Sparinvest SICAV Semi Annual Report 2010 R.C.S. Luxembourg B ...

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Sparinvest SICAV Notes to the Financial Statements (Continued) as at June 30, 2010 f. Distribution policy (continued) However, it cannot be guaranteed that such certification will be obtained, or that, once obtained, it will continue to be available for any future accounting period of the Company. Decisions regarding the annual dividend are taken by the Annual General Meeting of Shareholders and regarding the semi-annual dividends and interim dividends by the Board of Directors. The dividend will be paid in the currency of the respective Classes. No distribution may be made as a result of which the minimum capital of the Company falls below EUR 1,250,000,- or its equivalent in any other currency. Dividends distributed are recorded at ex-date. NOTE 3 – TAXATION Under the prevailing laws and regulations, the Company is subject to “taxe d’abonnement”, payable quarterly and calculated at the annual rate of 0.05% based on the Net Asset Value at the end of each quarter. This annual tax rate is however reduced to 0.01% on the aggregate Net Asset Value of the shares in the “EUR I”, “DKK I”, “USD I”, “EUR UKI”, “GBP UKI”, “DKK UKI”, “SEK I” and “NOK I” Classes (reserved to institutional investors). NOTE 4 – MANAGEMENT FEES The Directors of the Company have appointed on March 31, 2006 SPARINVEST S.A. Luxembourg as Management Company responsible for overall co-ordination of investment management activities. SPARINVEST S.A. Luxembourg has appointed SPARINVEST FONDSMAEGLERSELSKAB A/S Taastrup as Investment Advisor and Investment Manager. In consideration for its services, the Management Company is paid monthly in arrears a fee up to: - max 1.50% p.a. of the average Net Asset Value of the EQUITAS Sub-Fund (max 0.90% for the share classes EUR UKI and GBP UKI and max 0.80 % for the share classes USD I, EUR I, SEK I and NOK I), - max 1.50% p. a. of the average Net Asset Value of the ETHICAL GLOBAL VALUE Sub-Fund (max 0.90% for the share classes EUR UKI and GBP UKI and max 0.80 % for the share classes USD I, EUR I, SEK I and NOK I), - max 1.50% p.a. of the average Net Asset Value of the EUROPEAN VALUE Sub-Fund (max 0.90% for the share classes EUR UKI and GBP UKI and max 0.80 % for the share classes USD I, EUR I, SEK I and NOK I), - max 1.85% p.a. of the average Net Asset Value of the GLOBAL SMALL CAP VALUE Sub-Fund (max 1.10% for the share classes EUR UKI and GBP UKI and max 1.00 % for the share classes USD I, EUR I, SEK I and NOK I), - max 1.50% p.a. of the average Net Asset Value of the GLOBAL VALUE Sub-Fund (max 0.90% for the share classes EUR UKI and GBP UKI and max 0.80 % for the share classes USD I, EUR I, SEK I and NOK I), - max 1.25% p.a. of the average Net Asset Value of the ETHICAL HIGH YIELD VALUE BONDS Sub-Fund (max 0.65% for the share classe EUR I), - max 1.25% p.a. of the average Net Asset Value of the HIGH YIELD VALUE BONDS Sub-Fund (max 0.75% for the share classes EUR UKI and GBP UKI and max 0.65% for the share classes USD I, EUR I, SEK I and NOK I), - max 1.00% (max 0.70% for institutional share classes) p.a. of the average Net Asset Value of the INSTITUTIONAL CORPORATE VALUE BONDS Sub-Fund, - max 0.80% p.a. of the average Net Asset Value of the INVESTMENT GRADE VALUE BONDS Sub-Fund (max 0.55% for the share classes EUR UKI and GBP UKI and max 0.45 % for the share classes USD I, EUR I, SEK I and NOK I), - max 0.50% p.a. of the average Net Asset Value of the LONG DANISH BONDS Sub-Fund (max 0.35% for the share classes DKK UKI and GBP UKI and max 0.25% for the share classes USD I, DKK I, SEK I and NOK I), - max 1.25% p. a. of the average Net Asset Value of the PROCEDO Sub-Fund (max 0.75% for the share classes EUR UKI and GBP UKI and max 0.65 % for the share classes USD I, EUR I, SEK I and NOK I), - max 1% p.a. of the average Net Asset Value of the SECURUS Sub-Fund (max 0.60% for the share classes EUR UKI and GBP UKI and max 0.50 % for the share classes USD I, EUR I, SEK I and NOK I). Page I 160
Sparinvest SICAV Notes to the Financial Statements (Continued) as at June 30, 2010 NOTE 4 – MANAGEMENT FEES (continued) The effective management fee rate charged during the period equals the maximum rate as described above. Part of the above fee is paid to the Investment Advisor and Investment Manager. NOTE 5 – COMMISSIONS ON SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS The issue price per share is the Net Asset Value per share plus a possible commission of: - maximum 3% for the sub-funds SPARINVEST – EQUITAS, SPARINVEST – ETHICAL GLOBAL VALUE, SPARINVEST – EUROPEAN VALUE, SPARINVEST – GLOBAL SMALL CAP VALUE and SPARINVEST – GLOBAL VALUE. - maximum 2% for the sub-funds SPARINVEST – ETHICAL HIGH YIELD VALUE BONDS, SPARINVEST – HIGH YIELD VALUE BONDS, SPARINVEST – INVESTMENT GRADE VALUE BONDS and SPARINVEST – PROCEDO. - maximum 1.5% for the sub-fund SPARINVEST – SECURUS. - maximum 1% for the sub-funds SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS and SPARINVEST – LONG DANISH BONDS. No subscription commission is payable for institutional share classes, except for the sub-fund SPARINVEST – INSTITUTIONAL CORPORATE VALUE BONDS. A redemption commission of maximum 2% will be calculated to the benefit of the Sub-Fund on the net asset value of the shares for the sub-fund SPARINVEST – INSTITUTIONAL CORPORATE VALUE BONDS (depending on the duration of shareholders’ holding in the sub-fund). There were no redemptions on SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS during the year. Shares of the other sub-funds will be redeemed at the respective Net Asset Value of shares of each share Class. Save for the potential dilution levy in case of excessive trading as explained in the prospectus, there will be no redemption commission charged. Shares of any Sub-Fund may be converted into shares of any other Sub-Fund. No conversion commission will be charged. Shareholders may be requested to bear the difference in initial commission between the Sub-Fund they leave and the Sub-Fund of which they become shareholders, should the initial commission of the Sub-Fund into which the shareholders are converting their shares be higher than the commission of the Sub-Fund they leave. NOTE 6 – CUSTODIAN AND CENTRAL ADMINISTRATION FEES RBC Dexia Investor Services Bank S.A., Luxembourg has been appointed to act as depositary bank, domiciliary, central administrator (outsourced by Sparinvest S.A.) and paying agent. The maximum fee rate per Sub-Fund for depositary and central administration fees is 0.50% p.a.. Page I 161
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Sparinvest SICAV Semi Annual Report
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Sparinvest SICAV Table of contents
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Sparinvest SICAV Management and Adm
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Sparinvest SICAV Consolidated State
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Sparinvest SICAV SPARINVEST - EQUIT
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Sparinvest SICAV SPARINVEST - ETHIC
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Sparinvest SICAV SPARINVEST - EUROP
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Sparinvest SICAV SPARINVEST - GLOBA
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Sparinvest SICAV SPARINVEST - HIGH
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Sparinvest SICAV SPARINVEST - INVES
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Sparinvest SICAV SPARINVEST - LONG
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