Universe, The CMI Global Network Fund - Clerical Medical The CMI Glo… · Universe, The CMI Global Network Fund SEMI-ANNUAL REPORT as at 31 MARCH 2012 HALBJAHRESBERICHT zum 31. MA¨RZ

Universe, The CMI Global Network Fund

SEMI-ANNUAL REPORT as at 31 MARCH 2012

HALBJAHRESBERICHT zum 31. MARZ 2012

CONTENTS Page - SeiteINHALTSVERZEICHNIS

Directors and Administration 2Mitglieder des Verwaltungsrates und der Geschaftsfuhrung

Directors’ Report to Shareholders 5Bericht des Verwaltungsrates an die Aktionare

Statement of Net Assets 8Nettovermogensaufstellung

Statement of Changes in Number of Shares Outstanding 8Veranderungen der im Umlauf befindlichen Aktien

Statement of Operations and Changes in Net Assets 16Aufwands- und Ertragsrechnung und Veranderung desNettovermogens

Three Year Summary 24Dreijahresubersicht

Notes to the Financial Statements 30Erlauterungen zum Abschluss

Portfolio and sector analysis of each sub-fund 42Wertpapierbestand und Sektorenaufschlusselung fur dieeinzelnen Teilfonds

Fund Advisers’ Market Comments 150Marktkommentare 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 accompaniedby the latest Annual Report or by the latest unaudited semi-annual report.

In case of differences between the English version and the other translations, the English version prevails.

Es konnen keine Zeichnungen auf der Grundlage des Jahresbericht angenommen werden. Antrage werden nur auf der Grundlage des aktuellenVerkaufsprospektes angenommen, begleitet vom letzten Jahresbericht oder vom letzten ungepruften Halbjahresbericht.

Der geprufte Jahresbericht der ‘‘Universe, The CMI Global Network Fund’’ fur das am 31. Marz 2012 endende Geschaftsjahr und der Verkaufsprospekt sinduber die Dresdner Bank AG, Jurgen-Ponto-Platz 1, 60301 Frankfurt am Main erhaltlich.

Nur die englische Version des vorliegenden Jahresberichts wurde vom Abschlussprufer gepruft. Daher bezieht sich auch der Prufungsvermerk nur auf dieenglische Version. Samtliche anderssprachigen Versionen unterliegen der Verantwortung des Verwaltungsrates der Gesellschaft. Falls also Unterschiedezwischen der englischen und den ubersetzten Versionen bestehen, ist die englische Version massgebend.

Fur die Teilfonds Universe, The CMI Global Network Fund CMIG Access 70% Flexible Sub-Fund; Universe, The CMI Global Network Fund CMIG Access 80%Flexible Sub-Fund and Universe, The CMI Global Network Fund CMIG Access 90% Flexible Sub-Fund wurden keine Vertriebsanzeige bei der BaFin eingereichtund dementsprechend durfen Aktien von diesen Teilfonds in Deutschland nicht offentlich vertrieben werden.


1

Directors and AdministrationMitglieder des Verwaltungsrates und derGeschaftsfuhrung

CHAIRMANVorsitzenderS J FriendHeidelberger Lebenversicherung AGForum 7D-69126 HeidelbergGermany / Deutschland

DIRECTORSMITGLIEDER DES VERWALTUNGSRATES

J ElvingerPartnerElvinger, Hoss & Prussen2, place Winston Churchill, BP425L-2014 LuxembourgLuxembourg / Luxemburg

P MeyersCompany Director12, rue des RosesL-2445 LuxembourgLuxembourg / Luxemburg

S SteadwardHeidelberger Lebenversicherung AGForum 7D-69126 HeidelbergGermany / Deutschland

S PuccilliCMI Asset Management (Luxembourg) S.A.40 Avenue MontereyL-2163 Luxembourg / Luxemburg

REGISTERED OFFICEGESELLSCHAFTSSITZ40 Avenue Monterey,L-2163 LuxembourgLuxembourg / Luxemburg

MANAGEMENT COMPANYVERWALTUNGSGESELLSCHAFTCMI Asset Management (Luxembourg) S.A.40 Avenue Monterey,L-2163 LuxembourgLuxembourg / LuxemburgTelephone / Tel.: +352 31 78 31 342Facsimile / Fax: +352 31 78 31 550


2

CUSTODIAN, ADMINISTRATIVE, REGISTRAR ANDTRANSFER AGENTDEPOTBANK, VERWALTUNGS-, REGISTER- UNDTRANSFERSTELLERBC Dexia Investor Services Bank S.A.14, Porte de FranceL-4360 Esch-sur-AlzetteLuxembourg / Luxemburg

INVESTMENT ADVISERSANLAGEBERATERInsight Investment Management (Global) Limited33, Old Broad StreetLondon EC2N 1HZUnited Kingdom / Großbritannien

Scottish Widows Investment PartnershipEdinbourgh One,Morrison Street,Edinburgh EH3 8BE

AUDITORABSCHLUSSPRUFERPricewaterhouseCoopers S.a r.l.400, Route d’EschL-1471 Luxembourg / Luxemburg

LEGAL ADVISERRECHTSBERATERElvinger, Hoss & Prussen2, Place Winston Churchill, BP425L-2014 LuxembourgLuxembourg / Luxemburg

REGISTER OF COMMERCEHANDELSREGISTERUniverse, The CMI Global Network FundSociete d’Investissement a Capital VariableR.C.S. Luxembourg / Luxemburg B 33 463

UK REPRESENTATIVEVERTRETUNG IN GROßBRITANNIENClerical Medical Financial Services Limited33 Old Broad StreetLondon EC2N 1HZEngland / England

GERMAN REPRESENTATIVEVERTRETUNG IN DEUTSCHLANDDeutsche Bank A.G.,Alfred Herrhausen Allee 16-24,D-65760 EschbornGermany / Deutschland


3

Directors and Administration - continuedMitglieder des Verwaltungsrates und derGeschaftsfuhrung - Fortsetzung

INVESTMENT ADVISERS AS AT 31 MARCH 2012ANLAGEBERATER ZUM 31. MARZ 2012

Scottish Widows Investment Partnership CMI Continental European Equity Sub-FundEdinburgh One, CMI German Equity Sub-FundMorrison Street, CMI Japan Enhanced Equity Sub-FundEdinburgh EH3 8BE CMI Pacific Basin Enhanced Equity Sub-Fund

CMI US Enhanced Equity Sub-FundCMI UK Equity Sub-FundCMI Euro Equity Index Tracking Sub-FundCMI Japan Equity Index Tracking Sub-FundCMI UK Equity Index Tracking Sub-FundCMI US Equity Index Tracking Sub-FundCMI Euro Bond Sub-FundCMIG Fixed Term Euro Bond Sub-FundCMI Japan Bond Sub-FundCMI UK Bond Sub-FundCMI US Bond Sub-FundCMIG Fixed Term US Bond Sub-FundCMI Sterling Currency Reserve Sub-FundCMI US Dollar Currency Reserve Sub-FundCMI Euro Currency Reserve Sub-FundCMI Global Bond Sub-FundCMI Global Mixed Sub-FundCMI Global Equity Sub-FundCMI European Enhanced Equity Sub-FundCMIG Focus Euro Bond Sub-Fund (Launched on 28 November 2011)

Insight Investment Management (Global) Limited CMIG Access 80% Sub-Fund33, Old Broad Street, CMIG Access 70% Flexible Sub-FundLondon, ECN 1HZ CMIG Access 80% Flexible Sub-FundUnited Kingdom / Großbritannien CMIG Access 90% Flexible Sub-Fund

HLE Euro-Garant 70 FlexHLE Euro-Garant 80 FlexHLE Euro-Garant 90 Flex


4

Directors’ Report to Shareholders

The Directors are pleased to present the Semi-Annual Report for Universe, The CMI Global Network Fund (the "Company") for the period ended 31March 2012.

DISTRIBUTION STATUSThe Company has been approved for UK Distribution status for year ended 30 September 2010. The Distribution status for the year ended 30September 2011 will be approved in 2012.

DISTRIBUTIONSA distribution was declared on 3 October 2011 for all shareholders of those sub-fund classes with net distributable income as at 30 September2011.

DIRECTORSThe Directors of the Company holding office at the year-end are set out on page 2.

Universe, The CMI Global Network FundBoard of Directors

Luxembourg, 09 May 2012


5

Bericht des Verwaltungsrates an die Aktionare

Der Verwaltungsrat freut sich, Ihnen den Jahresbericht der Universe, The CMI Global Network Fund (die Gesellschaft) fur das am 31. Marz 2012endende Halbjahr vorzulegen.

STATUS EINES AUSSCHUTTUNGSFONDS.Die Gesellschaft hat fur das zum 30. September 2010 endende Geschaftsjahr fur Großbritannien den Status eines Ausschuttungsfondsbekommen. Der Status der Ausschuttung fur das zum 30. September 2011 endende Jahr wird in 2012 genehmigt werden.

AUSSCHUTTUNGENAm 3. Oktober 2011 wurde eine Ausschuttung fur alle Aktionare der Teilfondsklassen mit ausschuttbaren Nettoertragen zum 30. September2011 beschlossen.

MITGLIEDER DES VERWALTUNGSRATESDie Mitglieder des Verwaltungsrates der Gesellschaft am Ende des Geschaftsjahres sind auf Seite 2 aufgefuhrt.

Universe, The CMI Global Network FundDer Verwaltungsrat

Luxemburg, den 09. Mai 2012


6

7

Statement of Net Assetsas at 31 March 2012

Nettovermogensaufstellungzum 31. Marz 2012

Total - Gesamt CMIContinentalEuropean

EquityNotes

ErlauterungenEUR EUR

ASSETS VERMOGEN

Investment portfolio at market value Wertpapierbestand zum Marktwert 2 4,125,516,533 1,122,666,590

Cash at bank Bankguthaben 11 110,341,494 22,744,349

Amounts receivable on sale of investments Forderungen aus Wertpapierverkaufen 98,157,067 73,355,944

Amounts receivable on subscriptions Forderungen aus Zeichnungen 64,122,330 33,667

Interest and dividends receivable, net Forderungen aus Zinsen und Dividenden, netto 34,039,783 1,304,160

Net unrealised profit on futures Nicht realisierter Netto Gewinn aus

Finanztermingeschaften

2, 11 35,590 -

Other assets Sonstige Aktiva 48,561 9,268

4,432,261,358 1,220,113,978

LIABILITIES VERBINDLICHKEITEN

Overdraft Bankverbindlichkeiten (2,945,118) (2)

Net unrealised loss on futures Nicht realisierter Netto Verlust aus


2, 11 (196,875) -

Other liabilites Sonstige Verbindlichkeiten (163,260,268) (72,927,014)

(166,402,261) (72,927,016)

TOTAL NET ASSETS NETTOVERMOGEN INSGESAMT 4,265,859,097 1,147,186,962

TOTAL NET ASSETS (EUR) NETTOVERMOGEN INSGESAMT (EUR) 4,265,859,097 1,147,186,962

Statement of Changes in Number of Shares OutstandingFor the period ended 31 March 2012

Veranderungen der im Umlauf befindlichen AktienFur das am 31. Marz 2012 endende Berichtsperiode

Shares Outstandingat 30 September 2011

Aktien im Umlaufam 30. September 2011 55,540,065

Subscriptions during the period Zeichnungen wahrend des Berichtsperiode 12,176,254Redemptions during the period Rucknahmen wahrend des Berichtsperiode (13,952,704)

Shares Outstandingat 31 March 2012*

Aktien im Umlaufam 31. Marz 2012*

53,763,615

Class 1 Shares Outstanding Aktien der Klasse 1 im Umlauf 567,414Net asset value per share Class 1 Nettoinventarwert pro Aktie der Klasse 1 21.237


Class 3 Shares Outstanding Aktien der Klasse 3 im Umlauf 52,888,865Net asset value per share Class 3 Nettoinventarwert pro Aktie der Klasse 3 21.337



8

* Any differences in the number of shares outstanding are the result of roundings. - * Abweichungen bei der Anzahl der in Umlauf befindlichen Aktien resultieren aus Rundungen.

The accompanying notes form an integral part of these financial statements. - Die beigefugten Erlauterungen sind integraler Bestandteil dieses Abschlusses.

CMI GermanEquity

CMI JapanEnhanced

Equity

CMI PacificBasin

EnhancedEquity

CMI USEnhanced

Equity

CMI UK Equity Euro EquityIndex Tracking

Japan EquityIndex Tracking

EUR JPY USD USD GBP EUR JPY

8,810,413 5,213,464,115 92,984,539 374,609,794 90,260,042 16,603,951 1,299,586,512

277,859 85,460,566 2,146,246 787,861 3,101,670 216,217 13,265,574

- 115,316,644 2,591,207 18,340,822 439,135 - -

10,000 2,483,002 16,327 33,185 79,382 - -

- 59,394,883 360,540 477,943 397,047 2,938 13,898,016

- 2,139,000 - 563 - - 433,000

1,944 - - - - 7,996 -

9,100,216 5,478,258,210 98,098,859 394,250,168 94,277,276 16,831,102 1,327,183,102

- (1,779,987) (64,556) - - - (338,550)

- - (4,407) - - (8,445) -

(14,902) (117,904,717) (2,392,534) (19,807,396) (2,676,818) (8,200) (713,358)

(14,902) (119,684,704) (2,461,497) (19,807,396) (2,676,818) (16,645) (1,051,908)

9,085,314 5,358,573,506 95,637,362 374,442,772 91,600,458 16,814,457 1,326,131,194

9,085,314 48,921,713 71,649,207 280,523,503 109,899,229 16,814,457 12,107,067

188,152 2,362,621 2,314,454 9,153,512 10,846,931 1,179,664 2,861,78923,659 69,596 193,026 502,904 741,698 51,774 49,126

(16,937) (311,499) (251,303) (2,615,117) (2,961,144) (37,740) (62,404)

194,874 2,120,718 2,256,177 7,041,299 8,627,485 1,193,698 2,848,511

63,209 63,586 511,133 176,529 1,156,577 718,421 2,516,69045.579 2,481 41.820 52.526 10.566 14.091 466

40,704 21,503 271,112 57,808 229,047 366,706 193,55845.771 2,527 42.001 53.136 10.613 14.107 466

- 2,003,873 976,212 6,738,517 7,223,453 91,416 138,263- 2,528 42.036 53.188 10.624 14.110 466

90,962 31,756 497,720 68,445 18,409 17,155 -47.726 2,553 43.877 53.877 11.251 13.278 -


9

Statement of Net Assets - continuedas at 31 March 2012

Nettovermogensaufstellung - Fortsetzungzum 31. Marz 2012

Statement of Changes in Number of Shares Outstanding - continuedFor the period ended 31 March 2012

Veranderungen der im Umlauf befindlichen Aktien - FortsetzungFur das am 31. Marz 2012 endende Berichtsperiode



UK EquityIndex Tracking

US EquityIndex Tracking

NotesErlauterungen

GBP USD

ASSETS VERMOGEN

Investment portfolio at market value Wertpapierbestand zum Marktwert 2 53,121,295 50,918,895

Cash at bank Bankguthaben 11 480,723 755,731

Amounts receivable on sale of investments Forderungen aus Wertpapierverkaufen 74,328 -

Amounts receivable on subscriptions Forderungen aus Zeichnungen 5,000 -

Interest and dividends receivable, net Forderungen aus Zinsen und Dividenden, netto 330,113 55,000



2, 11 - 15,600

Other assets Sonstige Aktiva - -

54,011,459 51,745,226


Overdraft Bankverbindlichkeiten (101) -



2, 11 (18,281) -

Other liabilites Sonstige Verbindlichkeiten (70,781) (28,527)

(89,163) (28,527)

TOTAL NET ASSETS NETTOVERMOGEN INSGESAMT 53,922,296 51,716,699

TOTAL NET ASSETS (EUR) NETTOVERMOGEN INSGESAMT (EUR) 64,694,205 38,744,905


Aktien im Umlaufam 30. September 2011 4,167,440 1,341,957

Subscriptions during the period Zeichnungen wahrend des Berichtsperiode 189,692 17,306Redemptions during the period Rucknahmen wahrend des Berichtsperiode (275,399) (46,271)



4,081,733 1,312,992

Class 1 Shares Outstanding Aktien der Klasse 1 im Umlauf 3,030,110 981,724Net asset value per share Class 1 Nettoinventarwert pro Aktie der Klasse 1 13.195 39.352

Class 2 Shares Outstanding Aktien der Klasse 2 im Umlauf 530,020 201,833Net asset value per share Class 2 Nettoinventarwert pro Aktie der Klasse 2 13.219 39.423




10







CMI Euro Bond CMIG FixedTerm Euro

Bond

CMI JapanBond

CMI UK Bond CMI US Bond CMIG FixedTerm US Bond

CMI SterlingCurrencyReserve

EUR EUR JPY GBP USD USD GBP

11,356,033 20,408,140 290,799,334 32,365,838 185,212,737 279,072 67,243,954

112,791 50,398 613,476 2,203,060 522,690 1,367 -

- 645,516 - - - - 1,507,029

163,568 14,000 3,034,400 961,306 8,052,485 8,300 256,400

171,414 346,882 339,199 190,866 1,323,101 428 205,658

- - - - - - -

38 - - - - - -

11,803,844 21,464,936 294,786,409 35,721,070 195,111,013 289,167 69,213,041

- - - - - - (1,512,719)

- - - - - - -

(253,148) (668,427) (82,573) (50,453) (7,738,774) (7,116) (264,226)

(253,148) (668,427) (82,573) (50,453) (7,738,774) (7,116) (1,776,945)

11,550,696 20,796,509 294,703,836 35,670,617 187,372,239 282,051 67,436,096

11,550,696 20,796,509 2,690,533 42,796,438 140,374,767 211,306 80,907,619

36,741,659 1,338,447 249,027 4,539,187 15,081,405 6,009 14,319,2621,741,564 62,107 3,752 449,827 1,541,429 374 1,530,451

(38,213,861) (884,095) (78,892) (499,879) (2,845,340) (902) (2,374,566)

269,362 516,459 173,887 4,489,135 13,777,494 5,481 13,475,147

65,919 - 26,888 2,159,642 258,938 - 10,606,45941.315 - 1,690 7.929 13.510 - 5.002

47,049 - 7,274 490,675 105,677 - 2,093,78541.847 - 1,695 7.957 13.567 - 5.012

77,598 516,459 139,725 1,838,819 13,378,619 5,481 774,90341.872 40.267 1,696 7.963 13.577 51.457 5.011

78,797 - - - 34,261 - -45.805 - - - 23.168 - -


11







CMI US DollarCurrencyReserve

CMI EuroCurrencyReserve

NotesErlauterungen

USD EUR

ASSETS VERMOGEN


Cash at bank Bankguthaben 11 330,841 4,656

Amounts receivable on sale of investments Forderungen aus Wertpapierverkaufen - -

Amounts receivable on subscriptions Forderungen aus Zeichnungen 22,000 1,336,000




2, 11 - -

Other assets Sonstige Aktiva - -

34,980,765 302,524,921


Overdraft Bankverbindlichkeiten - -



2, 11 - -


(208,254) (778,393)





Subscriptions during the period Zeichnungen wahrend des Berichtsperiode 1,089,048 4,574,962Redemptions during the period Rucknahmen wahrend des Berichtsperiode (459,992) (1,810,540)



3,417,056 11,769,528



Class 3 Shares Outstanding Aktien der Klasse 3 im Umlauf 2,456,378 10,760,964Net asset value per share Class 3 Nettoinventarwert pro Aktie der Klasse 3 10.003 25.626



12







CMI GlobalBond

CMI GlobalMixed

CMI GlobalEquity

CMI EuropeanEnhanced

Equity

CMIG FocusEuro Bond *

CMIG Access80%

CMIG Access70% Flexible

GBP GBP GBP EUR EUR EUR EUR

14,129,459 46,557,904 15,584,866 10,192,890 1,361,348,454 151,583,116 12,690,620

39,861 1,538,985 36,963 748,086 8,357,235 25,500,015 4,758,787

- 863,795 - - - - 55,996

- - - - 54,860,000 - -

92,567 131,023 21,331 1,815 25,054,122 1,816,748 59,233

- - - - - - -

- - - 3,468 - - 6,976

14,261,887 49,091,707 15,643,160 10,946,259 1,449,619,811 178,899,879 17,571,612

(28) (674,806) - - - (252,735) -

- - - (28,175) - - (8,400)

(34,705) (666,665) (63,001) (2,833) (59,059,389) (352,883) (595,285)

(34,733) (1,341,471) (63,001) (31,008) (59,059,389) (605,618) (603,685)

14,227,154 47,750,236 15,580,159 10,915,251 1,390,560,422 178,294,261 16,967,927

17,069,273 57,289,169 18,692,564 10,915,251 1,390,560,422 178,294,261 16,967,927

8,811,529 25,204,593 8,402,974 554,927 - 8,821,615 3,343,203359,040 325,598 103,132 55,471 35,932,336 39,712 258,551

(246,149) (916,845) (584,297) (17,542) (1,998,357) (1,316,396) (182,869)

8,924,420 24,613,346 7,921,809 592,856 33,933,979 7,544,931 3,418,885

8,679,155 23,710,207 7,238,067 - - - -1.594 1.940 1.966 - - - -

245,265 903,139 683,741 - - - -1.607 1.951 1.974 - - - -

- - - - 33,933,979 - -- - - - 40.978 - -

- - - 592,856 - 7,544,931 3,418,885- - - 18.411 - 23.631 4.963


13









NotesErlauterungen

EUR EUR

ASSETS VERMOGEN


Cash at bank Bankguthaben 11 28,105,139 4,475,416

Amounts receivable on sale of investments Forderungen aus Wertpapierverkaufen 3,541,217 161,987

Amounts receivable on subscriptions Forderungen aus Zeichnungen - -




2, 11 - -

Other assets Sonstige Aktiva 18,131 -

120,973,429 21,332,347


Overdraft Bankverbindlichkeiten - -



2, 11 (107,320) (12,400)


(205,040) (203,490)





Subscriptions during the period Zeichnungen wahrend des Berichtsperiode 3,008,765 195,987Redemptions during the period Rucknahmen wahrend des Berichtsperiode (1,422,931) (472,847)



24,057,448 4,196,460

Class 1 Shares Outstanding Aktien der Klasse 1 im Umlauf - -Net asset value per share Class 1 Nettoinventarwert pro Aktie der Klasse 1 - -



Class 7 Shares Outstanding Aktien der Klasse 7 im Umlauf 24,057,448 4,196,460Net asset value per share Class 7 Nettoinventarwert pro Aktie der Klasse 7 5.020 5.035


14







HLE Euro-Garant 70 Flex


HLE Euro-Garant 90

Flex*

EUR EUR EUR

253,154 4,868,932 295,770

72,468 1,643,150 83,397

12,468 184,038 4,860

- - -

693 29,282 3,375

- - -

63 676 -

338,846 6,726,078 387,402

- - -

- (6,900) -

(11,870) (11,630) (627)

(11,870) (18,530) (627)

326,976 6,707,548 386,775

326,976 6,707,548 386,775

68,273 961,839 64,36116,928 265,161 18,718

(13,291) (42,758) (2,295)

71,910 1,184,242 80,784

71,910 1,184,242 80,7844.547 5.664 4.788

- - -- - -

- - -- - -

- - -- - -


15






** Launched as at 28 November 2011


Statement of Operations and Changes in Net AssetsFor the period ended 31 March 2012

Aufwands- und Ertragsrechnung und Veranderung des NettovermogensFur das am 31. Marz 2012 endende Berichtsperiode

NotesErlauterungen Total - Gesamt

CMI ContinentalEuropean Equity

EUR EUR

NET ASSETS AT THE BEGINNING OF THEPERIOD

NETTOVERMOGEN ZU BEGINN DESBERICHTSPERIODE

4,272,391,147 999,699,953

INCOME ERTRAGEDividends, net Dividenden netto 2 14,705,550 6,431,116Interest on bonds, net Zinsen aus Anleihen, netto 2 33,130,926 -Bank interest Zinsen aus Bankguthaben 488,546 74,035Other income Sonstige Ertrage 7 1,218,007 691,227Income Equalisation Ertragsausgleich 2 530,748 -

TOTAL INCOME ERTRAGE INSGESAMT 50,073,777 7,196,378

EXPENSES AUFWENDUNGENManagement fees Verwaltungsvergutung 3 (3,748,752) (751,247)Custodian fees, domiciliation, administrationand transfer agent fees

Depotbank-, Domizil-, Verwaltungs- undTransferstellengebuhren

4 (343,669) (80,733)

Audit, printing and publication expenses Revisionskosten, Druck- undVeroffentlichungskosten

(113,655) (33,980)

Taxe d’abonnement Taxe d’abonnement 5 (266,191) (59,809)Bank Charges Bankspesen (36,440) (3,233)Other Charges Sonstige Aufwendungen (171,331) (80,295)Expenses Equalisation Ertragsausgleich 2 (10,451,358) (488,916)

TOTAL EXPENSES AUFWENDUNGEN INSGESAMT (15,131,396) (1,498,213)

NET INCOME / (LOSS) FROM INVESTMENTS NETTOERTRAG / NETTOAUFWAND AUSANLAGEN

34,942,381 5,698,165

Net realised gain/(loss) on sale of investments Realisierter Nettogewinn / (-verlust) ausWertpapierverkaufen

2 (57,819,199) 6,491,884

Net realised gain/(loss) on futures Realisierter Nettogewinn / (-verlust) ausFinanztermingeschaften

2 10,141,581 6,891,140

Net realised gain/(loss) on foreign exchange Realisierter Nettogewinn / (-verlust) ausDevisengeschaften

2 (144,458) (181,693)

NET REALISED PROFIT/(LOSS) REALISIERTER NETTOGEWINN / (-VERLUST) (12,879,695) 18,899,496Change in net unrealised appreciation/(depreciation) on investments

Veranderung des/der nicht realisiertenWertanstiegs/Wertminderung aus Wertpapieren

2 378,298,501 219,926,985

Change in net unrealised appreciation/(depreciation) on futures

Veranderung des/der nicht realisiertenWertanstiegs/Wertminderung ausFinanztermingeschaften

2 (58,356) -

Change in net unrealised appreciation/(depreciation) on foreign exchange

Veranderung des/der nicht realisiertenWertanstiegs/Wertminderung ausDevisengeschaften

9,299 -

Change in net unrealised appreciation/(depreciation) on capital gain tax

Veranderung des/der nicht realisiertenWertanstiegs/Wertminderung ausKapitalertragssteuer

(43,151) -

NET INCREASE/(DECREASE) IN NET ASSETSAS A RESULT OF OPERATIONS

NETTOERHOHUNG/NETTOVERMINDERUNGDES NETTOVERMOGENS

365,326,598 238,826,481

EVOLUTION OF THE CAPITAL ENTWICKLUNG DES NETTOVERMOGENSSubscriptions of shares Zeichnungen von Aktien 1,888,457,065 213,863,960Redemptions of shares Rucknahmen von Aktien (2,168,652,198) (275,355,059)Net notional commission Fiktive Nettoprovision 13 (3,825,572) (1,876,016)Dividends distributed Ausschuttungen 6 (116,350,316) (28,461,273)Income Equalisation Ertragsausgleich 2 9,920,610 488,916Currency Translation Wahrungsdifferenz 18,591,763 -

NET ASSETS AT THE END OF THE PERIOD NETTOVERMOGEN AM ENDE DESBERICHTSPERIODE

4,265,859,097 1,147,186,962


16

The accompanying notes form an integral part of these financial statements.

Die beigefugten Erlauterungen sind integraler Bestandteil dieses Abschlusses.

CMI GermanEquity

CMI JapanEnhanced Equity

CMI Pacific BasinEnhanced Equity

CMI US EnhancedEquity

CMI UK Equity Euro Equity IndexTracking

Japan Equity IndexTracking

EUR JPY USD USD GBP EUR JPY

7,131,219 5,366,348,690 86,745,879 404,481,852 104,607,517 15,076,660 1,197,198,959

24,577 61,345,389 953,117 3,413,399 1,714,825 121,043 14,384,892- - - - - - -

309 19 2,576 8 2,240 454 -3,562 564,991 9,592 13,368 19,404 16,709 152,0291,195 - - - - - 6,723

29,643 61,910,399 965,285 3,426,775 1,736,469 138,206 14,543,644

(22,695) (3,391,279) (130,126) (260,376) (130,911) (29,722) (2,715,904)(2,405) (1,293,616) (68,998) (25,965) (2,594) (3,189) (136,706)

(270) (160,661) (2,853) (11,191) (2,728) (499) (39,737)

(949) (284,756) (8,840) (21,800) (7,131) (2,759) (282,517)(49) (122,981) (4,037) (612) (5) (71) (364)

(198) (133,727) (5,884) (17,036) (8,043) (704) (9,350)- (1,231,358) (34,213) (451,876) (241,837) (1,959) -

(26,566) (6,618,378) (254,951) (788,856) (393,249) (38,903) (3,184,578)

3,077 55,292,021 710,334 2,637,919 1,343,220 99,303 11,359,066

4,215 (395,002,680) 1,917,579 9,300,229 (1,024,005) (166,013) (9,776,817)

- 14,292,955 360,884 2,370,983 - 77,863 (145,000)

- 7,884 (6,704) - (211) - 1

7,292 (325,409,820) 2,982,093 14,309,131 319,004 11,153 1,437,2501,867,415 981,738,689 11,138,302 66,342,560 12,812,110 2,271,840 155,315,808

- 1,370,000 46,200 364,358 - (28,520) (28,000)

- - - - - - -

- - (57,598) - - - -

1,874,707 657,698,869 14,108,997 81,016,049 13,131,114 2,254,473 156,725,058

969,851 151,870,499 7,539,481 22,061,359 7,169,590 665,614 20,149,913(687,706) (691,685,105) (10,021,685) (127,095,756) (30,081,354) (523,101) (25,896,036)(13,562) (9,477,855) (294,884) (771,780) (118,372) (29,518) (2,086,418)

(188,000) (117,412,950) (2,474,639) (5,700,828) (3,349,874) (631,630) (19,953,559)(1,195) 1,231,358 34,213 451,876 241,837 1,959 (6,723)

- - - - - - -

9,085,314 5,358,573,506 95,637,362 374,442,772 91,600,458 16,814,457 1,326,131,194


17

Statement of Operations and Changes in Net Assets - continuedFor the period ended 31 March 2012

Aufwands- und Ertragsrechnung und Veranderung des Nettovermogens - FortsetzungFur das am 31. Marz 2012 endende Berichtsperiode



NotesErlauterungen

UK Equity IndexTracking

US Equity IndexTracking

GBP USD



49,426,590 44,017,724

INCOME ERTRAGEDividends, net Dividenden netto 2 931,432 376,368Interest on bonds, net Zinsen aus Anleihen, netto 2 - -Bank interest Zinsen aus Bankguthaben 1,318 2Other income Sonstige Ertrage 7 13,463 1,400Income Equalisation Ertragsausgleich 2 - -

TOTAL INCOME ERTRAGE INSGESAMT 946,213 377,770

EXPENSES AUFWENDUNGENManagement fees Verwaltungsvergutung 3 (107,968) (98,432)Custodian fees, domiciliation, administrationand transfer agent fees


4 (1,645) (3,889)


(1,604) (1,544)

Taxe d’abonnement Taxe d’abonnement 5 (10,532) (10,031)Bank Charges Bankspesen (3) (17)Other Charges Sonstige Aufwendungen (1,772) (1,433)Expenses Equalisation Ertragsausgleich 2 (18,681) (3,825)

TOTAL EXPENSES AUFWENDUNGEN INSGESAMT (142,205) (119,171)


804,008 258,599


2 471,474 185,329


2 239,800 142,125


2 (332) -

NET REALISED PROFIT/(LOSS) REALISIERTER NETTOGEWINN / (-VERLUST) 1,514,950 586,053Change in net unrealised appreciation/(depreciation) on investments


2 5,874,510 8,688,120



2 (22,181) 33,375



- -



- -



7,367,279 9,307,548

EVOLUTION OF THE CAPITAL ENTWICKLUNG DES NETTOVERMOGENSSubscriptions of shares Zeichnungen von Aktien 2,318,705 597,275Redemptions of shares Rucknahmen von Aktien (3,491,521) (1,672,505)Net notional commission Fiktive Nettoprovision 13 (60,149) (86,132)Dividends distributed Ausschuttungen 6 (1,657,289) (451,036)Income Equalisation Ertragsausgleich 2 18,681 3,825Currency Translation Wahrungsdifferenz - -


53,922,296 51,716,699


18





CMI Euro Bond CMIG Fixed TermEuro Bond

CMI Japan Bond CMI UK Bond CMI US Bond CMIG Fixed TermUS Bond

CMI SterlingCurrency Reserve

EUR EUR JPY GBP USD USD GBP

1,562,690,977 55,113,108 424,632,222 35,805,734 210,500,801 312,360 71,704,029

- - - - - - -9,424,077 505,756 2,499,323 564,921 2,633,338 1,392 542,137

82,598 3,429 7 1,186 - - 18,56979,055 5,624 - 5,430 5,507 - 1,888

- - - 9,544 11,815 13 -

9,585,730 514,809 2,499,330 581,081 2,650,660 1,405 562,594

(264,303) (17,350) (367,067) (76,990) (119,511) (158) (151,918)(11,078) (5,543) (108,391) (1,542) (4,540) (544) (4,206)

(519) (618) (8,809) (1,066) (5,587) (8) (2,018)

(1,284) (1,219) (26,607) (5,316) (10,233) (14) (3,510)(8,121) (1,404) (16,777) - - (2) (582)(6,314) (451) (6,335) (2,196) (5,611) (7) (1,872)

(9,039,018) (161,596) (488,360) - - - (17,113)

(9,330,637) (188,181) (1,022,346) (87,110) (145,482) (733) (181,219)

255,093 326,628 1,476,984 493,971 2,505,178 672 381,375

(112,734,830) (1,996,623) 2,195,072 1,963,797 3,331,720 1,097 34,263

- - - - - - -

- - 9,659 - (233) - -

(112,479,737) (1,669,995) 3,681,715 2,457,768 5,836,665 1,769 415,63822,945,515 1,758,200 (2,153,320) (1,133,254) (5,836,561) (2,114) 73,753

- - - - - - -

- - - - - - -

- - - - - - -

(89,534,222) 88,205 1,528,395 1,324,514 104 (345) 489,391

70,441,935 2,456,183 6,346,045 3,541,633 21,019,400 19,272 7,618,866(1,480,568,301) (34,863,500) (133,618,622) (3,933,292) (38,891,083) (46,500) (11,835,785)

- - - - - - -(60,518,711) (2,159,083) (4,672,564) (1,058,428) (5,245,168) (2,723) (557,518)

9,039,018 161,596 488,360 (9,544) (11,815) (13) 17,113- - - - - - -

11,550,696 20,796,509 294,703,836 35,670,617 187,372,239 282,051 67,436,096


19





NotesErlauterungen

CMI US DollarCurrency Reserve

CMI Euro CurrencyReserve

USD EUR



28,522,824 231,770,707

INCOME ERTRAGEDividends, net Dividenden netto 2 - -Interest on bonds, net Zinsen aus Anleihen, netto 2 100,217 1,972,768Bank interest Zinsen aus Bankguthaben 1,091 92,841Other income Sonstige Ertrage 7 171 13,514Income Equalisation Ertragsausgleich 2 1,878 170,426

TOTAL INCOME ERTRAGE INSGESAMT 103,357 2,249,549



4 (6,040) (16,152)


(1,037) (9,009)

Taxe d’abonnement Taxe d’abonnement 5 (1,779) (14,912)Bank Charges Bankspesen (4) (1,397)Other Charges Sonstige Aufwendungen (823) (7,284)Expenses Equalisation Ertragsausgleich 2 - -



66,560 2,033,467


2 584 (104,149)


2 - -


2 - -

NET REALISED PROFIT/(LOSS) REALISIERTER NETTOGEWINN / (-VERLUST) 67,144 1,929,318Change in net unrealised appreciation/(depreciation) on investments


2 50,051 537,054



2 - -



- -



- -



117,195 2,466,372

EVOLUTION OF THE CAPITAL ENTWICKLUNG DES NETTOVERMOGENSSubscriptions of shares Zeichnungen von Aktien 10,947,214 116,661,643Redemptions of shares Rucknahmen von Aktien (4,757,489) (46,248,251)Net notional commission Fiktive Nettoprovision 13 - -Dividends distributed Ausschuttungen 6 (55,355) (2,733,517)Income Equalisation Ertragsausgleich 2 (1,878) (170,426)Currency Translation Wahrungsdifferenz - -


34,772,511 301,746,528


20





CMI Global Bond CMI Global Mixed CMI Global Equity CMI EuropeanEnhanced Equity

CMIG Focus EuroBond *

CMIG Access 80% CMIG Access 70%Flexible

GBP GBP GBP EUR EUR EUR EUR

14,782,740 43,944,104 13,965,648 9,315,799 - 208,939,962 16,257,997

- 261,994 117,873 74,521 - 56,580 17,886181,882 152,913 - - 16,397,454 565,356 43,464

20 1,155 259 404 - 119,251 8,808756 4,927 2,289 9,825 274,423 16,927 1,685

- - - 810 323,441 - 233

182,658 420,989 120,421 85,560 16,995,318 758,114 72,076

(89,228) (279,377) (86,468) (7,715) (521,213) (143,851) (12,623)(3,007) (9,528) (2,643) (2,548) (54,081) (23,942) (3,426)

(427) (1,434) (469) (324) (27,907) (5,321) (506)

(3,618) (11,519) (3,552) (518) (67,345) (9,229) (813)(63) (87) (17) (87) (4,607) (11,690) (59)

(398) (1,187) (598) (592) (9,044) (3,891) (1,205)(17) (1,914) (679) - - (32,907) -

(96,758) (305,046) (94,426) (11,784) (684,197) (230,831) (18,632)

85,900 115,943 25,995 73,776 16,311,121 527,283 53,444

286,229 734,216 (5,028) (98,425) 41,164,864 (89,968) (15,858)

- - - 89,243 - - 300,800

104,406 (51,955) (16,675) - - - -

476,535 798,204 4,292 64,594 57,475,985 437,315 338,386(1,007,522) 4,617,656 2,622,453 1,361,216 26,356,883 30,180 134,940

- - - (62,150) - - (113,450)

- - 7,751 - - - -

- - - - - - -

(530,987) 5,415,860 2,634,496 1,363,660 83,832,868 467,495 359,876

588,862 569,826 175,603 971,481 1,387,880,037 936,604 1,279,999(402,115) (1,692,413) (1,055,146) (305,000) (80,829,042) (31,076,000) (905,000)

- (74,700) (32,906) (17,714) - (320,102) (24,712)(211,363) (414,355) (108,215) (412,165) - (686,605) -

17 1,914 679 (810) (323,441) 32,907 (233)- - - - - - -

14,227,154 47,750,236 15,580,159 10,915,251 1,390,560,422 178,294,261 16,967,927


21





NotesErlauterungen

CMIG Access 80%Flexible

CMIG Access 90%Flexible

EUR EUR



111,414,264 22,417,305

INCOME ERTRAGEDividends, net Dividenden netto 2 93,299 5,930Interest on bonds, net Zinsen aus Anleihen, netto 2 323,831 83,272Bank interest Zinsen aus Bankguthaben 60,235 9,699Other income Sonstige Ertrage 7 16,191 2,183Income Equalisation Ertragsausgleich 2 12,863 -

TOTAL INCOME ERTRAGE INSGESAMT 506,419 101,084



4 (6,786) (1,744)


(3,599) (631)

Taxe d’abonnement Taxe d’abonnement 5 (5,555) (1,026)Bank Charges Bankspesen (1) -Other Charges Sonstige Aufwendungen (17,297) (88)Expenses Equalisation Ertragsausgleich 2 - (4,348)



385,053 76,657


2 (454,547) (126,060)


2 157,440 27,550


2 - -

NET REALISED PROFIT/(LOSS) REALISIERTER NETTOGEWINN / (-VERLUST) 87,946 (21,853)Change in net unrealised appreciation/(depreciation) on investments


2 1,647,258 183,516



2 (134,060) (21,950)



- -



- -



1,601,144 139,713

EVOLUTION OF THE CAPITAL ENTWICKLUNG DES NETTOVERMOGENSSubscriptions of shares Zeichnungen von Aktien 15,084,999 985,000Redemptions of shares Rucknahmen von Aktien (7,135,000) (2,380,000)Net notional commission Fiktive Nettoprovision 13 (184,155) (37,509)Dividends distributed Ausschuttungen 6 - -Income Equalisation Ertragsausgleich 2 (12,863) 4,348Currency Translation Wahrungsdifferenz - -


120,768,389 21,128,857


22





HLE Euro-Garant70 Flex



EUR EUR EUR

308,852 5,433,430 309,696

540 4,631 140803 10,868 1,615103 3,847 8792 156 7- - -

1,538 19,502 1,849

(3,156) (57,347) (2,896)(2,787) (1,601) (1,023)

(10) (200) (12)

(77) (1,506) (86)(1) (31) (1)(9) (242) (7)(4) (3,399) (255)

(6,044) (64,326) (4,280)

(4,506) (44,824) (2,431)

840 (10,495) (1,415)

- 27,550 -

- - -

(3,666) (27,769) (3,846)6,342 62,619 2,206

- (16,450) -

- - -

- - -

2,676 18,400 (1,640)

77,000 1,503,000 90,001(61,000) (242,000) (11,000)

(556) (8,681) (537)- - -4 3,399 255- - -

326,976 6,707,548 386,775


23



* Launched as at 28 November 2011



Three Year SummaryDreijahresubersicht

CMI ContinentalEuropean Equity

CMI GermanEquity

CMI JapanEnhanced Equity

EUR EUR JPY

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 1,147,187 9,085 5,358,574Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 21.237 45.579 2,481Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 21.317 45.771 2,527Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 21.337 - 2,528Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 22.147 47.726 2,553

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 999,700 7,131 5,366,349Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 17.762 36.973 2,221Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 17.955 37.401 2,270Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 18.001 - 2,273Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 18.679 39.052 2,294

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 1,376,331 4,967 5,629,811Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 20.924 42.537 2,421Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 21.150 43.010 2,475Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 21.202 - 2,478Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 22.002 44.904 2,502

CMI Pacific BasinEnhanced Equity

CMI USEnhanced Equity

CMI UK Equity

USD USD GBP

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 95,637 374,443 91,600Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 41.820 52.526 10.566Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 42.001 53.136 10.613Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 42.036 53.188 10.624Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 43.877 53.877 11.251

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 86,746 404,482 104,608Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 36.868 43.467 9.530Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 37.191 44.127 9.634Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 37.257 44.201 9.658Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 38.877 44.765 10.225

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 100,373 433,852 101,654Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 43.335 43.065 10.537Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 43.690 43.714 10.646Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 43.762 43.785 10.671Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 45.667 44.344 11.298


24



Euro EquityIndex Tracking

Japan EquityIndex Tracking

UK Equity IndexTracking

EUR JPY GBP

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 16,814 1,326,131 53,922Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 14.091 466 13.195Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 14.107 466 13.219Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 14.110 466 13.228Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 13.278 - 14.564

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 15,077 1,197,199 49,427Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 12.770 418 11.839Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 12.821 419 11.888Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 12.830 420 11.901Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 12.070 - 13.100

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 21,172 1,330,218 55,817Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 16.028 458 12.831Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 16.094 459 12.883Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 16.104 459 12.896Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 15.151 - 14.196

US Equity IndexTracking

CMI Euro Bond CMIG Fixed TermEuro Bond

USD EUR EUR

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 51,717 11,551 20,797Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 39.352 41.315 -Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 39.423 41.847 -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 39.429 41.872 40.267Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 40.649 45.805 -

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 44,018 1,562,691 55,113Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 32.752 41.924 -Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 32.885 42.474 -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 32.903 42.524 41.177Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 33.913 46.509 -

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 43,347 1,618,740 183,368Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 32.294 43.511 -Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 32.421 44.082 -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 32.438 44.134 43.048Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 33.435 48.270 -


25

Three Year Summary - continuedDreijahresubersicht - Fortsetzung



CMI Japan Bond CMI UK Bond CMI US Bond

JPY GBP USD

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 294,704 35,671 187,372Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 1,690 7.929 13.510Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 1,695 7.957 13.567Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 1,696 7.963 13.577Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 - - 23.168

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 424,632 35,806 210,501Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 1,695 7.859 13.822Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 1,704 7.906 13.916Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 1,706 7.916 13.933Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 - - 23.771

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 816,222 34,619 212,908Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 1,700 7.589 13.333Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 1,710 7.632 13.420Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 1,712 7.642 13.436Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 - - 22.923

CMIG Fixed TermUS Bond

CMI SterlingCurrencyReserve

CMI US DollarCurrencyReserve

USD GBP USD

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 282 67,436 34,773Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 - 5.002 9.950Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 - 5.012 10.000Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 51.457 5.011 10.003Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 - - 19.954

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 312 71,704 28,523Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 - 5.004 9.933Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 - 5.021 9.983Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 51.979 5.022 9.990Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 - - 19.924

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 304 82,560 27,449Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 - 4.996 9.944Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 - 5.013 9.975Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 52.825 5.014 9.982Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 - - 19.909


26




CMI EuroCurrencyReserve

CMI Global Bond CMI GlobalMixed

EUR GBP GBP

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 301,747 14,227 47,750Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 25.576 1.594 1.940Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 25.620 1.607 1.951Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 25.626 - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 26.863 - -

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 231,771 14,783 43,944Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 25.619 1.677 1.743Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 25.704 1.698 1.763Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 25.719 - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 26.956 - -

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 210,416 14,578 47,572Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 25.520 1.577 1.751Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 25.605 1.596 1.771Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 25.623 - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 26.854 - -

CMI GlobalEquity

CMI EuropeanEnhanced Equity

CMIG Focus EuroBond *

GBP EUR EUR

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 15,580 10,915 1,390,560Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 1.966 - -Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 1.974 - -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 - - 40.978Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 - 18.411 -

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 13,966 9,316 -Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 1.661 - -Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 1.678 - -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 - - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 - 16.787 -

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 14,736 9,855 -Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 1.727 - -Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 1.746 - -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 - - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 - 21.200 -


27




CMIG Access80%



EUR EUR EUR

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 178,294 16,968 120,768Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 - - -Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 - - -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 - - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 23.631 4.963 5.020

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 208,940 16,258 111,414Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 - - -Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 - - -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 - - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 23.685 4.863 4.958

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 360,633 11,880 78,100Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 - - -Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 - - -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 - - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 23.558 5.255 5.160




EUR EUR EUR

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 21,129 327 6,708Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 - 4.547 5.664Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 - - -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 - - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 5.035 - -

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 22,417 309 5,433Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 - 4.524 5.649Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 - - -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 - - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 5.011 - -

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 16,711 207 3,130Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 - 5.088 5.965Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 - - -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 - - -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 5.075 - -


28





EUR

as at 31 March 2012 zum 31. Marz 2012Net assets (000’s) Nettovermogen (in Tausend) 387Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 4.788Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 -

as at 30 September 2011 zum 30. September 2011Net assets (000’s) Nettovermogen (in Tausend) 310Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 4.812Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 -

as at 30 September 2010 zum 30. September 2010Net assets (000’s) Nettovermogen (in Tausend) 203Net Asset Value per Share Class 1 Nettoinventarwert pro Aktie der Klasse 1 5.009Net Asset Value per Share Class 2 Nettoinventarwert pro Aktie der Klasse 2 -Net Asset Value per Share Class 3 Nettoinventarwert pro Aktie der Klasse 3 -Net Asset Value per Share Class 7 Nettoinventarwert pro Aktie der Klasse 7 -


29





NOTES TO THE FINANCIAL STATEMENTS

1. GENERAL

Universe, The CMI Global Network Fund, (the "Company’’) was incorporated as an investment fund in the Grand Duchy of Luxembourg on 12 April1990 and commenced its activities on 1 June 1990. The articles of incorporation were amended for the last time by notarial deed of 25 July 2005published in the Memorial on 24 August 2005. The Company qualifies as an investment company with variable capital (’’Societe d’Investissementa Capital Variable’’ or ‘‘SICAV’’) regulated under the part I of the law of 20 December 2002 until 30 June 2011 and under the part I of the law of 17December 2010 since 1st July 2011. The Company is established for an undetermined duration. The Company comprises 30 sub-funds, eachrelating 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 Company:

(a) Valuation of Securities:

All securities in the investment portfolios are quoted on a recognised stock exchange, or dealt in on another regulated market. Financialinstruments, which comprise short-term certificates of deposit and commercial paper, are valued at cost as it is intended to hold theseinstruments until maturity. The difference between the cost and the maturity value is recognized as interest income over the year. Inthese financial statements, securities and financial derivative instruments have been valued using the closing prices on 30 March 2012for securities listed in the American continent’s stock exchange, prices at 1 p.m. (CET) on 31 March 2012 have been used for securitieslisted in the European stock exchange and closing prices on 31 March 2012 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 thetransactions. Assets and liabilities are converted into the currency of the sub-fund at the exchange rate ruling at the balance sheet dateat 9.30 am or 12.30 pm (CET).

The combined statements of net assets, operations and changes in net assets are presented in euro (EUR), based on the closingexchange 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 normallyallocated based on the assets of the sub-funds.

(d) Income:

Dividends are recognised on an ex-dividend basis, net of withholding taxes in the country of origin. Interest is recognised on an accrualsbasis.

(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 Company uses the accounting practice of equalisation, by which a portion of the proceeds from subscriptions and costs ofredemptions of shares, equivalent on a per share basis to the amount of undistributed net investment income on the date of thetransaction, is credited or charged to undistributed income. On payment of a dividend the balance on the equalisation account isincluded in the amount available for distribution. As a result, undistributed net investment income per share is unaffected bysubscriptions and redemptions of shares.

g) Valuation of futures

The valuation of futures admitted to an official listing or any other organised market is based on the last known price or, if the futures aretraded on more than one market, on the basis of the last known price in the market on which the contract was concluded by the SICAV.Futures that are not listed or traded on a stock exchange or any other organised market will be valued at their probable market valueestimated conservatively and in good faith.

3. MANAGEMENT FEES

The Company has appointed as ‘‘Management Company’’, CMI Asset Management (Luxembourg) S.A., a company incorporated under the laws ofLuxembourg on 22 December 1988. The Management Company is responsible for the day to day management of the investments and is entitledto receive a fee, which is payable monthly and is based on the daily net asset value of each Class of the sub-funds. Fees are charged at thefollowing rates as stipulated in the prospectus:


30

3. MANAGEMENT FEES - continued

Class 1 Class 2 Class 3 Class 7

Equity sub-funds, The CMI Global Mixed sub-fund, and The CMI Global Bond sub-fund, exceptfor the CMI US Enhanced Equity sub-fund, CMI Japan Enhanced Equity and CMI Pacific BasinEnhanced Equity 1.25% 0.33% 0.115% 0.15%

The CMI US Enhanced Equity, CMI Japan Enhanced Equity and CMI Pacific Basin EnhancedEquity 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,CMIG Fixed Term Euro Bond sub-fund and CMIG Focus Euro Bond sub-fund 0.75% 0.23% 0.115% 0.15%Euro Equity Index Tracking, Japan Equity Index Tracking, UK Equity Index Tracking, US EquityIndex Tracking, and CMI Sterling Currency Reserve, CMI US Dollar Currency Reserve, CMIEuro 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%HLE Euro-Garant 80 Flex, HLE Euro-Garant 70 Flex 1.85% N/a N/a N/aHLE Euro-Garant 90 Flex 1.65% N/a N/a N/aCMIG Access 70% Flexible sub-fund N/a N/a N/a 0.15%CMIG Access 80% Flexible sub-fund N/a N/a N/a 0.15%CMIG Access 90% Flexible sub-fund N/a N/a N/a 0.15%

4. THE CUSTODIAN AND ADMINISTRATION

The Custodian is responsible for the safekeeping of the Company’s assets, as outlined in the section "Charges and Expenses". RBC Dexia InvestorServices Bank S.A. is registered with the Luxembourg Company Register (RCS) under number B-47192 and has been incorporated in 1994 underthe name "First European Transfer Agent". It is licensed to carry out banking activities under the terms of the Luxembourg law of 5 April 1993 onthe financial services sector and specialises in custody, fund administration and related services.

RBC Dexia Investor Services Bank S.A. is fully owned by RBC Dexia Investor Services Limited, a company under the laws of England and Walesthat is controlled by Dexia Banque Internationale a Luxembourg, societe anonyme, Luxembourg, Grand Duchy of Luxembourg, and Royal Bank ofCanada, Toronto, Canada. In case of voluntary withdrawal of the Custodian or of its removal by the Company, the Custodian must be replacedwithin two months. In the meantime, the Custodian shall take all necessary steps for the good preservation of the Shareholders’ interests.

The appointment of a new Custodian is subject to the approval of the "Commission de Surveillance du Secteur Financier". RBC Dexia InvestorServices Bank S.A. has been appointed as Administrative Agent by the Manager to provide transfer agency and fund accounting services to theCompany.

In accordance with Luxembourg law the custody of the Company’s assets are entrusted to the Custodian, RBC Dexia Investor Services Bank S.A.,for safekeeping. The Custodian must:

(a) ensure that the sale, issue, repurchase and cancellation of Shares effected by or on behalf of the Fund are carried out in accordance withLuxembourg law and the Articles;(b) ensure that in transactions involving the sub-funds’ assets, any consideration is remitted to it within the usual time limits;(c) ensure that the sub-funds’ income is applied in accordance with Luxembourg law and the Articles.

In this respect the Custodian will receive a fee from the Company, which amounts to a maximum of 0.10% of the Net Asset Value.

In terms of Company administration and transfer agency fees, the Management Company will pay a flat fee for this service to RBC Dexia InvestorServices Bank S.A.. These fees are therefore not paid by the Company.

5. TAXE D’ABONNEMENT

Under present Luxembourg law and practice, the Company is not liable to any Luxembourg income tax nor are dividends paid by the Companyliable to any Luxembourg withholding tax. The Company in respect of class 1 Shares (excluding the Currency Reserve and the CMIG sub-funds) isliable 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 thenet assets of the Company at the end of the relevant calendar quarter. In respect of class 2, class 3 and class 7 Shares, the CMIG sub-funds andthe 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 Luxembourgon the issue of Shares except a once and for all initial registration tax which was paid on incorporation. No Luxembourg capital gains tax ispayable on the realised or unrealised capital appreciation of the assets of the Company.


31

NOTES TO THE FINANCIAL STATEMENTS - continued

6. DISTRIBUTIONS

The following dividend distributions were declared on 3 October 2011 in respect of the year from 1 October 2010 to 30 September 2011 andpaid on 15 October 2011.

CMI CONTINENTAL EUROPEAN EQUITY ShareClass 1 EUR 0.259 US EQUITY INDEX TRACKING Share Class 3 USD 0.453CMI CONTINENTAL EUROPEAN EQUITY ShareClass 2 EUR 0.468 US EQUITY INDEX TRACKING Share Class 7 USD 0.454CMI CONTINENTAL EUROPEAN EQUITY ShareClass 3 EUR 0.515 CMI EURO BOND Share Class 1 EUR 1.354CMI CONTINENTAL EUROPEAN EQUITY ShareClass 7 EUR 0.527 CMI EURO BOND Share Class 2 EUR 1.599CMI GERMAN EQUITY Share Class 1 EUR 0.674 CMI EURO BOND Share Class 3 EUR 1.647CMI GERMAN EQUITY Share Class 2 EUR 1.117 CMI EURO BOND Share Class 7 EUR 1.786CMI GERMAN EQUITY Share Class 7 EUR 1.251 CMIG FIXED TERM EURO BOND Share Class 3 EUR 1.613CMI JAPAN ENHANCED EQUITY Share Class 1 JPY 32.485 CMI JAPAN BOND Share Class 1 JPY 8.606CMI JAPAN ENHANCED EQUITY Share Class 2 JPY 47.279 CMI JAPAN BOND Share Class 2 JPY 18.058CMI JAPAN ENHANCED EQUITY Share Class 3 JPY 50.217 CMI JAPAN BOND Share Class 3 JPY 20.000CMI JAPAN ENHANCED EQUITY Share Class 7 JPY 49.808 CMI UK BOND Share Class 1 GBP 0.207CMI PACIFIC BASIN ENHANCED EQUITY ShareClass 1 USD 0.829 CMI UK BOND Share Class 2 GBP 0.249CMI PACIFIC BASIN ENHANCED EQUITY ShareClass 2 USD 1.087 CMI UK BOND Share Class 3 GBP 0.258CMI PACIFIC BASIN ENHANCED EQUITY ShareClass 3 USD 1.140 CMI US BOND Share Class 1 USD 0.260CMI PACIFIC BASIN ENHANCED EQUITY ShareClass 7 USD 1.173 CMI US BOND Share Class 2 USD 0.334CMI US ENHANCED EQUITY Share Class 1 USD 0.302 CMI US BOND Share Class 3 USD 0.349CMI US ENHANCED EQUITY Share Class 2 USD 0.574 CMI US BOND Share Class 7 USD 0.588CMI US ENHANCED EQUITY Share Class 3 USD 0.630 CMIG FIXED TERM US BOND Share Class 3 USD 0.453

CMI US ENHANCED EQUITY Share Class 7 USD 0.621CMI STERLING CURRENCY RESERVE Share Class1 GBP 0.036

CMI UK EQUITY Share Class 1 GBP 0.195CMI STERLING CURRENCY RESERVE Share Class2 GBP 0.052

CMI UK EQUITY Share Class 2 GBP 0.300CMI STERLING CURRENCY RESERVE Share Class3 GBP 0.055

CMI UK EQUITY Share Class 3 GBP 0.324CMI US DOLLAR CURRENCY RESERVE Share Class2 USD 0.017

CMI UK EQUITY Share Class 7 GBP 0.339CMI US DOLLAR CURRENCY RESERVE Share Class3 USD 0.024

EURO EQUITY INDEX TRACKING Share Class 1 EUR 0.512CMI US DOLLAR CURRENCY RESERVE Share Class7 USD 0.040

EURO EQUITY INDEX TRACKING Share Class 2 EUR 0.571 CMI EURO CURRENCY RESERVE Share Class 1 EUR 0.206EURO EQUITY INDEX TRACKING Share Class 3 EUR 0.581 CMI EURO CURRENCY RESERVE Share Class 2 EUR 0.289EURO EQUITY INDEX TRACKING Share Class 7 EUR 0.542 CMI EURO CURRENCY RESERVE Share Class 3 EUR 0.305JAPAN EQUITY INDEX TRACKING Share Class 1 JPY 6.755 CMI EURO CURRENCY RESERVE Share Class 7 EUR 0.311JAPAN EQUITY INDEX TRACKING Share Class 2 JPY 8.452 CMI GLOBAL BOND Share Class 1 GBP 0.024JAPAN EQUITY INDEX TRACKING Share Class 3 JPY 8.756 CMI GLOBAL BOND Share Class 2 GBP 0.039UK EQUITY INDEX TRACKING Share Class 1 GBP 0.384 CMI GLOBAL MIXED Share Class 1 GBP 0.016UK EQUITY INDEX TRACKING Share Class 2 GBP 0.433 CMI GLOBAL MIXED Share Class 2 GBP 0.034UK EQUITY INDEX TRACKING Share Class 3 GBP 0.442 CMI GLOBAL EQUITY Share Class 1 GBP 0.011UK EQUITY INDEX TRACKING Share Class 7 GBP 0.481 CMI GLOBAL EQUITY Share Class 2 GBP 0.029US EQUITY INDEX TRACKING Share Class 1 USD 0.301 CMI EUROPEAN ENHANCED EQUITY Share Class 7 EUR 0.743US EQUITY INDEX TRACKING Share Class 2 USD 0.430 CMIG ACCESS 80% Flexible Share Class 7 EUR 0.078

7. OTHER INCOME

7.1 Securities Lending

The Company has signed a contract for securities lending with Royal Trust Corporation of Canada who acts as a securities lending agent.

The Company earned net income of EUR 1,151,581 from its activity in securities lending during the period. As at 31 March 2012, the Companyhad assets on loan to the value of EUR 1,457,662,234.


32


7. OTHER INCOME - continued

As at period-end, the market value of the securities lent per sub-fund is as follows:

Sub-fund n˚ Sub-fundSub-fundCCY

Total market value ofsecurities lent

LU9718 CMI Continental European Equity EUR 218,982,228

LU9714 CMI German Equity EUR 4,667,383

LU9722 CMI Japan Enhanced Equity JPY 15,645,185

LU9723 CMI Pacific Basin Enhanced Equity USD 2,469,228

LU9721 CMI US Enhanced Equity USD 10,964,131

LU9720 CMI UK Equity GBP 4,708,868

LU9735 Euro Equity Index Tracking EUR 3,426,067

LU9736 Japan Equity Index Tracking JPY 2,888,191

LU9734 UK Equity Index Tracking GBP 931,210

LU9733 US Equity Index Tracking USD 1,318,609

LU9727 CMI Euro Bond EUR 1,464,009

LU9737 CMI Fixed Term Euro Bond EUR 5,152,838

LU9726 CMI UK Bond GBP 3,136,072

LU9728 CMI US Bond USD 14,374,933

LU9732 CMI Sterling Currency Reserve GBP -

LU9730 CMI US Dollar Currency Reserve USD 137,072

LU9731 CMI Euro Currency Reserve EUR 6,916,415

LU9729 CMI Global Bond GBP 882,134

LU9725 CMI Global Mixed GBP 3,327,157

LU9719 CMI Global Equity GBP 516,718

LU9694 CMIG Access 80% EUR 59,264,962

LU7735 HLE Euro-Garant 80 Flex EUR 2,034,188

LU7729 CMIG Access 70% Flexible EUR 3,005,467



LU9642 CMI European Enhanced Equity EUR 1,366,871

LU2219 HLE Euro-Garant 70 Flex EUR 10,218

LU2220 HLE Euro-Garant 90 Flex EUR 62,990

LU2780 CMIG Focus Euro Bond Fund EUR 1,045,573,488

8. RELATED PARTY TRANSACTIONS

There were no significant related party transactions during the period, other than those reported in these Financial Statements and marked with a* in the portfolio of investments.

9. PURCHASE AND SALE OF SECURITIES

A listing of purchases and sales of securities for the year for each sub-fund is available upon request of the Company’s registered office.

10. SOFT COMMISSIONS

No soft commission arrangements were entered into by the Management Company or the Investment Advisers with brokers during the period.


33


11. FUTURES

Commitments for financial futures contracts and the related net unrealised profit/(loss) recorded as at 31 March 2012 were as follows:

Sub-funds DescriptionFund

Currency Notional ValueFutures

CurrencyUnrealisedGain/(Loss)

CMI European Enhanced Equity DOW JONES EURO STOXX 50/PR.IND 15/06/2012 (30 contracts)

EUR 722,100 EUR (28,175)

CMIG Access 70% Flexible DOW JONES EURO STOXX 50/PR.IND 15/06/2012 (30 contracts)

EUR 722,100 EUR (8,400)


EUR 3,586,430 EUR (107,320)


EUR 361,050 EUR (12,400)

HLE Euro-Garant 80 Flex DOW JONES EURO STOXX 50/PR.IND 15/06/2012 (10 contracts)

EUR 240,700 EUR (6,900)

CMI US Enhanced Equity S&P 500 EMINI INDEX 15/06/2012 (1contract)

USD 69,913 USD 563

CMI Japan Enhanced Equity TOPIX INDEX (TOKYO) 07/06/2012(15 contracts)

JPY 128,550,000 JPY 2,139,000

CMI Pacific Basin Enhanced Equity HONG KONG HANG SENGINDICES 27/04/2012 (9 contracts)

HKD 9,220,500 USD (9,042)

CMI Pacific Basin Enhanced Equity S&P / ASX 200 INDEX 21/06/2012(18 contracts)

AUD 1,954,800 USD 4,635

US Equity Index Tracking S&P 500 EMINI INDEX 15/06/2012(11 contracts)

USD 769,038 USD 15,600

UK Equity Index Tracking UKX FTSE 100 INDEX 15/06/2012(14 contracts)

GBP 802,200 GBP (18,281)

Euro Equity Index Tracking DOW JONES EURO STOXX 50/PR.IND 15/06/2012 (9 contracts)

EUR 216,630 EUR (8,445)

Japan Equity Index Tracking TOPIX INDEX (TOKYO) 07/06/2012 (3contracts)

JPY 25,710,000 JPY 433,000

Related cash balances held as margin against the above positions are included in cash at bank.

12. CURRENCY RATES

The accounting for the Company as a whole is carried out in EUR.Exchange rates as at 31 March 2012 were:

1 EUR = 0.833495 GBP1 EUR = 1.334800 USD1 EUR = 109.533645 JPY

13. NOTIONAL COMMISSION

The notional commission is a provision calculated in order to pay the broker fees arising on the purchases/sales of securities when a largemovement of capital is registered.


34


13. NOTIONAL COMMISSION - continued

It is calculated on a daily basis at the rates shown below. There is no notional commission for the Universe Bond sub-funds and the CurrencyReserve sub-funds. A global percentage applied to the market value of the portfolio is determined for the following sub-funds:

Sub-fund nameNotional commission

rate

CMI Continental European Equity 0.200%CMI German Equity 0.200%CMI Japan Enhanced Equity 0.180%CMI Pacific Basin Enhanced Equity 0.350%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%HLE Euro-Garant 80 Flex 0.200%CMIG Access 70% Flexible 0.200%CMIG Access 80% Flexible 0.200%CMIG Access 90% Flexible 0.200%HLE Euro-Garant 70 Flex 0.200%HLE Euro-Garant 90 Flex 0.200%CMIG Focus Euro Bond 0.200%

According to the daily net amount of redemptions and subscriptions per sub-fund, a single price will be determined according to the followingprocess:

The Dealing Price per Share will be rounded up to a maximum of 0.30 % of the Net Asset Value of that class. If the Directors expect that there willbe overall net redemptions over a longer period of time, the Directors will consider to change the aforesaid pricing policy in a manner that theDealing Price per Share will be rounded down to a maximum of 0.30% of the Net Asset Value. In any case, the rounding down will be applied if onany Dealing Day net redemptions exceed 10% of the Net Asset Value of the relevant Class. The purpose of such rounding is to cover dealing costswhich normally arise, upon net subscriptions, from acquiring new investments or, upon net redemptions, the sale of investments.

14. HLE Euro-Garant Flex sub-funds

- HLE Euro-Garant 80 Flex sub-fund. At any time, the dealing price at which investors may redeem their shares cannot fall below 80% of the highestNet Asset Value per share achieved by the sub-fund since its launch.




35


ERLAUTERUNGEN ZUM HALBJAHRESBERICHT

1. ALLGEMEINES

Universe, The CMI Global Network Fund, SICAV (die "Gesellschaft") wurde am 12. April 1990 im Großherzogtum Luxemburg als Investmentfondsgegrundet und hat ihre Geschaftstatigkeit am 1. Juni 1990 aufgenommen. Zuletzt notariell geandert am 25. Juli 2005, publiziert im Memorial am24. August 2005. Die Gesellschaft ist als Investmentgesellschaft mit variablem Grundkapital (’’Societe d’Investissement a Capital Variable’’ oder‘‘SICAV’’) registriert und unterlag bis zum 30. Juni 2011 dem Gesetz Teil I vom 20. Dezember 2002 und ab dem 1. Juli 2011 dem Gesetz vom 17.Dezember 2010. Sie umfaßt 30 Teilfonds, deren Nettovermogen jeweils in Wertpapieren, flussigen Mitteln, sonstigen Anlagen undVerbindlichkeiten investiert ist.

2. BILANZIERUNGS- UND BEWERTUNGSGRUNDSATZE

Die Abschlusse werden in Ubereinstimmung mit den luxemburgischen Vorschriften fur Investmentfonds erstellt.

Im Folgenden werden die wichtigsten Bilanzierungs- und Bewertungsgrundsatze der Gesellschaft zusammengefasst:

(a) Bewertung von Wertpapieren:

Alle Wertpapiere des Wertpapierbestandes notieren an einer anerkannten Wertpapierborse oder werden an einem sonstigen geregeltenMarkt gehandelt. Finanzinstrumente, zu denen kurzfristige Einlagenzertifikate und Commercial Paper zahlen, werden zu denAnschaffungskosten angesetzt, da die Absicht besteht, diese Titel bis zur Falligkeit zu halten. Die Differenz zwischen denAnschaffungskosten und dem Falligkeitswert wird als Zinsertrag uber das Jahr erfasst. In diesem Abschluss wurden in Amerika notierteWertpapiere und Derivate mit den Schlusskursen vom 30. Marz 2012, in Europa notierte Wertpapiere mit den Kursen von 13 Uhr (MEZ)am 31. Marz 2012 und in Asien notierte Wertpapiere mit den Schlusskursen vom 31. Marz 2012 bewertet.

(b) Devisenumrechnung:

Geschafte in Fremdwahrung zu dem Wechselkurs, der am Datum der Transaktion um 13 Uhr (MEZ) gilt, in die Wahrung des jeweiligenTeilfonds umgerechnet. Anlagen und Verbindlichkeiten werden zum am Bilanzstichtag um 13 Uhr (MEZ) gultigen Wechselkurs in dieWahrung des Teilfonds umgerechnet.

Die zusammengefassten Aufstellungen des Nettovermogens die Aufwands- und Ertragsrechnungen und die Entwicklungen desNettovermogens werden zum Schlusskurs am Bilanzstichtag geltenden Wechselkurs in Euro ausgewiesen.

(c) Kostenverteilung:

Jedem Teilfonds werden die ihm unmittelbar zuzuweisenden Kosten belastet. Kosten, die keinem bestimmten Teilfonds zugewiesenwerden konnen, werden basierend auf den einzelnen Teılfondsvermogen aufgetelt.

(d) Ertrage:

Dividenden werden auf Ex-Dividenden-Basis abzuglich der Quellensteuern des Ursprungslandes verbucht. Zinsen werden auf derGrundlage der periodengerechten Abgrenzung verbucht.

(e) Gewinne und Verluste aus Wertpapierverkaufen:

Die realisierten Gewinne und Verluste aus Wertpapierverkaufen werden auf Basis der durchschnittlichen Anschaffungskosten desjeweiligen Wertpapieres ermittelt.

(f) Ertragsausgleich:

Die Gesellschaft wendet die Bilanzierungspraxis des Ertragsausgleichs (equalisation) an, bei der ein dem anteiligen am Datum derTransaktion nicht ausgeschutteten und saldierten Kapitalertrag entsprechender Teil der Ertrage aus Zeichnungen und der Kosten ausRucknahmen von Aktien den nicht ausgeschutteten Ertragen gutgeschrieben bzw. belastet wird. Bei der Zahlung einer Dividende wirdder Saldo des Ausgleichskontos in den fur die Ausschuttung zur Verfugung stehenden Betrag aufgenommen. Auf diese Weise bleibt dernicht ausgeschuttete und saldierte Kapitalertrag je Aktie von Zeichnungen oder Rucknahmen von Aktien unberuhrt.

g) Bewertung von Finanztermingeschaften:

Die Bewertung der zum offiziellen Handel oder an einem sonstigen organisierten Markt zugelassenen Futures erfolgt auf der Grundlagedes letzten bekannten Kurses und, falls das betreffende Finanztermingeschaft an mehreren Markten gehandelt wird, auf der Grundlagedes letzten bekannten Kurses auf dem Markt, an dem der entsprechende Kontrakt vom jeweiligen Teilfonds abgeschlossen wurde. Nichtnotierte oder nicht an einer Borse oder einem sonstigen organisierten Markt gehandelte Finanztermingeschafte werden auf derGrundlage des wahrscheinlichen Verkaufswertes bewertet, der nach bestem Wissen geschatzt wird.

3. VERWALTUNGSGEBUHREN

Die Gesellschaft hat CMI Asset Management (Luxembourg) S.A., eine am 22. Dezember 1988 nach luxemburgischem Recht gegrundeteGesellschaft, zur ‘‘Verwaltungsgesellschaft’’ bestellt. Die Verwaltungsgesellschaft ist fur die tagliche Verwaltung des Fondsvermogensverantwortlich und hat Anspruch auf eine Gebuhr, die monatlich im Nachhinein gezahlt wird. Berechnungsgrundlage ist der Nettoinventarwert dereinzelnen Teilfonds. Die Gebuhren werden zu den im Prospekt aufgefuhrten Satzen berechnet:


36

3. VERWALTUNGSGEBUHREN - Fortsetzung

Klasse 1 Klasse 2 Klasse 3 Klasse 7

Equity-Teilfonds, der CMI Global Mixed-Teilfonds und der CMI Global Bond-Teilfonds mitAusnahme des CMI US Enhanced Equity-Teilfonds, des CMI Japan Enhanced Equity und desCMI Pacific Basin Enhanced Equity 1,25% 0,33% 0,115% 0,15%

Der CMI US Enhanced Equity, der CMI Japan Enhanced Equity und der CMI Pacific BasinEnhanced Equity 0,75% 0,23% 0,115% 0,15%

Bond Teilfonds (mit Ausnahme des CMI Global Bond Teilfonds), CMIG Fixed Term US BondTeilfonds, CMIG Fixed Term Euro Bond Teilfonds und CMIG Focus Euro Bond sub-fund 0,75% 0,23% 0,115% 0,15%Euro Equity Index Tracking, Japan Equity Index Tracking, UK Equity Index Tracking, US EquityIndex Tracking und CMI Sterling Currency Reserve, CMI US Dollar Currency Reserve, CMI EuroCurrency Reserve Teilfonds 0,50% 0,18% 0,115% 0,15%CMIG Access 80% Teilfonds N/a N/a N/a 0,15%HLE Euro-Garant 80 Flex, HLE Euro-Garant 70 Flex 1,85% N/a N/a N/aHLE Euro-Garant 90 Flex 1,65% N/a N/a N/aCMIG Access 70% Flexible Teilfonds N/a N/a N/a 0,15%CMIG Access 80% Flexible Teilfonds N/a N/a N/a 0,15%CMIG Access 90% Flexible Teilfonds N/a N/a N/a 0,15%

4. DIE DEPOTBANK UND DIE VERWALTUNG

Die Depotbank ist fur die sichere Verwahrung der Anlagen der Gesellschaft verantwortlich, wie im Abschnitt "Kosten und Aufwendungen"dargelegt. RBC Dexia Investor Services Bank S.A. ist im luxemburgischen Handelsregister (RCS) unter der Nummer B-47192 eingetragen undwurde 1994 unter dem Namen "First European Transfer Agent" gegrundet. Sie ist gemaß dem luxemburgischen Gesetz vom 5. April 1993 uberden Finanzdienstleistungssektor zur Fuhrung von Bankgeschaften zugelassen und auf Depotbank-, Fondsverwaltungs- und sonstige damitzusammenhangende Leistungen spezialisiert.

RBC Dexia Investor Services Bank S.A. ist eine hundertprozentige Tochtergesellschaft der RBC Dexia Investor Services Limited, einer nach demRecht von England und Wales konstituierten Gesellschaft, die von der Dexia Banque Internationale a Luxembourg, societe anonyme, Luxemburg,Großherzogtum Luxemburg, und von der Royal Bank of Canada, Toronto, Kanada, beherrscht wird. Wenn die Depotbank freiwillig zurucktritt odervon der Gesellschaft entlassen wird, muss innerhalb von zwei Monaten eine neue Depotbank bestellt werden. In der Zwischenzeit hat dieDepotbank alle erforderlichen Maßnahmen zur Wahrung der Interessen der Aktionare zu ergreifen.

Die Bestellung einer neuen Depotbank unterliegt der Zustimmung der "Commission de Surveillance du Secteur Financier". RBC Dexia InvestorServices Bank S.A. wurde vom Manager zur Verwaltungsstelle bestellt, um fur die Gesellschaft Transferstellen- und Fondsabrechnungsleistungenzu erbringen.

Nach luxemburgischem Recht wurde die Depotbank, RBC Dexia Investor Services Bank S.A., mit der sicheren Verwahrung der Anlagen derGesellschaft betraut. Die Depotbank hat Folgendes zu tun:

(a) sicherzustellen, dass der Verkauf, die Emission, die Rucknahme und die Streichung von Aktien durch oder fur den Fonds gemaß dem RechtLuxemburgs und der Satzung erfolgen;(b) sicherzustellen, dass bei Geschaften uber die Anlagen der Teilfonds jegliche Gegenleistung innerhalb der ublichen Fristen erbracht wird;(c) sicherzustellen, dass die Ertrage der Teilfonds gemaß dem Recht Luxemburgs und der Satzung verwendet werden;

Dafur erhalt die Depotbank von der Gesellschaft eine Gebuhr in Hohe von bis zu 0,10 % des Nettoinventarwerts.

In Bezug auf die Fondsverwaltungs- und Transferstellengebuhren zahlt die Verwaltungsgesellschaft eine Pauschale an die RBC Dexia InvestorServices Bank S.A.. Diese Gebuhren werden daher nicht von der Gesellschaft getragen.

5. STEUERN

Gemaß dem derzeit geltenden Luxemburger Recht und den derzeitigen Rechtsgepflogenheiten unterliegt die Gesellschaft in Luxemburg keinenErtragssteuern und die von der Gesellschaft ausgeschutteten Dividenden unterliegen keiner Quellensteuer. Die Aktien der Klasse 1 derGesellschaft (mit Ausnahme der Currency Reserve- und CMIG-Teilfonds) unterliegen in Luxemburg einer Steuer in Hohe von 0,05% p.a. des Wertesdes Nettovermogens, die vierteljahrlich auf der Grundlage des Wertes des Nettovermogens der Gesellschaft zum Ende des jeweiligenKalenderquartals zahlbar ist. Fur Aktien der Klasse 2, Klasse 3 und Klasse 7 der CMIG-Teilfonds und der drei Currency Reserve-Teilfonds wird eineSteuer in Hohe von 0,01% p.a. erhoben. Bei der Emission der Aktien fallen in Luxemburg mit Ausnahme einer einmaligen Registersteuer, die beider Eintragung ins Handelsregister entrichtet wurde, keine Stempelsteuer oder sonstigen Steuern an. Es werden keine Kapitalertragsteuern aufdie realisierte oder nicht realisierte Wertsteigerung des Nettovermogens der Gesellschaft erhoben.


37

ERLAUTERUNGEN ZUM HALBJAHRESBERICHT - Fortsetzung

6. AUSSCHUTTUNGEN

Fur das Geschaftsjahr vom 3. Oktober 2011 bis zum 30. September 2011 wurden am 1. Oktober 2010 folgende Ausschuttungen beschlossen,die am 15. Oktober 2011 ausgezahlt wurden:

CMI CONTINENTAL EUROPEAN EQUITYAktienklasse 1 EUR 0,259 US EQUITY INDEX TRACKING Aktienklasse 3 USD 0,453CMI CONTINENTAL EUROPEAN EQUITYAktienklasse 2 EUR 0,468 US EQUITY INDEX TRACKING Aktienklasse 7 USD 0,454CMI CONTINENTAL EUROPEAN EQUITYAktienklasse 3 EUR 0,515 CMI EURO BOND Aktienklasse 1 EUR 1,354CMI CONTINENTAL EUROPEAN EQUITYAktienklasse 7 EUR 0,527 CMI EURO BOND Aktienklasse 2 EUR 1,599CMI GERMAN EQUITY Aktienklasse 1 EUR 0,674 CMI EURO BOND Aktienklasse 3 EUR 1,647CMI GERMAN EQUITY Aktienklasse 2 EUR 1,117 CMI EURO BOND Aktienklasse 7 EUR 1,786CMI GERMAN EQUITY Aktienklasse 7 EUR 1,251 CMIG FIXED TERM EURO BOND Aktienklasse 3 EUR 1,613CMI JAPAN ENHANCED EQUITY Aktienklasse 1 JPY 32,485 CMI JAPAN BOND Aktienklasse 1 JPY 8,606CMI JAPAN ENHANCED EQUITY Aktienklasse 2 JPY 47,279 CMI JAPAN BOND Aktienklasse 2 JPY 18,058CMI JAPAN ENHANCED EQUITY Aktienklasse 3 JPY 50,217 CMI JAPAN BOND Aktienklasse 3 JPY 20,000CMI JAPAN ENHANCED EQUITY Aktienklasse 7 JPY 49,808 CMI UK BOND Aktienklasse 1 GBP 0,207CMI PACIFIC BASIN ENHANCED EQUITYAktienklasse 1 USD 0,829 CMI UK BOND Aktienklasse 2 GBP 0,249CMI PACIFIC BASIN ENHANCED EQUITYAktienklasse 2 USD 1,087 CMI UK BOND Aktienklasse 3 GBP 0,258CMI PACIFIC BASIN ENHANCED EQUITYAktienklasse 3 USD 1,140 CMI US BOND Aktienklasse 1 USD 0,260CMI PACIFIC BASIN ENHANCED EQUITYAktienklasse 7 USD 1,173 CMI US BOND Aktienklasse 2 USD 0,334CMI US ENHANCED EQUITY Aktienklasse 1 USD 0,302 CMI US BOND Aktienklasse 3 USD 0,349CMI US ENHANCED EQUITY Aktienklasse 2 USD 0,574 CMI US BOND Aktienklasse 7 USD 0,588CMI US ENHANCED EQUITY Aktienklasse 3 USD 0,630 CMIG FIXED TERM US BOND Aktienklasse 3 USD 0,453

CMI US ENHANCED EQUITY Aktienklasse 7 USD 0,621CMI STERLING CURRENCY RESERVE Aktienklasse1 GBP 0,036

CMI UK EQUITY Aktienklasse 1 GBP 0,195CMI STERLING CURRENCY RESERVE Aktienklasse2 GBP 0,052

CMI UK EQUITY Aktienklasse 2 GBP 0,300CMI STERLING CURRENCY RESERVE Aktienklasse3 GBP 0,055

CMI UK EQUITY Aktienklasse 3 GBP 0,324CMI US DOLLAR CURRENCY RESERVEAktienklasse 2 USD 0,017

CMI UK EQUITY Aktienklasse 7 GBP 0,339CMI US DOLLAR CURRENCY RESERVEAktienklasse 3 USD 0,024

EURO EQUITY INDEX TRACKING Aktienklasse 1 EUR 0,512CMI US DOLLAR CURRENCY RESERVEAktienklasse 7 USD 0,040

EURO EQUITY INDEX TRACKING Aktienklasse 2 EUR 0,571 CMI EURO CURRENCY RESERVE Aktienklasse 1 EUR 0,206EURO EQUITY INDEX TRACKING Aktienklasse 3 EUR 0,581 CMI EURO CURRENCY RESERVE Aktienklasse 2 EUR 0,289EURO EQUITY INDEX TRACKING Aktienklasse 7 EUR 0,542 CMI EURO CURRENCY RESERVE Aktienklasse 3 EUR 0,305JAPAN EQUITY INDEX TRACKING Aktienklasse 1 JPY 6,755 CMI EURO CURRENCY RESERVE Aktienklasse 7 EUR 0,311JAPAN EQUITY INDEX TRACKING Aktienklasse 2 JPY 8,452 CMI GLOBAL BOND Aktienklasse 1 GBP 0,024JAPAN EQUITY INDEX TRACKING Aktienklasse 3 JPY 8.756 CMI GLOBAL BOND Aktienklasse 2 GBP 0,039UK EQUITY INDEX TRACKING Aktienklasse 1 GBP 0,384 CMI GLOBAL MIXED Aktienklasse 1 GBP 0,016UK EQUITY INDEX TRACKING Aktienklasse 2 GBP 0,433 CMI GLOBAL MIXED Aktienklasse 2 GBP 0,034UK EQUITY INDEX TRACKING Aktienklasse 3 GBP 0,442 CMI GLOBAL EQUITY Aktienklasse 1 GBP 0,011UK EQUITY INDEX TRACKING Aktienklasse 7 GBP 0,481 CMI GLOBAL EQUITY Aktienklasse 2 GBP 0,029

US EQUITY INDEX TRACKING Aktienklasse 1 USD 0,301CMI EUROPEAN ENHANCED EQUITY Aktienklasse7 EUR 0,743

US EQUITY INDEX TRACKING Aktienklasse 2 USD 0,430 CMIG ACCESS 80% Flexible Aktienklasse 7 EUR 0,078

7. SONSTIGE ERTRAGE

7.1 Wertpapierleihe

Die Gesellschaft hat einen Wertpapierleihvertrag mit Royal Trust Corporation of Canada abgeschlossen, die als Wertpapierleihstelle fungiert.

Die Gesellschaft erwirtschaftete im Laufe des Geschaftsjahres einen Nettogewinn von EUR 1,151,581 aus ihrem Wertpapierleihgeschaft. Zum31. Marz 2012 hatte die Gesellschaft Vermogenswerte im Wert von EUR 1.457.662.234 verliehen.


38


7. SONSTIGE ERTRAGE - Fortsetzung

Zum berichtsperiode ist der Marktwert der ausgeliehenen Wertpapiere pro Teilfonds wie folgt:

Teilfonds n˚ TeilfondsTeilfondsWahrung

Gesamt Marktwert derausgeliehenenWertpapiere

LU9718 CMI Continental European Equity EUR 218.982.228

LU9714 CMI German Equity EUR 4.667.383

LU9722 CMI Japan Enhanced Equity JPY 15.645.185

LU9723 CMI Pacific Basin Enhanced Equity USD 2.468.228

LU9721 CMI US Enhanced Equity USD 10.964.131

LU9720 CMI UK Equity GBP 4.708.868

LU9735 Euro Equity Index Tracking EUR 3.426.067

LU9736 Japan Equity Index Tracking JPY 2.888.191

LU9734 UK Equity Index Tracking GBP 931.210

LU9733 US Equity Index Tracking USD 1.318.609

LU9727 CMI Euro Bond EUR 1.464.009

LU9737 CMI Fixed Term Euro Bond EUR 5.152.838

LU9726 CMI UK Bond GBP 3.136.072

LU9728 CMI US Bond USD 14.374.933

LU9732 CMI Sterling Currency Reserve GBP -

LU9730 CMI US Dollar Currency Reserve USD 137.072

LU9731 CMI Euro Currency Reserve EUR 6.916.415

LU9729 CMI Global Bond GBP 882.134

LU9725 CMI Global Mixed GBP 3.327.157

LU9719 CMI Global Equity GBP 516.718

LU9694 CMIG Access 80% EUR 59.264.962

LU7735 HLE Euro-Garant 80 Flex EUR 2.034.188

LU7729 CMIG Access 70% Flexible EUR 3.005.467



LU9642 CMI European Enhanced Equity EUR 1.366.871

LU2219 HLE Euro-Garant 70 Flex EUR 10.218

LU2220 HLE Euro-Garant 90 Flex EUR 62.990

LU2780 CMIG Focus Euro Bond Fund EUR 1.045.573.488

8. GESCHAFTE MIT NAHE STEHENDEN PERSONEN BZW. UNTERNEHMEN

Wahrend des Jahres sind keine erheblichen Transaktionen mit nahe stehenden Personen bzw. Unternehmen erfolgt mit Ausnahme derer, die indiesem Jahresabschluss dargelegt und im Wertpapierbestand mit einem * gekennzeichnet sind.

9. AN- UND VERKAUFE VON WERTPAPIEREN

Eine Auflistung der An- & Verkaufe des Berichtzeitraumes fur jeden Teilfonds ist auf Anfrage am eingetragenen Sitz der Gesellschaft oder uber dieDresdner Bank A.G., Taunusanlage 12, D-60262 Frankfurt am Main erhaltlich.

10. AUSGLEICHSPROVISIONEN

Weder die Fondsverwaltungsgesellschaft noch der Anlageberater hat wahrend des Berichtszeitraums Ausgleichsprovisionsvereinbarungen mitBrokern abgeschlossen.


39


11. FINANZTERMINGESCHAFTE

Die Finanztermingeschafte und die damit verbundenen nicht realisierten Netto Gewinne/(Netto Verluste) stellen sich am 31. Marz 2012folgendermaßen dar:

Teilfonds BeschreibungFonds-

wahrung Nominalwert

Finanz-termin-

geschafts-wahrung

Nichtrealisierter

Netto Gewinn/(Netto Verlust)

CMI European Enhanced Equity DOW JONES EURO STOXX 50/PR.IND 06/15/2012 (30 Kontrakte)

EUR 722,100 EUR (28,175)

CMIG Access 70% Flexible DOW JONES EURO STOXX 50/PR.IND 06/15/2012 (30 Kontrakte)

EUR 722,100 EUR (8,400)


EUR 3,586,430 EUR (107,320)


EUR 361,050 EUR (12,400)

HLE Euro-Garant 80 Flex DOW JONES EURO STOXX 50/PR.IND 06/15/2012 (10 Kontrakte)

EUR 240,700 EUR (6,900)

CMI US Enhanced Equity S&P 500 EMINI INDEX 06/15/2012 (1Kontrakt)

USD 69,913 USD 563

CMI Japan Enhanced Equity TOPIX INDEX (TOKYO) 06/07/2012(15 Kontrakte)

JPY 128,550,000 JPY 2,139,000

CMI Pacific Basin Enhanced Equity HONG KONG HANG SENGINDICES 04/27/2012 (9 Kontrakte)

HKD 9,220,500 USD (9,042)

CMI Pacific Basin Enhanced Equity S&P / ASX 200 INDEX 06/21/2012(18 Kontrakte)

AUD 1,954,800 USD 4,635

US Equity Index Tracking S&P 500 EMINI INDEX 06/15/2012(11 Kontrakte)

USD 769,038 USD 15,600

UK Equity Index Tracking UKX FTSE 100 INDEX 06/15/2012(14 Kontrakte)

GBP 802,200 GBP (18,281)

Euro Equity Index Tracking DOW JONES EURO STOXX 50/PR.IND 06/15/2012 (9 Kontrakte)

EUR 216,630 EUR (8,445)

Japan Equity Index Tracking TOPIX INDEX (TOKYO) 06/07/2012 (3Kontrakte)

JPY 25,710,000 JPY 433,000

Barguthaben, die als Marge gegen oben genannte Positionen gehalten werden, sind in den Bankguthaben enthalten.

12. UMRECHNUNGSKURSE

Die Buchhaltung der Gesellschaft erfolgt in EUR.

Die Umrechnungskurse zum 31. Marz 2012 waren:

1 EUR = 0.833495 GBP1 EUR = 1.334800 USD1 EUR = 109.533645 JPY

13. FIKTIVE PROVISION

Die fiktive Provision ist eine Provision, die zur Deckung der Maklergebuhren berechnet wird, die beim Kauf/Verkauf von Wertpapieren anfallen,wenn eine umfangreiche Rucknahme von Aktien verzeichnet wird.

Die Berechnung erfolgt taglich auf der Grundlage der unten angegebenen Satze. Fur die Universe Bond-Teilfonds und die Currency Reserve-Teilfonds wird keine fiktive Provision berechnet. Bei den folgenden Teilfonds wird ein globaler Prozentsatz des Marktwertes des Portfoliosfestgelegt.

Name des Teilfonds Fiktive Provision

CMI Continental European Equity 0,200%CMI German Equity 0,200%CMI Japan Enhanced Equity 0,180%CMI Pacific Basin Enhanced Equity 0,350%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%


40


13. FIKTIVE PROVISION - Fortsetzung

CMIG Access 80% 0,200%CMI European Enhanced Equity 0,200%HLE Euro-Garant 80 Flex 0,200%CMIG Access 70% Flexible 0,200%CMIG Access 80% Flexible 0,200%CMIG Access 90% Flexible 0,200%HLE Euro-Garant 70 Flex 0,200%HLE Euro-Garant 90 Flex 0,200%CMIG Focus Euro Bond 0,200%

Gemaß der taglichen Nettosumme der Rucknahmen und Zeichnungen pro Teilfonds wird ein Einheitskurs nach dem folgenden Schema ermittelt:

Der Handelspreis je Aktie wird auf bis zu 0,30 % des Nettoinventarwerts dieser Klasse aufgerundet. Wenn der Verwaltungsrat damit rechnet, dassdie Rucknahmen uber einen langeren Zeitraum die Zeichnungen uberschreitet werden, wird der Verwaltungsrat erwagen, diese Regelungdahingehend zu andern, dass der Handelspreis je Aktie auf bis zu 0,30 % des Nettoinventarwerts abgerundet wird.

Es erfolgt in jedem Fall eine Abrundung, wenn die Nettorucknahmen an einem Handelstag mehr als 10 % des Nettoinventarwerts der betreffendenKlasse betragen. Der Zweck dieser Rundung besteht darin, die Handelskosten zu decken, die normalerweise beim Kauf bzw. Verkauf von Anlagenanfallen, je nachdem, ob die Zeichnungen die Rucknahmen uberschreiten oder umgekehrt.

14. HLE EURO-GARANT FLEX-TEILFONDS

- HLE Euro-Garant 80 Flex-Teilfonds. Der Handelspreis, zu dem die Anleger ihre Aktien zuruckgeben konnen, kann zu keinem Zeitpunkt unter 80%des hochsten Nettoinventarwerts je Aktie absinken, den der Teilfonds seit seiner Auflegung erreicht hat.




41


Portfolio and sector analysis of each sub-fundWertpapierbestand und Sektorenaufschlusselung fur die einzelnen Teilfonds

CONTENTSINHALTSVERZEICHNIS

Page - Seite

CMI CONTINENTAL EUROPEAN EQUITYPortfolio of investments - Wertpapierbestand 44Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 45

CMI GERMAN EQUITYPortfolio of investments - Wertpapierbestand 46Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 47

CMI JAPAN ENHANCED EQUITYPortfolio of investments - Wertpapierbestand 48Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 53

CMI PACIFIC BASIN ENHANCED EQUITYPortfolio of investments - Wertpapierbestand 54Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 66

CMI US ENHANCED EQUITYPortfolio of investments - Wertpapierbestand 67Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 72

CMI UK EQUITYPortfolio of investments - Wertpapierbestand 73Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 74

EURO EQUITY INDEX TRACKINGPortfolio of investments - Wertpapierbestand 75Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 76

JAPAN EQUITY INDEX TRACKINGPortfolio of investments - Wertpapierbestand 77Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 82

UK EQUITY INDEX TRACKINGPortfolio of investments - Wertpapierbestand 83Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 90

US EQUITY INDEX TRACKINGPortfolio of investments - Wertpapierbestand 91Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 97

CMI EURO BONDPortfolio of investments - Wertpapierbestand 98Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 99

CMIG FIXED TERM EURO BONDPortfolio of investments - Wertpapierbestand 100Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 101

CMI JAPAN BONDPortfolio of investments - Wertpapierbestand 102Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 103


Page - Seite

CMI UK BONDPortfolio of investments - Wertpapierbestand 104Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 105

CMI US BONDPortfolio of investments - Wertpapierbestand 106Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 107

CMIG FIXED TERM US BONDPortfolio of investments - Wertpapierbestand 108Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 109

CMI STERLING CURRENCY RESERVEPortfolio of investments - Wertpapierbestand 110Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 112

CMI US DOLLAR CURRENCY RESERVEPortfolio of investments - Wertpapierbestand 113Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 115

CMI EURO CURRENCY RESERVEPortfolio of investments - Wertpapierbestand 116Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 118

CMI GLOBAL BONDPortfolio of investments - Wertpapierbestand 119Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 121

CMI GLOBAL MIXEDPortfolio of investments - Wertpapierbestand 122Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 125

CMI GLOBAL EQUITYPortfolio of investments - Wertpapierbestand 126Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 127

CMI EUROPEAN ENHANCED EQUITYPortfolio of investments - Wertpapierbestand 128Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 129

CMIG FOCUS EURO BONDPortfolio of investments - Wertpapierbestand 130Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 131

CMIG ACCESS 80%Portfolio of investments - Wertpapierbestand 132Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 133

CMIG ACCESS 70% FLEXIBLEPortfolio of investments - Wertpapierbestand 134Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 136


42


Page - Seite



HLE EURO-GARANT 70 FLEXPortfolio of investments - Wertpapierbestand 142Sector Analysis of Portfolios - Aufschlusselung desWertpapierbestandes nach Sektoren 144




43

Portfolio and sector analysis of each sub-fundWertpapierbestand und Sektorenaufschlusselung fur die einzelnen Teilfonds

CMI Continental European EquityPortfolio of Investments as at 31 March 2012

Wertpapierbestand zum 31. Marz 2012

Quantity -

Anzahl

Description -

Wertpapierbezeichnung

Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien

Transferable securities admitted to anofficial stock exchange listing - Amtlichnotierte Wertpapiere

Belgium - Belgien 3.35708,699 Anheuser-Bush Inbev

Sa38,418,573 3.35

Finland - Finnland 4.201,272,402 Fortum Corporation 22,941,408 2.001,181,169 Sampo Plc A 25,253,393 2.20

France - Frankreich 36.47221,997 Arkema 15,566,430 1.36

1,262,417 Axa 15,742,340 1.37325,533 Bnp Paribas 11,676,869 1.0293,291 Bureau Veritas 6,133,883 0.54

533,193 Essilor International 35,825,238 3.12784,757 Julius Baer Grp 23,645,822 2.06271,241 Lvmh Moet Hennessy

Eur 0.334,922,279 3.04

456,666 Metso Corp 14,814,245 1.29808,696 Publicis Groupe Sa 33,346,579 2.91964,569 Safran Sa 26,467,773 2.31507,733 Saint-Gobain 17,123,295 1.49919,004 Sanofi-Aventis 53,467,653 4.66719,185 Schneider Electric Sa 35,703,939 3.11760,034 Scor Se 15,364,087 1.34225,435 Technip 19,606,082 1.71850,043 Total Sa 32,229,380 2.81685,406 Vinci 26,706,845 2.33

Germany - Deutschland 18.01367,857 Bmw-Bayer.

Motorenwerke24,999,562 2.18

633,900 Daimler Ag / Namen-Akt.

28,837,379 2.51

536,763 Deutsche Bank Ag /Nam.

19,991,201 1.74

633,821 Fresenius Medical CareAg

33,690,121 2.94

433,903 Heidelbergcement Ag 19,851,930 1.73251,843 Henkel / Vorzug 13,726,703 1.20187,117 Linde A.G. 24,979,745 2.18772,937 Sap Ag 40,554,459 3.53

Italy - Italien 2.36703,373 Saipem Spa 27,136,130 2.36

Netherlands - Niederlande 6.574,675,959 Ing Groep Nv / Cert.of

Shs29,692,340 2.59

1,275,763 Koninklijke Ahold Nv 13,197,768 1.15749,140 Koninklijke Dsm Nv 32,527,659 2.83

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Sweden - Schweden 5.381,702,727 Nordea Bank Ab 11,542,334 1.013,143,013 Skandinav.Ensk.Banken

A16,603,468 1.45

1,126,902 Swedish Match Ab 33,540,048 2.92

Switzerland - Schweiz 21.52170,826 Kuehne & Nagel

International17,285,035 1.51

1,242,873 Nestle Sa 57,979,659 5.051,144,161 Novartis Ag Basel /

Nam.47,163,545 4.11

19,639 Sgs Sa / Nom. 28,185,579 2.46147,105 Syngenta Ag / Nam. 37,804,280 3.3073,023 The Swatch Group Ag 25,045,665 2.18

167,049 Zurich FinancialServices / Nam

33,375,867 2.91

TOTAL INVESTMENTPORTFOLIO - SUMMEWERTPAPIERBESTAND

1,122,666,590 97.86

OTHER NET ASSETS -SONSTIGESNETTOVERMOGEN

24,520,372 2.14

TOTAL NET ASSETS -NETTOVERMOGENINSGESAMT

1,147,186,962 100.00


44

A Statement of changes in the composition of each of the sub-funds is available to shareholders on request from the Company’s Registered Office or Deutsche Bank A.G., Alfred Herrhausen Allee 16-24, D-

65760 Eschborn. Eine Aufstellung der Veranderungen im Wertpapierbestand der einzelnen Teilfonds ist fur Aktionare auf Anfrage vom Gesellschaftsitz der Gesellschaft oder uber die Deutsche Bank A.G.,

Alfred Herrhausen Allee 16- 24, D-65760 Eschborn erhaltlich.

CMI Continental European Equity

Sector Analysis of Portfolio as at 31 March 2012

Analyse des Wertpapierbestandes nach Sektoren zum 31. Marz 2012

SectorSektor

% of Net Assets - % desNettovermogens

Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 14.83Banks and financial institutions - Banken,Kreditinstitute 10.01Petrol - Treibstoff 8.88Tobacco and spirits - Tabak undalkoholische Getranke 6.27Chemicals - Chemie 6.13Insurance - Versicherungen 5.62Construction, building materials - Bau,Baustoffe 5.55Food and distilleries - Nahrungsmittel,alkoholische Getranke 5.05States, provinces and municipalities -Staats- und Kommunalanleihen 4.71Automobile industry - Automobilindustrie 4.69Internet software - Internet, Software 3.53Electronics and electrical equipment -Elektrotechnik und Elektronik 3.11Textile - Textil- und Bekleidungsindustrie 3.04Graphic art and publishing - Grafik undVerlage 2.91Other services - SonstigeDienstleistungen 2.46News transmission -Nachrichtenubertragung 2.31Clock and watch-making industry - Clock-und Uhrenindustrie 2.18Mechanics, machinery - Maschinen- undApparatebau 2.18Transport - Verkehr und Transport 1.51Consumer goods - Konsumguter 1.20Retail trade, department stores -Einzelhandel und Warenhauser 1.15Aerospace technology - Luft- undRaumfahrttechnologie 0.54

TOTAL INVESTMENT PORTFOLIO -SUMME WERTPAPIERBESTAND

97.86

OTHER NET ASSETS - SONSTIGESNETTOVERMOGEN

2.14

TOTAL NET ASSETS -GESAMTNETTOVERMOGEN

100.00


45


65760 Eschborn. Eine Aufstellung der Veranderungen im Wertpapierbestand der einzelnen Teilfonds ist fur die Aktionare auf Anfrage vom Gesellschaftsitz der Gesellschaft idem oder uber die Deutsche Bank

A.G., Alfred Herrhausen Allee 16- 24, D-65760 Eschborn erhaltlich.

CMI German EquityPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


France - Frankreich 3.872,681 Adidas Namen-Akt 155,989 1.71

28,527 Tag Immobilien Ag 196,237 2.16

Germany - Deutschland 93.104,506 Allianz Se / Nam.

Vinkuliert402,656 4.43

9,663 Basf Namen-Akt. 632,733 6.977,354 Bayer 386,181 4.255,035 Bmw-Bayer.

Motorenwerke342,179 3.77

1,925 Boss Ag.Hugo/Vorzugsaktie

167,127 1.84


796,974 8.77


445,140 4.90

2,524 Deutsche Boerse Ag /Nam.

126,149 1.39

25,771 Deutsche Post Ag.Bonn

372,520 4.10

41,935 Deutsche Telekom /Nam.

377,415 4.15

28,779 E.On - Namen Akt. 514,281 5.663,656 Fresenius Medical Care

Ag194,331 2.14

3,893 Fresenius Se & CoKgaa

299,045 3.29

4,392 Hamburger Hafen UndLogistik Ag

111,702 1.23

7,309 Heidelbergcement Ag 334,401 3.684,055 Henkel / Vorzug 221,018 2.432,680 Linde A.G. 357,775 3.941,583 Muenchener Rueckvers

/ Namensakt180,460 1.99

14,111 Sap Ag 740,376 8.159,638 Siemens Ag / Nam. 728,035 8.01

11,749 Skw Stahl-MetallurgieHldng Ag

179,290 1.97

7,991 Symrise Ag 173,109 1.915,005 Tipp24 195,535 2.15

13,768 Tom Tailor Hldg Ag 179,755 1.98


8,810,413 96.97


274,901 3.03

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens


9,085,314 100.00


46




CMI German Equity



SectorSektor


Chemicals - Chemie 13.13Automobile industry - Automobilindustrie 12.54Internet software - Internet, Software 8.15Various capital goods - VerschiedeneProduktionsguter 8.01Insurance - Versicherungen 6.42Public services - Energie undWasserversorgung 5.66Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 5.43Banks and financial institutions - Banken,Kreditinstitute 4.90News transmission -Nachrichtenubertragung 4.15Transport - Verkehr und Transport 4.10Mechanics, machinery - Maschinen- undApparatebau 3.94States, provinces and municipalities -Staats- und Kommunalanleihen 3.87Textile - Textil- und Bekleidungsindustrie 3.82Construction, building materials - Bau,Baustoffe 3.68Other services - SonstigeDienstleistungen 3.38Holding and finance companies - Holding-und Finanzgesellschaften 3.36Consumer goods - Konsumguter 2.43


96.97


3.03


100.00


47




CMI Japan Enhanced EquityPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Japan - Japan 97.29700 Abc Mart Inc 2,180,500 0.04

1,510 Acom Co Ltd *Opa* 2,791,990 0.0516,900 Aeon Co Ltd 18,387,200 0.342,100 Aeon Credit Service Ltd 2,734,200 0.052,300 Aeon Mall Co Ltd 4,422,900 0.087,300 Aisin Seiki Co Ltd 21,213,800 0.40

14,000 Ajinomoto Co. Inc 14,532,000 0.27800 Alfresa Hld Corp Tokyo 3,148,000 0.06

6,400 All Nippon Airways CoLtd

1,600,000 0.03

3,900 Alps Electric Co 2,839,200 0.058,000 Amada Co.Ltd 4,464,000 0.081,600 Aoyama Trading Co Ltd 2,808,000 0.05

19,000 Aozora Bank Ltd 4,541,000 0.0810,200 Asahi Breweries 18,696,600 0.3552,000 Asahi Glass Co. Ltd 36,504,000 0.6840,000 Asahi Kasei Corp 20,440,000 0.381,000 Asatsu-Dk Inc. 2,379,000 0.042,500 Asics Corp. 2,340,000 0.047,200 Astellas Pharma Inc 24,480,000 0.461,100 Autobacs Seven Co Ltd 4,389,000 0.086,000 Awa Bank Ltd 3,048,000 0.068,000 Bank of Kyoto 6,008,000 0.111,600 Benesse Corp. 6,600,000 0.12

28,000 Bk of Yokohama 11,592,000 0.2211,300 Bridgestone Corp 22,667,800 0.4217,100 Brother Industries Ltd 19,186,200 0.362,000 Calsonic Corp 1,010,000 0.02

39,400 Canon Inc. 154,054,000 2.881,500 Canon Marketing Japan

Inc1,591,500 0.03

1,600 Capcom Co Ltd 3,025,600 0.062,200 Casio Computer Co.Ltd 1,300,200 0.02

62 Central Japan RailwayCo

42,284,000 0.79

1,400 Century Tokyo LeasingCorp

2,339,400 0.04

19,000 Chiba Bank 10,032,000 0.1911,800 Chubu Electric Power

C. Jpy50017,629,200 0.33

4,200 Chugai Pharmaceut.Co.Ltd

6,409,200 0.12

5,000 Chugoku Bank Ltd 5,595,000 0.108,300 Chugoku Electr.Power

Jpy 50012,757,100 0.24

103,150 Chuo Mitsui TrustHoldings Inc

27,231,600 0.51

1,500 Circle K Sunkus Co Ltd 2,656,500 0.057,700 Citizen Holdings Co Ltd 4,034,800 0.081,700 Coca-Cola West

Holdings Co Ltd2,466,700 0.05

4,500 Comsys Holdings Corp 4,032,000 0.0825,000 Cosmo Oil Co Ltd 5,750,000 0.11

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

4,700 Credit Saison Co Ltd 7,872,500 0.1515,000 Dai Nippon Printing Co.

Ltd12,690,000 0.24

245 Dai-Ichi Life InsuranceCo Ltd

28,003,500 0.52

17,000 Daicel ChemicalIndustries Co.

9,061,000 0.17

9,000 Daido Steel Co Ltd 5,157,000 0.105,000 Daihatsu Motor Co 7,580,000 0.14

14,600 Daiichi Sankyo Co Ltd 22,016,800 0.413,300 Daikin Industries Ltd 7,434,900 0.14

11,000 Dainippon ScreenManufact.

8,195,000 0.15

6,700 Dainippon SumitomoPharma Co

5,875,900 0.11

8,000 Daishi Bank Ltd 2,328,000 0.043,300 Daito Trust Construct. 24,519,000 0.46

13,000 Daiwa H. Industr.Co.Ltd 14,222,000 0.2744,000 Daiwa Securities Group

Inc14,388,000 0.27

1,800 Dena Co Ltd Tokyo 4,127,400 0.0820,000 Denki Kagaku Kogyo Kk 6,620,000 0.1216,800 Denso Corp 46,452,000 0.872,800 Dentsu Inc Tokyo 7,380,800 0.14

35,000 Dic Corp 5,845,000 0.11500 Disco Corp. 2,287,500 0.04

1,100 Don Quijote Co Ltd 3,305,500 0.06200 Dowa Holdings Co Ltd 110,000 0.00

8,800 East Japan Railway Co 45,848,000 0.8615,000 Ebara Corp. 4,455,000 0.087,400 Eisai Co.Ltd 24,346,000 0.459,300 Electric Power

Development Co20,869,200 0.39

800 Exedy Corp. 1,887,200 0.041,300 Ezaki Glico Co Ltd 1,290,900 0.021,400 Familymart Co Ltd 4,900,000 0.094,300 Fanuc Ltd Jpy 50 63,124,000 1.18200 Fast Retailing Co Ltd 3,772,000 0.07

15,500 Fuji Electric HoldingsCo Ltd

3,379,000 0.06

35,000 Fuji Heavy IndustriesLtd

23,275,000 0.43

14 Fuji Television NetworkInc

1,992,200 0.04

10,900 Fujifilm Holdings Corp 21,156,900 0.3911,000 Fujikura Ltd 3,036,000 0.0643,700 Fujitsu Ltd 19,053,200 0.3623,000 Fukuoka Financial

Group8,441,000 0.16

4,000 Fukuyama Transp. 1,800,000 0.03300 Funai Electric Co Ltd 556,500 0.01

8,500 Furukawa Electric Co.Ltd

1,870,000 0.03

1,600 Glory Ltd 2,897,600 0.05500 Gree 1,044,500 0.02

11,000 Gunma Bank Ltd 4,873,000 0.093,000 H2o Retailing Corp 2,157,000 0.04

11,000 Hachijuni Bank Ltd 5,368,000 0.10160 Hakuhodo Dy Hld Inc 832,000 0.02


48




Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

1,900 Hamamatsu Photonics 5,937,500 0.1126,000 Hankyu Hanshin

Holdings Inc9,386,000 0.18

44,000 Haseko Corp 2,948,000 0.061,200 Heiwa Corp. 1,994,400 0.045,000 Higo Bank Ltd 2,450,000 0.05600 Hikari Tsushin Inc. 1,459,200 0.03

3,000 Hino Motors Ltd 1,794,000 0.03500 Hirose Electric Co.Ltd 4,345,000 0.08

14,000 Hiroshima Bank Ltd 5,292,000 0.101,700 Hisamitsu

Pharmaceutical Co6,672,500 0.12

4,000 Hitachi Cable Ltd 936,000 0.021,200 Hitachi Capital Corp. 1,478,400 0.033,010 Hitachi Chemical Co 4,484,900 0.082,368 Hitachi Constr.Machin. 4,335,808 0.081,300 Hitachi High-

Technologies Corp2,567,500 0.05

1,500 Hitachi Koki Co Ltd 1,135,500 0.0271,000 Hitachi Ltd 37,701,000 0.703,000 Hitachi Metals Ltd 3,084,000 0.061,000 Hitachi Transport

System1,505,000 0.03

4,900 Hokkaido Electr.Power 5,953,500 0.118,000 Hokkoku Bank Ltd 2,488,000 0.05

31,000 Hokuhoku FinancialGroup

4,898,000 0.09

7,000 Hokuriku Elec.Jpy 500 10,472,000 0.2033,800 Honda Motor Co.Ltd 106,301,000 1.981,100 Hoshizaki El 2,147,200 0.041,700 House Foods Corp 2,405,500 0.04

12,000 Hoya Corp 22,308,000 0.422,200 Hulic 2,195,600 0.046,000 Hyakugo Bank Ltd

(105th Bank)2,286,000 0.04

7,000 Hyakujuschi Bank Ltd 2,695,000 0.053,200 Ibiden Co Ltd 6,774,400 0.131,000 Idemitsu Kosan 8,250,000 0.15

46,000 Ihi Corp 9,614,000 0.1856 Inpex Holdings Inc

Tokyo31,304,000 0.58

11,220 Isetan Mitsukoshi HldLtd

10,905,840 0.20

47,000 Isuzu Motors Ltd 22,795,000 0.432,300 Ito En Ltd 3,415,500 0.06

43,100 Itochu Corp 38,919,300 0.73700 Itochu Techno-Solutions

Corp2,593,500 0.05

7,000 Iyo Bank Ltd 5,131,000 0.101,400 Izumi Co Ltd 2,185,400 0.04

11,800 J. Front Retailing Co Ltd 5,451,600 0.101,100 Jafco Co Ltd 2,207,700 0.041,200 Japan Petroleum

Exploration Co4,626,000 0.09

4,000 Japan Steel Works Ltd 2,268,000 0.04120 Japan Tobacco Inc. 55,920,000 1.04

7,500 Jfe Holdings Inc 13,335,000 0.258,500 Jgc Corp. 21,802,500 0.41

18,000 Joyo Bank Ltd 6,822,000 0.13

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

6,800 Js Group Corp 11,784,400 0.225,700 Jsr Corp. Tokyo 9,496,200 0.18

19,600 Jtekt Corp 19,423,600 0.369,000 Juroku Bank Ltd 2,565,000 0.05

68,060 Jx Holdings 34,914,780 0.651,500 K S Holdings Corp 4,002,000 0.07800 Kagome Co Ltd 1,296,000 0.02

5,000 Kagoshima Bank Ltd 2,640,000 0.0526,000 Kajima Corp. 6,552,000 0.12

600 Kakaku Com Inc Tokyo 1,300,800 0.028,000 Kamigumi Co Ltd 5,480,000 0.103,000 Kandenko Co Ltd 1,206,000 0.025,000 Kaneka Corp. 2,495,000 0.05

21,700 Kansai Electr. Power C.Jpy500

27,819,400 0.52

1,000 Kansai Paint Co LtdOsaka

835,000 0.02

8,000 Kansai Urban BankingCorp

1,008,000 0.02

16,700 Kao Corp. 36,272,400 0.6845,000 Kawasaki Heavy Ind. 11,385,000 0.2118,700 Kawasaki Kisen 3,403,400 0.063,000 Kayaba Industry Co Ltd 1,509,000 0.03108 Kddi Corp. 57,888,000 1.08

8,000 Keisei Electric Railway 5,120,000 0.105,000 Keiyo Bank Ltd 1,985,000 0.04831 Keyence Corp. 16,171,260 0.30

3,000 Kikkoman Corp. 2,871,000 0.058,000 Kinden Corp 5,112,000 0.10

13,000 Kirin Holdings Co Ltd 13,923,000 0.261,400 Kissei Pharmaceutical

Co Ltd2,269,400 0.04

400 KobayashiPharmaceutical Co

1,656,000 0.03

83,000 Kobe Steel Ltd 11,122,000 0.214,000 Koito Manufacturing Co

Ltd5,356,000 0.10

2,900 Kokuyo Co Ltd 1,792,200 0.0319,800 Komatsu Ltd 46,708,200 0.871,300 Komeri Co Ltd 3,066,700 0.06300 Konami Corp 703,800 0.01

15,000 Konica Minolta HoldingsInc

10,845,000 0.20

600 Kose Corp Tokyo 1,125,000 0.025,000 Kubota Corp 3,975,000 0.07

19,100 Kuraray Co Ltd 22,366,100 0.421,500 Kurita Water Ind.Ltd 3,042,000 0.065,000 Kyocera Corp. 37,900,000 0.717,231 Kyowa Hakko Kogyo Co 6,652,520 0.12

11,200 Kyushu Electr.PowerCo / Jpy 500

13,204,800 0.25

1,400 Lawson Inc 7,294,000 0.141,100 Lintec Corp 1,845,800 0.034,600 Lion Corp. 2,180,400 0.04

4 M3 Inc 1,200,000 0.02500 Mabuchi Motors 1,877,500 0.04

2,700 Makita Corp 8,964,000 0.1777,400 Marubeni Corp. 46,207,800 0.866,000 Marui Group Co Ltd 4,140,000 0.08


49




CMI Japan Enhanced EquityPortfolio of Investments as at 31 March 2012 - continued

Wertpapierbestand zum 31. Marz 2012 - Fortsetzung

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

2,800 Maruichi Steel Tube 5,409,600 0.103,200 Matsui Securities Ltd 1,705,600 0.031,300 Matsumotokiyoshi

Holdings Co2,333,500 0.04

65,970 Matsushita Electr.Ind. 50,203,170 0.9461,100 Mazda Motor Corp 8,859,500 0.173,800 Mediceo Paltac


1,219 Meiji Holdings Co Ltd 4,406,685 0.082,000 Minebea Co Ltd 722,000 0.011,300 Miraca Holdings Inc 4,199,000 0.081,100 Misumi Group Inc 2,214,300 0.04

43,500 Mitsubishi ChemicalHldgs Corp

19,227,000 0.36

42,900 Mitsubishi Corp 82,368,000 1.5452,100 Mitsubishi Electric Corp 38,137,200 0.7127,000 Mitsubishi Estate Co. 39,852,000 0.7414,000 Mitsubishi Gas

Chemical7,742,000 0.14

99,000 Mitsubishi HeavyIndustries

39,699,000 0.74

2,000 Mitsubishi LogisticsCorp

1,954,000 0.04

47,000 Mitsubishi MaterialsCorp

12,314,000 0.23

74,000 Mitsubishi Motor Corp. 6,956,000 0.133,500 Mitsubishi Tanabe

Pharma Corp4,063,500 0.08

379,870 Mitsubishi Ufj FinancialGroup

156,506,440 2.92

1,270 Mitsubishi Ufj Lease &Finance

4,622,800 0.09

49,200 Mitsui & Co Ltd 66,764,400 1.2527,000 Mitsui Chemicals Inc. 6,777,000 0.1319,000 Mitsui Engin.&Shipbuil 2,736,000 0.0523,000 Mitsui Fudosan Co 36,409,000 0.6827,000 Mitsui Mining&Smelting 6,291,000 0.1223,500 Mitsui O.S.K.Lines Ltd

Tokyo8,460,000 0.16

2,900 Mitsumi Electric Co 2,067,700 0.04630,340 Mizuho Financial Group

Inc85,095,900 1.59

3,000 MochidaPharmaceutical

2,928,000 0.05

2,600 Mori Seiki 2,212,600 0.0415,907 Msig Holdings 27,025,993 0.504,000 Murata Manufacturing

Co Ltd19,620,000 0.37

700 Musashino Bank Ltd 1,993,600 0.042,000 Nabtesco Corp 3,396,000 0.062,000 Nagase & Co Ltd 2,048,000 0.04

21,900 Nagoya Railroad Co Ltd 4,993,200 0.094,200 Namco Bandai Hldg 5,014,800 0.098,000 Nanto Bank Ltd 3,128,000 0.06

47,800 Nec Corp 8,269,400 0.1510,000 Ngk Insulators Ltd 11,810,000 0.226,000 Ngk Spark Plug Co Ltd 7,086,000 0.13

11,200 Nhk Spring Co 9,968,000 0.197,000 Nichirei Corp. 2,716,000 0.05

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

2,000 Nidec Sankyo Corp 998,000 0.0211,000 Nikon Corp. 27,632,000 0.52

580 Nintendo Co.Ltd 7,221,000 0.1314,000 Nippon Electric Glass 10,066,000 0.1934,000 Nippon Express Co.Ltd 10,982,000 0.206,000 Nippon Kayaku Co Ltd 5,088,000 0.109,000 Nippon Meat Packers 9,459,000 0.181,000 Nippon Paint Co Ltd 627,000 0.013,900 Nippon Paper Group Inc 6,719,700 0.13

36,000 Nippon Sheet Glass Co. 4,572,000 0.096,000 Nippon Shokubai Co

Ltd5,754,000 0.11

184,400 Nippon Steel Corp 41,858,800 0.7813,600 Nippon Tel&Tel 51,068,000 0.95

150 Nippon Television Netw 1,990,500 0.0445,000 Nippon Yusen K K 11,700,000 0.222,000 Nipro Corp 1,234,000 0.02

16,000 Nishi Nippon City Bk 3,744,000 0.076,000 Nishi-Nippon Railroad 2,334,000 0.046,600 Nissan Chemical Ind. 5,128,200 0.10

73,900 Nissan Motor Co.Ltd 65,105,900 1.221,100 Nissha Printing Co Ltd 1,191,300 0.027,500 Nisshin Seifun Group

Inc7,507,500 0.14

23,000 Nisshin Steel Co Ltd 3,197,000 0.061,600 Nisshinbo Ind. 1,252,800 0.021,600 Nissin Food Products

Co.Ltd4,952,000 0.09

200 Nitori Co Ltd 1,496,000 0.033,700 Nitto Denko Corp 12,339,500 0.23

11,400 Nksj Holdings Inc 21,090,000 0.395,100 Nok Corp 9,180,000 0.17

91,000 Nomura Holdings Inc 33,306,000 0.622,200 Nomura Real Estate

Hdgs Inc3,209,800 0.06

8,700 Nomura ResearchInstitute Ltd

17,861,100 0.33

600 Ns Solutions Corp 956,400 0.0220,000 Nsk Ltd 12,740,000 0.2420,000 Ntn Corp 7,000,000 0.13

17 Ntt Data Corp 4,945,300 0.09574 Ntt Docomo Inc 78,867,600 1.4735 Ntt Urban Dev Corp 2,359,000 0.04

22,000 Obayashi Corp. 7,942,000 0.15160 Obic Co Ltd Tokyo 2,684,800 0.05

7,000 Ogaki Kyoritsu Bk 2,086,000 0.0412,000 Oji Paper Co Ltd 4,800,000 0.094,000 Okuma Corp 2,736,000 0.057,200 Olympus Corp 9,748,800 0.186,800 Omron Corp 12,104,000 0.233,000 Ono Pharmaceutical Co 13,830,000 0.264,200 Onward Holdings Co

Ltd2,835,000 0.05

800 Oracle Corp JapanToky

2,516,000 0.05

400 Oriental Land Co Ltd 3,548,000 0.072,680 Orix Corp 21,172,000 0.40

65,000 Osaka Gas Co Ltd 21,580,000 0.40


50






Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

500 Osaka TitaniumTechnologies Co

1,580,000 0.03

400 Otsuka Corp 2,692,000 0.0519,300 Otsuka Holdings Co Ltd 47,285,000 0.884,600 Pacific Metals Co Ltd 2,088,400 0.042,000 Panahome Corp 1,130,000 0.02100 Point Inc 305,500 0.01

3,800 Qp Corp. 4,632,200 0.097,000 Rengo Co Ltd 4,011,000 0.07

53,100 Resona Holdings Inc 20,231,100 0.3816,000 Ricoh Co.Ltd 12,880,000 0.24

700 Rinnai Corp. 4,172,000 0.081,800 Rohm Co.Ltd 7,353,000 0.142,000 Rohto Pharmaceutical

Co Ltd2,066,000 0.04

900 Ryohin Keikaku Co Ltd 3,852,000 0.077,900 Sagami Railway Co Ltd 2,046,100 0.044,000 San-In Godo Bank Ltd 2,620,000 0.052,200 Sankyo 8,932,000 0.17900 Sanrio Co Ltd 2,907,000 0.05

2,800 Santen Pharmaceutical 9,898,000 0.188,500 Sapporo Hokuyo

Holdings Inc2,592,500 0.05

5,000 Sapporo Holdings Ltd 1,530,000 0.03300 Sawai Pharmaceutical

Co Ltd2,631,000 0.05

533 Sbi Holdings Inc 4,162,730 0.084,800 Secom Ltd 19,440,000 0.368,300 Sega Sammy Holding

Inc14,392,200 0.27

2,500 Seiko Epson Corp 2,900,000 0.055,000 Seino Holdings Co Ltd 2,990,000 0.06

25,000 Sekisui Chemical CoLtd

17,950,000 0.34

26,000 Sekisui House Ltd 21,086,000 0.3924,200 Senshu Ikeda Hldg 2,783,000 0.0517,600 Seven & I Holdings Co

Ltd43,260,800 0.81

8,000 Seventy-Seven (77)Bank

2,920,000 0.05

3,000 Sharp Corp. 1,812,000 0.036,000 Shiga Bank Ltd 2,970,000 0.064,000 Shikoku Electric Power

Co Inc.9,332,000 0.17

700 Shima Seiki Mfg Ltd 1,106,700 0.022,300 Shimachu Co Ltd 4,485,000 0.087,000 Shimadzu Corp 5,229,000 0.10600 Shimamura Corp. 5,556,000 0.10

1,500 Shimano Inc. 7,477,500 0.1412,000 Shimizu Corp 3,984,000 0.076,700 Shin-Etsu Chemical Co 32,026,000 0.602,000 Shinko Electric

Industries Co1,616,000 0.03

45,000 Shinsei Bank Ltd 4,860,000 0.0914,000 Shionogi & Co Ltd 16,016,000 0.306,100 Shiseido Co.Ltd 8,710,800 0.16

15,000 Shizuoka Bank Ltd 12,780,000 0.2432,000 Showa Denko Kk 6,016,000 0.113,400 Showa Shell Sekiyu Kk 1,795,200 0.03

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

19 Sky Perfect JsatHoldings Inc

692,550 0.01

1,500 Smc Corp 19,740,000 0.3730,000 Softbank 73,410,000 1.371,500 Sohgo Security

Services Co1,473,000 0.03

72,800 Sojitz Corp 10,774,400 0.2034,600 Sony Corp Jpy 50 58,958,400 1.104,531 Sony Financial Holding

Inc6,660,570 0.12

1,300 Square Enix 2,259,400 0.045,000 Stanley Electric Co Ltd 6,575,000 0.121,000 Sugi Holdings Co Ltd 2,531,000 0.053,300 Sumco Corp 3,323,100 0.066,000 Sumitomo Bakelite Co 2,616,000 0.057,000 Sumitomo Chemical

Co.Ltd2,464,000 0.05

41,700 Sumitomo Corp. 49,873,200 0.9327,600 Sumitomo Electric

Industries31,270,800 0.58

4,700 Sumitomo Forestry Co. 3,539,100 0.0720,800 Sumitomo Heavy


64,000 Sumitomo MetalIndustries

10,688,000 0.20

15,000 Sumitomo Metal MiningCo.Ltd

17,445,000 0.33

37,600 Sumitomo MitsuiFinancial Gr.

102,384,800 1.91

2,000 Sumitomo OsakaCement Co Ltd

482,000 0.01

220 Sumitomo Real EstateSales

851,400 0.02

12,000 SumitomoRealty&Development

23,940,000 0.45

5,800 Sumitomo Rubber Ind. 6,374,200 0.12700 Sundrug Co Ltd 1,792,000 0.03

6,300 Suruga Bank Ltd 5,323,500 0.102,100 Suzuken Co 5,359,200 0.10

11,500 Suzuki Motor Corp 22,735,500 0.4250 Sysmex Corp. Kobe 167,000 0.00

12,500 T&D Holdings Inc Tokyo 11,987,500 0.2219,000 Taiheiyo Cement Corp.

Tokyo3,496,000 0.07

17,000 Taisei Corp. 3,672,000 0.071,950 Taisho Pharmaceutical

Holdings13,084,500 0.24

9,000 Taiyo Nip.Sanso Corp 5,256,000 0.102,700 Taiyo Yuden Co Ltd 2,381,400 0.041,000 Takara Holdings Inc 563,000 0.017,000 Takashimaya Co Ltd 4,809,000 0.091,200 Takata Corp Tokyo 2,646,000 0.05

22,200 Takeda PharmaceuticalCo Ltd

80,919,000 1.51

2,500 Tdk Corp 11,725,000 0.2245,000 Teijin Ltd 12,510,000 0.23

200 Terumo Corp. 791,000 0.014,900 Thk Co Ltd 8,246,700 0.154,800 Tobu Railway Co.Ltd 2,107,200 0.04


51






Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

7,000 Toda Corp 1,946,000 0.0413,200 Toho Gas Co Ltd 6,441,600 0.12

900 Toho Titanium Co Ltd 1,172,700 0.0216,700 Tohoku Electr.Power

Jpy 50015,764,800 0.29

5,000 Tokai Carbon Ltd 2,205,000 0.041,200 Tokai Rika Co Ltd 1,702,800 0.03900 Tokai Rubber Industries

Ltd941,400 0.02

15,200 Tokio Marine HoldingsInc

34,519,200 0.64

8,000 Tokuyama 2,056,000 0.041,200 Tokyo Broadcast.Syst. 1,480,800 0.03

39,400 Tokyo Electric PowerJpy 500

8,195,200 0.15

4,700 Tokyo Electron Co Ltd 22,254,500 0.4236,000 Tokyo Gas Co.Ltd 14,040,000 0.263,600 Tokyo Steel Mfg 2,631,600 0.059,000 Tokyo Tatemono Co

Ltd3,015,000 0.06

3,000 Tokyu Corp 1,179,000 0.0210,000 Tokyu Land Corp. 4,050,000 0.0818,796 Tonengeneral Sekiyu

Kk Tokyo14,322,552 0.27

900 Toppan Forms Co Ltd.Tokyo

683,100 0.01

22,000 Toppan Printing Co.Ltd 14,212,000 0.277,000 Toray Industries Inc. 4,298,000 0.08

81,500 Toshiba Corp 29,666,000 0.553,000 Toshiba Tec Corp. 984,000 0.02

21,000 Tosoh Corp 4,830,000 0.09800 Toto Ltd 498,400 0.01

4,900 Toyo Seikan Kaisha Ltd 5,816,300 0.114,000 Toyo Suisan Kaisha 8,596,000 0.16

53,000 Toyobo Co Ltd 6,254,000 0.121,600 Toyoda Gosei Co Ltd 2,577,600 0.052,300 Toyota Boshoku Corp. 2,244,800 0.048,000 Toyota Industries Corp 19,968,000 0.37

57,725 Toyota Motor Corp. 206,078,250 3.856,300 Toyota Tsusho Corp. 10,615,500 0.20300 Trend Micro Inc.. Tokyo 762,900 0.01

2,000 Tsi Holdings Co Ltd 1,044,000 0.02852 Tsumura & Co 2,037,132 0.04

5 Tv Asahi Corp 674,500 0.016,100 U N Y Co Ltd 5,465,600 0.10

39,000 Ube Industries Ltd 8,775,000 0.161,000 Ulvac Inc 909,000 0.02500 Uni-Charm Corp. 2,185,000 0.04

3,200 Ushio Inc 3,721,600 0.07680 Uss Co Ltd Tokai 5,705,200 0.11

3,000 Wacoal Holdings Corp 2,943,000 0.054,657 West Japan Railway Co 15,484,525 0.29252 Yahoo Japan Corp

Tokyo6,748,560 0.13

908 Yakult Honsha 2,583,260 0.054,710 Yamada Denki Co Ltd 24,350,700 0.456,000 Yamaguchi Financial

Group Inc4,512,000 0.08

1,900 Yamaha Corp. 1,630,200 0.03

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

7,300 Yamaha Motor Co Ltd 8,095,700 0.152,900 Yamatake Corp 5,307,000 0.109,700 Yamato Holdings Co

Ltd12,406,300 0.23

700 Yamato Kogyo Co Ltd 1,690,500 0.032,000 Yamazaki Baking Co 2,372,000 0.042,000 Yaskawa Electric Corp. 1,556,000 0.032,400 Yokogawa Electric

Corp2,008,800 0.04

13,000 Yokohama Rubber CoLtd

7,748,000 0.14

11,000 Zeon Corp 8,437,000 0.16


5,213,464,115 97.29


145,109,391 2.71


5,358,573,506 100.00


52






CMI Japan Enhanced Equity



SectorSektor


Holding and finance companies - Holding-und Finanzgesellschaften 16.48Automobile industry - Automobilindustrie 11.84Electronic semiconductor - Halbleiter 10.95Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 6.09Other business houses - SonstigeHandelshauser 5.75Mechanics, machinery - Maschinen- undApparatebau 4.50Banks and financial institutions - Banken,Kreditinstitute 4.46Chemicals - Chemie 4.03Construction, building materials - Bau,Baustoffe 3.63News transmission -Nachrichtenubertragung 3.58Public services - Energie undWasserversorgung 3.43Electronics and electrical equipment -Elektrotechnik und Elektronik 3.26Transport - Verkehr und Transport 3.10Internet software - Internet, Software 2.29Real estate - Immobilien 2.19Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 1.53Retail trade, department stores -Einzelhandel und Warenhauser 1.39Tobacco and spirits - Tabak undalkoholische Getranke 1.39Food and distilleries - Nahrungsmittel,alkoholische Getranke 1.12Office equipment, computers -Buroausstattung, Computer 1.06Non-ferrous metals - Nichteisenmetalle 0.79Graphic art and publishing - Grafik undVerlage 0.72Tyres and rubber - Gummi und Reifen 0.70Petrol - Treibstoff 0.65Insurance - Versicherungen 0.64Other services - SonstigeDienstleistungen 0.43Consumer goods - Konsumguter 0.41Textile - Textil- und Bekleidungsindustrie 0.23Forest products and paper industry -Papier und Holz 0.22Package and container industry -Verpackungsindustrie 0.18Photography and optics - Foto und Optik 0.18Leisure - Freizeit 0.07


97.29


2.71


100.00


53




CMI Pacific Basin Enhanced EquityPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Australia - Australien 19.308,110 Adelaide Brighton Ltd 24,467 0.031,754 Agl Energy 26,914 0.03

71,644 Alumina Limited 92,046 0.1032,233 Amcor Ltd 249,478 0.2640,557 Amp Ltd 182,267 0.194,134 Ansell Ltd 63,950 0.07

52,990 Anz Banking Group 1,282,219 1.3412,929 Apa Grp Stapled

Security68,595 0.07

577 Aquila Resources Ltd 3,001 0.0016,988 Aristocrat Leisure

Limited53,371 0.06

20,348 Asciano Group /Stapled

103,723 0.11

3,575 Asx Limited 123,473 0.1318,127 Atlas Iron 54,310 0.064,935 Australand Property

Group13,143 0.01

5,412 Bank of Queensland Ltd 40,987 0.049,490 Bendigo and Adelaide

Bank Ltd76,511 0.08

75,634 Bhp Billiton Ltd 2,723,186 2.8568,975 Bluescope Steel Ltd 28,343 0.032,762 Boral Ltd 11,579 0.016,385 Caltex Australia Ltd 92,262 0.101,365 Campbell Brothers Ltd 95,467 0.10

10,107 Challenger Fin.ServicesGroup

39,954 0.04

19,119 Computershare LimitedCpu

179,005 0.19

4,445 Consolidated MediaHolding Ltd

13,456 0.01

6,878 Crown Ltd 62,179 0.0620,997 Csl Ltd 783,952 0.8229,833 Csr Ltd 55,864 0.0628,149 Cwthbk of Australia 1,467,099 1.531,968 Downer Edi Ltd 8,230 0.01

17,453 Duluxgroup 54,106 0.069,098 Echo Entertainment

Group Ltd41,550 0.04

11,383 Energy ResourcesAustralia A

15,276 0.02

20,019 Envestra Ltd 16,140 0.0217,356 Fairfax Media Ltd 13,090 0.013,484 Flight Centre Limited 79,737 0.08

30,256 Fortescue MetalsGroup Ltd

182,872 0.19

2,725 Goodman Fielder Ltd 1,956 0.00194,969 Goodman Group 139,950 0.1515,756 Gunns Ltd 2,623 0.004,358 Gwa Group Ltd 9,747 0.01

24,781 Iluka Resources Ltd 458,620 0.4825,226 Incitec Pivot Ltd 82,664 0.09

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

29,579 Insurance AustraliaGroup Ltd

104,622 0.11

4,218 Ioof Holdings Ltd 25,363 0.034,326 Leighton Hld Ltd 95,947 0.10

11,777 Lend Lease Corp. 91,520 0.10366 Lynas Corp Ltd 417 0.00

7,435 Macquarie Atlas RoadsGroup

13,149 0.01

4,898 Macquarie Group Ltd 148,174 0.1525,143 Metcash Ltd / Deferred

Delivery112,472 0.12

70,348 Mirvac Group 85,624 0.0944,275 National Australia Bank

Ltd1,133,058 1.18

13,322 New Hope Corp Ltd 73,313 0.086,745 Nufarm Limited 33,681 0.03825 Orica Limited 24,005 0.02

5,373 Origin Energy Ltd*Opa*

74,620 0.08

10,836 Oz Minerals Ltd 110,021 0.1116,913 Paladin Energy Ltd 32,286 0.03

639 Perpetual Ltd 16,878 0.023,248 Platinum Asset Mgmt

Ltd13,718 0.01

3,335 Qantas Airways Ltd 6,193 0.0114,506 Qbe Insurance Group 213,834 0.2237,313 Qr National 144,786 0.156,787 Ramsay Health Care

Ltd Rhc138,033 0.14

15,414 Rio Tinto Limited 1,048,701 1.1024,339 Santos Ltd 360,555 0.381,966 Seven West Media 7,997 0.016,900 Sims Group Ltd 105,446 0.115,125 Sonic Healthcare 66,751 0.07

15,361 Sp Ausnet Stapled Sec 17,179 0.0226,498 Suncorp Metway Ltd 231,553 0.2463,718 Tatts Group Ltd 164,389 0.17

108,879 Telstra Corporation Ltd 372,648 0.3920,178 Ten Network Holdings

Ltd16,898 0.02

34,322 Toll Holdings Ltd 209,589 0.228,114 Transurban Group 47,270 0.053,130 Wesfarmers / Partially

Protected100,615 0.10

13,985 Wesfarmers Ltd 436,749 0.4680,159 Westfield Retail Trust

Stapled215,145 0.22

59,933 Westpac Banking Corp 1,364,804 1.436,298 Whitehaven Coal 36,952 0.04

24,996 Woodside PetroleumLtd

905,176 0.95

24,267 Woolworths 655,864 0.699,542 Worleyparsons Ltd 284,197 0.30

Bermuda Islands - Bermudas 3.3950,000 Brilliance China

Automotive54,095 0.06

18,000 Cafe De Coral HoldingsLtd

50,077 0.05


54




Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

20,000 Cheung KongInfrastructure Hld

121,714 0.13

32,000 China Foods Ltd 30,829 0.0314,000 China Resources Gas

Group Ltd26,795 0.03

30,000 China Yurun FoodGroup Ltd

42,658 0.04

32,000 Cosco Pacific Ltd 48,304 0.0527,700 Esprit Holdings Ltd 55,656 0.06

122,800 First Pacific Co Ltd 136,179 0.14278,320 Gome Electrical

Appliance Hold57,714 0.06

12,044 Great Eagle HoldingsLtd

34,050 0.04

72,000 Hongkong Land HldsLtd

408,240 0.43

10,000 Hopson DevelopmentHldgs Ltd

5,860 0.01

54,000 Huaba0 Intl 34,776 0.0492,000 Hutchison Harbor Ring 7,821 0.0116,235 Jardine Matheson

Hldgs811,750 0.85

14,000 Jardine Strategic Hlds. 427,140 0.45120,500 Johnson Electric

Holdings Ltd74,962 0.08

60,000 Kunlun EnergyCompany Ltd

108,190 0.11

130,000 Li & Fung Ltd 298,373 0.3131,000 Mongolia Energy Corp. 2,595 0.0031,000 Nine Dragons Paper

Hldgs Ltd25,434 0.03

2,798 Noble Group Ltd 3,072 0.0021,500 Nws Holdinds Ltd 32,898 0.0310,500 Orient Overseas

(International)74,719 0.08

177,500 Shenzhen Intl Hlds Ltd 12,345 0.0144,000 Sinofert Holdings Ltd 10,711 0.0116,000 Texwinca Holdings Ltd 19,495 0.027,803 Vtech Hldgs Shs 100,049 0.10

36,500 Yue Yuen Ind Hld Ltd 128,106 0.13

Cayman Islands - Cayman Inseln 3.1054,000 Agile Property Holdings

Ltd62,318 0.07

140,000 Belle International HoldiLtd

251,362 0.26

54,253 Bosideng Internation.Hldg Ltd

16,980 0.02

10,000 Ch Hs Transmiss Eq GrCo Ltd

5,345 0.01

18,000 China Dongxiang(Group) Co Ltd

2,968 0.00

15,000 China Huiyuan Jui.GrpLtd

4,695 0.00

58,911 China Mengniu Dairy CoLtd

172,618 0.18

48,000 China Resources Land 82,967 0.0976,500 China Rongsheng 20,199 0.02

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

32,000 China State Constr IntHld Ltd

29,799 0.03

28,400 China Zhongwang 10,205 0.0125,200 Chow Tai Fook

Jewellery Group39,922 0.04

36,000 Cn Reso Cement 26,615 0.03131,000 Country Garden

Holdings50,280 0.05

16,929 Enn Energy Holdings 58,435 0.06234,718 Evergrande Real 125,762 0.1374,000 Foxconn International

Hldg Ltd52,707 0.05

80,000 Geely Automobile HldLtd

31,324 0.03

4,000 Golden Eagle RetailGroup Ltd

10,221 0.01

11,500 Greentown ChinaHoldings Ltd

7,258 0.01

40,000 Hengan Intl Group 404,426 0.4218,000 Hidili Industry Int Dvlpt

Ltd6,399 0.01

5,868 Hkt Ltd - Stapled 4,565 0.0030,000 Hopewell Highway

Infrastr.15,494 0.02

41,000 Hutchi Tele Hk 17,374 0.0227,225 Kingboard Chemicals

Holdings95,202 0.10

19,688 Kingboard LaminatesHldgs Ltd

9,306 0.01

18,500 Kwg Property HoldingLtd

10,675 0.01

24,200 Lee & Man Paper 11,283 0.014,497 Li Ning Company Ltd 4,784 0.01

26,500 Lifestyle Intl HoldingsLtd

67,239 0.07

22,645 Longfor Ppt 31,733 0.0317,200 Mgm China 31,413 0.0325,500 Mongolian Mining Corp 24,238 0.0336,210 Mstar Semiconductor

Inc Com221,450 0.23

45,900 New World China LandLtd

11,410 0.01

198,000 Rehne CommercialHold Comp Ltd

13,771 0.01

99,192 Sands China / Ipo 387,743 0.415,450 Sany Heavy Eq 4,120 0.00

909,000 Semiconduc.Manufact.Intl Corp

44,489 0.05

60,000 Shimao Property HldLtd

64,064 0.07

36,400 Shui On Land Ltd 14,721 0.0287,000 Soho China Ltd 63,087 0.074,000 Tpk Holdings Co 64,715 0.07

149,000 Want Want ChinaHoldings Ltd

166,577 0.17

32,010 Wynn Macau 93,588 0.10767 Xinyi Glass Holding Co

Ltd468 0.00

8,398 Zhongsheng Grp 16,657 0.02


55




CMI Pacific Basin Enhanced EquityPortfolio of Investments as at 31 March 2012 - continued


Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

China - China 9.51533,000 Agricult Bk China / H -

Shares228,602 0.24

52,000 Air China Ltd 36,033 0.04102,000 Aluminium Corp of

China Ltd49,134 0.05

28,400 Angang Steel CompanyLtd H - Shares

18,253 0.02

29,500 Anhui Conch CementCo Ltd

93,469 0.10

12,000 Anhui Expressway CoLtd H - Shares

6,615 0.01

1,831,700 Bank of China Ltd H -Shares

738,427 0.77

198,050 Bank ofCommunications Co H -Shares

149,735 0.16

35,500 Bbmg H - Shares 29,857 0.0350,000 Beijing Cap.Intl Airport

H - Shares28,915 0.03

2,100 Bengang Steel PlatesCo Ltd B - Shares

714 0.00

41,880 Boe Technology GroupCo Ltd B - Shares

6,041 0.01

16,100 Byd Company Limited H- Shares

44,998 0.05

30,160 Changsha ZoomlionHeavy H - Shares

40,166 0.04

48,000 China Bluechemical LtdH - Shares

36,352 0.04

268,800 China Citic Bk H -Shares

161,680 0.17

103,000 China Coal Energy CoLtd H - Shares

115,549 0.12

60,000 China Communicat.Services H - Shares

28,980 0.03

110,000 China CommunicationsConstr H - Shares

110,367 0.12

1,580,170 China ConstructionBank Corp H - Shares

1,221,136 1.28

60,500 China Cosco HoldingsH - Shares

38,260 0.04

48,000 China Eastern Airlines H- Shares

15,765 0.02

36,900 China Intl Marine B -Shares

50,758 0.05

39,000 China Lg Pwr H - Shares 32,600 0.03163,000 China Life Insurance Co

Ltd H - Shares423,031 0.44

85,050 China Merchants Bank /H - Shares

173,954 0.18

6,300 China Merchants Prop.Dev.Co B - Shares

10,597 0.01

107,100 China Minsheng Bk H -Shares

96,974 0.10

30,000 China Molybdenum CoLtd

12,712 0.01

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

37,000 China National MaterialCo H - Shares

15,011 0.02

60,000 China Natl BldingMaterial H - Shares

75,656 0.08

42,000 China Oilfield Services 60,262 0.0638,200 China Paci Insu(Group)

Ltd H - Shares118,328 0.12

368,000 China Petroleum&ChemCorp H - Shares

400,984 0.42

53,000 China Railway ConstrCorp H - Shares

32,971 0.03

108,000 China Railway GroupLtd H - Shares

34,636 0.04

77,500 China Shenhua EnergyCo H - Shares

326,905 0.34

97,650 China ShippingContainer Lines

33,707 0.03

34,000 China ShippingDevelopment H -Shares

23,560 0.02

54,000 China SouthLocomotive H - Shares

36,862 0.04

54,000 China Southern AirlinesH - Shares

25,803 0.03

350,000 China Telecom CorpLtd H - Shares

193,841 0.20

34,997 China Vanke Co Ltd B -Shares

41,514 0.04

4,000 Chiwan Wharf Hlds LtdB - Shares

4,709 0.00

29,376 Chong Qing ChanganAut. B - Shares

12,183 0.01

60,000 Chongqing Rural Shs H- Shares

28,670 0.03

12,000 Citic Securities H -Shares

24,111 0.02

23,970 Csg Holding Co / B -Shares

18,246 0.02

86,000 Datang Int.PowerGeneration H - Shares

30,350 0.03

14,450 DazhongTransportation Grp B -Shares

6,950 0.01

8,000 Dongfang ElectricCorp.Ltd H - Shares

19,392 0.02

62,000 Dongfeng Motor H -Shares

111,956 0.12

7,700 Double Coin HoldingsLtd B - Shares

4,250 0.00

10,900 Erdos Cashmere / B -Shares

11,925 0.01

28,750 Great Wall Motor Co LtdH - Shares

55,914 0.06

17,200 Guangdong ElectricPower B - Shares

7,532 0.01

44,000 Guangshen Railway CoLtd H - Shares

17,115 0.02

60,259 Guangzhou Auto 59,762 0.06


56






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

25,600 Guangzhou R&F Prop.H- Shares / New

30,499 0.03

5,200 Guangzhou ShipyardIntl H - Shares

4,889 0.01

16,000 Harbin PowerEquipment Co H -Shares

16,775 0.02

38,000 Huadian Power IntlCorp H - Shares

9,054 0.01

82,000 Huaneng Power Intl H -Shares

44,569 0.05

1,426,408 Ind & Com Boc H -Shares

920,430 0.96

17,600 Inner Mong.Yitai CoalCo B - Shares

94,002 0.10

32,000 Jiangsu Expressway CoH - Shares

30,953 0.03

32,000 Jiangxi Copper Co LtdH - Shares

73,611 0.08

8,580 Jinqiao Export B -Shares

5,611 0.01

1,560 Jinzhou Port Co Ltd 741 0.0010,800 Lianhua Supermarket

Hlgs H - Shares12,283 0.01

54,000 Maanshan Iron & SteelCo H - Shares

15,718 0.02

75,000 Metallurgical Corp ofChina H - Shares

16,808 0.02

9,400 New China LifeInsurance Co H - Shares

38,319 0.04

464,000 Petrochina Co Ltd / H -Shares

656,190 0.69

90,397 Picc Property &Casualty H - Shares

107,581 0.11

51,500 Ping An Insur.(Grp)Co H- Shares

389,363 0.41

17,500 Shandong ChenmingPaper B - Shares

8,227 0.01

40,000 Shangdong WeigaoMed.Poly H - Shares

45,698 0.05

2,700 Shanghai Chlor-AlkaliChem. B - Shares

1,312 0.00

78,000 Shanghai ElectricGroup Co H - Shares

39,683 0.04

9,100 Shanghai Haixin B -Shares

3,895 0.00

16,000 Shanghai Lujiazui Fin. B- Shares

14,608 0.01

5,300 Shanghai OuterGaoqiao Free B -Shares

3,244 0.00

12,000 ShanghaiPharmaceuticals H -Shares

19,227 0.02

37,830 Shanghai Zhenhua PortMach. B - Shares

16,570 0.02

22,000 Shenzhen ExpresswayH - Shares

9,067 0.01

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

18,000 Sichuan Expressway CoLtd H - Shares

6,515 0.01

72,000 Sinopec ShanghaiPetrochem.H - Shares

26,058 0.03

30,000 Sinopec Yizheng Che.Fibre H - Shares

7,419 0.01

16,000 Sinopharm Group Co H- Shares

44,719 0.05

53,000 Sinotrans Ltd 9,898 0.0125,500 Travelsky Technology

Ltd H - Shares13,367 0.01

12,000 Tsingtao Brewery CoLtd H - Shares

64,837 0.07

9,600 Weichai Power Co Ltd /H - Shares

44,822 0.05

3,600 Weifu High TechnologyB - Shares

9,737 0.01

18,500 Weiqiao TextileCompany Ltd

9,531 0.01

12,000 Wumart Stores Inc H -Shares

26,398 0.03

4,400 Yantai Changyu PioneerWine B - Shares

49,746 0.05

48,000 Yanzhou Coal Mining CoH - Shares

104,110 0.11

21,000 Zhaojin Mining Ind.H -Shares

35,216 0.04

46,000 Zhejiang ExpresswayCo Ltd H - Shares

34,363 0.04

25,100 Zhejiang Southeast El.Pow. B - Shares

12,349 0.01

12,000 Zhuzhou Csr TimesElectric H - Shares

30,664 0.03

150,000 Zijin Mining Group H -Shares

59,505 0.06

15,715 Zte Corp H - Shares 42,303 0.04

Hong Kong - Hongkong 9.77264,000 Aia Group 967,376 1.0114,500 Beijing Enterprises Hld

Ltd88,430 0.09

84,352 Bk of East Asia Ltd 317,240 0.3392,500 Boc Hong Kong


64,000 Cathay Pacific Airways 118,535 0.1277,804 Chaoda Modern

Agricult.Hold.0.00 0.00

39,000 Cheung Kong HoldingsHkd0.5

503,819 0.53

36,000 China Agri IndustriesHoldings

23,740 0.02

22,000 China Everbright Ltd 33,379 0.0321,000 China Insurance

International41,058 0.04

26,876 China MerchantsHoldings

90,001 0.09

132,000 China Mobile Ltd 1,452,764 1.5295,440 China Overseas

Land&Investment181,437 0.19


57






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

30,000 China ResourcesEnterprise Ltd

104,713 0.11

48,000 China Resources PowerHoldings

88,902 0.09

84,000 China Travel IntlInvestm.H.K.

17,202 0.02

162,448 China Unico (Hk) 275,346 0.2927,000 Citic Pacific Ltd 45,486 0.0547,806 Clp Holdings Ltd 412,540 0.43

392,000 Cnooc Ltd 805,802 0.847,480 Dah Sing Banking

Group Ltd7,399 0.01

1,350 Dah Sing Financial HldsLtd

4,677 0.00

26,000 Far East Horizon 20,829 0.027,140 Foshan Electrical and

Lighting5,499 0.01

60,000 Franshion Prop. 15,456 0.0260,000 Fushan Internat Energy

Group20,324 0.02

54,000 Guangdong InvestmentLtd

37,627 0.04

179,400 Guangzhou InvestmentCo Ltd

35,584 0.04

23,000 Hang Lung Group Ltd 148,858 0.1633,204 Hongkong Electric


9,572 Hopewell Holdings Ltd 26,260 0.0370,500 Hutchison Whampoa 704,628 0.748,000 Kowloon Development

Co Ltd8,037 0.01

170,000 Lenovo Group Ltd 153,051 0.1620,000 Melco Intl Dvpt Ltd 19,114 0.02

135,000 Pccw Ltd 48,338 0.0539,000 Poly(Hong Kong)

Investments Ltd18,133 0.02

15,000 Shanghai IndustrialHoldings

46,271 0.05

42,000 Shenzhen InvestmentLtd

9,142 0.01

33,000 Shun Tak Holdings Ltd 13,346 0.01120,755 Sino Land Co Ltd 192,857 0.2089,000 Sino-Ocean Land


46,491 Sjm Holdings Ltd 94,610 0.1065,500 Sun Art Retail Group

Ltd88,750 0.09

79,083 Sun Hung KaiProperties Ltd

982,923 1.03

14,400 Swire Properties Ltd 35,796 0.0440,500 Techtronic Industries

Co Ltd54,771 0.06

22,000 Television BroadcastsLtd

148,337 0.16

35,082 Wharf Hld .The 190,680 0.2033,000 Wheelock & Co 99,458 0.10

India - Indien 8.37410 Abb Shs 6,768 0.01

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

1,080 Acc Ltd /Dematerialised

28,837 0.03

6,628 Adani Enterprises Ltd /Demat.

39,686 0.04

7,380 Adani Power 9,929 0.01689 Aditya Birla Nuvo Ltd /

Demater.12,783 0.01

11,000 Ambuja Cements Ltd /Demat.

37,204 0.04

25,600 Ashok Leyland Ltd /Demat.

15,260 0.02

600 Asian Paints /Dematerialised

38,206 0.04

7,510 Axis Bank Ltd / Demat. 169,069 0.185,311 Bajaj Auto Ltd 175,121 0.181,914 Bajaj Holdings And

Invest Ltd30,638 0.03

1,760 Bank of Baroda /Dematerialised

27,521 0.03

3,806 Bank of India /Dematerialised

27,109 0.03

580 Bharat Electronics Ltd /Demat.

17,371 0.02

4,220 Bharat Forge Ltd /Demat.

26,527 0.03

17,992 Bharat Heavy Electrical 90,872 0.092,620 Bharat Petrol. /

Dematerialised36,034 0.04

34,738 Bharti Airtel Ltd /Demat

230,545 0.24

1,195 Cadila Healthcare Ltd /Demat.

17,803 0.02

6,307 Cairn India Limited 41,362 0.042,970 Canara Bank / Demat. 27,755 0.031,190 Castrol India /


15,193 Cipla Ltd / Demat. 91,044 0.1015,927 Coal India / Ipo 107,580 0.111,640 Colgate-Palmolive

(India) Ltd36,020 0.04

998 Container Corpn ofIndia/Ds

18,700 0.02

690 Corporation Bk /Dematerialised

5,757 0.01

7,750 Crompton Greaves Ltd/ Demat.

21,021 0.02

3,360 Cummins India Ltd 32,693 0.0312,630 Dabur India Ltd /


1,328 Divi S Laboratories Ltd 19,981 0.0212,370 Dlf Limited 49,017 0.051,990 Dr Reddy S

Laboratories / Demat68,976 0.07

7,119 Essar Oil Ltd-Dematerialised

7,502 0.01

10,336 Exide Industries Ltd 30,289 0.039,600 Gail (India) Ltd / Demat. 70,943 0.07494 Glaxosmithkline

Pharma. / Demat.22,477 0.02


58






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

3,260 GlenmarkPharmaceuticals

19,811 0.02

22,590 Gmr Infrastructure 13,777 0.012,320 Godrej Industries Ltd /

Demater.11,793 0.01

1,659 Grasim Indust. /Dematerialised

85,045 0.09

2,760 Great Eastern Shipping/ Demater

13,251 0.01

4,950 Hcl Technologies /Demat.

46,983 0.05

27,449 HDFC Bank Ltd 280,265 0.292,014 Hero Honda Motors /

Demat.81,299 0.09

35,177 Hindalco Industries /Demat.

89,404 0.09

3,707 Hindustan Petr. /Dematerialised

22,105 0.02

19,766 Hindustan Unilever Ltd 159,191 0.176,640 Hindustan Zinc Ltd 17,261 0.02

24,681 Housing Devt Fin Corp 326,389 0.3413,603 Icici Bk Ltd /


4,279 Idbi Bank Ltd 8,799 0.0119,150 Idea Cellular Ltd 37,161 0.045,620 Indiabulls Fin.Srv /

Dematerial.22,661 0.02

5,114 Indian Oil Corp /Dematerialised

26,387 0.03

13,060 Infosys Tech Ltd /Demat

735,239 0.77

23,470 Infrastructure Dvpt Fin /Demat.

62,232 0.07

132,663 Itc Ltd / Demat 591,218 0.6224,760 Jaiprakash Association

Ltd39,732 0.04

9,423 Jindal Steel & Power /Demat.

100,895 0.11

3,390 Jsw Steel Ltd / Demat 48,036 0.057,398 Kotak Mahind 79,242 0.08

10,970 Larsen & Toubro Ltd /Demat.

282,039 0.29

8,416 Lupin Ltd 87,526 0.095,426 Mahindra & Mahindra 74,622 0.085,538 Mangalore Ref and

Petrol Demat7,418 0.01

2,086 Maruti Suzuki India Ltd 55,331 0.062,520 Mphasis Ltd / Demat. 20,051 0.029,690 Mundra Port 24,647 0.03700 Nestle India /


41,650 Nhpc Ltd 16,116 0.0240,417 Ntpc Ltd /


1,875 Oil India 18,771 0.0229,360 Oil&Natural Gas Corp

Ltd154,747 0.16

403 Oracle Fin.ServicesSoft.Ltd

20,740 0.02

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

3,030 Orient.Bk Commerce /Dematerial.

15,036 0.02

2,818 Piramal Healthcare Ltd 26,091 0.038,135 Power Finance

Corporation Ltd29,487 0.03

35,050 Power Grid Corp ofIndia Ltd

74,452 0.08

3,810 Punjab National Bank /Demat.

69,220 0.07

3,050 Ranbaxy Labs /Dematerialised

28,119 0.03

2,910 Reliance Capital Ltd /Demat.

22,428 0.02

14,830 RelianceCommunications /Demat

24,482 0.03

36,699 Reliance Indus. /Dematerialised

541,036 0.57

2,900 Reliance Infrastructure*Opr*

33,449 0.03

13,570 Reliance Power Ltd 31,224 0.037,260 Rural Electrification

Corp Ltd29,289 0.03

17,070 Satyam ComputerServices

27,023 0.03

10,390 Sesa Goa Ltd /Dematerialised

39,732 0.04

2,022 Siemens Ltd /Dematerialised

30,163 0.03

3,092 St.Bk of India /Dematerialised

127,311 0.13

14,980 Steel Authority of India/ Demat

27,730 0.03

18,438 Sterlite Ind(India) —Shs

40,216 0.04

7,546 Sun Pharmaceutical —Shs

84,473 0.09

1,040 Sun Tv Network Inr 5 6,213 0.0121,290 Suzlon Energy Ltd 10,558 0.0124,000 Tambang Batubara / S.

B - Shares53,805 0.06

4,609 Tata Chemicals Ltd /Ds

31,381 0.03

2,060 Tata CommunicationsLtd

9,140 0.01

6,837 Tata Consultancy Serv/ Demat.

156,953 0.16

26,842 Tata Motors 145,113 0.1520,000 Tata Power Co Ltd 39,655 0.045,053 Tata Steel Ltd /

Dematerial.46,819 0.05

17,040 Titan Industries 76,492 0.082,740 Torrent Power 10,857 0.012,647 Ultra Tech Cement Ltd 77,535 0.084,880 Union Bank of India /

Demat.22,601 0.02

45,670 Unitech Ltd / Demat. 25,789 0.031,480 United Spirits Limited /

Demat.17,617 0.02


59






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

12,271 Wipro Ltd /Dematerialised

106,071 0.11

11,480 Zee Entertain.Enterp.Ltd / Demat

28,579 0.03

Indonesia - Indonesien 2.68333,500 Adaro Energy 70,390 0.07119,000 Aneka Tambang Tbk

Persero23,425 0.03

45,708 Bk Danamon IndonesiaTbk A

22,994 0.02

122,705 Bk Negara Indo Tbk 53,676 0.06507,000 Bumi Resources 130,297 0.14213,500 Charoen Pokphand 64,208 0.07

7,500 Indo TambangrayaMegah (Itm)

35,638 0.04

217,500 Perusahaan Gas NegaB-Shares

90,386 0.10

12,500 Pt Astra Agro LestariTbk

31,920 0.03

66,500 Pt Astra InternationalTbk

537,797 0.56

270,000 Pt Bank Central AsiaTbk

236,218 0.25

203,741 Pt Bank MandiriPersero Tbk

152,626 0.16

269,000 Pt Bank RakyatIndonesia

204,454 0.21

13,000 Pt Gudang Garam Tbk /Demat

78,264 0.08

28,500 Pt Indocement Tunggal/ Demat.

57,504 0.06

97,000 Pt Indofood Sukses 51,448 0.0556,842 Pt Indosat Tbk 31,392 0.0347,000 Pt Intl Nickel Ind Tbk 17,347 0.0246,000 Pt Jasa Marga

(Persero) Tbk25,907 0.03

158,000 Pt Kalbe Farma Tbk 61,340 0.0672,500 Pt Semen Gresik

(Persero)Tbk97,125 0.10

39,500 Pt Unilever Indonesia /Idr 10

86,394 0.09

222,000 Telkom Indonesia / Sb -Shares

169,945 0.18

63,805 United Tractors 230,265 0.24

Isle of Man - Man Inseln 0.20139,800 Genting Singapore Plc 189,640 0.20

Italy - Italien 0.0811,800 Prada Shs 76,751 0.08

Jersey - Jersey 0.0226,000 United Company Rusal

Plc19,925 0.02

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

Luxembourg - Luxemburg 0.012,383 L Occitane International

Sa5,672 0.01

Malaysia - Malaysia 4.0146,800 Airasia Bhd 52,704 0.0630,300 Alliance Financial Gr.

Berhad38,475 0.04

54,200 Ammb Hlds Bhd 111,638 0.1226,171 Berjaya Sports Toto

Bhd37,332 0.04

3,800 British AmericanTobacco

70,232 0.07

21,500 Bumi Armada Bhd 30,880 0.03122,200 Bumiputra-Commerce

Holdings306,746 0.32

133,000 Digi.Com Bhd 176,262 0.1851,900 Gamuda Bhd 61,667 0.0660,700 Genting Berhad 214,783 0.2214,880 Hong Leong Bank Bhd 61,298 0.0634,040 Ijm Corporation Bhd 62,558 0.07

110,113 Ioi Corporation Bhd 191,938 0.2013,200 Kuala Lumpur Kepong

Bhd105,996 0.11

10,000 Lafarge MalayanCement

23,503 0.02

125,517 Malayan BankingBerhad

363,420 0.38

10,500 Malaysia Marine 18,817 0.0255,200 Maxis Bhd 109,733 0.1131,800 Mmc Corporation Bhd 29,169 0.0315,403 Parkson Holdings Bhd 27,000 0.0370,100 Pet Chem 154,227 0.167,000 Petronas Dagangan

Bhd43,277 0.05

20,200 Petronas Gas Bhd 111,039 0.1214,500 Ppb Group Bhd 79,990 0.086,100 Proton Holdings Bhd 10,932 0.01

80,900 Public Bank / ForeignRegistered

362,314 0.38

72,000 Resorts World 92,130 0.1013,684 Rhb Capital Bhd 34,394 0.0498,600 Sime Darby Bhd 313,486 0.3332,100 Telekom Malaysia Bhd 55,744 0.0631,750 Tenaga Nasional 66,640 0.07

138,825 Tm International Bhd 235,642 0.2529,600 Uem Land Hldgs 21,643 0.0222,600 Umw Holdings 53,853 0.06

110,000 Ytl Corp Berhad 64,273 0.0767,520 Ytl Power Intl Bhd 40,774 0.04

Malta - Malta 0.00214,242 Bgp Holdings 0.00 0.00

Mauritius - Mauritius 0.14218,596 Golden Agri-Resources

Ltd136,525 0.14


60






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

Netherlands - Niederlande 0.0911,346 James Hardie Ind Nv /

Cufs90,649 0.09

New Zealand - Neuseeland 0.4425,088 Auckland Intl Airport Ltd 50,719 0.059,430 Contact Energy Ltd 36,655 0.04

14,695 Fisher&Paykel Healthc.Corp.

27,051 0.03

15,564 Fletcher Building 86,208 0.0910,249 New Chorus 31,164 0.0314,799 Sky City Entertainment

Group47,917 0.05

6,040 Sky Network Televisio.Ltd*Opa*

25,712 0.03

42,156 Telecom Corp.of NewZealand

84,011 0.09

4,867 The Warehouse GroupLtd

11,159 0.01

9,395 Vector Ltd 19,997 0.02

Papa New Guinea - Papua-Neu Guinea 0.033,851 Oil Search Ltd. 27,923 0.03

Philippines - Philippinen 0.7656,000 Aboitiz Equity Ventures

Inc.65,345 0.07

54,300 Aboitiz Power 42,873 0.0494,500 Alliance Global Group

Inc27,733 0.03

4,173 Ayala Corp 39,519 0.04113,600 Ayala Land Inc. 54,902 0.0624,000 Bdo Unibank 37,005 0.0435,163 Bk of the Philippines

Islands60,605 0.06

24,446 Dmci Holdings Inc 30,746 0.03259,000 Energy Develop Corp 36,194 0.04

1,030 Global Telecom Inc 27,204 0.0312,900 Jollibee Foods Corp. 35,153 0.0418,668 Metropolitan Bank &

Trust37,979 0.04

1,000 Phil.Long Dist.Tel. 62,886 0.0620,800 San Miguel 55,082 0.064,500 Sm Investments

Corporations69,174 0.07

116,810 Sm Prime Holdings Inc 45,979 0.05

Singapore - Singapur 4.3469,500 Capitaland Ltd 172,520 0.1839,000 Capitamalls Asia Ltd 50,732 0.0515,000 City Developments Ltd 135,452 0.1453,228 Comfortdelgro

Corporation Ltd66,064 0.07

21,000 Cosco CorporationSingapore

19,465 0.02

38,942 Dbs Group Holdings Ltd 439,333 0.4632,000 Fraser and Neave Ltd 170,578 0.18

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

52,000 Global Logistic 91,018 0.096,666 Guocoland Ltd 10,289 0.01

20,000 Indofood AgriResources Ltd

24,743 0.03

4,100 Jardine Cycle &Carriage Ltd

157,522 0.16

29,900 Keppel Corp Ltd 261,438 0.2718,500 Keppel Land Ltd 51,074 0.0510,000 Mobileone Ltd 20,208 0.0226,500 Neptune Orient Lines 29,833 0.0347,000 Olam International Ltd 88,249 0.0956,785 Oversea-Chinese Bk

Corp402,993 0.42

20,000 Sembcorp IndustriesLtd

84,016 0.09

20,800 Sembcorp Marine Ltd 87,377 0.095,000 Sia Engineering Co Ltd 16,032 0.02

13,134 Singapore Airlines Ltd 112,541 0.1224,000 Singapore Exchange

Ltd132,516 0.14

38,000 Singapore Post Ltd 30,838 0.0340,000 Singapore Press


36,000 SingaporeTechnologies Eng.

93,086 0.10

174,920 Singapore Telec /Board Lot 1000

438,378 0.46

20,000 Smrt Corporation LtdSmrt

27,608 0.03

18,000 Starhub Ltd 44,395 0.0513,000 Uol Group Ltd 49,025 0.0525,749 Utd Overseas Bk /

Local375,920 0.39

7,000 Venture CorporationLtd

47,450 0.05

56,000 Wilmar International Ltd 218,315 0.2318,000 Wing Tai Hlds 18,331 0.0241,000 Yangzijiang

Shipbuilding Ltd43,384 0.05

17,000 Yanlord Land Group Ltd 17,110 0.02

South Korea - Sudkorea 15.9497 Amore Pacific Corp

(New)102,696 0.11

130 Celltrion Inc 4,241 0.0053 Cheil Industrial Inc 4,483 0.01

1,015 Cheil Worldwide Inc 16,222 0.02468 Cj Cheiljedang Corp 138,850 0.15592 Cj Corporation 44,537 0.05

1,237 Daelim Industrial Co Ltd 133,803 0.14750 Daewoo Engineering

&Constr.6,755 0.01

8 Daewoo InternationalCorp

254 0.00

5,227 Daewoo Securities CoLtd

60,924 0.06

4,639 DaewooShipbldg&Marine Engin.

124,116 0.13


61






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

1,590 Daishin Securities CoLtd

15,584 0.02

322 Dc Chemical Co Ltd 65,537 0.073,530 Dgb Financial Group 46,287 0.051,760 Dongbu Insurance Co

Ltd76,072 0.08

1,880 Dongkuk Steel Mill CoLtd

35,940 0.04

989 Doosan Corporation 131,866 0.141,931 Doosan Heavy Indust.

&Constr.108,784 0.11

1,160 Doosan Infracore CoLtd

22,329 0.02

502 E-Mart Co Ltd 110,816 0.1276 Glovis Co Ltd 13,690 0.01

2,154 Gs Holdings Corp 123,439 0.131,340 Halla Climate Control

Corp26,090 0.03

1,085 Han Kook TireManufacturing Co

40,190 0.04

5,565 Hana Financial GroupInc

209,823 0.22

915 Hanjin Heavy Industr 15,270 0.021,741 Hanjin Shipping Co Ltd 24,136 0.03

36 Hanwha Chemical Corp 854 0.001,224 Hanwha Corporation 35,180 0.04396 Hitejinro Co Ltd 9,004 0.01665 Honam Petrochemical

Co Ltd197,591 0.21

20 Hynix SemiconductorInc

517 0.00

579 Hyundai DepartmentStore Co

88,959 0.09

1,101 Hyundai Developm.Co-Eng.&Cons.

24,159 0.03

3,626 HyundaiEngineering&Constr.Co

258,702 0.27

1,540 Hyundai Fire & MarineIns Co

44,330 0.05

2,028 Hyundai HeavyIndustries

575,718 0.60

1,150 Hyundai Hysco 40,720 0.041,820 Hyundai Merchant

Marine Co49,337 0.05

880 Hyundai Mipo DockyardCo Ltd

105,677 0.11

2,504 Hyundai Mobis 633,461 0.666,368 Hyundai Motor Co Ltd 1,310,146 1.374,176 Hyundai Securities Co

Ltd38,902 0.04

1,681 Hyundai Securities NvNo.2

13,210 0.01

236 Hyundai Wia Corp 28,862 0.033,990 Industrial Bank of Korea 48,444 0.05170 Kangwon Land Inc 3,775 0.00

8,851 Kb Financial Group Inc 323,168 0.34133 Kcc Corp 38,285 0.04188 Kepco E&C 13,563 0.01

14,732 Kia Motors Corp. 963,919 1.01

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

279 Korea Electric PowerCorp.

5,518 0.01

6,640 Korea Exchange Bank 50,775 0.05156 Korea Gas Corp 5,944 0.01

1,312 Korea InvestmentHoldings Co

52,190 0.05

6,410 Korea Life Insurance CoLtd

42,394 0.04

311 Korea Zinc Co Ltd 107,511 0.111,892 Korean Air 83,532 0.097,501 Kt Corporation 208,305 0.222,601 Kt&G Corporation 184,653 0.19438 Kumho Petro Shs 54,919 0.06308 Lg Chemical Ltd 100,627 0.11

3,616 Lg Corp 207,540 0.22280 Lg Display Co Ltd 6,552 0.01

3,587 Lg Electronics Inc 262,254 0.27180 Lg Haussys 11,921 0.0112 Lg Household &

Healthcare Ltd6,305 0.01

55 Lg Telecom Ltd 330 0.0011 Lotte Chilsung

Beverage Co Ltd11,811 0.01

41 Lotte Confectionery CoLtd

60,061 0.06

340 Lotte Midopa Co Ltd 4,443 0.009 Lotte Shopping Ltd 2,821 0.00

783 Ls Corp 55,311 0.06314 Mando Corp 46,164 0.05329 Miraeasset Securities

Co Ltd11,519 0.01

161 Ncsoft Corporation 42,578 0.04198 Nhn Corporation 45,457 0.05166 Nong Shim Co Ltd 33,347 0.04102 Orion Corporation 71,693 0.08183 Pacific Corp 42,579 0.04

1,911 Posco 641,217 0.67257 S1 Corporation 11,982 0.01163 Samsung C&T Corp 11,428 0.01907 Samsung Card Co Ltd 31,595 0.0359 Samsung Electro-

Mechanics Co5,204 0.01

2,866 Samsung ElectronicsCo Ltd

3,226,614 3.37

283 Samsung EngineeringCo Ltd

60,473 0.06

396 Samsung FineChemicals

19,057 0.02

1,085 Samsung Fire&MarineInsur.

205,024 0.21

12,772 Samsung HeavyIndustries

425,732 0.45

2,285 Samsung Life 199,748 0.21250 Samsung Sdi Co Ltd 30,243 0.03

1,783 Samsung Securities CoLtd

89,425 0.09

10,396 Shinhan Financial Group 401,610 0.42951 Sk C&C Co Ltd 94,050 0.10

3,823 Sk Energy 558,680 0.58


62






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

2,001 Sk Holdings Co Ltd 260,615 0.271,830 Sk Networks Co Ltd 16,886 0.022,355 Sk Telecom Co Ltd 290,085 0.301,464 Stx Corporation Co Ltd 17,710 0.02600 Stx Pan Ocean Co Ltd 4,180 0.00

2,240 Stx Shipbuilding Co Ltd 28,185 0.03298 The Korea Express Co

Ltd21,051 0.02

384 Woong Jin Coway CoLtd

12,749 0.01

9,652 Woori Finance HoldingsCo Ltd

110,795 0.12

3,158 WooriInvestment&Securit.Co

36,390 0.04

649 Yuhan Corp 67,622 0.07

Taiwan - Taiwan 11.01179,771 Acer Inc 238,463 0.25

9,966 Advantech Co Ltd 34,611 0.0416,492 Asustek Computer Inc 155,621 0.16

197,124 Au Optronics Corp 91,168 0.1066,675 Capital Securities Corp 25,867 0.03

172,297 Cathay FinancialHolding

196,149 0.21

39,000 Cathay Real EstateDevelopm.Co

18,103 0.02

97,580 Chang HwaCommercial Bank

55,710 0.06

5,824 Cheng Uei PrecisionIndustry

13,931 0.01

23,348 Chicony Electronics CoLtd

45,882 0.05

72,021 China Airlines 29,039 0.03287,784 China Development Fin.

Hld Co87,756 0.09

18,040 China Motor Co Ltd 17,634 0.02267,308 Chinatrust Financial

Hldg Co168,006 0.18

95,448 Chunghwa Telecom CoLtd

293,968 0.31

8,067 CompalCommunications Inc

13,994 0.01

200,175 Compal Electronics Inc 225,173 0.24108,967 Delta Electronic

Industrial319,360 0.33

79,565 E Sun Financial HoldingLtd

43,672 0.05

19,000 Epistar Corp 48,475 0.0522,046 Eternal Chemical Co

Ltd19,197 0.02

116,387 Eva Airways Corp. 71,573 0.0739,599 Evergreen Marine Corp

(Taiwan)27,236 0.03

52,128 Far Eastern Intl Bank 20,841 0.0228,690 Feng Hsin Iron & Steel

Co Ltd50,451 0.05

142,999 First Financial HoldingComp.

86,000 0.09

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

273,625 Formosa Chemicals &Fiber Co

799,157 0.84

224,287 Formosa Plastics 660,379 0.6953,183 Foxconn Technology

Co Ltd219,837 0.23

160,934 Fubon Financial HoldingCo Ltd

181,304 0.19

118,574 Hon Hai Precision Ind.Co Ltd

460,007 0.48

9,000 Hotai Motor Co Ltd 72,575 0.0859,314 Htc Corp 1,199,777 1.25

149,054 Hua Nan FinancialHolding Co

85,349 0.09

706 Innolux Display Corp 329 0.0031,000 Inotera Memories Inc 9,180 0.01

232,266 Inventec Corporation 101,912 0.112,101 Largan Precision Co

Ltd41,288 0.04

12,056 Lite-On It Corp 12,724 0.01152,477 Lite-On Technology

Corpor.184,434 0.19

54,103 Media TekIncorporation

517,856 0.54

188,140 Mega Financial HoldingCompany

132,910 0.14

718 Nan Ya Pcb 1,572 0.00343,797 Nan Ya Plastics Corp 776,957 0.8131,181 Novatek

Microelectronics Corp94,977 0.10

16,360 Oriental Union ChemicalCorp.

21,147 0.02

69,950 Pegatron Corporation 109,022 0.11189,963 Pou Chen Corp 165,092 0.1716,816 President Chain Store

Corp.93,441 0.10

30,746 President SecuritiesCorp

16,616 0.02

63,525 Quanta Computer Inc. 166,377 0.176,574 Realtek Semiconductor

Corp12,006 0.01

145,007 Shin Kong Financial HldCo Ltd

46,183 0.05

2,960 Siliconware PrecisionIndustr.

3,590 0.00

178,353 Sinopac Holdings 64,358 0.07139,303 Taishin Financial

Holdings Co55,694 0.06

56,513 Taiwan Business Bank 17,693 0.025,362 Taiwan Cement Corp 6,277 0.01

118,379 Taiwan CooperativeHoldings

74,202 0.08

213 Taiwan Fertilizer Co Ltd 551 0.0057 Taiwan Glass Ind Corp 64 0.00

36,566 Taiwan Mobile Corp. 111,380 0.1211,000 Taiwan Secom 22,809 0.02

226,481 Taiwan SemiconductorManufact.

651,491 0.68

63,000 Tatung Co Ltd 18,336 0.02


63






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

76,000 Teco Electric andMachinery Co

52,402 0.05

43,050 Ton Yi Industrial Corp 22,754 0.023,336 Transcend Information

Inc9,630 0.01

15,000 U-Ming MarineTransport Corp

25,869 0.03

102,729 Uni-PresidentEnterprises Corp

142,185 0.15

109,340 Unimicron TechnologyCorp

135,591 0.14

285,302 United MicroelectronicCorp

139,682 0.15

22,000 Walsin LihwaCorporation

6,977 0.01

24,255 Wan Hai Lines Ltd 13,889 0.0156,872 Waterland Financial

Holdings19,558 0.02

66,000 Winbond ElectronicsCorp.

12,187 0.01

99,121 Wistron Corp 149,450 0.1679,000 Yageo Corp 23,742 0.0232,402 Yang Ming Marine

Transport17,291 0.02

242,576 Yuanta FinancialHolding Co

126,161 0.13

52,800 Yuen Foong Yu PaperManufactur

24,062 0.03

357 Yulon Motor Co Ltd 682 0.00

Thailand - Thailand 2.0226,400 Adv.Info Serv.Pub. /

Foreign registered157,508 0.16

8,000 Airports of ThailandPub. / -F-

15,110 0.02

12,000 Bangkok Bank Public /Foreign registered

75,486 0.08

3,000 Banpu Public Co Ltd /Foreign registered

59,338 0.06

26,900 Bec World Public Co /Foreign Registered

44,484 0.05

6,700 Bgk D Medic 18,846 0.027,200 Big C Supercenter

Pub./Local38,521 0.04

80,000 Bk of Ayudhya Public /Foreign Registered

71,335 0.07

54,400 C.P.All / ForeignRegistered

115,537 0.12

18,000 Central Pattana PublicCo Ltd

26,848 0.03

74,300 Charoen Pok /ForeignReg

89,742 0.09

11,600 Delta Electronics Pub. /Foreign Registered

9,779 0.01

5,200 Electr.Generating /Foreign Registered Reg

15,681 0.02

12,800 Glow Energy Public CoLtd

25,525 0.03

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

25,000 Indorama Ventures /Foreign Reg

30,601 0.03

232,300 Irpc / ForeignRegistered

35,251 0.04

25,600 Kasikornbank Pub.Comp. / ForeignRegistered

129,908 0.14

62,000 Krung Thai Bank /Foreign Registered

35,181 0.04

29,500 Ptt Expl.Prod.Public /Foreign Registered

166,916 0.17

32,265 Ptt Global Public CoForei Reg

74,280 0.08

19,200 Ptt Plc Co Ltd / ForeignRegistered

220,386 0.23

8,000 Ratchaburi El.Gen. /Foreign Registered Reg

10,700 0.01

6,574 Siam Cement Public Co/ Foreign Registered

88,675 0.09

3,000 Siam City Cement Pub./ Foreign Registered

29,766 0.03

34,600 Siam Commerc.BkPubl. / ForeignRegistered

160,993 0.17

2,100 Siam Makro / Foreignregistered

24,377 0.03

15,600 Thai Airways Intl /Foreign Registered

13,025 0.01

18,200 Thai Oil Public Co /Foreign Registered

42,785 0.04

12,495 Thai Union Frozen /Foreign Registered

28,664 0.03

535,300 Tmb Bank Public CoLtd-Foreign Registered

30,722 0.03

18,400 Total AccessCommunication Pcl

48,923 0.05

InvestmentsFunds -Anlagefonds


Australia - Australien 1.1629,502 Cfs Retail Property

Trust54,937 0.06

65,067 Commonwth.PropertyOffice Fd

66,674 0.07

127,399 Dexus Property Group 115,304 0.1237,817 Gpt Group / Stapled

Security122,744 0.13

61,831 Stockland / Units 189,109 0.2060,869 Westfield Group 559,133 0.58

China - China 0.08100,000 Hutchison Port /Dis 76,500 0.08

Hong Kong - Hongkong 0.3897,264 The Link Reit 362,042 0.38


64






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

New Zealand - Neuseeland 0.0222,300 Kiwi Income Property

Trust19,517 0.02

Singapore - Singapur 0.2350,000 Ascendas Real Estate

Invest.80,356 0.08

54,000 CapitacommercialTrust / Reit

52,415 0.06

61,400 Capitamall Trust / Reit 88,175 0.09

Shares -Aktien

Transferable securities and money marketinstruments dealt in on other regulatedmarkets - An einem anderen geregeltenMarkt gehandelte Wertpapiere undGeldmarktinstrumente

South Korea - Sudkorea 0.02153 Daum Communication

Corp16,090 0.02

Taiwan - Taiwan 0.0730,440 Coretronic Corp 28,053 0.0379,544 Kgi Securities Co Ltd 33,554 0.0321,105 Vanguard Intl.

Semiconduct9,118 0.01

Options,Warrants,Rights -Options-scheine

Other transferable securities and moneymarket instruments - Sonstige Wertpapiereund Geldmarktinstrumente

1,170 Rights Bk Queens 1,497 0.00

Shares -Aktien


South Korea - Sudkorea 0.064,420 Bs Finl Shs 51,908 0.06


92,984,539 97.23


2,652,823 2.77


95,637,362 100.00


65






CMI Pacific Basin Enhanced Equity



SectorSektor


Banks and financial institutions - Banken,Kreditinstitute 16.00Holding and finance companies - Holding-und Finanzgesellschaften 8.84Electronic semiconductor - Halbleiter 5.84Real estate - Immobilien 5.63News transmission -Nachrichtenubertragung 5.56Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 5.47Automobile industry - Automobilindustrie 5.05Petrol - Treibstoff 4.97Chemicals - Chemie 4.83Insurance - Versicherungen 3.28Office equipment, computers -Buroausstattung, Computer 2.65Electronics and electrical equipment -Elektrotechnik und Elektronik 2.53Transport - Verkehr und Transport 2.50Construction, building materials - Bau,Baustoffe 2.33Non-ferrous metals - Nichteisenmetalle 2.04Public services - Energie undWasserversorgung 2.03Mechanics, machinery - Maschinen- undApparatebau 2.01Internet software - Internet, Software 1.68Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 1.62Food and distilleries - Nahrungsmittel,alkoholische Getranke 1.54Leisure - Freizeit 1.47Retail trade, department stores -Einzelhandel und Warenhauser 1.26Tobacco and spirits - Tabak undalkoholische Getranke 1.15Other services - SonstigeDienstleistungen 1.04Investment funds - Investmentfonds 0.97Biotechnology - Biotechnologie 0.82Textile - Textil- und Bekleidungsindustrie 0.81Other business houses - SonstigeHandelshauser 0.80Agriculture and fishing - Landwirtschaftund Fischerei 0.72Package and container industry -Verpackungsindustrie 0.26Precious metals - Edelmetalle 0.24Photography and optics - Foto und Optik 0.23Graphic art and publishing - Grafik undVerlage 0.21Healthcare, education and socialservices - Gesundheitsversorgung,Bildung und soziale Einrichtungen 0.21Miscellaneous - Andere 0.13Aerospace technology - Luft- undRaumfahrttechnologie 0.12Environmental services & recycling -Umwelt und Recycling 0.11Various capital goods - VerschiedeneProduktionsguter 0.08

SectorSektor


Forest products and paper industry -Papier und Holz 0.07Clock and watch-making industry - Clock-und Uhrenindustrie 0.04Tyres and rubber - Gummi und Reifen 0.04Consumer goods - Konsumguter 0.03Mortgage and funding institutions -Hypotheken- und Finanzierungsinstitute 0.02


97.23


2.77


100.00


66




CMI US Enhanced EquityPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Bermuda Islands - Bermudas 0.1920,042 Invesco Ltd 523,697 0.1410,593 Nabors Industries Ltd 181,776 0.05

Ireland - Irland 0.8922,102 Accenture Plc 1,425,579 0.384,951 Cooper Industries Plc 311,418 0.08

18,770 Covidien 1,012,266 0.278,809 Ingersoll-Rand Plc Shs 362,667 0.10

10,425 Xl Group 223,095 0.06

Netherlands Antilles - NiederlandischeAntillen

0.66

35,842 Schlumberger Ltd 2,478,116 0.66

Panama - Panama 0.055,902 Carnival Corp 189,100 0.05

Switzerland - Schweiz 0.9322,259 Ace Ltd 1,627,133 0.443,239 Noble Corp Namen-Akt. 119,746 0.03

12,476 Te Connectivity /RegShs

451,382 0.12

22,932 Tyco International Ltd 1,284,650 0.34

United States - Vereinigte Staaten 97.2717,585 3m Co 1,561,020 0.4256,415 Abbott Laboratories Inc 3,440,187 0.922,156 Abercrombie & Fitch A 107,218 0.03

20,206 Adobe Systems Inc 696,703 0.194,210 Aes Corp. 54,814 0.01

12,840 Aetna Inc 636,350 0.1717,950 Aflac Inc. 822,110 0.2214,328 Agilent Technologies 637,023 0.173,801 Agl Resources Inc 147,289 0.04

18,618 Aig 557,423 0.158,282 Air Products &

Chemicals759,045 0.20

1,668 Airgas Inc. 147,535 0.041,442 Akamai Technologies

Inc53,239 0.01

37,393 Alcoa Inc 375,426 0.1017,856 Allstate Corp 587,462 0.168,623 Altera Corp 338,367 0.09

43,117 Altria Group 1,318,949 0.354,268 Amazon Com Inc 873,275 0.237,628 Ameren Corp 245,164 0.07

14,152 American ElectricPower Co.Inc

541,739 0.14

29,708 American Express Co. 1,719,796 0.46569 American Tower Corp 35,494 0.01

10,144 Ameriprise Financial Inc/ Wh.I

572,426 0.15

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

10,682 AmerisourcebergenCorp

418,734 0.11

10,466 Amgen Inc. 704,571 0.195,024 Amphenol Corporation

A296,667 0.08

10,112 Anadarko Petrol.Corp. 781,961 0.2111,551 Analog Devices Inc 462,156 0.1212,634 Aon Corp 618,687 0.176,190 Apache Corp. 611,634 0.16886 Apartment Inv.&Manag.

A22,859 0.01

4,221 Apollo Group Inc. A 164,788 0.0427,956 Apple Inc 17,049,246 4.5577,086 Applied Materials Inc 962,033 0.2614,729 Archer-Daniels Midland

Co.460,429 0.12

3,688 Assurant Inc 148,848 0.04248,691 At & T 7,761,646 2.0712,196 Automatic Data Proces. 671,146 0.181,224 Autonation Inc 42,252 0.01342 Autozone Inc 128,024 0.03

1,865 Avalonbay CommunitiesInc.

258,601 0.07

4,180 Avery Dennison Corp 126,111 0.0316,220 Avon Products Inc. 311,100 0.0813,229 Baker Hughes Inc 539,611 0.144,930 Ball Corp. 210,758 0.06

194,600 Bank of America Corp 1,854,538 0.5043,115 Bank of Ny Mellon Corp

Shs1,024,844 0.27

1,289 Bard (C.R.) Inc 127,534 0.0327,927 Baxter Intl Inc. 1,662,215 0.4424,833 Bb&T Corporation 781,495 0.21

975 Beam — Shs WhenIssued

56,667 0.02

10,436 Becton Dickinson & Co. 804,616 0.219,223 Bed Bath & Beyond Inc. 615,359 0.163,921 Bemis Co Inc 128,060 0.03

56,325 Berkshire Hathaway B 4,582,039 1.2211,528 Best Buy Co Inc. 285,549 0.08

383 Biogen Idec Inc 48,442 0.013,576 Blackrock Inc 713,734 0.19

17,127 Block Inc. H&R 286,021 0.08721 Bmc Software Inc. 29,027 0.01

25,400 Boeing Co 1,881,632 0.503,196 Borg Warner Inc 268,368 0.07

53,787 Boston Scientific Corp. 322,722 0.0949,418 Bristol Myers Squibb

Co1,658,468 0.44

8,666 Broadcom Corp A 334,161 0.09197 Brown-Forman Corp. B

/ Non-Vot.16,306 0.00

2,082 C.H.RobinsonWorldwide Inc

134,830 0.04

7,592 Cablevision SystemsCorp / A

112,362 0.03

2,017 Cameron InternationalCorp

105,449 0.03

1,460 Campbell Soup Co. 48,443 0.01


67




Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

23,900 Capital One FinancialCorp.

1,348,677 0.36

10,120 Cardinal Health Inc. 436,172 0.128,241 Carefusion 213,607 0.06

22,659 Caterpillar Inc. 2,402,307 0.642,270 Cbre Group A 44,923 0.01

38,432 Cbs Corp B 1,261,723 0.3410,882 Celgene Corp. 843,573 0.237,268 Centerpoint Energy Inc 140,636 0.04

14,146 Centurytel 546,601 0.15285 Cerner Corp 21,703 0.01

4,826 Cf Industries HoldingsInc

866,267 0.23

20,692 Charles Schwab Corp 295,275 0.0818,729 Chesapeake Energy 434,700 0.1280,150 Chevron Corporation 8,564,027 2.29

89 Chipotle Mexican GrillInc

37,435 0.01

12,465 Chubb Corp 858,465 0.2316,338 Cigna Corp. 800,072 0.216,133 Cincinnati Financial

Corp213,183 0.06

5,545 Cintas 216,421 0.06127,177 Cisco Systems Inc. 2,674,532 0.7180,005 Citigroup Inc 2,920,983 0.786,848 Cliffs Natural

Resources Inc484,154 0.13

209 Clorox Co 14,285 0.002,359 Cme Group Inc 683,166 0.182,097 Cms Energy Corp. 45,945 0.019,758 Coach Inc 753,903 0.20

59,165 Coca-Cola Co. 4,366,969 1.1712,193 Coca-Cola Enterprises

Inc343,233 0.09

1,008 Cognizant TechnologySol.corp

76,910 0.02

888 Colgate-Palmolive Co. 85,861 0.02104,062 Comcast Corp / A 3,104,169 0.83

4,829 Comerica Inc. 156,122 0.0422,254 Computer Associates

Intl Inc615,768 0.16

5,292 Computer SciencesCorp

160,242 0.04

24,755 Conagra Foods Inc 650,314 0.1761,963 Conocophillips 4,696,795 1.254,937 Consol Energy Inc 167,167 0.048,878 Consolidated Edison Inc 514,924 0.147,328 Constellation Brand A 173,087 0.05

33,359 Corning Inc. 468,027 0.122,120 Coventry Health Care

Inc73,352 0.02

7,838 Crown Castle Intl Corp 415,414 0.1141,551 Csx Corp. 897,086 0.249,277 Cummins Inc 1,110,086 0.30

25,143 Cvs Caremark Corp 1,113,583 0.309,501 Danaher Corp 522,840 0.146,415 Darden Restaurants 325,241 0.091,804 Davita Inc 161,061 0.041,363 Dean Foods Co 16,683 0.00

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

6,075 Deere & Co. 488,977 0.1374,360 Dell Inc 1,234,376 0.3316,471 Denbury Resources Inc 299,607 0.083,238 Dentsply Intl Inc. 129,552 0.03

18,346 Devon Energy Corp.(New)

1,295,411 0.35

3,403 Devry Inc. 116,825 0.03899 Diamond Offshore

Drilling59,595 0.02

23,240 Directv 1,150,148 0.3131,382 Discover Fin Svc 1,034,037 0.287,568 Discovery Com Inc / A 373,935 0.103,185 Dollar Tree Inc 300,823 0.087,162 Donnelley and Sons.Rr 90,886 0.027,161 Dover Corp. 445,557 0.12

69,055 Dow Chemical Co. 2,360,300 0.636,823 Dr Horton Inc 105,006 0.034,161 Dr Pepper Snapple

Group Inc165,400 0.04

7,243 Dte Energy Company 397,351 0.1123,683 Du Pont De Nem.& Co /

E.I.1,249,278 0.33

44,305 Duke Energy HoldingCorp

926,418 0.25

1,825 Dun and BradstreetCorp

153,756 0.04

5,138 E Trade Financial Corp 56,004 0.015,583 Eastman Chemical Co 285,961 0.08

19,832 Eaton Corp. 974,743 0.2633,529 Ebay Inc 1,240,238 0.332,518 Ecolab Inc. 155,386 0.04

11,645 Edison International 494,912 0.13191 Edwards Lifesciences 13,920 0.00

8,192 Electronic Arts 135,086 0.0414,017 Emc Corp 414,623 0.1113,374 Emerson Electric Co. 693,709 0.1912,289 Entergy Corp. 822,503 0.223,192 Eqt 151,716 0.043,509 Equifax Inc 152,712 0.049,289 Equity Residential Sbi 569,601 0.15708 Estee Lauder Cos A 44,059 0.01

34,383 Exelon Corp 1,345,063 0.364,466 Expedia Inc Del 148,495 0.04532 Expeditors Intl Wash. 24,626 0.01914 Express Scripts Inc. 48,588 0.01

151,702 Exxon Mobil Corp 13,058,508 3.49150 F5 Networks Inc. 20,229 0.01

3,136 Family Dollar StoresInc.

188,442 0.05

3,797 Fastenal 206,025 0.064,250 Federated Investors

Inc. B96,178 0.03

9,307 Fedex Corp. 853,824 0.2313,912 Fidelity National Inform

Serv459,792 0.12

32,748 Fifth Third Bancorp 459,454 0.126,169 First Horizon Natl Corp 64,528 0.02627 First Solar Inc 15,750 0.00

20,937 Firstenergy Corp 952,215 0.25


68




CMI US Enhanced EquityPortfolio of Investments as at 31 March 2012 - continued


Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

904 Fiserv Inc. 62,909 0.021,251 Flir Systems 31,700 0.011,096 Flowserve Corp 126,095 0.032,665 Fmc Corp. 280,918 0.08666 Fmc Technologies Inc 33,147 0.01

57,703 Ford Motor Co 721,287 0.196,909 Forest Laboratories 239,259 0.065,617 Franklin Resources Inc. 692,520 0.18

46,148 Freeport McmoranCopper & Gold

1,735,626 0.46

21,503 FrontierCommunications Co

87,732 0.02

10,123 Gamestop Corp A 228,679 0.068,613 Gannett Co.Inc. 130,401 0.038,357 Gap Inc. 218,118 0.06

14,533 General Dynamics Corp 1,055,822 0.28379,050 General Electric Co 7,562,047 2.0218,872 General Mills Inc 738,273 0.209,265 Genuine Parts Co 578,970 0.153,436 Genwaorth Financial / A 29,034 0.01

12,736 Goldman Sachs GroupInc.

1,576,207 0.42

985 Goodrich Corp 123,371 0.038,332 Goodyear Tire &

Rubber94,818 0.03

7,424 Google Inc A 4,813,796 1.291,622 Grainger Inc..Ww 352,866 0.09

36,278 Halliburton Co 1,188,830 0.327,124 Harley Davidson Inc. 345,372 0.092,627 Harman Intl Industries

Inc122,786 0.03

4,446 Harris Corp. 198,825 0.0528,918 Hartford Fin.Serv.

Group608,146 0.16

2,360 Hasbro Inc. 87,650 0.0212,360 Hcp Inc 488,962 0.139,756 Health Care Reit Inc 530,824 0.147,935 Heinz (H.J.) Co 422,777 0.114,321 Helmerich & Payne 226,420 0.067,119 Hess Corp 415,963 0.11

120,812 Hewlett-Packard Co. 2,840,290 0.7660,541 Home Depot Inc. 3,021,601 0.8130,150 Honeywell International

Inc.1,830,105 0.49

5,411 Hormel FoodsCorporati

159,949 0.04

1,048 Hospira Inc 39,478 0.0112,462 Hudson City Bancorp

Inc91,970 0.02

9,643 Humana Inc. 882,720 0.2453,055 Huntington Bancshares

Inc.339,552 0.09

32,463 Ibm Corp 6,761,069 1.817,872 Illinois Tool Works 447,130 0.121,908 Integrys Energy Group

Inc100,838 0.03

240,462 Intel Corp. 6,771,410 1.811,201 Intercontinental

Exchange Inc162,363 0.04

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

25,852 International Paper Co 908,956 0.2413,210 Interpublic Group 150,066 0.041,572 Intl Flavors & Fragr. 91,380 0.02

13,087 Intl Game Technology 221,170 0.064,770 Intuit 285,389 0.08504 Intuitive Surgical Inc 274,015 0.07

3,101 Iron Mountain Inc 89,092 0.027,144 Jabil Circuit Inc. 179,814 0.052,475 Jacobs Engineer.Group 111,004 0.032,018 Jds Uniphase Corp 29,402 0.013,030 Jm Smucker Co 245,703 0.07

77,008 Johnson & Johnson 5,047,104 1.3513,995 Johnson Controls Inc. 451,619 0.122,387 Joy Global Inc 174,370 0.05

155,963 Jpmorgan Chase & Co 7,122,830 1.902,823 Kellogg Co 150,720 0.04

55,331 Keycorp 469,207 0.139,772 Kimberly Clark Corp 721,564 0.197,889 Kimco Realty Corp. 152,100 0.047,932 Kla Tencor Corporation 429,121 0.119,887 Kohl S Corp. 492,175 0.13

68,901 Kraft Foods Inc A 2,605,147 0.7035,861 Kroger Co. 868,553 0.235,838 L-3 Communications

Hlds Inc413,681 0.11

4,924 Legg Mason Inc. 135,459 0.043,448 Leggett & Platt Inc. 79,097 0.023,672 Lennar Corp. A 99,915 0.039,266 Leucadia National

Corp.244,066 0.07

4,825 Lexmark Intl Inc. 161,541 0.045,468 Life Technologies Corp 265,690 0.07

25,794 Lilly (Eli) & Co 1,030,728 0.286,593 Limited Brands Inc 318,376 0.09

19,210 Lincoln National Corp. 494,657 0.132,954 Linear Technology 98,368 0.036,632 Lockheed Martin Corp 594,426 0.16

10,921 Loews Corp 431,052 0.124,604 Lorillard Inc 604,643 0.16

36,329 Lowe S Companies Inc. 1,133,828 0.3025,745 Lsi Corporation 220,377 0.067,248 M&T Bank Corporation 627,459 0.17

24,581 Macy S 981,519 0.2642,712 Marathon Oil Corp. 1,356,106 0.3615,052 Marathon Petroleum

Corporation650,848 0.17

466 Marriott Intl Inc. A 17,540 0.0021,885 Marsh & Mc-Lennan

Cos Inc717,171 0.19

1,397 Mastercard Inc. A 598,223 0.1619,950 Mattel Inc. 678,898 0.1824,779 Mcdonald S Corp. 2,419,422 0.659,600 Mcgraw Hill Companies

Inc456,768 0.12

3,965 Mckesson Corp 351,259 0.09463 Mead Johnson A 38,522 0.01

6,815 Meadwestvaco Corp 214,400 0.06702 Medcohealth Solutions 49,273 0.01

30,462 Medtronic Inc. 1,194,415 0.32


69






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

124,003 Merck 4,713,354 1.2659,540 Metlife Inc 2,211,316 0.595,374 Metropcs

Communications Inc49,656 0.01

6,484 Microchip TechnologyInc.

238,222 0.06

279,242 Microsoft Corp 8,969,253 2.406,320 Molex Inc. 176,328 0.051,036 Molson Coors Brew B

Non-Vot46,610 0.01

3,777 Monsanto Co 298,043 0.087,065 Moody S Corp / When

Issued293,339 0.08

9,906 Morgan Stanley 195,544 0.058,112 Mosaic Co 448,350 0.126,060 Motorola Soltn / Ex-

Distr306,939 0.08

4,714 Murphy Oil Corp. 263,701 0.078,388 Mylan Inc 194,602 0.054,789 Nasdaq Omx Group Inc 123,652 0.037,058 National Oilwell Varco

Inc555,182 0.15

3,127 Netapp Inc 139,683 0.04646 Netflix Inc 74,322 0.02

5,709 Newell Rubbermaid Inc. 102,077 0.037,838 Newmont Mining Corp. 402,403 0.11

41,831 News Corp A 813,195 0.2210,989 Nextera Energy 665,933 0.189,097 Nike Inc B 981,111 0.261,770 Nisource Inc 42,923 0.013,550 Noble Energy 348,504 0.095,847 Nordstrom Inc 323,164 0.09

20,245 Norfolk Southern Corp. 1,339,612 0.365,245 Northeast Utilities 195,166 0.054,752 Northern Trust Corp 223,819 0.062,199 Northrop Grumman

Corp133,897 0.04

2,725 Novellus Systems Inc 134,806 0.046,292 Nucor Corp. 269,361 0.07

12,956 Nvidia Corp. 197,320 0.0514,667 Nyse Euronext 433,263 0.12

729 O Reilly Automotive Inc 66,018 0.0223,743 Occidental Petroleum

Corp2,242,051 0.60

10,699 Omnicom Group Inc. 537,839 0.14132,228 Oracle Corp 3,875,603 1.04

7,191 Paccar Inc. 336,898 0.097,233 Parker-Hannifin 611,839 0.162,292 Patterson Companies

Inc75,498 0.02

8,611 Paychex Inc. 269,955 0.075,392 Peabody Energy 159,711 0.041,117 Penney (J.C.) Co.Inc 39,855 0.01

18,312 People S UnitedFinancial Inc

240,986 0.06

13,800 Pepco Holdings Inc 260,406 0.0754,204 Pepsico Inc 3,578,548 0.965,577 Perkinelmer Inc 154,316 0.042,489 Perrigo 256,317 0.07

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

252,188 Pfizer Inc. 5,654,055 1.516,162 Pg&E Corp (Holding Co) 264,904 0.07

71,685 Philip Morris Int. 6,211,505 1.66695 Pinnacle West Cap.

Corp.33,103 0.01

907 Pioneer NaturalResourc.

95,416 0.03

1,215 Pitney Bowes Inc 21,591 0.0129,362 Pnc Financial Services

Group1,877,700 0.50

1,955 Polo Ralph Lauren 341,636 0.097,601 Ppg Industries Inc. 727,340 0.19

15,507 Ppl Corp 434,351 0.124,765 Praxair 545,021 0.151,226 Precision Castparts 210,664 0.06649 Priceline Com Inc 467,306 0.12

13,694 Principal FinancialGroup Inc

397,263 0.11

80,632 Procter & Gamble Co. 5,403,150 1.445,962 Progress Energy Inc 314,853 0.08

25,398 Progressive Corp 584,662 0.162,874 Prologis Inc 101,481 0.03

26,461 Prudential Financial Inc 1,660,692 0.4424,897 Publ.Serv.Enterprise 753,134 0.203,533 Public Storage Inc. 486,035 0.13

59,958 Qualcomm Inc. 4,072,947 1.09961 Quest Diagnostics Inc. 58,929 0.02

3,255 Raytheon Company 172,059 0.052,035 Republic Services Inc. 61,640 0.02

16,881 Reynolds American Inc 691,952 0.186,265 Rockwell Automation 500,135 0.133,652 Rockwell Collins 210,282 0.061,933 Roper Industries 190,942 0.057,847 Ross Stores Inc. 461,011 0.122,613 Ryder System Inc. 137,757 0.04

16,155 Safeway Inc. 330,854 0.098,188 Saic Inc 108,163 0.034,275 Sandisk Corp 214,691 0.067,978 Sara Lee Corp. 170,969 0.053,395 Scana Corporation 154,982 0.04771 Scripps Networks

Interactive I37,494 0.01

11,811 Sealed Air Corp 229,842 0.069,757 Sempra Energy 578,102 0.15105 Sherwin-Williams Co. 11,467 0.00953 Sigma-Aldrich Corp 69,569 0.02

7,644 Simon Property /Paired Shs

1,106,316 0.30

21,991 Slm Corp 348,557 0.092,113 Snap-On Inc 129,041 0.03

34,022 Southern Co. 1,525,546 0.412,739 Southwestern Energy

Co83,129 0.02

4,839 St Jude Medical Inc 212,674 0.069,910 Stanley Black & Decker

Inc771,593 0.21

27,352 Staples Inc 451,855 0.1210,168 Starbucks Corp. 566,663 0.15


70






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

1,736 Starwood HotelsResorts Ww

98,223 0.03

12,641 State Street Corp 569,603 0.158,748 Stryker Corp. 481,840 0.13934 Sunoco Inc. 35,707 0.01

3,383 Suntrust Banks Inc. 81,699 0.027,227 Supervalu Inc. 42,856 0.01

21,595 Symantec Corp. 397,348 0.119,289 Sysco Corp. 276,626 0.073,334 T Rowe Price Group

Inc.213,709 0.06

3,321 Target Corp 192,552 0.054,163 Teco Energy Inc. 73,394 0.02

25,374 Tenet Healthcare Corp 130,930 0.03387 Teradata 26,359 0.01

7,164 Teradyne Inc 119,925 0.039,272 Tesoro Corp. 252,013 0.07

18,710 Texas Instruments Inc 620,985 0.17251 The Hershey Co 15,356 0.00

13,307 Thermo FisherScientific Inc

745,990 0.20

3,717 Tiffany & Co 256,659 0.0732,271 Time Warner 1,198,545 0.329,301 Time Warner Cable 747,242 0.20

33,363 Tjx Cos Inc. 1,308,497 0.355,134 Torchmark Corp. 254,852 0.071,194 Total System Services

Inc27,355 0.01

14,196 Travelers CompaniesInc

832,595 0.22

3,009 Tripadvisor Inc 105,796 0.0311,418 Tyson Foods Inc.A 219,911 0.0618,933 Union Pacific Corp. 2,033,404 0.5433,965 United Technologies

Corp2,795,999 0.75

63,277 Unitedhealth Group Inc 3,677,026 0.9820,364 Unum Group 497,696 0.13

894 Urban Outfitters Inc. 26,096 0.0155,940 Us Bancorp 1,764,907 0.4715,407 Utd Parcel Service Inc

B1,230,249 0.33

25,601 Valero Ener. Corp 682,267 0.181,326 Varian Medical Systems

Inc91,229 0.02

8,727 Ventas Inc. 496,392 0.13150 Verisign Inc 5,781 0.00

83,486 VerizonCommunications I.

3,178,312 0.85

3,433 Vf Corp 509,663 0.1419,767 Viacom Inc B 935,770 0.258,405 Visa Inc A 1,000,195 0.275,778 Vornado Real.Trust /

Ben.In482,174 0.13

1,108 Vulcan Materials Co(Hold. Co)

46,990 0.01

51,130 Wal-Mart Stores Inc 3,109,727 0.8325,571 Walgreen Co. 867,624 0.2368,569 Walt Disney / Disney

Ser.2,949,153 0.79

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

35 Washington Post / B 12,941 0.009,152 Waste Management

Inc.319,496 0.09

1,081 Waters Corporation 99,247 0.03751 Watson

Pharmaceuticals Inc.50,340 0.01

14,622 Wellpoint Inc 1,047,228 0.28167,120 Wells Fargo & Co 5,672,053 1.51

8,917 Western Digital Corp. 374,603 0.107,428 Western Union

Company132,738 0.04

9,160 Weyerhaeuser Co 200,512 0.053,620 Whirlpool Corp. 275,591 0.074,595 Williams Companies Inc 140,561 0.04

21,257 Windstream Corp 247,538 0.073,926 Wisconsin Energy Corp. 137,567 0.046,238 Wpx Energy Inc 113,282 0.037,572 Wyndham Worldwide

Corp341,649 0.09

1,251 Wynn Resorts Ltd 156,287 0.048,679 Xcel Energy Inc 228,952 0.06

63,170 Xerox Corp. 513,572 0.147,955 Xilinx Inc. 288,687 0.086,093 Xylem Inc 168,532 0.059,590 Yahoo Inc 146,727 0.045,954 Yum Brands 418,507 0.113,517 Zimmer Holdings Inc 222,591 0.064,467 Zions Bancorp 96,711 0.03



United States - Vereinigte Staaten 0.054,313 Plum Creek Timber Co

Inc / Reit179,076 0.05


374,609,794 100.04


(167,022) (0.04)


374,442,772 100.00


71






CMI US Enhanced Equity



SectorSektor


Petrol - Treibstoff 11.02Banks and financial institutions - Banken,Kreditinstitute 9.13Office equipment, computers -Buroausstattung, Computer 8.57Holding and finance companies - Holding-und Finanzgesellschaften 8.37Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 8.13Internet software - Internet, Software 6.47News transmission -Nachrichtenubertragung 5.45Retail trade, department stores -Einzelhandel und Warenhauser 4.54Food and distilleries - Nahrungsmittel,alkoholische Getranke 3.85Electronic semiconductor - Halbleiter 3.70Public services - Energie undWasserversorgung 3.14Insurance - Versicherungen 2.76Tobacco and spirits - Tabak undalkoholische Getranke 2.43Aerospace technology - Luft- undRaumfahrttechnologie 2.41Healthcare, education and socialservices - Gesundheitsversorgung,Bildung und soziale Einrichtungen 2.24Mechanics, machinery - Maschinen- undApparatebau 2.14Consumer goods - Konsumguter 2.05Chemicals - Chemie 1.84Transport - Verkehr und Transport 1.79Graphic art and publishing - Grafik undVerlage 1.51Leisure - Freizeit 1.39Other services - SonstigeDienstleistungen 0.92Automobile industry - Automobilindustrie 0.88Real estate - Immobilien 0.78Textile - Textil- und Bekleidungsindustrie 0.75Precious metals - Edelmetalle 0.57Electronics and electrical equipment -Elektrotechnik und Elektronik 0.55Forest products and paper industry -Papier und Holz 0.54Biotechnology - Biotechnologie 0.50Miscellaneous - Andere 0.44Construction, building materials - Bau,Baustoffe 0.22Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 0.21Investment funds - Investmentfonds 0.15Package and container industry -Verpackungsindustrie 0.15Agriculture and fishing - Landwirtschaftund Fischerei 0.12Environmental services & recycling -Umwelt und Recycling 0.11Non-ferrous metals - Nichteisenmetalle 0.10Other business houses - SonstigeHandelshauser 0.07

SectorSektor


Tyres and rubber - Gummi und Reifen 0.03Various capital goods - VerschiedeneProduktionsguter 0.02


100.04


(0.04)


100.00


72




CMI UK EquityPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Great Britain - Großbritannien 82.7385,236 Amec Plc 939,301 1.0344,155 Apr Energy Plc 412,849 0.45

156,549 Astrazeneca Plc 4,369,283 4.77159,635 Aviva Plc 531,585 0.58666,524 Barclays Plc 1,584,994 1.73166,542 Berkeley Group Hld Plc

/ Units2,203,351 2.40

201,670 Bg Group Plc 2,931,274 3.2027,154 Bhp Billiton Plc 522,850 0.57

1,496,758 Bp Plc 6,875,358 7.5159,888 British American

Tobacco (25p)1,896,054 2.07

332,511 British SkyBroadcasting Group

2,236,137 2.44

62,228 Burberry Group Plc 925,330 1.011,565,027 Cadogan Petroleum Plc

/ Ipo485,158 0.53

755,948 Centrica Plc 2,368,385 2.59287,589 Compass Group Plc 1,877,956 2.05

1,509,039 D S Smith Plc 2,702,689 2.95234,163 Essar Energy 350,542 0.38118,359 Experian Plc 1,158,735 1.26187,100 Filtrona Plc Milton

Keynes870,015 0.95

261,778 Gkn Plc 545,284 0.59361,197 Glaxosmithkline Plc 5,063,982 5.53692,059 Hsbc Holdings Plc 3,823,626 4.17124,028 Imperial Tobacco

Group Plc3,167,675 3.46

332,990 Intermediate CapitalGroup

955,681 1.04

518,292 Invensys Plc 1,031,401 1.1362,381 Kingfisher Plc 191,135 0.21

154,710 Millennium & CopthorneHotels

741,370 0.81

146,393 National Grid Plc 920,812 1.00146,528 Prudential Plc 1,104,821 1.21212,420 Pursuit Dynamics Plc 178,964 0.20321,915 Reed Elsevier Plc 1,778,580 1.9427,847 Rio Tinto Plc / Reg. 967,544 1.06

180,406 Rolls Royce Hld 1,473,917 1.61249,608 Royal Dutch Shell / B 5,483,888 5.99109,777 Sabmiller Plc 2,779,554 3.03381,255 Sage Group Plc 1,143,384 1.25105,665 Smith and Nephew Plc 668,859 0.73134,976 Tate & Lyle Plc 942,807 1.03455,147 Tullet Prebon Plc 1,601,662 1.75

1,698,747 Vodafone Group Plc 2,922,694 3.19278,792 Xstrata Plc 3,049,985 3.33

Guernsey - Guernsey 7.25223,761 Ienergizer 794,352 0.87

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

317,613 Indus Gas Ltd 3,261,885 3.56989,974 Resolution 2,587,792 2.82

India - Indien 0.68193,524 Great Eastern Energy /

Gdr619,277 0.68

Isle of Man - Man Inseln 2.32392,641 Ksk Power Ventur Plc 2,120,261 2.32

Jersey - Jersey 5.5634,376 Shire - Shs 726,021 0.79

494,616 Glencore Intl 1,965,357 2.15145,863 United Business Media

Ltd910,914 0.99

1,250,805 Lxb Retail PropertiesPlc

1,494,712 1.63


90,260,042 98.54


1,340,416 1.46


91,600,458 100.00


73




CMI UK Equity



SectorSektor


Petrol - Treibstoff 20.64Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 10.30Miscellaneous - Andere 7.39Holding and finance companies - Holding-und Finanzgesellschaften 6.25Banks and financial institutions - Banken,Kreditinstitute 5.90News transmission -Nachrichtenubertragung 5.63Other services - SonstigeDienstleistungen 5.32Tobacco and spirits - Tabak undalkoholische Getranke 5.10Public services - Energie undWasserversorgung 4.27Construction, building materials - Bau,Baustoffe 3.43Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 3.33Package and container industry -Verpackungsindustrie 2.95Leisure - Freizeit 2.86Graphic art and publishing - Grafik undVerlage 1.94Mechanics, machinery - Maschinen- undApparatebau 1.92Insurance - Versicherungen 1.79Aerospace technology - Luft- undRaumfahrttechnologie 1.61Retail trade, department stores -Einzelhandel und Warenhauser 1.47Internet software - Internet, Software 1.25Non-ferrous metals - Nichteisenmetalle 1.06Food and distilleries - Nahrungsmittel,alkoholische Getranke 1.03Textile - Textil- und Bekleidungsindustrie 1.01Biotechnology - Biotechnologie 0.79Healthcare, education and socialservices - Gesundheitsversorgung,Bildung und soziale Einrichtungen 0.73Precious metals - Edelmetalle 0.57


98.54


1.46


100.00


74




Euro Equity Index TrackingPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien



Sa461,923 2.75

Finland - Finnland 1.0543,606 Nokia Oy 177,128 1.05

France - Frankreich 34.243,278 Air Liquide-Pv Prime

Fide 2014328,619 1.95

21,325 Axa 265,923 1.5811,503 Bnp Paribas 412,613 2.456,703 Carrefour S.A. 120,989 0.72

21,992 France Telecom Sa 242,902 1.4515,309 Gdf Suez 294,392 1.757,061 Groupe Danone 368,796 2.192,776 L Oreal Sa- Prime Fidel.

2014253,699 1.51

3,071 Lvmh Moet HennessyEur 0.3

395,391 2.35

5,064 Saint-Gobain 170,783 1.0214,178 Sanofi-Aventis 824,876 4.916,324 Schneider Electric Sa 313,955 1.878,943 Ste Gen.Paris A 198,534 1.18

25,635 Total Sa 971,951 5.781,062 Unibail-Rodamco Se 158,557 0.946,142 Vinci 239,323 1.42

14,245 Vivendi 195,869 1.17






466,748 2.78


398,697 2.37


106,007 0.63


308,169 1.83

23,056 E.On - Namen Akt. 412,011 2.451,837 Muenchener Rueckvers

/ Namensakt209,416 1.24

5,515 Rwe Ag Essen A 196,736 1.1710,650 Sap Ag 558,784 3.329,963 Siemens Ag / Nam. 752,585 4.481,659 Volkswagen Ag /

Vorzug.220,299 1.31

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Ireland - Irland 0.768,346 Crh Plc 127,610 0.76

Italy - Italien 8.6715,563 Assicurazioni Generali

Spa181,309 1.08

73,434 Enel 197,244 1.1830,507 Eni Spa Roma 535,093 3.18

159,822 Intesa Sanpaolo Spa 217,038 1.29120,897 Telecom Italia Spa 106,450 0.6357,384 Unicredit Az 220,125 1.31

Luxembourg - Luxemburg 0.9310,744 Arcelormittal Sa / Prov.

Fusion156,648 0.93

Netherlands - Niederlande 5.4444,399 Ing Groep Nv / Cert.of

Shs281,934 1.68

11,002 Roy.Philips Electr. / Eur0.2

167,175 0.99

18,241 Unilever Cert.of Shs 465,966 2.77

Spain - Spanien 11.96104,156 Banco Santander Sa /

Reg.600,251 3.57

55,373 Bco Bilbao Viz.Argentaria / Nam.

333,345 1.98

41,774 Iberdrola Sa 175,660 1.052,449 Inditex / Reg. 174,810 1.048,656 Repsol Ypf Sa. Madrid 162,993 0.97

45,914 Telefonica Sa 563,135 3.35


16,603,951 98.75


210,506 1.25


16,814,457 100.00


75




Euro Equity Index Tracking



SectorSektor


Banks and financial institutions - Banken,Kreditinstitute 12.26Petrol - Treibstoff 9.93Chemicals - Chemie 9.05News transmission -Nachrichtenubertragung 8.31Public services - Energie undWasserversorgung 7.60Insurance - Versicherungen 6.67Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 6.42Automobile industry - Automobilindustrie 5.59Food and distilleries - Nahrungsmittel,alkoholische Getranke 4.96Various capital goods - VerschiedeneProduktionsguter 4.48Holding and finance companies - Holding-und Finanzgesellschaften 4.20Internet software - Internet, Software 3.32Construction, building materials - Bau,Baustoffe 3.20Tobacco and spirits - Tabak undalkoholische Getranke 2.75Textile - Textil- und Bekleidungsindustrie 2.35Electronics and electrical equipment -Elektrotechnik und Elektronik 1.87Retail trade, department stores -Einzelhandel und Warenhauser 1.76Leisure - Freizeit 1.17Electronic semiconductor - Halbleiter 0.99Real estate - Immobilien 0.94Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 0.93


98.75


1.25


100.00


76




Japan Equity Index TrackingPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Japan - Japan 98.00100 Abc Mart Inc 311,500 0.02350 Acom Co Ltd *Opa* 647,150 0.05

1,000 Advantest Corp. 1,304,000 0.104,300 Aeon Co Ltd 4,678,400 0.35600 Aeon Credit Service Ltd 781,200 0.06600 Aeon Mall Co Ltd 1,153,800 0.09

1,000 Air Water Inc Osaka 1,068,000 0.081,100 Aisin Seiki Co Ltd 3,196,600 0.244,000 Ajinomoto Co. Inc 4,152,000 0.31200 Alfresa Hld Corp Tokyo 787,000 0.06

6,000 All Nippon Airways CoLtd

1,500,000 0.11

1,000 Alps Electric Co 728,000 0.052,000 Amada Co.Ltd 1,116,000 0.08600 Aoyama Trading Co Ltd 1,053,000 0.08

6,000 Aozora Bank Ltd 1,434,000 0.112,400 Asahi Breweries 4,399,200 0.336,000 Asahi Glass Co. Ltd 4,212,000 0.327,000 Asahi Kasei Corp 3,577,000 0.27400 Asatsu-Dk Inc. 951,600 0.07

1,000 Asics Corp. 936,000 0.072,424 Astellas Pharma Inc 8,241,600 0.62200 Autobacs Seven Co Ltd 798,000 0.06

1,000 Awa Bank Ltd 508,000 0.042,000 Bank of Kyoto 1,502,000 0.11600 Benesse Corp. 2,475,000 0.19

7,000 Bk of Yokohama 2,898,000 0.224,200 Bridgestone Corp 8,425,200 0.641,900 Brother Industries Ltd 2,131,800 0.169,300 Canon Inc. 36,363,000 2.74600 Canon Marketing Japan

Inc636,600 0.05

300 Capcom Co Ltd 567,300 0.041,700 Casio Computer Co.Ltd 1,004,700 0.08

11 Central Japan RailwayCo

7,502,000 0.57

300 Century Tokyo LeasingCorp

501,300 0.04

5,000 Chiba Bank 2,640,000 0.201,000 Chiyoda Corp 1,051,000 0.084,100 Chubu Electric Power

C. Jpy5006,125,400 0.46

1,400 Chugai Pharmaceut.Co.Ltd

2,136,400 0.16

1,000 Chugoku Bank Ltd 1,119,000 0.081,700 Chugoku Electr.Power

Jpy 5002,612,900 0.20

28,410 Chuo Mitsui TrustHoldings Inc

7,500,240 0.57

2,300 Citizen Holdings Co Ltd 1,205,200 0.09200 Coca-Cola West

Holdings Co Ltd290,200 0.02

1,000 Comsys Holdings Corp 896,000 0.07

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

5,000 Cosmo Oil Co Ltd 1,150,000 0.091,400 Credit Saison Co Ltd 2,345,000 0.184,000 Dai Nippon Printing Co.

Ltd3,384,000 0.26

70 Dai-Ichi Life InsuranceCo Ltd

8,001,000 0.60

2,000 Daicel ChemicalIndustries Co.

1,066,000 0.08

2,000 Daido Steel Co Ltd 1,146,000 0.091,000 Daihatsu Motor Co 1,516,000 0.113,613 Daiichi Sankyo Co Ltd 5,448,404 0.411,600 Daikin Industries Ltd 3,604,800 0.271,000 Dainippon Screen

Manufact.745,000 0.06

1,000 Dainippon SumitomoPharma Co

877,000 0.07

2,000 Daishi Bank Ltd 582,000 0.04600 Daito Trust Construct. 4,458,000 0.34

3,000 Daiwa H. Industr.Co.Ltd 3,282,000 0.2513,000 Daiwa Securities Group

Inc4,251,000 0.32

765 Dena Co Ltd Tokyo 1,754,145 0.134,000 Denki Kagaku Kogyo Kk 1,324,000 0.103,200 Denso Corp 8,848,000 0.671,000 Dentsu Inc Tokyo 2,636,000 0.204,000 Dic Corp 668,000 0.05100 Disco Corp. 457,500 0.03500 Don Quijote Co Ltd 1,502,500 0.11

2,000 Dowa Holdings Co Ltd 1,100,000 0.082,100 East Japan Railway Co 10,941,000 0.832,000 Ebara Corp. 594,000 0.041,600 Eisai Co.Ltd 5,264,000 0.401,100 Electric Power

Development Co2,468,400 0.19

200 Exedy Corp. 471,800 0.041,000 Ezaki Glico Co Ltd 993,000 0.07500 Familymart Co Ltd 1,750,000 0.13

1,200 Fanuc Ltd Jpy 50 17,616,000 1.33400 Fast Retailing Co Ltd 7,544,000 0.57

4,000 Fuji Electric HoldingsCo Ltd

872,000 0.07

4,000 Fuji Heavy IndustriesLtd

2,660,000 0.20

4 Fuji Television NetworkInc

569,200 0.04

2,700 Fujifilm Holdings Corp 5,240,700 0.402,000 Fujikura Ltd 552,000 0.04

11,000 Fujitsu Ltd 4,796,000 0.366,000 Fukuoka Financial

Group2,202,000 0.17

1,000 Fukuyama Transp. 450,000 0.033,000 Furukawa Electric Co.

Ltd660,000 0.05

400 Glory Ltd 724,400 0.05500 Gree 1,044,500 0.08

2,000 Gs Yuasa Corp Kyoto 908,000 0.073,000 Gunma Bank Ltd 1,329,000 0.101,000 H2o Retailing Corp 719,000 0.053,000 Hachijuni Bank Ltd 1,464,000 0.11


77




Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

200 Hakuhodo Dy Hld Inc 1,040,000 0.08500 Hamamatsu Photonics 1,562,500 0.12

8,000 Hankyu HanshinHoldings Inc

2,888,000 0.22

5,500 Haseko Corp 368,500 0.03300 Heiwa Corp. 498,600 0.04

1,000 Higo Bank Ltd 490,000 0.042,000 Hino Motors Ltd 1,196,000 0.09200 Hirose Electric Co.Ltd 1,738,000 0.13

4,000 Hiroshima Bank Ltd 1,512,000 0.11300 Hisamitsu

Pharmaceutical Co1,177,500 0.09

900 Hitachi Chemical Co 1,341,000 0.10500 Hitachi Constr.Machin. 915,500 0.07300 Hitachi High-

Technologies Corp592,500 0.04

400 Hitachi Koki Co Ltd 302,800 0.0223,000 Hitachi Ltd 12,213,000 0.921,000 Hitachi Metals Ltd 1,028,000 0.081,200 Hokkaido Electr.Power 1,458,000 0.112,000 Hokkoku Bank Ltd 622,000 0.058,000 Hokuhoku Financial

Group1,264,000 0.10

1,200 Hokuriku Elec.Jpy 500 1,795,200 0.149,400 Honda Motor Co.Ltd 29,563,000 2.23400 Hoshizaki El 780,800 0.06300 House Foods Corp 424,500 0.03

3,000 Hoya Corp 5,577,000 0.42500 Hulic 499,000 0.04

2,000 Hyakugo Bank Ltd(105th Bank)

762,000 0.06

2,000 Hyakujuschi Bank Ltd 770,000 0.06900 Ibiden Co Ltd 1,905,300 0.14100 Idemitsu Kosan 825,000 0.06

8,000 Ihi Corp 1,672,000 0.1319 Inpex Holdings Inc

Tokyo10,621,000 0.80

1,920 Isetan Mitsukoshi HldLtd

1,866,240 0.14

9,000 Isuzu Motors Ltd 4,365,000 0.33300 Ito En Ltd 445,500 0.03

8,600 Itochu Corp 7,765,800 0.59100 Itochu Techno-Solutions

Corp370,500 0.03

2,000 Iyo Bank Ltd 1,466,000 0.11500 Izumi Co Ltd 780,500 0.06

2,800 J. Front Retailing Co Ltd 1,293,600 0.10300 Jafco Co Ltd 602,100 0.05200 Japan Petroleum

Exploration Co771,000 0.06

2,000 Japan Steel Works Ltd 1,134,000 0.0935 Japan Tobacco Inc. 16,310,000 1.23

3,200 Jfe Holdings Inc 5,689,600 0.431,000 Jgc Corp. 2,565,000 0.194,000 Joyo Bank Ltd 1,516,000 0.111,700 Js Group Corp 2,946,100 0.221,500 Jsr Corp. Tokyo 2,499,000 0.192,400 Jtekt Corp 2,378,400 0.182,000 Juroku Bank Ltd 570,000 0.04

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

12,960 Jx Holdings 6,648,480 0.50300 K S Holdings Corp 800,400 0.06400 Kagome Co Ltd 648,000 0.05

1,000 Kagoshima Bank Ltd 528,000 0.045,000 Kajima Corp. 1,260,000 0.10200 Kakaku Com Inc Tokyo 433,600 0.03

1,000 Kamigumi Co Ltd 685,000 0.051,000 Kandenko Co Ltd 402,000 0.031,000 Kaneka Corp. 499,000 0.045,000 Kansai Electr. Power C.

Jpy5006,410,000 0.48

1,000 Kansai Paint Co LtdOsaka

835,000 0.06

3,000 Kansai Urban BankingCorp

378,000 0.03

3,800 Kao Corp. 8,253,600 0.628,000 Kawasaki Heavy Ind. 2,024,000 0.153,000 Kawasaki Kisen 546,000 0.041,000 Kayaba Industry Co Ltd 503,000 0.04

24 Kddi Corp. 12,864,000 0.974,000 Keihan Electric Railway

Co Ltd1,576,000 0.12

3,000 Keihin Elec.ExpressRailway Co

2,172,000 0.16

3,000 Keio Corp 1,779,000 0.132,000 Keisei Electric Railway 1,280,000 0.101,000 Keiyo Bank Ltd 397,000 0.03363 Keyence Corp. 7,063,980 0.53

1,000 Kikkoman Corp. 957,000 0.071,000 Kinden Corp 639,000 0.05

12,000 Kintetsu Corp 3,780,000 0.295,000 Kirin Holdings Co Ltd 5,355,000 0.40300 Kissei Pharmaceutical

Co Ltd486,300 0.04

200 KobayashiPharmaceutical Co

828,000 0.06

18,000 Kobe Steel Ltd 2,412,000 0.181,000 Koito Manufacturing Co

Ltd1,339,000 0.10

1,000 Kokuyo Co Ltd 618,000 0.056,600 Komatsu Ltd 15,569,400 1.17300 Komeri Co Ltd 707,700 0.05800 Konami Corp 1,876,800 0.14

3,000 Konica Minolta HoldingsInc

2,169,000 0.16

100 Kose Corp Tokyo 187,500 0.015,000 Kubota Corp 3,975,000 0.302,500 Kuraray Co Ltd 2,927,500 0.22600 Kurita Water Ind.Ltd 1,216,800 0.09

1,300 Kyocera Corp. 9,854,000 0.741,846 Kyowa Hakko Kogyo Co 1,698,320 0.132,400 Kyushu Electr.Power

Co / Jpy 5002,829,600 0.21

500 Lawson Inc 2,605,000 0.20300 Lintec Corp 503,400 0.04

2,000 Lion Corp. 948,000 0.07200 Mabuchi Motors 751,000 0.06800 Makita Corp 2,656,000 0.20

9,000 Marubeni Corp. 5,373,000 0.41


78




Japan Equity Index TrackingPortfolio of Investments as at 31 March 2012 - continued


Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

1,500 Marui Group Co Ltd 1,035,000 0.08600 Maruichi Steel Tube 1,159,200 0.09

1,500 Matsui Securities Ltd 799,500 0.06100 Matsumotokiyoshi

Holdings Co179,500 0.01

16,360 Matsushita Electr.Ind. 12,449,960 0.9419,000 Mazda Motor Corp 2,755,000 0.211,700 Mediceo Paltac


351 Meiji Holdings Co Ltd 1,268,865 0.102,000 Minebea Co Ltd 722,000 0.05300 Miraca Holdings Inc 969,000 0.07400 Misumi Group Inc 805,200 0.06

8,000 Mitsubishi ChemicalHldgs Corp

3,536,000 0.27

8,600 Mitsubishi Corp 16,512,000 1.2511,000 Mitsubishi Electric Corp 8,052,000 0.617,000 Mitsubishi Estate Co. 10,332,000 0.783,000 Mitsubishi Gas

Chemical1,659,000 0.13

23,000 Mitsubishi HeavyIndustries

9,223,000 0.70

1,000 Mitsubishi LogisticsCorp

977,000 0.07

8,000 Mitsubishi MaterialsCorp

2,096,000 0.16

27,000 Mitsubishi Motor Corp. 2,538,000 0.191,000 Mitsubishi Tanabe

Pharma Corp1,161,000 0.09

98,310 Mitsubishi Ufj FinancialGroup

40,503,720 3.05

200 Mitsubishi Ufj Lease &Finance

728,000 0.05

9,600 Mitsui & Co Ltd 13,027,200 0.985,000 Mitsui Chemicals Inc. 1,255,000 0.095,000 Mitsui Engin.&Shipbuil 720,000 0.056,000 Mitsui Fudosan Co 9,498,000 0.724,000 Mitsui Mining&Smelting 932,000 0.076,000 Mitsui O.S.K.Lines Ltd

Tokyo2,160,000 0.16

700 Mitsumi Electric Co 499,100 0.04166,560 Mizuho Financial Group

Inc22,485,600 1.70

1,000 MochidaPharmaceutical

976,000 0.07

600 Mori Seiki 510,600 0.044,532 Msig Holdings 7,699,868 0.581,500 Murata Manufacturing

Co Ltd7,357,500 0.55

200 Musashino Bank Ltd 569,600 0.045,000 Nagoya Railroad Co Ltd 1,140,000 0.091,100 Namco Bandai Hldg 1,313,400 0.102,000 Nanto Bank Ltd 782,000 0.06

18,000 Nec Corp 3,114,000 0.232,000 Ngk Insulators Ltd 2,362,000 0.181,000 Ngk Spark Plug Co Ltd 1,181,000 0.091,000 Nhk Spring Co 890,000 0.072,000 Nichirei Corp. 776,000 0.06800 Nidec Corp 6,032,000 0.46

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

1,900 Nikon Corp. 4,772,800 0.36700 Nintendo Co.Ltd 8,715,000 0.66

2,500 Nippon Electric Glass 1,797,500 0.146,000 Nippon Express Co.Ltd 1,938,000 0.151,000 Nippon Kayaku Co Ltd 848,000 0.061,000 Nippon Meat Packers 1,051,000 0.081,000 Nippon Paint Co Ltd 627,000 0.05600 Nippon Paper Group Inc 1,033,800 0.08

5,000 Nippon Sheet Glass Co. 635,000 0.051,000 Nippon Shokubai Co

Ltd959,000 0.07

36,000 Nippon Steel Corp 8,172,000 0.622,800 Nippon Tel&Tel 10,514,000 0.79

40 Nippon Television Netw 530,800 0.049,000 Nippon Yusen K K 2,340,000 0.184,000 Nishi Nippon City Bk 936,000 0.072,000 Nishi-Nippon Railroad 778,000 0.061,000 Nissan Chemical Ind. 777,000 0.06

15,900 Nissan Motor Co.Ltd 14,007,900 1.06200 Nissha Printing Co Ltd 216,600 0.02

1,500 Nisshin Seifun GroupInc

1,501,500 0.11

6,000 Nisshin Steel Co Ltd 834,000 0.061,000 Nisshinbo Ind. 783,000 0.06500 Nissin Food Products

Co.Ltd1,547,500 0.12

150 Nitori Co Ltd 1,122,000 0.08900 Nitto Denko Corp 3,001,500 0.23

2,875 Nksj Holdings Inc 5,318,750 0.40700 Nok Corp 1,260,000 0.10

25,900 Nomura Holdings Inc 9,479,400 0.71500 Nomura Real Estate

Hdgs Inc729,500 0.06

1,200 Nomura ResearchInstitute Ltd

2,463,600 0.19

3,000 Nsk Ltd 1,911,000 0.143,000 Ntn Corp 1,050,000 0.08

7 Ntt Data Corp 2,036,300 0.15120 Ntt Docomo Inc 16,488,000 1.2410 Ntt Urban Dev Corp 674,000 0.05

4,000 Obayashi Corp. 1,444,000 0.1140 Obic Co Ltd Tokyo 671,200 0.05

4,000 Odakyu El.Railway 3,128,000 0.242,000 Ogaki Kyoritsu Bk 596,000 0.046,000 Oji Paper Co Ltd 2,400,000 0.181,000 Okuma Corp 684,000 0.051,300 Olympus Corp 1,760,200 0.131,700 Omron Corp 3,026,000 0.23600 Ono Pharmaceutical Co 2,766,000 0.21

1,000 Onward Holdings CoLtd

675,000 0.05

200 Oracle Corp JapanToky

629,000 0.05

300 Oriental Land Co Ltd 2,661,000 0.20790 Orix Corp 6,241,000 0.47

11,000 Osaka Gas Co Ltd 3,652,000 0.28100 Osaka Titanium

Technologies Co316,000 0.02

100 Otsuka Corp 673,000 0.05


79






Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

2,900 Otsuka Holdings Co Ltd 7,105,000 0.541,000 Pacific Metals Co Ltd 454,000 0.03700 Park24 Co Ltd Tokyo 780,500 0.06

1,000 Qp Corp. 1,219,000 0.091,000 Rengo Co Ltd 573,000 0.04

12,800 Resona Holdings Inc 4,876,800 0.374,000 Ricoh Co.Ltd 3,220,000 0.24200 Rinnai Corp. 1,192,000 0.09800 Rohm Co.Ltd 3,268,000 0.25

1,000 Rohto PharmaceuticalCo Ltd

1,033,000 0.08

200 Ryohin Keikaku Co Ltd 856,000 0.063,000 Sagami Railway Co Ltd 777,000 0.061,000 San-In Godo Bank Ltd 655,000 0.05400 Sankyo 1,624,000 0.12300 Sanrio Co Ltd 969,000 0.07500 Santen Pharmaceutical 1,767,500 0.13

2,000 Sapporo HokuyoHoldings Inc

610,000 0.05

2,000 Sapporo Holdings Ltd 612,000 0.05100 Sawai Pharmaceutical

Co Ltd877,000 0.07

127 Sbi Holdings Inc 991,870 0.071,200 Secom Ltd 4,860,000 0.371,400 Sega Sammy Holding

Inc2,427,600 0.18

1,000 Seiko Epson Corp 1,160,000 0.091,000 Seino Holdings Co Ltd 598,000 0.053,000 Sekisui Chemical Co

Ltd2,154,000 0.16

4,000 Sekisui House Ltd 3,244,000 0.246,300 Senshu Ikeda Hldg 724,500 0.054,500 Seven & I Holdings Co

Ltd11,061,000 0.83

2,000 Seventy-Seven (77)Bank

730,000 0.06

6,000 Sharp Corp. 3,624,000 0.272,000 Shiga Bank Ltd 990,000 0.071,300 Shikoku Electric Power

Co Inc.3,032,900 0.23

200 Shima Seiki Mfg Ltd 316,200 0.02200 Shimachu Co Ltd 390,000 0.03

2,000 Shimadzu Corp 1,494,000 0.11100 Shimamura Corp. 926,000 0.07500 Shimano Inc. 2,492,500 0.19

4,000 Shimizu Corp 1,328,000 0.102,300 Shin-Etsu Chemical Co 10,994,000 0.83400 Shinko Electric

Industries Co323,200 0.02

12,000 Shinsei Bank Ltd 1,296,000 0.101,900 Shionogi & Co Ltd 2,173,600 0.162,200 Shiseido Co.Ltd 3,141,600 0.244,000 Shizuoka Bank Ltd 3,408,000 0.267,000 Showa Denko Kk 1,316,000 0.101,000 Showa Shell Sekiyu Kk 528,000 0.04400 Smc Corp 5,264,000 0.40

5,700 Softbank 13,947,900 1.0510,800 Sojitz Corp 1,598,400 0.127,000 Sony Corp Jpy 50 11,928,000 0.90

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

1,200 Sony Financial HoldingInc

1,764,000 0.13

400 Square Enix 695,200 0.051,000 Stanley Electric Co Ltd 1,315,000 0.10200 Sugi Holdings Co Ltd 506,200 0.04800 Sumco Corp 805,600 0.06

1,000 Sumitomo Bakelite Co 436,000 0.038,000 Sumitomo Chemical

Co.Ltd2,816,000 0.21

6,800 Sumitomo Corp. 8,132,800 0.613,900 Sumitomo Electric


1,000 Sumitomo Forestry Co. 753,000 0.063,000 Sumitomo Heavy


26,000 Sumitomo MetalIndustries

4,342,000 0.33

4,000 Sumitomo Metal MiningCo.Ltd

4,652,000 0.35

9,900 Sumitomo MitsuiFinancial Gr.

26,957,700 2.03

3,000 Sumitomo OsakaCement Co Ltd

723,000 0.05

3,000 SumitomoRealty&Development

5,985,000 0.45

1,000 Sumitomo Rubber Ind. 1,099,000 0.081,000 Suruga Bank Ltd 845,000 0.06400 Suzuken Co 1,020,800 0.08

3,000 Suzuki Motor Corp 5,931,000 0.45200 Sysmex Corp. Kobe 668,000 0.05

3,700 T&D Holdings Inc Tokyo 3,548,300 0.275,000 Taiheiyo Cement Corp.

Tokyo920,000 0.07

7,000 Taisei Corp. 1,512,000 0.11500 Taisho Pharmaceutical

Holdings3,355,000 0.25

2,000 Taiyo Nip.Sanso Corp 1,168,000 0.091,000 Taiyo Yuden Co Ltd 882,000 0.071,000 Takara Holdings Inc 563,000 0.042,000 Takashimaya Co Ltd 1,374,000 0.10200 Takata Corp Tokyo 441,000 0.03

4,200 Takeda PharmaceuticalCo Ltd

15,309,000 1.15

700 Tdk Corp 3,283,000 0.256,000 Teijin Ltd 1,668,000 0.131,000 Terumo Corp. 3,955,000 0.301,000 Thk Co Ltd 1,683,000 0.137,000 Tobu Railway Co.Ltd 3,073,000 0.232,000 Toda Corp 556,000 0.04900 Toho Co Ltd. Tokyo 1,367,100 0.10

3,000 Toho Gas Co Ltd 1,464,000 0.11200 Toho Titanium Co Ltd 260,600 0.02

2,700 Tohoku Electr.PowerJpy 500

2,548,800 0.19

1,000 Tokai Carbon Ltd 441,000 0.03400 Tokai Rika Co Ltd 567,600 0.04

4,100 Tokio Marine HoldingsInc

9,311,100 0.70

2,000 Tokuyama 514,000 0.04


80






Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

8,300 Tokyo Electric PowerJpy 500

1,726,400 0.13

1,000 Tokyo Electron Co Ltd 4,735,000 0.3612,000 Tokyo Gas Co.Ltd 4,680,000 0.35

700 Tokyo Steel Mfg 511,700 0.042,000 Tokyo Tatemono Co

Ltd670,000 0.05

7,000 Tokyu Corp 2,751,000 0.213,000 Tokyu Land Corp. 1,215,000 0.092,000 Tonengeneral Sekiyu

Kk Tokyo1,524,000 0.11

4,000 Toppan Printing Co.Ltd 2,584,000 0.208,000 Toray Industries Inc. 4,912,000 0.37

23,000 Toshiba Corp 8,372,000 0.634,000 Tosoh Corp 920,000 0.072,000 Toto Ltd 1,246,000 0.091,100 Toyo Seikan Kaisha Ltd 1,305,700 0.101,000 Toyo Suisan Kaisha 2,149,000 0.165,000 Toyobo Co Ltd 590,000 0.04400 Toyoda Gosei Co Ltd 644,400 0.05500 Toyota Boshoku Corp. 488,000 0.04

1,000 Toyota Industries Corp 2,496,000 0.1916,500 Toyota Motor Corp. 58,905,000 4.441,000 Toyota Tsusho Corp. 1,685,000 0.13700 Trend Micro Inc.. Tokyo 1,780,100 0.13

1,000 Tsi Holdings Co Ltd 522,000 0.04500 Tsumura & Co 1,195,500 0.09

1,000 U N Y Co Ltd 896,000 0.074,000 Ube Industries Ltd 900,000 0.07300 Ulvac Inc 272,700 0.02600 Uni-Charm Corp. 2,622,000 0.20800 Ushio Inc 930,400 0.07200 Uss Co Ltd Tokai 1,678,000 0.13

1,000 Wacoal Holdings Corp 981,000 0.071,000 West Japan Railway Co 3,325,000 0.25124 Yahoo Japan Corp

Tokyo3,320,720 0.25

1,100 Yakult Honsha 3,129,500 0.24640 Yamada Denki Co Ltd 3,308,800 0.25

1,000 Yamaguchi FinancialGroup Inc

752,000 0.06

1,300 Yamaha Corp. 1,115,400 0.081,800 Yamaha Motor Co Ltd 1,996,200 0.15400 Yamatake Corp 732,000 0.06

2,500 Yamato Holdings CoLtd

3,197,500 0.24

400 Yamato Kogyo Co Ltd 966,000 0.071,000 Yamazaki Baking Co 1,186,000 0.091,000 Yaskawa Electric Corp. 778,000 0.061,400 Yokogawa Electric

Corp1,171,800 0.09

2,000 Yokohama Rubber CoLtd

1,192,000 0.09

1,000 Zeon Corp 767,000 0.06


1,299,586,512 98.00

Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens


26,544,682 2.00


1,326,131,194 100.00


81






Japan Equity Index Tracking



SectorSektor


Holding and finance companies - Holding-und Finanzgesellschaften 18.35Electronic semiconductor - Halbleiter 12.42Automobile industry - Automobilindustrie 11.61Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 5.84Mechanics, machinery - Maschinen- undApparatebau 4.63Banks and financial institutions - Banken,Kreditinstitute 4.61Other business houses - SonstigeHandelshauser 4.09Transport - Verkehr und Transport 4.07Chemicals - Chemie 3.92Public services - Energie undWasserversorgung 3.08News transmission -Nachrichtenubertragung 3.04Electronics and electrical equipment -Elektrotechnik und Elektronik 2.97Construction, building materials - Bau,Baustoffe 2.65Internet software - Internet, Software 2.32Real estate - Immobilien 2.27Tobacco and spirits - Tabak undalkoholische Getranke 1.56Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 1.48Retail trade, department stores -Einzelhandel und Warenhauser 1.29Food and distilleries - Nahrungsmittel,alkoholische Getranke 1.28Office equipment, computers -Buroausstattung, Computer 1.22Tyres and rubber - Gummi und Reifen 0.81Graphic art and publishing - Grafik undVerlage 0.75Insurance - Versicherungen 0.73Non-ferrous metals - Nichteisenmetalle 0.70Other services - SonstigeDienstleistungen 0.58Consumer goods - Konsumguter 0.47Petrol - Treibstoff 0.36Forest products and paper industry -Papier und Holz 0.26Leisure - Freizeit 0.20Textile - Textil- und Bekleidungsindustrie 0.17Package and container industry -Verpackungsindustrie 0.14Photography and optics - Foto und Optik 0.13


98.00


2.00


100.00


82




UK Equity Index TrackingPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Australia - Australien 0.0013,000 Intl Ferro Metals Ltd 2,210 0.00

Bermuda Islands - Bermudas 0.3315,324 Aquarius Platinum 22,542 0.0411,899 Catlin Group Ltd 48,595 0.0912,466 Hiscox Ltd 49,166 0.094,978 Lancashire Holdings 39,301 0.07

10,000 Petra Diamonds Ltd 17,810 0.04

Canada - Kanada 0.01581 Canaccord Financial Inc 2,847 0.01

Cayman Islands - Cayman Inseln 0.065,400 Phoenix Gr Ho 30,321 0.06

Finland - Finnland 0.035,925 Talvivaara Mining 14,451 0.03

Gibraltar - Gibraltar 0.0620,620 Partygaming Plc 32,126 0.06

Great Britain - Großbritannien 91.4730,490 3i Group Plc 64,334 0.121,200 A G Barr 14,340 0.03

34,248 Aberdeen AssetManagement Plc

88,017 0.16

1,100 Abtrust New DawnInvest.Trust

8,960 0.02

6,279 Admiral Group Plc 73,088 0.1435,943 Aegis Group Plc 66,423 0.1229,100 Afren Plc 38,819 0.073,774 African Barrick Gold 14,983 0.032,566 Aga Rangemaster

Group Plc2,265 0.00

7,967 Aggreko Plc 179,895 0.3318,292 Alliance Trust Plc 67,077 0.126,400 Allied Gold Mining Plc 7,392 0.01

10,491 Amec Plc 115,611 0.2115,466 Amlin Plc 51,332 0.1038,932 Anglo American Plc 918,211 1.701,010 Anglo Eastern

Plantations Inc7,742 0.01

3,632 Anglo Pacific Group Plc 11,444 0.0215,876 Anite 20,202 0.0412,478 Antofagasta Plc 145,244 0.2740,460 Arm Holdings Plc 239,928 0.459,216 Ashmore Group Plc 33,952 0.06

16,388 Ashtead Group Plc 42,052 0.0812,068 Ass.British Foods Plc 146,506 0.2738,150 Astrazeneca Plc 1,064,766 1.972,304 Aveva Group Plc 38,822 0.07

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

84,057 Aviva Plc 279,910 0.525,000 Avocet Mining Plc 9,500 0.02

11,291 Babcock InternationalGroup

89,651 0.17

95,474 Bae Systems Plc 285,085 0.5322,784 Balfour Beatty Plc 65,481 0.12

357,626 Barclays Plc 850,435 1.5829,242 Barratt Devel.Plc 41,670 0.0814,694 Bba Aviation Plc 31,269 0.064,155 Bellway Plc 34,092 0.064,270 Berkeley Group Hld Plc

/ Units56,492 0.11

3,020 Betfair Group 26,093 0.0598,923 Bg Group Plc 1,437,846 2.6762,114 Bhp Billiton Plc 1,196,005 2.225,400 Big Yellow Group 15,336 0.032,700 Bloomsbury Publishing

Plc2,903 0.01

6,700 Bodycote Plc 25,775 0.0549,300 Booker Group Plc 41,018 0.084,880 Bovis Homes Group Plc 23,712 0.04

555,271 Bp Plc 2,550,637 4.737,327 Brewin Dolphin Hldgs /

Gbp 0.0112,148 0.02

58,554 British AmericanTobacco (25p)

1,853,820 3.44

27,311 British Land 130,629 0.2438,861 British Sky

Broadcasting Group261,340 0.48

7,334 Britvic Plc 28,170 0.05227,049 Bt Group Plc 509,271 0.94

9,382 Btg Plc 31,073 0.062,564 Bumi *** 16,102 0.03

10,383 Bunzl Plc 103,934 0.1913,175 Burberry Group Plc 195,912 0.3690,898 C&W Commun 29,006 0.0589,374 Cab & Wire Wrld 30,351 0.0617,155 Cairn Energy 55,874 0.101,504 Caledonia Investments

Plc22,289 0.04

18,480 Cap Count Pty 35,574 0.0717,678 Capita Grp 129,580 0.248,388 Capital & Regional Plc 2,684 0.01

13,484 Carillion Plc 40,101 0.076,726 Carnival Plc 134,924 0.251,737 Carpetright 11,916 0.029,409 Centaur Media Plc 3,575 0.01

151,269 Centrica Plc 473,926 0.886,025 Chemring Group Plc 24,383 0.053,853 Chesnara Plc 7,282 0.013,623 Chime Communications

Plc7,916 0.01

5,500 Cineworld Group Plc 12,045 0.024,915 Close Brothers Group

Plc38,632 0.07

1,425 Cls Holdings Plc 8,906 0.0235,867 Cobham Plc 81,024 0.1555,183 Compass Group Plc 360,345 0.673,746 Computacenter Plc 16,490 0.03


83




Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

931 Consort Medical Plc 5,819 0.017,613 Cookson Grp 52,872 0.102,710 Cpp Group 2,791 0.011,256 Cranswick Plc 10,111 0.024,419 Croda Intl Plc 92,622 0.176,329 Csr Plc 14,930 0.03

29,905 D S Smith Plc 53,560 0.10200 Daejan Holdings Plc 6,046 0.01

8,980 Daily Mail & General TrA

40,455 0.08

4,866 Dairy Crest Group Plc 16,033 0.035,803 Davis Service Group 30,292 0.063,703 De La Rue Plc 33,475 0.06

46,414 Debenhams Plc 37,456 0.072,192 Dechra

Pharmaceuticals Plc10,818 0.02

3,451 Derwent London Plc 59,633 0.113,934 Development Securities 6,235 0.015,511 Devro Plc 16,957 0.03

74,875 Diageo Plc 1,127,992 2.09800 Dialight Plc 7,208 0.01

1,971 Dignity Plc 15,876 0.035,370 Diploma Plc 22,377 0.043,932 Domino Print Serv. 21,882 0.043,924 Domino S Pizza Uk & Irl

Plc17,301 0.03

11,850 Drax Group Plc 64,405 0.12123,764 Dsg International Plc 23,503 0.04

3,500 Dunelm Group Plc 17,902 0.035,172 E2V Technologies Plc 6,206 0.019,885 Easyjet Plc 47,913 0.091,260 Edinburgh Us Tracker

Trust Plc8,707 0.02

13,858 Electrocomponents 34,964 0.0615,210 Elementis Plc 27,941 0.0520,057 Enquest Plc 25,492 0.0519,466 Entreprise Inns Plc 10,998 0.0211,629 Essar Energy 17,409 0.0312,224 Eurasian Natural Res

Corp Plc73,038 0.14

1,129 Euromoney Institut.Investor

8,462 0.02

12,251 Evraz 44,973 0.0829,415 Experian Plc 287,973 0.5316,870 F&C Asset

Management Plc11,252 0.02

6,000 Fenner 26,220 0.054,800 Ferrexpo Plc 14,861 0.031,459 Fidelity Special Values

Plc7,777 0.01

1,227 Fidessa Group Plc 19,816 0.046,500 Filtrona Plc Milton

Keynes30,225 0.06

41,734 Findel Plc 1,502 0.001,500 Finsbury Worldwide

Pharmac.Plc11,896 0.02

16,447 Firstgroup Plc 39,720 0.0758,258 Fortune Oil 5,826 0.016,808 Fresnillo Plc 110,766 0.21

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

1,300 Fuller Smith & Turner A 9,217 0.0244,558 G4s Plc 122,223 0.2318,163 Galiform Plc 22,504 0.043,018 Galliford Try Plc 18,712 0.032,158 Genus Plc Hampshire 27,471 0.05

49,200 Gkn Plc 102,484 0.19151,092 Glaxosmithkline Plc 2,118,310 3.9310,620 Grainger Plc 10,970 0.0210,968 Great Portland Est Plc 39,243 0.076,984 Greene King Plc 35,688 0.072,860 Greggs Plc 14,929 0.033,300 H. Brammer Plc 11,154 0.026,986 Halfords Group Plc 21,657 0.04

12,710 Halma Plc 48,349 0.0922,046 Hammerson Plc 91,050 0.1712,727 Hansteen Holdings Plc 9,100 0.027,651 Hargreaves Lansdown

Plc37,054 0.07

47,433 Hays Plc 41,006 0.083,630 Headlam Group Plc 10,727 0.024,060 Helical Bar Plc 7,663 0.014,866 Hikma Pharmaceuticals

Plc33,210 0.06

2,851 Hill & Smith Holdings 9,651 0.025,437 Hochschild Mining Plc 25,429 0.05

27,725 Home Retail Group Plc 32,022 0.0611,130 Homeserve Plc 26,445 0.05

528,963 Hsbc Holdings Plc 2,922,521 5.424,287 Hunting Plc 40,684 0.08

21,201 Icap Plc 82,854 0.1512,277 Ig Group Holdings Plc 54,559 0.108,200 Imagination

Technologies Group55,719 0.10

10,161 Imi Plc 98,613 0.186,836 Impax Asian Environ.

Mrkt5,759 0.01

8,200 Impax EnvironmentalMkts Plc

8,098 0.02

29,851 Imperial TobaccoGroup Plc

762,395 1.41

12,530 Inchcape 47,301 0.0914,451 Inmarsat Plc 66,099 0.129,054 Intercont Hotels Group

Inc131,011 0.24

13,752 Intermediate CapitalGroup

39,468 0.07

9,265 International PersonalFi. Plc

24,358 0.05

46,278 International Power Plc 188,120 0.354,380 Interserve Plc 12,939 0.024,970 Intertek Group Plc 124,598 0.23

25,179 Invensys Plc 50,106 0.0920,131 Investec Plc 76,840 0.1413,735 Ip Group Plc 17,752 0.036,405 Ite Group Plc 14,213 0.03

115,991 Itv Plc 102,130 0.194,089 J D Wetherspoon Plc 16,851 0.03

56,269 J.Sainsbury Plc 175,334 0.33


84




UK Equity Index TrackingPortfolio of Investments as at 31 March 2012 - continued


Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

1,900 James Fisher & SonsPlac

11,258 0.02

4,851 Jardine LloydThompson Gr.Plc

33,617 0.06

768 Jd Sports Fashion Plc 6,029 0.014,004 Jkx Oil & Gas Plc 6,346 0.011,600 John Menzies Plc 9,624 0.026,793 Johnson Matthey Plc 160,315 0.307,300 Jupiter / Ipo 17,024 0.036,775 Kazakhmys Limited 62,804 0.12

18,500 Kcom Group Plc 12,728 0.022,400 Keller Group 10,776 0.02

19,907 Kesa Electricals 14,552 0.031,532 Kier Group Plc 17,449 0.03

71,377 Kingfisher Plc 218,699 0.412,773 Kofax Plc 8,430 0.02

30,334 Ladbrokes Plc 48,322 0.0910,851 Laird Plc 23,633 0.0423,012 Land Securities Group

Plc164,996 0.31

178,613 Legal & General GroupPlc

233,983 0.43

20,085 Liberty International Plc 66,863 0.121,179,241 Lloyds Tsb Group Plc * 395,046 0.73

54,575 Logica 54,684 0.1017,000 Lon & Stam Pty Shs 18,717 0.036,404 Lonmin 67,818 0.13

30,000 Lonrho 3,450 0.0112,683 Lookers Plc 7,927 0.019,229 Low & Bonar Plc 5,514 0.016,674 Lse Group 68,475 0.133,000 Lsl Property Services

Plc8,048 0.02

59,276 Man Group Plc 79,608 0.1548,344 Marks and Spencer /

New183,320 0.34

5,069 Marshalls Plc 5,145 0.0119,465 Marston S Plc 19,183 0.046,300 Mcbride Plc 7,686 0.013,021 Mears Group Plc 7,726 0.015,236 Mecom Group 9,582 0.02

23,228 Meggitt Plc 94,120 0.1710,603 Melrose Plc 44,882 0.082,240 Melrose Resources Plc 2,716 0.016,043 Metric Property

Investments5,439 0.01

9,594 Michael Page Intl Plc 46,051 0.095,971 Micro Focus

International Plc27,532 0.05

5,244 Millennium & CopthorneHotels

25,129 0.05

10,967 Misys Plc 39,339 0.079,528 Mitchells & Butlers Plc 25,792 0.05

11,923 Mitie Group Plc 33,134 0.064,786 Modwen Propert.Plc.St. 8,292 0.02

11,540 Mondi Plc 68,605 0.139,200 Moneysupermarket.

Com11,620 0.02

9,957 Morgan Crucible Co Plc 31,992 0.06

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

1,216 Morgan Sindall Plc 8,244 0.023,200 Mothercare Plc 5,464 0.016,801 N Brown Group Plc 15,887 0.03

17,346 National Express GroupPlc

41,630 0.08

104,941 National Grid Plc 660,079 1.223,205 New World Resources 14,118 0.035,161 Next Plc 153,178 0.288,000 Northern Rock Plc 0.00 0.004,263 Northgate Plc 9,131 0.023,414 Novae Group 12,307 0.02

15,000 Ocado Group 17,415 0.03160,252 Old Mutual Plc 254,160 0.47

8,100 Ophir Energy Plc 40,621 0.0821,700 Oxford Biomedica Ltd 662 0.001,735 Oxford Instruments Plc 20,924 0.048,750 Pace Plc 6,519 0.01

10,192 Paragon Group ofCompanies Plc

19,293 0.04

1,863 Paypoint Plc 11,178 0.0224,505 Pearson Plc 286,954 0.5343,248 Pendragon Plc 5,730 0.0111,950 Pennon Group Plc 84,725 0.168,368 Persimmon Plc 53,932 0.105,830 Peter Hambro Mining

Plc33,610 0.06

8,191 Petrofac Ltd 140,066 0.2611,958 Premier Farnell Plc 25,626 0.0578,126 Premier Foods Plc 12,500 0.0215,660 Premier Oil Plc 61,794 0.114,539 Provident Financial 51,926 0.10

74,099 Prudential Plc 558,706 1.045,855 Psion Plc 3,572 0.01

25,500 Punch Taverns Ltd 2,741 0.018,100 Pv Crystalox Solar 378 0.007,900 Pz Cussons Plc 23,597 0.04

22,333 Qinetic Group Plc 33,991 0.0619,000 Quintain Est & Dev Plc 7,315 0.011,543 Rathbone Brothers Plc 19,581 0.04

21,282 Reckitt BenckiserGroup Plc

749,978 1.39

11,318 Redrow Plc 14,600 0.0335,818 Reed Elsevier Plc 197,894 0.371,243 Renishaw Plc 16,109 0.03

59,129 Rentokil Initial Plc 50,141 0.096,421 Restaurant Group Plc 19,045 0.04

27,697 Rexam Plc 119,180 0.222,070 Ricardo Plc 7,276 0.012,908 Rightmove Plc 41,526 0.08

42,375 Rio Tinto Plc / Reg. 1,472,319 2.735,126 Rit Capital Partners Plc 62,486 0.122,374 Rm Plc 1,792 0.003,893 Robert Walters Plc 9,431 0.02

10,000 Rok Plc 0.00 0.0054,957 Rolls Royce Hld 448,999 0.832,802 Rotork 55,648 0.10

537,723 Royal Bk of ScotlandPlc

150,240 0.28

79,405 Royal Dutch Shell / B 1,744,528 3.24


85






Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

108,150 Royal Dutch Shell Plc /A

2,357,129 4.37

4,670 Rpc Group Plc 17,209 0.037,658 Rps Group Plc 18,257 0.03

109,195 Rsa Insurance GroupPlc

115,419 0.21

35,373 Sabmiller Plc 895,644 1.665,200 Safestore Holdings Plc 6,084 0.01

41,407 Sage Group Plc 124,180 0.234,956 Salamander Energy Plc 10,878 0.024,800 Savills Plc 17,731 0.031,931 Schroders / Non-Voting 23,848 0.045,364 Schroders Plc 84,429 0.16

27,892 Scottish & SouthernEnergy Plc

367,617 0.68

4,940 Scottish Amer.Inv.CoGbp0.25

11,140 0.02

2,736 Sdl Plc 20,397 0.0423,233 Segro Plc / Reit 54,412 0.1014,149 Senior Plc 27,874 0.0515,472 Serco Group Plc 84,013 0.163,936 Severfield-Rowen Plc 7,173 0.017,453 Severn Trent Plc 113,956 0.21

19,660 Sgcln 50,330 0.097,695 Shaftesbury Plc / Reit 37,921 0.07

12,285 Shanks Group Plc 12,107 0.0220,173 Sig Plc 23,905 0.0427,050 Smith and Nephew Plc 171,226 0.3212,269 Smiths Group Plc 128,579 0.246,781 Smiths New Plc 6,018 0.01

11,732 Soco Intl 35,020 0.073,893 Spectris Plc 69,918 0.13

19,000 Speedy Hire Plc 5,273 0.012,497 Spirax-Sarco

Engineering Plc51,438 0.10

23,077 Spirent CommunicationPlc*Opr*

36,900 0.07

25,500 Spirit Pub Company Plc 15,937 0.0324,068 Sportingbet Plc 9,086 0.024,950 Sports Direct

International14,172 0.03

3,912 St.Ives Plc 3,198 0.015,960 St.James S Place Plc 20,902 0.04

70,678 Standard Chartered Plc 1,098,336 2.0470,412 Standard Life Plc 161,736 0.303,800 Sthree Plc 12,626 0.02846 Supergroup Plc 5,139 0.01

1,500 Synergy Health Plc 12,683 0.0221,860 Talk Talk Telecom

Group Plc29,795 0.06

13,901 Tate & Lyle Plc 97,098 0.1886,994 Taylor Wimpey Plc 45,063 0.081,000 Ted Baker Plc London 8,005 0.016,200 Telecity Group Plc 45,322 0.081,888 Telecom Plus Plc 13,018 0.02

233,482 Tesco Plc 769,206 1.431,390 The Go-Ahead Group

Plc17,180 0.03

1,345 The Vitec Group Plc 8,702 0.02

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

28,037 Thomas Cook Gp 6,308 0.014,730 Topps Tiles Plc 1,774 0.001,500 Town Centre Securities

Plc2,655 0.01

7,526 Travis Perkins Plc 81,431 0.1510,292 Trinity Mirror Plc 3,860 0.015,789 Tt Electronics Plc 9,711 0.02

17,688 Tui Travel Plc 34,598 0.066,914 Tullet Prebon Plc 24,330 0.05

26,524 Tullow Oil Plc 405,021 0.758,176 Uk Coal Plc 1,369 0.002,207 Ultra Electronics Hldgs

Plc38,446 0.07

1,584 Umeco Plc 6,051 0.0138,468 Unilever Plc 792,825 1.476,079 Unite Group Plc 11,900 0.02

21,359 United Utilities GroupPlc

127,834 0.24

3,106 Utv Media Plc 4,682 0.0110,910 Vectura Group Plc 5,782 0.013,917 Vedanta Resources Plc 48,923 0.092,939 Victrex Plc 39,912 0.07

1,492,866 Vodafone Group Plc 2,568,476 4.761,963 Volex Group 5,079 0.016,147 Weir Group Plc 107,757 0.205,045 Wh Smith Plc 27,621 0.055,610 Whitbread Plc 104,009 0.19

23,806 William Hill Plc 62,134 0.124,422 Wincanton Plc 3,339 0.01

76,997 Wm MorrisonSupermarkets Plc

229,143 0.43

3,702 WolfsonMicroelectronics Plc

6,719 0.01

12,210 Wood Group 86,691 0.165,246 Workspace Gp R.E.I.T. 12,302 0.023,725 Ws Atkins Plc 27,286 0.052,200 Wsp Group Plc 5,665 0.016,700 Xchanging Plc 6,449 0.01

65,285 Xstrata Plc 714,218 1.3276,833 Yell Group Plc 2,927 0.018,386 Yule Catto&Co Plc 20,772 0.04

Guernsey - Guernsey 0.2416,837 Raven Russia Plc 10,565 0.0245,949 Resolution 120,111 0.22

Ireland - Irland 0.6175,400 Kenmare Resources

Plc37,851 0.07

2,700 Kentz Corporation 12,325 0.0221,116 Crh Plc 269,018 0.5010,000 Greencore Group Plc 7,600 0.02

Isle of Man - Man Inseln 0.063,303 Hardy Oil & Gas Plc 5,062 0.016,890 Lamprell Plc 22,978 0.043,796 Exillon Energy 6,362 0.01


86






Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Israel - Israel 0.008,350 Batm Advanced

Communicat.Ltd1,482 0.00

Jersey - Jersey 2.8720,768 3i Infrastructure Plc 25,773 0.0516,927 Beazley Plc 23,478 0.043,700 Cape 15,533 0.03

43,435 Glencore Intl 172,589 0.3232,118 Henderson Group Plc 41,175 0.087,100 Heritage Oil Limited 10,096 0.02

19,211 Informa Plc 85,028 0.168,098 Polymetal 75,473 0.142,756 Randgold Resources

Ltd151,580 0.28

20,613 Regus Plc 23,375 0.0416,545 Shire - Shs 349,431 0.658,324 United Business Media

Ltd51,983 0.09

8,603 Wolseley Plc 206,386 0.3837,150 Wpp Plc 316,332 0.59

Luxembourg - Luxemburg 0.089,667 Colt Telecom Group Sa 10,151 0.02

11,477 Az Electronic Materials 33,042 0.06

Spain - Spanien 0.2058,688 Int Air Group 107,047 0.20

Virgin Islands - Virgin Inseln 0.024,543 Gem Diamonds Ltd 12,707 0.02



Great Britain - Großbritannien 1.961,124 Aberdeen Asian Smaller

Cos Inv8,120 0.01

3,330 Aberforth Smaller CosTrust

21,212 0.04

4,400 Bankers Invest.TrustGbp0.25

18,453 0.03

1,000 Baring EmergingEurope Ordin.

7,360 0.01

4,440 Blackro Great.Eur.Inv.Trust

8,155 0.01

1,500 Blackrock Lat.Amer.Inv.

8,948 0.02

2,000 Blackrock Smaller CoTrust Plc

10,400 0.02

6,096 Blackrock Wld MiningTrust Plc

40,819 0.08

5,743 Brit.Empire Secur.and.Gral.Tr.

24,359 0.05

9,710 British Assets Trust Plc 12,235 0.02

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

772 Candover InvestmentsPlc

3,405 0.01

2,127 City Nt Rs Hg Yi Tr Shs/ Dis

5,686 0.01

7,130 City of LondonInvestment

21,005 0.04

5,050 Dunedin Income GrthInvest.Tr.

11,337 0.02

8,800 Ecofin Water & PowerOpport.

10,560 0.02

3,600 Edinburgh Dragon TrustPlc

8,831 0.02

6,380 Edinburgh InvestmentTrust Plc

31,715 0.06

4,200 Edinburgh Uk TrackerTrust

10,888 0.02

1,397 Electra Private EquityPlc

23,861 0.04

1,000 F&C Global Small.Companies Plc

6,170 0.01

20,164 Fid China Sp / Gbp 16,040 0.031,786 Fidelity European

Values Plc20,182 0.04

1,450 Foreign & ColonialEurotr.Plc

7,719 0.01

18,940 Foreign & ColonialInvest.Tr.

59,623 0.11

900 Gartmore European Inv.Trust

5,094 0.01

2,300 Gartmore Global TrustPlc

7,268 0.01

3,056 Graphite EnterpriseTrust Plc

11,834 0.02

250 Hansa Trust Plc 2,258 0.003,242 Henderson Smaller

Cies Inv.10,164 0.02

3,500 Henderson Tr PacificInv.Trust

6,073 0.01

2,800 Herald Invest Trust Plc 14,700 0.031,200 Hgcapital Trust Plc 11,624 0.02

24,281 Invista FoundationProp.Trust

8,559 0.02

4,600 Jp Morgan IndianInvestment

16,512 0.03

5,894 Jp Morgan JapaneseInves.Trust

10,109 0.02

1,000 Jp Morgan Mid CapInvestm.Trst

4,373 0.01

1,200 Jp Morgan OverseasInv.Trust

9,342 0.02

1,200 Jpmorg. Euro.FledglingInv.Tr.

8,688 0.02

1,500 Jpmorgan AmericanInvest.Trust

14,288 0.03

5,000 Jpmorgan AsianInvestm. Trust

9,600 0.02

1,870 Jpmorgan ClaverhouseInv.Tr.

7,907 0.01


87






Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

3,760 Jpmorgan Emerg.Mark.Inv.Tr.

21,000 0.04

5,650 Jpmorgan Europ.Inv. /Growth Cl.

9,210 0.02

1,500 Jpmorgan RussianSecurities

8,575 0.02

2,250 Jupiter EuropeanOpport.Trust

6,287 0.01

3,050 Law Debenture CorpPlc

11,465 0.02

1,000 Lowland Investment Co 8,929 0.025,070 Martin Currie Ptf Inv

Trust6,768 0.01

3,543 Merchants Trust Plc 13,573 0.038,486 Monks Investment Trust

Plc28,394 0.05

2,400 Murray Income TrustPlc

15,744 0.03

3,171 Murray InternationalTrust Plc

31,659 0.06

1,000 Pantheon Intl Particip.Plc

7,720 0.01

6,854 Perpetual Inc&GwthInvest Tr.

18,499 0.03

35 Personal Assets TrustPlc

11,966 0.02

2,062 Primary HealthProperties Plc

6,562 0.01

6,600 Schroder Asiapacific FdPlc

15,510 0.03

5,000 Schroder Uk GrowthFund

6,525 0.01

1,955 Scottish InvestmentTrust Plc

9,521 0.02

8,376 Scottish MortgageInvest.Trust

59,102 0.11

8,630 Svg Capital Plc 24,639 0.052,130 Temple Bar Investment

Trust19,745 0.04

10,398 Templeton EmergingMarkets Inv

61,624 0.11

3,410 The Mercantile Inv.Trust Plc

35,447 0.07

4,000 The Polar CapitalTechnolo.Tr

15,916 0.03

2,022 Tr European GrowthTrust Plc

6,850 0.01

8,297 Tr Property InvestmentTrust

12,943 0.02

5,971 Witan Investment TrustPlc

29,438 0.05

Guernsey - Guernsey 0.419,300 Absolute Return Trust /

Cap10,183 0.02

1,500 Advance DevelopingMkt Gbp / Dis

6,780 0.01

3,000 Alternative Inv.Strat.Sterl.H - Shares

3,353 0.01

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

13,677 Babcock & Brown Plubl.Partnsh

16,360 0.03

1,000 Bh Global Limited NpvGbp

11,884 0.02

800 Bh Macro Ltd / GbpClass-

16,480 0.03

16,331 Bluecrest Allblue FundLtd / Gbp

26,293 0.05

9,971 Dexion Alsolute Ltd 14,106 0.0316,325 F&C Commercial Pty

Trust Ltd16,470 0.03

4,500 Genesis EmergingMarkets / Dis

22,392 0.04

5,137 Gs Dynamic Opps Ltd /Gbp

4,957 0.01

16,826 Hsbc Infrastucture Cos 20,225 0.047,000 Ing Uk Real Estate

Income Tr2,888 0.01

3,500 Isis Property Trust 3,033 0.018,000 John Laing Infra -Gbp- /

Dis8,514 0.01

3,964 Ruffer Invest Co / Dis 8,092 0.016,000 Schroder Oriental

Income Fund9,879 0.02

8,300 Stobart Group Ltd 10,798 0.0211,900 Uk Commercial Prop

Reit8,610 0.01

Jersey - Jersey 0.043,850 Aberdeen Asian Income

Fund7,276 0.02

4,000 Henderson Far EastIncome

11,839 0.02

Shares -Aktien


Great Britain - Großbritannien 0.0017,226 Rim Finance Ltd 0.00 0.00

Jersey - Jersey 0.0432,895 Centamin Shs 23,306 0.04



Guernsey - Guernsey 0.013,871 Thames River Multi

Hedge Gbp4,500 0.01

Jersey - Jersey 0.00153 City Mer Hig-Shs Gbp 179 0.00


88






Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Luxembourg - Luxemburg 0.015,000 Bilfinger Berger Gl Infra

-O-5,300 0.01


53,121,295 98.51


801,001 1.49


53,922,296 100.00


89






UK Equity Index Tracking



SectorSektor


Petrol - Treibstoff 16.57Banks and financial institutions - Banken,Kreditinstitute 10.55Tobacco and spirits - Tabak undalkoholische Getranke 7.23News transmission -Nachrichtenubertragung 6.77Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 5.99Non-ferrous metals - Nichteisenmetalle 4.94Retail trade, department stores -Einzelhandel und Warenhauser 4.01Public services - Energie undWasserversorgung 3.57Insurance - Versicherungen 3.52Holding and finance companies - Holding-und Finanzgesellschaften 3.19Investment funds - Investmentfonds 2.74Miscellaneous - Andere 2.57Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 2.56Precious metals - Edelmetalle 2.53Aerospace technology - Luft- undRaumfahrttechnologie 2.25Construction, building materials - Bau,Baustoffe 2.24Food and distilleries - Nahrungsmittel,alkoholische Getranke 2.12Leisure - Freizeit 1.94Other services - SonstigeDienstleistungen 1.93Mechanics, machinery - Maschinen- undApparatebau 1.57Real estate - Immobilien 1.50Consumer goods - Konsumguter 1.47Electronic semiconductor - Halbleiter 1.22Graphic art and publishing - Grafik undVerlage 1.09Internet software - Internet, Software 0.73Biotechnology - Biotechnologie 0.65Transport - Verkehr und Transport 0.56Electronics and electrical equipment -Elektrotechnik und Elektronik 0.40Textile - Textil- und Bekleidungsindustrie 0.38Package and container industry -Verpackungsindustrie 0.35Chemicals - Chemie 0.33Forest products and paper industry -Papier und Holz 0.32Healthcare, education and socialservices - Gesundheitsversorgung,Bildung und soziale Einrichtungen 0.32Other business houses - SonstigeHandelshauser 0.17Agriculture and fishing - Landwirtschaftund Fischerei 0.06Various capital goods - VerschiedeneProduktionsguter 0.06Environmental services & recycling -Umwelt und Recycling 0.05Photography and optics - Foto und Optik 0.02

SectorSektor


Tyres and rubber - Gummi und Reifen 0.02Automobile industry - Automobilindustrie 0.01Office equipment, computers -Buroausstattung, Computer 0.01


98.51


1.49


100.00


90




US Equity Index TrackingPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Bermuda Islands - Bermudas 0.141,852 Invesco Ltd 48,393 0.101,246 Nabors Industries Ltd 21,381 0.04

Ireland - Irland 0.762,509 Accenture Plc 161,830 0.31675 Cooper Industries Plc 42,457 0.08

1,834 Covidien 98,908 0.191,300 Ingersoll-Rand Plc Shs 53,521 0.111,584 Xl Group 33,898 0.07

Netherlands Antilles - NiederlandischeAntillen

0.70

5,248 Schlumberger Ltd 362,847 0.70

Panama - Panama 0.111,836 Carnival Corp 58,825 0.11

Switzerland - Schweiz 0.571,313 Ace Ltd 95,980 0.191,000 Noble Corp Namen-Akt. 36,970 0.071,600 Te Connectivity /Reg

Shs57,888 0.11

1,826 Tyco International Ltd 102,293 0.20

United States - Vereinigte Staaten 96.122,729 3m Co 242,253 0.476,096 Abbott Laboratories Inc 371,734 0.72391 Abercrombie & Fitch A 19,444 0.04

2,288 Adobe Systems Inc 78,890 0.152,985 Advanced Micro

Devices Inc24,238 0.05

2,848 Aes Corp. 37,081 0.071,414 Aetna Inc 70,078 0.141,834 Aflac Inc. 83,997 0.161,390 Agilent Technologies 61,799 0.12468 Agl Resources Inc 18,135 0.04

2,177 Aig 65,179 0.13871 Air Products &

Chemicals79,827 0.15

300 Airgas Inc. 26,535 0.05594 Akamai Technologies

Inc21,930 0.04

4,431 Alcoa Inc 44,487 0.09408 Allegheny Technologies 16,593 0.03

1,130 Allergan Inc. 107,248 0.212,335 Allstate Corp 76,821 0.15894 Alpha Natural


1,321 Altera Corp 51,836 0.108,009 Altria Group 244,995 0.471,428 Amazon Com Inc 292,183 0.56846 Ameren Corp 27,190 0.05

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

1,771 American ElectricPower Co.Inc

67,794 0.13

4,104 American Express Co. 237,581 0.461,453 American Tower Corp 90,638 0.181,095 Ameriprise Financial Inc

/ Wh.I61,791 0.12

1,226 AmerisourcebergenCorp

48,059 0.09

3,094 Amgen Inc. 208,288 0.40710 Amphenol Corporation

A41,926 0.08

1,974 Anadarko Petrol.Corp. 152,649 0.301,240 Analog Devices Inc 49,612 0.101,337 Aon Corp 65,473 0.131,454 Apache Corp. 143,670 0.28500 Apartment Inv.&

Manag. A12,900 0.02

424 Apollo Group Inc. A 16,553 0.033,745 Apple Inc 2,283,926 4.425,762 Applied Materials Inc 71,910 0.142,610 Archer-Daniels Midland

Co.81,589 0.16

394 Assurant Inc 15,902 0.0323,141 At & T 722,231 1.40

964 Autodesk Inc. 40,527 0.081,986 Automatic Data Proces. 109,290 0.21371 Autonation Inc 12,807 0.02121 Autozone Inc 45,295 0.09375 Avalonbay Communities

Inc.51,997 0.10

364 Avery Dennison Corp 10,982 0.021,829 Avon Products Inc. 35,080 0.071,682 Baker Hughes Inc 68,609 0.13776 Ball Corp. 33,174 0.06

43,080 Bank of America Corp 410,552 0.794,776 Bank of Ny Mellon Corp

Shs113,526 0.22

373 Bard (C.R.) Inc 36,905 0.072,256 Baxter Intl Inc. 134,277 0.262,559 Bb&T Corporation 80,532 0.16653 Beam — Shs When

Issued37,952 0.07

979 Becton Dickinson & Co. 75,481 0.15951 Bed Bath & Beyond Inc. 63,451 0.12450 Bemis Co Inc 14,697 0.03

6,915 Berkshire Hathaway B 562,535 1.091,320 Best Buy Co Inc. 32,696 0.06350 Big Lots 15,197 0.03946 Biogen Idec Inc 119,650 0.23407 Blackrock Inc 81,233 0.16

1,168 Block Inc. H&R 19,506 0.04713 Bmc Software Inc. 28,705 0.06

2,943 Boeing Co 218,017 0.42500 Borg Warner Inc 41,985 0.08528 Boston Properties 54,838 0.11

5,970 Boston Scientific Corp. 35,820 0.076,638 Bristol Myers Squibb

Co222,771 0.43

1,952 Broadcom Corp A 75,269 0.15


91




Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

395 Brown-Forman Corp. B/ Non-Vot.

32,694 0.06

746 C.H.RobinsonWorldwide Inc

48,311 0.09

953 Cablevision SystemsCorp / A

14,104 0.03

694 Cabot Oil&Gas Inc. / Cl. 20,994 0.04921 Cameron International

Corp48,150 0.09

738 Campbell Soup Co. 24,487 0.052,220 Capital One Financial

Corp.125,275 0.24

1,413 Cardinal Health Inc. 60,900 0.12806 Carefusion 20,892 0.04900 Carmax 30,771 0.06

2,466 Caterpillar Inc. 261,445 0.51991 Cbre Group A 19,612 0.04

2,596 Cbs Corp B 85,227 0.161,773 Celgene Corp. 137,443 0.271,729 Centerpoint Energy Inc 33,456 0.062,312 Centurytel 89,336 0.17600 Cerner Corp 45,690 0.09291 Cf Industries Holdings

Inc52,234 0.10

4,363 Charles Schwab Corp 62,260 0.122,648 Chesapeake Energy 61,460 0.127,858 Chevron Corporation 839,627 1.62120 Chipotle Mexican Grill

Inc50,474 0.10

1,254 Chubb Corp 86,363 0.171,076 Cigna Corp. 52,692 0.10637 Cincinnati Financial

Corp22,142 0.04

551 Cintas 21,506 0.0421,340 Cisco Systems Inc. 448,780 0.8711,387 Citigroup Inc 415,739 0.80

765 Citrix Systems Inc 59,961 0.12600 Cliffs Natural


577 Clorox Co 39,438 0.08265 Cme Group Inc 76,744 0.15862 Cms Energy Corp. 18,886 0.04

1,229 Coach Inc 94,953 0.188,989 Coca-Cola Co. 663,478 1.281,114 Coca-Cola Enterprises

Inc31,359 0.06

1,184 Cognizant TechnologySol.Corp

90,339 0.17

1,948 Colgate-Palmolive Co. 188,352 0.3611,157 Comcast Corp / A 332,813 0.64

495 Comerica Inc. 16,003 0.031,759 Computer Associates

Intl Inc48,672 0.09

616 Computer SciencesCorp

18,652 0.04

1,662 Conagra Foods Inc 43,661 0.085,074 Conocophillips 384,609 0.74868 Consol Energy Inc 29,390 0.06

1,197 Consolidated Edison Inc 69,426 0.13

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

673 Constellation Brand A 15,896 0.036,350 Corning Inc. 89,090 0.171,675 Costco Wholesale Corp 150,482 0.29600 Coventry Health Care

Inc20,760 0.04

1,025 Crown Castle Intl Corp 54,325 0.104,514 Csx Corp. 97,457 0.19833 Cummins Inc 99,677 0.19

5,393 Cvs Caremark Corp 238,856 0.462,181 Danaher Corp 120,020 0.23521 Darden Restaurants 26,415 0.05400 Davita Inc 35,712 0.07451 Dean Foods Co 5,520 0.01

1,659 Deere & Co. 133,533 0.266,104 Dell Inc 101,326 0.201,500 Denbury Resources Inc 27,285 0.05599 Dentsply Intl Inc. 23,966 0.05

1,755 Devon Energy Corp.(New)

123,921 0.24

200 Devry Inc. 6,866 0.01344 Diamond Offshore

Drilling22,804 0.04

2,903 Directv 143,669 0.282,217 Discover Fin Svc 73,050 0.141,200 Discovery Com Inc / A 59,292 0.11450 Dollar Tree Inc 42,503 0.08

2,310 Dominion ResourcesInc

117,302 0.23

900 Donnelley and Sons.Rr 11,421 0.02754 Dover Corp. 46,914 0.09

4,491 Dow Chemical Co. 153,502 0.301,181 Dr Horton Inc 18,176 0.04870 Dr Pepper Snapple

Group Inc34,583 0.07

691 Dte Energy Company 37,908 0.073,487 Du Pont De Nem.& Co /

E.I.183,939 0.36

5,223 Duke Energy HoldingCorp

109,213 0.21

222 Dun and BradstreetCorp

18,704 0.04

653 E Trade Financial Corp 7,118 0.01692 Eastman Chemical Co 35,444 0.07

1,284 Eaton Corp. 63,109 0.124,334 Ebay Inc 160,315 0.311,218 Ecolab Inc. 75,163 0.151,490 Edison International 63,325 0.12500 Edwards Lifesciences 36,440 0.07

3,116 El Paso Energy Corp 92,732 0.181,430 Electronic Arts 23,581 0.057,870 Emc Corp 232,795 0.452,924 Emerson Electric Co. 151,668 0.29823 Entergy Corp. 55,083 0.11991 Eog Resources Inc. 108,039 0.21533 Eqt 25,333 0.05544 Equifax Inc 23,675 0.05

1,123 Equity Residential Sbi 68,862 0.13820 Estee Lauder Cos A 51,029 0.10

3,148 Exelon Corp 123,150 0.24


92




US Equity Index TrackingPortfolio of Investments as at 31 March 2012 - continued


Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

523 Expedia Inc Del 17,390 0.03802 Expeditors Intl Wash. 37,125 0.07

1,915 Express Scripts Inc. 101,801 0.2018,908 Exxon Mobil Corp 1,627,601 3.15

357 F5 Networks Inc. 48,145 0.09529 Family Dollar Stores

Inc.31,788 0.06

1,068 Fastenal 57,950 0.11445 Federated Investors

Inc. B10,070 0.02

1,289 Fedex Corp. 118,253 0.231,052 Fidelity National Inform

Serv34,769 0.07

3,141 Fifth Third Bancorp 44,068 0.09899 First Horizon Natl Corp 9,404 0.02200 First Solar Inc 5,024 0.01

1,806 Firstenergy Corp 82,137 0.16585 Fiserv Inc. 40,710 0.08600 Flir Systems 15,204 0.03236 Flowserve Corp 27,152 0.05805 Fluor Corp 48,348 0.09300 Fmc Corp. 31,623 0.06

1,000 Fmc Technologies Inc 49,770 0.1014,688 Ford Motor Co 183,600 0.351,206 Forest Laboratories 41,764 0.08655 Franklin Resources Inc. 80,755 0.16

3,673 Freeport McmoranCopper & Gold

138,142 0.27

4,051 FrontierCommunications Co

16,528 0.03

626 Gamestop Corp A 14,141 0.03800 Gannett Co.Inc. 12,112 0.02

1,413 Gap Inc. 36,879 0.071,495 General Dynamics Corp 108,612 0.21

41,602 General Electric Co 829,960 1.602,538 General Mills Inc 99,287 0.19676 Genuine Parts Co 42,243 0.08

1,700 Genwaorth Financial / A 14,365 0.033,033 Gilead Sciences Inc. 144,886 0.281,977 Goldman Sachs Group

Inc.244,674 0.47

506 Goodrich Corp 63,376 0.121,364 Goodyear Tire &

Rubber15,522 0.03

990 Google Inc A 641,926 1.24230 Grainger Inc..Ww 50,036 0.10

3,565 Halliburton Co 116,825 0.231,051 Harley Davidson Inc. 50,952 0.10300 Harman Intl Industries

Inc14,022 0.03

531 Harris Corp. 23,746 0.051,672 Hartford Fin.Serv.

Group35,162 0.07

592 Hasbro Inc. 21,987 0.041,669 Hcp Inc 66,026 0.13716 Health Care Reit Inc 38,958 0.08

1,353 Heinz (H.J.) Co 72,088 0.14400 Helmerich & Payne 20,960 0.04

1,208 Hess Corp 70,583 0.14

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

8,127 Hewlett-Packard Co. 191,066 0.376,055 Home Depot Inc. 302,205 0.583,008 Honeywell International

Inc.182,586 0.35

600 Hormel FoodsCorporati

17,736 0.03

594 Hospira Inc *Opa* 22,376 0.042,687 Host Hotels & Resorts

Inc43,046 0.08

2,194 Hudson City BancorpInc

16,192 0.03

704 Humana Inc. 64,444 0.123,000 Huntington Bancshares

Inc.19,200 0.04

4,645 Ibm Corp 967,414 1.871,958 Illinois Tool Works 111,214 0.21329 Integrys Energy Group

Inc17,388 0.03

20,021 Intel Corp. 563,791 1.09302 Intercontinental

Exchange Inc40,827 0.08

1,892 International Paper Co 66,523 0.131,851 Interpublic Group 21,027 0.04307 Intl Flavors & Fragr. 17,846 0.03

1,328 Intl Game Technology 22,443 0.041,112 Intuit 66,531 0.13163 Intuitive Surgical Inc 88,620 0.17800 Iron Mountain Inc 22,984 0.04739 Jabil Circuit Inc. 18,601 0.04508 Jacobs Engineer.Group 22,784 0.04800 Jds Uniphase Corp 11,656 0.02490 Jm Smucker Co 39,734 0.08

10,757 Johnson & Johnson 705,014 1.362,650 Johnson Controls Inc. 85,515 0.17350 Joy Global Inc 25,568 0.05

15,079 Jpmorgan Chase & Co 688,658 1.332,105 Juniper Networks Inc. 48,141 0.091,076 Kellogg Co 57,448 0.113,602 Keycorp 30,545 0.061,651 Kimberly Clark Corp 121,910 0.241,569 Kimco Realty Corp. 30,250 0.06715 Kla Tencor Corporation 38,682 0.07

1,308 Kohl S Corp. 65,112 0.136,713 Kraft Foods Inc A 253,819 0.492,465 Kroger Co. 59,702 0.12454 L-3 Communications

Hlds Inc32,170 0.06

453 Laboratory Corp ofAmer.Hld

41,391 0.08

565 Legg Mason Inc. 15,543 0.03718 Leggett & Platt Inc. 16,471 0.03924 Lennar Corp. A 25,142 0.05636 Leucadia National

Corp.16,752 0.03

316 Lexmark Intl Inc. 10,580 0.02748 Life Technologies Corp 36,345 0.07

3,930 Lilly (Eli) & Co 157,043 0.301,086 Limited Brands Inc 52,443 0.101,200 Lincoln National Corp. 30,900 0.06


93






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

881 Linear Technology 29,337 0.061,153 Lockheed Martin Corp 103,343 0.201,313 Loews Corp 51,824 0.10628 Lorillard Inc 82,475 0.16

4,956 Lowe S Companies Inc. 154,677 0.302,817 Lsi Corporation 24,114 0.05468 M&T Bank Corporation 40,515 0.08

1,823 Macy S 72,792 0.142,764 Marathon Oil Corp. 87,757 0.171,432 Marathon Petroleum

Corporation61,920 0.12

1,025 Marriott Intl Inc. A 38,581 0.072,203 Marsh & Mc-Lennan

Cos Inc72,192 0.14

1,204 Masco Corp. 16,423 0.03422 Mastercard Inc. A 180,709 0.35

1,459 Mattel Inc. 49,650 0.10475 Mc-Cormick&Co / N.

Voting25,698 0.05

4,002 Mcdonald S Corp. 390,755 0.761,261 Mcgraw Hill Companies

Inc59,998 0.12

941 Mckesson Corp 83,363 0.16900 Mead Johnson A 74,880 0.14808 Meadwestvaco Corp 25,420 0.05

1,594 Medcohealth Solutions 111,883 0.224,370 Medtronic Inc. 171,348 0.33

11,903 Merck 452,433 0.874,165 Metlife Inc 154,688 0.301,000 Metropcs

Communications Inc9,240 0.02

826 Microchip TechnologyInc.

30,347 0.06

3,192 Micron Technology Inc 26,877 0.0529,931 Microsoft Corp 961,384 1.86

600 Molex Inc. 16,740 0.03580 Molson Coors Brew B

Non-Vot26,094 0.05

2,174 Monsanto Co 171,550 0.33834 Moody S Corp / When

Issued34,628 0.07

5,812 Morgan Stanley 114,729 0.221,200 Mosaic Co 66,324 0.131,182 Motorola Moblty /

Regular Way46,393 0.09

1,350 Motorola Soltn / Ex-Distr

68,377 0.13

841 Murphy Oil Corp. 47,046 0.091,603 Mylan Inc 37,190 0.07450 Nasdaq Omx Group Inc 11,619 0.02

1,627 National Oilwell VarcoInc

127,980 0.25

1,515 Netapp Inc 67,675 0.13193 Netflix Inc 22,205 0.04

1,200 Newell Rubbermaid Inc. 21,456 0.04547 Newfield Exploration Co 18,636 0.04

1,895 Newmont Mining Corp. 97,289 0.198,686 News Corp A 168,856 0.331,716 Nextera Energy 103,990 0.20

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

1,416 Nike Inc B 152,716 0.301,034 Nisource Inc 25,075 0.05745 Noble Energy 73,137 0.14774 Nordstrom Inc 42,779 0.08

1,439 Norfolk Southern Corp. 95,219 0.18700 Northeast Utilities 26,047 0.05922 Northern Trust Corp 43,426 0.08

1,183 Northrop GrummanCorp

72,033 0.14

400 Novellus Systems Inc 19,788 0.041,100 Nrg Energy Inc *Ope* 17,314 0.031,289 Nucor Corp. 55,182 0.112,195 Nvidia Corp. 33,430 0.061,202 Nyse Euronext 35,507 0.07550 O Reilly Automotive Inc 49,808 0.10

3,235 Occidental PetroleumCorp

305,481 0.59

1,201 Omnicom Group Inc. 60,374 0.12400 Oneok Inc 32,756 0.06

15,535 Oracle Corp 455,331 0.88700 Owens-Illinois Inc. 16,429 0.03

1,420 Paccar Inc. 66,527 0.13464 Pall Corp. 27,334 0.05609 Parker-Hannifin 51,515 0.10328 Patterson Companies

Inc10,804 0.02

1,451 Paychex Inc. 45,489 0.091,073 Peabody Energy 31,782 0.06582 Penney (J.C.) Co.Inc 20,766 0.04

1,323 People S UnitedFinancial Inc

17,411 0.03

726 Pepco Holdings Inc 13,700 0.036,153 Pepsico Inc 406,221 0.79488 Perkinelmer Inc 13,503 0.03375 Perrigo 38,618 0.07

30,247 Pfizer Inc. 678,138 1.311,490 Pg&E Corp (Holding Co) 64,055 0.126,874 Philip Morris Int. 595,632 1.15417 Pinnacle West Cap.

Corp.19,862 0.04

481 Pioneer NaturalResourc.

50,601 0.10

813 Pitney Bowes Inc 14,447 0.031,912 Pnc Financial Services

Group122,272 0.24

230 Polo Ralph Lauren 40,193 0.08585 Ppg Industries Inc. 55,979 0.11

2,387 Ppl Corp 66,860 0.131,232 Praxair 140,916 0.27607 Precision Castparts 104,301 0.20193 Priceline Com Inc 138,968 0.27

1,205 Principal FinancialGroup Inc

34,957 0.07

10,804 Procter & Gamble Co. 723,976 1.401,173 Progress Energy Inc 61,946 0.122,745 Progressive Corp 63,190 0.121,717 Prologis Inc 60,627 0.121,805 Prudential Financial Inc 113,282 0.222,145 Publ.Serv.Enterprise 64,886 0.13


94






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

548 Public Storage Inc. 75,388 0.15899 Pulte Homes Inc 8,325 0.02738 Qep Res 21,933 0.04

6,550 Qualcomm Inc. 444,941 0.86800 Quanta Services Inc 16,752 0.03620 Quest Diagnostics Inc. 38,018 0.07590 Range Resources 33,606 0.06

1,503 Raytheon Company 79,449 0.15800 Red Hat Inc 49,144 0.09

4,726 Regions Financial Corp 30,814 0.061,394 Republic Services Inc. 42,224 0.081,542 Reynolds American Inc 63,207 0.12676 Robert Half Intl Inc. 20,381 0.04623 Rockwell Automation 49,734 0.10637 Rockwell Collins 36,678 0.07400 Roper Industries 39,512 0.08

1,000 Ross Stores Inc. 58,750 0.11526 Rowan Companies Inc 17,137 0.03200 Ryder System Inc. 10,544 0.02

1,060 Safeway Inc. 21,709 0.041,300 Saic Inc 17,173 0.03552 Salesforce Com Inc 86,338 0.17

1,015 Sandisk Corp 50,973 0.102,718 Sara Lee Corp. 58,247 0.11500 Scana Corporation 22,825 0.04370 Scripps Networks

Interactive I17,993 0.03

601 Sealed Air Corp 11,695 0.02193 Sears Holdings Corp 13,037 0.03954 Sempra Energy 56,524 0.11412 Sherwin-Williams Co. 44,995 0.09505 Sigma-Aldrich Corp 36,865 0.07

1,233 Simon Property /Paired Shs

178,452 0.35

1,914 Slm Corp 30,337 0.06318 Snap-On Inc 19,420 0.04

3,332 Southern Co. 149,407 0.293,463 Southwest Airlines Co 29,089 0.061,379 Southwestern Energy

Co41,853 0.08

2,786 Spectra Energy Corp*Opa*

87,870 0.17

12,918 Sprint Nextel Corp /Fon Ser.1

38,496 0.07

1,340 St Jude Medical Inc 58,893 0.11653 Stanley Black & Decker

Inc50,843 0.10

2,680 Staples Inc 44,274 0.092,855 Starbucks Corp. 159,109 0.31775 Starwood Hotels

Resorts Ww43,849 0.08

2,068 State Street Corp 93,184 0.18294 Stericycle Inc 24,749 0.05

1,364 Stryker Corp. 75,129 0.15444 Sunoco Inc. 16,974 0.03

2,105 Suntrust Banks Inc. 50,836 0.10833 Supervalu Inc. 4,940 0.01

2,803 Symantec Corp. 51,575 0.102,496 Sysco Corp. 74,331 0.14

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

1,065 T Rowe Price GroupInc.

68,266 0.13

2,681 Target Corp 155,444 0.30844 Teco Energy Inc. 14,880 0.03

1,797 Tenet Healthcare Corp 9,273 0.02684 Teradata 46,587 0.09650 Teradyne Inc 10,881 0.02536 Tesoro Corp. 14,568 0.03

4,451 Texas Instruments Inc 147,729 0.291,000 Textron Inc. 27,970 0.05653 The Hershey Co 39,951 0.08


86,501 0.17

519 Tiffany & Co 35,837 0.074,073 Time Warner 151,271 0.291,278 Time Warner Cable 102,675 0.203,132 Tjx Cos Inc. 122,837 0.24600 Torchmark Corp. 29,784 0.06800 Total System Services

Inc18,328 0.04

1,554 Travelers CompaniesInc

91,142 0.18

523 Tripadvisor Inc 18,389 0.04945 Tyson Foods Inc. A 18,201 0.04

1,953 Union Pacific Corp. 209,752 0.41489 United States Steel 14,377 0.03

3,642 United TechnologiesCorp

299,809 0.58

4,292 Unitedhealth Group Inc 249,408 0.481,523 Unum Group 37,222 0.07500 Urban Outfitters Inc. 14,595 0.03

7,546 Us Bancorp 238,076 0.463,868 Utd Parcel Service Inc

B308,860 0.60

2,315 Valero Ener. Corp 61,695 0.12513 Varian Medical Systems

Inc35,294 0.07

1,150 Ventas Inc. 65,412 0.13870 Verisign Inc 33,530 0.06

11,114 VerizonCommunications I.

423,110 0.82

318 Vf Corp 47,210 0.092,132 Viacom Inc B 100,929 0.202,046 Visa Inc A 243,474 0.47751 Vornado Real.Trust /

Ben.In62,671 0.12

430 Vulcan Materials Co(Hold. Co)

18,236 0.04

6,868 Wal-Mart Stores Inc 417,712 0.813,659 Walgreen Co. 124,150 0.247,472 Walt Disney / Disney

Ser.321,371 0.62

21 Washington Post / B 7,764 0.012,107 Waste Management

Inc.73,555 0.14

411 Waters Corporation 37,734 0.07450 Watson

Pharmaceuticals Inc.30,164 0.06

1,489 Wellpoint Inc 106,642 0.21


95






Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

20,520 Wells Fargo & Co 696,449 1.35900 Western Digital Corp. 37,809 0.07

2,682 Western UnionCompany

47,927 0.09

2,098 Weyerhaeuser Co 45,925 0.09300 Whirlpool Corp. 22,839 0.04601 Whole Foods Market

Inc.49,649 0.10

2,398 Williams Companies Inc 73,355 0.141,552 Windstream Corp 18,073 0.03910 Wisconsin Energy Corp. 31,886 0.06799 Wpx Energy Inc 14,510 0.03800 Wyndham Worldwide

Corp36,096 0.07

300 Wynn Resorts Ltd 37,479 0.071,794 Xcel Energy Inc 47,326 0.095,509 Xerox Corp. 44,788 0.091,056 Xilinx Inc. 38,322 0.07830 Xylem Inc 22,958 0.04

5,332 Yahoo Inc 81,580 0.161,944 Yum Brands 136,644 0.26868 Zimmer Holdings Inc 54,936 0.11500 Zions Bancorp 10,825 0.02



United States - Vereinigte Staaten 0.06785 Plum Creek Timber Co

Inc / Reit32,593 0.06


50,918,895 98.46


797,804 1.54


51,716,699 100.00


96






US Equity Index Tracking



SectorSektor


Petrol - Treibstoff 9.95Office equipment, computers -Buroausstattung, Computer 8.72Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 8.61Banks and financial institutions - Banken,Kreditinstitute 8.36Holding and finance companies - Holding-und Finanzgesellschaften 7.38Internet software - Internet, Software 7.16News transmission -Nachrichtenubertragung 4.60Retail trade, department stores -Einzelhandel und Warenhauser 4.60Food and distilleries - Nahrungsmittel,alkoholische Getranke 4.06Public services - Energie undWasserversorgung 3.69Electronic semiconductor - Halbleiter 3.03Mechanics, machinery - Maschinen- undApparatebau 2.43Aerospace technology - Luft- undRaumfahrttechnologie 2.23Consumer goods - Konsumguter 2.23Tobacco and spirits - Tabak undalkoholische Getranke 2.11Chemicals - Chemie 1.92Leisure - Freizeit 1.92Insurance - Versicherungen 1.87Transport - Verkehr und Transport 1.85Healthcare, education and socialservices - Gesundheitsversorgung,Bildung und soziale Einrichtungen 1.40Graphic art and publishing - Grafik undVerlage 1.29Biotechnology - Biotechnologie 1.25Real estate - Immobilien 1.18Other services - SonstigeDienstleistungen 1.09Automobile industry - Automobilindustrie 0.90Textile - Textil- und Bekleidungsindustrie 0.69Electronics and electrical equipment -Elektrotechnik und Elektronik 0.62Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 0.52Forest products and paper industry -Papier und Holz 0.51Miscellaneous - Andere 0.46Precious metals - Edelmetalle 0.46Construction, building materials - Bau,Baustoffe 0.44Environmental services & recycling -Umwelt und Recycling 0.27Other business houses - SonstigeHandelshauser 0.14Package and container industry -Verpackungsindustrie 0.14Agriculture and fishing - Landwirtschaftund Fischerei 0.13Investment funds - Investmentfonds 0.10Non-ferrous metals - Nichteisenmetalle 0.09

SectorSektor


Tyres and rubber - Gummi und Reifen 0.03Various capital goods - VerschiedeneProduktionsguter 0.03


98.46


1.54


100.00


97




CMI Euro BondPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


Austria - Osterreich 6.42671,000 Austria 4% 06-

15.09.16741,723 6.42

Belgium - Belgien 5.95644,000 Belgium 4% 09-

28.03.19 /Olo686,923 5.95

France - Frankreich 15.07537,000 France 3.75% 06-

25.04.17588,659 5.09

639,000 France 4% 04-25.04.14 Oat

682,388 5.91

445,000 France 4% 06-25.10.38 Oat

469,809 4.07

Germany - Deutschland 30.321,811,000 Germany 0.5% 10-

15.06.121,812,539 15.69

819,000 Germany 1.75%11-14.06.13

834,479 7.23

796,000 Germany 2% 11-04.01.22

808,776 7.00

30,000 Germany 4% 05-04.01.37

38,022 0.33

8,000 Germany 4% 07-13.04.12 S.150

8,008 0.07

Ireland - Irland 1.80211,000 Ireland 4% 09-

15.01.14208,289 1.80

Italy - Italien 22.13471,000 Italy 4.5% 08-01.03.19

Btp467,962 4.05

400,000 Italy 4.75% 08-01.08.23

383,540 3.32

221,000 Italy 5.25% 02-01.08.17 Btp

230,414 1.99

526,000 Italy 5.25% 98-01.11.29 Btp

503,382 4.36

911,000 Italy 6% 11-15.11.14Bot

970,853 8.41

Netherlands - Niederlande 4.65170,000 Netherlands 3.75% 06-

15.01.23191,046 1.65

284,000 Netherlands 4% 05-15.01.37

346,565 3.00

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Portugal - Portugal 1.53221,000 Portugal 3.6% 09-

15.10.14177,264 1.53

Spain - Spanien 10.44452,000 Spain 4.1% 08-

30.07.18437,220 3.79

214,000 Spain 4.2% 05-31.01.37

162,041 1.40

127,000 Spain 5.9% 11-30.07.26

126,390 1.10

472,000 Spain 3.4% 11-30.04.14

479,741 4.15


11,356,033 98.31


194,663 1.69


11,550,696 100.00


98




CMI Euro Bond



SectorSektor


States, provinces and municipalities -Staats- und Kommunalanleihen 98.31


98.31


1.69


100.00


99




CMIG Fixed Term Euro BondPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


Belgium - Belgien 9.321,815,000 Belgium 4.25% 04-

28.09.14 Olo1,937,876 9.32


15.01.15 /Btan894,751 4.30

4,412,000 France 3% 08-12.07.14

4,636,129 22.30


11.04.143,929,112 18.89

328,000 Germany 3.75% 03-04.07.13

342,596 1.65

344,000 Germany 4.5% 03-04.01.13

355,369 1.71

Ireland - Irland 1.67346,000 Ireland 5% 02-

18.04.13347,453 1.67

Italy - Italien 19.971,423,000 Italy 2.25% 10-

01.11.13 Btp1,414,106 6.80

2,677,000 Italy 4.25% 03-01.08.13 Btp

2,738,571 13.17

Netherlands - Niederlande 3.93778,000 Netherlands 4.25% 03-

15.07.13817,950 3.93

Portugal - Portugal 3.02664,000 Portugal 5.45% 08-

23.09.13628,742 3.02

Spain - Spanien 11.372,357,000 Spain 2.5% 10-

31.10.132,365,485 11.37


20,408,140 98.13


388,369 1.87


20,796,509 100.00


100




CMIG Fixed Term Euro Bond



SectorSektor




98.13


1.87


100.00


101




CMI Japan BondPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value JPY

Marktwert

JPY

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


Japan - Japan 58.4711,150,000 Japan 0.2% 10-

15.07.1211,152,676 3.79

61,300,000 Japan 0.6% 09-20.09.14

61,984,721 21.03

32,150,000 Japan 1% 03-20.06.13No.252

32,496,256 11.03

33,700,000 Japan 1.1%11-20.03.21

34,360,857 11.66

30,650,000 Japan 1.4% 09-20.09.19

32,301,422 10.96

Bonds -Anleihen



20.03.1747,245,283 16.03

29,050,000 Japan 2.1% 06-20.12.26 N.92

31,514,893 10.69

35,400,000 Japan 2.5% 06-20.09.36 N.24

39,743,226 13.49


290,799,334 98.68


3,904,502 1.32


294,703,836 100.00


102




CMI Japan Bond



SectorSektor




98.68


1.32


100.00


103




CMI UK BondPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


Great Britain - Großbritannien 88.7999,000 Tesco 4% 00-08.09.16

/ Infl164,444 0.46

1,519,000 Tsy 4.5% 08-07.03.13 1,576,114 4.421,138,000 Uk 2.5% 85-16.08.13 /

Infl3,228,563 9.05

408,000 Uk 2.5% 86-17.07.24 /Infl

1,337,648 3.75

1,835,000 Uk 3.75% 11-22.7.52Treasury

1,978,130 5.55

837,000 Uk 4% 09-07.03.22 Gilt 970,753 2.722,406,000 Uk 4.25% 00-07.06.32 2,805,396 7.862,163,000 Uk 4.25% 09-07.09.39 2,518,489 7.06

23,000 Uk 4.75% 05-07.03.20 28,064 0.081,360,000 Uk 4.75% 07-07.12.30 1,687,284 4.73623,000 Uk Tsy 4% 06-

07.09.16 Tsy707,635 1.98

1,755,000 Uk Tsy 4.25% 03-07.03.36

2,040,363 5.72

262,000 Uk Tsy 4.25% 06-07.12.46

309,343 0.87

548,000 Uk Tsy 4.5% 08-07.03.19

655,929 1.84

870,000 Uk Tsy 4.75% 04-07.12.38

1,093,851 3.07

5,005,000 Uk Tsy 5% 01-07.03.25

6,353,597 17.81

268,000 Uk Tsy Tv 0% 26.07.16Index L.

923,414 2.59

3,263,000 United Kingdom 5.25%06-07.06.12

3,291,225 9.23

Netherlands - Niederlande 0.38100,000 Rabobk 2.324% 04-

16.08.13 / Infl134,973 0.38

United States - Vereinigte Staaten 0.38130,000 Boa 5.75% 04-

12.12.14136,794 0.38



183,397 Scot Wid Uk Corp BondA Cap

423,829 1.19


32,365,838 90.74


3,304,779 9.26

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens


35,670,617 100.00


104




CMI UK Bond



SectorSektor


States, provinces and municipalities -Staats- und Kommunalanleihen 88.33Investment funds - Investmentfonds 1.19Banks and financial institutions - Banken,Kreditinstitute 0.76Retail trade, department stores -Einzelhandel und Warenhauser 0.46


90.74


9.26


100.00


105




CMI US BondPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


United States - Vereinigte Staaten 59.0515,328,000 Usa 1% 10-30.04.12

Tbo15,338,778 8.19

29,398,000 Usa 2.125% 10-31.05.15 S.M-2015

30,824,262 16.45

23,562,000 Usa 3.75% 08-15.11.18

27,022,669 14.42

12,765,000 Usa 3.875% 07-31.10.12

13,037,752 6.96

5,630,000 Usa 4.25% 03-15.08.13

5,935,251 3.17

12,550,000 Usa 7.13% 93-15.02.23

18,479,875 9.86

Bonds -Anleihen


United States - Vereinigte Staaten 39.8014,626,000 Usa 1.75% 09-

31.01.1415,001,363 8.01

37,083,000 Usa 2.125% 11-29.02.16 S.U2016

39,047,240 20.84

17,228,000 Usa 4.25% 09-15.05.39

20,525,547 10.95


185,212,737 98.85


2,159,502 1.15


187,372,239 100.00


106




CMI US Bond



SectorSektor




98.85


1.15


100.00


107




CMIG Fixed Term US BondPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


United States - Vereinigte Staaten 34.7133,000 Usa 0.25% 11-

15.01.15 S.V-201532,789 11.62

64,000 Usa 1.25% 11-15.03.14

65,117 23.09

Bonds -Anleihen



15.11.1216,119 5.72

23,000 Usa 1.375% 10-15.05.13

23,289 8.26

50,000 Usa 1% 10-15.07.13 50,467 17.8914,000 Usa 1% 11-15.01.14

Tbo14,165 5.02

77,000 Usa 0.5% 11-15.08.14Ac 2014

77,126 27.34


279,072 98.94


2,979 1.06


282,051 100.00


108




CMIG Fixed Term US Bond



SectorSektor




98.94


1.06


100.00


109




CMI Sterling Currency ReservePortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


Australia - Australien 8.892,000,000 Westpac Bk Frn 11-

03.06.141,996,660 2.96

2,000,000 Anz Bk Frn 11-31.10.14

2,000,758 2.97

2,000,000 Cba Frn 11-20.01.14Emtn

1,996,076 2.96

Great Britain - Großbritannien 24.781,300,167 Arkle Frn 06-17.02.52

2006-1x 5a21,298,867 1.93

1,750,000 Barclays Frn 11-18.03.13

1,755,355 2.60

4,000,000 Calyon Frn 10-26.04.12

4,000,000 5.93

594,333 Cumbernauld Fdg4.55% 06-15.08.14

605,452 0.90

1,000,000 Deutsche Bk Frn 07-26.04.12

1,000,210 1.48

1,083,535 Fossm 0.9% 07-18.10.54 2007-1x

1,080,392 1.60

1,250,000 Gmfm Frn 06-20.11.562006-1 A7

1,235,607 1.83

2,000,000 Hsbc Frn 11-16.06.14 2,004,560 2.971,165,000 Perman Mas.Frn 06-

20.06.01 6a11,139,021 1.69

600,000 Permm Frn 07-15.10.33 07-1 5a

592,440 0.88

2,000,000 Ubs Ln Frn 10-28.09.12

2,001,700 2.97

Ireland - Irland 3.812,500,000 Ge Cap 5.875% 07-

01.11.12 Emtn2,567,125 3.81

Netherlands - Niederlande 2.962,000,000 Rabobk Frn 11-

06.06.141,994,120 2.96

Sweden - Schweden 2.972,000,000 Shb Frn 12-20.01.14 2,006,180 2.97

United States - Vereinigte Staaten 5.623,500,000 Jp Morg.Chase Frn 07-

27.06.123,498,390 5.19

282,000 Ny Life Glb Fdg 4.5%06-13

288,229 0.43

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens



Ireland - Irland 4.653,134,000 Swip Sterling Liq -Adv- 3,134,000 4.65

Bonds -Anleihen


France - Frankreich 4.453,000,000 Bnpp Frn 11-25.05.12 2,999,970 4.45

Great Britain - Großbritannien 2.32139,004 Lothian Frn 05-

24.04.40- 4x A3138,504 0.20

408,389 Fossm Frn 06-18.10.54 06-1x A4

404,550 0.60

1,024,686 Gmfm Frn 07-20.11.5607-1x 3a3

1,023,149 1.52

Certificate ofDeposit -Schatzwech-sel

Financial Instruments - LiquiditatsahnlicheFinanzinstrumente

Great Britain - Großbritannien 15.571,500,000 Barclays 1.85% 12-

28.03.13 Cd1,500,000 2.22

3,000,000 Lloyds 1.7% 11-27.09.12 Cd *

3,000,000 4.45

3,000,000 Nationwide 1.50% 11-24.08.12 Cd

3,000,000 4.45

3,000,000 Socgen Ln 1.73% 11-10.09.12 Cd

3,000,000 4.45

Japan - Japan 4.453,000,000 Bk of Tokyo 0.74%

25.06.12 Cd3,000,000 4.45

CommercialPaper -CommercialPaper


France - Frankreich 8.883,000,000 Bfcm 0% 12-17.04.12

Cp2,998,002 4.45

3,000,000 Cades 0% 12-01.08.12Cp

2,987,843 4.43


110




Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Great Britain - Großbritannien 2.952,000,000 Rabobk Ln 0% 12-

12.07.12 Cp1,992,977 2.95

Sweden - Schweden 2.952,000,000 Seb 0% 12-31.07.12

Cp1,991,361 2.95

Bonds -Anleihen


Netherlands - Niederlande 4.473,000,000 Ing Nv Frn 11-28.09.12 3,012,456 4.47


67,243,954 99.72


192,142 0.28


67,436,096 100.00


111




CMI Sterling Currency ReservePortfolio of Investments as at 31 March 2012 - continued


CMI Sterling Currency Reserve



SectorSektor


Banks and financial institutions - Banken,Kreditinstitute 70.80Mortgage and funding institutions -Hypotheken- und Finanzierungsinstitute 11.15Investment funds - Investmentfonds 4.65Real estate - Immobilien 4.45States, provinces and municipalities -Staats- und Kommunalanleihen 4.43Holding and finance companies - Holding-und Finanzgesellschaften 4.24


99.72


0.28


100.00


112




CMI US Dollar Currency ReservePortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


Great Britain - Großbritannien 16.601,400,000 Barclays Frn 07-

17.10.20121,393,312 4.01

1,101,223 Fosse Mas Frn 10-18.10.54 2x A1

1,106,724 3.18

484,164 Gracech Mtg Frn20.11.56 1x 3a1

483,842 1.39

1,200,000 Hsbc Frn 09-28.02.13 1,202,724 3.461,590,000 Permm Frn 06-

15.07.33 06-1 5a1,584,834 4.56

Sweden - Schweden 3.441,200,000 Nordea Frn 11-

14.01.141,196,993 3.44

United States - Vereinigte Staaten 5.741,000,000 Gecc Frn 07-10.04.12 1,000,180 2.881,000,000 Credit Suisse Frn 06-

12.04.13996,040 2.86

Bonds -Anleihen


Australia - Australien 6.19500,000 Cba Frn 09-13.07.12 500,380 1.44650,000 Nab Aus Frn 10-

10.12.13648,822 1.86

1,000,000 Westpac Bk Frn 10-08.04.13

1,004,319 2.89



France - Frankreich 5.752,000,000 Socgen 0.65% 12-

30.04.12 Cd2,000,000 5.75

Great Britain - Großbritannien 23.001,500,000 Lloyds 0.74% 11-

11.06.12 Cd1,500,000 4.31

1,500,000 Bnpp Ln 0.75% 12-10.04.12 Cd

1,500,000 4.31

2,000,000 Std Chart Ln 0% 12-04.04.12 Cd

1,999,833 5.75

1,000,000 Cacib Uk 1.40% 12-10.04.12 Cd

1,000,000 2.88

Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens

1,000,000 Dz Bk Ln 0% 12-02.05.12 Cd

999,661 2.88

1,000,000 Norin Bk Ln 0% 12-10.05.12 Cd

999,409 2.87

Netherlands - Niederlande 8.621,000,000 Ing Nv 0.7% 12-

10.09.12 Cd1,000,000 2.88

2,000,000 Rabobk 0% 12-28.08.12 Cd

1,995,523 5.74



Australia - Australien 2.871,000,000 Bk West Aus 0% 12-

13.06.12 Cp999,209 2.87

Finland - Finnland 2.881,000,000 Pohjola Bk 0% 12-

10.04.12 Cp999,756 2.88

France - Frankreich 5.751,000,000 Cdc 0% 12-10.04.12

Cp999,884 2.88

1,000,000 Cdc 0% 12-17.05.12Cp

999,414 2.87

Germany - Deutschland 5.741,000,000 Fms Wertman 0% 11-

20.09.12 Cp995,681 2.86

1,000,000 Nrw Bk 0% 12-03.04.12 Cp

999,940 2.88

Netherlands - Niederlande 4.291,500,000 Bng 0%12-07.01.13

Cp1,491,212 4.29

Singapore - Singapur 2.871,000,000 Ocbc 0% 12-14.05.12

Cp999,538 2.87


Cp1,998,875 5.75


34,596,105 99.49


176,406 0.51


113




Quantity -

Anzahl

Description -


Market

Value USD

Marktwert

USD

% of Net

Assets

- % des

Nettover-

mogens


34,772,511 100.00


114




CMI US Dollar Currency ReservePortfolio of Investments as at 31 March 2012 - continued


CMI US Dollar Currency Reserve



SectorSektor


Banks and financial institutions - Banken,Kreditinstitute 81.74Mortgage and funding institutions -Hypotheken- und Finanzierungsinstitute 9.13Holding and finance companies - Holding-und Finanzgesellschaften 2.88Miscellaneous - Andere 2.88States, provinces and municipalities -Staats- und Kommunalanleihen 2.86


99.49


0.51


100.00


115




CMI Euro Currency ReservePortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


Australia - Australien 2.705,100,000 Anz Bk 2.625% 09-

16.11.125,152,734 1.71

3,000,000 Nab Aus Frn 11-07.04.14

2,997,330 0.99

France - Frankreich 7.2910,000,000 Cades Frn 11-28.11.12 9,986,640 3.312,000,000 Hsbc Fr Frn 10-

01.08.122,002,580 0.66

5,000,000 Socgen Frn 10-31.03.12

5,000,500 1.66

5,000,000 Socgen Frn 11-14.01.13

5,009,950 1.66

Great Britain - Großbritannien 12.93881,637 Arrmf Frn 10-16.05.47

10-1x A1b883,361 0.29

2,000,000 Barclays Frn 09-28.01.13

2,007,840 0.66

4,000,000 Cred Agricole Frn 07-27.04.12

4,001,680 1.33

7,000,000 Cred.Suisse Ln Frn 07-04.06.12

7,006,230 2.32

3,000,000 Cs Ldn Frn 09-07.01.13

3,012,030 1.00

1,426,685 Fosse MasFrn18.10.54 10-2x A2

1,431,954 0.47

1,354,418 Fosse Ms Frn 18.10.5407-1x A3

1,347,917 0.45

4,900,000 Fossm Frn 10-18.10.54 10-4 A2

4,917,645 1.63

3,202,144 Gmfm Frn 07-20.11.5607-1x 3a2

3,199,929 1.06

2,500,000 Hsbc Bk Frn 11-05.05.12

2,500,525 0.83

1,700,000 Lloyds Frn 11-18.01.13 1,713,107 0.577,000,000 Nationwide Frn 07-

27.06.126,996,500 2.32

Ireland - Irland 2.583,400,000 Ge Cap Europe Frn7-

03.04.14 Emtn3,382,286 1.12

4,395,000 Ge Cap.Eur.Frn 05-25.05.12 Emtn

4,399,439 1.46

Netherlands - Niederlande 8.291,000,000 Abn Amro Frn 10-

23.04.121,000,800 0.33

10,000,000 Ing Nv Frn 11-08.01.13 10,017,700 3.325,000,000 Rabobk Frn 10-

08.10.125,005,000 1.66

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

5,000,000 Rabobk Frn 11-14.01.13

5,005,850 1.66

4,000,000 Rabobk Frn 12-13.03.13

4,003,120 1.32

Sweden - Schweden 1.922,000,000 Nordea Frn 09-

22.10.122,006,140 0.67

1,750,000 Nordea Frn 10-17.06.13

1,761,970 0.58

2,000,000 Nordea Frn 12-10.1.14 2,019,580 0.67

United States - Vereinigte Staaten 5.2410,000,000 Bear Stear Frn 05-

27.07.201210,009,300 3.32

5,754,000 Travelers Ins 5.65% 02-21.06.12

5,796,062 1.92



Ireland - Irland 1.424,291,000 Swip Glf (Eur) - Ins

1.3bp4,291,000 1.42

Bonds -Anleihen


Great Britain - Großbritannien 2.587,788,813 Arkle Frn 06-17.02.52

06-1x 5a17,781,024 2.58



Finland - Finnland 1.665,000,000 Nordea Fi 0.23% 12-

13.06.12 Cd5,000,000 1.66

Great Britain - Großbritannien 22.2010,000,000 Barclays 1.58% 11-

11.06.12 Cd10,000,000 3.31

5,000,000 Bnpp Ln 1.01% 12-08.05.12 Cd

5,000,000 1.66

5,000,000 Bnpp Uk 0.69% 12-28.06.12 Cd

5,000,000 1.66

14,000,000 Cacib Uk 1.12% 12-17.04.12 Cd

14,000,000 4.64

10,000,000 Hsbc 0.75% 12-15.03.13 Cd

10,001,926 3.31


116




Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

7,000,000 Lloyds 1.03% 12-08.05.12 Cd

7,000,000 2.32

6,000,000 Lloyds 1.62% 11-08.05.12 Cd

6,000,000 1.99

10,000,000 Svenska Ln 0.85% 12-23.07.12cd

10,000,000 3.31

Japan - Japan 3.3110,000,000 Bk of Tokyo 0% 12-

13.08.12 Cd9,983,603 3.31

Netherlands - Niederlande 3.314,000,000 Ing Nv 0% 12-13.04.12

Cd3,998,278 1.32

6,000,000 Abn Amro 0% 12-11.04.12 Cd

5,997,905 1.99



Finland - Finnland 1.782,000,000 Pohjola Bk 0% 12-

19.04.12 Cp1,999,190 0.66

3,375,000 Pohjola Bk 0% 12-10.04.2012 Cp

3,374,095 1.12

France - Frankreich 4.804,500,000 Cades 0% 11-26.04.12

Cp4,497,308 1.49

10,000,000 Bpce 0% 12-01.06.12Cp

9,984,635 3.31


26.07.12 Cp4,995,415 1.66

Great Britain - Großbritannien 4.6410,000,000 Ubs Ln 0% 12-

26.04.12 Cp9,992,894 3.31

4,000,000 Ubs Ln 0% 12-30.04.12 Cp

3,996,873 1.33

Netherlands - Niederlande 1.655,000,000 Abn Amro % 12-

06.08.12 Cp4,985,991 1.65

Norway - Norwegen 3.3110,000,000 Dnb 0% 12-03.08.12

Cp9,974,717 3.31


Cp8,995,418 2.98

2,000,000 Shb 0% 11-09.05.12Cp

1,997,152 0.66

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

3,000,000 Nordea 0% 11-30.03.12 Cp

3,000,000 0.99

5,000,000 Seb 0% 12-10.04.12Cp

4,998,476 1.66


300,421,599 99.56


1,324,929 0.44


301,746,528 100.00


117




CMI Euro Currency ReservePortfolio of Investments as at 31 March 2012 - continued


CMI Euro Currency Reserve



SectorSektor


Banks and financial institutions - Banken,Kreditinstitute 76.72Mortgage and funding institutions -Hypotheken- und Finanzierungsinstitute 6.48States, provinces and municipalities -Staats- und Kommunalanleihen 6.46Holding and finance companies - Holding-und Finanzgesellschaften 4.50Real estate - Immobilien 2.32Miscellaneous - Andere 1.66Investment funds - Investmentfonds 1.42


99.56


0.44


100.00


118




CMI Global BondPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


Australia - Australien 1.01199,000 Australia 6% 04-

15.02.17143,176 1.01

Belgium - Belgien 1.56249,000 Belgium 4% 09-

28.03.19 /Olo221,373 1.56

Denmark - Danemark 0.62672,000 Denmark 4% 08-

15.11.1989,041 0.62

France - Frankreich 2.794 France 3.5% 04-

25.04.15 Oat3 0.00

15,000 France 3.75% 06-25.04.17

13,705 0.10

346,000 France 4% 04-25.04.14 Oat

307,971 2.16

85,000 France 4% 06-25.10.38 Oat

74,797 0.53


15.06.121,127,842 7.93

349,000 Germany 1.75%11-14.06.13

296,387 2.08

33,000 Germany 2% 11-04.01.22

27,947 0.20

27,000 Germany 3.25% 11-04.07.21

25,419 0.18

11,000 Germany 4% 05-04.01.37

11,620 0.08

13,000 Germany 4% 07-13.04.12 S.150

10,846 0.07

Great Britain - Großbritannien 6.65317,000 Uk Tsy 4.75% 04-

07.12.38398,564 2.80

16,000 Uk Tsy 5% 02-07.09.14

17,776 0.12

437,000 Uk Tsy 5% 07-07.03.18

530,387 3.73


Btp184,670 1.30

164,000 Italy 4.75% 08-01.08.23

131,068 0.92

165,000 Italy 5.25% 02-01.08.17 Btp

143,385 1.01

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

183,000 Italy 5.25% 98-01.11.29 Btp

145,971 1.02

340,000 Italy 6% 11-15.11.14Bot

302,007 2.12


15.07.12345,554 2.43

138,300,000 Japan 0.6% 09-20.09.14

1,064,147 7.48

45,050,000 Japan 1% 03-20.06.13No.252

346,499 2.44

57,300,000 Japan 1.1%11-20.03.21

444,574 3.12

60,350,000 Japan 1.4% 09-20.09.19

483,976 3.40

Netherlands - Niederlande 0.6895,000 Netherlands 4% 05-

15.01.3796,626 0.68


30.07.18105,617 0.74

92,000 Spain 4.2% 05-31.01.37

58,063 0.41

72,000 Spain 5.9% 11-30.07.26

59,724 0.42

226,000 Spain 3.4% 11-30.04.14

191,459 1.35

Sweden - Schweden 0.40565,000 Sweden 3% 05-

12.07.1656,571 0.40


Tbo1,244,747 8.75

1,188,000 Usa 2.125% 10-31.05.15 S.M-2015

777,818 5.47

241,000 Usa 3.75% 08-15.11.18

172,592 1.21

483,000 Usa 3.875% 07-31.10.12

308,046 2.16

242,000 Usa 4.25% 03-15.08.13

159,306 1.12

215,000 Usa 7.13% 93-15.02.23

197,688 1.39

Bonds -Anleihen


Canada - Kanada 1.80362,000 Canada 3.75% 08-

01.06.19255,868 1.80


119




Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens


20.03.17745,023 5.24

38,850,000 Japan 2.1% 06-20.12.26 N.92

320,713 2.25

68,500,000 Japan 2.5% 06-20.09.36 N.24

585,202 4.11


31.01.14392,602 2.76

1,516,000 Usa 2.125% 11-29.02.16 S.U2016

996,784 7.01

694,000 Usa 4.25% 09-15.05.39

516,305 3.63


14,129,459 99.31


97,695 0.69


14,227,154 100.00


120




CMI Global BondPortfolio of Investments as at 31 March 2012 - continued


CMI Global Bond



SectorSektor




99.31


0.69


100.00


121




CMI Global MixedPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Australia - Australien 1.3214,445 Campbell Brothers Ltd 630,850 1.32


Sa477,592 1.00

Brazil - Brasilien 2.2759,000 Banco Itau Hld Itau /

Pfd718,412 1.50

46,600 Br Malls Participaes Sa 366,516 0.77

Canada - Kanada 1.2229,557 Brookfi.As.Mgmt A /Ltd

Vot.584,588 1.22

France - Frankreich 2.0319,964 Sanofi-Aventis 968,109 2.03




425,802 0.89

Great Britain - Großbritannien 6.3963,906 Bg Group Plc 928,874 1.95

195,347 Bp Plc 897,326 1.8826,177 Imperial Tobacco

Group Plc668,561 1.40

322,303 Vodafone Group Plc 554,522 1.16

Ireland - Irland 1.64211,929 Ryanair Holdings Plc 785,172 1.64

Japan - Japan 4.6841,000 Bridgestone Corp 625,850 1.3116,000 Lawson Inc 634,326 1.3335,800 Toyota Motor Corp. 972,538 2.04

Jersey - Jersey 1.6692,864 Wpp Plc 790,737 1.66

Liberia - Liberia 1.0828,197 Royal Caribbean

Cruises Ltd516,066 1.08


Shs504,632 1.06

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Singapore - Singapur 1.40151,000 Oversea-Chinese Bk

Corp669,156 1.40

Switzerland - Schweiz 3.9816,486 Nestle Sa 641,013 1.3417,619 Novartis Ag Basel /

Nam.605,346 1.27

3,056 Syngenta Ag / Nam. 654,590 1.37

United States - Vereinigte Staaten 39.0716,093 Airgas Inc. 888,836 1.8632,058 Altria Group 612,354 1.2824,421 American Express Co. 882,782 1.853,221 Apple Inc 1,226,613 2.57

20,472 Ashland Inc 780,555 1.6411,603 Coca-Cola Co. 534,776 1.1244,919 Emc Corp 829,688 1.745,743 Grainger Inc..Ww 780,162 1.63

27,662 Harley Davidson Inc. 837,400 1.7572,761 Interpublic Group 516,135 1.0825,083 Lkq 493,218 1.0332,936 Marsh & Mc-Lennan

Cos Inc673,960 1.41

10,767 Mead Johnson A 559,377 1.177,032 National Oilwell Varco

Inc345,398 0.72


770,971 1.62

19,063 Owens Corning Inc 425,077 0.8970,520 Pfizer Inc. 987,267 2.0719,132 Pnc Financial Services

Group763,990 1.60

22,528 Qualcomm Inc. 955,588 2.0029,790 Solarwinds 718,219 1.5016,009 Stanley Black & Decker

Inc778,333 1.63


542,099 1.14

24,637 Tripadvisor Inc 540,908 1.1311,931 Unitedhealth Group Inc 432,927 0.9122,360 Wal-Mart Stores Inc 849,190 1.7843,852 Wells Fargo & Co 929,368 1.95

Bonds -Anleihen


Australia - Australien 0.27181,000 Australia 6% 04-

15.02.17130,225 0.27

Belgium - Belgien 0.49261,000 Belgium 4% 09-28.3.19

/Olo232,041 0.49


122




Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Denmark - Danemark 0.16587,000 Denmark 4% 08-

15.11.1977,778 0.16

France - Frankreich 0.73317,000 France 4% 04-

25.04.14 Oat282,158 0.59

78,000 France 4% 06-25.10.38 Oat

68,637 0.14


15.06.121,020,230 2.14

314,000 Germany 1.75%11-14.06.13

266,664 0.56

30,000 Germany 2% 11-4.1.22 25,406 0.0516,000 Germany 4% 07-

13.04.12 S.15013,349 0.03

10,000 Germany 4.25% 07-04.07.17

9,751 0.02

Great Britain - Großbritannien 1.82290,000 Uk Tsy 4.75% 04-

07.12.38364,617 0.76

16,000 Uk Tsy 5% 02-07.09.14

17,776 0.04

400,000 Uk Tsy 5% 07-07.03.18

485,480 1.02


Btp165,624 0.35

146,000 Italy 4.75% 08-01.08.23

116,683 0.25

136,000 Italy 5.25% 02-01.08.17 Btp

118,184 0.25

169,000 Italy 5.25% 98-01.11.29 Btp

134,803 0.28

314,000 Italy 6% 11-15.11.14Bot

278,912 0.58


15.07.12311,683 0.65

119,350,000 Japan 0.6% 09-20.09.14

918,337 1.92

45,150,000 Japan 1% 03-20.06.13No.252

347,268 0.73

53,650,000 Japan 1.1%11-20.03.21

416,255 0.87

56,800,000 Japan 1.4% 09-20.09.19

455,507 0.96


15.01.3787,472 0.18

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens


31.01.3756,170 0.12

126,000 Spain 4.1% 08-30.07.18

101,586 0.21

64,000 Spain 5.9% 11-30.7.26 53,088 0.11203,000 Spain 3.4% 11-

30.04.14171,974 0.36

Sweden - Schweden 0.12580,000 Sweden 3% 05-

12.07.1658,073 0.12


Tbo1,132,895 2.37

1,090,000 Usa 2.125% 10-31.05.15 S.M-2015

713,655 1.49

158,000 Usa 3.75% 08-15.11.18

113,151 0.24

438,000 Usa 3.875% 07-31.10.12

279,346 0.59

163,000 Usa 4.25% 03-15.08.13

107,301 0.22

191,000 Usa 7.13% 93-15.02.23

175,621 0.37

Bonds -Anleihen


Canada - Kanada 0.51346,000 Canada 3.75% 08-

01.06.19244,559 0.51


20.03.17679,621 1.43

32,400,000 Japan 2.1% 06-20.12.26 N.92

267,467 0.56

62,750,000 Japan 2.5% 06-20.09.36 N.24

536,079 1.12


31.01.14381,073 0.80

1,383,000 Usa 2.125% 11-29.02.16 S.U2016

909,336 1.90

617,000 Usa 4.25% 09-15.05.39

459,020 0.96


46,557,904 97.50


123




CMI Global MixedPortfolio of Investments as at 31 March 2012 - continued


Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens


1,192,332 2.50


47,750,236 100.00


124




CMI Global MixedPortfolio of Investments as at 31 March 2012 - continued


CMI Global Mixed



SectorSektor


States, provinces and municipalities -Staats- und Kommunalanleihen 26.77Banks and financial institutions - Banken,Kreditinstitute 7.86Petrol - Treibstoff 7.81Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 6.26Automobile industry - Automobilindustrie 5.86Office equipment, computers -Buroausstattung, Computer 4.31Food and distilleries - Nahrungsmittel,alkoholische Getranke 3.63Chemicals - Chemie 3.23News transmission -Nachrichtenubertragung 3.16Retail trade, department stores -Einzelhandel und Warenhauser 3.11Holding and finance companies - Holding-und Finanzgesellschaften 2.90Internet software - Internet, Software 2.63Tobacco and spirits - Tabak undalkoholische Getranke 2.28Real estate - Immobilien 1.99Miscellaneous - Andere 1.66Transport - Verkehr und Transport 1.64Consumer goods - Konsumguter 1.63Electronics and electrical equipment -Elektrotechnik und Elektronik 1.63Insurance - Versicherungen 1.41Other business houses - SonstigeHandelshauser 1.32Tyres and rubber - Gummi und Reifen 1.31Public services - Energie undWasserversorgung 1.14Graphic art and publishing - Grafik undVerlage 1.08Leisure - Freizeit 1.08Healthcare, education and socialservices - Gesundheitsversorgung,Bildung und soziale Einrichtungen 0.91Construction, building materials - Bau,Baustoffe 0.89


97.50


2.50


100.00


125




CMI Global EquityPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Australia - Australien 1.806,430 Campbell Brothers Ltd 280,814 1.80


Sa213,222 1.37

Brazil - Brasilien 2.9223,902 Banco Itau Hld Itau /

Pfd291,042 1.87

20,800 Br Malls Participaes Sa 163,595 1.05

Canada - Kanada 1.7413,695 Brookfi.As.Mgmt A /Ltd

Vot.270,864 1.74

France - Frankreich 2.688,602 Sanofi-Aventis 417,134 2.68




194,404 1.25

Great Britain - Großbritannien 9.9829,201 Bg Group Plc 424,437 2.7291,464 Bp Plc 420,140 2.7014,143 Imperial Tobacco

Group Plc361,212 2.32

203,042 Vodafone Group Plc 349,334 2.24

Ireland - Irland 2.2193,008 Ryanair Holdings Plc 344,584 2.21

Japan - Japan 6.2518,400 Bridgestone Corp 280,869 1.807,400 Lawson Inc 293,376 1.88

14,700 Toyota Motor Corp. 399,338 2.57

Jersey - Jersey 2.1038,331 Wpp Plc 326,389 2.10

Liberia - Liberia 1.4912,702 Royal Caribbean

Cruises Ltd232,474 1.49


Shs233,387 1.50

Quantity -

Anzahl

Description -


Market

Value GBP

Marktwert

GBP

% of Net

Assets

- % des

Nettover-

mogens

Singapore - Singapur 1.9368,000 Oversea-Chinese Bk

Corp301,342 1.93

Switzerland - Schweiz 5.497,135 Nestle Sa 277,425 1.787,862 Novartis Ag Basel /

Nam.270,119 1.74

1,435 Syngenta Ag / Nam. 307,375 1.97

United States - Vereinigte Staaten 55.906,895 Airgas Inc. 380,819 2.44

15,103 Altria Group 288,489 1.8510,995 American Express Co. 397,453 2.551,759 Apple Inc 669,858 4.309,140 Ashland Inc 348,489 2.245,179 Coca-Cola Co. 238,697 1.53

20,055 Emc Corp 370,431 2.382,636 Grainger Inc..Ww 358,089 2.30

14,283 Harley Davidson Inc. 432,383 2.7730,808 Interpublic Group 218,539 1.40

6 Jds Uniphase Corp 55 0.0010,365 Lkq 203,811 1.3114,317 Marsh & Mc-Lennan

Cos Inc292,965 1.88

2,891 Masco Corp. 24,623 0.164,908 Mead Johnson A 254,985 1.643,140 National Oilwell Varco

Inc154,231 0.99


350,667 2.25

8,787 Owens Corning Inc 195,937 1.2631,256 Pfizer Inc. 437,578 2.817,953 Pnc Financial Services

Group317,584 2.04

10,239 Qualcomm Inc. 434,316 2.7913,324 Solarwinds 321,234 2.067,209 Stanley Black & Decker

Inc350,490 2.25


248,786 1.60

11,025 Tripadvisor Inc 242,055 1.559,602 Unitedhealth Group Inc 348,417 2.23

10,066 Wal-Mart Stores Inc 382,287 2.4521,079 Wells Fargo & Co 446,733 2.87


15,584,866 100.03


(4,707) (0.03)


15,580,159 100.00


126




CMI Global Equity



SectorSektor


Petrol - Treibstoff 10.90Banks and financial institutions - Banken,Kreditinstitute 10.89Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 8.48Automobile industry - Automobilindustrie 8.07Office equipment, computers -Buroausstattung, Computer 6.68News transmission -Nachrichtenubertragung 5.03Food and distilleries - Nahrungsmittel,alkoholische Getranke 4.95Chemicals - Chemie 4.41Retail trade, department stores -Einzelhandel und Warenhauser 4.33Holding and finance companies - Holding-und Finanzgesellschaften 4.19Internet software - Internet, Software 3.61Tobacco and spirits - Tabak undalkoholische Getranke 3.22Real estate - Immobilien 2.79Electronics and electrical equipment -Elektrotechnik und Elektronik 2.30Consumer goods - Konsumguter 2.25Healthcare, education and socialservices - Gesundheitsversorgung,Bildung und soziale Einrichtungen 2.23Transport - Verkehr und Transport 2.21Miscellaneous - Andere 2.10Insurance - Versicherungen 1.88Other business houses - SonstigeHandelshauser 1.80Tyres and rubber - Gummi und Reifen 1.80Public services - Energie undWasserversorgung 1.60Leisure - Freizeit 1.49Construction, building materials - Bau,Baustoffe 1.42Graphic art and publishing - Grafik undVerlage 1.40


100.03


(0.03)


100.00


127




CMI European Enhanced EquityPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien



Sa239,012 2.19


France - Frankreich 32.851,643 Air Liquide-Pv Prime

Fide 2014164,711 1.51

13,181 Axa 164,367 1.518,179 Bnp Paribas 293,381 2.694,163 Carrefour S.A. 75,142 0.69

16,246 France Telecom Sa 179,437 1.6410,960 Gdf Suez 210,761 1.934,347 Groupe Danone 227,044 2.081,252 L Oreal Sa- Prime Fidel.

2014114,420 1.05

1,887 Lvmh Moet HennessyEur 0.3

242,951 2.23

4,091 Saint-Gobain 137,969 1.268,067 Sanofi-Aventis 469,338 4.303,907 Schneider Electric Sa 193,963 1.787,181 Ste Gen.Paris A 159,418 1.46

15,756 Total Sa 597,389 5.47647 Unibail-Rodamco Se 96,597 0.88

2,804 Vinci 109,258 1.0010,902 Vivendi 149,902 1.37






329,908 3.02


246,183 2.26


68,772 0.63


190,494 1.75

14,168 E.On - Namen Akt. 253,182 2.32786 Muenchener Rueckvers

/ Namensakt89,603 0.82

2,241 Rwe Ag Essen A 79,943 0.735,732 Sap Ag 300,747 2.766,124 Siemens Ag / Nam. 462,595 4.241,325 Volkswagen Ag /

Vorzug.175,947 1.61

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens



Spa78,871 0.72

55,247 Enel 148,393 1.3618,797 Eni Spa Roma 329,699 3.02



Fusion130,520 1.20


Shs210,229 1.93


64,442 0.59



Reg.336,438 3.08


206,107 1.89

26,020 Iberdrola Sa 109,414 1.00985 Inditex / Reg. 70,309 0.65

6,945 Repsol Ypf Sa. Madrid 130,775 1.2026,011 Telefonica Sa 319,025 2.92


10,192,890 93.38


722,361 6.62


10,915,251 100.00


128




CMI European Enhanced Equity



SectorSektor


Banks and financial institutions - Banken,Kreditinstitute 13.42Petrol - Treibstoff 9.69Chemicals - Chemie 8.30News transmission -Nachrichtenubertragung 7.90Public services - Energie undWasserversorgung 7.34Automobile industry - Automobilindustrie 6.43Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 5.35Insurance - Versicherungen 5.32Food and distilleries - Nahrungsmittel,alkoholische Getranke 4.36Various capital goods - VerschiedeneProduktionsguter 4.24Holding and finance companies - Holding-und Finanzgesellschaften 3.71Construction, building materials - Bau,Baustoffe 2.98Internet software - Internet, Software 2.76Textile - Textil- und Bekleidungsindustrie 2.23Tobacco and spirits - Tabak undalkoholische Getranke 2.19Electronics and electrical equipment -Elektrotechnik und Elektronik 1.78Leisure - Freizeit 1.37Retail trade, department stores -Einzelhandel und Warenhauser 1.34Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 1.20Real estate - Immobilien 0.88Electronic semiconductor - Halbleiter 0.59


93.38


6.62


100.00


129




CMIG Focus Euro Bond *Portfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


Austria - Osterreich 5.8319,966,000 AUSTRIA 3.9% 04-

15.07.2021,917,676 1.58

37,782,000 Austria 4% 06-15.09.16

41,764,223 3.00

15,700,000 AUSTRIA 4.15% 06-15.03.37

17,357,920 1.25

Belgium - Belgien 8.9373,097,000 Belgium 4% 07-

28.03.1778,455,010 5.64

4,036,000 BELGIUM 4% 07-28.3.13 OLO S.50

4,168,381 0.30

34,481,000 Belgium 5.5% 98-28.03.28 Olo

41,549,605 2.99

Finland - Finnland 2.3619,624,000 FINLAND 1.875% 11-

15.04.1720,150,905 1.45

11,562,000 FINLAND 3.375% 10-15.04.20

12,655,765 0.91

France - Frankreich 27.6844,274,000 France 3.75% 06-

25.04.1748,533,159 3.49

173,315,000 France 4% 04-25.04.14 Oat

185,083,089 13.31

72,087,000 France 4% 06-25.10.38 Oat

76,105,850 5.47

58,163,000 FRANCE 6% 93-25.10.25

75,172,769 5.41


15.06.12215,538,052 15.50

50,903,000 Germany 1.75%11-14.06.13

51,865,067 3.73

92,691,000 Germany 3.25% 11-04.07.21

104,694,484 7.53

22,874,000 Germany 4% 05-04.01.37

28,990,508 2.09

180,421,000 GERMANY 4% 06-04.07.16

205,580,708 14.78

11,000 Germany 4.25% 08-04.07.18 Ser.08

13,049 0.00

Netherlands - Niederlande 9.4732,545,000 Netherlands 3.75% 06-

15.01.2336,574,071 2.63

21,478,000 Netherlands 4% 05-15.01.37

26,209,603 1.88

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

65,600,000 Netherlands 4.25% 03-15.07.13

68,968,560 4.96


1,361,348,454 97.90


29,211,968 2.10


1,390,560,422 100.00


130





CMIG Focus Euro Bond *



SectorSektor




97.90


2.10


100.00



131




CMIG Access 80%Portfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens



Ireland - Irland 9.8517,554,450 Insight Liquidity Fund

Eur -2-17,554,450 9.85

Bonds -Anleihen


Germany - Deutschland 25.2645,000,000 Germany 4% 07-

13.04.12 S.15045,042,750 25.26

Treasury Bills- Schatzbriefe


France - Frankreich 14.0225,000,000 France 0% 11-

03.05.12 Btf24,997,500 14.02



Great Britain - Großbritannien 13.468,000,000 Rbs 0.99% 12-

30.04.12 Cd8,000,000 4.49

8,000,000 Skandinaviska Eb 0%10.04.12cd

7,998,316 4.48

8,000,000 Ubs Ln 0.92% 12-16.04.12 Cd

8,000,000 4.49

Netherlands - Niederlande 13.468,000,000 Abn Amro 0% 12-

18.04.12 Cd7,998,312 4.48

8,000,000 Ing Nv 1.25% 12-10.04.12 Cd

8,000,000 4.49

8,000,000 Rabobk 1.05% 11-11.04.12 Cd

8,000,000 4.49



France - Frankreich 4.488,000,000 Cades 0% 12-16.05.12

Cp7,994,266 4.48

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens


30.04.12 Cp7,997,522 4.49


151,583,116 85.02


26,711,145 14.98


178,294,261 100.00


132




CMIG Access 80%



SectorSektor


States, provinces and municipalities -Staats- und Kommunalanleihen 48.25Banks and financial institutions - Banken,Kreditinstitute 22.44Investment funds - Investmentfonds 9.85Holding and finance companies - Holding-und Finanzgesellschaften 4.48


85.02


14.98


100.00


133




CMIG Access 70% FlexiblePortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien



Sa125,876 0.74


France - Frankreich 9.18887 Air Liquide 88,922 0.52

5,881 Axa 73,336 0.433,116 Bnp Paribas 111,771 0.661,780 Carrefour S.A. 32,129 0.195,958 France Telecom Sa 65,806 0.394,159 Gdf Suez 79,978 0.471,912 Groupe Danone 99,864 0.59744 L Oreal 68,016 0.40834 Lvmh Moet Hennessy

Eur 0.3107,377 0.63

1,353 Saint-Gobain 45,630 0.273,839 Sanofi-Aventis 223,353 1.321,713 Schneider Electric Sa 85,042 0.502,421 Ste Gen.Paris A 53,746 0.326,931 Total Sa 262,789 1.55285 Unibail-Rodamco Se 42,551 0.25

1,659 Vinci 64,643 0.383,858 Vivendi 53,047 0.31






126,604 0.75


108,268 0.64

608 Deutsche Boerse Ag /Nam.

30,388 0.18


83,691 0.49

6,245 E.On - Namen Akt. 111,598 0.66502 Muenchener Rueckvers


1,528 Rwe Ag Essen A 54,508 0.322,886 Sap Ag 151,423 0.892,695 Siemens Ag / Nam. 203,575 1.20449 Volkswagen Ag /

Vorzug.59,623 0.35


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens


Spa48,581 0.29

19,893 Enel 53,433 0.318,265 Eni Spa Roma 144,968 0.85



Fusion42,034 0.25


Shs76,518 0.45


43,822 0.26



Reg.163,312 0.96


92,148 0.54

11,609 Iberdrola Sa 48,816 0.29662 Inditex / Reg. 47,253 0.28

2,364 Repsol Ypf Sa. Madrid 44,514 0.2612,421 Telefonica Sa 152,344 0.90



France - Frankreich 5.4117,044 Easyetf Euro Stx 50

-B1- / Cap.533,477 3.14

15,514 Lyxor Etf Dj Eur.Stoxx50

385,445 2.27

Germany - Deutschland 2.2815,455 Ishares Dj Euro Stoxx

50 (De)386,607 2.28

Ireland - Irland 2.2315,162 Ishares Ii / Dj Euro

Stoxx 50377,913 2.23

Luxembourg - Luxemburg 5.103,299 Bnp P Insticash Inst. /

Cap463,758 2.73

15,894 Db X-T Djeur- 1D- 401,165 2.37


134




Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen



12.07.12 Btan759,000 4.47


15.07.12963,015 5.68




03.05.12 Btf411,959 2.43

1,000,000 France 0% 11-14.06.12 Tb

999,750 5.89

500,000 France 0% 11-16.05.12 Btf

499,925 2.95

2,010,000 France 0% 12-12.07.12 Btf

2,009,296 11.84


12,690,620 74.79


4,277,307 25.21


16,967,927 100.00


135




CMIG Access 70% FlexiblePortfolio of Investments as at 31 March 2012 - continued


CMIG Access 70% Flexible



SectorSektor


States, provinces and municipalities -Staats- und Kommunalanleihen 33.26Investment funds - Investmentfonds 15.02Banks and financial institutions - Banken,Kreditinstitute 3.31Petrol - Treibstoff 2.66Chemicals - Chemie 2.43News transmission -Nachrichtenubertragung 2.23Public services - Energie undWasserversorgung 2.05Insurance - Versicherungen 1.80Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 1.72Automobile industry - Automobilindustrie 1.50Food and distilleries - Nahrungsmittel,alkoholische Getranke 1.32Various capital goods - VerschiedeneProduktionsguter 1.20Holding and finance companies - Holding-und Finanzgesellschaften 1.14Internet software - Internet, Software 0.89Construction, building materials - Bau,Baustoffe 0.85Tobacco and spirits - Tabak undalkoholische Getranke 0.74Textile - Textil- und Bekleidungsindustrie 0.63Electronics and electrical equipment -Elektrotechnik und Elektronik 0.50Retail trade, department stores -Einzelhandel und Warenhauser 0.47Leisure - Freizeit 0.31Electronic semiconductor - Halbleiter 0.26Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 0.25Real estate - Immobilien 0.25


74.79


25.21


100.00


136






Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien



Sa169,406 0.14


France - Frankreich 1.731,192 Air Liquide 119,498 0.102,390 Carrefour S.A. 43,140 0.049,319 Total Sa 353,330 0.291,001 L Oreal 91,511 0.085,162 Sanofi-Aventis 300,325 0.257,911 Axa 98,650 0.082,574 Groupe Danone 134,440 0.111,121 Lvmh Moet Hennessy

Eur 0.3144,329 0.12

2,304 Schneider Electric Sa 114,382 0.091,817 Saint-Gobain 61,278 0.052,231 Vinci 86,931 0.075,182 Vivendi 71,253 0.063,257 Ste Gen.Paris A 72,305 0.064,190 Bnp Paribas 150,295 0.128,011 France Telecom Sa 88,481 0.075,598 Gdf Suez 107,650 0.09382 Unibail-Rodamco Se 57,033 0.05

Germany - Deutschland 1.683,912 Deutsche Bank Ag /

Nam.145,698 0.12


112,617 0.09


40,884 0.03

2,041 Rwe Ag Essen A 72,809 0.063,743 Daimler Ag / Namen-

Akt.170,277 0.14

3,881 Sap Ag 203,628 0.173,622 Siemens Ag / Nam. 273,599 0.231,351 Bmw-Bayer.


3,859 Basf Namen-Akt. 252,687 0.21605 Volkswagen Ag /

Vorzug.80,338 0.07

1,900 Allianz Se / Nam.Vinkuliert

169,784 0.14

676 Muenchener Rueckvers/ Namensakt

77,063 0.06

3,472 Bayer 182,325 0.158,398 E.On - Namen Akt. 150,072 0.13


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens


Spa65,380 0.05

58,663 Intesa Sanpaolo Spa 79,664 0.0726,766 Enel 71,893 0.0611,116 Eni Spa Roma 194,975 0.1643,490 Telecom Italia Spa 38,293 0.0320,775 Unicredit Az 79,693 0.07


Fusion56,570 0.05

Netherlands - Niederlande 0.276,520 Unilever Cert.of Shs 166,553 0.143,877 Roy.Philips Electr. / Eur

0.258,911 0.05

16,219 Ing Groep Nv / Cert.ofShs

102,991 0.08

Spain - Spanien 0.6120,594 Bco Bilbao Viz.

Argentaria / Nam.123,976 0.10

38,108 Banco Santander Sa /Reg.

219,616 0.18

15,833 Iberdrola Sa 66,578 0.063,179 Repsol Ypf Sa. Madrid 59,861 0.05

16,705 Telefonica Sa 204,887 0.17890 Inditex / Reg. 63,528 0.05



France - Frankreich 7.32143,395 Lyxor Etf Dj Eur.Stoxx

503,562,649 2.95

168,637 Easyetf Euro Stx 50-B1- / Cap.

5,278,338 4.37


50 (De)3,558,634 2.95


Stoxx 503,478,358 2.88


Cap6,227,874 5.16

149,475 Db X-T Djeur- 1D- 3,772,749 3.12


137




Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen


France - Frankreich 4.315,150,000 France 4.5% 06-

12.07.12 Btan5,211,800 4.31

Germany - Deutschland 1.451,750,000 Germany 4% 07-

13.04.12 S.1501,751,663 1.45

Netherlands - Niederlande 3.323,950,000 Netherlands 5% 02-

15.07.124,004,115 3.32



France - Frankreich 38.105,069,000 France 0% 11-

03.05.12 Btf5,068,493 4.20

8,000,000 France 0% 11-16.05.12 Btf

7,998,800 6.62

9,650,000 France 0% 11-14.06.12 Tb

9,647,588 7.99

23,310,000 France 0% 12-12.07.12 Btf

23,301,841 19.29


88,914,088 73.62


31,854,301 26.38


120,768,389 100.00


138




CMIG Access 80% FlexiblePortfolio of Investments as at 31 March 2012 - continued





SectorSektor


States, provinces and municipalities -Staats- und Kommunalanleihen 47.18Investment funds - Investmentfonds 21.43Banks and financial institutions - Banken,Kreditinstitute 0.62Petrol - Treibstoff 0.50Chemicals - Chemie 0.46News transmission -Nachrichtenubertragung 0.41Public services - Energie undWasserversorgung 0.40Insurance - Versicherungen 0.33Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 0.33Automobile industry - Automobilindustrie 0.29Food and distilleries - Nahrungsmittel,alkoholische Getranke 0.25Various capital goods - VerschiedeneProduktionsguter 0.23Holding and finance companies - Holding-und Finanzgesellschaften 0.21Internet software - Internet, Software 0.17Construction, building materials - Bau,Baustoffe 0.16Tobacco and spirits - Tabak undalkoholische Getranke 0.14Textile - Textil- und Bekleidungsindustrie 0.12Electronics and electrical equipment -Elektrotechnik und Elektronik 0.09Retail trade, department stores -Einzelhandel und Warenhauser 0.09Leisure - Freizeit 0.06Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 0.05Electronic semiconductor - Halbleiter 0.05Real estate - Immobilien 0.05


73.62


26.38


100.00


139






Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens



France - Frankreich 3.0111,749 Lyxor Etf Dj Eur.Stoxx

50291,904 1.38

10,961 Easyetf Euro Stx 50-B1- / Cap.

343,079 1.63


50 (De)290,724 1.38


Stoxx 50294,439 1.39

Luxembourg - Luxemburg 1.2410,381 Db X-T Djeur- 1D- 262,017 1.24

Bonds -Anleihen



12.07.12 Btan202,400 0.96

Netherlands - Niederlande 11.272,350,000 Netherlands 5% 02-

15.07.122,382,195 11.27



France - Frankreich 54.153,633,000 France 0% 11-3.05.12

Btf3,632,637 17.19

4,110,000 France 0% 12-12.07.12 Btf

4,108,561 19.45

1,000,000 France 0% 11-16.05.12 Btf

999,850 4.73

2,700,000 France 0% 11-14.06.12 Tb

2,699,325 12.78




Cap1,095,222 5.18

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens


16,602,353 78.58


4,526,504 21.42


21,128,857 100.00


140







SectorSektor


States, provinces and municipalities -Staats- und Kommunalanleihen 66.38Investment funds - Investmentfonds 12.20


78.58


21.42


100.00


141




HLE Euro-Garant 70 FlexPortfolio of Investments as at 31 March 2012


Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Belgium - Belgien 0.7646 Anheuser-Bush Inbev

Sa2,494 0.76

Finland - Finnland 0.28230 Nokia Oy 934 0.28


115 Axa 1,434 0.4462 Bnp Paribas 2,224 0.6835 Carrefour S.A. 632 0.19

118 France Telecom Sa 1,303 0.4084 Gdf Suez 1,615 0.4938 Groupe Danone 1,985 0.6115 L Oreal 1,371 0.4217 Lvmh Moet Hennessy

Eur 0.32,189 0.67

27 Saint-Gobain 911 0.2876 Sanofi-Aventis 4,422 1.3534 Schneider Electric Sa 1,688 0.5248 Ste Gen.Paris A 1,066 0.33

137 Total Sa 5,194 1.596 Unibail-Rodamco Se 896 0.27

33 Vinci 1,286 0.3975 Vivendi 1,031 0.32

Germany - Deutschland 9.1128 Allianz Se / Nam.


57 Basf Namen-Akt. 3,732 1.1451 Bayer 2,678 0.8220 Bmw-Bayer.


55 Daimler Ag / Namen-Akt.

2,502 0.77

58 Deutsche Bank Ag /Nam.

2,160 0.66


600 0.18

185 Deutsche Telekom /Nam.

1,665 0.51

123 E.On - Namen Akt. 2,198 0.6710 Muenchener Rueckvers


30 Rwe Ag Essen A 1,070 0.3357 Sap Ag 2,991 0.9153 Siemens Ag / Nam. 4,004 1.229 Volkswagen Ag /

Vorzug.1,195 0.37

Ireland - Irland 0.2144 Crh Plc 673 0.21

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Italy - Italien 2.3985 Assicurazioni Generali

Spa990 0.30

394 Enel 1,058 0.32164 Eni Spa Roma 2,877 0.88863 Intesa Sanpaolo Spa 1,172 0.36641 Telecom Italia Spa 565 0.17304 Unicredit Az 1,166 0.36

Luxembourg - Luxemburg 0.2556 Arcelormittal Sa / Prov.

Fusion816 0.25

Netherlands - Niederlande 1.49239 Ing Groep Nv / Cert.of

Shs1,518 0.46

59 Roy.Philips Electr. / Eur0.2

896 0.28

96 Unilever Cert.of Shs 2,452 0.75

Spain - Spanien 3.31561 Banco Santander Sa /

Reg.3,233 0.99

300 Bco Bilbao Viz.Argentaria / Nam.

1,806 0.55

230 Iberdrola Sa 967 0.3013 Inditex / Reg. 928 0.2847 Repsol Ypf Sa. Madrid 885 0.27

245 Telefonica Sa 3,005 0.92



France - Frankreich 7.52409 Easyetf Euro Stx 50

-B1- / Cap.12,802 3.91

475 Lyxor Etf Dj Eur.Stoxx50

11,801 3.61

Germany - Deutschland 3.57466 Ishares Dj Euro Stoxx

50 (De)11,657 3.57

Ireland - Irland 3.58470 Ishares Ii / Dj Euro

Stoxx 5011,715 3.58

Luxembourg - Luxemburg 8.77123 Bnp P Insticash Inst. /

Cap17,257 5.28

452 Db X-T Djeur- 1D- 11,409 3.49


142




Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen



12.07.12 Btan15,180 4.64


15.07.125,068 1.55




03.05.12 Btf11,999 3.67

35,000 France 0% 11-14.06.12 Tb

34,991 10.70

20,000 France 0% 12-12.07.12 Btf

19,993 6.12


253,154 77.42


73,822 22.58


326,976 100.00


143




HLE Euro-Garant 70 FlexPortfolio of Investments as at 31 March 2012 - continued





SectorSektor


States, provinces and municipalities -Staats- und Kommunalanleihen 26.68Investment funds - Investmentfonds 23.44Banks and financial institutions - Banken,Kreditinstitute 3.40Petrol - Treibstoff 2.74Chemicals - Chemie 2.51News transmission -Nachrichtenubertragung 2.28Public services - Energie undWasserversorgung 2.11Insurance - Versicherungen 1.85Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 1.77Automobile industry - Automobilindustrie 1.56Food and distilleries - Nahrungsmittel,alkoholische Getranke 1.36Various capital goods - VerschiedeneProduktionsguter 1.22Holding and finance companies - Holding-und Finanzgesellschaften 1.17Internet software - Internet, Software 0.91Construction, building materials - Bau,Baustoffe 0.88Tobacco and spirits - Tabak undalkoholische Getranke 0.76Textile - Textil- und Bekleidungsindustrie 0.67Electronics and electrical equipment -Elektrotechnik und Elektronik 0.52Retail trade, department stores -Einzelhandel und Warenhauser 0.47Leisure - Freizeit 0.32Electronic semiconductor - Halbleiter 0.28Real estate - Immobilien 0.27Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 0.25


77.42


22.58


100.00


144






Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Shares -Aktien


Belgium - Belgien 0.09118 Anheuser-Bush Inbev

Sa6,397 0.09

Finland - Finnland 0.04598 Nokia Oy 2,429 0.04


300 Axa 3,741 0.06159 Bnp Paribas 5,703 0.0993 Carrefour S.A. 1,679 0.03

305 France Telecom Sa 3,369 0.05212 Gdf Suez 4,077 0.0698 Groupe Danone 5,119 0.0838 L Oreal 3,474 0.0543 Lvmh Moet Hennessy

Eur 0.35,536 0.08

69 Saint-Gobain 2,327 0.03196 Sanofi-Aventis 11,403 0.1787 Schneider Electric Sa 4,319 0.06

124 Ste Gen.Paris A 2,753 0.04353 Total Sa 13,384 0.2015 Unibail-Rodamco Se 2,240 0.0385 Vinci 3,312 0.05

195 Vivendi 2,681 0.04

Germany - Deutschland 1.1572 Allianz Se / Nam.


147 Basf Namen-Akt. 9,626 0.14132 Bayer 6,932 0.1051 Bmw-Bayer.


142 Daimler Ag / Namen-Akt.

6,460 0.10

148 Deutsche Bank Ag /Nam.

5,512 0.08


1,549 0.02

476 Deutsche Telekom /Nam.

4,284 0.06

319 E.On - Namen Akt. 5,701 0.0926 Muenchener Rueckvers


78 Rwe Ag Essen A 2,782 0.04147 Sap Ag 7,713 0.12138 Siemens Ag / Nam. 10,424 0.1623 Volkswagen Ag /

Vorzug.3,054 0.05

Ireland - Irland 0.02112 Crh Plc 1,712 0.02

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Italy - Italien 0.30213 Assicurazioni Generali

Spa2,482 0.04

1,018 Enel 2,734 0.04422 Eni Spa Roma 7,402 0.11

2,225 Intesa Sanpaolo Spa 3,022 0.051,637 Telecom Italia Spa 1,441 0.02786 Unicredit Az 3,015 0.04

Luxembourg - Luxemburg 0.03147 Arcelormittal Sa / Prov.

Fusion2,143 0.03

Netherlands - Niederlande 0.19618 Ing Groep Nv / Cert.of

Shs3,925 0.06

150 Roy.Philips Electr. / Eur0.2

2,279 0.03

248 Unilever Cert.of Shs 6,335 0.10


Reg.8,345 0.12

782 Bco Bilbao Viz.Argentaria / Nam.

4,708 0.07

593 Iberdrola Sa 2,493 0.0434 Inditex / Reg. 2,427 0.04

121 Repsol Ypf Sa. Madrid 2,278 0.03633 Telefonica Sa 7,764 0.12



France - Frankreich 6.917,890 Easyetf Euro Stx 50

-B1- / Cap.246,957 3.68

8,713 Lyxor Etf Dj Eur.Stoxx50

216,475 3.23


50 (De)210,901 3.14


Stoxx 50202,142 3.01


Cap262,205 3.91

8,654 Db X-T Djeur- 1D- 218,427 3.26


145




Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens

Bonds -Anleihen



12.07.12 Btan253,000 3.77


15.07.12557,535 8.31




03.05.12 Btf361,964 5.40

1,150,000 France 0% 11-14.06.12 Tb

1,149,712 17.14

450,000 France 0% 11-16.05.12 Btf

449,933 6.71

510,000 France 0% 12-12.07.12 Btf

509,821 7.60


4,868,932 72.59


1,838,616 27.41


6,707,548 100.00


146




HLE Euro-Garant 80 FlexPortfolio of Investments as at 31 March 2012 - continued





SectorSektor


States, provinces and municipalities -Staats- und Kommunalanleihen 48.93Investment funds - Investmentfonds 20.23Banks and financial institutions - Banken,Kreditinstitute 0.43Petrol - Treibstoff 0.34Chemicals - Chemie 0.31News transmission -Nachrichtenubertragung 0.29Public services - Energie undWasserversorgung 0.27Insurance - Versicherungen 0.24Pharmaceuticals and cosmetics -Pharmazeutika und Kosmetik 0.22Automobile industry - Automobilindustrie 0.20Food and distilleries - Nahrungsmittel,alkoholische Getranke 0.18Various capital goods - VerschiedeneProduktionsguter 0.16Holding and finance companies - Holding-und Finanzgesellschaften 0.14Internet software - Internet, Software 0.12Construction, building materials - Bau,Baustoffe 0.10Tobacco and spirits - Tabak undalkoholische Getranke 0.09Textile - Textil- und Bekleidungsindustrie 0.08Retail trade, department stores -Einzelhandel und Warenhauser 0.07Electronics and electrical equipment -Elektrotechnik und Elektronik 0.06Leisure - Freizeit 0.04Coal mines, heavy industries -Kohlebergbau, Schwerindustrie 0.03Electronic semiconductor - Halbleiter 0.03Real estate - Immobilien 0.03


72.59


27.41


100.00


147






Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens



France - Frankreich 4.32277 Easyetf Euro Stx 50

-B1- / Cap.8,670 2.24

324 Lyxor Etf Dj Eur.Stoxx50

8,050 2.08

Germany - Deutschland 2.07319 Ishares Dj Euro Stoxx

50 (De)7,980 2.07

Ireland - Irland 2.06320 Ishares Ii / Dj Euro

Stoxx 507,976 2.06

Luxembourg - Luxemburg 9.27200 Bnp P Insticash Inst. /

Cap28,116 7.27

306 Db X-T Djeur- 1D- 7,723 2.00

Bonds -Anleihen



12.07.12 Btan10,120 2.61


15.07.1286,164 22.28




03.05.12 Btf62,994 16.28

8,000 France 0% 11-14.06.12 Tb

7,998 2.07

60,000 France 0% 12-12.07.12 Btf

59,979 15.51


295,770 76.47


91,005 23.53

Quantity -

Anzahl

Description -


Market

Value EUR

Marktwert

EUR

% of Net

Assets

- % des

Nettover-

mogens


386,775 100.00


148







SectorSektor


States, provinces and municipalities -Staats- und Kommunalanleihen 58.75Investment funds - Investmentfonds 17.72


76.47


23.53


100.00


149




EXPLANATORY NOTES

. Universe, The CMI Global Network Fund, is an authorised Securities Fund formed as an open-ended Investment Company (SICAV).

. It was incorporated in Luxembourg under the laws regulating Collective Investment Schemes on 12 April 1990 and complies with theEuropean Community directive on the cross-border selling of Collective Investment Schemes (UCITS).

. The Fund is recognised by the Financial Services Authority whose rules and regulations are made under the Financial Services and Markets Act2000.

. Investors should note that the value of shares and income from them are not guaranteed and may fluctuate from time to time. Pastperformance is not necessarily a guide to future performance.

. Further information, including full terms and conditions, is available from the addresses listed overleaf.

ERLAUTERUNGEN

. Universe, The CMI Global Network Fund ist ein als offene Investmentgesellschaft (SICAV) strukturierter zugelassener Wertpapierfonds.

. Er wurde am 12. April 1990 in Luxemburg gemaß dem Gesetz uber Organismen fur gemeinsame Anlagen in Wertpapieren gegrundet underfullt die Bestimmungen der EG-Richtlinie uber den grenzuberschreitenden Verkauf von Organismen fur gemeinsame Anlagen in Wertpapieren(UCITS).

. Der Fonds untersteht der Aufsicht der Financial Services Authority, deren Bestimmungen gemaß dem Financial Services Act(Finanzdienstleistungsgesetz) von 2000 erlassen werden.

. Anleger sollten beachten, daß der Wert und die Ertrage der Aktien nicht garantiert werden und von Zeit zu Zeit schwanken konnen. Diebisherige Entwicklung lasst nicht zuverlassig auf die zukunftige Entwicklung schließen.

. Weitere Informationen konnen Sie an den Adressen auf der Ruckseite erhalten.


150


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Universe, The CMI Global Network Fund - Clerical Medical The CMI Glo… · Universe, The CMI Global Network Fund SEMI-ANNUAL REPORT as at 31 MARCH 2012 HALBJAHRESBERICHT zum 31. MA¨RZ