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

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..
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