Universe, The CMI Global Network Fund

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2 Universe, The CMI Global Network Fund SEMI-ANNUEL REPORT & FINANCIAL STATEMENTS 31 MARCH 2009 HALBJAHRESBERICHT UND HALBJAHRESABSCLUSS 31. MÄRZ 2009 CONTENTS INHALTSVERZEICHNIS Page - Seite Directors and Administration 2 Mitglieder des Verwaltungsrates und der Geschäftsführung Directors Report to Shareholders 5 Bericht des Verwaltungsrates an die Aktionäre Statement of Net 7 Nettovermögensaufstellung Statement of Changes in Number of Shares Outstanding 7 Veränderungen der sich im Umlauf befindlichen Aktien Statement of Operations and Changes in Net 11 Aufwands- und Ertragsrechnung und Veränderung des Nettovermögens Three Year Summary 15 Drei-Jahres-Übersicht Notes to the Financial Statements 18 Anhang zum Jahresbericht Portfolio and sector analysis of each sub-fund 26 Wertpapierbestand und geographische Aufgliederung für jeden Teilfonds Investment Advisers 104 Anlageberater Fund Advisers Comments 105 Marktkommentare der Fondsberater No subscription may be accepted on the basis of the Annual Report. Subscriptions are accepted only on the basis of the current Prospectus accompanied by the latest Annual Report. Only the English version of the present Annual Report has been reviewed by the auditor. Consequently, the auditor s report only refers to the English version of the Annual Report; other versions result from conscientious translations which are the responsibility of the Board of Directors. In case of differences between the English version and the other translations, the English version prevails. Es können keine Zeichnungen auf Basis des Jahresberichtes angenommen werden. Anträge werden nur auf Basis des aktuellen Verkaufsprospektes angenommen, begleitet vom letzten Jahresbericht. Der Jahresbericht und Jahresabschluss des Universe, The CMI Global Network Fund für das zum 30. September 2008 endende Geschäftsjahr und der Verkaufsprospekt sind über die Dresdner Bank AG, Jürgen-Ponto-Platz 1, Frankfurt erhältlich. Nur die Englische Version des vorliegenden Jahresabschlussberichts war Bestandteil der Kontrolle des Wirtschaftsprüfers. Daher bezieht sich auch der Bericht des Wirtschaftsprüfers nur auf die Englische Version. Sämtliche anderssprachigen Versionen stehen in der Verantwortung des Verwaltungsrats des Fonds. Falls also Unterschiede zwischen der Englischen und den übersetzten Versionen bestehen, so ist die Englische Version als massgebend anzusehen. 1

3 Directors and Administration Mitglieder des Verwaltungsrates und der Geschäftsführung CHAIRMAN PRÄSIDENT S J Friend Heidelberger Lebenversicherung AG Forum 7 D Heidelberg Germany DIRECTORS MITGLIEDER DES VERWALTUNGSRATES J Elvinger Partner Elvinger, Hoss & Prussen 2, place Winston Churchill, BP425 L-2014 Luxembourg Luxembourg M Hamper CMI Asset Management (Luxembourg) S.A. 23, route d Arlon L-8009 Strassen Luxembourg D Finch Clerical Medical Europe Financial Services B.V. 23, route d Arlon L-8009 Strassen Luxembourg J Edwards Chief Executive of HBOS Europe Financial Service Heidelberger Lebenversicherung AG Forum 7 D Heidelberg Germany P Meyers Company Director 12, rue des Roses L-2445 Luxembourg Luxembourg R H Mallett Clerical Medical Investment Group Limited European Branch Office Randwycksingel 35 NL-6229 EG Maastricht The Netherlands 2

4 REGISTERED OFFICE GESELLSCHAFTSSITZ 23, route d Arlon L-8009 Strassen Luxembourg MANAGEMENT COMPANY VERWALTUNGSGESELLSCHAFT CMI Asset Management (Luxembourg) S.A. 23, route d Arlon L-8009 Strassen Luxembourg Telephone: + (352) Facsimile: + (352) CUSTODIAN,ADMINISTRATIVE, REGISTRAR AND TRANSFER AGENT DEPOTBANK,VERWALTUNGSSTELLE UND TRANSFERSTELLE RBC Dexia Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Luxembourg INVESTMENT ADVISER ANLAGEBERATER Insight Investment Management (Global) Limited 33, Old Broad Street London EC2N 1HZ United Kingdom INDEPENDENT AUDITOR ABSCHLUSSPRÜFER KPMG Audit S.à r.l. 9, Allée Scheffer L-2520 Luxembourg Luxembourg LEGAL ADVISER RECHTSBERATER Elvinger, Hoss & Prussen 2, Place Winston Churchill, BP425 L-2014 Luxembourg Luxembourg REGISTER OF COMMERCE HANDELSREGISTER Universe, The CMI Global Network Fund Société d Investissement à Capital Variable R.C.S. Luxembourg B UK REPRESENTATIVE VERTRETUNG IN GROßBRITANNIEN Clerical Medical Financial Services Limited Narrow Plain Bristol BS2 0JH United Kingdom 3

5 THE IRISH REPRESENTATIVE VERTRETUNG IN IRLAND CMI Asset Management (Luxembourg) S.A. Representative Office Clifton House Lower Fitzwilliam Street Dublin 2 Republic of Ireland GIBRALTAR REPRESENTATIVE VERTRETUNG IN GIBRALTAR Line Management Services Limited Representative Office 57/63 Line Wall Road PO Box 199 Gibraltar 4

6 Directors Report to Shareholders The Directors are pleased to present the Annual Report and Financial Statements for Universe, The CMI Global Network Fund ( the Fund ) for the year ended 31 March DISTRIBUTION STATUS The Fund has been approved for UK and Irish Distribution status for the year ended 30 September DISTRIBUTIONS A distribution was declared on 1 October 2008 for all shareholders of those sub-fund classes with net distributable income as at 30 September SUBSEQUENT EVENTS The Board of Directors has approved the following changes of name, with effect on the 2nd of March 2009: Current Name The CMI US Equity Sub-Fund The CMI Japan Equity Sub-Fund The CMI Pacific Basin Equity Sub-Fund The CMI Euro Top 50 Equity New Name The CMI US Enhanced Equity Sub-Fund The CMI Japan Enhanced Equity Sub-Fund The CMI Pacific Basin Enhanced Equity Sub-Fund The CMI European Enhanced Equity This change follows our communication sent in May 2007 regarding the reduction in the Annual Management Charge for share class 1 shares on these sub-funds. This resulted from the review and decision to change the investment management of these funds to an enhanced tracking approach. Enhanced equity funds are actively managed funds, which aim to deliver a degree of out-performance while retaining similar risk characteristics close to that of an index fund. They present a superior alternative to index funds in terms of risk/return balance, on which to build more adventurous investment strategies or to create portfolios for more cautious investors. It is important to note that the above equity sub-funds will continue to be managed in accordance with their investment objectives as set out in the Prospectus. Universe, The CMI Global Network Fund Board of Directors Luxembourg, 26 May 2009 The Fund may change its asset allocation in real equity investments when it receives first investments from shareholders. 5

7 Bericht des Verwaltungsrates an die Aktionäre Der Verwaltungsrat ist erfreut, Ihnen den Jahresbericht und den Jahresabschluss für Universe, The CMI Global Network Fund (im Folgenden,Fonds genannt) für den Zeitraum bis zum 31. März 2009 vorstellen zu können. STATUS DER AUSSCHÜTTUNG. Der Fonds hat den Status Ausschüttung für Grossbritannien und Irland für das am 30. September 2007 endende Geschäftsjahr erhalten. AUSSCHÜTTUNGEN Am 1. Oktober 2008 wurde eine Ausschüttung für alle Anteilseigner der Teilfonds mit ausschüttbarem Nettogewinn zum 28. September 2008 deklariert. NACHFOLGENDE EREIGNISSE Der Vorstand hat folgende Namensänderungen mit Wirkung zum 2. März 2009 bewilligt: Aktueller Name: Neuer Name: CMI US Equity Sub-Fund CMI US Enhanced Equity Sub-Fund CMI Japan Equity Sub-Fund CMI Japan Enhanced Equity Sub-Fund CMI Pacific Basin Equity Sub-Fund CMI Pacific Basin Enhanced Equity Sub-Fund CMI Euro Top 50 Equity CMI European Enhanced Equity Diese Änderungen folgen unserer Mitteilung vom Mai 2007 mit Betreff der Reduzierung der jährlichen Managementgebühr für Aktien der Aktienklasse 1 in diesen Teilfonds. Diese Änderungen sind Ergebnis der Revision und nachfolgenden Entscheidung, die Anlageverwaltung dieser Fonds auf das Prinzip von Enhanced Fonds, also Fonds mit erweiterten Anlagemöglichkeiten, umzustellen. Enhanced Equity Funds sind aktiv verwaltete Fonds, deren Ziel es ist, signifikante Überrenditen zu erzielen und gleichzeitig in etwa das Risikoprofil eines Indexfonds zu bewahren. Sie stellen in Hinblick auf das Verhältnis von Risiko und Ertrag eine überlegene Alternative gegenüber einem Indexfonds dar und eignen sich als Basis für etwas gewagtere Anlagestrategien, aber auch als Grundlage von Portfolios für risikobewusstere Anleger. Wir weisen ausdrücklich darauf hin, dass die Equity Sub-Funds oben weiterhin nach Maßgabe ihrer im Prospekt erläuterten Anlageziele verwaltet werden. Universe, The CMI Global Network Fund Der Verwaltungsrat Luxemburg, den 26 Mai 2009 Der Fonds kann eine Änderung der Portfolio-Strukturierung bei Real-Equity-Anlagen vornehmen, wenn er erstmals Anlagen von Anteilseignern erhält. 6

8 Statement of Net as at 31 March 2009 Nettovermögensaufstellung zum 31. März 2009 Total-Total CMI Continental CMI German CMI Japan Enhanced CMI Pacific Basin European Equity Equity Equity Sub-Fund Enhanced Equity Note EUR EUR EUR JPY USD ASSETS VERMÖGEN Investment portfolio at market value Wertpapierbestand zum 4,158,861, ,749,266 2,789,283 4,433,334,707 53,685,570 Cash at bank Bankguthaben 55,020,302 8,915,993 86, ,815,630 1,820,676 Amounts receivable on sale of investments Forderungen aus Wertpapierverkäufen 180,985, Amounts receivable on subscriptions Forderungen aus Zeichnungen 585,514 4,593 96,900 45,400 Forderungen aus Zinsen und Interest and dividends receivable, net Dividenden, netto 45,802, , ,029, ,243 Prepaid expenses Forderungen aus Abgrenzungsposten 12 3,824,910 1,943,499 5,579 7,980, ,899 Net unrealised profit on futures Nicht realisierter Gewinn aus Finanztermingeschäften ,049 8,873,000 Other assets Sonstige Aktiva 53,703 42,552 1,232 4,445,304, ,909,388 2,882,369 4,702,129,645 55,965,059 LIABILITIES VERBINDLICHKEITEN Nicht realisierter Verlust aus Net unrealised loss on futures Finanztermingeschäften 10 93,090 50,004 Other liabilites Sonstige Verbindlichkeiten 171,176, ,595 20,195 24,191, , ,269, ,595 20,195 24,191, ,125 TOTAL NET ASSETS NETTOVERMÖGEN INSGESAMT 4,274,035, ,425,793 2,862,174 4,677,937,972 55,746,934 TOTAL NET ASSETS (EUR) NETTOVERMÖGEN INSGESAMT (EUR) 4,274,035, ,425,793 2,862,174 35,717,354 41,896,087 Statement of Changes in Number of Shares Outstanding For the period ended 31 March 2009 Veränderungen der sich im Umlauf befindlichen Aktien Für das am 31. März 2009 endende Berichtsperiode Shares Outstanding at 30 September 2008 Aktien im Umlauf am 30. September ,189,422 97,673 2,019,392 2,305,238 Subscriptions during the year Ausgegebene Aktien 16,067,402 8, , ,833 Redemptions during the year Zurückgenommene Aktien (7,101,203) (4,703) (259,840) (200,144) Shares Outstanding* at 31 March 2009 Aktien im Umlauf* am 31. März ,155, ,795 2,054,013 2,412,927 Class 1 Shares Outstanding Anteilsklasse 1 Aktien im Umlauf 764,335 68,184 92, ,699 Net asset value per share Class 1 Nettoinventarwert pro Anteilsklasse , Class 2 Shares Outstanding Anteilsklasse 2 Aktien im Umlauf 257,676 27,292 23, ,246 Net asset value per share Class 2 Nettoinventarwert pro Anteilsklasse , Class 3 Shares Outstanding Anteilsklasse 3 Aktien im Umlauf 70,094,286 1,931,742 1,420,230 Net asset value per share Class 3 Nettoinventarwert pro Anteilsklasse , Class 7 Shares Outstanding Anteilsklasse 7 Aktien im Umlauf 39,324 6,318 6, ,751 Net asset value per share Class 7 Nettoinventarwert pro Anteilsklasse , * Any differences in the number of shares outstanding are the result of roundings. * Abweichungen der umlaufenden Anteile resultieren aus Rundungen. The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 7

9 CMI US Enhanced Equity CMI UK Equity Euro Equity Index Japan Equity Index UK Equity Index US Equity Index CMI Euro Bond CMIG Fixed Term Tracking Tracking Tracking Tracking Euro Bond USD GBP EUR JPY GBP USD EUR EUR 283,887,062 58,548,586 12,931,609 1,235,013,156 43,898,742 28,517,085 1,431,534, ,758,971 1,299,799 1,439, ,038 29,642,981 1,154, ,600 7,886, , , ,469 21, ,176 30, ,712,576 15,932 13,182 10, , ,749 7,682 14,265, ,437 47,089 32,324,063 4,941, ,774 73,186 25,863 2,223,024 54,873 57,034 84,980 6,170 2,168,000 13, , ,758,196 60,774,617 13,676,331 1,283,312,173 45,646,850 28,811,369 1,617,468, ,919, , ,833 83,136 9,857, , , ,154,595 67, , ,833 83,136 9,857, , , ,154,595 67, ,479,021 60,363,784 13,593,195 1,273,454,914 44,849,253 28,561,361 1,476,313, ,851, ,300,632 64,891,316 13,593,195 9,723,181 48,213,131 21,465,024 1,476,313, ,851,898 10,060,687 7,968,202 1,145,328 3,004,087 5,209,724 1,537,153 39,320,705 7,234,266 1,297,662 1,540,307 57, , ,443 63,168 3,245,780 1,320,533 (1,896,766) (968,463) (28,324) (138,460) (367,510) (311,225) (7,455,042) (2,394,630) 9,461,583 8,540,046 1,174,895 2,990,532 5,208,657 1,289,096 35,111,443 6,160, ,381 1,478, ,900 2,739,295 4,190, ,957 97, , , , , , ,712 72, ,152,807 6,728, ,358 83, ,792 89,056 34,889,085 6,160, ,149 6,147 8,936 13,571 8,371 52, * Any differences in the number of shares outstanding are the result of roundings. * Abweichungen der umlaufenden Anteile resultieren aus Rundungen. The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 8

10 CMI Japan Bond CMI UK Bond CMI US Bond CMIG Fixed Term US CMI Sterling CMI US Dollar CMI Euro Currency CMI Global Bond Bond Currency Reserve Currency Reserve Reserve JPY GBP USD USD GBP USD EUR GBP 794,370,835 34,332, ,202,635 1,470,503 85,636,266 25,055, ,270,158 16,029,044 37,209, ,084 1,944,620 11,421 9,488,903 10,962, , , ,051 6,472, ,435 19,380 10,281 3,000 17,954 24, , ,162 1,835,850 10, ,119 33,411 1,604, , ,494,193 34,930, ,779,156 1,492,603 95,948,242 36,051, ,969,262 16,546,756 3,589,225 47,822 64,903 15, ,450 43,282 84,391 93,391 3,589,225 47,822 64,903 15, ,450 43,282 84,391 93, ,904,968 34,882, ,714,253 1,476,908 95,736,792 36,007, ,884,871 16,453,365 6,328,919 37,498, ,372,654 1,109, ,917,445 27,061, ,884,871 17,687, ,962 5,300,941 19,517,238 80,138 19,744,975 5,279,171 10,622,093 9,954,917 8, ,968 1,538,982 3,707 3,295,767 1,249,667 4,381, ,197 (32,840) (1,040,051) (3,816,953) (55,980) (3,564,899) (2,842,371) (6,522,522) (321,334) 499,971 4,967,858 17,239,267 27,865 19,475,843 3,686,467 8,480,799 10,411,780 32,668 2,540, ,410 15,530, ,755 18,020 10,150,051 1, , , ,928 3,360, , , ,729 1, ,323 1,715,013 16,803,749 27, ,270 2,408,355 7,791,689 1, ,180 12, , * Any differences in the number of shares outstanding are the result of roundings. * Abweichungen der umlaufenden Anteile resultieren aus Rundungen. The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 9

11 CMI Global Mixed CMI Global Equity CMIG Access 80% CMI European Access 80% CMIG Access 80% Enhanced Equity Guaranteed Austrian GBP GBP EUR EUR EUR EUR 42,940,049 12,627, ,243,976 5,260,000 4,947,564 2,918, , ,570 6,672, , , , ,867 87,955 26,227,369 8, ,000 25, , ,624 35,148 1,857,644 2,486 18,147 10,931 75,145 31, ,488 10,520 9, , , ,475,459 12,945, ,316,421 5,529,046 5,600,625 3,502,961 55, ,237 48,481 25,963,050 17, , , ,237 48,481 26,018,360 17, , ,694 44,263,222 12,897, ,298,061 5,511,156 5,329,717 3,334,267 47,583,146 13,864, ,298,061 5,511,156 5,329,717 3,334,267 30,497,109 9,348,274 18,211, ,513 1,006, , , ,355 1,659,359 31, ,616 (1,438,372) (385,671) (515,291) (2,470) (22,983) 29,701,620 9,371,958 19,355, ,020 1,084, ,000 28,725,496 8,806,429 1,084, , , ,355, , , * Any differences in the number of shares outstanding are the result of roundings. * Abweichungen der umlaufenden Anteile resultieren aus Rundungen. The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 10

12 Statement of Operations and Changes in Net For the period ended 31 March 2009 Aufwands- und Ertragsrechnung und Veränderung des Nettovermögens Für die am 31. März 2009 endende Berichtsperiode NET ASSETS AT THE BEGINNING OF THE PERIOD Total-Total CMI Continental European Equity CMI German Equity CMI Japan Enhanced Equity CMI Pacific Basin Enhanced Equity Note EUR EUR EUR JPY USD NETTOVERMÖGEN ZU BEGINN DER BERICHTSPERIODE 5,099,998,853 1,271,858,648 3,962,434 6,635,209,727 72,516,870 INCOME ERTRÄGE Dividends, net Dividenden aus Wertpapierbestand, netto 14,632,759 7,508,423 13,140 55,790, ,416 Interest on bonds, net Zinsen aus Anleihen, netto 54,391,353 Bank interest Zinsen aus Bankguthaben 1,974,835 88,017 1,429 4,473 5,329 Other income Sonstige Erträge 1,134, ,401 (697) 785,131 11,192 Income Equalisation Ertragsausgleich 521, , ,059 10,307 TOTAL INCOME ERTRÄGE INSGESAMT 72,655,290 8,747,261 14,092 56,664, ,244 EXPENSES AUFWENDUNGEN Management fees Verwaltungsvergütung 3 3,767, ,664 15,047 3,505,388 75,596 Custodian fees, domiciliation, administration and transfer agent fees Audit, printing and publication expenses Depotbankgebühren, Buchführungsgebühren und Transferkosten 488, , ,438,076 64,957 Revisionskosten, Druck- und Veröffentlichungskosten 139,693 5,580 5, ,639 7,318 Taxe d abonnement Taxe d Abonnement 4 272,039 55, ,244 4,238 Bank Charges Bankspesen 24,418 10, , Other Charges Sonstige Aufwendungen 32, ,002 1,381 Expenses Equalisation Ertragsausgleich 3,961,482 TOTAL EXPENSES AUFWENDUNGEN INSGESAMT 8,685, ,934 21,332 5,891, ,824 NET INCOME/(LOSS) FROM INVESTMENTS Net realised gain/(loss) on sales of investments Net realised gain/(loss) on futures Net realised gain/(loss) on foreign exchange NETTOERTRAG/NETTOAUFWAND AUS ANLAGEN 63,969,426 7,831,327 (7,240) 50,773, ,420 Realisierter Nettogewinn/(-verlust) aus Wertpapierverkäufen (275,012,038) (206,429,968) (118,273) (216,337,803) (3,541,919) Realisierter Nettogewinn/(-verlust) aus Finanztermingeschäften (8,897,996) (32,611,250) (520,387) Realisierter Nettogewinn/(-verlust) aus Devisengeschäften (101,168) (155,087) (2) (79,326) NET REALISED PROFIT/(LOSS) REALISIERTER NETTOGEWINN/(- VERLUST) (220,041,776) (198,753,728) (125,515) (198,175,548) (3,513,212) Change in net unrealised appreciation/(depreciation) on investments Change in net unrealised appreciation/(depreciation) on futures Change in net unrealised appreciation/(depreciation) on capital gain tax Veränderung des nicht realisierten Gewinnes/(Verlustes) aus Wertpapieren (250,177,471) (188,107,986) (1,041,532) (1,732,521,060) (13,498,830) Veränderung des nicht realisierten Gewinnes/(Verlustes) aus Finanztermingeschäften 1,496,725 12,723,000 11,703 Veränderung des nicht realisierten Gewinnes/(Verlustes) aus Kapitalgewinnsteuer 8,479 3,724 NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS NETTOERHÖHUNG/NETTOVERMINDER UNG DES NETTOVERMÖGENS (468,714,043) (386,861,714) (1,167,047) (1,917,973,608) (16,996,615) EVOLUTION OF THE CAPITAL ENTWICKLUNG DES FONDSVERMÖGENS Subscriptions of shares Zeichnungen von Aktien 708,084, ,656, , ,615,141 7,292,705 Redemptions of shares Rückzahlungen von Aktien (859,889,683) (112,582,418) (146,043) (624,206,354) (4,661,121) Net notional commission Fiktive Provision 12 (773,485) (572,829) (1,794) (3,835,492) (61,517) Dividends distributed Dividendenausschüttung 5 (185,834,420) (45,628,491) (82,051) (122,786,383) (2,333,081) Currency Translation Währungsdifferenz (22,275,771) Income Equalisation Ertragsausgleich 3,439,564 (443,420) (220) (85,059) (10,307) NET ASSETS AT THE END OF THE PERIOD NETTOVERMÖGEN AM ENDE DER BERICHTSPERIODE 4,274,035, ,425,793 2,862,174 4,677,937,972 55,746,934 The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 11

13 CMI US Enhanced Equity CMI UK Equity Euro Equity Index Japan Equity Index UK Equity Index US Equity Index CMI Euro Bond CMIG Fixed Term Tracking Tracking Tracking Tracking Euro Bond USD GBP EUR JPY GBP USD EUR EUR 430,187,769 73,516,481 19,979,782 1,828,011,650 57,366,493 47,878,558 1,644,863, ,477,672 3,396,295 1,206, ,567 15,361,831 1,021, ,985 13,392 33,772,083 6,121,488 10,088 8,811 5,082 3,376 11, ,141 5,521 (471) 5,291 11,787 (29,835) 1,697 (2,398) 217,383 50,496 2, ,405,912 1,237, ,442 15,335,372 1,035, ,368 34,242,607 6,177, , ,478 23,762 3,155, ,010 72, , ,921 63,092 2,061 3, ,406 2,889 9,962 78,873 10,122 7,268 5,169 5, ,639 5,312 7,056 5,416 3,844 10,581 7,706 2, ,034 13,837 4,467 74,901 14,420 3, , , ,485 16,376 13,433 27,267 2,052, , , ,438 35,154 4,323, , ,928 3,114, ,034 3,042,518 1,120, ,288 11,011, , ,440 31,127,815 5,363,471 (28,960,854) (8,635,863) 12,741 (4,490,574) (462,953) (2,711,915) 17,965,753 2,336,343 (3,128,174) (156,621) (20,262,750) (391,845) (266,522) (1) 4,562 3,657 (29,046,511) (7,510,420) (28,592) (13,741,868) 45,136 (2,731,997) 49,093,568 7,699,814 (88,202,025) (7,880,595) (6,040,121) (522,285,275) (10,396,659) (10,322,717) 25,512,239 8,596, ,536 24,860 6,275,000 30,306 64,135 (116,370,000) (15,391,015) (6,043,853) (529,752,143) (10,321,217) (12,990,579) 74,605,807 16,295,860 44,843,963 12,319, ,796 60,156,655 3,496,756 1,571, ,734,943 55,404,692 (64,864,671) (7,166,320) (359,239) (62,028,247) (3,360,249) (7,318,963) (308,521,165) (101,251,524) (273,635) (15,853) (12,732) (950,296) (15,666) (37,222) (7,105,891) (2,895,598) (780,553) (21,999,081) (2,330,297) (569,550) (70,422,046) (12,695,493) 61,486 (2,938) (6) 16,376 13,433 27,267 2,052, , ,479,021 60,363,784 13,593,195 1,273,454,914 44,849,253 28,561,361 1,476,313, ,851,898 The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 12

14 CMI Japan Bond CMI UK Bond CMI US Bond CMIG Fixed Term US CMI Sterling Currency CMI US Dollar CMI Euro Currency CMI Global Bond Bond Reserve Currency Reserve Reserve JPY GBP USD USD GBP USD EUR GBP 860,550,506 36,997, ,535,174 4,398, ,043,096 54,076, ,704,656 12,611,614 6,469, ,697 4,692,178 45,781 2,156, ,765 5,420, ,164 9,000 2,052 1, ,443 29,605 82, (216,377) (1,539) 77,660 (2,272) (1,533) (2,189) 4,683 5,314 2,754 6,261, ,210 4,771,560 43,652 2,234, ,181 5,507, , ,984 79, ,968 1, ,509 35, ,828 93, ,384 1,782 7, ,576 7,273 10,377 2, ,993 5,312 7,318 5,115 5,147 7,272 5,579 5,311 34,845 6,972 11, ,279 1,368 11,370 4,891 17,994 5,534 6, ,017 23, ,802 15,486 56,110 66, ,213 1,632, , ,306 22, , , , ,867 4,629, ,352 4,198,254 21,265 1,952, ,125 4,581, ,447 (189,629) 616,735 7,118,972 (16,273) (3,800,051) (2,155,539) (16,753,113) 1,218,446 (204) (4) 31,421 4,439,909 1,280,087 11,317,222 4,992 (1,847,156) (1,802,414) (12,171,971) 1,409,314 11,104, ,375 (2,211,461) (4,651) 1,560,712 1,241,641 8,492,970 2,094,012 15,544,845 1,762,462 9,105, (286,444) (560,773) (3,679,001) 3,503,326 14,672,612 4,905,905 19,404, ,109 16,047,331 12,160, ,277,142 1,130,654 (54,394,643) (7,268,764) (47,740,563) (2,964,500) (17,372,892) (27,776,068) (161,168,922) (499,312) (7,572,369) (1,538,915) (10,985,496) (168,609) (5,750,409) (1,959,677) (13,004,217) (290,162) 104,017 23, ,802 15,486 56,110 66, ,213 (2,755) 828,904,968 34,882, ,714,253 1,476,908 95,736,792 36,007, ,884,871 16,453,365 The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 13

15 CMI Global Mixed CMI Global Equity CMIG Access 80% CMI European Access 80% CMIG Access 80% Enhanced Equity Guaranteed Austrian GBP GBP EUR EUR EUR EUR 46,564,173 14,816, ,219,984 7,683,711 5,135,288 3,344, , , ,534 54, ,244 1,373,447 15,204 7,977 7,557 1,726 1,364, ,970 8,556 (1,539) ,069 3,206 (1,410) 9, ,097 2, , ,338 2,964,255 60,145 23,764 25, ,464 77, ,404 4,470 42,070 2,474 5,676 2,435 54,449 1, ,311 5,312 3,844 5,580 7,315 4,495 14,704 4,359 22, , ,358 3, , ,181 89, ,299 12,248 51,925 8, ,754 47,423 2,549,956 47,897 (28,161) 17,687 (1,136,791) (1,527,532) (32,050,699) (727,766) 62,299 (116,877) (4,737,544) 8,950 (231,454) (14,040) 32,515 33,474 (2) (3) (4) (844,522) (1,446,635) (34,238,289) (670,922) (197,316) (113,234) 321,829 (375,225) 21,397,660 (1,746,002) (28,033) 99, ,930 (200) 33,060 3,190 1,410 3,874 (521,283) (1,817,986) (12,299,699) (2,417,124) (192,289) (10,724) 946, ,041 39,214, , ,000 (2,124,485) (533,627) (12,113,000) (45,000) (113,513) (4,445) (4,266) 176,873 (4,775) 1,414 (602,999) (130,248) (9,839,891) (286,951) 5,665 (349) (61,097) (2,285) ,263,222 12,897, ,298,061 5,511,156 5,329,717 3,334,267 The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 14

16 Three Year Summary Drei-Jahres-Übersicht CMI Continental CMI German Equity CMI Japan Enhanced CMI Pacific Basin European Equity Equity Enhanced Equity EUR EUR JPY USD as at 31 March 2009 zum 31. März 2009 Net assets (000 s) (in Tausend) 982,426 2,862 4,677,938 55,747 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse , Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse , Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse , Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse , as at 30 September 2008 zum 30. September 2008 Net assets (000 s) (in Tausend) 1,271,859 3,962 6,635,210 72,517 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse , Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse , Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse , Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse , as at 30 September 2007 zum 30. September 2007 Net assets (000 s) (in Tausend) 2,507,913 6,446 12,701, ,446 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse , Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse , Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse , Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse , CMI US Enhanced Equity CMI UK Equity Euro Equity Index Japan Equity Index Tracking Tracking USD GBP EUR JPY as at 31 March 2009 zum 31. März 2009 Net assets (000 s) (in Tausend) 286,479 60,364 13,593 1,273,455 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2008 zum 30. September 2008 Net assets (000 s) (in Tausend) 430,188 73,516 19,980 1,828,012 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2007 zum 30. September 2007 Net assets (000 s) (in Tausend) 823, ,867 21,064 2,627,164 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse UK Equity Index US Equity Index CMI Euro Bond CMIG Fixed Term Tracking Tracking Euro Bond GBP USD EUR EUR as at 31 March 2009 zum 31. März 2009 Net assets (000 s) (in Tausend) 44,849 28,561 1,476, ,852 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2008 zum 30. September 2008 Net assets (000 s) (in Tausend) 57,366 47,879 1,644, ,478 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2007 zum 30. September 2007 Net assets (000 s) (in Tausend) 68,851 35,593 1,361, ,492 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 15

17 CMI Japan Bond CMI UK Bond CMI US Bond CMIG Fixed Term US Bond JPY GBP USD USD as at 31 March 2009 zum 31. März 2009 Net assets (000 s) (in Tausend) 828,905 34, ,714 1,477 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 1, Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse 2 1, Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse 3 1, Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2008 zum 30. September 2008 Net assets (000 s) (in Tausend) 860,551 36, ,535 4,398 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 1, Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse 2 1, Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse 3 1, Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2007 zum 30. September 2007 Net assets (000 s) (in Tausend) 883,240 37, ,158 9,998 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 1, Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse 2 1, Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse 3 1, Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse CMI Sterling CMI US Dollar CMI Euro Currency CMI Global Bond Currency Reserve Currency Reserve Reserve GBP USD EUR GBP as at 31 March 2009 zum 31. März 2009 Net assets (000 s) (in Tausend) 95,737 36, ,885 16,453 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2008 zum 30. September 2008 Net assets (000 s) (in Tausend) 103,043 54, ,705 12,612 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2007 zum 30. September 2007 Net assets (000 s) (in Tausend) 106,014 61, ,854 11,720 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse CMI Global Mixed CMI Global Equity CMIG Access 80% CMI European Enhanced Equity GBP GBP EUR EUR as at 31 March 2009 zum 31. März 2009 Net assets (000 s) (in Tausend) 44,263 12, ,298 5,511 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse 3 Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2008 zum 30. September 2008 Net assets (000 s) (in Tausend) 46,564 14, ,220 7,684 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse 3 Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2007 zum 30. September 2007 Net assets (000 s) (in Tausend) 55,431 20, ,051 9,932 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse 3 Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 16

18 Access 80% Guaranteed EUR CMIG Access 80% Austrian EUR as at 31 March 2009 zum 31. März 2009 Net assets (000 s) (in Tausend) 5,330 3,334 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse 2 Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse 3 Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2008 zum 30. September 2008 Net assets (000 s) (in Tausend) 5,135 3,345 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse 2 Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse 3 Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse as at 30 September 2007 zum 30. September 2007 Net assets (000 s) (in Tausend) 6,030 3,747 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse 2 Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse 3 Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 17

19 NOTES TO THE FINANCIAL STATEMENTS 1. GENERAL Universe, The CMI Global Network Fund, ( the Fund ) was incorporated as an investment fund in the Grand Duchy of Luxembourg on 12 April 1990 and commenced its activities on 1 June It was amended for the last time by notarial deed of 25 July 2005 published in the Mémorial on 24 August The Fund qualifies as an investment company with variable capital ( société d investissement à capital variable or SICAV ) regulated under the part I of the law of 20 December The Fund is established for an undetermined duration. The Fund comprises 26 sub-funds, each relating to a separate investment portfolio comprising securities, cash, other assets and liabilities. 2. SIGNIFICANT ACCOUNTING POLICIES The Financial Statements are presented in accordance with Luxembourg regulations relating to investment funds. The following is a summary of the significant accounting policies adopted by the Fund: (a) Valuation of Securities: All securities in the investment portfolios are quoted on a recognised stock exchange, or dealt in on another regulated market. Financial instruments, which comprise short-term certificates of deposit and commercial paper, are valued at cost as it is intended to hold these instruments until maturity.the difference between the cost and the maturity value is recognised as interest income over the year. In these financial statements, securities and financial derivative instruments have been valued using the closing prices on 30 March 2009 for securities listed in the American continent s stock exchange, prices at 1 p.m. (CET) on 31 March 2009 for securities listed in the European stock exchange and closing prices on 31 March 2009 for securities listed in eastern countries stock exchange. (b) Translation of Foreign Currencies: Transactions in foreign currencies are converted into the currency of the sub-fund at the exchange rate ruling at the date of the transactions at 1 p.m. (CET). and liabilities are converted into the currency of the sub-fund at the exchange rate ruling at the balance sheet date at 1 p.m. (CET). The combined statements of net assets, operations and changes in net assets are presented in Euro (EUR), based on the closing exchange rate prevailing at the balance sheet date. (c) Allocation of Expenses: Each sub-fund is charged with the expenses directly attributable to it. Expenses not attributable to a particular sub-fund are normally allocated to the sub-funds so that each one is charged with the same amount. (d) Income: Dividends are recognised on an ex-dividend basis, net of withholding taxes in the country of origin. Interest is recognised on an accruals basis. (e) Profit and Loss from Sales of Securities: The realised profit and loss arising on sales of securities is based on the average cost of the securities. (f) Equalisation: The Fund uses the accounting practice of equalisation, by which a portion of the proceeds from subscriptions and costs of redemptions of shares, equivalent on a per share basis to the amount of undistributed net investment income on the date of the transaction, is credited or charged to undistributed income. On payment of a dividend the balance on the equalisation account is included in the amount available for distribution. As a result, undistributed net investment income per share is unaffected by subscriptions and redemptions of shares. 3. MANAGEMENT FEES The Fund has appointed as Management Company, CMI Asset Management (Luxembourg) S.A., a company incorporated under the laws of Luxembourg on 22 December The Management Company is responsible for the day to day management of the investments and is entitled to receive a fee, which is payable monthly in arrears and is based on the net asset value of each of the sub-funds. Fees are charged at the following rates as stipulated in the Fund s prospectus: Class 1 Class 2 Class 3 Class 7 Equity sub-funds, The CMI Global Mixed sub-fund, and The CMI Global Bond sub-fund, except for the US Enhanced Equity sub-fund, Japan Enhanced Equity sub-fund and Pacific Basin Enhanced sub-fund 1.25% 0.33% 0.115% 0.15% the US Enhanced Equity sub-fund, Japan Enhanced Equity sub-fund and Pacific Basin Enhanced sub-fund 0.75% 0.23% 0.115% 0.15% Bond sub-funds (except the CMI Global Bond sub-fund), CMIG Fixed Term US Bond sub-fund and CMIG Fixed Term Euro Bond sub-fund 0.75% 0.23% 0.115% 0.15% Equity Index Tracking and Currency Reserve sub-funds 0.50% 0.18% 0.115% 0.15% CMIG Access 80% sub-fund N/a N/a N/a 0.15% CMIG Access 80% Austrian sub-fund N/a N/a N/a 0.15% Access 80% Guaranteed sub-fund 1.85% N/a N/a N/a 4. TAXE D ABONNEMENT Under present Luxembourg law and practice, the Fund is not liable to any Luxembourg income tax nor are dividends paid by the Fund liable to any Luxembourgwithholdingtax. The Fund in respect of class 1 Shares (excluding the Currency Reserve sub-funds) is liable in Luxembourg to a tax of 0.05% per annum of the value of its net assets, such tax being payable quarterly on the basis of the value of the net assets of the Fund at the end of the relevant calendar quarter. In respect of class 2, class 3 andclass7shares,the 18

20 NOTES TO THE FINANCIAL STATEMENTS - continued CMIG sub-funds and the three Currency Reserve sub-funds, the tax levied will be at the rate of 0.01% per annum. No stamp duty or other tax is payable in Luxembourg on the issue of Shares except a once and for all initial registration tax which was paid on incorporation. No Luxembourg capital gains tax is payable on the realised or unrealised capital appreciation of the assets of the Fund. 5. DISTRIBUTIONS The following dividend distributions were declared on 1 October 2008 in respect of the year from 1 October 2007 to 30 September 2008 and paid on 15 October CMI CONTINENTAL EUROPEAN EQUITY Share Class 1 EUR CMI CONTINENTAL EUROPEAN EQUITY Share Class 2 EUR CMI CONTINENTAL EUROPEAN EQUITY Share Class 3 EUR CMI CONTINENTAL EUROPEAN EQUITY Share Class 7 EUR CMI GERMAN EQUITY Share Class 1 EUR CMI GERMAN EQUITY Share Class 2 EUR CMI GERMAN EQUITY Share Class 7 EUR CMI JAPAN ENHANCED EQUITY Share Class 1 JPY CMI JAPAN ENHANCED EQUITY Share Class 2 JPY CMI JAPAN ENHANCED EQUITY Share Class 3 JPY CMI JAPAN ENHANCED EQUITY Share Class 7 JPY CMI PACIFIC BASIN ENHANCED EQUITY Share Class 1 USD CMI PACIFIC BASIN ENHANCED EQUITY Share Class 2 USD CMI PACIFIC BASIN ENHANCED EQUITY Share Class 3 USD CMI PACIFIC BASIN ENHANCED EQUITY Share Class 7 USD CMI US ENHANCED EQUITY Share Class 1 USD CMI US ENHANCED EQUITY Share Class 2 USD CMI US ENHANCED EQUITY Share Class 3 USD CMI US ENHANCED EQUITY Share Class 7 USD CMI UK EQUITY Share Class 1 GBP CMI UK EQUITY Share Class 2 GBP CMI UK EQUITY Share Class 3 GBP CMI UK EQUITY Share Class 7 GBP EURO EQUITY INDEX TRACKING Share Class 1 EUR EURO EQUITY INDEX TRACKING Share Class 2 EUR EURO EQUITY INDEX TRACKING Share Class 3 EUR EURO EQUITY INDEX TRACKING Share Class 7 EUR CMI JAPAN EQUITY INDEX TRACKING Share Class 1 JPY CMI JAPAN EQUITY INDEX TRACKING Share Class 2 JPY CMI JAPAN EQUITY INDEX TRACKING Share Class 3 JPY CMI UK EQUITY INDEX TRACKING Share Class 1 GBP CMI UK EQUITY INDEX TRACKING Share Class 2 GBP CMI UK EQUITY INDEX TRACKING Share Class 3 GBP CMI UK EQUITY INDEX TRACKING Share Class 7 GBP CMI US EQUITY INDEX TRACKING Share Class 1 USD CMI US EQUITY INDEX TRACKING Share Class 2 USD CMI US EQUITY INDEX TRACKING Share Class 3 USD CMI US EQUITY INDEX TRACKING Share Class 7 USD CMI EURO BOND Share Class 1 EUR CMI EURO BOND Share Class 2 EUR CMI EURO BOND Share Class 3 EUR CMI EURO BOND Share Class 7 EUR CMIG FIXED TERM EURO BOND Share Class 3 EUR CMI JAPAN BOND Share Class 1 JPY CMI JAPAN BOND Share Class 2 JPY CMI JAPAN BOND Share Class 3 JPY CMI UK BOND Share Class 1 GBP CMI UK BOND Share Class 2 GBP CMI UK BOND Share Class 3 GBP CMI US BOND Share Class 1 USD CMI US BOND Share Class 2 USD CMI US BOND Share Class 3 USD CMI US BOND Share Class 7 USD CMIG FIXED TERM US BOND Share Class 3 USD CMI STERLING CURRENCY RESERVE Share Class 1 GBP CMI STERLING CURRENCY RESERVE Share Class 2 GBP CMI STERLING CURRENCY RESERVE Share Class 3 GBP CMI US DOLLAR CURRENCY RESERVE Share Class 1 USD CMI US DOLLAR CURRENCY RESERVE Share Class 2 USD CMI US DOLLAR CURRENCY RESERVE Share Class 3 USD CMI US DOLLAR CURRENCY RESERVE Share Class 7 USD CMI EURO CURRENCY RESERVE Share Class 1 EUR CMI EURO CURRENCY RESERVE Share Class 2 EUR CMI EURO CURRENCY RESERVE Share Class 3 EUR CMI EURO CURRENCY RESERVE Share Class 7 EUR CMI GLOBAL BOND Share Class 1 GBP CMI GLOBAL BOND Share Class 2 GBP CMI GLOBAL MIXED Share Class 1 GBP CMI GLOBAL MIXED Share Class 2 GBP CMI GLOBAL EQUITY Share Class 1 GBP CMI GLOBAL EQUITY Share Class 2 GBP CMIG ACCESS 80% Share Class 7 EUR CMI EUROPEAN ENHANCED EQUITY Share Class 7 EUR SECURITIES LENDING The fund has signed a contract for securities lending with Royal Trust Corporation of Canada. The Fund earned a net income of EUR 1,322,827 from its activity in securities lending during the period. As at 31 March 2009 the Fund had assets on loan to the value of EUR 1,078,567, RELATED PARTY TRANSACTIONS There were no significant related party transactions during the period, other than those reported in these Financial Statements. 19

21 NOTES TO THE FINANCIAL STATEMENTS - continued 8. PURCHASES AND SALES OF SECURITIES A listing of purchases and sales of securities for the year for each sub-fund is available upon request of the Fund s registered office. 9. SOFT COMMISSIONS No soft commission arrangements were entered into by the Management Company or the Investment Advisor with brokers during the period. 10. FUTURES Commitments for financial futures contracts and the related unrealised profit/(loss) recorded as at 31 March 2009 were as follows: Unrealised Sub-funds Description Contract Value Gain/ (Loss) CMI Pacific Basin Enhanced Equity HONG KONG HANG SENG INDICES 29/04/2009 (23 contracts) HKD 15,589,400 HKD (50,004.41) CMI Japan Enhanced Equity TOPIX INDEX (TOKYO) 11/06/2009 (31 contracts) JPY 240,870,000 JPY 8,873,000 CMI US Enhanced Equity S&P 500 EMINI INDEX 19/06/2009 (56 contracts) USD 2,196,040 USD 84,980 Euro Equity Index Tracking DOW JONES EURO STOXX 50/PR.IND 19/06/2009 (33 contracts) EUR 649,110 EUR 6,170 Japan Equity Index Tracking TOPIX INDEX (TOKYO) 11/06/2009 (5 contracts) JPY 38,850,000 JPY 2,168,000 UK Equity Index Tracking FTSE 100 INDEX 19/06/2009 (23 contracts) GBP 881,705 GBP 13, US Equity Index Tracking S&P 500 EMINI INDEX 19/06/2009 (1 contract) USD 39,215 USD 663 CMIG Access 80% DOW JONES EURO STOXX 50/PR.IND 19/06/2009 (145 contracts) EUR 2,852,150 EUR (55,310) CMI European Enhanced Equity DOW JONES EURO STOXX 50/PR.IND 19/06/2009 (12 contracts) EUR 236,040 EUR (200) Access 80% Guaranteed DOW JONES EURO STOXX 50/PR.IND 19/06/2009 (3 contracts) EUR 59,010 EUR 630 Related cash balances held as margin against the above positions are included in cash at bank. 11. CURRENCY RATES The accounting for the Fund as a whole is carried out in EUR. Exchange rates as at 31 March 2009 were: 1 EUR = GBP 1 EUR = USD 1 EUR = JPY 12. NOTIONAL COMMISSION The notional commission is a provision calculated in order to pay the broker fees arising on the sales of securities when a large redemption is registered. It is calculated on a daily basis at the rates shown below. There is no notional commission for the Universe Bond sub-funds. A global percentage applied to the market value of the portfolio is determined for the following sub-funds: Sub-fund name Notional commission rate CMI Continental European Equity 0.200% CMI Germany Equity 0.200% CMI Pacific Basin Enhanced Equity 0.350% CMI Japan Enhanced Equity 0.180% CMI US Enhanced Equity 0.200% CMI UK Equity 0.125% Euro Equity Index Tracking 0.200% Japan Equity Index Tracking 0.180% UK Equity Index Tracking 0.125% US Equity Index Tracking 0.200% CMI Global Mixed 0.175% CMI Global Equity 0.250% CMIG Access 80% 0.200% CMI European Enhanced Equity 0.200% Access 80% Guaranteed 0.200% According to the daily net amount of redemptions and subscriptions per sub-fund, a single price will be determined according to the following process: o o If subscriptions are superior or equal to redemptions o Notional commission (percentage of the market value see above for rates) is added to the total net assets. o Portfolio is valued at Offer Basis for the European markets. o NAV is rounded up. If redemptions are superior to subscriptions (Net redemption more than 10% of the net assets) o Notional commission (percentage of the market value see above for rates) is deducted from the total net assets. o Portfolio is valued at Bid Basis for the European markets. o NAV is rounded down. 20