALUE BONDS
Statement of Changes in Net Assets for the Year ended December 31, 2009
Note
NET ASSETS AT THE BEGINNING OF THE YEAR 198,444,758.01
INCOME
Interest on bonds, net 31,325,812.50
Bank interest 43,325.38
(11) Securities lending fees
1,973.10
Other income 28,852.81
TOTAL INCOME 31,399,963.79
EXPENSES
(4) Management and advisory fees
3,703,045.27
(6) Custodian fees
46,092.91
(6) Domiciliation, administration and transfer agent fees
593,848.33
Audit, printing and publication expenses 42,878.67
(3) Taxe d'abonnement
156,207.14
Bank charges 35,494.53
Interest paid 4,377.81
Other charges 59,792.15
TOTAL EXPENSES 4,641,736.81
NET INCOME / (LOSS) FROM INVESTMENTS 26,758,226.98
Net realised gain / (loss) on sales of investments -6,399,589.67
Net realised gain / (loss) on forward foreign exchange contracts -3,139,986.32
Net realised gain / (loss) on foreign exchange 11,733,312.74
NET REALISED PROFIT / (LOSS) 28,951,963.73
Change in net unrealised appreciation / (depreciation) on investments
Change in net unrealised appreciation / (depreciation) on forward foreign
150,780,911.82
exchange contracts -10,012,033.53
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 169,720,842.02
EVOLUTION OF THE CAPITAL
Subscriptions of shares 139,129,292.82
Redemptions of shares -151,569,706.38
(9) Dividends distributed
-763.22
NET ASSETS AT THE END OF THE YEAR 355,724,423.25
The accompanying notes form an integral part of these financial statements.
EUR