Universe, The CMI Global Network Fund

Transkript

1 Universe, The CMI Global Network Fund CMI Asset Management Semiannual Report & Financial Statements 31 March 2008 Halbjahresbericht und Halbjahresabschluss 31. März 2008

2 Universe, The CMI Global Network Fund SEMIANNUAL REPORT & FINANCIAL STATEMENTS 31 MARCH 2008 HALBJAHRESBERICHT UND HALBJAHRESABSCLUSS 31. MÄRZ 2008 CONTENTS INHALVERZEICHNIS Page Seite Directors and Administration Mitglieder des Verwaltungsrates und der Geschäftsführung Directors' Report to Shareholders Bericht des Verwaltungsrates an die Aktionäre Statement of Net Assets Nettovermögensaufstellung Statement of Changes in Number of Shares Outstanding Veränderungen der sich im Umlauf befindlichen Aktien Statement of Operations and Changes in Net Assets Aufwands und Ertragsrechnung und Veränderung des Nettovermögens Three Year Summary DreiJahresÜbersicht 14 Notes to the Financial Statements Anhang zum Jahresbericht Portfolio and sector analysis of each subfund Wertpapierbestand und geographische Aufgliederung für jeden Teilfonds Investment Advisers Anlageberater 93 Fund Advisors' Market Comment Marktkommentare der Fondsberater 94 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. In case of differences between the English version and the other translations, the English version prevails. Es können keine Zeichnungen auf Basis des Halbjahresberichtes angenommen werden. Anträge werden nur auf Basis des aktuellen Verkaufsprospektes angenommen, begleitet vom letzten Jahresbericht. Der Halbjahresbericht und Halbjahresabschluss des ''Universe, The CMI Global Network Fund'' für die ersten sechs Monate bis 31. März 2008 und der Verkaufsprospekt sind über die Dresdner Bank AG, JürgenPontoPlatz 1, Frankfurt erhältlich. Falls 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 des Geschäftsführung CHAIRMAN PRÄSIDENT J Edwards Chief Executive of HBOS Europe Financial Service Forum 7 D69126 Heidelberg Germany DIRECTORS MITGLIEDER DES VERWALTUNGSRATES J Elvinger Partner Elvinger, Hoss & Prussen 2, place Winston Churchill, BP425 L2014 Luxembourg Luxembourg M Hamper CMI Asset Management (Luxembourg) S.A. 23, route d'arlon L8009 Strassen Luxembourg S J Friend Heidelberger Lebensversicherung AG Forum 7 D69126 Heidelberg Germany D Finch (from 21 February 2008) Clerical Medical Europe Financial Services B.V. 23, route d'arlon L8009 Strassen Luxembourg P Meyers Company Director 12, rue des Roses L2445 Luxembourg Luxembourg R H Mallett Clerical Medical Investment Group Limited European Branch Office Randwycksingel 35 NL6229 EG Maastricht The Netherlands REGISTERED OFFICE GESELLSCHAFTSSITZ 23, route d Arlon L8009 Strassen Luxembourg MANAGEMENT COMPANY VERWALTUNGSGESELLSCHAFT CMI Asset Management (Luxembourg) S.A. 23, route d'arlon L8009 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 L4360 EschsurAlzette 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 L2520 Luxembourg Luxembourg LEGAL ADVISER RECHTSBERATER Elvinger, Hoss & Prussen 2, Place Winston Churchill, BP425 L2014 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 THE IRISH REPRESENTATIVE VERTRETUNG IN IRLAND CMI Asset Management (Luxembourg) S.A. Representative Office Clifton House Lower Fitzwilliam Street Dublin 2 Republic of Ireland 2

4 GIBRALTAR REPRESENTATIVE VERTRETUNG IN GIBRALTAR Line Management Services Limited Representative Office 57/63 Line Wall Road PO Box 199 Gibraltar 3

5 Directors Report to Shareholders The Directors are pleased to present the SemiAnnual Report and Financial Statements for Universe, The CMI Global Network Fund ( the Fund ) for the period ended 31 March DISTRIBUTIONS A distribution were declared on 1 October 2007 in respect of the year from 1 October 2006 to 30 September 2007 and paid on 15 October Universe, The CMI Global Network Fund Board of Directors Luxembourg, 20 May

6 Bericht des Verwaltungrates an die Aktionäre Der Verwaltungsrat ist erfreut, Ihnen den Halbjahresbericht und den Halbjahresabschluss für Universe, The CMI Global Network Fund (im Folgenden Fonds' genannt) für den Zeitraum bis zum 31. März 2008 vorstellen zu können. AUSSCHÜTTUNGEN Am 1. Oktober 2007 wurde eine Ausschüttung für das Geschäftsjahr vom 1. Oktober 2006 bis zum 30. September 2007 an alle Anteilseigner der Teilfonds mit ausschüttbarem Nettogewinn zum 15. Oktober 2007 deklariert. Universe, The CMI Global Network Fund Der Verwaltungsrat Luxemburg, den 20. Mai

7 Statement of Net Assets as at 31 March 2008 Nettovermögensaufstellung zum 31. März 2008 Note Total Total EUR CMI Continental European Equity CMI German Equity EUR EUR CMI Japan Equity JPY ASSETS VERMÖGEN Investment portfolio at market value Wertpapierbestand zum Marktwert 5,411,945,237 1,943,811,224 4,629,705 9,586,886,222 Cash at bank Amounts receivable on sale of investments Bankguthaben Forderungen aus Wertpapierverkäufen 183,770, ,355,770 25,635,096 7,442, , ,757,107 Amounts receivable on subscriptions Interest and dividends receivable, net Forderungen aus Zeichnungen Forderungen aus Zinsen und Dividenden, netto 946,665 47,615,549 3,688, ,388,887 Prepaid expenses Forderungen aus Abgrenzungsposten 12 Net unrealised profit on futures Nicht realisierter Gewinn aus Finanztermingeschäften 10 6,309, ,685 3,887,622 9,259 17,256,395 Other assets Sonstige Aktiva 7,099, ,192 6,042,325,617 1,984,465,139 4,925,520 9,986,288,611 LIABILITIES VERBINDLICHKEITEN 394,486,061 8,294,819 79,724 86,627,555 TOTAL NET ASSETS NETTOVERMÖGEN INSGESAMT 5,647,839,556 1,976,170,320 4,845,796 9,899,661,056 TOTAL NET ASSETS (EUR) NETTOVERMÖGEN INSGESAMT (EUR) 1,976,170,320 4,845,796 63,001,443 Statement of Changes in Number of Shares Outstanding For the period ended 31 March 2008 Veränderungen der sich im Umlauf befindlichen Aktien Für die am 31. März 2008 endende Berichtsperiode Shares Outstanding at 30 September 2007 Aktien im Umlauf am 30. September ,132, ,151 2,596,255 Creations during the year Ausgegebene Aktien 5,602,172 5, ,103 Liquidations during the year Zurückgenommene Aktien (6,671,153) (14,215) (133,124) Shares Outstanding at 31 March 2008 * Aktien im Umlauf am 31. März 2008 * 82,063, ,588 2,704,234 as at 31 March 2008 zum 31. März 2008 Class 1 Shares Outstanding Anteilsklasse 1 Aktien im Umlauf Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 816, , ,112 3,585 Class 2 Shares Outstanding Anteilsklasse 2 Aktien im Umlauf Net Asset Value per Share Class 2 Nettoinventarwert pro Anteilsklasse 2 283, , ,905 3,660 Class 3 Shares Outstanding Anteilsklasse 3 Aktien im Umlauf Net Asset Value per Share Class 3 Nettoinventarwert pro Anteilsklasse 3 80,944, ,586,666 3,663 Class 7 Shares Outstanding Anteilsklasse 7 Aktien im Umlauf Net Asset Value per Share Class 7 Nettoinventarwert pro Anteilsklasse 7 18, , ,551 3,699 * 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. 6

8 CMI Pacific Basin Equity USD CMI US Equity USD CMI UK Equity GBP Euro Equity Index Tracking EUR Japan Equity Index Tracking JPY UK Equity Index Tracking GBP US Equity Index Tracking USD CMI Euro Bond EUR CMIG Fixed Term Euro Bond EUR CMI Japan Bond JPY 108,176, ,134, ,935,305 16,211,072 1,911,255,027 57,672,638 30,313,685 1,242,065, ,844, ,537,520 3,107,458 1,919,563 2,537, ,911 69,031, , ,530 5,906, , , ,181 29, ,854 1,551, , ,247,425 20,000,000 35,000 30,270 15, , , ,038 6,541 17,464, ,618 38,791 24,390,898 7,115, , ,617 1,444, ,423 32,422 3,440,259 72,091 60,627 71,224 58,145 4,670 21,916 18,710 5, ,691, ,403, ,743,284 16,735,410 2,002,742,980 58,990,763 31,393,613 1,594,624, ,110, ,749,494 2,222, , ,281 21,632 6,041, ,517 75, ,018,207 83,339 2,053, ,468, ,551, ,403,003 16,713,778 1,996,701,525 58,869,246 31,318,525 1,273,606, ,027, ,695,662 70,036, ,995, ,572,103 16,713,778 12,707,009 74,043,618 19,855,788 1,273,606, ,027,157 5,719,299 2,803,028 14,013,723 9,232, ,700 2,928,013 4,660, ,712 32,159,271 7,958, , ,077 2,120,469 1,055,260 53, , , ,747 2,639, ,254 4,393 (388,810) (1,736,847) (753,513) (67,750) (88,404) (456,235) (82,295) (4,194,991) (980,275) (5,316) 2,577,294 14,397,345 9,534, ,677 2,960,843 4,551, ,165 30,604,053 7,379, , , , ,564, , ,696, ,603, , , ,079 1, , , , , , , , , ,606 1,654 1,587, ,070, ,621, , , , , ,367, ,379, ,519 1,655 59, , , , , , * 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 UK Bond GBP CMI US Bond USD CMIG Fixed Term US Bond USD CMI Sterling Currency Reserve GBP CMI US Dollar CMI Euro Currency Currency Reserve Reserve USD EUR CMI Global Bond GBP CMI Global Mixed GBP CMI Global Equity GBP CMIG Access 80% EUR 38,116, ,189,466 9,490,735 99,956,201 44,687, ,181,742 12,454,343 50,611,938 17,026, ,061,560 1,060,510 3,056, ,378 7,527,073 5,579,418 10,044, ,127, , ,908, ,432 2,755, , , ,790 50,000,000 30,000 80,000 60, , ,848 1,797, ,022 1,689, ,885 2,165, , ,402 41,754 2,710,793 88,571 42, , ,360 1,136 12,528 5,510, ,803 2,077 4,317 39,518, ,055,975 9,718, ,914,334 53,228, ,450,863 12,884,964 52,725,333 17,960, ,142,977 53,954 80,325 16,671 5,988,406 2,013, , ,905 1,128, ,149 49,779,466 39,464, ,975,650 9,701, ,925,928 51,215, ,235,432 12,615,059 51,597,178 17,490, ,363,511 49,637, ,581,328 6,150, ,003,111 32,470, ,235,432 15,866,766 64,897,072 21,999, ,363,511 5,500,602 22,482, ,899 20,294,027 5,895,088 11,736,974 10,756,001 32,239,146 10,079,161 13,394, ,023 2,213,157 16,685 5,674,957 1,245,683 3,071, ,027 1,269, ,947 3,526,438 (496,956) (5,220,377) (20,425) (4,563,609) (2,111,296) (2,938,146) (978,736) (2,014,959) (467,554) (256,720) 5,684,669 19,474, ,159 21,405,374 5,029,475 11,870,430 10,266,292 31,493,964 9,810,554 16,664,530 2,600, , ,904, , , ,091, ,510, ,265, , , ,717, , , , , , ,315, ,939, , , ,807, ,076, , , , ,664, * 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 Euro Top 50 Equity EUR Access 80% CMIG Access 80 % Guaranteed Austrian EUR EUR 8,410,694 1,749 44,104 20,000 2,958 16, ,496,832 5,364,504 17,080 20, ,402,162 3,281, ,214 24,439 1, ,966,001 16,047 8,480,785 18,694 5,383, ,356 3,475,645 8,480,785 5,383,468 3,475, ,197 16,469 (1,508) 1,006,149 26,054 (20,843) 200, ,158 1,011, , , ,011, , * 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 Statement of Operations and Changes in Net Assets For the period ended 31 March 2008 Aufwands und Ertragsrechnung und Veränderung des Nettovermögens Für die am 31. März 2008 endende Berichtsperiode NET ASSETS AT THE BEGINNING OF THE PERIOD NETTOVERMÖGEN ZU BEGINN DER BERICHTSPERIODE Note Total Total EUR 6,600,518,808 CMI Continental European Equity CMI German Equity EUR EUR 2,507,912,950 6,446,268 CMI Japan Equity JPY 12,701,835,272 CMI Pacific Basin Equity USD 140,466,416 INCOME ERTRÄGE Dividends, net Dividenden aus Wertpapierbestand, netto Interest on bonds, net Zinsen aus Anleihen, netto Bank interest Zinsen aus Bankguthaben Other income Sonstige Erträge 6 Income Equalisation Ertragsausgleich 21,920,427 54,219,028 4,435, , ,425 11,531,786, ,507 17,924 9,897 4, ,306, ,645 1,298, ,200 1,129,546 16,656 25,467 TOTAL INCOME ERTRÄGE INSGESAMT 81,685,111 13,113,341 32,591 98,885,407 1,171,669 EXPENSES AUFWENDUNGEN Management fees Verwaltungsvergütung 3 Custodian fees, domiciliation, Depotbankgebühren, administration and transfer agent fees Buchführungsgebühren und Audit, printing and publication expenses Transferkosten Revisionskosten, Druck und Veröffentlichungskosten Taxe d'abonnement Taxe d'abonnement 4 Bank charges Bankspesen Interest paid Bankzinsen Other charges Sonstige Aufwendungen Expenses Equalisation Ertragsausgleich 5,175, , , , , ,880 2,237,943 1,461, ,155 10, ,228 2,775 65, ,281 29, ,172 1, ,745 7,925, , , ,321 6, , ,228 41,649 8,305 12,526 76,131 4,108 23,735 TOTAL EXPENSES AUFWENDUNGEN INSGESAMT 8,721,383 2,108,162 37,482 10,358, ,682 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 NET REALISED PROFIT / (LOSS) NETTOERTRAG / NETTOAUFWAND AUS ANLAGEN Realisierter Nettogewinn / verlust aus Wertpapierverkäufen Realisierter Nettogewinn / verlust aus Finanztermingeschäften Realisierter Nettogewinn / verlust aus Devisengeschäften REALISIERTER NETTOGEWINN / VERLUST Change in net unrealised appreciation / Veränderung des nicht realisierten (depreciation) on investments Gewinnes / Verlustes aus Wertpapieren Change in net unrealised appreciation / Veränderung des nicht realisierten (depreciation) on futures Gewinnes / Verlustes aus Finanztermingeschäften Change in net unrealised appreciation / Veränderung des nicht realisierten (depreciation) on capital gain tax Gewinnes / Verlustes aus Kapitalgewinnsteuer NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS EVOLUTION OF THE CAPITAL NETTOERHÖHUNG/NETTOVERMINDER UNG DES NETTOVERMÖGENS ENTWICKLUNG DES FONDSVERMÖGENS 72,963,728 9,139,542 (11,476,121) (488,234) 70,138,915 (636,136,313) (1,645,004) (5,981) (567,648,383) 11,005,179 (1,524,625) (298,287) 9,182,267 (454,720,183) (445,537,916) (4,891) 346, ,710 (1,342,991) (1,001,281) 88,526,920 66,200,696 (56,971,154) 97,756,462 (3,237,953,808) (10,920,000) (3,151,117,346) 827,987 7,141,801 (284,832) (80,792) 7,604,164 (24,426,501) 39,114 6,077 (16,777,146) Subscriptions of shares Zeichnungen von Aktien Redemptions of shares Rückzahlungen von Aktien Net notional commission Fiktive Provision 12 Dividends distributed Dividendenausschüttung 5 Currency translation Währungsdifferenz Income Equalisation Ertragsausgleich NET ASSETS AT THE END OF THE PERIOD NETTOVERMÖGEN AM ENDE DER BERICHTSPERIODE 647,133,248 (676,683,574) (1,370,173) (189,980,013) (166,110,875) 1,980,518 5,647,839, ,294,238 (187,057,119) (1,062,428) (59,500,686) 121,281 1,976,170, ,372 (766,201) (2,801) (138,265) (296) 4,845,796 1,068,885,263 (589,871,915) (5,306,370) (124,602,648) (161,200) 9,899,661,056 8,199,282 (18,792,662) (106,595) (2,544,697) 23, ,468,333 The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 10

12 CMI US Equity USD CMI UK Equity GBP Euro Equity Index Tracking EUR Japan Equity Index Tracking JPY UK Equity Index Tracking GBP US Equity Index Tracking USD CMI Euro Bond EUR CMIG Fixed Term Euro Bond EUR CMI Japan Bond JPY CMI UK Bond GBP 823,801, ,867,297 21,063,527 2,627,163,865 68,851,192 35,592,655 1,361,303, ,492, ,240,096 37,772,844 5,781,995 79,702 25,127 1,810,616 50,079 14,670 99,460 9,393 4,083 19,666,209 32, ,480 1,143,391 33,155 9, ,090 12, ,529 28,103, ,618 12,597 7,081,406 5,488 7,500 6,057, ,282 13,571 3,656 5,886,824 1,875, ,936 19,881,585 1,186, ,601 28,609,465 7,094,394 6,058, , , ,129 21,292 5,459, ,126 60, , , ,881 81,523 28,739 3,851 4, ,110 1,932 3,851 56,633 13, ,625 1,946 8,283 46,528 20,978 12,882 16,773 4,188 9,842 1,866 1,384 9,763 5,172 1, ,244 2, , , ,392 38,212 4,188 13, ,698 12,944 8,283 5, ,869 5,172 64,594 15,016 1, ,677 3,802 15, , , ,722 56, ,386 4,912 4,188 5,788 2,670 1,385 4, , ,023 37,248 7,699, ,769 81,725 1,638, ,251 1,989, ,641 5,253,658 1,666,342 75,688 12,181,859 1,012, ,876 26,970,482 6,539,143 4,068, ,868 (4,168,984) 2,003, ,552 9,988, ,383 1,068,147 5,623,394 90, ,383 82,737 (1,112,009) (77,784) (14,473,530) (73,625) (201,415) (1) (629) 61 (86) (27,336) 3,671, ,459 7,696,087 1,692,322 1,040,608 32,593,790 6,629,280 4,796, ,605 (111,641,693) (16,686,860) (3,996,722) (645,852,993) (8,190,357) (5,855,384) 498,155 3,247,596 18,130,918 1,135,653 30,033 1,170 (2,670,000) (40,604) 16,773 (111,638,996) (13,015,727) (3,484,093) (640,826,906) (6,538,639) (4,798,003) 33,091,945 9,876,876 22,927,445 2,067, ,323,366 (93,735,653) (200,355) (11,015,519) 16,773 12,885,642 (8,888,889) (20,204) (3,434,879) 9,763 1,225,024 (1,542,286) (8,441) (542,013) 2,060 95,575,395 (71,079,966) (1,215,242) (12,953,833) 38,212 4,872,316 (6,252,201) (11,271) (2,065,095) 12,944 4,189,945 (3,324,970) (9,605) (326,968) (4,529) 107,988,746 (172,733,923) (56,776,099) 732,677 16,303,542 (40,391,044) (15,589,508) 335,256 7,156,836 (8,713,931) (5,919,696) 4,912 4,590,955 (3,391,034) (1,579,609) 4, ,551, ,403,003 16,713,778 1,996,701,525 58,869,246 31,318,525 1,273,606, ,027, ,695,662 39,464,555 The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 11

13 CMI US Bond USD CMIG Fixed Term US Bond USD CMI Sterling Currency Reserve GBP CMI US Dollar CMI Euro Currency Currency Reserve Reserve USD EUR CMI Global Bond GBP CMI Global Mixed GBP CMI Global Equity GBP CMIG Access 80% EUR CMI Euro Top 50 Equity EUR 278,158,014 9,998, ,014,451 61,986, ,854,197 11,719,808 55,430,703 20,152, ,051,354 9,932,028 6,213, , , ,081 5,091 1,936 3,345, , ,262, , ,464, , ,128 6, , ,961 22,786 6, ,741 13,431 10, , ,061 1,747,921 74, ,056 45,117 1,494 1, ,472, ,108 3,478,660 1,451,172 7,821, , , ,087 3,508,663 49, ,816 5, ,661 49, ,170 74, , , ,871 7,060 6, ,152 3,654 15,451 1,746 8,676 4,573 50,934 1,820 8,305 14,422 2,503 2, ,376 6, ,754 4,526 4,181 5, ,668 9,731 8,283 2,973 5,007 2, ,418 5,172 16, , ,484 4,188 3, ,385 3,401 4,188 13, ,385 2,111 4,188 4, , ,802 20, ,451 3, , ,086 19, , , ,582 89, , , ,652 15,461 5,737, ,279 3,213,238 1,204,536 7,062, , ,674 19,672 3,114,011 33,867 5,940,966 (944) (89,695) 35, , , ,735 (8,268,812) 270,388 (9,199,440) (43,740) (67,618) ,678, ,279 3,212,294 1,114,841 7,098, ,201 1,004, ,642 (14,354,217) 304,255 6,951, ,778 (1,060,113) (625,064) (4,278,191) 1,131,080 (2,991,073) (2,268,397) (26,697,512) (1,978,218) (1,402,897) (5,330) (2,488) 18,629, ,057 2,152, ,777 2,820,111 1,731,281 (1,991,905) (2,068,243) (42,454,626) (1,673,963) 26,496,222 (63,792,390) (13,050,378) 534, ,372 (1,091,244) (411,377) 4,526 28,585,699 (23,037,907) (4,798,227) 9,731 12,737,802 (21,282,264) (2,890,741) 174,418 78,529,896 (75,435,394) (10,048,862) 515, ,311 (1,113,959) (279,783) 3,401 2,153,289 (3,412,980) (6,688) (577,352) 2, ,061 (877,423) (6,553) (94,087) 37 97,095,977 (7,164,000) 4,839 (10,917,977) (252,056) 522,348 (50,000) (2,902) (245,822) (904) 246,975,650 9,701, ,925,928 51,215, ,235,432 12,615,059 51,597,178 17,490, ,363,511 8,480,785 The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 12

14 Access 80% CMIG Access 80 % Guaranteed Austrian EUR EUR 6,029,852 3,747, , ,119 5,649 23, ,287 53,773 2, , ,481 63,714 1, ,156 89,405 (610,334) (520,929) 24,131 (274,059) (28,001) (277,929) 11,529 (155,183) (5,010) (676,112) (271,410) 150,000 (120,000) (272) 5,383,468 3,475,645 The accompanying notes form an integral part of these financial statements. Die Erläuterungen im Anhang sind integraler Bestandteil dieses Berichtes. 13

15 Three Year Summary DreiJahresÜbersicht as at 31 March 2008 Net Assets (000's) CMI Continental European Equity CMI German Equity EUR EUR zum 31. März 2008 Fondsvermögens (in Tausend) 1,976,170 4, Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 7 CMI Japan Equity JPY 9,899,661 3,585 3,660 3,663 3,699 CMI Pacific Basin Equity USD 110, as at 30 September 2007 Net Assets (000's) zum 30. September 2007 Fondsvermögens (in Tausend) 2,507,913 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 , ,701,835 4,761 4,887 4,898 4, , as at 30 September 2006 Net Assets (000's) zum 30. September 2006 Fondsvermögens (in Tausend) 2,149,784 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 , ,463,567 4,651 4,768 4,779 4, , as at 31 March 2008 Net Assets (000's) CMI US Equity USD zum 31. März 2008 Fondsvermögens (in Tausend) 725,551 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 CMI UK Equity GBP 105, Euro Equity Index Tracking EUR 16, Japan Equity Index Tracking JPY 1,996, as at 30 September 2007 Net Assets (000's) zum 30. September 2007 Fondsvermögens (in Tausend) 823,801 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 , , ,627, as at 30 September 2006 Net Assets (000's) zum 30. September 2006 Fondsvermögens (in Tausend) 793,786 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 , , ,623, as at 31 March 2008 Net Assets (000's) UK Equity Index Tracking GBP zum 31. März 2008 Fondsvermögens (in Tausend) 58,869 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 US Equity Index Tracking USD 31, CMI Euro Bond EUR 1,273, CMIG Fixed Term Euro Bond EUR 309, as at 30 September 2007 Net Assets (000's) zum 30. September 2007 Fondsvermögens (in Tausend) 68,851 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 , ,361, , as at 30 September 2006 Net Assets (000's) zum 30. September 2006 Fondsvermögens (in Tausend) 63,750 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 , ,477, ,

16 as at 31 March 2008 Net Assets (000's) CMI Japan Bond JPY zum 31. März 2008 Fondsvermögens (in Tausend) 898,696 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 7 1,649 1,654 1,655 CMI UK Bond GBP 39, CMI US Bond USD 246, CMIG Fixed Term US Bond USD 9, as at 30 September 2007 Net Assets (000's) zum 30. September 2007 Fondsvermögens (in Tausend) 883,240 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 7 1,613 1,622 1,624 37, , , as at 30 September 2006 Net Assets (000's) zum 30. September 2006 Fondsvermögens (in Tausend) 853,850 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 7 1,605 1,614 1,615 36, , , as at 31 March 2008 Net Assets (000's) CMI Sterling Currency Reserve GBP zum 31. März 2008 Fondsvermögens (in Tausend) 108,926 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 CMI US Dollar CMI Euro Currency Currency Reserve Reserve USD EUR 51, , CMI Global Bond GBP 12, as at 30 September 2007 Net Assets (000's) zum 30. September 2007 Fondsvermögens (in Tausend) 106,014 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 2006 Net Assets (000's) zum 30. September 2006 Fondsvermögens (in Tausend) 98,035 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 31 March 2008 Net Assets (000's) CMI Global Mixed GBP zum 31. März 2008 Fondsvermögens (in Tausend) 51,597 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 CMI Global Equity GBP 17, CMIG Access 80% EUR 422, CMI Euro Top 50 Equity EUR 8, as at 30 September 2007 Net Assets (000's) zum 30. September 2007 Fondsvermögens (in Tausend) 55,431 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 2006 Net Assets (000's) zum 30. September 2006 Fondsvermögens (in Tausend) 58,422 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 , , ,

17 as at 31 March 2008 Net Assets (000's) Access 80% CMIG Access 80 % Guaranteed Austrian EUR EUR zum 31. März 2008 Fondsvermögens (in Tausend) 5,383 3, Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 7 as at 30 September 2007 Net Assets (000's) zum 30. September 2007 Fondsvermögens (in Tausend) 6,030 Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 7 as at 30 September 2006 Net Assets (000's) Net Asset Value per Share Class 1 Nettoinventarwert pro Anteilsklasse 1 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 zum 30. September 2006 Fondsvermögens (in Tausend) 5, ,

18 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 law of 20 December The Fund is established for an undetermined duration. The Fund comprises 26 subfunds, 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: Securities are valued at the midday offer price prevailing at the balance sheet date. All securities in the investment portfolios are quoted on a recognised stock exchange, or dealt in on another regulated market. Financial instruments, which comprise shortterm 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 last prices prior to midday (Luxembourg time) on 31 March (b) Translation of Foreign Currencies: Transactions in foreign currencies are converted into the currency of the subfund at the exchange rate ruling at the date of the transactions. Assets and liabilities are converted into the currency of the subfund at the exchange rate ruling at the balance sheet date. The combined statements of net assets, operations and changes in net assets are presented in Euro (EUR), based on the exchange rate prevailing at the balance sheet date. (c) Allocation of Expenses: Each subfund is charged with the expenses directly attributable to it. Expenses not attributable to a particular subfund are normally allocated to the subfunds so that each one is charged with the same amount. (d) Income: Dividends are recognised on an exdividend 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 Manager, CMI Asset Management (Luxembourg) S.A., a company incorporated under the laws of Luxembourg on 22 December The Manager 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 subfunds. Fees are charged at the following rates as stipulated in the Fund s prospectus: Equity subfunds, The CMI Global Mixed subfund, and The CMI Global Bond subfund, except for the US Equity subfund, Japan Equity subfund and Pacific Basin subfund Class 1 Class 2 Class 3 Class % 0.33% 0.115% 0.15% The CMI US Equity subfund, Japan Equity subfund and Pacific Basin Equity subfund 0.75% 0.23% 0.115% 0.15% Bond subfunds (except the CMI Global Bond subfund), CMIG Fixed Term US Bond subfund and CMIG Fixed Term Euro Bond subfund 0.75% 0.23% 0.115% 0.15% 17

19 NOTES TO THE FINANCIAL STATEMENTS continued 3. MANAGEMENT FEES (continued) Class 1 Class 2 Class 3 Class 7 Equity Index Tracking and Currency Reserve subfunds 0.50% 0.18% 0.115% 0.15% CMIG Access 80% subfund N/a N/a N/a 0.15% CMIG Access 80% Austrian subfund N/a N/a N/a 0.15% Access 80% Guaranteed subfund 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 Luxembourg withholding tax. The Fund in respect of class 1 Shares (excluding the Currency Reserve subfunds) 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 and class 7 Shares, the CMIG subfunds and the three Currency Reserve subfunds, 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 15 October 2007 in respect of the period ended 30 September 2007: CMI Continental European Equity Share Class 1 EUR US Equity Index Tracking Share Class 3 USD CMI Continental European Equity Share Class 2 EUR US Equity Index Tracking Share Class 7 USD CMI Continental European Equity Share Class 3 EUR CMI Euro Bond Share Class 1 EUR CMI Continental European Equity Share Class 7 EUR CMI Euro Bond Share Class 2 EUR CMI German Equity Share Class 1 EUR CMI Euro Bond Share Class 3 EUR CMI German Equity Share Class 2 EUR CMI Euro Bond Share Class 7 EUR CMI German Equity Share Class 3 EUR CMIG Fixed Term Euro Bond Share Class 3 EUR CMI German Equity Share Class 7 EUR CMI Japan Bond Share Class 1 JPY CMI Japan Equity Share Class 2 JPY CMI Japan Bond Share Class 2 JPY CMI Japan Equity Share Class 3 JPY CMI Japan Bond Share Class 3 JPY CMI Japan Equity Share Class 3 JPY CMI UK Bond Share Class 1 GBP CMI Japan Equity Share Class 7 JPY CMI UK Bond Share Class 2 GBP CMI Pacific Basin Equity Share Class 1 USD CMI UK Bond Share Class 3 GBP CMI Pacific Basin Equity Share Class 2 USD CMI US Bond Share Class 1 USD CMI Pacific Basin Equity Share Class 3 USD CMI US Bond Share Class 2 USD CMI Pacific Basin Equity Share Class 7 USD CMI US Bond Share Class 3 USD CMI US Equity Share Class 1 USD CMI US Bond Share Class 7 USD CMI US Equity Share Class 2 USD CMIG Fixed Term US Bond Share Class 3 USD CMI US Equity Share Class 3 USD CMI Sterling Currency Reserve Share Class 1 GBP CMI US Equity Share Class 7 USD CMI Sterling Currency Reserve Share Class 2 GBP CMI UK Equity Share Class 1 GBP CMI Sterling Currency Reserve Share Class 3 GBP CMI UK Equity Share Class 2 GBP CMI US Dollar Currency Reserve Share Class 1 USD CMI UK Equity Share Class 3 GBP CMI US Dollar Currency Reserve Share Class 2 USD CMI UK Equity Share Class 7 GBP CMI US Dollar Currency Reserve Share Class 3 USD Euro Equity Index Tracking Share Class 1 EUR CMI US Dollar Currency Reserve Share Class 7 USD Euro Equity Index Tracking Share Class 2 EUR CMI Euro Currency Reserve Share Class 1 EUR Euro Equity Index Tracking Share Class 3 EUR CMI Euro Currency Reserve Share Class 2 EUR Euro Equity Index Tracking Share Class 7 EUR CMI Euro Currency Reserve Share Class 3 EUR Japan Equity Index Tracking Share Class 1 JPY CMI Euro Currency Reserve Share Class 7 EUR Japan Equity Index Tracking Share Class 2 JPY CMI Global Bond Share Class 1 GBP Japan Equity Index Tracking Share Class 3 JPY CMI Global Bond Share Class 2 GBP UK Equity Index Tracking Share Class 1 GBP CMI Global Mixed Share Class 1 GBP UK Equity Index Tracking Share Class 2 GBP CMI Global Mixed Share Class 2 GBP UK Equity Index Tracking Share Class 3 GBP CMI Global Equity Share Class 1 GBP UK Equity Index Tracking Share Class 7 GBP CMI Global Equity Share Class 2 GBP US Equity Index Tracking Share Class 1 USD CMIG Access 80 % Share Class 7 EUR US Equity Index Tracking Share Class 2 USD CMI Euro Top 50 Equity Share Class 7 EUR

20 NOTES TO THE FINANCIAL STATEMENTS continued 5. DISTRIBUTIONS (continued) There was also complementary distributions on 15 January 2008 for a few funds: CMI Global Bond Share Class 1 GBP CMI Global Mixed Share Class 1 GBP CMI Global Bond Share Class 2 GBP CMI Global Mixed Share Class 2 GBP There was also complementary distributions on 18 January 2008 for a few funds: CMI Euro Currency Reserve Share Class 7 EUR CMI US Dollar Currency Reserve Share Class 7 USD OTHER INCOME The Fund earned a net income of EUR 2,334,421 from its activity in securities lending during the period. As at 31 March 2008 the Fund had assets on loan to the value of EUR 956,805, RELATED PARTY TRANSACTIONS There were no significant related party transactions during the period, other than those reported in these Financial Statements. 8. PURCHASES AND SALES OF SECURITIES A listing of purchases and sales of securities for the period for each subfund 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 2008 were as follows: subfunds Description Contract Value Unrealised Gain/(Loss) CMI Japan Equity Topix Index (Tokyo) June 2008 (25 contracts) JPY 303,875,000 JPY (2,490,000) CMI Pacific Basin Equity Hong Kong Hang Seng Indices April 2008 (17 contracts) HKD 19,235,500 HKD 71,224 CMI US Equity S&P 500 Emini June 2008 (86 contracts) USD 5,671,700 USD 58,145 Euro Equity Index Tracking Dow Jones Euro Stoxx 50/pr.ind June 2008 (14 contracts) EUR 494,340 EUR 4,670 Japan Equity Index Tracking Topix Index (Tokyo) June 2008 (7 contracts) JPY 85,085,000 JPY (800,000) UK Equity Index Tracking FTSE 100 Index June 2008 (17 contracts) GBP 971,295 GBP 21,916 US Equity Index Tracking S&P 500 Emini June 2008 (15 contracts) USD 989,250 USD 18,710 CMIG Access 80% Dow Jones Euro Stoxx 50/pr.ind June 2008 (753 contracts) EUR 26,588,430 EUR 135,360 Access 80 % Guaranteed Dow Jones Euro Stoxx 50/pr.ind June 2008 (49 contracts) EUR 1,730,190 EUR 20,050 CMIG Access 80% Austrian Atx Index Austrian Traded Idx June 2008 (2 contracts) EUR 74,240 EUR 1,158 Related cash balances held as margin against the above positions are included in cash at bank. 19

21 NOTES TO THE FINANCIAL STATEMENTS continued 11. CURRENCY RATES The accounting for the Fund as a whole is carried out in EUR. Exchange rates as at 31 March 2008 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 subfunds. A global percentage applied to the market value of the portfolio is determined for the following subfunds: subfund name Notional commission rate CMI Continental European Equity 0.200% CMI Germany Equity 0.200% CMI Japan Equity 0.180% CMI Pacific Basin Equity 0.350% CMI US 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 Euro Top 50 Equity 0.200% According to the daily net amount of redemptions and subscriptions per subfund, a single price will be determined according to the following process: o 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. If redemptions are superior to subscriptions (Net redemption less than 10% of the net assets) 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 down. 13. CMIG ACCESS 80 % AUSTRIAN SUBFUND The subfund aims to achieve long term capital growth by investing directly or indirectly (through investments in exchange traded funds, equity futures or contract for differences) in a portfolio of Austrian equities of the ATX index and by investing in euro denominated short term securities and short term instruments and deposits with credit institutions. 14. ACCESS 80 % GUARANTEED SUBFUND At any time, the dealing price at which investors may redeem their shares cannot fall below 80% of the highest Net Asset Value per share achieved by the subfund since its launch. 20

22 ANHANG ZUM HALBJAHRESBERICHT 1. ALLGEMEINES Universe, The CMI Global Network Fund, SICAV (der Fonds ) wurde am 12. April 1990 als Investmentfonds im Großherzogtum Luxemburg gegründet und hat seine Geschäftstätigkeit am 1. Juni 1990 aufgenommen. Zuletzt notariell geändert am 25. Juli 2005, publiziert im Mémorial am 24. August Der Fonds ist als Investmentgesellschaft mit variablem Grundkapital ( société d investissement à capital variable oder SICAV ) registriert und unterliegt dem Gesetz vom 20. Dezember Er umfaßt 26 Teilfonds, deren Fondsvermögen jeweils in Wertpapieren, flüssigen Mitteln, sonstigem Vermögen und Verbindlichkeiten investiert ist. 2. BILANZIERUNGS UND BEWERTUNGSGRUNDSÄTZE Die Abschlüsse erfolgen in Übereinstimmung mit den luxemburgischen Vorschriften für Investmentfonds. Im Folgenden werden die wichtigsten Bilanzierungs und Bewertungsgrundsätze des Fonds zusammengefasst: (a) Bewertung der Wertpapiere: Wertpapiere werden zum Angebotspreis am Mittag des Bilanzstichtages angesetzt. Alle Wertpapiere des Wertpapierbestandes notieren an einer anerkannten Wertpapierbörse oder werden am regulierten Markt gehandelt. Finanzinstrumente, zu denen kurzfristige Depositzertifikate und Commercial Papers (kurzfristige Schuldtitel, die von erstklassigen Industrie und Bankadressen ausgegeben werden) zählen, werden zu Anschaffungskosten angesetzt, falls die Absicht besteht, diese Titel bis zur Fälligkeit zu halten. Die Differenz zwischen den Anschaffungskosten und dem Fälligkeitswert wird als Zinsertrag bis zur Endfälligkeit angesehen. In diesem Halbjahresabschluss wurden Wertpapiere und derivative Finanzinstrumente mit den zuletzt verfügbaren Preisen vor Mittag (Luxemburger Zeit) am 31. März 2008 bewertet. (b) Devisenbewertung: Geschäfte in Fremdwährung werden in Währung des jeweiligen Teilfonds zum Wechselkurs, der am Datum der Transaktion gilt, umgerechnet. Vermögen und Verbindlichkeiten werden in die Währung des Teilfonds zum am Bilanzstichtag gültigen Wechselkurs umgerechnet. Der kombinierte Ausweis des Fondsvermögens, der Aufwands und Ertragsrechnung und der Entwicklung des Fondsvermögens erfolgt zum am Bilanzstichtag geltenden Euro (EUR), Wechselkurs, basierend auf dem Wechselkurs des Bilanzdatums. (c) Kostenverteilung: Jeder Teilfonds wird entsprechend dem Verursacherprinzip mit den ihm zuzuweisenden Kosten belastet. Kosten, die keinem bestimmten Teilfonds zugewiesen werden können, werden normalerweise durch die der Teilfonds geteilt, so daß jedem Teilfonds der gleiche Wert angerechnet wird. (d) Erträge: Dividenden werden per ExKurs abzüglich der Quellensteuern des Ursprungslandes verbucht. Zinsen werden auf der Grundlage der periodengerechten Abgrenzung verbucht. (e) Gewinne und Verluste aus Wertpapierverkäufen: Die realisierten Gewinne und Verluste aus Wertpapierverkäufen werden auf Basis der durchschnittlichen Anschaffungskosten des jeweiligen Wertpapieres ermittelt. (f) Ertragsausgleich: Der Fonds wendet die Bilanzierungspraxis des Ertragsausgleichs (equalisation) an, bei der ein bestimmter Teil der Erträge aus Zeichnungen und Kosten aus Rückkäufen von Aktien, der dem anteiligen am Datum der Transaktion nicht ausgeschütteten und saldierten Kapitalertrag entspricht, den nicht ausgeschütteten Erträgen gutgeschrieben oder belastet wird. Bei Zahlung einer Dividende wird der Saldo des Ausgleichskontos in den für die Ausschüttung zur Verfügung stehenden Betrag aufgenommen. Auf diese Weise wird der nicht ausgeschüttete und saldierte Kapitalertrag je Aktie durch Zeichnungen oder Rückkäufe von Aktien nicht berührt. 3. GEBÜHREN FÜR DEN FONDSVERWALTER Der Fonds hat CMI Asset Management (Luxembourg) S.A., eine nach den Gesetzen des Großherzogtums Luxemburg am 22. Dezember 1988 gegründete Gesellschaft, zum Verwalter ernannt. Der Verwalter ist für die tägliche Verwaltung des Fondsvermögens verantwortlich und hat Anspruch auf eine Gebühr, die monatlich im Nachhinein gezahlt wird. Berechnungsgrundlage ist der Nettovermögenswert der einzelnen Teilfonds. Die Gebühren werden nach den im Prospekt aufgeführten Sätzen berechnet: 21