Universe, The CMI Global Network Fund

Transcrição

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P
SEMI-ANNUAL REPORT & FINANCIAL STATEMENTS 31 MARCH 2008
HALBJAHRESBERICHT UND HALBJAHRESABSCLUSS 31. MARZ 2008
Page - Seite
CONTENTS
INHALVERZEICHNIS
Directors and Administration
Mitgl~ederdes Venvattungsratesund der Geschsftsfiihrung
Directors Report to Shareholders
Bericht des Verwaftungsratesan die AktionBre
Statement of Net Assets
Nettovermogensaufstellung
Statement of Changes in Number of Shares Outstanding Veranderungen Uer sich im Umlauf befindlichenAMien
Statement of Operations and Changes in Net Assets
Aufwands und Ertragsrechnungund Veranderung des
Nettovermdgens
10
Three Year Summary - DreCJahresUbersicht
14
Notes to the FinancialStatements
Anhang zum Jahresbericht
17
Portfolio and sector analysis of each subfund
Wetipapierbestandund geographischeAufgliederung fijr ieden
Teilfonds
25
InvestmentAdvisers hlageberater
93
Fund Advisors' Market C m n t
Marktkommentare der Fondsberater
94
~
No subscription may be accepted on the basis of the
accompanied by the latest Annual Report.
Annual Report.
6
Subscriptions are accepted only on the basis of the current Prospectus
In case of differences between the English version and the other translations. the English version prevails.
Es konnen keine Zeichnungen auf Basis des Halbjahresberichtes angenommen werden. Antrage werden nur auf Basis des aktuellen
Verkaufsprospektes angenommen, begleifet vom letzten Jahresbericht.
Der Halbjahresbericht und Halbjahresabschluss des "Universe, The CMI Global Network Fund" fur die ersten sechs Monate bis 31. Marz 2008 und
der Verkaufsprospekt sind iiber die Dresdner Bank AG, Jurgen-Pontc-Plat2 1, 60301 Frankfurt erhaltlich.
Falls Unterschiede zwischen der Englischen und den ubersetzten Versionen bestehen, so ist die Englische Version als massgebend anrusehen.
1
t
MANAGEMENT COMPANY
Directors and Administration
Mitglieder des Verwaltungsrates und des
Geschaftsfuhrung
YERWALTUNGSGESELLSCHAFT
CMI Asset Management (Luxembourg) S.A.
23, route d'Arlon
La009 Strassen
Luxembourg
Telephone: + (352) 317831-9
Facsimile: + (352) 317831800
CHAIRMAN
PRASIDENT
J Edwards
Chief Executive of HBOS Europe Financial Service
forum 7
D-69126 Heidelberg
Germany
CUSTODIAN,ADYINIStRATlVE, REGISTRAR AND
TRANSFER AGENT
DEPOTBANK,MRWALTUNGSSTELLE UND
TRANSFERSTELLE
RBC Dexia Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Luxembourg
DIRECTORS
MlTGLlEDER DES VERWAltUNGSRATES
J Elvinger
Partner
Elvinger, Hoss & Prussen
2, place Winston Churchill, BP425
L-2014 Luxembourg
Luxembourg
INVESTMENT ADVISER
ANlAGEBERA7ER
Insight Investment Management (Global) Limited
33, Old Broad Street
London EC2N 1HZ
United Kingdom
M Hamper
CMI Asset Management (Luxembourg)S.A.
23, route d'Arlon
L-8009 Strassen
Luxembourg
INDEPENDENT AUDITOR
ASSCHLUSSPRUFER
KPMG Audit SA r.1.
9, Allke Scheffer
L-2520 Luxembourg
Luxembourg
S J Friend
Heidelberger Lebensversicherung AG
Forum 7
D-69126 Heidelberg
Germany
LEGAL ADVISER
RECHTSBERATER
Elvinger, Hoss & Prussen
2, Place Winston Churchill, BP425
L-2014 Luxembourg
Luxembourg
D Finch
(from 21 February 2008)
Clerical Medical Europe Financial Services B.V.
23, route d'Arlon
L-8009 Strassen
Luxembourg
REGISTER OF COMMERCE
HANDELSREGISER
SociCtC d'lnvestissement i~Capital Variable
R.C.S. Luxembourg B 33 463
P Meyers
Company Director
12, rue des Roses
L-2445 Luxembourg
Luxembourg
UK REPRESENTATIVE
VERTRETUNG IN GROBBRITANNIEN
Clerical Medical Financial Services Limited
Narrow Plain
Bristol BS2 OJH
United Kingdom
R H Mallett
Clerical Medical Investment Group Limited European Branch
Off ice
Randwycksingel35
NL-6229 EG Maastricht
The Netherlands
THE IRISH REPRESENTATIVE
VERTRETUNG IN IRLAND
REGISTERED OFFICE
GESELLSCHAFTSSI72
CMI Asset Management (Luxembourg) S.A.
Representative Office
Clifton House
Lower Fitzwilliam Street
Dublin 2
Republic of Ireland
23, route d'Arlon
L-8009 Strassen
Luxembourg
2
.
GIBRALTAR REPRESENTATIVE
VERTRETUNG IN GlBRALTAR
Line Management Services Limited
RepresentativeOffice
57/63 Line Wall Road
PO Box 199
Gibraltar
3
1
Directors’ Report to Shareholders
The Directors are pleased to present the Semi-Annual Report and Financial Statements for Universe, The CMI Global Network
Fund (“the Fund”) for the period ended 31 March 2008.
DISTRIBUTIONS
A distribution were declared on 1 October 2007 in respect of the year from 1 October 2006 to 30 September 2007 and
paid on 15 October 2007.
Board of Directors
Luxembourg, 20 May 2008
4
*
Unjverse, The CMI Global Network Fund
Bericht des Verwaltungrates an die Aktionire
Der Verwaltungsrat ist erfreut, h e n den Halbjahresbericht und den Halbjahresabschluss fur Universe, The CMI Global
Network Fund (im Folgenden ,Fonds' genannt) fur den Zeitraum bis zum 31.Marz 2008 vorstellen zu konnen.
AUSSCHUITUNGEN
Am 1. Oktober 2007 wurde eine Ausschuttung fur das Geschaftsjahr vom 1. Oktober 2006 bis zum 30. September 2007 an
alle Anteilseigner der Teilfonds mit ausschuttbarem Nettogewinn rum 15. Oktober 2007 deklariert
Der Verwaltungsrat
Luxemburg, den 20. Mai 2008
5
Statement of Net Assets
as at 31 March 2008
Nettovermogensaufstellung
turn 32 Marz 2008
Note
ASSETS
V€RM&EN
Investment D O ~ ~ ~ O C at
O market value
Wertpapierbestandrum Marktwert
Cash at bank
Aniuunts receivable on sale 01
investments
Total - Total
FUR
CMI Continental
EuroDean Equity CMI German Equity
EUR
EUR
CMI Japan Equity
JPY
5,411,945,237
1,943.81 1,224
4.629.705
9,586,886,222
Bankguthaben
183,770.537
25,635,096
144,263
294,757,107
Forderungenaus Wertpapiemrkaufen
384,355,770
7,442,911
946,665
Amounts receivable on subscriptions FOrdeNngen aus Zeichnungen
Forderungenaus Zinsen und
Interest and dividends receivable. net hidenden, nem
47,615,549
3,688,281
101
6,309.982
3,887.622
9,259
Net unrealised profa on futures
FOrdeNngMaus Abgrenzungsposten 12
Nicht realisierter Gewmn aus
Fmamtermingeschlften
IO
Other assets
Sonstige Aktiva
7,099,192
5
142,192
5,042,325,617
1,984,465,139
4.925.520
9,986,288.611
394,486,061
8294.819
79.724
86,627,555
1,976.170,320
4,845,796
9,899,661.056
1,976.170.320
4,845,796
63,001,443
83,132,081
113.151
2,596,255
5,602,172
5,652
241,103
Prepaid expenses
LIABILITIES
YEABlNDLlCHKElTEN
TOTAL NET ASSETS
NEllOVERMOGENINSGESAMT
TOTAL NET ASSETS (EUR)
NETTOVERMdGEN INSGESAMT fEUR1
87,388,887
17,256,395
282,685
5,647,839,556
Statement of Changes in Number of Shares Outstanding
For the period ended 31 March 2008
Veranderungen der sich irn Umlauf befindlichen Aktien
Fur dle am 31.Mdrz 2008 endende Berlchtsperlode
Shares Outstanding
at 30 September 2007
Aktien im Umlauf
am 30. September 2007
Creations during Me year
Ausgegebene Akrien
Liquidations during the year
ZuriickgenommeneAktien
(6,671,1531
(14.215)
(133.124)
Shares Outstanding
at 31 March 2008
Mben im Umbuf
am 31. W r z 2008 *
82,063.100
104.588
2.704.234
as at 31 March 2008
Class 1 Shares Outstanding
Net Asset Value per Share Class 1
zwn 31. MJrz 2008
Anteilsklasse 1 M i e n im Umlauf
Anteilsklasse 2 Mien im Umlauf
Nenoinventarweltpro Anteilsklasse 2
76.690
46.167
25,762
46.492
Anreilsklasse 3Aktien im Umlauf
Nettoinventarwert pro Anteilsklasse 3
Anteilsklasse 7Aktien im Urnlauf
816.718
23.885
283,175
24.045
80.944.386
24.083
18,820
24.594
91.112
3,585
21,905
3.660
2,586,666
3,663
4,551
3,699
Netroinventarwert pro Anteilsklasse 1
.Any diierences
in the number of shares outstandin are the result of roundings.
Abwichungen der umlaufendenAnteile resuheren Bus Rundungen.
The accompanying notes lorm an integral part 01 these financial statements.
Die Erlauierungen im Anhang sind integraler Bestandteil dieses Benchtes.
6
-
2.136
48.502
C
CMI Pacific Basin
Equity
CMI UK Equity
USD
GBP
Tracking
EM?
108,176,051
722,134,604
101,935.305
16,211,072
3.107.458
1,919,563
2.537.664
474,911
468.181
29,Ooo
376.854
US Equity Index
Tracking
UK Equity Index
Tracking
JW
GBP
Tracking
USD
57,672,638
30,313,685
69.031.652
476,858
931,530
1551,069
181,642
Euro Equity Index Japan Equity Index
CMI US Equity
US0
1,911,255,027
150,284
350.686
-
322247,425
-
35,000
30,270
15.000
24.390.898
6,541
17.464.844
530.618
38,791
378,617
1,444,270
127.423
32,422
3,440,259
72.091
60,627
71,224
58,145
21,916
18,710
112,691,314
CMI Japan Bond
JW
5,906243
766.038
129
EUR
879,537,520
817,583
5,794
1,242,065,133
CMlG Fixed Term
Euro Bond
301,844,783
489,783
4,670
CMI Euro Bond
EUA
7,115,429
861,288
309.110.496
900,749.494
83.339
2,053,832
726,403,165
105,743,284
16,735,410
2,002.742.980
58,990.763
31,393,613
852,135
340,281
21,632
6,041.455
121,517
75.088
110,468,333
725.551.030
105,403.003
16,713,778
1,996,701,525
58.869.246
31,318.525
1,273,606,492
309,027,157
898,695,662
70,036,371
459,995,725
132,572,103
16,713,778
12.707.009
74,043,618
19,855,788
1,273,606,492
309,027,157
5.719.299
2,803,028
14,013,723
9,232,300
831,700
2,928,013
4,660,330
822,712
32,159,271
7,958,045
544.127
163,077
2,120,469
1.055.260
53.728
121,234
347,379
106,747
2,639,773
401.254
4.393
(388,810)
(1,736,847)
(753,513)
(67,7501
(88.404)
(456,235)
(82.295)
(4,194,991)
(980,275)
(5,316)
2,577,294
14,397,345
9534.047
817,677
2,960,843
4,551,473
847,165
30,604,053
7.379.024
543,204
619,242
42.585
310,910
42.845
1,587,279
42.902
253,539
49.739
64,303
50.351
14.070.143
50.406
161,488
20.396
391.988
20.448
264,122
20.457
2,696,175
674
168,884
676
95,784
676
90.447
41.468
85.620
41.584
30.367.293
41.608
7,379,024
41.879
32,079
1,649
19.606
1,654
491,519
1,655
9.362
51.057
3,603,226
12.924
660,647
12.954
274.856
12.954
12,745
14.272
520.045
36.926
238,192
37.010
82.298
37.021
59.863
44.762
1,56490
10.987
345.325
11.054
7,621.781
11.069
2,601
11.722
6,630
38.162
60,693
45.515
2.222.981
79
19.244
1,594,624,659
20,000,000
321,018.207
.Ary d;jerences
in the number of shares ouhtandin are the resuk of roundings.
Atweichungen der umlaufenden Anreile r e s u h r e n aus Rundungen.
The accompanying notes form an integral part of these financial statements.
Dk EtMuteNngm irn Anhang and hregraler Bestiurdteil dieses Berichtes.
7
1
CMI UK Bond
GBP
CMIG Fixed Term
CMI Sterling
US Bond Currency Reserve
CMI US Dollar
CMI Euro Currency
Currency Reserve
Aeserw
us0
GBP
USD
EUA
242,189,466
9,490,735
99.956.201
44,687,143
293.181.742
3,056,964
109.378
7,527,073
5,579,418
10,044.053
231.432
2,755,478
CMI US Bcmd
USD
38.1 16,015
1,060.510
30.000
310.848
1,797,017
118.022
1,689,278
80,000
60.000
126,885
2,165,068
CMI Global Bond
CMI
GBP
Glcbal Mixed CMI Global Equiry CMIG Access 80%
GBP
EUR
GBP
50,611,938
17,026,601
31 1,061,560
256
1,127,388
661.121
106,908,824
300.698
648,231
186.790
50,000,000
12,454,343
7W,W
129,516
247,402
41,754
2.710.793
88,571
42.567
622,123
135.360
1,136
12,528
.
5,510,350
2
39,518,509
247,055,975
9,718,135
114,914,334
53.228.926
53,954
80,325
16,671
5.988.406
39.464.555
246,975,650
9,701.464
49,637,036
156,581,328
5,500,602
2.077
4,317
151
1,803
305,450,863
12,884,964
52.725.333
17,960,910
472,142,977
2,013,200
215,431
269,905
1,128,155
470,149
49,779.466
108,925,928
51.215.726
305,235,432
12,615,059
51.597.178
17,490,761
422.363511
6,150,680
137,003.111
32,470,514
305.235.432
15,866,766
64,897,072
21,999,249
422,363,511
22.482.134
181,899
20,294,027
5,895,088
11,736,974
10.756.001
32,239,146
10,079,161
13,394,813
681,023
2,213,157
16,685
5,674,957
1,245,683
3,071,602
489,027
1,269,777
198,947
3.526.438
(495,956)
(5,220,377)
(20.425)
(4,563,609)
(2,111,296)
(2,933,146)
(978,736)
(2,014,959)
(467,554)
(256,7201
5,684,669
19,474,914
178,159
21,405,374
5,029.475
11,870,430
10,266,292
31,493,964
9,810,554
16,664,530
2,600,268
6.930
769,313
6.949
2,315.088
6.953
354.436
12.624
151,058
12.661
18,939,765
12.669
29,656
21.615
.
16,904.721
5.087
3.717.548
5.095
490,395
10.090
693,010
10.106
3.807.480
10.108
38,590
20.166
18,003
25.649
638.480
25.693
11,076,638
25.700
137,309
26.943
10,091,938
1.229
174,355
1.237
30,510,230
1.638
983,734
1.648
9,265,984
1.782
544,569
1.792
.
178.159
54.454
783,106
5.096
Any d.dterences in the number 01 shares outstandin are the result 01 roundings.
Abweichungen der umlaufenden Anteile resukeren aus Rundungen.
The accompanying notes form an i@e#ral part of these fimwial statements.
Die ErlhteNngen tm Anhang sind integraler Bestano’teil dieses Berichtes.
8
.
16.664.530
25.345
I
CMI Euro TOP 50
Access 80% CMlG Access 80 96
Equily
Guaranteed
Austrian
EUR
EUR
EUR
8.410.694
1,749
-
3,281,504
5,364,504
658,214
17.080
24,439
20,050
1,158
44,104
20.000
2,958
16,821
506
8,496,832
528
5,402,162
686
3,966,001
16,047
18,694
490,356
8,480.785
5.383.468
3,475.645
8,480,785
5,383.468
3,475,645
296,197
1,006,149
2w.000
16,469
26,054
(1,508)
(20,843)
311.158
1,011,360
200,000
1,011,360
5.323
311,158
27.256
200,000
17.378
Any d-fferences in the number 01 shares outstandin are h e result of roundings.
Abweichungen der umlaufenden hteib fesukeren aus Rundungen
The accompanying notes form an integral part of these financial statqwnts.
Die Wuterungen im Anhang sind integraler Bestandteil dieses Benchtes.
9
Statement of Operations and Changes in Net Assets
For the period ended 31 March 2008
Aufwands- und Ertragsrechnung und Veranderung des Nettovermogens
Far dle am 32 M d n 2008 endende Berlchtrperlode
Note
NET ASSETS AT THE BEGINNING OF
THE PERIOD
NETTOVERMOGENZU BEGINN DER
BERICHTSPEMODE
INCOME
ERTRAGE
Dividends, net
Interest on bonds, net
Bank interest
Other income
Income Eaualisation
Dividendenaus Wwtpapkrbestand,
neno
Zinsen aus Anleihen, neno
Zinsen aus Bankguthaben
Sonstige Ertrige
Ertragsausgleich
TOTAL INCOME
ERTRAGE INSGESAMT
EXPENSES
AUFWENWNGEN
Venvalt sver Mung
Mansgemernfees
Custodian fees, domiciliation,
Depotba%geb&en.
adminisbationand Wansfer agent fees BuchfLihrungsgebuhrenund
TransferkoGG
Audit, printing and publiiation
Revisimskosten, DNCk- und
expenses
VenYffentlichunEskosten
Taxe daboncement
Taxe dAbonnement
Bank charges
Bankspesen
Bankinsen
Interest paid
Other charges
Sonstige Aufwendungen
Expenses Equalisation
Ertragsausgleich
TOTAL EXPENSES
6
3
4
AUMNWNGEN INSGESMT
NEfTOERTRAG/ NETTOAWAND
AUS ANLAGEN
Realisierter Nettogewinn/ .verlust aus
Wertpapiemrkaufen
Realisiener Nettogewinn/ wrlust aus
Fimytermin eschlften
Net realisedgain / (loss) on foreign Realislerter &togewinn/-verlust aus
exchange
Devisengeschlhen
REAUSIERTERNETTOGEWNN/ NET REALISED PAOFTT/ (LOSS1
VERLUST
Change in net unrealised appreciation/Veranderung des nicht realisienen
(depreciation) on investments
Gewinnes/ Verlustes aus Wertpapieren
Change in net unrealised appreciation/Verannderung des nick realisienen
(depreciation) on futures
Gewinnes/ Verlusres aus
Fimnztenningeschafien
Chawe in net unrealised appreciation/Verin&rung des nicht realisienen
(de!JreCiaCOn) on cauital gain tax
Gewinnes/ Verlustes aus
NET INCOME /(LOSS) FROM
INVESTMENTS
Net realised gain / (loss1 on sales of
investments
N~ realisedgain, (bss) on futures
EVOLUTION OF THE CAPITAL
ENTwrCKlUffi DES
FONDSVEFMOGENS
Subscriptions of shares
Redemptionsof shares
Net notional comnission
Dividends distributed
Currency translabon
Income Eaualisafion
NET ASSETS AT THE END OF THE
PERIOD
Zeichnungen mn Alltien
Ruckzahlungen wn M i e n
R k n w Provrsion
D~ldmdenausschuttung
Wahmngsdifferenz
Ertragsausglerch
NETTOVERMOGEN AM ENDE DER
BERICHTSPERIODE
Total - Total
EM
CMI Continental
European Eauity CMI German Equity
EUR
EUR
6,600,518,808
2,507,912,950
21.920.427
54,219,028
4.435.196
853,035
257,425
11,531,786
CMI Japan Equity
JW
CMI Pacific Basin
Eauity
USD
6.446.268 12,701,835,272
140,466,416
17,924
97,306,054
1,129,546
581,507
9.897
4.474
2%
119.645
1,298,508
161,200
16,656
25.467
81,685.1 11
13,113,341
32.591
98,885,407
1,171,669
5,175,409
1.461.650
29,053
7,925,392
177.228
578,383
336,155
250
613,646
41,649
133,488
363,365
14
92.901
139,880
2,237,943
10,908
110.228
5.172
1,084
808,044
8.305
12,526
2,775
65,165
121.281
178
1.745
6.916
345,168
76,131
4.108
23,735
8,721,383
2.108.162
37,482
10.358.487
343,682
72,963,728
11,005,179
14,891)
88,526,920
827,987
9,139,542
(1,524,625)
346,601
66,200,696
7,141,801
-
(56,971,1541
(284.8321
1,000,048
(11,476.1 21)
(488.2341
(298,287)
70,138,915
9,182,267
(636,136,313)
(454,720,183)
(1,645,004)
659,321
180,792)
341.710
97,756,462
7,604,164
(1,342,991) (3,237,953,8081
(24,426,501)
(10,920,000)
39,114
-
15.981)
12
5
6,077
(567,648383)
(445,537,916)
(1.001.281)
13,151,117,346)
(16.777.146)
647.133.248
(676683.574)
(1,370,173)
1189,980,013)
1166,110,875)
1,980,518
161.294.238
(187,057,119)
(1,062,428)
(59,500,686)
308,372
(766,201)
(2,801)
(138.265)
1,068,885,263
(589,871,915)
(5,306,370)
(124,602,6481
8,199,282
(18,792,6621
(106.5951
(2.544.697)
121,281
(296)
(161,2001
23,735
_______~
5,647,839,556
1,976,170,320
The accompanying notes form an integral part of these financial statements.
Die Eriauterungenun Anhang sind integralerBesiandreil dieses Berichtes.
10
4,845.796
9,899,661,056
~
110,466,333
CMI US EquQ
USD
CMI UK Equity
GBP
Tracking
Tracking
EUR
JPY
UK Equity Index
Tracking
US Eauity Index
Tracking
GBP
USD
CMI Euro Bond
CMlG Fixed Term
Euro Bond
EVR
EUR
~
823.801.414
117,867,297
21,063,527 2,627,163,865
68.851.192
35592.655
5,781,995
1,810,616
99,460
19.666.209
1,143,391
238,090
79,702
25,127
50,079
14,670
9,393
4.083
32.8%
182,480
33,155
9.726
12,658
324
4,529
5,886,824
1,875,365
112.936
19,881,585
1,186,272
498,983
178,129
21.292
5,459,465
28,739
3.851
4,684
8,283
46,528
4,188
9.842
20,978
12,882
16,773
CMI Japan Bond
JPY
CMI UK Bond
GBP
.-.~
~~
1,361,303,146
338,492,035
883.240.096
31,772,844
28,103,250
493,618
12,597
7,081,406
6.057.327
723
933,282
13,571
3,656
255,601
28,609,465
7.094.394
6,058,050
950.509
139,126
60.301
763,099
184,816
704,881
81,523
540,110
1,932
3,851
56.633
13,854
140.625
1.946
5,172
1,677
808,044
527.361
4,188
13,850
8,283
5,859
5,172
64.594
3.802
15,730
808,722
56.380
4.188
5,788
1,866
1,384
9.763
119
2,244
2,060
142
326.392
38,212
31
1,698
12,944
562
2.869
15,016
1,792
732,677
48
1.744
335,256
274,386
4.912
2.670
1,385
4,141
633.166
209,023
37.248
7,699,726
173.769
81,725
1,638,983
555,251
1,989,906
101,641
5,253,658
1,666,342
75.688
12,181,859
1,012,503
173,876
26,970,482
6,539,143
4,068,144
848,868
(4,168,984)
2.W3,974
513.552
9,988,387
753.383
1,068,147
5,623,394
90,137
728.383
82,737
(77.784)
(14,473,530)
(73.625)
(201.415)
-
(1,112,009)
(1)
127.336)
I1 11,641,6931
817
3,671,133
(16,686,860)
30,033
3
(629)
511.459
7,696,087
(3,996,7221
1,170
61
(8,190,357)
(2.670.000)
(40,604)
7,500
(86)
1,040,608
1,692,322
(645,852,9931
5,488
(5,855,384)
32,593,790
6,629,280
4,796.527
931,605
498,155
3,247.596
18,130,918
1,135,653
16,773
(111,638,996)
(13,015,727)
(3.484.093)
(640,826,906)
(6.538.639)
(4,798,003)
33.091.945
9,876,876
22.927.445
2,067,258
118,323,366
(93,735,6531
(200,355)
(1 1.015.519)
12,885,642
(8,888,889)
120.204)
13,434,879)
1,225,024
(1.542.286)
(8,441)
(542,013)
95,575,395
(71,079,966)
(1.215242)
112,953,833
4,872,316
(6.252.201)
(11,271)
(2,065,095)
4,189,945
(3,324,9701
19.605)
1326.968)
107.988.746
(172,733,9231
16,303,542
(40,391,044)
7.156.836
(8,713,9311
4,590,955
(3,391,034)
(56,776,099)
(15,589,508)
15,919,696)
(1,579,609)
16,773
725.551.030
9.763
105,403,033
2,060
16,713.778
38.212
1,996,701,525
732,677
335.256
4,912
31,318,525 1.273.606.492
309,027,157
898.695.662
12,944
58.869.246
(4,529)
The accompanying notes form an imegfal part of mese financial statements
Die frlauterungen im Anhang sind integraler Bestandtelldreses Benchtes
11
4.141
39,464,555
L
CMI US Bond
USD
CMlG Fixed Term
CMI Sterling
CMI US Dollar CMI Euro Currency
US Bond Currency Reserve Currency Reserve
Resew
US0
GEP
USD
EUR
CMI Euro Top 50
CMI Global Bond
GBP
CMI Global Mixed CMI Global Eauw CMlG Access 80%
GBP
GEP
EUR
Equity
EUR
278,158,014
9,998,130
106,014,451
61,986,734
308,854,197
11,719,808
55,430,703
20,152,969
386.051.354
9.932.028
3.345.023
133.362
275
1.262.627
188,526
19
7.464.743
356,371
206,128
6,270
681
769.077
665,061
1,747,921
74,548
252,056
45,117
208,081
5,091
1,936
243,467
276,961
22,786
6,149
125,741
6,213,365
155,685
103.501
6,472,551
215.108
3,478.660
1,451.172
7,821,114
213,079
549.363
150,087
3,508,663
49.328
165,816
5,636
233.661
49.554
195,170
74,946
330,376
115,175
309,871
7,060
6,910
379
5,152
3,654
15.451
1,746
8,676
4,573
50.934
1,820
8.305
14,422
6,013
521
4,181
5.735
8,283
2,973
5.172
16,680
4.188
3,172
4,188
13,755
4,188
4,784
3.802
20,546
2,503
2,754
534,376
2.754
4.526
294
6,668
9,731
5.007
2,748
174,418
184
10,441
515,484
340
1,385
3.401
198
1.385
2,111
273
1.385
37
9.451
3,802
471
14
550
1,744
735,086
19,829
265.422
246.636
758,582
89,178
360,689
130,415
394,652
15,461
5,737,465
195.279
3,213,238
1,204,536
7,062,532
123.901
188,674
19.672
3.114.011
33,867
35,770
520.040
883.442
182,735
(8,268812)
270.388
5.940.966
(944)
(89,695)
13,431
10,915
48
1,494
1,813
904
(9.199.440)
11,678,431
195,279
3,212.294
1,114,841
7,098,302
6,951.375
120,778
11,060,113)
(625.0641
(4,278,191)
143,740)
(67,618)
235
24
600,201
1,004,498
202.642
(14354,217)
304,255
1.131.080
(2,991,0731
(2,268,397)
(26,697,512)
(1,978,218)
11,402,897)
18.629.806
316,057
2,152,181
26,496,222
163,792,390)
885,372
(1,091,244)
28,585699
(23,037,9071
(13,050,378)
(411.377)
(4,798,227)
534,376
4,526
246,975,650
9,701,464
9.731
108,925,928
489,777
(5,330)
(2.488)
2.820.111
1,731.281
(1,991.905)
(2.068.243)
(42,454.6261
(1,673.963)
12.737.802
(21,282,264)
78,529,896
(75,435,3941
554,311
(1.1 13,959)
(2,890,741)
(10,048,862)
(279.783)
2,153,289
(3,412,980)
(6.688)
(577.3521
384,061
(877,423)
(6.553)
(94.087)
97,095,977
(7.164,WO)
4.839
(10,917.9771
522,348
(50.000)
(2,902)
(245,8221
174,418
515,484
51,215,726
305.235.432
3,401
12,615,059
2,111
51.597.178
The accomDanyingnotes form an inte ral part of these financial statements
Die Edauterungenim &hang smd m&m& Beslmdted &ses Benchles.
12
37
17,490.761
(252,056)
422.363.511
(904)
8,480,785
.
Access 80% CMlG Access 80 96
Guaranteed
Austrlan
EUR
EUR
6.029.852
3,747,055
152,847
5,649
23,637
1
272
153,119
29,287
53.773
2,774
194
1,103
7.117
149
979
181
119
2,481
63,714
5,156
89.405
24,131
(274.059)
(610,334)
(28,W1)
(520.929)
(277,9291
11,529
(155.183)
15,0101
(676.112)
(271.410)
150,000
(120.000)
(272)
533.468
3,475645
The accompanying notes form an Integral part of these financial statements.
Die Erlduterungen irn Anhang sind integra& Bestandteil Qeses Benchtes
13
1
Three Year Summary
Drei-Jahres-Ubersicht
CMI Conbnental
European Equity CMI G e m n Equity
Elm
EUR
CMI Japan Equity
JPV
CMI Pacific Basin
Equity
USD
9,899,661
3,585
3.660
3,663
3.699
110.468
42.585
42.845
42.902
44.762
140,466
49.624
50.113
50.226
52.398
107,373
33.087
33.432
33.511
34.951
as at 31 March 2008
Net Assets (Mxl's)
zum 31. MArz 2008
Fondswrmogens (in Tausendl
Nenoinventarwert pro Anteilsklasse 1
Nettoiirvemawert pro Anteilsklasse 2
Nettoinventanvert prn Anfeilsklasse 3
1,976,170
23.885
24.045
24.083
24.994
4,846
46.167
46.492
as at 30 Septetember 2007
Net Assets
zum 30. September 2007
Fondsvermdgensfin Tausend)
Nettoifiventanvertpro Anreilsklasse 1
Nettoinventarwert pro Anfeilsklasse 2
Nettoinventanvertpro Anteilsklasse 3
Nettoinventanvert pro Anteilsklasse 7
2,507,913
29.758
30.094
30.172
31.307
6,446
56.747
57.371
59.893
12,701,835
4.761
4,887
4,898
4.944
as at 30 &ptember M06
Net Assets COCOS)
Fondsvermogens(in Tausendl
Nettoinventarwert pro Anteilsklasse I
Nettoinventawrt pro Anteilsklasse 2
Nettoinventanverr pro Anteilsklasse 3
Nettoinventanvenpro Anteilsklasse 7
2,149,784
26.871
27.155
27.222
28.244
248,629
44.991
45.461
45.571
47.449
13,463,567
4,651
4.768
4.779
4.824
CMI US Equity
USD
CMI UK Equily
GBP
48.502
Tracking
Tracking
EUR
JW
as at 31 March 2008
Net Assets ( W s )
zum 31 Marz 2008
FOfldSvermOEenS rin Tausend)
Nettoinventarwertpro Anteilsklasse 1
Nettoinvenfanvert pro Anteilsklasse 2
Nenoinventanvenpro Anteilsklasse 3
Nettoinventarwertpro Anfeilsklasse 7
725,551
49.739
50.351
50.406
51.057
105,403
10.987
11.054
11.069
11.722
16.714
20.396
20.448
20.457
19.244
1,996.702
674
676
676
as at 30 September 2007
Net Assets (ooo's)
zum 30 September 2007
Fondsvermogens(in Tausend)
Neltouwentarwertpro Antmlsklasse 2
Nminventanvert pro Anteilsklasse 3
Nettotnventanvertpro Anfeilsklasse 7
823,801
57.652
58.669
58.807
59.557
117,867
12.632
12.765
12.7%
13.548
21,064
25.234
25.341
25.359
23.850
2,627,164
897
901
901
Net Assets ~ooo's)
zum 30 September 2006
793,786
50.470
51.3%
51.517
52.174
107,611
11.741
11.863
2,623,855
885
888
889
12.593
19.892
22.522
22.611
22.628
21.205
UK Equity Index
Tracking
GBP
US Equity Index
Tracking
USD
CMI Euro Bond
EUR
58,869
12.924
12.954
12.954
14.272
31.319
36.926
37.010
37.021
38.162
1,273.606
41.468
41.584
41.608
45.515
309,027
as at 31 March 2008
Net Assets (000's)
Net Assef Value per Share Class 1
Net Asset Value p w Share Class 3
Fondswermdgens(in Tausend)
Nettoinventanvert pm Anfeilsklasse 1
Nenoinventanvert pro Anteilsklasse 2
Nenoinventanvert pro Anfeilsklasse 3
Netminvenfanvert pro Anteilsklasse 7
11.891
CMlG Fixed Term
Euro Bond
EUR
zurn 31. Marz 2008
Fondswedgens (in Tausend)
Nettoiflventanvertpro AnteikkJasse 1
Nettoifiventanvertpro Anfeilsklasse 2
Netroinventanvert pro Anteilsklasse 3
41.879
as at 30 September Mo7
Net Assets (000's)
Fondsvermogens(in Tausend)
Nettoinventanvert pro Anteilsklasse I
Nettprnventarwenpm Anteilsklasse 2
Nettoinventanvertpro Anfeilsklasse 3
68.851
14.759
14.818
14.823
16.329
35,593
43.184
43.349
43.374
44.704
1,361,303
42.038
42.275
42.325
46.290
338,492
Net Assets IOOO's)
zum 30. Sepfember 2006
Fondsvermogens(in Tausendl
Nettoinventalwertpro Anteilsklasse 1
Neltoinvenfanvertpro Anteilsklasse 2
Neftoinventawert pm Antdsk/asse 3
Nenoinventanuertpro Anfeilsklasse 7
63,750
13.732
13.785
13.795
15.190
31,944
37.840
37.982
1,477,392
43.931
44.180
44.232
48.375
418,628
14
38.008
39.165
42.535
43.759
4
as at 31 March 2008
Net Assets (ooo's)
zum 31. Marz 2008
Fondsvermogensfin Tausendl
Nettoinventarwert pro Anteilsklasse I
Nettoimntarwert pro Anteilshlasse3
Net Assets (000's)
Net Assets (000s)
Fondsvermllgens fin fausend)
Nettoinventanvertpm Anteilsklasse 3
Nettoinventanuert pro Anteilsklasse 7
Fondsvermllgens fin Tausend)
CMI Japan Bond
JPY
CMI UK Bond
GBP
CMI US Bond
USD
898.6%
1,649
1,654
1,655
39.465
6.930
6.949
6.953
246,976
12.624
12.661
12.669
21.615
883.240
1,613
1,622
1,624
37.773
6.843
6.880
6.889
278,158
12.280
12.350
12.364
21.092
853,850
1,605
1.614
1,615
36,183
7.200
7.241
7.249
410,980
12.215
12.284
12.298
20.621
CMI Sterling
CMI US Dollar CMI Euro Currency
Reserve
Currency Reserve Currency Resent
GBP
USD
EUR
as at 31 March 2008
Net Assets (000s)
zum 31. Mirz 2008
Fondsvermiigens fin Tausendl
Neltoinventamwt pro AotetlskJasse3
Nettoimrentanven pro Anteilsklasse 7
as ai 30 September MO7
Net Assets (ooo's)
Fondsvermogensfin Tausend)
Net ASsets (030's)
108,926
5.087
5.095
5.096
Neltoimntanwrt pro Anteilsklasse 1
Netminventarwertpro Anteilsklasse 7
Fondsvermtigensfin Tausendl
NetMinventmwt pro Anteilsklasse 1
Nettoinventatweltpro Anteilsklasse 2
Nettoimntarwert pro Anteilsklasse 3
Nettoinventarwert pro AnteilrJtlasse 7
51,216
10.090
10.106
305.2 35
zum 31. Marz 2wB
Fondsvermtigensfin Tausendl
Netminventanver! pro Anteilshlasse 1
Nettoinventanvert pro Anteilshlasse 7
as at 30 Septeder 21337
Net Assets (000's)
as at 30 September Z W 6
Net Assets (ooo's)
Net Assei Value per Share Class 1
Fondsvermllgens fin Tausendl
Netminventarwertpro Anteilsklasse I
Nettoinventanvenpro Anteilsklasse 7
9,998
54.965
13,711
55.120
CMI Global Bond
GBP
12,615
1.229
1.237
106,014
5.220
5.237
5.239
61.987
10.445
10.479
10.485
20.972
308.854
26.1%
26.284
26.298
27.696
11,720
1.089
1.101
98,035
5.198
5.214
5.217
92,138
10.433
10.467
10.473
20.612
373.720
26.011
26.098
26.112
27.501
13.349
1.129
1.141
55,431
1.719
1.737
58.422
1.561
1.577
15
54.454
20.166
51,597
1.638
1.648
Nettoinventatwertpro Anteilsklasse 1
9,701
25.649
25.693
25.700
26.943
10.108
CMI Global Mixed CMJ Global Equdy CMlG Access 80%
GBP
GBP
EUR
as at 31 March 2008
Net Assets (030's)
Net Asset Value per Share Class I
CMlG Fixed Term
US Bond
USD
17,491
1.782
1.792
20,153
1.998
2.019
19,212
1.731
1.748
CMI Euro TOP 50
Esuity
EUR
422,364
8,481
25.345
27.256
386.051
9.932
28.821
33.532
160,374
8,054
26.843
29.937
I
Access 80% CMlGAccess 80 %
Guaranteed
Austrian
as at 31 March 2008
NetAssets ~Ooo's)
NetAsset Value per ShareClass 1
NetAsset Value per ShareClass 2
NetAsset Value per Share Class 3
NetAssets (000's)
NetAsset Value per ShareClass2
NetAsset Value per Share Class3
zlrm 31 Marz 2008
Fondsvermijgens fin Tausend)
Nettoinventarwertpm Anteilsklasse1
Nettoiwentarwerl pro Anteilsklasse2
EUR
EUR
5,383
5.323
3,476
Nenoinventarwertpro Anteilsklasse3
Nettoinvenrarwerfpro Anteilsklasse 7
17.378
6,030
5.993
Nminvenrarwrt DM Anteilsklasse 1
Nettoinventanvettpro Anteilsklasse2
Nettoinventarwert pro Anteilsklasse3
Nminventarwerf pro Anteilsklasse 7
as at 30 September 2OM
NetAssets (000's)
Fondsvermogensfin fausend)
Nettoinventarwenpro Anteilsklasse1
Nettoinventarwen pro Anteilsklasse 2
Nettoinvenianvert pro Anteilsklasse3
Nettoinventarwert pro Anteilsklasse7
3,747
18.735
5,388
5.387
16
NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL
Universe, The CMI Global Network Fund, ("the Fund") was incorporated as an investment fund in the Grand Duchy of Luxembourg on 1 2 April 1990 and
commenced its activities on 1 June 1990. It was amended for the last time by notarial deed of 25 July 2005 published in the Mkmorial on 24 August 2005.
The Fund qualifies as an investment company with variable capital ("socikte d'investissement B capital variable" or "SICAV) regulated under the law of
20 December 2002. The Fund is established for an undetermined duration. The Fund comprises 26 subfunds, each relating to a separate investment
portfolio comprising securities, cash, other assets and liabilities.
2. SIGNIFICANT ACCOUNTING POLICIES
The Financial Statements are presented in accordance with Luxembourg regulations relating to investment funds.
The following is a summary of the significant accounting policies adopted by the Fund:
Valuation of Securities:
Securities are valued at the midday offer price prevailing at the balance sheet date. All securities in the investment portfolios are quoted on a
recognised stock exchange, or dealt in on another regulated market. Financial instruments, which comprise short-term certificates of deposit and
commercial paper, are valued at cost as it is intended to hold these insbuments until maturity. The difference between the cost and the maturity
value is recognised as interest income over the year. In these financial statements, securities and financial derivative instruments have been valued
using the last prices prior to midday (Luxembourg time) on 31 March 2008.
Translation of Foreign Currencies:
Transactions in foreign currencies are converted into the currency of the subfund at the exchange rate ruling at the date of the transactions. Assets
and liabilities are converted into the currency of the subfund at the exchange rate ruling at the balance sheet date.
The combined statements of net assets, operations and changes in net assets are presented in Euro (EUR), based on the exchange rate prevailing at
the balance sheet date.
Allocation of Expenses:
Each subfund is charged with the expenses directly attributable to it. Expenses not attributable to a particular subfund are normally allocated to the
subfunds so that each one is charged with the same amount.
Income:
Dividends are recognised on an ex-dividend basis, net of withholding taxes in the country of origin. Interest is recognised on an accruals basis.
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.
Equalisation:
The Fund uses the accounting practice of equalisation, by which a portion of the proceeds from subscriptions and costs of redemptions of shares,
equivalent on a per share basis to the amount of undistributed net investment income on the date of the transaction, is credited or charged to
undistributed income. On payment of a dividend the balance on the equalisation account is included in the amount available for distribution. As a
result, undistributed net investment income per share is unaffected by subscriptions and redemptions of shares.
3. MANAGEMENT FEES
The Fund has appointed as "Manager", CMI Asset Management (Luxembourg) S.A., a company incorporated under the laws of Luxembourg on 22 December
1988. The Manager is responsible for the day to day management of the investments and is entitled to receive a fee, which is payable monthly in arrears
and is based on the net asset value of each of the subfunds. Fees are charged at the following rates as stipulated in the Fund's prospectus:
Class 1
Class 2
Class 3
Class 7
Equity subfunds. The CMI Global Mixed subfund, and The CMI Global Bond subfund,
except for the US Equity subfund, Japan Equity subfund and Pacific Basin subfund
1.25%
0.33%
0.115%
0.15%
The CMI US Equity sub-fund, Japan Equity subfund and Pacific Basin Equity subfund
0.75%
0.23%
0.115%
0.15%
Bond subfunds (except the CMI Global Bond subfund), CMlG Fixed Term US Bond sub
fund and CMlG Fixed Term Euro Bond subfund
0.75%
0.23%
0.115%
0.15%
17
NOTES TO THE FINANCIAL STATEMENTS - continued
3. MANAGEMENT FEES (continued)
Equity Index Tracking and Currency Reserve subfunds
CMlG Access 80% sub-fund
CMlG Access
80%Austrian subfund
Access 80%Guaranteed subfund
Class 1
Class 2
0.50%
0.18%
Class 7
Class 3
0.115%
Wa
Wa
Wa
Wa
Wa
Wa
0.15%
0.15%
0.15%
1.85%
Wa
Wa
Wa
-
4. TAXE DABONNEMENT
Under present Luxembourg law and practice, the Fund is not liable to any Luxembourg income tax nor are dividends paid by the Fund liable to any
Luxembourg withholding tax. The Fund in respect of class 1 Shares (excluding the Currency Reserve subfunds) is liable in Luxembourg to a tax of 0.05% per
annum of the value of its net assets, such tax being payable quarterly on the basis of the value of the net assets of the Fund at the end of the relevant
calendar quarter. In respect of class 2, class 3 and class 7 Shares, the CMlG subfunds and the three Currency Reserve subfunds, the tax levied will be at
the rate of 0.01% per annum. No stamp duty or other tax is payable in Luxembourg on the issue of Shares except a once and for all initial registration tax
which was paid on incorporation. No Luxembourg capital gains tax is payable on the realised or unrealised capital appreciation of the assets of the Fund.
5.DISTRIBUTIONS
The following dividend distributions were declared on
CMI Continental European Equity Share Class 1
CMI Continental Eurooean Eauitv Share Class 7
CMI German Equity Share Class- 1
CMI German Equity Share Class 2
CMI Japan Equity Share Class 2
CMI Pacific Basin Equity Share Class 1
CMI US Equity Share Class 1
CMI UK Equity Share Class 1
Euro Equity Index Tracking Share Class 1
Japan Equity Index Tracking Share Class 1
UK Equity Index Tracking Share Class 1
US Equity Index Tracking Share Class 1
15 October 2007 in respect of the period ended 30 September 2007:
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
JPY
JPY
JPY
JPY
USD
USD
USD
USD
USD
USD
USD
USD
GBP
GBP
GBP
GBP
EUR
EUR
EUR
EUR
JPY
JPY
JPY
GBP
GBP
GBP
GBP
USD
USD
0.371171
0.655091
0.719765
0.735794
1.094989
1.598725
1.598725
1.763961
40.15037
50.08585
50.08585
48.66835
0.602945
0.933588
1.010942
1.040250
0.215182
0.688807
0.797372
0.786907
0.253214
0.370956
0.398406
0.418177
0.576065
0.662473
0.678903
0.632639
4.114398
7.455951
8.058965
0.432266
0.484023
0.493374
0.537806
0.336396
0.481094
CMI Euro Bond Share Class 1
CMlG Fixed Term Euro Bond Share Class 3
CMI Japan Bond Share Class 1
CMI UK Bond Share Class 1
CMI US Bond Share Class 1
CMlG Fixed Term US Bond Share Class 3
CMI Sterling Currency Reserve Share Class 1
CMI US Dollar Currency Reserve Share Class 1
CMI Euro Currency Reserve Share Class 1
CMI Global Bond Share Class 1
CMI Global Mixed Share Class 1
CMI Global Equity Share Class 1
CMI Global Equity Share Class 2
CMlG Access 80 % Share Class 7
CMI Euro Top 50 Equity Share Class 7
18
USD
USD
EUR
EUR
EUR
EUR
EUR
JPY
JPY
JPY
GBP
GBP
GBP
USD
USD
USD
USD
USD
GBP
GBP
GBP
USD
USD
USD
USD
EUR
EUR
EUR
EUR
GEP
GBP
GBP
GBP
GBP
GBP
EUR
EUR
0.507682
0.508422
1.476708
1.716026
1.766159
1.915030
1.958962
0.828443
9.730903
11.62552
0.263288
0.301207
0.309684
0.497920
0.567228
0.581479
0.984382
2.261570
0.232658
0.248957
0.252835
0.454048
0.487470
0.494520
0.985414
0.754024
0.840311
0.855355
0.904762
0.006560
0.01 6761
0.010282
0.025797
0.008316
0.026213
0.814573
0.829928
1
5. DISTRIBUTIONS (continued)
There was also complementary distributions on 15 January 2008 for a few funds:
GBP
0.019705
GBP
0.007250
GBP
0.019220
GBP
0.007344
There was also complementary distributions on 18 January 2008 for a few funds:
EUR
0.114164
USD
0.052437
6. OTHER INCOME
The Fund earned a net income of EUR 2,334,421 from its activity in securities lending during the period. As at 3 1 March 2008 the Fund had assets on loan
to the value of EUR 956,805,915.
7. RELATED PARTY TRANSACTIONS
There were no significant related party transactions during the period, other than those reported in these Financial Statements.
8. PURCHASES AND SALES OF SECURITIES
A listing of purchases and sales of securities for the period for each sub-fund is available upon request of the Fund's registered office.
9. SOFT COMMISSIONS
No soft commission arrangements were entered into by the Management Company or the investment advisor with brokers during the period.
10. FUTURES
Commitments for financial futures contracts and the related unrealised profit/(loss) recorded as at 31 March 2008 were as follows:
Unrealised
GairV(Loss)
sub-funds
Description
CMI Japan Equity
Topix Index (Tokyo) June 2008 (25 contracts)
JPY
303,875,000
JPY
(2,490,000)
CMI Pacific Basin Equity
Hong Kong Hang Seng Indices April 2008
(17 contracts)
S&P 500 Emini June 2008 (86 contracts)
HKD
19,235,500
HKD
71,224
USD
5,671,700
USD
58,145
Dow Jones Euro Stoxx 50/pr.ind June 2008
EUR
494,340
EUR
4,670
CMI US Equity
Contract Value
Euro Equity Index Tracking
(14 contracts)
Japan Equity Index Tracking
UK Equity Index Tracking
Topix Index (Tokyo) June 2008 (7 contracts)
JPY
85,085,000
JPY
FTSE 100 Index June 2008 (17 contracts)
GBP
971,295
GBP
21,916
S&P 500 Emini June 2008 (15 contracts)
USD
989,250
USD
18,710
(753 contracts)
(49 contracts)
Atx Index Austrian Traded Idx June 2008
(2 contracts)
EUR
26,588,430
EUR
135.360
EUR
1,730,190
EUR
20.050
EUR
74,240
EUR
1,158
US Equity Index Tracking
CMlG Access 80%
Access 80 % Guaranteed
CMlG Access 80%Austrian
Related cash balances held as margin against the above positions are included in cash at bank.
19
(800,000)
*
11. CURRENCY RATES
The accounting for the Fund as a whole is carried out in EUR.
Exchange rates as at 31 March 2008 were:
1 EUR
1 EUR
1 EUR
= 0.795062 GBP
= 1.577300 USD
= 157.130703 JPY
12. NOTIONAL COMMISSION
The notional commission is a provision calculated in order to pay the broker fees arising on the sales of securities when a large redemption is registered.
It is calculated on a daily basis at the rates shown below. There is no notional commission for the Universe Bond subfunds. A global percentage applied to
the market value of the portfolio is determined for the following subfunds:
subfund name
CMI Continental European Equity
Notional commission rate
0.200%
CMI Germany Equity
0.200%
CMI Japan Equrty
0.180%
0,35096
CMI US Equity
0.200%
0.125%
0.200%
CMI UK Equity
CMI Global Mixed
0.180%
0.125%
0.200%
0.175%
CMI Global Equity
0.25096
CMlG Access 80%
0.200%
CMI Euro Top 50 Equity
0.200%
According to the daily net amount of redemptions and subscriptions Der subfund, a single price will be determined according to the following process:
o
iisubscriptions are superior or equal to redemptions
o
Notional commission (percentage of the market value - see above for rates) is added to the total net assets.
o
o
o
ii redemptions are superior to subscriptions (Net redemption more than 10%of the net assets)
o
o
o
o
Portfolio is valued at Offer Basis for the European markets.
NAV is rounded up.
Notional commission (percentage of the market value - see above for rates) is deducted from the total net assets.
Portfolio is valued at Bid Basis for the European markets.
NAV is rounded down.
If redemptions are superior to subscrlptlons (Net redemption less than 10%of the net assets)
o
o
o
Notional commission (percentage of the market value - see above for rates) is added to the total net assets.
Portfolio is valued at Offer Basis for the European markets.
NAV is rounded down.
13. CMlG ACCESS 80 % AUSTRIAN SUEFUND
The subfund aims to achieve long term capital growth by investing directly or indirectly (through investments in exchange traded funds, equity futures or
contract for differences) in a portfolio of Austrian equities of the ATX index and by investing in euro denominated short term securities and short term
instruments and deposits with credit institutions.
14. ACCESS 80 % GUARANTEED SUB-FUND
At any time, the dealing price at which investors may redeem their shares cannot fall below 80%of the highest Net Asset Value per share achieved by the
subfund since its launch.
20
*
ANHANG ZUM HALBJAHRESBERICHT
1. ALLGEMEINES
Universe, The CMI Global Network Fund, SICAV (der "Fonds") wurde am 12. April 1990 als lnvestmenffonds im Groflherzogtum Luxemburg gegriindet und hat
seine Geschaftstatigkeit am 1 . Juni 1990 aufgenommen. Zuletzt notariell geandert am 25.Juli 2005, publiziert im MBmorial am 24. August 2005. Der Fonds
kt als lnvestmentgesellschaft mit variablem Grundkapital I'societe d'investissement a capital variable" oder "SICAV) registriert und unterliegt dem Gesetz
vom 20. Dezember 2002. Er umfa6t 26 Teilfonds, deren Fondsvermogen jeweils in Wertpapieren, flussigen Mitteln, sonstigem Vermogen und
Verbindlichkeiteninvestiert ist.
2. BlLANZlERUNGS- UND BEWERTUNGSGRUNDSATZE
Die Abschliisse erfolgen in Ubereinstirnmungmit den luxernburgischen Vorschriften fur Investmentfonds.
Im Folgenden werden die wichtigsten Bilanzierungs- und Bewertungsgrundsatzedes Fonds zusarnmengefasst:
fa)
Bewertung der Wertpapiere:
Wertpapiere werden zum Angebotspreis am Mittag des Bilanzstichtages angesetzt. Alle Wertpapiere des Wertpapierbestandes notieren an einer
anerkannten Wertpapierborse oder werden am regulierten Markt gehandelt. Finanzinstrurnente. zu denen kurzfristige Depositzertifikate und
Commercial Papers fkurzfristige Schuldtitel, die von erstklassigen Industrie- und Bankadressen ausgegeben werdenl zahlen, werden zu
Anschaffungskosten angesetd, falls die Absicht besteht, diese Titel bis zur Falligkeit zu halten. Die Differenz mschen den Anschaffungskosten und
dem Falligkeitswert wird als Zinsertrag bis zur Endfalligkeit angesehen. In diesem Halbjahresabschluss wurden Wertpapiere und derivative
Finanrinstrumente rnit den zuletzt verfugbaren Preisen vor Mittag (Luxemburger ZeitJam 31.Marz 2008 bewertet.
(bl
Devisenbewertung:
Geschafie in Frerndwahrung werden in Wahrung des jeweiligen Teilfonds zum Wechselkurs, der am Datum der Transaktion gilt, umgerechnet.
Vermogen und Verbindlichkeitenwerden in die Wahrung des Teilfonds zum am Bilanzstichtag gultigen Wechselkurs umgerechnet.
Der kombinierte Ausweis des Fondsvermogens, der Aufwands- und Ertragsrechnung und der Entwicklung des Fondsvermogens erfolgt zum am
Bilanrstichtag geltenden Euro IEURJ, Wechselkurs,basierend auf dem Wechselkurs des Bilanzdatums.
kl
Kostenverteilung:
Jeder Teilfonds wird entsprechend dem Verursacherprinzipmit den ihm zuzuweisenden Kosten belastet. Kosten, die keinem bestimmten Teilfonds
rugewiesen werden konnen, werden norrnalerweise durch die Anzahl der Teilfonds geteilt, so dafl jedem Teilfonds der gleiche Wert angerechnet
wird.
fdl
Ertrage:
Dividenden werden per Exffurs abxuglich der Quellensteuern des Ursprungslandesverbucht. Zinsen werden auf der Grundlage der
periodengerechten Abgrenzung verbucht.
fel
Gewinne und Verluste aus Wertpapiemerkaufen:
Die realisierten Gewinne und Verluste aus Wertpapierverkaufenwerden auf Basis der durchschnittlichenAnschaffungskosten des jeweiligen
Wertpapieres ermittelt.
ffl
Ertragsausgleich:
Der Fonds wendet die Bilanzierungspraxis des Ertragsausgleichs fequalisation) an, bei der ein bestimmter Teil der Eftrage aus Zeichnungen und
Kosten aus Riickkaufen von Aktien, der dem anteiligen am Datum der Transaktion nicht ausgeschutteten und saldierten Kapitalertrag entspricht, den
nicht ausgeschiitteten Eftragen gutgeschrieben oder belastet wird. Bei Zahlung einer Dividende wird der Saldo des Ausgleichskontos in den fur die
Ausschiittung zur Verfugung stehenden Betrag aufgenommen. Auf diese Weise wird der nicht ausgeschiittete und saldierte Kapitalertrag je Aktie
durch Zeichnungen oder Riickkaufe von Aktien nicht beriihrt.
3. GEBUHREN FOR DEN FONDSVERWALTER
Der Fonds hat CMI Asset Management (Luxembourg) S.A., eine nach den Gesetzen des Groflherzogtums Luxemburg am 22. Dezember 1988 gegriindete
Gesellschaft, rum Verwalter" ernannt. Der Verwalter ist fiir die tagliche Verwalfung des Fondsvermogens verantwortlich und hat Anspruch auf eine Gebiihr,
die monatlich im Nachhinein gerahlt wird. Berechnungsgrundlageist der Nettovermogenswert der einzelnen Teilfonds. Die Gebuhren werden nach den im
Prospekt aufgefuhrten Satzen berechnet:
21
ANHANG ZUM HALBJAHRESBERICHT - Forsetzung
3. GE6UHREN FUR DEN FONDSVERWALTER - Fortsetzung
Klasse 1
Klasse 2
Klasse 3
Klasse 7
Equity Teilfonds, der CMI Global Mixed Teilfonds, und der CMI Global Bond Teilfonds,
ausser fur den US Equity Teilfonds, Japan Equity Teilfonds und Pacific Basin Teilfonds
1,25%
0.33%
0,115%
0,15%
Der CMI US Equity Teilfonds, Japan Equity Teilfonds und Pacific Basin Teilfonds
0,75%
0,23%
0,115%
0,15%
Bond Teilfonds iausser for den CMl Global Bond Teilfonds), CMG Fixed Term US Bond
Teilfonds und CMlG Fixed Term Euro Bond Teilfonds
0,75%
0,23%
0.115%
0,15%
Equity Index Tracking und Currency Reserve Teilfonds
0,50%
0,18%
Wa
0.115%
Wa
0.15%
0,194
CMIG Access 80%Teilfonds
Wa
CMlG Access 80%Austrian Teilfonds
Wa
Wa
Wa
0,15%
1,85%
Wa
Wa
Wa
Access 80%Guaranteed Teilfonds
4. STEUERN
Der Fonds ist in Luxemburg nicht einkommen oder korperschaftsteuerpflichtig.Der Fonds unterliegt jedoch der "taxe d'abonnement", die in Hohe von 0.05%
per annum auf das Nettovermogen des Fonds am Ende eines jeden Kalenderquartals erhoben wird. Die Steuer wird vierteljahrlich errechnet. Fonds, die nur
fur institutionelle Anleger oder als Geldmarkffonds zugelassen sind, werden mit einer "taxe d'abonnement" in W h e von 0.01% per annum, basierend auf dem
Nettovermogen des Fonds rum Ende eines jeden Kalenderquartals besteuert. Bezuglich der Anteile der Anteilsklassen 2, 3 und 7 bei MultiClassTonds, liegt
die jahrliche Steuerbelastungsrate bei 0.01%. Gezahlte Dividendenertrage des Fonds konnen einer nicht riickforderbaren Quellensteuer im Ursprungsland
unterliegen.
5.AUSSCHU~~UNGEN
Fur das am 30. September 2007 endende Geschaftsjahr wurden am 15. Oktober 2007 folgende Ausschuttungen vorgenommen :
CMI Continental EuroDean Eauitv Share Class 7
CMI German Equity Share Class- 1
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
JPY
JPY
JPY
JPY
USD
USD
USD
USD
USD
USD
USD
USD
GBP
GBP
GBP
GBP
EUR
EUR
EUR
EUR
JPY
JPY
JPY
GBP
0,371171 US Equity Index Tracking Share Class 7
0,655091 CMI Euro Bond Share Class 1
1,598725 CMlG Fixed Term Euro Bond Share Class 3
1,598725 CMI Japan Bond Share Class 1
50,08585 CMI UK Bond Share Class 1
50.08585 CMI UK Bond Share Class 2
48,66835 CMI UK Bond Share Class 3
0,602945 CMI US Bond Share Class 1
0,215182 CMlG Fixed Term US Bond Share Class 3
0,688807 CMI Sterling Currency Reserve Share Class 1
0,253214 CMI US Dollar Currency Reserve Share Class 1
0.576065 CMI Euro Currency Reserve Share Class 1
0,662473 CMI Euro Currency Reserve Share Class 2
4,114398 CMI Global Bond Share Class 1
7,455951 CMI Global Bond Share Class 2
8.058965 CMI Global Mixed Share Class 2
0,432266 CMI Global Mixed Share Class 1
22
USD
EUR
EUR
EUR
EUR
EUR
JPY
JPY
JPY
GBP
GBP
USD
USD
USD
USD
USD
USD
GBP
GBP
GBP
USD
USD
USD
USD
EUR
EUR
EUR
EUR
GBP
GBP
GBP
GBP
0,508422
1,476708
1,716026
1,766159
1,915030
1,958962
0,828443
9.730903
11,62552
0.263288
0,301207
0,309684
0,497920
0,567228
0,581479
0,984382
2,261570
0,232658
0,248957
0,252835
0,454048
0,494520
0,487470
0,985414
0,754024
0,840311
0,855355
0,904762
0,006560
0,016761
0,007344
0,010282
4
ANHANG ZUM HALBJAHRESBERICHT - Forsetzung
5. AUSSCHU7TUNGEN - Fortsetzung
Eine weitere Ausschuttung wurde am
15.Januar 2008 fur die neuen Fonds vorgenommen :
GBP
GBP
0.019705
GBP
0.007250
0.019220
GBP
0.007344
USD
0.052437
Eine weitere Ausschuttung wurde am 18. Januar 2008 fur die neuen Fonds vorgenommen :
EUR
0.1 14164
6. SONSTIGE EINNAHMEN
Der Fonds erzielte EUR 2,334.421 als Bruttoeinnahmen durch Wertpapierleihe fur die Berichtperiode bis zum 31. Marz 2008. Zum 31. Marz 2008 hatte der
Fonds ein Aktiwermogen von EUR 956,805.915 verliehen.
7. TRANSAKTIONEN MIT VERBUNDENEN UNTERNEHMEN
Es lagen keine nennenswerten Transaktionen mit verbundenen Unternehmen oder Personen vor, mit Ausnahme der in diesem Halbjahresbericht erwahnten.
8. AN- & VERl(ijUFE VON WERTPAPIEREN
Eine Auffistung der An- & Verkaufe des Berichtzeitraumes fijr jeden Teilfonds ist auf Anfrage bei der registrierten Anschrift des FondsBuros oder uber die
Dresdner Bank A.G., Taunusanlage 12, D60262 Frankfurt erhaltlich.
9. AUSSERVERTRAGLICHE VERGUTUNGEN
Weder die Fondsverwaltungsgesellschaft noch der Anlageberater hat wahrend des Berichtszeitraums SoftCommissio~Vereinbarungenrnit Brokern
abgeschlossen.
10. TERMINKONTRAKTE
Die Terminkontrakte und die darnit verbundenen, nicht realisierfen GewinneAVerlusteJ stellen sich am 31. Marz 2008 folgendermaOen dar:
Nicht realisierfer
GewinnAVerlustJ
Kontraktwert
Teilfonds
Beschreibung
CMI Japan Equity
Topix Index (Tokyo) Juni 2008 (25 Kontrakte)
JPY
303.875.000
JPY
(2.490.000)
Hong Kong Hang Seng Indices April 2008
(17 Kontrakte)
HKD
19.235.500
HKD
71.224
CMI US Equity
S&P 500 Ernini Juni 2008 (86 Kontrakte)
USD
5.671.700
USD
58.145
EUR
494.340
EUR
4.670
CMlG Access 80%
Access 80 % Guaranteed
CMlG Access 80% Austrian
Dow Jones Euro Stoxx 50/pr.ind Juni 2008
(14 Kontrakte)
Topix Index (Tokyo) Juni 2008 (7 Kontrakte)
FTSE 100 Index Juni 2008 (17 Kontrakte)
S&P 500 Ernini Juni 2008 (15 Kontrakte)
(753 Kontrakte)
(49 Kontrakte)
A& Index Austrian Traded Idx Juni 2008
(2 Kontrakte)
JPY
85.085.000
JPY
(800.000)
GBP
971.295
GBP
21.916
USD
989.250
USD
18.710
EUR
26.588.430
EUR
135.360
EUR
1.730.190
EUR
20.050
EUR
74.240
EUR
1.158
Barguthaben. die als Marge gegen oben genannte Positionen gehalten werden, sind in Bareinlagen bei Bankguthaben inbegriffen.
23
,
ANHANG ZUM HALBJAHRESBERICHT - f orsetzung
11. UMRECHNUNGSKURSE
Die Buchhaltung des Fonds erfolgt in EUR.
Umrechnungskurse zum 31. Marz 2008 waren:
1 EUR
1 EUR
1 EUR
= 0,795062GBP
= 1,577300USD
= 157,130703JPY
12. FlKTlVE PROVISION
Die fiktive Provision ist eine Provision, urn die Maklergebuhren TU decken, die durch den Verkauf von Wertpapieren entstehen, wenn eine umfangreiche
Rucknahrne von Anteilen verzeichnet wird.
wird keine fiktive Provision erhoben. Bei den
Die Berechnung erfolgt taglich auf Grundlage der unten angegebenen Satze. Fur die Univers~Bon~Teilfonds
folgenden Teilfonds wird @inglobaler Prozentsatz des Marktwertes des Portfolios festgelegt
Name des Teilfonds
Fiktive Provision
~
~
CMI Contmental European Equity
0,200%
CMI Germany Equity
0,200%
CMI Japan Equity
0,180%
0,350%
CMI US Equity
0,200%
0,125%
0,200%
0.180%
CMI UK Equity
US Equity index Tracking
CMI Global Mixed
CMI Global Equity
CMlG Access 80%
0,125%
0,200%
0.175%
0,250%
0,200%
0.200%
GemaB der taglichen Nettosumme der Rucknahmen und Zeichnungen pro Teilfonds wird ein Einheitskurs nach dem folgenden Schema ermittelt:
o
Wenn dle Zeichnungen hlher oder glelch den RUcknahmen sind:
o
o
o
o
Wenn die RUcknahmenhllher als dle Zeichnungen slnd (Nettoriicknahmenmehr als 10% des gesamten Nettovermllgensl:
o
o
o
o
Die fiktive Provision (Prozentsatz des Marktwertes - Zahlen siehe obenl wird zurn gesamten Nettovermogen addiert.
Das Portfolio wird auf Briefkursbasis fur die europaischen Markte bewertet.
Der Nettoinventarwert wird aufgerundet.
Die fiktive Provision (Prozentsatz des Marktwertes -2ahlen siehe obenl wird vorn gesamten Netfoverrnogen subtrahiert.
Das Portfolio wird auf Geldkursbasis fur die europaischen Markte bewertet.
Der Nettoinventarwert wird abgerundet.
Wenn dle RUcknahmen h6her als die Zelchnungen sind [NettorUcknahmenweniger als 10%des gesamten Nettovermlgensll:
o
o
o
Die fiktive Provision (Prozentsatz des Marktwertes -Zahlen siehe obenl wird zum gesamten Nettovermogen addiert.
Das Portfolio wird auf Briefkursbasis fur die europaischen Markte bewertet.
Der Nettoinventarwert wird abgerundet.
13. CMlG ACCESS 80 % AUSTRIAN TEILFONDS
Ziel des Teilfonds ist ein langfristiges Kapitalwachstum, das durch direkte oder indirekte Anlage (d. h. durch Anlagen in borsengehandelte Fonds und
Aktienfutures sowie durch Differenzgeschafte) in ein Portfolio osterreichischer Aktien des ATXhdex und durch Anlage in auf Euro lautende kurzfristige
Wertpapiere und kurzfristige Anlageinstrumente sowie Termineinlagen bei Kreditinstituten erzielt werden sol.
14. ACCESS 80 % GUARANTEED SUEFUND
Der Handelspreis, zu dem Anleger ihre Anteile zuruckgeben konnen, betragt stets mindestens 80 % des hochsten Nettoinventarwerts, den der Teilfonds seit
seiner Auflegung erzielt hat.
24
I
t
Portfolio and sector analysis of each sub-fund
Wertpapierbestand und geographische Aufgliederung fur jeden Teilfonds
Page - Seite CONTENTS
INHALVERZEICHNIS
CONTENTS
INHALVERZEICHNIS
Page - Seite
CMI CONTINENTALEUROPEANEQUITY SUBFUND
Sector Analysis of Portfolios - Analyse des Wertpapierbestandesnach Sektoren
Portfolio of investments - Wertpapierbestand
26 CMI US DOLLAR CURRENCY RESERVE SUBFUND
75
CMI GERMAN EQUITY SUBFUND
Sector Analysis of Portfolios - Analyse des Wertpapierkstandes nach Sektoren
Portfolio of investments Wertpapierbestand
28 CMI EURO CURRENCY RESERVE SUBFUND
77
CMI JAPAN EQUIP/ SUBfUND
29 CMI GLOBAL BOND SUBFUND
79
CMI PACIFIC BASIN EQUW SUBFUND
34 CMI GLOBAL MIXED SUBFUND
81
CMI US EQUITY SUB-FUND
40 CMI GLOBAL EQUITY SUEFUND
Sector Analysis of Podfolios - Analyse des Wertpapierbestandesnach Sektoren
84
CMI UK EQUIP/ SUEFUND
46 CMlG ACCESS 80%SUEFUND
Portfolio of investments Wemapierbestand
87
EURO EQUITY TRACKING SUBFUND
Sector Analysis of Portfolios Analyse des Wertpapierbestandesnach Sektoren
48 CMI EURO TOP 50 EQUITY SUBFUND
89
JAPAN EQUIP/ INDEX TRACKING SUBFUND
50 CMlG ACCESS 80% AUSTRWN SUBFUND
91
UK EQUITY INDEX TRACKING SUEFUND
Sector Analysis of Portfolios- Analyse des Wertpapierbestandesnach Sektoren
54
US EQUITY INDEX TRACKING SUEFUND
Sector Analysis of Portfolios- Analyse des Wertpapierbestandesnach Sektoren
60
CMI EURO BOND SUBNND
65
CMlG FIXED TERM EURO BOND SUB-FUND
67
CMI JAPAN BOND SUBFUND
Sector Analysis of Portfolios - Analyse des Wertpapierbestandes nach Sektoren
68
CMI UK BOND SUB-FUND
portfolio of investments - Weftpapierbestand
69
CMI US BOND SUBFUND
70
CMlG FIXED TERM US BOND SUBFUND
72
CMI STERLING CURRENCY RESERVE SUBFUND
73
~
~
~
~
~
~
~
~
25
-
1
Sector Analysis of Portfolio as at 31 March 2008
Portfolio of investments as at 31 March 2008
Analyse des Wettpaplerbestandes nach Selrtorrrn zum 3 2 Marz
2008
Wertpaplerbestand zum 3 1 Mdrz 2008
QuantiAnzahl
%OfNet
Assets
% des
Description- Wertpapierbezeichnung
% of Net
Market Assets
Value EUR - % des
Marktwert FondsEURvermogens
~
Sector
Sektor
Fonds-
Shares Aktien
vermogens
Banks and financial institutions - Banken, Kreclitinstitute
Transferable securities admitted to an official stock exchange listing Amtlich notierte Weftpapiere
Belgium - Belgien
16.10
297,824 lnbev (ex. Interbrew)
278,866 Mobistar
Holding and finance cMnpanies Holding- und
Finanzgesellschaften
Pharmaceuticals and cosmetics - Pharmazeubka und
8.75
News transmission Nachrichtenuberming
7.37
Public services - Energie und Wasserversorgung
7.12
Insurance- Versicherungen
6.69
Food and distilleries - Nahrungsmittel. alkoholische Getranke
5.97
Miscellaneous- Andere
5.17
Chemicals - Chemie
4.90
1,012,563 Fortum Corporatiwl
2,427,979 Nokia Oy
Retail trade, department stores - Einzelhandelund
Warenhauser
Energy Erdof
3.65
France - Frankreich
3.61
Construction, building materials - Bau, Baustoffe
3.32
Automobile industry - Automobilindustrie
2.94
Electronics and electrical equipment - Elektrotechnik und
Elektronik
Tobacco and spirts - Tabak und alkoholische Getranke
2.92
Mechanics, machinery - Maschinerb und Apparatebau
2.12
8.73
1.65
16,645,383
15,979,022
~
~
~
4,672,840 Marfin Popular Bank Public Co.
Coal mines, heavy industries- Bergbau, Schwerindustrie
1.38
1.30
Telecommunication- Telekommunikation
1.24
Graphic art and publishing - Grafik und Verfage
1.11
Internet Software - Internet Software
0.85
Tyres and rubber - Gummi und Reifen
0.56
74,035
1,405,053
602,710
909,425
921,695
893,212
467,721
1,178,010
167,426
403,999
68,314
445.274
9&0
TOTAL NET ASSETS
GESAMTNETOMRM~GEN
Alstom
Bimerieux
Bnp Paribas
Carrefour Sa
France Telecom
Groupe Danone
1ngenico.ind.fin.ing.
P. P. R. Sa
Pernod - Ricard
Sanofi - Aventis
Societe General. Paris -aSociete.genera1. Act.nwv.jce
Em.2008
12,471,578
0.63
25,972,241
48,535,300
3.77
1.31
2.46
0.63
10,107,258
32,161,663
44,269,050
57,712,111
44,324,313
19,114,737
26,187,699
24,620,409
15,488,579
26,312,455
21,888,996
27,615,893
23.04
0.51
1.63
2.24
2.92
2.24
0.97
1.33
1.25
0.78
1.33
1.11
1.40
0.28
5,544,277
25,361,842
74,784,439
1.28
3.77
8,147,989
38,602,898
21,198,251
15,617,032
26,223,646
12,533,310
30,286,154
10,448,573
14,238,970
14,215,758
24,559,900
16,784,596
18.78
1.30
0.77
1.05
1.05
0.56
1.41
0.86
0.41
1.96
1.07
0.79
1.33
0.63
1.53
0.53
0.72
0.72
1.24
0.85
15,405,131
11,076,320
21,995.108
2.45
0.78
0.56
1.11
25,598,730
15,229,330
20,806,043
20,728,968
10,990,119
27,881,398
16,934,5 10
TOTAL INVESTMENT PORTFOLIO SUMME WRFAPIERBESTAND
OTHER NET ASSETS
SONSTIGE NETOMRhldGEN
1.27
Finland - Finnland
2.56
Textile - TexhL und Bekleidungsindustrie
25,046,422
Denmark - Danemark
117,700 Topdanmark As
1.64
0.81
1.27
Cyprus Zypern
Kosmetik
0.84
100.00
A Statement of changes in the comwsnion of each of tne SJD funds is available lo snarenolders on reauest from me Fund's Reaimred Once or Dsulsche Bank A G , Adrea Herrhausen Alee 1624. 065760
EschDOrn E m AufRedungder Veranderungen im WeRDaDierbestand enes leden fonas 1st fur Ante sinhaber a.1 Anfraue wm Gese.lschafisitz des Fonds d e r Jber dte Deursche Ban%A G , AdreU Herrnausen Allee Ib
24. 065760 Escnmrn ernanlich
26
b
CMl Continental European Equity
Portfolio of investmem as at 31 March 2008
Wertpaplertmstand turn 3 1 Mzln 2008
Porlfolio of investmentsas at 31 March 2008
Wertpaplerbertandzum 31.Mdin 2008
Market
Value EUR
Quanti Anzahl
Description - Wertpapierbezeichnung
Marktwert
10,206,407
11,103,291
12,348,349
21,195,565
7,653,295
40,588,855
16,242,018
4.96
0.62
1.07
0.39
2.06
0.82
27,353.998
25,986,958
2.70
1.38
1.32
16,033,935
34,346,669
10,472,086
12,647,137
3.72
0.81
1.74
0.53
0.64
9,580,465
11,987,521
16,102,891
1.91
0.48
0.61
0.82
2,607,947
0.13
0.13
26,372,671
13,580,123
39,492,533
7,008,358
42,417,172
31,157,195
33,303,255
71,315,549
13.39
1.33
0.69
2.00
0.35
2.15
1.58
1.69
3.64
8,323,199
17,964,731
1.33
0.42
0.91
10,227,497
30,991,966
19,981,559
11,644,198
10,289,159
81,346,222
38,430,031
46,917.002
39.055.848
17,870,795
17.55
0.52
1.57
1.01
0.59
0.52
4.12
1.94
2.37
1.98
0.90
Luxembourg - Luxemburg
527,662 Arcelormttal Sa /prw.fusion
436,671 Millicorn lntl Cell./swed.dep.
Netherlands - Niederlande
1,724,079
1,465.927
982,372
519,603
A w n Nv
I ~Grow
E
Koninkllke Kpn Nv
Royal Philips Electronics Nv
Norway - Norwegen
659,700 Aker Kvaerner Ogep Asa
630,700 StatoilhydroAsa
3,244,500 Storebrand As /bundna
Portugal - Portugal
1,207,383 Sonaecom Sgps Sa
Spain - Spanien
155,179 Acciona Sa
978,395 Banco Bilbao Vitcaya Argentaria Sa
3,134,328 Banco Santander Centr. Hisp Sa
608,893 Bco Popular Espanol
4,288,895 lberdrola Sa
1,318,544 Obrascon Huarte Lain Sa
1,511,037 Repsol Ypf Sa Madrid
3,916,285 Telefonica Sa
Sweden - Schweden
6,8&000 Ericsson Tel. -b
1,081,700 Skandinav. Ensk. Banken -a
Switzerland - SchweIz
605,456
563,800
626,150
537,672
4.895
259,969
1,190,007
398,364
210,346
996,318
Abb Ltd Zuerih /hamen.
Cie Suisse De Reassurance
Credit Suisse Group
Efg International
Lindt & Spruengli /partiz.
Nestle horn.
Novartis Ag Basel
Roche Holding Ag/ Genusschein
Syneenta Ag
U B S Ag /narnensaktien
Fonds-
1.08
0.52
0.56
Italy - rtarien
1,873,801 Azirnut Holding Spa
1,939,210 Banco Popolare Soc. Coop.
1,242,418 Campari Az/post Frazionarnento
9,141,634 lntesa Sanpaolo Spa
29,055,488 Pirelli & Cie Spa
% of Net
Market
Value EUR
Quanti
Anzahl
EURvermdgens
Ireland - Hand
1,200,895 Anglo - Irish Bank Corp PIC
1,179,946 Bank Of Ireland
%ofNet
Assets
- % des
~
201,530 Zurich Financial Services
TOTAL INVESTMENT PORTFOLIOSUMME WERTPAPlERBESTAND
OTHER NET ASSETS
SONSTIGE NETTOKERMdGEN
TOTAL NET ASSETS
GESAMTNETTOVERM~GEN
Marklwert
Assets
% des
-
Fonds-
EURvermOgens
40,018,373
1,943,811,224
32,359,096
2.03
98.36
1.64
1,976,170.320 100.00
A Statment Of changes In the Cornwsition of eacn of the sub funds 15 available to shareholderson rmuest from the Fund's RegisteredUffce or Oeutsche Bank A.G.. A m Wrrhausen A k 1624, D657M)
EsCnborn. Eine Aufstdlung bar Verandn-ungen irn WertpamerWstand eines Iden Fonds 1st fiir AntClsinhaberauf Anfrage Mrn Ge~llschaftsltzdes Fonds oder iiber ale Deutsche Bank A.G.. Allred Hermausen Allee 16
24. a65760 Eschimrnernsmich.
27
b
CMI German Equity
Sector Analysis of PoWolio as at 31 March 2008
Analyse des Wettpaplenbestandesnach Sektoren zum 32 Mdlrz
2008
Wertpaplerbestand zum 3 1 M#rz 2008
% of Net
Market
Value EUR
Quantity Anzahl
% of Net
Assets
Assets
- % des
Markhvert FondsEURverrnogens
.% des
Sector
Sektor
Fonds-
Shares
Aktien
verm~gens
Public services - Energie und Wassemrsorgung
11.10
Chemicals - Cbemie
10.29
10.01
7.26
5.83
lntemet Software - Internet Software
4.08
News transmission - Nachrichtenuberrndtlung
4.07
Pharmaceuticals and cosmbcs - Pharmazeutikaund
Kosmetik
Coal mines. heavy industries- Bergbau, Schwerindustrie
3.32
Transport- Verkehr urd Transport
2.27
1.84
Banks and financial institutions Banken, Kreditinsftute
~
1.61
Consumer goods Verschiedene Konsurngiiter
1.17
Textile - Textil- und Bekbidungsindustrie
Aerospace technology - Flugreug und Raurnfahdindustrie
1.09
0.67
Gastronomy - Gastronomie
0.57
~
TOTAL INVESTMENT PORTFOLIO SUMME WERTPAPIERBESTANO
OTHER NET ASSETS
SONSTlGE NElTWERMdGEN
TOTAL NET ASSETS
GESAMTNE~TOVERM~GEN
~
2.67
Retail trade, department stores EinzelhW urd
Warenhauser
~
1,265 Aclidas Ag
2583 Allianr Se
2,456 Basf Ag
4,238 Bayer Ag
603 Beiersdorf A.g.
1,962 Bmw Bayer. Motorenwerke
2,218 Commerzbank Ag
987 ContinentalAg
6,502 DaimlerchryslednewYorW
3,092 Deutsche Bank Ag
1,368 Deutsche Boerse Ag
5,664 Deutsche Post Ag Bonn
439 Deutsche Postbank Ap
18,855 Deutsche Telekorn
3,749 E.on Ag
1,506 Fresenius Medical Care Ag
1,535 Fresenius /vz.a.
911 Henkel Kgaa
1,121 Henkekrorzugsaktie
1,186 Hypo Real Estate Holding Ag
2.707 lnfineon Technologies/nam.
284 K&SAg
1,112 Linde Ag
1,207 Man Ag
1.543 Metro Ag
2,281 Mg Technologies Ag
1,189 Mtu Aero Engines Hlds hamen.
1.354 Muenchener Rueckversicherung
586 Pfeiffer Vacuum Technology
1,030 Porsche Ag
185 Roth Und Rw Ag
2,549 h e As
351 Salrgkter Ag
5,905 Sap Ag
5,185 Siemens Ag
2,507 ThyssenkruppAg
1,706 Tui Ag
12.82
Mechanics, machinery - Maschinem und Apparatebau
Transferable securities admitted to an official stock exchange listing
Arntlich notierte Wertpapiere
Germany - Deutschland
13.59
Holding and finance companies - Holding- und
Finanznesellschaften
~
1.28
95.54
4.46
100.00
1,448 Volkswagen Ag
102 Wacker Chemie Ag Muenchen
TOTAL INVESTMENT PORTFOLIO SUMME WRTPAHERBESTANO
OTHER NET ASSETS
SONSTIGE NElTOVERdGEN
TOTAL NET ASSETS
GEWE~TOVERML~GEN
52,953
319,930
210.381
215,841
31,736
67,885
43,695
62,230
351,368
218,945
139,454
110,108
26,406
197,223
436,309
47,605
81,723
24,105
32.229
19,403
12,100
59,069
99.101
100,036
78,107
48,494
32,365
165,093
34,750
118,862
24,990
197,395
39,270
185,476
351,595
89,976
27,705
262,407
13,385
95.54
1.09
6.60
4.34
4.45
0.65
1.40
0.90
1.28
7.25
4.52
2.88
2.27
0.54
4.07
9.00
0.98
1.69
0.50
0.67
0.40
0.25
1.22
2.05
2.06
1.61
1.00
0.67
3.41
0.72
2.45
0.52
4.07
0.81
3.83
7.26
1.86
0.57
5.42
0.28
4,629,705 95.54
216,091
4.46
4,845,796 100.00
A Statement of changes in the cornposnion of each of the sub fundi is awllable to shareholders on reguest from the Fund's RegisteredOfflce or Deutsche Bank A.G.. Alfred HerrhausenAllee 1624. D65760
ExhDorn. Eine Aufsdlung der Veranderungen im Wenpapierbestand eines lebn Fonds ist fir Antellsinhater auf Anfrage vom Gesellschaftsdzdes Fonds oder uber die Deutscne Bank A.G.. Alfred Herrhausn Allm 18
24. M5760 Eschbrn erhattlich.
28
C
CMI Japan Equity
PortFolio of investments as at 31 March 2008
Analyse des Wertpaplerhtandea nach Selrtontn zum 91. Mllrr
2008
Weftpapierbestend zum 3 1 M#rz 2008
%ofNet
Q~antitj-
% of Net
Assets
- % des
Sector
Sektor
Anzahl
Fondsvemdeens
Elektronik
Automobile industry- Automobilindustrie
16.49
Banks and financial institutions - Banken, Kredjtjnstitute
5.57
Pharmaceuticals and cosmetics - Pharmazeutika und
Kosmetik
4.74
Transport - Verkehr und Transport
4.51
Mechanics, machinery - Maschinem und Apparatebau
4.18
Other business houses - Diverse Handelshauser
4.03
Chemicals - Chemie
3.51
News transmission - Nachrichteniibermrttlung
2.85
Real estate - lmmobi/;e~esellschaften
2.34
2.22
Internet Software - InternetSoftware
1.69
Warenhauser
und Computer
Office equipment and computers - E~obedari
1.56
Tobacco and spirits - Tabak und alkoholische Getranke
1.24
1.20
Food and distilleries - Nahrungsmittel, alkoholische Getranke
-
1.25
1.17
0.82
Graphic art and publishing - Grafik und Verlage
0.75
Other services Sonstige Dienstleistungen
0.65
Energy - Erdol
0.62
~
Tyres and rubber - Gwnmi und Reifen
0.51
Consumer goods Verschiedene Konsumgiiter
0.33
Forest products and paper industry - Papier und Holz
0.25
Photography and optics - Photo und Optik
0.24
Textile - Textih und Bekleidungsindustrie
0.23
Package and container industry - Verpackungsindustrie
0.14
Gastronomy- Gastronomie
0.12
~
Aluminium - Aluminium
TOTAL INVESTMENT PORTFOLIO
SUMME WRTPAPERBESTAND
OTHER NET ASSETS
SONSTlGE NEnOMRMOGEN
TOTAL NET ASSETS
GE~AMTNETTOVERMOGEN
~
AmUIc’ich notierte WertDaoiere
Japan - Japan
4.61
2.15
Description Wertpapierbezeichnung
800 Abc Mart Inc
2,860 Acorn Co. Ltd.
5,400 Advantest Corp.
23,200 Aeon Co. Ltd
2.700 Aeon Credit Service Ltd
2,500 Aeon Mall Co Ltd
3,000 Aichi Steel Cow.
2,800 Aiful Corp.
20,000 Aioi Insurance Co Ltd
6,100 Aisin Seiki Co Ltd
20,000 Ajinomoto Co. Inc.
1,100 ACresa Hld Corp Tokyo
24,000 All Nippon Airways Co. Ltd
4,900 Alps Electric Co.
14,000 Amada Co. Ltd
1,600 Aoyama Trading Co Ltd
31,000 Aozora Bank Ltd
13,600 Asahi Breweries
33,000 Asahi Glass Co. Ltd
42,000 Asahi Kasei Corp.
1,400 Asatstidk Inc.
5,000 Asics Corp.
14,500 Astellas Pharma Inc
1,100 Autobacs Seven Co Ltd
7,000 Awa Bank Ltd
10,000 Bank Of Kyoto
6,000 Bank of Nagoya Ltd
2,800 Benesse Corp.
44,000 Bk Of Yokohama
6,000 Bosch Corp.
22,900 Bridgestone Corp.
12,000 Brother Industries Ltd
3,000 Calsonic Corp.
50,500 Canon Inc.
2,300 Canon Marketing Japan Inc.
7.500 Casio Computer Co.ltd
6,000 Central Glass Cohd
64 Central Japan Railway Co.
24,000 Chiba Bank
5,000 Chiyoda Corp.
22,000 Chubu Electric Power Co.
7,800 Chugai Pharmaceut. Co.
8,000 Chugoku Bank Ltd
10,400 Chugoku Electr.power
36.000 Chuo Mitwi Trust Holdings Inc.
1,500 Circle K Sunkus Co Ltd
9,800 Citizen Holdings Co Ltd
1.800 Cocwola West Holdings Co Ltd
24,000 Cosmo Oil Co Ltd
6,500 Credit Saison Co. Ltd.
2,000 Csk Holdings Corp.
21,000 Dai Nippon Printing Cold
10,000 Daicel Chemical IndustriesCo.
12,000 Daido Steel Co Ltd
3,450 Daiei Inc. The
7,000 Daihatsu Motor Co.
21,200 Daiichi Sankyo Co Ltd
10.42
Non-ferrous metals Nichteisenmetdk
Shares Aktien
16.43
Construction, building materials - Bau, Eaustoffe
Market Assets
Value JPY - % des
Marktwert FondsJPY vermogens
0.02
96.84
3.16
100.00
1,888,000
7,564,700
13,959,000
27,561,600
3,596,400
6,912,500
1,437,000
4,482,800
11,020,000
22,692,000
20,200,000
8,613,000
10,536,000
4,806,900
10,556.000
3,440,000
9,176,000
27,948,000
36,267,000
21,840,000
4,970,000
5,730,000
55,970,000
2,997,500
4,011,000
12,120,000
3,648,000
13,160,000
29,788,000
2,430.000
38,861,300
12,300,000
1,083,000
231,795,000
4,324,000
10,942,500
2,334,000
65,920,000
16,248,000
4,525,000
54,780,000
8,790,600
11,432,000
23,088,000
21,708,000
2,539,500
8,261,400
4,320,000
7,512,000
18,070,000
4,600,000
33,306,000
5,120,000
6,180,000
2,028,600
8,379,000
62,434,000
96.77
0.02
0.08
0.14
0.28
0.04
0.07
0.01
0.05
0.11
0.23
0.20
0.09
0.11
0.05
0.11
0.03
0.09
0.28
0.37
0.22
0.05
0.06
0.57
0.03
0.04
0.12
0.04
0.13
0.30
0.02
0.39
0.12
0.01
2.33
0.04
0.11
0.02
0.67
0.16
0.05
0.55
0.09
0.12
0.23
0.22
0.03
0.08
0.04
0.08
0.18
0.05
0.34
0.05
0.06
0.02
0.08
0.63
A Statement of cnanges in tne cornwsnion ot eacn 01 the sub lunds ,stva.laole to shareholders on req,es( from tne F.nUs Registerec Onice or DeutSCne Ban* A G , ~ i i r e Herrhausen
c
AI& 1624. a65760
EschDorn E ne AdstelJng der Veranderungen im Wenpapierbestand eines leden Fonds 1st h r Anteilsmhaber auf Anfrage vom Gesellschaf(sl(L des fonas oder uber 01%Deutscoe Bank A G Anred nwnausm A l e 16
24. D65760 Eschborn erhdNliCn
.
29
CMI Japan Equity
Porltollo of investments as at 31 March 2008
We~aplerbBStandrum 31. Man 2008
puanbty Anzahl
8,200
21,000
6,000
5,000
10,000
3,300
17,000
54,000
18,000
17,300
52
500
2,000
11,000
115
10,000
Daikin IndustriesLtd
Dainipwn Ink Chemic.
Dainippon Screen Manufact.
Dainippon Sumitomo Pharma Co.
Daishi Bank Ltd
Daito Trust Construct.
Daiwa H. Industr.co. Ltd
Dada Securities Group Inc.
Denki Kagaku Kogyo Kk
Denso Corp.
Dentsu Inc. Tokyo
Disco Corp.
Don QuijoteCo Ltd
Dowa Holdings Co Ltd
East Japan Railway Co.
b r a Corp.
2,900 Edion Coo.
9,100 Eisai Co.Rd
6,300 Electric Power DevelopmentCo.
3,500 Elpida Memory Inc
4,000 Ezaki Glico Co Ltd
2,500 Familymart Co Ltd
7,100 Fanuc Ltd
1,900 Fast Retailing Co Ltd
26,000 Fuji Electric Holdings Co Ltd
15,200 Fuji Film Holdings Corp.
5,000 Fuji Fire+marine
20,000 Fuji Heavy Industries Ltd
14 Fuji Television Network Inc.
13,000 Fujikura Ltd
58,000 Fujitsu Ltd
32,000 Fukuoka Financial Group
5,000 FukuyarnaTramp.
300 Funai Electric Co.
19,000 Furukawa Electric Co. Ltd
13,000 Gunma Bank Ltd
6,000 Gunze Ltd
15.000 Hachijuni Bank Ltd
1,060 Hakuhodo Dy Hld Inc
2,000 Hamamatsu Photonics
&ooo Hankyu Hanshin Holdings Inc
42,500 Haseko Corp.
2,400 Heiwa Corp.
6,000 Higo Bank Ltd
600 Hikari Tsushin Inc.
8,000 Hino Motors Ltd
1,100 Hirose Electric Co. Ltd
16,000 Hiroshima Bank Ltd
1,600 Hisamitsu Pharmaceutical Co.
4,000 Hitachi Cable Ltd
1,200 Hitachi Capital Corp.
3,400 Hiachi Chemical Co.
2,800 Hitachi Constrmachin.
1,300 Hitachi High-technologiesCorp.
2,900 Hitachi Koki Co Ltd
97,000 Hitachi Ltd
1,600 Hitachi Maxell Cohd
6,000 Hitachi Metals Ltd
600 Hitachi Software Engineering
7,000 Hokkaido Electr.power
10,000 Hokkoku Bank Ltd
Porffolio of Investments as at 31 March 2008
Wertpaplerbestand zum 31.Miin 2008
% Of Net
Market Assets
Value JPY - % des
35,178,000
6,510,000
2,514,000
4,555,000
3,860,000
16,962,000
16,779,000
46,656,000
5,652,000
55,706,000
11,804,000
2,145.000
3,620,000
6,501.000
95335,000
3,040,000
2,673,800
30,940,000
22,617,000
11,620,000
4,940,000
8,925,000
67,308,000
16,701,000
10,530,000
53,656,000
1,325,000
8,340,000
2,058,000
5,850.000
37,816,000
16,608,000
1,830,000
1,029,000
6,118,000
9,269,000
2,520,000
9,495,000
6,285,800
5,560,000
20,688,000
6,247,500
2,280,000
3,444,000
1,764.000
5,264,000
12,309,000
7,696,000
5,808.000
1,484,000
1,440,000
6,371,600
6,986,000
2,143,700
3,683,000
57,327,000
1,643,200
8,808.000
1,386,000
16,205,000
4,470,000
Q~antityAnzahl
0.36
0.07
0.03
0.05
0.04
0.17
0.17
0.47
0.06
0.56
0.12
0.02
0.04
0.07
~
38,000 Hokuhoku Financial Group
6,200 Hokuriku Elec.
52,300 Honda Motor Cold
1,500 House Foods Corp.
12,500 HoYa CorP.
7,000 Hyakugo Bank Ltd
8,000 HyakujuschiBank Ltd
4,000 H2o Retailing Corp.
4,100 lbiden Co Ltd
1,000 ldemitsu Kosan
39,000 Ihi CorP.
27 lnpex Holdings Inc Tokyo
8,300 lsetan Co Ltd
47,000 Isuzu Motors Ltd
2,300 It0 En Ltd
45,000 itochu Corp.
900 ltochu Techno Solutions Corp.
10,000 lyo Bank Ltd
2,100 lzumi Co Ltd
14,800 J. Front Retailing Co Ltd
2,000 Jafco Co Ltd
30,000 Japan Airlines Corp Jal
1,100 Japan Petroleum Exploration Co.
10,000 Japan Steel Works Ltd
191 Japan Tobacco Jnc.
17,300 Ne Holdings Inc.
7,000 Jgc Carp.
27,000 Joy0 Bank Ltd
8,700 Js Group Corp.
6,900 Jsr Cow.
12,100 JteM Gorp.
9,000 Juroku Bank Ltd
13 Kabu.com SecuritiesCo Ltd
6,000 Kagoshima Bank Ltd
28,000 Kaiima Corp.
8,000 KarnigurniCo Ltd
3,000 Kandenko Co Ltd
7,000 Kaneka Corp.
11,000 Kankaku SecuritiesCo Ltd
28,300 Kansai Electr. Power Corp,
7,000 Kansai Paint Co Ltd Osaka
5,000 Kmsai Urban Banking Corp.
21,000 Kao Cow.
43,000 Kawasaki Heavy Ind.
17,000 Kawasaki Kisen
130 KdUi Corp.
21,000 Keihan Electric Railway Co Ltd
14,000 Keihin Elec.express Railway Corp.
23,000 Keio Corp.
9,000 Keisei Electric Railway
5,000 Keiyo Bank Ltd
1,460 Keyence Corp.
7,000 Kikkoman Corp.
7,000 Kinden Corp.
48,000 KintetsuCorp.
28,000 Kirin Holdings Co. Ltd
800 Kobayashi Pharmaceutical Co.
85,000 Kobe Steel Ltd
800 Koei Co Ltd
3,000 Koito Manufacturing Co Ltd
3,900 Kokuyo Co Ltd
0.96
0.03
0.03
0.31
0.23
0.12
0.05
0.09
0.68
0.17
0.11
0.54
0.01
0.08
0.02
0.06
0.38
0.17
0.02
0.01
0.06
0.09
0.03
0.10
0.06
0.06
0.21
0.06
0.02
0.03
0.02
0.05
0.12
0.08
0.06
0.01
0.01
0.06
0.07
0.02
0.04
0.58
0.02
0.09
0.01
0.16
0.05
% of Net
Market Assets
Value JW .% des
Markfwert Fond5
JPY wrmdgens
11,400,000
14,570,000
148,793,500
2,224,500
29,250,000
4,123,000
4,224,000
2,672,000
16,072,000
7,710,000
7,527,000
29,970,000
9,611,400
23,406,000
4,057,200
44,280,000
2,709,000
10,640,000
2,885,400
9,412,800
6,640,000
7,770,000
7,260,000
16,990,000
95,309,000
76,466,000
10,654,000
13,608,000
13,023,900
15,559,500
19,674,600
5,166,000
1,521,000
4,416,000
7,896,000
6,304,000
1,629,000
4,361,000
1,287,000
70,184,000
4,536,000
1,285,000
59,325,000
9,546,000
16,473,000
79,170,000
9,639,000
9,492,000
12,765,000
4,815,000
3,160.000
33,463,200
8,575,000
6,713,000
17,088,000
52,780,000
3,072,000
24,140,000
1,277.600
4,107,000
3,334,500
0.12
0.15
1.50
0.02
0.30
0.04
0.04
0.03
0.16
0.08
0.08
0.30
0.10
0.24
0.04
0.45
0.03
0.11
0.03
0.10
0.07
0.08
0.07
0.17
0.96
0.77
0.11
0.14
0.13
0.16
0.20
0.05
0.02
0.04
0.08
0.06
0.02
0.04
0.01
0.71
0.05
0.01
0.60
0.10
0.17
0.80
0.10
0.10
0.13
0.05
0.03
0.34
0.09
0.07
0.17
0.53
0.03
0.24
0.01
0.04
0.03
A Statement of changes d the carnposdion d eacn of the sLD lunds is avsilaole lo Shalehaders on request from the Funa's Registered OfflCe Or DeUlSChe Bank A C AHreO HermawsenAllee 1624. D65760
Eschborn Eine Aufstel ung aer Verenderungen irn WerIQaperbesland e.nes leden Fonds n fur Antelsinhaber a d Anfrape vom Gesetlscnafisnz des f 0 M s mer uber se Densche Bank A G Anred HermagsenA M 16
24. D65760 EschLmrn erh8Micn
30
CMI Japan Equity
Wertpaplerbestandrum 31 M i i n 2008
Quantity Anzahf
Description - Werlpapierbezeichnung
1,000 Komatsu Electronic Metals Co.
38,700 Komatsu Ltd
1,500 Komeri Co Ltd
4,000 Konami Corp.
14,500 Konica Minoka Holdings Inc
900 Kose Corp Tokyo
Kubota Corp.
Kuraray Co. Ltd
Kuria Water Ind.ltd
Kyocera Corp.
Kyowa Hakko Kowo Co.
Kyushu Electr. Power Co.
Lawson Inc
Leopalace21 Corp.
Lintec Corp.
8,000 Lion Corm
1,200 Mabuchi Motors
3,800 Makia Cow.
49,000 Marubeni Corp.
12,500 Marui Group Co. Ltd
2,700 Maruichi Steel Tube
3,700 Matsui Securities Ltd
1,500 Matsurnotokjoshi Holdings Co
93,000 Matsushita Electr. Ind.
9,000 Matsushita Elect.works
24,000 Mazda Motor Corp.
6,600 Mediceo Paltac Holdings Co LtU
9,000 Meiji Dairies Corp.
9,000 Meiji Seika Kaisha
23,900 Millea Holdings Inc.
14,000 Minebea Co Ltd
1,200 Misumi Group Inc
51,000 Mitsubishi Chemical Hldgs Corp.
47,600 Misubishi Corp.
60,000 Mitsubishi Electric Corp,
39,000 Misubishi Estate Co.
13,000 MitsubishiGas Chemical
131,000 Misubishi Heavy Industries
5,000 Mtsubishi Logistics Cop.
41,000 Mitsubishi Materials Corp.
153,000 Misubishi Motor Corp.
23,000 MitsubishiRayon Co. Ltd
7,000 Mitsubishi Tanabe Pharma Corp.
49,680 Mitsubishi Ufj Financial Group Inc.
2,150 MitsubishiUfj Lease & Finance
24,000 Mitsubishi Ufj Nicos Co Ltd
51,000 Mitsui & Co Ltd
21,000 Misui Chemicals Inc.
22,000 Misui Engin.+shipbuil
33,000 Mitsui Fudosan Co.
21,000 Misui Mining+smeting
36,000 Misui 0. S. K. Lines Ltd Tokyo
57,000 Misui Sumitomo Insurance Co.
13,000 Misukoshi Ltd
3,200 Misumi Electric Co.
323 Mituho FinancialGroup Inc.
54,000 Mizuho Trust & BankingCo Ltd
3,000 Mochida Pharmaceutical
43 Monex Beans Holdings
2,500 Mori Seiki
9,000 Murata Manufacturing Co. Ltd
27,000
16,500
4,400
7,500
13,231
13,200
2,700
4,200
1,500
Porffolio of investments as at 31 March 2008
Wertpaplerbestand zum SF M h 2008
%ofNet
Market Assets
Value JPY - % des
2,555,000
107,005,500
3,615,000
15,000,000
19,633,000
1,939,500
16,713.000
19,602,000
16,148,000
62,775,000
12,595,912
32,142,000
11,907,000
6,766,200
2,137,500
3,840,000
5,772,000
11,8W,OOO
35,574.000
13,262,500
8,910,000
2,086,800
3,247,500
200.880.000
9,225,000
8,472.000
11,919,600
5,400,000
4,563.000
87,952,000
8,120,000
2,119,200
33,609,000
143,276,000
51,720,000
94,380,000
9,217,000
55,806,000
6,390,000
17,753,000
25.092.000
7,337,000
8,127,000
352,324,800
7,460,500
6,912,000
103,020,000
13,860,000
5,874,000
65,307,000
6,552,000
43,380,000
57,359,000
5,057,000
10,080,000
117,895,000
7,722,000
2,718,000
2,459,600
4,455,000
44,550,000
Quantity Anzahl
0.03
1.08
0.04
0.15
0.20
0.02
0.17
0.20
0.16
0.63
0.13
0.32
0.12
0.07
0.02
0.04
0.06
0.12
0.36
0.13
0.09
0.02
0.03
2.03
0.09
0.09
0.12
0.05
0.05
0.89
0.08
0.02
0.34
1.45
0.52
0.95
0.09
0.56
0.06
0.18
0.25
0.07
0.08
3.55
0.08
0.07
1.04
0.14
0.06
0.66
0.07
0.44
Description - Wertpaperbezeichnung
goo Musashino Bank Ltd
23.000 Nagoya Railroad Co Ltd
7,200 Namco Bandai Hldg
10,000 Nanto Bank Ltd
63,000 Nec Cow.
700 Nec ElectronicsCorp.
10,000 Ngk InsulatorsLtd
4,000 Ngk Spark Plug Co Ltd
6,000 Nhk Spring Co.
2,300 Nichicon Corp.
8,000 Nichirei Corp.
2,200 Nidec Corp.
3,000 Nidec Sankyo Corp.
11,000 Nikon Corp.
4,100 Nintendo Co. Ltd
11,000 Nippon Electric Glass
30,000 Nippon Express Co. Ltd
5,000 Nippon Kayaku Co Ltd
16,000 Nippon Light Metal Co Ltd
6,000 Nippon Meat Packers
26,000 Nippon Mining Holdings Inc
41,000 Nippon Oil Corp.
9,000 Nippon Paint Co Ltd
39 Nippon Paper Group Inc
24,000 Nippon Sheet Glass Co.
5,000 Nippon Shokubai Co.
192,000 Nippon Steel Corp.
150 Nippon Television Netw
200 Nippon Tektel
35,000 Nippon Yusen K K
26,000 Nipponkoa hsurance Co Ltd
1,000 Nipro Corp.
4,175 Nis Group Co Ltd
22,000 Nishi Nippon City Bk
13,000 Nishi-nippon Railroad
7,000 Nissan Chemical Ind.
88,200 Nissan Motor Co. LM
5,000 Nissay Dowa General Insurance
8,500 Nisshin Seiiun Group Inc
27,000 Nisshin Steel Co. Ltd
5,000 Nisshinbo Ind.
4,000 Nissin Food Products Co. Ltd
950 Nitori Co Ltd
4,700 Nitto Denko Corp.
4,800 Nok Gorp.
74,400 Nornura Holdings Inc.
2,200 Nornura Real Estate Hdgs Inc
6,800 h u r a ResearchInstitute Ltd
500 Ns Solutions Corp.
18,000 Nsk Ltd
15,000 Ntn CorP.
47 Ntt Data Corp.
710 Ntt Docorno Inc.
44 Ntt Urban Deu Corp.
20,000 Obayaai Corp.
180 Obic Co Ltd Tokyo
23,000 Odakyu El.raihvay
8,000 Ogaki Kyoriisu Bk
35,000 Oji Paper Co Ltd
3,000 Okasan Holdings Inc
19,000 Oki Electric Industry Co LtU
0.58
0.05
0.10
1.19
0.08
0.03
0.02
0.05
0.45
Market
Value JW
Markhvert
% of Net
Assets
- % des
Fonds-
JPY verrnbgens
3,663,000
7,452,000
9,720,000
4,640,000
23,940,000
1,349,600
17,640,000
5,184,000
4,236,000
1,798,600
3,832,000
13,486,000
2,430,000
29,205,000
210,740,000
16,951,000
17,19O,OOo
3,025,000
2,400,000
8,832.000
13,728,000
25,502,000
3,231,000
9,204,000
10,584.000
3,305,000
96,960,000
2,041,500
86,000,000
32,760,000
19,760,000
1,738.000
617,900
5,764,000
4,641,000
7,350,000
72,676,800
2,555,000
9,044,000
9,315.000
4,630,000
13,440,000
5,358,000
19,787,000
9,792,000
110,856,000
3,652,000
17,714.000
1,235,000
13,590,000
10,200,000
20,492,000
107,210,000
6,292,000
8,360.000
3,182,400
16,974,000
4,296,000
15,715,000
1,473,000
3,648,000
0.04
0.08
0.10
0.05
0.24
0.01
0.18
0.05
0.04
0.02
0.04
0.14
0.02
0.30
2.13
0.17
0.17
0.03
0.02
0.09
0.14
0.26
0.03
0.09
0.11
0.03
0.98
0.02
0.87
0.33
0.20
0.02
0.01
0.06
0.05
0.07
0.73
0.03
0.09
0.09
0.05
0.14
0.05
0.20
0.10
1.12
0.04
0.18
0.01
0.14
0.10
0.21
1.08
0.06
0.08
0.03
0.17
0.04
0.16
0.01
0.04
A Statement.Of chanaes in the compasltlon of each of the SUBfunds Is availableto Shareholders on reauesl from the Fund's Registered m i c e or Deutsche Bank A.G.. AAreu Herrhausen Allee 1624, M5760
Eschborn. Ewe 4ufslellung der Veranderungen im Wanpaplerbestandeines ieden Fonds ist fur Anteilslnhakr auf Anfrage Mrn Gesellschaflsitz des Fonds d e r uber dle Deutsche Bank A.G.. Anred Hermausen Allee 1b
24. a65760 Eschborn e r M i c h .
31
.
CMI Japan Equity
Portloiio of investments as at 31 March 2008
Wertpaplerbestend turn 32 Miin 2008
Quantity Anzahl
5,000
8.000
2,300
8,900
3,400
5,000
1,400
1,300
3,540
69,000
500
400
6,000
2,000
4,100
4,600
3,650
4,200
Description - Weripapierbezeichnung
Okuma Corp. (ex- Okurna h4achin.w)
Olym~usCow.
Omc Card Inc
Omron Corn
Ono Pharmaceutical Co.
Onward Holdings Co Ltd
Oracle Corp Japan
Oriental Land Co Ltd
Orix Corp Japan
Osaka Gas Co Ltd
Osaka Titanium Technologies Co.
Otsuka Corp.
Pacific Metals Co Ltd
Panahorne Corp.
Park24 Co Ltd Tokyo
Pioneer Corp.
Promise Co Ltd
QP Cow.
178 Resona Holdings Inc
21,000 Ricoh Co. Ltd
1,500 Rinnai Corp.
4,400 Rohm Co. Ltd
13 Round One Corp Sakai
1,000 Ryohin Keikaku Co Ltd
19,000 Sagami RaiCay Co Ltd
5,000 Sanin Godo Bank Ltd
4,000 Sanken Electric Co. Ltd
1,800 SankYo
2,300 Santen Pharmaceutical
50,000 Sanyo Electric Co Ltd
10 Sapporo Hokuyo Holdings Inc
10,000 Sapporo Holdings Ltd
462 Sbi Holdings Inc
6,500 SeCWn Ltd
5,200 Sega Sammy Holding Inc.
5,400 Seiko Epson Corp.
6,000 Seino Holdings Co Ltd
15,000 Sekisui Chemical Co LM
20,000 Sekisui House Ltd
27,600 Seven &IHoldings Co Ltd
10,000 Sevenwseven (77)Bank
210 Sfcg Co Ltd
33,000 Sharp Corp.
7,000 Shiga Bank Ltd
6,900 Shikoku Electric Power Co. Inc
1,000 Shirna Seiki Mfg Ltd
1,900 Shimachu Co Ltd
9,000 Shimadzu Corp.
600 Shirnarnura Corp.
2,800 Shirnano Inc.
20,000 Shimizu Corp.
12,700 Shinetsu Chemical Co.
2,300 Shinko Electric IndustriesCo.
28,000 Shinko Securities Co Ltd
63,000 Shinsei Bank Ltd
10,000 Shionogi & Co Ltd
12,000 Shiseido Co.ltd
20,000 Shizuoka Bank Ltd
36,000 Showa Denko Kk
4,000 Showa Shell Sekiyu Kk
28 Sky Perfect Jsat Corp.
Wettpaplerbestand rum 31. Man 2008
% of Net
Market Assets
Value JPY .% des
Markhvert FondsJPYvermogens
5,340,000
24,160,000
671.600
18,200,500
16,388,000
5,090,000
6,468,000
7,605,000
48,144,000
27,462,000
3,085,000
3,364,000
5,808.000
1,278.000
4,013,900
4,554.000
10,457,250
4,321,800
29,548,000
34,398,000
4,890,000
27,148,000
1,352,OOO
5,780,000
7,695,000
3,985,000
2,344,000
10,656,000
5,347,500
10.500.000
6,950,000
8,150,000
11,078,760
31,460,000
5,486,000
14,4W,OOO
3,888,000
9,045,000
18,440,000
69,000,000
5.580.000
2,234,400
55,902,000
4,732,000
20,458,500
4,660,000
5,690,500
8,289,000
5,124,000
12,824,000
9,160,000
65,405,000
2,587,500
8,120,000
20,727.000
17,020,000
31,620,000
23,540,000
12,096,000
4,032,000
1,122,800
QuantiAnzahl
0.05
0.24
0.01
0.18
0.17
0.05
0.07
0.08
0.49
0.28
0.03
0.03
0.06
0.01
0.04
0.05
0.11
0.04
0.30
0.35
0.05
0.27
0.01
0.06
0.08
0.04
0.02
0.11
0.05
0.11
0.07
0.08
0.11
0.32
0.06
0.15
0.04
0.09
0.19
0.70
0.06
0.02
0.56
0.05
0.21
0.05
0.06
0.08
0.05
0.13
0.09
0.66
0.03
0.08
0.21
0.17
0.32
0.24
0.12
0.04
0.01
2,000
19,900
1,800
46,300
30,000
37,900
1,400
5,000
3,600
~
Srnc Gorp.
Softbank
Sohgo Security Services Co.
Sojitz Corp.
Sornpo Japan Insurance Inc
M Y mP.
Square Enix
Stanley Electric Co Ltd
Surnco Corp.
1,000 Surnisho Computer Systems Corp.
7,000 Sumitorno Bakelite Co
51,000 Sumitorno ChemicalCo. Ltd
36,200 Surnitorno Corp.
22,900 Sumitorno Electric Industries
4,000 Sumitomo Forestry Co.
16,000 Sumitomo Heavy Industries
142,000 Sumitorno Metal Industries
23,000 Sumitorno Metal Mining Co. Ltd
291 Sumitomo Mitsui Financial Gr.
15,000 Surnitomo Osaka Cement Co Ltd
270 Sumitorno Real Estate Sales
18,000 Sumitorno ReaHy&dweloprnent
7,500 Sumitomo Rubber Ind.
51,000 Sumitomo Tr. &Banking
7,000 Suruga Bank Ltd
1,600 Suzuken Co.
15,000 Suzuki Motor Corp.
1,275 Sysrnex Corp. Kobe
24,000 Taiheiyo Cement Corp. Tokyo
28,000 Taisei Corp.
10,000 Taisho PharmaceuticalCo.ltd
12,000 Tajo Nipsanso Corp.
5,000 Taiyo Yuden Co Ltd
6,000 Takara Holdings Inc
11,000 Takashimaya Co. Ltd
2,000 Takata Corp Tokyo
25,900 Takeda PharmaceuticalCo. Ltd
2,110 Takefuji Corp.
7,400 T&d Holdings Inc Tokyo
3,1500 Tdk Corp.
28,000 Teijin Ltd
6,500 Terumo Corp.
6,200 l h k Co. Ltd
1,300 Tis Inc.
30,000 Tobu Railway Co.ttd
9,000 Toda Corp.
5,000 Toho Co Ltd Tokyo
15,000 Toho Gas Co Ltd
900 Toho Titanium Co Ltd
13,900 Tohoku Electr. Power
1,300 Tokai Rika Co Ltd
1,300 Tokai Rubber IndustriesLtd
io.000 Tokwama
1,200 Tokyo Broadcastsyst.
38.300 Tokyo Electric Power
5,500 Tokyo Electron Co. Ltd
80,000 Tokyo Gas Co. Ltd
1,000 Tokyo Seirnitsu Co. Ltd
4,400 Tokyo Steel Mfg
3,000 Tokyo Style Co Ltd
12,000 Tokyo Tatemono Co. Ltd
% of Net
Market Assets
Value JPY - % des
Marktwert FondsJPYvermogens
21,020,000
35,959,300
2,502,000
15,279,000
26,400,000
150,463,000
4,872,000
12,150,000
7,830,000
1,887.000
3,535,000
32,538.000
47,530,600
28,899,800
2,764,000
10,304,000
53,676,000
42,665,000
190,896,000
3,465,000
912,600
31,626,000
5,730,000
34,986.000
8,799,000
6,560,000
37,725,000
4,590,000
5,760,000
7,112,000
19,770,000
9,576,000
4,860.000
4,110,000
12,331,000
4,400,000
129,241,000
4,452,100
38,628,000
21.204.000
11,760,000
33,800.000
10,645,400
2,626,000
15,960,000
3,690,000
11,700,000
7,200,000
2,304,000
33.846500
3,386,500
1,865,500
7,230,000
2,856,000
102,069,500
33,330,000
32,240,000
1,830,000
5,948,800
2,970,000
7,872.000
0.21
0.36
0.03
0.15
0.27
1.52
0.05
0.12
0.08
0.02
0.04
0.33
0.48
0.29
0.03
0.10
0.54
0.43
1.93
0.04
0.01
0.32
0.06
0.35
0.09
0.07
0.38
0.05
0.06
0.07
0.20
0.10
0.05
0.04
0.12
0.04
1.31
0.04
0.39
0.21
0.12
0.34
0.11
0.03
0.16
0.04
0.12
0.07
0.02
0.34
0.03
0.02
0.07
0.03
1.03
0.34
0.33
0.02
0.06
0.03
0.08
A Slafement of changes in the comwsitmn of each of the sub funds IS available to snarenolders on reguest from the Fund's Registered Mflce or Deutsche Bank A G , Atlred Hermausen Allee 6 2 4 . a65760
EschbYrn Elne Aufstellung der Veranderungen Im WertPBPIelDBStande l m leaen Fonds 1st fur Anrellsinhabr aut Anfrage vom GesellschaflsRr de5 Fonds oder dber die Deutsche Bank A G Alfred tkrrhausm A l k 16
24. D65760 Exhborn erhanlich
32
CMI Japan Equity
Po~olio
of investments as at 31 March 2008
Wertpaplerbentandzum 32 Mdrz 2008
Quanti Anzahl
37,000 Tokyu Corp.
14,000 Tokyu Land Corp.
10,000 Tonengeneral Sekiyu Kk Tokyo
1,100 Toppan Forms Co Ltd .tokyo
20,000 Toppan Printing Co Ltd
40,000 Toray Industrieshc.
94,000 Toshiba Cop.
3,000 Toshiba Tec Corn.
16,000 Tosoh Corp.
13.000 Toto Ltd
7,200 Toyo Seikan Kaisha LtU
3.000 Toyo Suisan Kaisha
17,000 Toyobo Co Ltd
1,800 Toyoda Gosei Co Ltd
700 Toyota Auto Body
2,600 Toyota Boshoku Corp.
4,800 Toyota IndustriesCorp.
103,000 Toyota Motor Cwp.
4,900 Toyota Tsusho Corp.
4,500 Trend Micro Inc.
2,100 Tsumura & Co.
7 Tv Asahi Corp.
8,000 U N Y Co Ltd
26,000 Ube IndustriesLtd
1,100 Ulvac Inc
1,600 Uni-charm Corp.
3,500 Ushio Inc
860 Uss Co Ltd Tokai
4,000 Wacoal Holdings Corp.
55 West Japan Railway Co.
664 Yahoo Japan Corp. Tokyo
6,400 Yakult Honsha
3,870 Yamada Denki Co Ltd
7.000 Varnaguchi FinancialGroup lnc
5,700 Yamaha Corp.
6,100 Yamaha Motor Co. Ltd
1,900 Yamatake Corp.
13,000 Yamato Holdings Co. Ltd
2,000 Vamato Kogyo Co Ltd
6,000 Yamazaki Baking Co,
6,000 Yaskawa Electric Corp.
7,000 YOkOgawa Electric Corp.
8,000 Yokohama Rubber Co Ltd
6,000 Zeon Corp.
Shares Akih
%ofNet
Market Assets
Value JW - % des
Markhvert FondsJPY wermogens
0.19
18,796,000
8,750.000
8,530.000
1,107,700
23,120,000
25,880,000
62,604.000
1,815,000
0.09
0.09
0.01
0.23
0.26
0.63
0.02
0.06
0.12
0.14
0.05
5,488.000
12,259,000
13,629,600
4,500,000
3,536,000
6,750,000
1,395.800
7,761,000
16,992,000
51 1,910,000
10,363,500
17,595,000
5,218,500
987,000
7,632,000
9,044,000
4,389,000
11,664,000
6,552,000
5,934,000
5,892,000
24,090,000
34,395,200
19,776,000
33,282,000
7,903,000
10,864,200
11,187,400
5,310,500
18,980,000
8,040,000
5,664,000
5,682,000
6,986,000
3,816,000
2,676,000
0.04
0.07
0.01
0.08
0.17
5.16
0.10
0.18
0.05
0.01
0.08
0.09
0.04
0.12
0.07
0.06
0.06
0.24
0.35
0.20
0.34
0.08
0.11
0.11
0.05
0.19
0.08
0.06
0.06
0.07
0.04
0.03
Transferable securities dealt in ca another regulated market An
einem anderen geregelten Markt gehandelte Wertpapiere
~
Japan - Japan
150 Obic Bush Consultants Co Ltd
6,200 Urban Corp.
18 Yoshinoya D & C Co Ltd
TOTAL INVESTMENT PORTFOLIO SUMME WRTPAHERBESTAND
OTHER NET ASSETS
SONSTIGE NETTOVERM&EN
TOTAL NET ASSETS
GESAMTNE77OERh@GEN
0.07
892,500
2,628,800
3,114,000
0.01
0.03
0.03
9,586,886,222 96.84
312,774,834
3.16
9,899,661,056 100.00
A Statement of changes In the comWSltlOn o( each of the sub funds 15availabk to ShareholderS on request from the Funds Reg~steredMftce or Deutsche Bank A G Anred Herrhausen Allee 1624, M5760
Eschborn. Eine Aufstdluni der Veranderungen Im Wertpaplertestand ernes reden Fonds 1st fur AntalsinhaDerauf Anfrage vom Gesellxhaftwtr des Fonds w e r u b r die Oeutxne Bank A.G , Aniea HeerrhausenAIIW 16
24. W5760 EKhWrfl erhaithch.
33
,
Sector Analysis of Port?olloas at 31 March 2008
Analyse des Wertpaplerbestandas nach Sektoren zum 31. Miirz
2008
Analyse des Wertpaplerbestander nach Sektoren zurn 31. Marz
2008
%ofNet
%ofNet
Assets
-%des
Sector
Sektor
Assets
~~~
Fondsvermogens
Banks and financial institutions Banken, Kreditinstitute
~
Elektronik
Environmentalsewices &recycling - Umwelt und Recycling
0.15
Photography and optics. Photo und Optik
0.12
7.52
0.11
7.27
TOTAL INVESTMENT PORTFOLIO SUMME WERTPAPIERBESTANO
6.33
Investment funds - Investmentfonds
5.37
Real estate - Immobiliengesellschaffen
5.26
Energy - Erdol
5.15
Transport - Verkehr und Transpofl
3.74
Insurance - Versicheruflgen
2.71
2.69
Chemicals - Chemie
2.64
Public sewices - Energie und Wasserversorgung
2.16
Non-ferrous metals - Nichteisenmetalle
1.72
Mechanics, machinery - Maschinenund Apparatebau
1.65
Office equipment and computers - Burobedarf und Computer
1.64
Gastronomy - Gasfronomie
1.64
Other services Sonstige Dienstleistungen
1.59
Retail trade, departrent stores - Einzelhandelund
Warenhauser
lntemet Software lntemet Software
1.56
States, provinces and municipalities- Staats und
1.50
Kommunalanleihen
1.41
Food and distilleries - Nahrungsmrttel, alkoholische Getranke
1.27
Pharmaceuticals and cosmetics - Pharmazeutikaund
Kosmetik
Tobacco and spirits Tabak und alkoholische Getranhe
1.03
1.01
Agriculture and fishing - Landwirtschaft und Fischerei
0.82
Precious metals - Edelmetalle und steine
0.78
~
~
0.77
Options on Indexes - indexoptionen
0.60
0.54
0.41
Commercial Services - Dienstleistungsservice
0.32
Forest products and paper industry Papier und Holz
0.29
0.26
0.21
Aerospace technology Flugzeug- und Raumfahrtindustrie
0.18
Consumer goods - Verschiedene Konsumgiiter
0.18
0.16
Healthcare, education and social services - Gesundheit,
Eildung und soziale Einrichtungen
0.15
~
OTHER NET ASSETS
SONSTlGE NEnOVERMdGEN
TOTAL NET ASSETS
GESAMTNETTOVERMI~GEN
97.92
2.08
100.00
1.52
Textile - Textil- und Bekleidungsindustrie
~
Fonds
verrniigens
13.14
10.35
News transmission - Nachrkhteniibermittlong
~
Sector
Sektor
~
-%des
A Statement of changes in the composrtionof each of the sub funds is avallableto shareholders on request from the Fund's Rqistered Office or Deutsche Bank A.G.. Alfred Herrhausen Allee 1b24 065760
Exhborn E m Aufstellung der Verenderungen im WertpaoierDBs?and elnes leden Fonds 1st fur Anteilsinhaber auf Anfrage vom Gessllscbflsrtz de$ Fonds oder uber die hutsche Bank A
AlfredGHerrhausen
1 All24. M5760 EschWrn erhbklich.
34
6
Portfolio of investmentsas at 31 March 2008
Wertpaplerhentand zum 32 Man 3008
Wertpaplerbestand zum 32 Man 2008
% of Net
Market Assets
Value USD .% des
Marktwerl FondsUSD verm6gens
Quantity Anzahl
Shares Aktien
Transferable securities admitted to an official stock exchange listing Arntlich notierte Weftpapiere
Australia - Australien
30,030 A.b.c. Learning Centres Ltd
11,389 b e r m
51,130 Alumina Limited
36,113 Amcor Ltd
68,544 Amp Ltd
8,802 Ansell Ltd
61,387 Anz Banking Group
20,358 Aristocrat Leisure Limited
24,600 Asciano Group /stapled
5,000 Asx Limited
5,796 AwbLtdb
30,097 h a Asia Pacific Holdings Ltd
4,437 Babcock & Brown Ltd
893 Bbi Eps LimiteUpref.
7,000 Bendigo And Adelaide Bank Ltd
107,715 Bhp Billiton Ltd
31,025 Bluescope Steel Ltd
32,488 Bora1 Ltd
52,171 Brambles Ltd
4,570 Caitex Australia Ltd
25,467 Centro Properties Group
22,453 Coca-cola Amatil Ltd
3,359 Cochlear Limited
11,768 Computershare Limited CPU
13,218 Consolidated Media Holding Ltd
1,857 Corporate Express Australia
13,218 Crown Ltd
19,651 CSl Ltd
42,890 Csr Ltd
43,329 Cwthbk Of Australia
12,198 Downer Edi Ltd
2,927 Energy ResourcesAustralia -a68,340 Fortescue Metals Group Ltd
69,103 Foster S Group Ltd
13,134 Futuris Corp Ltd
41,360 Goodman Fielder Ltd
69,941 Goodman Group
21,375 Gunns Ltd
20,000 Harvey Norman Holdings Ltd
1,100 lncitec Pivot Ltd
45,000 InsuranceAustralia Group Ltd
5,957 Leighton Hld Ltd
17,703 Lend Lease Corp.
9,765 Lion Nathan Ltd
25,988 Macquarie Airports
8,058 Macquarie Group Ltd
77,212 Macquarie InfrastructureGroup
20,000 Metcash Ltd /deferred Delivery
10,813 Minara Resources Ltd
27,076 Mirvac Group
52,727 National Australia Bank Ltd
14,808 Newcrest Mining
41,641 Oil Search
35,468 Onesteel Ltd
10,953 Orica Limited
32,655 Origin Energy Ltd
68,113 Oxiana Ltd
38,475
115,066
266,712
236,299
492,415
93,681
1,266,821
178,854
90,051
171,133
14,587
151,488
59,771
568
76,232
3,529,984
280,234
186,119
476,488
54,411
6,992
174,657
168,147
94,233
45,120
9,347
127,013
663,775
125,603
1,657,872
69,880
52,769
407,144
323,787
22,777
68,131
275,868
61,227
71,565
142,091
150,725
233,326
214,662
78,194
76,819
389,509
196,436
74,676
60.066
99,610
1,454,831
452,215
184,060
207,410
291,989
273,739
198.221
Quanti Anzahl
Description - Wertpapierbezeichniw
27,868 Paladin Resources Limited
22,977 Paperlinx Ltd
34,929 QantasAirways Ltd
25,296 Qbe InsuranceGroup
11,143 Rio Tinto Limited
22,908 Santos Ltd
67,307 Sigma Pharmaceuticals Ltd
5,941 Sims Group Ltd
13,603 Sonic Healthcare
12,471 Spotless Group Ltd
15,000 St.george Bank
26,729 Suncorp Metway Ltd
20,619 Tabcorp Holdings Ltd
66,030 Tattersall s Ltd
18,055 Telstra Corp Instal Receip
155,146 Telstra Corporation Ltd
24,710 Toll Holdings Ltd
45,547 Transurban Group
18,575 Wesfarmers Ltd
5,274 Wesfarmers/part.proct.30.11.07
63,444 Westfield Group
59,345 Westpac Banking Corp.
17,923 Woodside Petroleum Ltd
39,905 Woolworths
8,778 Worleyparsons Ltd
16,924 Zinifex Ltd
25.08
0.03
0.10
0.24
0.21
0.45
0.08
1.15
0.16
0.08
0.15
0.01
0.14
0.05
0.00
0.07
3.21
0.25
0.17
0.43
0.05
0.01
0.16
0.15
0.09
0.04
0.01
0.11
0.60
0.11
1.50
0.06
0.05
0.37
0.29
0.02
0.06
0.25
0.06
0.06
0.13
0.14
0.21
0.19
0.07
0.07
0.35
0.18
0.07
0.05
0.09
1.32
0.41
0.17
0.19
0.26
0.25
0.18
Market
Value USD
Marktwert
% of Net
Assets
.% des
129,812
57,025
125,624
514,153
1,249,196
303,982
76,995
161,476
171.1 71
37,776
352,928
314,814
267,003
210,287
46,430
624,720
226,586
270,935
679,786
194,315
1,033,482
1,289,852
893,922
1,059.053
268,871
154,570
0.12
0.05
0.11
0.47
1.13
0.28
0.07
0.15
0.15
0.03
0.32
0.28
0.24
0.19
0.04
0.57
0.21
0.25
0.62
0.18
0.94
1.17
0.81
0.96
0.24
0.14
2,651
53,732
104,364
18,085
40,276
74,094
391,105
52,715
114,833
29,813
268,450
189,480
66,649
24,570
46,806
172.634
1.49
0.00
0.05
0.09
0.02
0.04
0.07
0.35
0.05
0.10
0.03
0.24
0.17
0.06
0.02
0.04
0.16
67,492
57,012
151,619
93,639
137,040
115,989
19.196
150,901
4,277
51,312
64,018
4,213
108,485
210.776
136,258
1.24
0.06
0.05
0.14
0.08
0.12
0.10
0.02
0.14
0.00
0.05
0.06
0.00
0.10
0.20
0.12
Bermuda Islands Bermudas
~
16,000 Brilliance China Autmotie
28,000 Cafe De Coral Holdings Ltd
26,000 Cheung Kong InfrastructureHld
32,000 China foods Ltd
26,000 Chinese Estates Holdings Ltd
38,000 Cosco PaCifE Ltd
32,600 Esprit Holdings Ltd
80,000 First Pacific Co Ltd
50,000 Gome Elect Appliances Holdings
11,000 Great Eagle Holdings Ltd
65,000 Hongkong Land Hlds Ltd
6,000 Jardine Matheson Hldgs
141,000 Johnson Electric Holdings Ltd
13,000 Mandarin Orient
8,000 Orient Overseas (international)
~ , o o oShangriJa Asia Ltd
Cayman Islands Cayman lnseln
~
64,000 Agile Property Holdings Ltd
55,000 Belle International Holdi Ltd
52,000 China Mengniu Dairy Co Ltd
54,000 China Resources Land
159,000 Country Garden Holdings
86,000 Foxconn International Hldg Ltd
20,500 Greentown China Holdings Ltd
~ , o o oHengan lntl Grp
3,000 HutchisonTelecomm.internat.
14,500 Kingboard Chemicals Holdings
40,000 Lee And Man Paper
500 Parkson Retail Group Ltd
60,500 Shimao Property Hld Ltd
37,000 Tencent Holdings Limited
104,000 Tingyi Hld Corpkayman IsI.)
Fonds-
USDIverrnogens
A Statement of manges in the compositionol each of tne sub funds is availableto shareholders on request from tne Fund‘s Registered Mice or Deutsche Bank A.G.. Alfred Herrhausen Ailee 1 b 2 4 . 0 6 5 7 6 0
Allee 16
Eschtmrn. E i w Aufstellung der Verandarungen im Wertpapierbestande m $ leden Fonds 1st fir Anteilsinhakr aut Anfrage vom Gesellschaflsitz085 Fonds oder ubar die Deutsche Bank A.G.. Alfred Herrhausen
24, M i 5 7 6 0 Escnmrn erhblich.
35
CMl Pacific Basin Equity
PoMolio of investments as at 31 March 2008
Wertpaplerbestand zum 32 Mim 2008
Q u a mAnzahl
Description - Wertpaderbezeichnung
% of Net
Market Assets
Value US0 - % des
Markhuert Fonds
USDverrnogens
China - China
88,000 Air China Ltd
100,o~oAluminum Corp Of China Ltd
24,400 Angang Steel Company Ltd h
20,000 Anhui Conch Cement Co Ltd
1,000,ooo Bank Of China Ltdh
219,000 Bank OfCommunications Co h18,000 Beijing Cap.intl Airport H
2,100 Bengang Steel Plates Co Ltd B
26,600 Byd Company Limited h149,000 China Coal Energy Co Ltd h149,000 China Communications Constrh1,030,oooChina Construction Bank Corp.
62,000 China Cosco Holdings h69,400 China lntl Marine B
252,000 China Life Insurance Co Ltdh79,500 China Merchants Bank /h4,200 China Merchants Prop. Dev. Corp.
60,000 China Natl Blding Material h34,000 China Oilfield Services
630,000 China Petroleum &Chemical Corp h57,000 China Railway Group Ltdh129,000 China Shenhua Energy Co h97,650 China Shipping Container Lines
36,000 China Shipping Developmenth474,000 China Telecom Corp Ltd h27,686 China Vanke CO Ltd B
27,600 Chong Qing Changan Aut. -b
40,700 Csg Holding Co / B
19,300 DazhongTransportation Grp B
38,000 Dongfeng Motor h67,200 Double Coin Holdings Ltd B
36,800 Guangzhou R&f Prop.* /new
37,000 Jiangxi Copper Co Ltd H
26,300 Jinqiao Export B
1,300 Jinzhou Port Co Ltd
93,000 Nine Dragons Paper Hldgs Ltd
706,000 Petrochina Co. Ltd
4,000 Picc Property &Casualty h63,500 Ping Pn Insur.(grp)co 459,800 Shandong Chenming Paper -b
2,700 Shanghai Chlor-alkaliChem. B
88,000 Shanghai Electric Group Co h9,100 Shanghai Haixin 6
39,900 Shanghai Lujiazui Fin. B
23,300 Shanghai Outer Gaoqiao Free B
29,100 Shanghai Zhenhua Fort Mach. B
9,000 Travelsky Technology Ltd h12,000 Tsingtao Brewery Co Ltd H
40,400 Weifu High Technology b
15,700 Yantai Changyu Pioneer Win&
60,000 Yanrhou Coal Mining Co H
216,000 Zijin Mining Group h14,800 Zte Corp H
+-
Quantity Anzahl
7.58
0.07
0.15
0.05
0.12
0.39
0.23
0.01
74,264
161,588
55,662
137,311
426,447
255,703
16,300
1,907
48,859
259.521
329,187
768.671
150,356
118,560
865,867
275,203
13,654
141,344
55,726
538,942
55,278
515,321
37,002
113,060
297,116
61,522
18,116
39,366
32,501
17,084
44,218
97,610
69,768
33,927
797
75,616
881,450
39,732
449,828
53,000
1,455
53,691
5,451
81,197
18,990
39.692
6,693
35,452
46,496
98,815
84,930
206,421
69,673
0.04
0.23
0.30
0.69
0.14
0.11
0.77
0.25
0.01
0.13
0.05
0.49
0.05
0.47
0.03
0.10
0.27
0.06
0.02
0.04
0.03
0.02
0.04
0.09
0.06
0.03
0.00
0.07
0.79
0.04
0.41
0.05
0.00
0.05
0.00
0.07
0.02
0.04
0.01
0.03
0.04
0.09
0.08
0.19
0.06
34,080
78,371
0.10
0.03
0.07
Great Britain - Groobritannien
31,100 Astro All Asia Networks Pic
14,900 Taniong PIC
Wertpaplerbestand zum 31. M#R 2008
%ofNet
Market Assets
Value USD .% des
MarMwert FondsUSDvermbgens
Hong Kong Hongkong
22,889
219,134
296,075
121.846
46,429
851,610
237,308
2,788,926
113,651
258,232
192,672
82,541
19,360
265,101
169,551
542,988
692,784
18,342
77,146
92,889
49,657
12,290
2,068
179.378
279,561
399,973
6,711
287.643
523,400
491,372
39.583
375,637
71,408
106,278
27,745
988,589
19,601
921,362
129,521
64,224
355,750
246,928
27,796
251,943
52,240
18,882
17,695
58,213
207,161
78,610
920,973
400,360
106,323
164,178
60,782
13.63
0.02
0.20
0.27
0.11
0.04
0.77
0.21
2.53
0.10
0.23
0.17
0.07
0.02
0.24
0.15
0.49
0.63
0.02
0.07
0.08
0.04
0.01
0.00
0.16
0.25
0.36
0.01
0.26
0.47
0.44
0.04
0.34
0.06
0.10
0.03
0.90
0.02
0.84
0.12
0.06
0.32
0.22
0.03
0.23
0.05
0.02
0.02
0.05
0.19
0.07
0.83
0.36
0.10
0.15
0.06
1,396,169
751,410
1.94
1.26
0.68
~
6,000 Beijing Enterprises Hld Ltd
43,800 Bk Of East Asia Ltd
123,000 BOCHong Kong Holdings Ltd
62,000 Cathay Pacific Airways
40,889 Chaoda Modern Agricult.hold.
60,000 Cheung Kong Holdings
50,000 China Merchants Holdings
187,500 China Mobile Ltd
39,500 China Netcorn Group Corp Hk Ltd
140,000 China Overseas Land+investment
60,000 China Resources Enterprise Ltd
42,000 China Resources Power Holdings
0.00
48,000 China Travel lntl 1nvestm.h.k.
126,000 China Unicorn Ltd
40,000 Citic Pacific Ltd
66,000 Clp Holdings Ltd
49,000 Cnooc Ltd
40,000 Cnpc (hong Kong) Ltd
182,000 Denway Motors Ltd
64,800 Foshan Electrical And Lighting
67,000 Galaxy Entertainment Group
32,000 Global Bic-chem Technology
10,000 Guangzhou Investment Co Ltd
38,000 Hang Lung Group Ltd
79,000 Hang Lung Properties Ltd
22,100 Hang Seng Bank Ltd
55,000 HendersonInvestm.td
40,495 HendersonLand Dev.
30,500 Hong Kong Exchanges & Clearing
163,481 Hongkong &China Gas
2,400 HongkongAircraft Eng.
59,500 Hongkong Electric Holdings Ltd
43,500 Hongkongtshangh.hoteIs
28,000 Hopewell Holdings (hkd 2.5)
18,000 Hopson Development Hldgs Ltd
104,500 HutchisonWharnp Ltd
7,000 Hysan Development Co.
1,323,439Ind &Corn BOC4+
21,500 Kerry Properties Ltd
100,ooo
Lenovo Group Ltd
96,000 Li & Fung Ltd
72,000 Mass Transit Railway Corp.
20,000 Melco lntl h p t Ltd
104,000 New World Development Co. Ltd
83,000 Pccw Ltd
5,000 Shanghai IndustrialHoldings
42,000 Shenzhen Investment Ltd
~ 0 0 0Shun Tak Holdings Ltd
96,000 Sino Land Co Ltd
80,000 Sinwcean Land Holdings Ltd
59,061 Sun Hung Kai Properties Ltd
35,500 Swire Pacific Ltd A
107.500 Techtronic IndustriesCo Ltd
34,875 Wharf HI4 .the
4,000 Wing Hang Bank
-
India hdien
13,773 Housing Devt.fin.corp/ Adr
20,700 lnfosys Technol./ Sadr
A Statement of changes In the compDsRion of each of the sub funds IS awllable to snareholders on reguest from the Fund's Register& Offdce or Deutsche Bank A.G.. Alfred HerrhausenAllee 1824, D65760
Eschturn Eine AufstellunR der Ver8nderunpen im Wertpapierixstand eines leden Fonds 1st fur Anteilsinhakr auf Anfrage M m Gesellschaffsnzdes Fonds oder uber dte Deutsche Bank A G , A m kkrrhau$en Allee 1b
24. 065760 EKilWrn RrhMIlCh.
36
I
CMl Pacific Basin Equity
Portfolio of Investments as at 31 March 2008
Porttollo of investments as at 31 March 2008
Wertpaplerbestand zum 31. M i h 2008
Wertpaplerlrestand zum 3L Mllrz 2008
Quantity Anzahl
% of Net
Market Assets
Value USD . % des
Markhvert FondsUSD verrnogens
-
Indonesia lndonesien
158,000 Bank Rakyat Indonesia
17,000 Bk Danamon Indonesia Tbk -a700,000 Bumi Resources
102,500 Perusahaan Gas Negara Tbk -b
119,000 R Astra InternationalTbk
374,000 Pt Bank Central Asia Tbk
21,500 Pt Bank Mandiri Persero Tbk
79,000 Pt Gudang Garam Tbwdemat
394,500 Pt lndofood Sukses
116,000 R lndosat Tbk
130,000 Pt lntl Nickel Ind Tbk
101,000 R Semen Gresik(persero)tbk
113,500 Pt Unilever Indonesia/Idr 10
365,000 Telkom Indonesia/s-b
55,000 United Tractors
108,140
12,743
471,498
157,569
313,508
130,020
7,358
65,657
99,646
89,476
98.862
54,863
85,081
382,657
74,989
Malaysia - Malaysia
67,400 Berjaya Sports Toto Bhd
9,000 British Pmerican Tobacco
95,000 Burniputracommerce Holdings
1 1.800 Digi.com Bhd
21,200 Garnuda Bhd
121,700 Genting Berhad
52,900 ljm Corporation Bhd
173,750 Ioi Corporation Bhd
27,200 Kuala Lumpur Kepong Bhd
130,750 Malayan Banking Berhad
65,600 Misc Bhd/for.reg.
41,200 Petronas Dagangan Bhd
37,100 Petronas Gas Bhd
135,300 Plus Expressways Bhd
41,400 Ppb Group Bhd
100,000 Public Bank/for.reg
143,800 Resorts World
149,700 Sime Darby Berhad
15,900 Telekorn Malaysia Bhd
68,300 Tenaga Nasional
18,200 Umw Holdings
52,312 Ytl Power lntl Bhd
0.11
0.27
0.08
0.02
0.23
0.09
0.35
0.12
0.31
0.17
0.09
0.11
0.12
0.12
0.31
0.14
0.40
0.05
0.14
0.03
0.04
114,191
0.10
0.10
152,018
0.14
0.14
67,453
43.143
87,936
150,022
126,030
189,606
0.60
0.06
0.04
0.08
0.14
0.11
0.17
51,530
29,286
71,828
131,638
0.35
0.05
0.03
0.07
0.11
26,578 James Hardie Ind iW/Cufs
New Zealand - Neuseeland
37,425 Auckland lntl Airport Ltd
23,224 Fisher & Paykel Appliances
37,966 Fisher&paykelHealthc.corp.
22,620 Fletcher Building
43,206 Sky City Entertainment Group
64,133 Telecom Corp.of New Zealand
Philippines - PhilipDinen
5,440 Ayala Corp.
113,600 Ayala Land Inc.
62,400 Jollibee Foods Corp.
1,950 Phil.long Dist.tel.
60,096
43.787
Singapore Singapur
~
59,000 Capitaland Ltd
29,000 City DevelopmentsLtd
89,228 Comfortdelgro Corporation Ltd
27,000 Cosco Corporation Singapore
33,000 Dbs Group Holdings Ltd
62,000 Fraser And Neave Ltd
9,000 Hotel Properties
45,000 Keppel Corp Ltd
5,000 Keppel Land Ltd
7,000 Neptune Orient Lines
65,600 Oversea-chinese Bk Corp.
40,000 Parkway Holdings Ltd
16,000 Sembcorp Industries Ltd
32,800 Sembcorp Marine Ltd
3.000 Sia EngineeringCo Ltd
26,134 Singapore Airlines Ltd
30,000 Singapore ExchangeLtd
7,000 Singapore Land Ltd
40,000 Singapore Press Holdings Ltd
33,000 Singapore Technologies Eng.
218,920 Singapore Telec
4,000 Uol Group Ltd
41,000 Utd Industr.corp Ltd
34,000 Utd Overseas Bk
8,000 Venture Corporation Ltd
1,000 Wheeloc k PropertkingaporeMd
97,000 Wilmar International Ltd
0.10
108,676
119,756
295,945
90,144
21,904
249,573
101,030
386,232
137,959
345,910
188.954
103,193
116,155
135,554
132,210
341,265
154,875
438,227
52,768
157,171
34,474
39,799
Description- Wertpapierbezeichntw
8,950 Sm Invesbnents Corporations
214,810 Sm Prime Holdings Inc
1.95
0.10
0.01
0.42
0.14
0.28
0.12
0.01
0.06
0.09
0.08
0.09
0.05
0.08
0.35
0.07
3.40
Mauritius Islands - Mauritius
160,000 Golden Agriesources Ltd
Q u a mAnzahl
% of Net
Market ~ssets
Value USD - % des
Markhvert FondsUSD vermdgens
271,456
231,555
117,665
72,188
430,388
217,875
17,737
322,791
20,107
16.484
385,002
92,744
47,183
90,784
8,586
295.3%
163,026
34,489
133.319
80,817
620,205
11,187
81,991
471,513
61,095
1,435
293,780
South Korea - Sudkorea
15 Amore Pacific Corp (new)
590 Cheil IndustrialInc
533 Cj CheiljedangCorp.
909 Cj Corporation
1,714 Daelim IndustrialCo Ltd
3,200 Daewoo Engineering& Constr.
2,720 Daewoo International Corp.
4,570 Daewoo SecuritiesCo Ltd
3,719 Daewoo Shipbldg+marine Engin.
500 Dc Chemical Co Ltd
1.500 Dongbu Insurance Co Ltd
1,810 Dongkuk Steel Mill Co LtU
600 Doosan Corporation
1,247 D o o m Heavy Indust.&constr.
2,530 Doosan lnfracore Co Ltd
709 Glwis Co Ltd
1,828 Gs Engineering&construct. Corp.
1,000 Gs Holdings Corp.
10,890 Halla Climate Control Corp.
8,880 Han Kook Tire Manufacturing Co.
5,705 Hana Financial Group Inc
2,070 Hanjin Shipping Co Ltd
ggo Hanwha ChemicalCorp.
2,789 Hanwha Corporation
728 Hite Brewery Co Ltd
367 Honam Petrochemical Co Ltd
8,720 Hynix Semiconductor Inc
907 Hyosung Corporation
8,097
28,664
118,315
63,836
218,772
69,742
98,252
100,984
141,656
190,449
57,513
70,769
115,631
166,715
84,114
39,918
267,446
38,897
88,124
140,671
233,132
81,248
16,732
147,459
81,903
29,883
245,038
61,224
0.05
0.04
4.16
0.25
0.21
0.11
0.07
0.39
0.20
0.02
0.29
0.02
0.01
0.35
0.08
0.04
0.08
0.01
0.27
0.15
0.03
0.12
0.07
0.55
0.01
0.07
0.43
0.06
0.00
0.27
15.35
0.01
0.03
0.11
0.06
0.20
0.06
0.09
0.09
0.13
0.17
0.05
0.06
0.10
0.15
0.08
0.04
0.24
0.04
0.08
0.13
0.21
0.07
0.02
0.13
0.07
0.03
0.22
0.06
A Statement of changes n the c o m ~ s m o nd eacn of !he SUD lunds is avai able to snareholders on request from (ne Funa's Reglnered Once or DeutSChe Bank A G , Afred Herrhausen Alee 1624. D65760
Eschbrn Eine Aufsiellung der Verandmngen m Wertpaperbestand e nes leden Fonds st fur Antedinhater ad Anfrage vom GesedschafMz des Fonds Mer uber d e De&che Bans A G , Adrea Herrnauen AI ee 1C
24 D65760 Escnmrn erhdnlch
37
I
Weftpaplerbertand zum 31 M i h 2008
Wertpaplerbestand zum 3 2 Miirz 2008
% of Net
Quantity Anzahl
Market
Value USD
12,130 Hyundai Autmet Co Ltd
704 Hyundai Department Store Co.
3,371 Hyundai Developm.cwng.&cons.
2,818 Hyundai Engineering+constr,co
1,828 Hyundai Heavy Industries
1,030 Hyundai Hysco
3,320 Hyundai Merchant Marine Co.
717 Hyundai Mipo Dockyard Co Ltd
2,671 Hyundai Mobis
5,862 Hyundai Motor CO Ltd
5,846 Hyundai Securities Co Ltd
1,793 Hyundai Steel Co.
74 KCCCorp.
13,810 Kia Motors COW.
11,902 Kookmin Bank
7,810 Korea Electric Power Corp.
3,820 Korea ExchangeBank
1,132 Korea Investment Holdings Co.
1,821 Korean Air
3,730 Kt Corporation
2,674 Kt&g Corporation
1,498 Lg Chemical Ltd
3,262 Lg CorP.
1,180 Lg Dacom Corp.
3,462 Lg Electronics Inc
447 LE Household & Healthcare Ltd
4,400 Lg Philips Lcd Co Ltd
2 Lotte Chilsung Beverage Co Ltd
2 Lotte Confectionery Co Ltd
30 Lotte Midopa Co Ltd
208 Lotte Shopping Ltd
1,396 Ls Cable Ltd
66 Nong Shim co Ltd
65 PacSic Corp.
2,751 POSCO
407 Samsung Card Co Ltd
5,997 Samsung Corp.
2,712 Samsung Electromechanics Co.
4,697 Samsung Electronics Co Ltd
600 Samsung Engineering Co Ltd
1,269 Samsung Fire & Marine Insur.
9,875 Samsung Heavy lndugries
2,146 Samsung Sdi Co Ltd
1,685 Samsung Securities Co Ltd
3,528 Samsung Techwin Co Ltd
13,347 Shinhan FinancialGroup
530 Shinsegae Co Ltd
2,300 Sk Enera
1,517 Sk Holdings Co Ltd
1,391 Sk Telecom Co Ltd
430 Skc
2,739 Sail Corp.
8,050 Ssangyong Motor co
1,930 $1 Corporation
7,763 Woongjin Thinkbig Co Ltd
7,470 Woori Finance Holdings Co Ltd
2,950 Woori Investment&securit.co
181 Vuhan Corp.
% des
Markhvert FondsUSDverrn0gen.s
69,274
67,837
229,931
244,529
683,369
9,000
150,745
160,968
208,057
466,674
91,134
125,373
34,197
158,851
665,305
236,803
50.878
53,112
98,117
176,700
209,370
11 1,850
245.864
22,265
443,631
76.899
197,340
1,877
2,563
3,585
62,962
126,066
12,020
7,903
1,321,260
19.219
419,938
148,040
2,952,566
55,636
261,846
314,360
168,678
123.772
192,227
704,331
333,696
236,711
217,353
261,756
8,981
174,386
44,105
100,095
159,007
130.017
62,508
33,969
Taiwan - Taiwan
108,735 Acer Inc
Assets
194,663
~
Quantw Anzahl
0.06
0.06
0.21
109,053 Advanced Semiconduct.eng.inc
5 AsiaCement
48,514 Asia Cement Corp.
20,000 Asia Optical Co Inc
122,417 Asustek Computer Inc
284,383 Au Optronics Corp.
13,000 Catcher Technology Co Ltd
165,626 Cathay Financial Holding
89,000 Cathay Real Estate Developmxo
0.22
0.62
0.01
0.14
0.15
0.19
0.42
0.08
0.11
0.03
0.14
0.60
0.21
0.05
0.05
0.09
0.16
0.19
0.10
0.22
80,000 Chang Hwa Commercial Bank
49,000 Cheng Shin Rubber Industry Co
30,000 Cheng Uei Precision Industry
199,000 Chi Mei Optoelectronic Corp
9,000 Chicony Electronics Co LtU
124,611 China Airlines
250,000 China Development Fin.hld Co.
8,040 China Motor Co Ltd
296,430 China Steel
259,615 Chinatrust Financial Hldg Co.
171,214 Chunghwa Telecom Co Ltd
106,000 Cmc Magnetics Corp.
14,350 Compal CommunicationsInc
170,000 Compal ElectronicsInc
59,000 Delta Electronic Industrial
6,400 Mink Corporation
131,000 Eva Airways Corp.
84,000 Evergreen Marine Corp
147,290 Far Eastern Textile Ltd
3,000 Feng Hsin Iron & Steel Co Ltd
100,ooo First Financial Holding Comp.
158,000 Formosa Chemicals & Fiber Co.
35,000 Formosa PetrochemicalCorp.
206,980 Formosa Plastics
29,550 Foxconn Technology Co Ltd
160,000 Fubon Financial Holding Co Ltd
23,000 Giant Manufacture Co Ltd
259,164 Hannstar Display Corp.
20,520 High Tech Computer Corp
206,792 Hon Hai Precision Ind.co Ltd
118,000 Hua Nan Financial Holding Co.
70,000 lnnolux Display Corp.
43,050 lnventec Aopliances Corp.
3,000 lnventec Corporation
7,000 Largan Precision Co Ltd
92,629 Liteon Technology Corp.
62,072 Macronix International co Ltd
28,878 Media Tek Incorporation
231,000 Mega Financial Holding Company
29,000 Miac International Corp.
20,528 Nan Ya Pcb
207,845 Nan Va PlasticsCorp.
3,000 Nwatek Microelectronics Corp.
64,000 Pou Chen Corp.
1,000 President Chain Store Corp.
156,000 Promos Technolgies Inc
73,200 Qisda Corporation
104,000 Quanta Computer Inc.
2,100 Reattek Semiconductor Corp.
12,000 Ritek Incorporation
82,360 Shin Kong FinancialHld Co Ltd
79,000 Siliconware Precision Industr.
0.02
0.40
0.07
0.18
0.00
0.00
0.00
0.06
0.11
0.01
0.01
1.20
0.02
0.38
0.13
2.68
0.05
0.24
0.28
0.15
0.11
0.17
0.64
0.30
0.21
0.20
0.24
0.01
0.16
0.04
0.09
0.14
0.12
0.06
0.03
12.77
0.18
% of Net
Market Assets
Value USD - % des
Marktwert FondsUSD vermogens
106,229
89
86,693
53,707
358,547
493,207
48,343
422,420
79,080
60.421
99,494
66,641
261.956
15,994
72,380
115.182
7,779
468,250
250,757
450,195
34,884
25,596
163,081
174,358
10,552
78,462
82.931
248,175
7,256
104.815
409,730
104,009
625,977
175,043
181,658
57,903
111,728
461,225
1,184,125
108,731
184,060
85,712
1,836
72.910
107,758
28.190
380,138
181,307
26,245
9S8,293
516,418
10,959
62,238
3,423
38,144
61,669
143,575
6,261
3,120
61,797
132,590
0.10
0.00
0.08
0.05
0.32
0.45
0.04
0.38
0.07
0.05
0.09
0.06
0.24
0.01
0.07
0.10
0.01
0.42
0.23
0.41
0.03
0.02
0.15
0.16
0.01
0.07
0.08
0.22
0.01
0.09
0.37
0.09
0.57
0.16
0.16
0.05
0.10
0.42
1.07
0.10
0.17
0.08
0.00
0.07
0.10
0.03
0.34
0.16
0.02
0.09
0.47
0.01
0.06
0.00
0.03
0.06
0.13
0.01
0.00
0.06
0.12
A Statement of changes in the comoosnion d each of me SLD funds is available IOshareno.derr on request from Ihe Funa’s Registered Once or Oeutsche Bank A C , AHrM IierrhaLsenAilee 1624 0.65760
EscnDOrn Erne Adstellung der Verdndaungen im Wertpaprerteslandemes,eoen fonds is1 lur Ante1 sinnawr a d Anlrape vom Gesellscnalsnz des Fonds oder uber die Deutsche Bank A G , Anred tierrhausen Allee 16
24. D65760 EschDOrn erhaHl.Ch
38
Poitfolio d Investments as at 31 March 2008
Wertpaplerbestand turn 32 Man 2008
Quantity Anzahl
Description Wertpapierbezeichung
~
120,000 Sinopac Holdings
35,000 Synnex Technology Internatl.
94,000 Taishin Financial Holdings Co.
82,000 Taiwan Cement Corp.
56,000 Taiwan Cooperative Bank
21,000 Taiwan Fertilizer Co Ltd
90,000 Taiwan Glass Ind Corp.
54.723 Taiwan Mobile Corp.
36,000 Taiwan Secom
828,453 Taiwan Semiconductor Manufact.
208.000 Tatung Co Ltd
164,000 Teco Electric And Machinery Co
41,000 Ton Yi IndustrialCorp
3,029 Transcend Information Inc
15,000 h i n g Marine Transport Corp.
159,000 Uni-presidentEnterprises Corp.
234,945 United Microelectronic Corp.
2,000 Via Technologies Inc
198.000 Walsin Lihwa Corporation
22,000 Wan Hai Lines Ltd
59,000 Wintek Corp.
38,000 Wistron Corp.
255,000 Yageo Corp.
46,367 Yang Ming Marine Transport
139,000 Yuanta Financial Holding Co Ltd
152,000 Yuen Foong Yu Paper Manufactur
49,000 Yulon Motor Co Ltd
Weftpaplenbestand turn 31. Miirz 2008
%ofNet
Market Assets
Value USD - % des
Marktwert FondsUSD vermligens
Quantity Anzahl
0.05
0.09
0.04
0.14
0.05
0.08
0.10
0.10
0.07
1.57
0.12
0.09
0.02
0.01
0.04
0.21
56,867
95,140
47,020
158,944
55,195
91,569
110,179
105,351
74,164
1,720,331
134,163
100,925
21,184
8,981
45,266
235,726
144,585
1,125
97,740
20,489
53,201
60.526
93,569
36,545
130.369
68,280
71,274
0.09
0.02
0.05
0.05
0.08
0.03
0.12
0.06
0.06
149,277
126,726
104,630
54,375
89.725
52,762
14,765
45,973
34.667
60,687
5,997
87,660
59,949
21,010
277,683
327,189
123,758
43,449
862
57,487
32,790
90,265
7,597
6.540
3,839
1.70
0.14
0.11
0.09
0.05
0.08
0.05
0.01
0.04
0.03
0.05
0.01
0.08
0.05
0.02
0.25
0.31
0.11
0.04
0.00
0.05
0.03
0.08
0.01
0.01
0.00
Thailand - Thailand
47,000 Advanced Info Senr.pub.
70.000 Airports Of Thailand Pub./-f23,700 Bangkok Bank Public
4.000 Banpu Public Co Ltd/for.reg.
100,000 Central Pattana Public Co Ltd
364,300 Charoen PokphandFoodsboreign
44,700 C.p.all - Shs Foreign Regist
68,600 Delta Electronics Rb./Tor.rg
59,000 Hana Microelectronics/ior.reg
332,300 lrpc /foreign Reg.
23,900 Italian-thai Dev.pub./for.reg.
30,000 Kasikornbank Pub.comp./for.reg
50,000 Ptt Aromatics And Refining Pcl
6,300 Ptt Chemical Public Co/foreign
57.900 Ptt Expl.prod.public /for.reg
32,600 Ptl PIC Co Ltd /foreign Reg.
17,874 Siam Cement Public Coboreign
6,000 Siam City Cement !+b.boreign.reg.
300 Siam Commerc.bk Publ.boreign.reg.
20,000 Siam Commercial Bk Pub./local
35,600 Thai Airways lntlnoreign Reg.
40,600 Thai Oil Public Co/Toreign.reg.
11,900 Thai Union Frozefloreign Reg.
31,200 Tpi Polene Public /foreign.reg.
23.700 True Corp. Public /foreign
Description - Wertpapjeraereibnung
78,803 Gpt Group
49,629 Stockland /units
% of Net
Market Assets
Value USD - % des
Markhverl FondsUSD vermogens
234,379
317,472
0.21
0.29
4,787,562
4.33
4.33
182,904
0.17
0.17
82,035
169,981
0.23
0.07
0.16
Great Britain - Grdlbritannien
641,985 Jp Morgan Indian Investment Trust
Hong Kong - Hongkong
82,500 The Link Reit
Singapore - Singapur
51,000 CaprtacommercialTrust /reit
68.000 Capitamall Trust
Shares Aktien
Transferable securities dealt in on another regulated market -An
einem anderen aeredten Markt nehandelte WertDaDere
0.13
0.00
1,037 Daum CommunicationCorp.
400 IndustrialBank Of Korea
8,010 Kangwon Land Inc
1,150 Kt Freetel Ltd
821 Ncsoft Corporation
1,774 Nhn Corporation
0.66
77,533
5,893
164,875
33,592
38,189
413,661
0.07
0.01
0.15
0.03
0.03
0.37
105,781
55,527
30,416
1,718
74,330
84,313
0.32
0.09
0.05
0.03
0.00
0.07
0.08
Taiwan Taiwan
I
346,000 Chunghwa Picture Tubes Ltd
47,000 Coretronic Corp.
17,774 Far Eastone Telecom. Co Ltd
2,016 Liteon It Corp.
199,000 Powerchip Semiconductor Corp.
61,000 Unimicron Technology Corp.
SUMME WERTPAPIERBESTAND
OTHER NET ASSETS
SONSTIGE NEJTOVERMdGEN
TOTAL NET ASfETS
GESAMTNETTOVERM~GEN
108,176,051 97.92
2,292,282
2.08
110,468,333 100.00
Inveknt
fundsTransferable securities admitted to an official stock exchange listing
Anragefonds Amtlich notierte Werfpapiere
40,000 Cfs Retail Property Trust
45,188 Dexus Property Group
79,435
69,681
0.63
0.07
0.06
A Statement 01 changes in the corncanion d eacn 01 the sub Lnas IS available to Snareholders on request lrorn tne Fund's Regmred Onice or DeutSChe Bank A G , Aifrea tierrnausen Alee 1b24.065760
Eschborn Eine Aufstellung der VeranderJngenirn Werlpd~erwstandeines ieden FOnas sl fur Aniulsinhakr a d Antrage worn GeselschaRsRzdes Fonds d e r ,Der d8eDensche Ban* A G , Afrea Herrhausen Al~ee16
24 065760 Escnborn erhdnliCh
39
CMI US Equity
Sector Anatysls of Portfolio as at 31 March 2008
A n a m des Wertpaplerbestandes nach Sektoren zum 31. Marz
2008
Analyse des Wmpaplerbestandes nach Sektontn zum 3 1 Mdirz
2008
% of Net
% of Net
Assets
- % des
Sector
Sektor
Fondsvermogens
Energy - Erdol
Sector
Sektor
11.05
Holding and finance companies - Holding-und
Kosmebk
Banks and financial institutions- Banken. Kreditinstitute
8.30
Office equipment and computers - Biirobedarf und Computer
6.07
5.92
4.78
News transmission Nachrichteniiberrnittlung
~
Warenhauser
Public sewices - Energie und Wassemrsorgung
3.62
Electronics and electrical equipment - EleMrotechnik und
Elektronik
Aerospace technology - Flugzeug-und Raumfahrtindustrie
3.43
2.69
Tobacco and spirts - Tabak und alkoholische Getranke
2.18
Chemicals - Chemie
1.90
1.88
Mechanics, machinery - Maschinen und Apparatebau
1.71
Gastronomy. Gastronomie
1.63
1.32
0.95
0.63
Real estate - lmmobiliengesellschaften
0.60
0.60
Automobile industry - Autornobilindustrie
0.58
0.53
Textile Textil- und Bekleidungsindustrie
0.49
Forest products and paper industry Pap& und Hdr
0.46
~
Investment funds - lnvestmenffonds
0.35
Construction, building materials Bau, Eaustoffe
0.33
0.20
~
States, provinces and municipalities- Staats- und
Kommunalankihen
100.00
1.06
Precious metals - Edelrnetalle und -steine
~
GESAMTNE~OVERMOGEN
1.18
Coal mines, heavy industries Bergbau, Schwerindustrie
Biotechnology - Biotechnologie
TOTAL NET ASSETS
0.47
3.01
Healthcare, education and social services Gesundheit,
Bilduw und sotiale Einrichtungen
Other sewices - Sonstige Dienstleistungen
~
OTHER NET ASSETS
SONSTIGE NETTOVERMOGEN
99.53
4.77
-
SUMME WERTPAPlERBESTAND
9.12
4.23
4.22
0.03
9.38
Insurance .Versicherungen
Assets
K des
Fondsvermogens
-
0.14
0.08
0.07
Tyres and rubber - Gwnmi und Re~ien
0.04
A Latemem of changes n the tornposmon OC eacn 01 the Sdb funds is available to Snareholders on request lrom tne Fund's Registered Once or Deutsche Bank A G Atlied Hermadsen Allee 1624,065760
Eschborn Eine Aufstellung der VerBnderbngen qrn Wenpaperbestand e nes leden Fonds .st fur Antelsinhabeer a d AnlraRe uom Ceseilschattsitzdes Fonds mer uber d.e Densche Bann A G , Alfred HerrnaJsenAI ee IC
24. 065760 Escnmrn erhanlich
40
CMl US Equity
Wertpaplerfmtand rum 3 1 M&IY20008
Wertpaplerbestandrum 31 MBrz 2008
% of Net
Quantity Anzahl
Shares Aktien
Cooper Industries Ltd. -aCovidien Ltdhhen Issued
lngersolkand Company a
Nabors Industries Ltd
Tyco Electronics
Tyco lntl Ltd h h e n Issued
Weatherford International Ltd
63,716
10,496
58,100
50,573
2,363
7,850
412,413
14,410
27,379
6,646
2,302
3,386
6,645
26,777
16,602
6,272
276,175
71,507
7,383
6,931
39,571
26,514
5,593
15,1311
17,509
3,158
32.41 1
2,908
18,309
18,275
3,903
20,101
12,220
43,989
7,443
75,442
123,475
29,363
3,687
5,362
18,686
15,894
13,283
20,363
11,563
39,689
8,518
42,752
12,720
26,522
3,555
6,889
58,459
22,134
140,012
0.88
515,165
1,362,986
980,210
590,168
1,031,511
406,969
1,497,215
0.07
0.19
0.14
0.08
0.14
0.06
0.20
1,483,763
1,623,322
430,848
0.20
0.23
0.06
0.49
Cayman Islands Cayman lnseln
~
27,240 Ace Ltd
12,099 Transocean Inc
14,605 XI Capital Ltd d-
Netherlands Antilles NiederlandischeAntillen
0.78
~
66,422 Schlumberger Ltd
5,689,709
0.78
837,154
0.12
Panama - Panama
21,087 Carnival Corp.
0.12
United States - Vereinigte Staaten
96,437
7,069
35,809
19,859
28,579
46,025
6,271
35,429
24,301
15,612
5,287
25,450
11,837
6,484
22,288
30,689
47,024
17,502
141,127
25,283
6,863
15,810
11,965
32,945
72,981
148,246
12,961
17,597
11,401
67.877
19,968
20,269
45,797
22,313
24,942
4,101
12,765
Quantity Anzahl
Amtlth nolime Wettomiere
Bermuda Islands - Bermudas
12,983
30,984
22,369
17,675
30,491
9,131
21,049
% of Net
Market Assets
Value US0 - % des
Marhtwert fondsUSD verrnogens
Abbott Laboratories Inc.
Abercrornbie & Fitch A
Adobe Systems Inc.
Advanced Micro Devices Inc
Aes Cow.
Aetna Inc.
Affiliated Computer Sen.
Aflac Inc.
Agilent Technologies
Air Products &Chemicals
Akarnai Technologies Inc
Alcoa Inc.
Allegheny Energy Inc
Allegheny Technologies/when Iss
Allergan Inc.
Allied Waste IndustriesInc.
Allstate Corp.
Altera Corp.
Atria Group
Amazon Corn Inc.
Ambac Financial Group hc
Ameren Corp.
American Capital Strategies
American Electric Power Co. Inc.
American Express Co.
American InternationalGrp
American Tower Corp. -aArneriprise Financial 1ncm.i
Amerisourcebergen Cow.
Amgen Inc.
Anadarko Petrol. Corp.
Analog Devices Inc.
Anheuser-busch Cos Inc.
Aon Cow.
Apache Corp.
Apartment lnv. + Manag. -aApollo Group Inc. A
5,117,912
512,503
1,265,132
117,367
466,409
1,957,904
315,682
2,278,793
718,824
1,420,380
156,389
919,000
592,560
462,958
1,255,483
328,065
2,236,932
316,611
10,419,406
1,763,742
39,874
686,786
414,827
1,349,757
3,149,130
6,344,929
504,701
889,880
467,327
2,813,502
1,255,987
586,990
2,198,256
883,372
2,969,345
144,478
526,046
96.86
0.71
0.07
0.17
0.02
0.06
0.27
0.04
0.31
0.10
0.20
0.02
0.13
0.08
0.06
0.17
0.05
0.31
0.04
1.44
0.24
0.01
0.09
0.06
0.19
0.43
0.87
0.07
0.12
0.06
0.39
0.17
0.08
0.30
0.12
0.41
0.02
0.07
5,445
31,560
3,739
23,058
10,360
8.427
Market Assets
% des
Value USD
Marhtwert fondsUS0 vermrjgens
~
Description - We@apierbezeichnung
Apple Inc.
Applera /applied Biosystems Gr
Applied Materials Inc.
Archerdaniels Midland Co.
Ashland Inc
Assurant Inc
At&T
Autodesk Inc.
Automatic Data Proces.
Autonation Inc
Autozone Inc
Avalonbay Communities Inc.
Avery Dennison Corp.
Avon Products Inc.
Baker Hughes Inc.
Ball Corp.
Bank Of America Corp.
Bank Of Ny Mellon Corp Shs
Bard (c.r.1 Inc
Barr PharmaceuticalsInc.
Baxter lntl Inc.
B M t Corporation
Bear Steams Companies
Becton Dickinson & Co.
Bed Bath & Beyond Inc.
Bernis Co Inc
Best Buy Co Inc.
Big Lots
Biogen ldec Inc.
Bj Services Co.
Black & Decker Cow.
Block Inc. H + R
Bmc Software Inc.
Boeing Co.
Boston Properties
Boston Scientific Corp.
Bristol Myers Squibb Co.
Broadcom Corp.
Brown-formanCorp. B /non-vot.
Brunswick Corp.
Burlington Northern Santa Fe
Cameron International Corp.
Campbell Soup Co.
Capaal One Financial Corp.
Cardinal Heatth Inc.
Caterpillar Inc.
Cb Richard Ellis Group Inc -b
Cbs Corp */#hen Issued
Celgene Corp.
Centerpoint Energy Inc
Centex Corp.
Centurytel
Charles Schwab Corp .
Chesapeake Energy
Chevron Corp.
C.h.robinson Worldwide Inc
Chubb Corp.
Ciena Corp.
Cigna Cow.
Cincinnati Financial Corp.
Cintas
-*
9.1 12,025
351,931
1,134,112
2,138,226
111,274
472,963
15,531,473
457,806
1,144,168
97,364
260,702
322,009
317,498
1,045,910
1,118,145
283,118
10,513,981
2,952,524
719,916
330,539
2,275,333
860,644
60,293
1,309,410
509,687
79,234
1,314,590
65,197
1,111,906
518,827
255,529
421,317
396,172
3,231,872
685,649
951,324
2,652,243
559,365
244,669
86,435
1,718,925
664,846
448,567
997,583
607,867
3,059,625
178,537
937,979
756,077
372,634
83,898
227,681
1,054,600
1,007,097
11,831,013
297,243
1,563,798
115,685
947.914
391,401
234,692
1.26
0.05
0.16
0.29
0.02
0.07
2.15
0.06
0.16
0.01
0.04
0.04
0.04
0.14
0.15
0.04
1.45
0.41
0.10
0.05
0.31
0.12
0.01
0.18
0.07
0.01
0.18
0.01
0.15
0.07
0.04
0.06
0.05
0.45
0.09
0.13
0.37
0.08
0.03
0.01
0.24
0.09
0.06
0.14
0.08
0.42
0.02
0.13
0.10
0.05
0.01
0.03
0.15
0.14
1.63
0.04
0.22
0.02
0.13
0.05
0.03
A Statement of changes in the comwsltion of each of the SUBfunds 15avallable to shareholders on request from tne Fund's Registered Office or Oeutsche Bank A.G.. Alfred Herrhausen Allee 1624. D65760
Eschtmrn Eine Aufstdlung der Veranderungen Im WeRpaplerbestandeines leden Fonds is1 fur Afltellslnhaber auf Anfrage vom Geselkhaftsnz des Fonds oder uBer dle Deutsche Bank A.G.. Alfred Herrhausefl Allee 1b
24, 065760 Eschbm erh8ltllch
41
4
CMl US Equity
Wettpaplerbestand zum 32 Mdin 2008
Wertpaplerbestand zum 3i. M#in2008
Quanti Anzahl
%ofNet
Market Assets
Value USD
% des
MarMwert FondsUSD wrmtrgens
%ofNet
~
1,807 Circuit City Stores
378,626 Cisco Systems Inc.
12,102 C i Group Inc
327,759 Citigroup Inc.
14,140 Citizens CommunicationsCo.
12,865 Citrix Systems Inc.
31,517 Clear Channel Communications
9,542 Clorox Co.
3,208 Cme Group h c
21,733 Cms Energy Corp.
12,033 Coach Inc
124,032 Coca - Cola Co.
17,860 Coca Cola Enterprise
8,965 cognizant Technology Sol.corp.
31,340 Colgatwalmoliie Co.
13,143 Comcast Corp. -a9,919 Comerica Inc.
12,159 Commerce Bancorp
25,680 Computer Associates lntl Inc
10,795 Computer Sciences Corp.
19,333 Compuware Corp.
40,092 Conagra Foods Inc
108,560 Conocophillips
9,642 Consol Energy Inc
22,423 Consolidated Edison Inc.
9,443 Constellation Brand -b
13,177 Constellation Energy Group Inc
8,120 Convergys Corp.
83,004 Coming Inc.
26,564 Costco Wnolesale Corp.
16,213 Countrywide FinancialCorp.
9,666 Coventry Health Care Inc
23,570 Csx Cow.
16,902 Cummins Inc
79,612 h s Caremark Corp.
18,386 Danaher Corp.
8,855 Darden Restaurants
5,466 Dean Foods Co.
39.905 Deere & Co.
121,437 Dell Inc.
3,601 Developers Diversified Realty
32,575 Devon Energy Corp.
3,813 Dillardslnc A
37,394 Directv Group Inc
13,780 Discover Fin Swc
56,155 Dominion Resources Inc.
14,663 Donnelley And S0ns.m
15,073 Darer Cow.
45,974 Dow Chemical Co.
7,925 Dr Horton Inc
6,915 Dte Energy Company
55,441 Du Pont De Nem. & Co.
95,763 Duke Energy Holding Corp.
8,719
Inc -a
25,652 E Trade FinancialCorp.
5,057 Eastman Chemical Co
12,377 Eastman Kodak Co.
12,013 Eaton Corp.
70,956 €bay Inc.
9,213 Ecolab Inc.
15.717 Edison International
7.120
9,117,314
140.383
6,827,220
147,763
393,154
920,296
536,451
1,537,594
292,526
351,364
7,558,510
431,319
261,599
2,448,281
2,621,954
347,760
425,565
578,570
440,436
139,778
965,816
8,214,735
670,119
884,587
166,763
1,165,769
122,774
2,002,056
1,709,925
91,279
389,636
1,332,884
803.183
3,252,150
1,381.156
280,615
109,320
3,190,006
2,381,380
149,694
3,398,224
63,791
921,388
220,204
2.274,278
433,438
621,158
1,685,407
121,728
267,680
2,574.680
1,695,963
67,921
95,938
313,888
213,132
953,232
2,144,290
395.053
769,976
Quantty
Anzahl
0.00
1.26
0.02
-
Description- Werfpapierbezeichnung
39,183 El Paso Energy Corp.
16,380 ElectronicArts
38,858 Electronic Data Systems
9,536 Embarq Corp.
159,015 Emc Gorp.
49,104 Emerson Electric Co.
9,041 Ensco lntl Inc.
12,178 Enter@ Cow.
15,352 Eog Resources Inc.
5,576 Equifax Inc
7,837 Equity Residential Sbi
4,834 Estee Lauder Cos. -a5,591 E.w. Scripps Co A
32,006 Exelon Corp.
20,118 Expedia Inc Del
9,033 Expeditors lntl Wash.
18,373 Express Scripts Inc.
336,173 Exxon Mobil Corp.
5,964 Family Dollar Stores Inc.
54,535 Fannie Mae
5,919 Federated hvestors Inc. B
17,289 Fedex Cow.
0.94
0.02
0.05
0.13
0.07
0.21
0.04
0.05
1.04
0.06
0.04
0.34
0.36
0.05
0.06
0.08
0.06
0.02
0.13
1.13
0.09
0.12
0.02
0.16
0.02
0.28
0.24
0.01
0.05
0.18
0.11
0.45
0.19
0.04
0.02
0.44
0.33
0.02
0.47
0.01
0.13
0.03
0.31
0.06
0.09
0.23
0.02
0.04
0.35
0.23
0.01
0.01
0.04
0.03
0.13
0.30
0.05
0.11
8,904 Fidelity National Inform Sew
22,568 F i Third Bancorp
5,350 First Horizon Natl. Corp.
23,142 Firstenergy Corp.
8,593 Fiserv Inc.
4,677 Fluor COIR.
90,417 Ford Motor Co.
19,462 Forest Laboratories
9,572 Fortune Brands
24,905 Fpl Group Inc.
8,443 Franklin ResourcesInc.
18,127 Freddie Mac
25,953 Freeport Mcrnoran Copper &Gold
14,810 Gamestop Corp -a17,631 Gannett Co. Inc.
38,363 Gap hc.
24,556 General Dynamics Corp.
630,707 General Electric Co.
10,594 General Growth Properties
21,072 General Mills Inc.
23,936 General Motors Corp.
10,525 Genuine Parts Co.
27,952 Genwaorth Financial/-a19,273 Genzyme Corp.
66,527 Gilead Sciences Inc.
21,968 Goldman Sachs Group Inc.
11,498 Goodrich Corp.
12,536 Goodyear Tire & Rubber
15,204 Google Inc -a4,852 Grainger Inc.
54,991 Halliburton Co.
15,799 Harley Davidson Inc.
1,141 Harman lntl Industries Inc
21,466 Hartford Fin. Serv. Group
9,178 Hasbro Inc.
19,778 Heinz (h.1.) Co
9,473 Hercules Inc.
25,499 Hess Cow
169,520 Hewlettpackard Co.
Market Assets
Value USD - 96 des
Marktwert FondsUSDvermogens
647,695
808,189
643,488
371,236
2,273,915
2,513,143
541,556
1,315,955
1,825,046
191,145
316,223
218.884
230,517
2,552,799
438,975
397,452
1,166,869
28,648,662
114,032
1,419,001
225,396
1,577,967
337,016
469,866
78.913
1,570,879
410.402
656,417
505,431
765,246
611,268
1,543,114
798,877
461,332
2,507,060
768,491
503,189
748,846
2,046,988
23,090,182
409,882
1,265,584
446,885
419,000
624,448
1,407,700
3,300,404
3,612,638
657,916
310,893
6,660,568
370,984
2,156,197
599,256
50,421
1,598,144
258,544
927,390
170,135
2,253,347
7,813,177
0.09
0.11
0.09
0.05
0.31
0.35
0.07
0.18
0.25
0.03
0.04
0.03
0.03
0.35
0.06
0.05
0.16
3.96
0.02
0.20
0.03
0.22
0.05
0.06
0.01
0.22
0.06
0.09
0.07
0.11
0.08
0.21
0.11
0.06
0.35
0.11
0.07
0.10
0.28
3.19
0.06
0.17
0.06
0.06
0.09
0.19
0.45
0.50
0.09
0.04
0.92
0.05
0.30
0.08
0.01
0.22
0.04
0.13
0.02
0.31
1.08
A Statement of changes in the CornposBon of each of the sub funds IS avalable to Sharehalders on request from the Fund's Regl$tered Cifrceor DBulsche Bank AG.. Alfred HerrtiausenAllee 1624, a65760
EschWrn Eine Aufstellung der Versnderungen Irn Wertpaperbestand eines leden Fonds 1st fur Antrlsinhaber a d Anfrage vom Gesallschaflsfiz des Fonds der llber die Deutsche Bank A G , Alfred Wrhausen Allee 16
24,065760 ESChWfn erhdmrch
42
'
CMl USEquity
Wertpaplerbestand zum 3 1 Man 2008
Quantity Anzahl
Weftpaplerbestend zum 32 M h 2008
% of Net
Assets
- % des
Marktwert Fonds
Market
Value USD
104,857 Home Depot Inc.
47,009 HoneywellInternationalInc.
9,833 Hospira Inc.
32,602 Host Hotels & Resorts Inc
37,832 Hudson C& Bancorp Inc
15,733 Humana Inc.
22,835 Huntington Bancshares Inc.
9,613 IaclInteractiveCorphhen Iss.
85,995 Ibm Cow.
25,240 IllinoisTool Works
8,258 ImS Health
4,263 Integrys Energy Group Inc
400,933 Intel CO~P.
4,400 IntercontinentalExchange Inc
26,893 International Paper Co.
20,118 Interpublic Group
5,076 lntl Flavors & Fragr.
19,683 lntl Game Technology
20,764 Intuit
11,311 hCorP.
7,152 Jabil Circuit Inc.
8,737 Jacobs Engineer.group
11,539 Janus Capital Group Inc
15,074 Jds Uniphase Corp.
178,596 Johnson &Johnson
38,909 Johnson Controls Inc.
3,596 Jones Apparel Group Ltd
224,164 Jpmorgan Chase & Co.
37,680 Juniper Networks Inc.
2,391 KbHome
16,471 Kelloa Co.
16,503 Keycorp
26,071 Kimberly Clark Corp.
7.382 Kimco Really Corp.
22,692 King Pharmaceuticals Inc.
11,874 Kla Tencor Corporation
10,124 Kohl's Corp.
57,730 Krafl Foods Inc -a
42,510 K r w r Co.
5,985 Laboratory Corp OfAmer.hld
8,188 Legg Mason Inc.
11,254 Leggett + Platt Inc.
25,723 Lehman Brothers Holdings Inc.
4,026 Lennar Corp. -a11,555 Leucadia National Corp.
4,587 Lexrnark htl. Inc.
62,642 Lilly (eli) & Co.
13,271 Limited Brands Inc
16,802 Lincoln National Cow.
11,617 Linear Technology
3,145 Liz Claiborne Inc.
28,397 Lockheed Martin Corp.
37,580 LOewS COW
92,658 Lowe's Companies Inc.
13,643 Lsi Corporation
9,528 L-3 CommunicationsHlds Inc
26,388 M w S
10,656 Manitowoc co Inc
44,327 Marathon Oil Corp.
16,274 Marriott Intl. Inc. -a
32,461 Marsh & Mc-lennan Cos Inc.
Quantity -
USD verrnllgens
2,870,985
2,625,453
416.231
528,478
671,518
711,132
244,335
196,970
9,852,447
1,208,744
172,344
196,354
8,335,397
570,900
724,766
168,991
221,517
787,714
559.382
584,439
65,870
647,324
261,705
197,771
11,462,290
1,289,055
48,150
9,574,044
915,624
58,675
864,398
361,086
1,670,630
286,126
196,286
438,269
428,549
1,779,239
1,069,552
436,905
443,135
167,460
974,130
72,226
508,651
140,408
3,150,266
222,953
856,902
353,854
55,887
2,844,811
1,505,455
2,100,557
67,942
1,039,886
579,744
431,781
2,059,432
560,802
781,012
Anzahl
0.40
0.36
0.06
0.07
0.09
0.10
0.03
0.03
1.36
0.17
0.02
0.03
1.15
0.08
0.10
0.02
0.03
0.11
0.08
0.08
0.01
0.09
Description .Wertpapierbezeichnung
7,067 Marshall & lisley Corp h i .
20,641 Masco Corp.
22,894 Mattel Inc.
8,377 Mbia Inc.
8,041 Mc-eormick&co/n,voting
86,633 Mcdonald's Corp.
13,989 Mcgraw Hill Cmpanies Inc
14,028 Mckesson Corp.
11,545 MeadwestvacoCorp.
39,104 Medcoheaith Solutions
56,623 Medtronic Inc.
21,315 Mernc Electronic Materials
151,191 Merck & Co.Inc.
2,266 Meredith Corp.
46,418 Merrill Lynch & Co. Inc.
66,307 Metlife Inc.
2,496 Mgic InvestmentCorp.
8,064 Microchip Technology Inc.
22,042 Micron Technology Inc.
541,146 Microsoft Corp.
2,289 MilliporeCorp.
8,986 Molex InC.
13,162 Molson Cmrs Brew.b/nonuot
37,086 Monsanto Co.
4,132 Monster Worldwide Inc
9,117 Moody's Corp.
66,229 Morgan stanley
62,476 Motorola Inc.
3,606 M&t Bank Corporation
17,332 Murphy Oil Corp.
8,545 Mylan Inc.
18,214 National City Corp. Opr
25,883 National Oihvell Varco Inc
12,238 National Semiconductor Corp.
11,289 Network Appliance Inc
6,152 NewYorkTimes A
17,177 Newell Rubbermaid Inc.
28,1qg Newrnont Mining Corp.
i18,411 News Cow
2,589 Nicor Inc.
35,789 Nike Inc -b
20,822 Nisource Inc
16,728 Noble Corp.
10,574 Noble Energy
9,822 Nordstrom Inc.
24,347 Norfolk Southern Corp.
11,942 Northem Trust Corp.
32,444 Northrop Grumman Corp.
14,918 N~vetlInC.
5.136 Nwellus Systems Inc
23,708 Nucor Corp.
45,907 Nvidia Corp.
15,520 Nyse Euronext
66,003 Occidental Petroleum Corp.
11,581 Office Depot Inc
2,242 Officemax Inc
20,290 Omnicom Group Inc.
283,976 Oracle Cow.
22,987 Paccar hc.
8,143 Pactv Corp.
3,972 Pall Corp.
0.04
0.03
1.58
0.18
0.01
1.32
0.13
0.01
0.12
0.05
0.23
0.04
0.03
0.06
0.06
0.25
0.15
0.06
0.06
0.02
0.13
0.01
0.07
0.02
0.43
0.03
0.12
0.05
0.01
0.39
0.21
0.29
0.01
0.14
0.08
0.06
0.28
0.08
0.11
~
-*
Market
Value USD
Marklwert
% of Net
Assets
- % des
Fonds-
USD verrnogens
160,280
397,958
464,290
100,440
296,472
4,806,399
522,489
724,686
309,060
1,708,063
2,709.977
1,502,708
6,729,511
84,635
1,853,471
3,935,320
25,060
262,080
120,349
15,103.384
153,432
205,690
700,745
4,238,930
100,903
319,369
2,963,085
575,404
294,971
1,401,985
98,182
184,872
1,468860
221,630
227,135
113,381
387,170
1,312,663
2,176,394
85,308
2,357,064
354,390
803,780
770,633
320,394
1,320,825
782.559
2,528,361
92,641
107,805
1,637,274
903,450
947,962
4,832,740
128,897
42,957
900,876
5,500,615
1,014,876
212.125
151,929
0.02
0.05
0.06
0.01
0.04
0.66
0.07
0.10
0.04
0.24
0.37
0.21
0.93
0.01
0.26
0.54
0.00
0.04
0.02
2.08
0.02
0.03
0.10
0.58
0.01
0.04
0.41
0.08
0.04
0.19
0.01
0.03
0.20
0.03
0.03
0.02
0.05
0.18
0.30
0.01
0.32
0.05
0.11
0.11
0.04
0.18
0.11
0.35
0.01
0.01
0.23
0.12
0.13
0.67
0.02
0.01
0.12
0.76
0.14
0.03
0.02
A Slaternent Of changes P the composmon d eacn Of the sun f d a s is available to snareholaers on reauest lrorn lne Fund's Reg.stere4 Once or Deulsche Bank A C , Anred Herrnausen AIM 1b24. D65760
Eschbrn Eine AufsteJbngOBr Veranderungen im WertDaDefbeStandeines leden Fonds st lur Antuisinhakr a d Antrage vom GeSellschaRsHz der Fonds m e r unef dfe Deutsche Bank A G , Alfred Hermausen Ahee Ib
24. D65760 Escnbnn WhanlCh
43
*
CMI US Equity
Porttolio of investments as at 31 March 2008
Wertpaplerbestencrzum 3 1 Man 2008
Wertpaplerbestand zum 3 1 Mdrt 2008
Quanbty
Anzahl
~
-
Description Weripapierbezeichnung
13,850 Parkerhannifin
4,532 Patterson Companies Inc
8,197 Paychex Inc.
11,304 Peabody Energy
6,266 Penney fj.c.1Co. Inc.
11,500 Pepco Holdings Inc
11,653 Pepsi Bottling Group Inc
100,458 Pepsico Inc.
6,162 Perkineher Inc.
457,775 Pfizer Inc.
21,454 Pg & E Gorp.
6,265 Pinnacle West Capxorp.
13,465 Pitney Bowes Inc.
10,751 Plum Creek Timber Co Inc
16,865 Pnc Financial Services Group
1,672 Polo Ralph Lauren A
10,168 Ppg IndustriesInc.
15,675 PPI Cow.
19,664 Praxair
8,620 Precision Castparts
21,478 Principal FinancialGroup Inc.
193,816 plocter & Gamble Co.
16,176 Progress Energy Inc
43,567 Progressive Corp.
12,505 Prologis/shs Of Benef.int
37,354 Prudential FinancialInc.
8,940 Public Storage hc.
3 1,742 Publ.sen.enterprise
5,963 Pulte Homes Inc.
8.543 Q Logic Cow.
77,208 Qualcornm Inc.
9,662 Quest Diagnostics Inc.
7,361 Questar Corp.
68,119 Qwest Communicationslntl
8,181 Radioshack Corp.
8,511 Range Resources
32,643 Raytheon Company
52,879 Regions FinancialCow.
16,425 Reynolds American Inc.
6,852 Robert Half lntl Inc.
8,554 Rockwell Automation
10,575 Rockwell Collins
7,820 Rohm + Haas Co.
7,792 Rowan Companies hc
3,901 Ryder System Inc.
7,800 Safeco Corp.
36,495 Safeway Inc.
11,921 Sandisk Corp.
59,980 Sara Lee Corp.
52,904 Schering-ploughCorp.
6,889 Sealed Air Corp
3,115 Sears Holdings Corp.
21,558 Sempra Energy
6,507 Sherwin-williamsCo.
8,207 Sigma-aldrich Corp.
9,575 Simon Property/paired Shs
16,185 Slm Corp.
14,538 Srnkh InternationalInc
3,710 Snapon Inc
47,397 Southern Co.
31,084 Southwest Airlines Co.
% of Net
Market Assets
Value USD - 96 des
Marktwert FondsUSD vennogens
935,706
164,376
274,190
578,200
234,850
286,235
400,514
7,188,774
148,751
9,384,388
782,213
217.583
471,544
431,760
1,109,886
96,341
602.759
719,796
1,626,803
873,637
1,173,987
13,458,582
670,819
695,329
743,422
2,818,359
788.508
1,257,301
83,721
130.964
3,099,129
442,423
412,290
313,347
129,832
532,618
2,105,474
1,039,072
996,998
177,741
487,835
607,111
419,856
295,161
237,298
336,492
1,033,903
253,440
819,327
1,030,041
172,225
318,353
1,142.143
328,604
480,274
884,156
245,365
907.607
181,753
1,676,432
373,941
Quantity Anzahl
0.13
0.02
0.04
0.08
0.03
0.04
0.06
0.99
0.02
1.29
0.11
0.03
0.06
0.06
0.15
0.01
0.08
0.10
0.22
0.12
0.16
1.85
0.09
0.10
0.10
0.39
0.11
0.17
0.01
0.02
0.43
0.06
0.06
0.04
0.02
0.07
0.29
0.14
0.14
0.02
0.07
0.08
0.06
0.04
0.03
0.05
0.14
0.03
0.11
0.14
0.02
0.04
0.16
0.05
0.07
0.12
0.03
0.13
0.03
0.23
0.05
Description- Weripapierbezeichnung
10,528 Sovereign Bancorp Inc.
39,460 Spectra Energy Corp - Opa
176,075 Sprint Nextel Corp.
17,843 St Jude Medical Inc.
5,129 Stanley Works
36,809 Staples Inc.
38,064 Starbucks Corp.
8,395 Stamood Hotels Resorts WW
31,768 State Street Corp.
17,574 Stryker Cow.
62,847 Sun Microsystems Inc
6,136 SUnOCO h C .
14,799 Suntrust Banks Inc.
18,936 Supervalu Inc.
56,194 Symantec Cow
19,268 SYSCOCow.
16,479 T RDwe Price Group Inc.
51,851 Target Cow.
18,901 Teco Energy Inc.
18,657 Tellabs Inc.
20,070 Tenet Healthcare Corp
11,825 Teradata
3,259 Teradyne Inc.
6,403 Terex Corp.
7,126 Tesoro Corp.
75,049 Texas Instruments Inc.
20,493 Textrm Inc.
7,185 The Hershey Co.
36,158 Thermo Fisher Scientific Inc.
8,304 Tiffany & Co.
203,193 Time Warner Inc
3,782 Titanium Metals Corp.
36,010 Tjx Cos Inc.
7,005 Torchmark Corp.
11,327 Total System Services Inc
7,267 Trane Inc
61,598 Travelers Companies Inc
15,294 TySM Foods Inc.-&
19,907 Union Pacific Corp.
10,304 Unisys Corp.
8,051 United States Steel
61,835 United Technologies Corp.
103,289 UnitedheaithGroup Inc.
22,519 Unum Group
107,757 Us Bancow
9,776 Ust Inc.
55,666 Utd Parcel Service Inc 6
26,670 Valero Energy Corp.
9,080 Varian Medical Systems Inc
13,789 Verisign Inc.
193,681 Verizon CommunicationsInc.
5,559 vf Cow.
53,869 Viacom Inc -b
4,615 Vulcan Materials Co.
123,225 Wachwia Corp.
32,728 w a k r m CO.
147,460 Walmart Stores Inc.
107,514 Walt Disney /disney Ser.
48,581 Washington Mutual Inc
393 Washington Post /-b
21,558 Waste Management Inc.
% of Net
Market Assets
Value USD - K des
Marktwerk FondsUSDvermogeens
97,700
893,769
1,128,641
772,780
241,678
824,890
648,991
432,259
2,497,918
1,137,917
987,955
320,667
813.057
549,712
945,183
557,423
805,988
2,576,476
294,856
100,188
110,586
259,204
395,193
208,293
2,126,889
1,119,328
271,521
2,040,758
341,710
2,818,287
57.108
1,176,447
417,708
266,864
331.811
2,920,977
246,692
2,488,773
44,719
1,011,930
4,238,789
3,553.142
490,013
3,519,344
541,786
4,022,425
1,305,497
428,394
456,278
6,943,464
421,205
2,100,352
305,421
3,202,618
1,225,009
7,685,615
3,332,934
491,640
251,913
729,738
0.01
0.12
0.16
0.11
0.03
0.11
0.09
0.06
0.34
0.16
0.14
0.04
0.11
0.08
0.13
0.08
0.11
0.36
0.04
0.01
0.02
0.04
0.01
0.05
0.03
0.29
0.15
0.04
0.28
0.05
0.39
0.01
0.16
0.06
0.04
0.05
0.40
0.03
0.34
0.01
0.14
0.58
0.49
0.07
0.49
0.07
0.55
0.18
0.06
0.06
0.96
0.06
0.29
0.04
0.44
0.17
1.06
0.46
0.07
0.03
0.10
.
A Statement of changes in the cornposnion of eacn of the sub funds IS availaDle to shareholders on request from the Fund's AegistereU Glflce or Deutsche Bank A G Alfred Hermausen Allee 1624. D65760
EschMm Eine Aufstellung der Veranderungen Irn Wenpaperbestand emes leden Fonds 1st fur Antmblnhaber auf Anfrage vum Gesellrhatsnzdes Fonds d e r uber die Deutscne Bank A.G.. Alfred Hermausen All24. D65760 Esehbrn erhdllch.
44
1b
?
CMI US Equity
PorWolio of investments as at 31 March 2008
Werlpaplerbertand zum 3 1 MiWz 20008
% of Net
Quantity Anzahl
Market
Value USD
Description - Wertpapierbezekhung
7,223 Waters Corporation
6,795 Watson Phamaceubcals Inc.
56,739 Wellpoint Inc.
210,588 Wells Fargo & Co.
4,896 Wendy's InternationalInc.
46,863 Western Union Company
8,970 Weyerhaeuser Co.
5,878 Whirlpool Corp.
5,850 Whole Foods Market Inc.
37,041 Williams Companies Inc.
29,639 Windstream Corp.
9,278 Wrigley Jr Co .wm
66,719 w&
11,231 Wyndharn Worldwide Corp.
28,693 Xcel Energy Inc
57,917 Xerox Corp.
15,369 Xilinx Inc.
30,177 Xto Energy Inc.
57,857 Yahoo Inc.
41,603 Yum Brands
10,021 Zimmer Holdings Inc.
4,586 Zions Bancorp
44.511 3mCo.
Assets
%des
Marktwert
FondsUSD vermdgens
402,466
199,365
2,452,827
6,180,758
11 1,825
983,186
571,389
501.981
190.008
1,202,721
346,184
581,359
2,770.173
228,663
570,130
861,805
354,870
1,832,046
1,677,274
1,533,071
771,316
21 1,139
3,469,632
-
0.06
0.03
0.34
0.85
0.02
0.14
0.08
0.07
0.03
0.17
0.05
0.08
0.38
0.03
0.08
0.12
0.05
0.25
0.23
0.21
0.11
0.03
0.48
Investment
funds Transferable securities admitted to an official stock exchange listing
Anlagefonds Amtlich notierte Wertpapiere
Ireland - lrland
2,571,125 Insight Liq.fd.plc-usd C12 Dislass2
2,571,124
0.35
0.35
340,404
0.05
0.05
United States - Vereiriigk Staaten
3,885 Vornado Real.trustmen.in
TOTAL INVESTMENT PORTFOLIO -
722,134,604 99.53
SUMME WRTPAPlERBESTAND
OTHER NET ASSETS
SONSTIGE NE'lTOyERMbGEN
TOTAL NET ASSETS
3,416,426
0.47
725,551,030 100.00
GES~MTNE~OVERM~GEN
A Statement of changes in the compPsdion of each of the Sub funds is available to sharenolders on request from the Funds Re@$tered Mflce or Deutsche Bank A G , Atlred Herrhausen Allee 1b24. C-65760
Eschborn. Eine Aufstellung der Veranderungenirn Wertpapertestand eines leden Fonds I r fur AntalsinhaDer auf Anfrage vom Gesellschaftsltzdes Fonds d e r uber die DeutScne Bank A G.. Atlred krrhausen Allee 16
24 065760 Eschborn erhaltlich
45
CMI UK Equity
Sector Analysis of Porttollo as at 31 March 2008
PottFollo of investments as at 31 March 2008
Analyse des Wertpaplerbestandes nach Sektoren zum 31. MBlrz
2008
Wertpapler8estand zum 3L MBin 2008
Quantity Anzahl
% of Net
Assets
% des
%ofNet
Market Assets
Value GBP - % des
Marklwwt FondsGBPverrnogens
~
Sector
Sektor
Fondsvermogens
Banks and financial institutions - Banken, Kreditinstrhrte
10.61
Holding and finance companies - Ho/dhg- und
10.46
News transmission - Nachrichteniibermlmung
9.13
Other services - Sonstige Dienstleistungen
Nowferrous metals Nichteisenmetalle
~
Insurance - Versicherungen
Aerospace technology - Flugzeug- und Raurnfahrhndustrie
1.87
1.85
Food and distilleries - Nahrungsmitfel, alkoholische Getranke
1.70
Tobacco and spirits - Jabak und alkoholische Getranke
1.37
1.27
Precious metals - Edelmetalle und -shine
1.07
Real estate - Irnmobi,iengesellscheften
0.84
0.73
0.70
0.70
Gastronomy Gastronomie
~
0.44
0.40
Elektronik
0.39
~
Environmentalservices & recycling. Urnwelt und Recycling
Options on Indexes- Indexoptionen
0.21
TOTAL INVESTMENT PORTFOLIO SUMME WERTPARERBESTAND
96.71
TOTAL NET ASSETS
GESAMTNE~TOKRM~GEN
411,143
0.39
0.39
506.880
0.48
0.48
276,272
0.26
0.26
130,550
0.12
0.12
China - China
113,692 Asian Cttus Holding Ltd
Gibraltar Gibraltar
~
652,749 Partygaming PIC
Great Britain - GroBbritannien
252,218 Aberdeen Asset Management PIC
273,768 Acarnbis PIC
124,784 Anglo American PIC
322,541 Arm Holdings PIC
499,936 Ashtead Group PIC
78,795 Astrazeneca PIC
46,059 Autonomy Corporation PIC
310,883 Bae Systems PIC
116.021 BaFour Beatty PIC
549,849 Barclays PIC
301,465 Bg Group PIC
76,202 Bhp Billiton PIC
921,311 Blink PIC
390,593 Borders & South Pet
1,067,721 Bp PIC
295,122 Bradford & Bingley PIC
65.331 British Airways PIC
139,909 British Energy Group PIC
519,290 Et Group PIC
168,692 Burberty Group PIC
14,366 Cairn Energy PIC
137,045 CapZa Grp
347,563 Carillion PIC
620,184 Cent.african Mining & Exp.cie
329,105 Centrica Plc
81,874 Charter PIC
224,590 Cobham Re
858,074 Communisis PIC
48.319 Csr PIC
47,600 Dana Petroleum Plc
253,216 Datacash Group PIC
225,681 Digital Marketing Grp plc
116,087 Easyiet Pic
74,556 Electrocomponents
79,438 Eurasian Natural Res Corp PIC
214,523 Experian Group Ltd
32,682 Expro hternational Group PIC
22,503 Forth Ports PIC
0.42
0.26
0.25
OTHER NET ASSETS
SONSJlGE NETTOVERM&EN
11,843 First Quantum Minerals Ltd
2.10
Healthcare, education and social setvices - Gesundheit,
Bildung und soziale Einrichtungen
Graphic art and publishing Grafik und Verlage
0.20
0.20
Canada - Kanada
3.46
3.13
2.01
214,613
Bulgaria - Bulgarien
403,081 Oakley Cap.inv.kd
4.50
3.79
539,583
221.575
0.73
0.52
0.21
123,341 Narnakwa Diamonds Ltd
6.84
5.52
2.46
Textile - Textik und Bekleidungsindustrie
385,417 lntl Ferro Metals Ltd
452,193 Plantic Technologies Ltd
7.19
Warenhauser
Mechanics, machinery - Maschinen- und Maratebau
Transferable securities admitted to an official stock exchange listing Amtlich notierte Wertpapiere
11.04
Energy - Erdol
Kosmetik
Shares Aktien
3.29
100.00
340.494
328,522
3,767.229
278,192
306,211
1,490,013
418,446
1,501,565
545,879
2,471,571
3,487,950
1,132,362
156,623
259,744
5,402,668
568,848
154,998
926,897
1,112,579
761,223
403,972
933,276
1,379,825
325,597
995,543
691,426
448,955
538,441
158,124
599.760
663,426
185,058
434,165
135,692
774.521
795,880
381,399
463,562
91.51
0.32
0.31
3.58
0.26
0.29
1.41
0.40
1.42
0.52
2.34
3.32
1.07
0.15
0.25
5.14
0.54
0.15
0.88
1.06
0.72
0.38
0.89
1.31
0.31
0.94
0.66
0.43
0.51
0.15
0.57
0.63
0.18
0.41
0.13
0.73
0.76
0.36
0.44
A statement ol Cnanges In the COmMsnm oi each of the Sub lunds IS BYailaDle to sharenoder$ on request from tne Funo's Registered Onice or Oeutscne Bank A G , Anred Hermausen A l w 1b24. M5760
ESchWrn E ne Aulsle.l.ng der Verdnderungen im Wenpaplerkstand ernes ,men Fonds 1st fur Antei sinnmer a d Anlrage vom Geselscnahm dB5 Fonds mer uber dfe Denscne Bank A G , Alfred Herrnausen A l e Id
24. B65760 Escnborn erhanl.cn
46
CMl UK Equity
Podolio of investments as at 31 March 2008
Wertpaplerbestand zum 3 1 Mtim 2008
Quantity Anzahl
443,543
87,543
113,990
751,561
143,956
149,468
140,695
115,098
271,203
346,216
968,576
393,857
48,456
37,634
1,005,896
85,288
23,708
384,866
275,302
265,681
308,081
128,875
206,368
49,799
717,947
4,660,740
180,227
34,270
63,138
569,908
193,050
18,620
197,290
392,537
179,403
173,835
8 1,654
130,794
193,789
193,161
130,749
122,822
790,455
319,152
269,823
240,070
233,863
101,366
632,687
235,155
106,019
4,424,238
98,904
126,390
325,144
65,823
66,198
GlaxosmithklinePIC
Greene King plc
Hbos PIC
Hsbc Holdings PIC
leap PIC
lnchcape PIC
lnforma PIC
InspiredGaming Group PIC
InternationalPower PIC
lnvensys PIC
PIC
Kcom Group PIC
Lambert Howarth Group PIC
Land Securities Group PIC
Legal &General Group PIC
Lloyds Tsb Group PIC
hmin
Man Group PIC
Mears Group PIC
Mitie Group PIC
Moneysopermarket.com
National Grid PIC
New Star Asset Manag Group PIC
Northgate PIC
Old Mutual PIC
Pipex Communications PIC
Prudential PIC
Qinetic Group PIC
Reckitt Benckiser Group PIC
Renewable Power And Light PIC
Rentokil Initial PIC
Rio Tinto PIC
Robert Walters PIC
Royal Bk Of Scotland PIC
Royal Dutch Shell /b
Royal Dutch Shell PIC/+
Rps Group Pic
Sabmiller PIC
Sepura PIC
Serco Group PIC
Shire PIC
Southern Cross Healthcare Grp
Sport Media Group PIC
Sportech PIC
Sthree PIC
Styles &Wood /new
Tanfield Group PIC
Taylor Wimpey PIC
Tesco PIC
The Mission Marketing Grp PIC
Unilevw PIC
Vodafone Group PIC
Weir Group PIC
Wolfson Microelectronics PIC
Workspace Group Pk
Xstrata PIC
3i Group PIC
Wertpaplerbertand zum 3 1 Mtim 2008
% of Net
Market Assets
Value GW - 96 des
Marktwert FondsGBPvermogens
4,790,264
495,931
635,494
6,237.956
831,346
602,730
442,838
147,325
1,071,252
773,793
614,077
168,374
8.964
561,499
1,282.517
390,832
730,918
2,132,158
744,004
644,941
385,101
902,125
237,323
286,842
814,870
284,305
1,202,114
677,385
1,732,507
96,884
189,189
974,943
347,230
1,331,682
3,030,117
3,014,2!39
264,763
1,442,658
160,360
880,814
1,299,645
462,425
308,277
244,151
526,155
204,060
226,262
188,541
2,397,884
204,585
1,790,661
6,702,721
746.231
140,609
888,456
2,268,261
557,056
4.55
0.47
0.60
5.93
0.79
0.57
0.42
0.14
1.02
0.73
0.58
0.16
0.01
0.53
1.22
0.37
0.69
2.02
0.71
0.61
0.37
0.86
0.23
0.27
0.77
0.27
1.14
0.64
1.64
0.09
0.18
0.92
0.33
1.26
2.87
2.86
0.25
1.37
0.15
0.84
1.23
0.44
0.29
0.23
0.50
0.19
0.21
0.18
2.27
0.19
1.70
6.37
0.71
0.13
0.84
2.15
0.53
310,810
0.29
0.29
Guernsey - Guernsey
317,153 Rapid Realisations Fd Ltd
%ofNet
Quanti
Anzahl
Market Assets
Value GBP - % des
Marktwert Fonds
GBPvermogens
Isle of Man - Isle of Man
14,960 Hansard Global PIC
0.02
25,282
0.02
Luxembourg Luxemburg
0.55
349,235 Colt Telecom Group Sa
582,349
0.55
Investment
funds Transferable securities admitted to an officral stock exchange listing Anlagefonds Amtlich notierte Wertpapiere
~
175,289
227,405
76,185
242,896
Options,
Warrants,
Rights Option%
scheine
Herald Invest Trust PIC
Inti Biotechnology Trust PIC
Merrill Lynch World Mining Trust PIC
Prelude Trust PIC
13,140
0.01
0.01
Transferable securities dealt in ~1 another regulated market -An
Great Britain - GroRbritannien
2,947,800 Goindustry PIC
Shares Aktien
1.34
0.47
0.24
0.47
0.16
Transferable securities admtted to an official stock exchange listing Amtlich notierte Wertpapiere
Bulgaria - Bulgarien
187,713 Oakley Cap 07-3.8.10 Wrt
Shares Aktien
490.809
256,968
497,488
170,027
0.26
272,672
0.26
Other transferable securities - Sonstige Wertpapiere
Great Britain GroDbritannien
0.55
~
774,674 Nighthawk Energy PIC
150,1300 vyke CommunicationsPIC
TOTAL INVESTMENT PORTFOLIO SUMME WRTPAPIERBESTAND
OTHER NET ASSETS
SONSTlGE NElTOVERMOGEN
TOTAL NET ASSETS
GESAMTNETOMRM~GEN
464,804
111,000
0.44
0.11
101,935,305
96.71
3,467,698
3.29
105,403,003
100.00
A Statement of changes in the COmPDSNon of each of the sub funds 15availableto sharenolders on rewest from the Fund's ReEisterd Office or Deutsche Bank A G.. Alfred Herrhausen Allee 1624, a65760
Eschborn. Eine Aufnellung der VerBndeungen Irn WertpaperDestand eines leden Fonds 1st fur Antmlanhaber auf Anfrage wrn Gesellschaffsni des Fonds M e r ube ale Deutsche Bank A G , Alfred HerrnausenAllee 16
24, Lb65760 Eschborn ernanllch
47
Analyw des Wertpeplefbestendes nach Selrtoren rum 31. Mdfz
2008
Wertpeplefbertand zum 3 2
Quantity Anzahl
% of Net
Assets
- % des
Sector
Sektor
Fondsvermogens
Banks and financial institutions- Banken, KreditinsMute
Holding and finance companies - Ho/d;ng und
Public services Energie und Wasserversorgung
-
8.56
Chemicals- Chemie
4.10
3.89
Automobile industty - Automobilindustrie
3.35
3.15
2.98
Elektronik
Pharmaceuticals and cosmetics - Pharmazeotikaund
Kosmetik
2.76
2.18
1.97
Internet Software - fntemet Software
1.42
Retail trade, d e p a m n t stores - Einzelhandelund
Warenhauser
Consumer goods - Verschieuene Kmsurnguter
1.37
Textile Textil- und Bekleidungsindustrie
0.93
Energy - Erdol
0.91
~
TOTAL INVESTMENT PORTFOLIO.
SUMME WERJPAPIERBESTAND
OTHER NET ASSETS
SONSTlGE NETTOYERMOGEN
TOTAL NET ASSETS
GESAMTNEJTOVERM&EN
321,637
79
1.92
1.92
0.00
667,346
3.99
3.99
Finland - Finnland
33,384 Nokia Oy
France - Frankreich
2,019 Air Liquide
19,492 AlcateHucent
15,235 h a
7,242 Bnp Paribas
4,764 Carrefour Sa
6,530 Credit Agricole Sa Paris
16,039 France Telecom
4,284 Groupe Danone
2,195 Loreal
2,206 Lvmh Moet Hennessy
1,746 Renault Sa
2,720 Saint - Gobain
9,074 Sanofi - Aventis
2,096 Schneider Electric
5,026 Societe General. Paris -a981 Societe.genera1. Act.nouv.jce
Em.2008
10,079 Suez
18,002 Total Sa
4,177 Vinci
9.799
- . . Vivendi
2.54
20,267 Fortis
7,906 Fortis New /strip Wpr
11.41
9.77
% of Net
Market Assets
Value EUR .% des
Marktwert Fonds
EUR vermrjgens
Belgium - Belgien
18.88
15.79
~
Shares Aktien
Man 2008
1.03
96.99
195,257
70,951
348,729
459,577
229,101
126,682
343.235
239.861
171,803
154,619
121,347
139,454
424,119
172,082
311,713
31.49
1.17
0.42
2.09
2.75
1.37
0.76
2.05
1.44
1.03
0.93
0.73
0.83
2.54
1.03
1.87
0.36
59,861
416,666
844,113
189,970
242,525
2.49
5.04
1.14
1.45
475,003
353,690
330,994
437,184
299,668
178,191
264.220
632,758
220.449
292,878
237,334
498,200
217,464
26.55
2.84
2.12
1.98
2.62
1.79
1.07
1.58
3.78
1.32
1.75
1.42
2.98
1.30
277,830
236,874
446,928
336,139
116,325
478,500
11.32
1.66
1.42
2.67
2.01
0.70
2.86
363,813
2.18
2.18
108,884
6.21
0.65
3,835 Allianz Se
4,129 Basf Ag
6,499 Bwer Ag
8,090 Daimlerchryslerhew York)
4,232 Deutsche Bank Ag
1,748 Deutsche Boerse Ag
25.260 Deutsche Telekom
5,437 E.on Ap
1,808 Muenchener heckversicherung
3.782 h e Ag
7,556 Sap &
7,347 Siemens Ag
1,200 Volkswagen Ag
3.01
100.00
Italy - Italien
9,769 Assicurazioni Generali Spa
35,328 Enel
20,797 Eni Spa Roma
75,707 lntesa Sanpaolo Spa
89,138 Telecom Halia Spa
113,523 Unicredito ltaliano Spa
Luxembourg- Luxemburg
7,018 Arcelomittal Sa /prov.fusion
Netherlands- NieUerlande
11,708 Aegon Nv
A Statement of changes in the composition of eacn of the sub funds is availableto snarenolders on request from the Fund's Reglstered m i c e or Deutscne Bank A G.. Aifra nrrhausen ~ i l e e1624. 065760
Eschborn Eine Aufstdlunp der Verbnderungen Im Wertpperbestand eines leden Fond5 1st fur Antalsinhaber aut Anfrage vom Gerellschaftsnt des Fonds d e r u k r die Oeulsche Bank A.G , Allreci Herhausen Allee 1b
24. 065760 Escnmrn erhanllch
48
We~aplerbestandzum 32 Mdn 2008
Quantity Anzahl
%ofNet
~ssets
- % des
Markmrt Fonds-
Market
Value EUR
18,113 Ing Grow
8,988 Royal Philips Electronics Nv
13,529 Unilever Cert.of Shs
EUR vermdgens
424,388
218,768
286,409
Spain - Spanien
30,713 Banco Bilbao Vizcaya Argentaria Sa
53,198 Banco Santander Centr. Hisp Sa
33,244 lberdrola Sa
6,928 Repsol Ypf Sa Madrid
35,661 Telefonica Sa
TOTAL INVESTMENT PORTFOLIO SUMME WERJPAPIERBESTAND
OTHER NET ASSETS
SONSTIGE NETTOVERfkkEN
TOTAL NET ASSETS
GE~AMTNE~OVERM~GEN
2.54
1.31
1.71
13.33
426,296
670,295
328.783
152,693
649,387
2.55
4.01
1.97
0.91
3.89
16,211,072 96.99
502,706
3.01
16,713,778 100.00
A Statement of Changes in the comwsition of each of the sub funds is availableto shareholders on reguest from tne Fund's Registered Gffice or Deutsche Bank A.G.. ABrea Herrhausen Allee 1624. D65760
Eschbm. E l n AUfStdlUng
~
der Verdnderungen im Wenpaperbestand eires jeaen Fonas 1st f i r Antellslnhaber auf Anfrsge vom GesellschaflsRraes Fonds mer llber die Oeutsche Bank A.G.. Alfred tierrhausen A I M 16
24, D65760 EscnWrn erhaltlich.
49
Sector Analysis of Porffolio as at 31 March 2008
Analyse des Wertpaplerbestendes nach Sektoren zum 31. Marz
2008
Wertpaplertmatandzum 31. M&rz 2008
Quantity Anzahl
%ofNet
Assets
- %des
Fondsvermogens
Sector
Sektor
-
Holding and finance companies Holding. und
Electronics and electrical equipment Eleklrotechnik und
Elektronik
16.21
Banks and financial institutions- Banken, Kreditinstitute
5.46
~
4.61
Kosrnetik
4.47
Mechanics, machinery - Maschinen- und Apparatebau
4.15
4.38
@her business houses - Diverse Hande1Sh;iuser
4.06
Chemicals - Chemie
News transmission - Nachrichtenuberming
3.50
2.73
Real estate lmmobiliengesellschaften
2.42
2.33
2.16
lntemet Software - lntemet Software
1.68
Retail trade, department Stores - Einzehandel und
Warenhauser
1.58
1.22
1.16
Food and distilleries - Nahrungsmrttel. alhoholische Geir&ke
Graphic art and publishing - Grafik und Verfage
1.10
0.75
Non-ferrous metals - Nichteisenrnetalle
0.73
0.70
0.69
Energy Erdol
~
0.51
0.30
0.27
Consumer goods - Verschiedene Konsumguter
0.25
Textile - TextiC und Bekleidungsindustrie
0.11
Gastronomy - Gastronornie
0.11
Package and container industry - Verpackungsindusfrie
0.11
SUMME WRlPAPlERBESTAND
OTHER NET ASSETS
SONSTlGE NEUOMRMdGEN
TOTAL NET ASSETS
GESAMTNElTOMRMdGEN
200 Alfresa Hld Corp Tokyo
6,000 All Nippon Ailways Co. Ltd
1,500 Alps Electric Co.
2,000 Arnada Co. Ltd
600 Aoyama Trading Co Ltd
6,000 Aozora Bank Ltd
2,900 Asahi Breweries
7,000 Asahi Glass Co. Ltd
9,000 Asahi Kasei Corp.
400 Asatstidk Inc.
1,000 Asics Corp.
2,924 Astellas Pharma Inc
2,000 Bank of Kyoto
2,000 Bank Of Nagoya Ltd
1.28
600 Benesse Corp.
8,000 Bk Of Yokohama
5,000 Bridgestone Corp.
2,000 Brother Industries Ltd
10,200 Canon Inc.
1,000 Canon Marketing Japan Inc.
1,700 Casio Computer Co.ltd
13 Central Japan Railway Co.
6,000 Chiba Bank
1,000 Chiyoda Corp.
4,600 Chubu Electric Power Co.
1,500 Chugai Pharmaceut. Co.
1,000 Chugoku Bank Ltd
2,000 Chugoku Electr.power
7,000 Chuo Mitsui Trust Holdings Inc.
2,300 Citizen Holdings Co Ltd
700 Cocxola West Holdings Co Ltd
5,000 Cosmo Oil Co Ltd
1,400 Credit Saison Co. Ltd.
500 Csk Holdings Corp.
4,000 Dai Nippon Printing CoJtd
2,000 Daicel Chemical IndustriesCo.
2,000 Daido Steel Co Ltd
1,000 Daihatsu Motor Co.
4,313 Daiichi Sankyo Co Ltd
1,600 Daikin Industries Ltd
4,000 Dainippon Ink Chemic.
1,000 Dainippon Screen Manufact.
1,000 Dainippon Sumitomo Pharma Co.
700 Daito Trust Construct.
4,000 Daiwa H. Industr.co. Ltd
11,000 Daiwa SecuritiesGroup lnc.
4,000 Denki Kagaku Kogyo Kk
3.500 Denso Corp.
95.72
4.28
100.00
-
% des
Fonds-
Arntlkh notierte Werfpapiere
750 Acom Co. Ltd.
1,000 Advantest Corp.
4,800 Aeon CO. Ltd
600 Aeon Credit Service Ltd
600 Aeon Mall Co Ltd
250 Aiful Corp.
3,000 Aioi Insurance Co Ltd
1,300 Akin Seiki Co Ltd
4,000 Ajinomoto Co. Inc.
10.37
%ofNet
Assets
JPYvermogens
Japan - Japan
16.32
Public services. Energie und Wasserversorgung
~
Shares Aktien
Market
Value JPY
Marktwert
1,983,750
2,585,000
5,702,400
799,200
1,659,000
400,250
1,653,000
4,836,000
4,040,000
1,566,000
2,634,000
1,471,500
1,508,000
1,290,000
1,776.000
5,959,500
7,693,000
4,680.000
1,420,000
1,146,000
11,286,640
2,424,000
1,216,000
2,820,000
5,416,000
8,485,000
2,050,000
46,818,000
1,880,000
2,480,300
13,390.000
4,062,000
905,000
11,454,000
1,690,500
1,429,000
4,440,000
4,221,000
1,938,900
1,680,000
1,565,000
3,892,000
1,150,000
6,344,000
1,024,000
1,030,000
1,197,000
12,701,785
6,864,000
1,240,000
419,000
911,000
3,598,000
3,948,000
9,504,000
1,256,000
11,270,000
95.70
0.10
0.13
0.29
0.04
0.08
0.02
0.08
0.24
0.20
0.08
0.13
0.07
0.08
0.06
0.09
0.30
0.39
0.23
0.07
0.06
0.57
0.12
0.06
0.14
0.27
0.42
0.10
2.34
0.09
0.12
0.67
0.20
0.05
0.57
0.08
0.07
0.22
0.21
0.10
0.08
0.08
0.19
0.06
0.32
0.05
0.05
0.06
0.64
0.34
0.06
0.02
0.05
0.18
0.20
0.48
0.06
0.56
A Statement d changes in the cornposnion d each 01 the sub funds s ava lable to snareholders on rgq,ert from the F d s Registered Office or Deutscne Ban* A G Anred Herrhausen A& 1b24.D65760
Eschturn Eine Aufsteilbnp der Verhndauneen im WertwperbgstdndBines jeden Fonas 1st I d Anteds nhakr auf Anfrage w m GeseIISchattstz des Fonas oder u R r ole Deutsche Bank A G Anred Herrnausen All= Ib
24 0.65760 Eschturn erhlmich
50
U
Portfolio of investmenPs as at 31 March 2008
Wertpaplerbestand zum 32 M l l 2008
~
QuantityAnzahl
11
500
2,000
23
2,000
600
1,900
1,300
1,000
1,000
800
1,400
500
4,000
3,000
4,000
4,000
13,000
7,000
3,000
3,000
3,000
300
500
9,000
5,500
1,000
2,000
200
4,000
600
900
500
600
20,000
1,000
1,000
3,000
11,000
1,300
10,600
2,500
2,000
2,000
900
200
8,000
5
1,000
10,000
300
9,000
100
1,000
2,800
300
5,000
200
2,000
37
3,400
Market
Value JPY
Dentsu Inc. Tokyo
Don Quijote Co Ltd
Dowa Holdings Co Ltd
East Japan Railway Co.
Ebara Corp.
Edion Corp.
Eisai Co.td
Electric Power Development Co.
Elpida Memory Inc
Ezaki Glico Co Ltd
Farnilyrnart Co Ltd
Fanuc Ltd
Fast Retailing Co Ltd
Fuji Electric Holdings Co Ltd
Fuji Film Holdings Corp.
Fuji Heay Industries Ltd
Fujikura Ltd
Fujitsu Ltd
Fukuoka Financial Group
Furukawa Electric Co. Ltd
Gunrna Bank Ltd
Hachijuni Bank Ltd
Hakuhodo Dy Hld Inc
Harnarnatsu Photonics
Hankyu Hanshin Holdings Inc
Haseko Corp.
Higo Bank Ltd
Hino Motors Ltd
Hirose Electric Co. Ltd
Hiroshima Bank Ltd
Hisamitsu Pharmaceutical Co.
Hitachi Chemical Co.
Hiachi Constrmachin.
Hitachi Koki Co Ltd
Hitachi Ltd
Hitachi Metals Ltd
Hokkaido Electr.power
Hokkoku Bank Ltd
Hokuhoku Financial Group
Hokuriku Elec.
Honda Motor C o l d
Hoya Corp.
Hyakugo Bank Ltd
HyakujuschiBank Ltd
lbiden Co Ltd
ldemitsu Kosan
Ihi Corp.
lnpex Holdings Inc Tokyo
lsetan Co Ltd
lsuzu Motors Ltd
t o En Ltd
ttochu Corp.
ltochu Techno Solutions Corp.
lyo Bank Ltd
J. Front Retailing Co Ltd
Jafco Co Ltd
Japan Airlines Corp Jal
Japan Petroleum Exploration Co.
Japan Steel Works Ltd
Japan Tobacco Inc.
Jfe Holdings Inc.
Wertpaplerbeaand rum 31. M h 2008
%ofNet
Assets
- % des
Marktwert
FondsJPY verrnogens
2,497,000
905,000
1,182,000
19,067,000
608,000
553,200
6,460,000
4,667,000
3,320,000
1,235,000
2,856,000
13,272.000
4,395,000
1,620,000
10,590,000
1,668,000
1,800,000
8,476,000
3,633,000
966,000
2,139,000
1,899,000
1,779,000
1,390,000
3,879,000
808,500
574,000
1,316,000
2,238.000
1,924,000
2,178,000
1,686,600
1,247,500
762,000
11,820,000
1,468,000
2,315.000
1,341,000
3,300,000
3,055,000
30,157,000
5,850,000
1,178,000
1,056,000
3,528,000
1,542,000
1,544,000
5,550,000
1,158,000
4,980,000
529,200
8,856,000
301,000
1.064,Ooo
1,780,800
996,000
1,295,000
1,320,000
3,398,000
18,463,000
15,028,000
Quantity Anzahl
~
0.13
1,000 Jgc Corp.
0.05
0.06
0.95
0.03
0.03
0.32
0.23
0.17
0.06
0.14
0.66
0.22
0.08
0.53
0.08
0.09
0.42
0.18
0.05
0.11
0.10
0.09
0.07
0.19
0.04
0.03
0.07
0.11
0.10
0.11
0.08
0.06
0.04
0.59
0.07
0.12
0.07
0.17
0.15
1.51
0.29
0.06
0.05
0.18
0.08
0.08
0.28
0.06
0.25
0.03
4,000 Joy0 Bank Ltd
2,000
1,600
2,500
2,000
2,000
Js Group Corp.
Jsr Cow.
Jtekt Cow.
Juroku Bank Ltd
Kagoshima Bank Ltd
8,000 Kajirna Corp.
2,000 Karnigurni Co Ltd
1,000 Kandenko Co Ltd
2,000 Kaneka Corp.
5,200 Kansai Electr. Power Corp.
2,000 Kansai Paint Co Ltd Osaka
4,000 Kao Cow.
10,000 Kawasaki Heavy Ind.
3,000 Kawasaki Kisen
26 Kddi Corp.
4,000 Keihan Electric Railway Co Ltd
2,000 Keihin Elec.express Railway Corp.
3,000 Keio Corp.
3,000 Keisei Electric Railway
300 Keyence Corp.
1,000 Kikkoman Corp.
2,000 Kinden Corp.
10,000 Kintetsu Cow.
6,000 Kirin Holdings Co. Ltd
19,000 Kobe Steel Ltd
1,000 Kokuyo Co Ltd
7,500 Kornatsu Ltd
300 Korneri Co Ltd
1,000 Konarni Corp.
3,000 Konica Minoita Holdings Inc
6,000 Kubota Corp.
3,500 Kuraray Co. Ltd
1,000 Kurfita Water Ind.ltd
1,400 Kyocera Corp.
2,846 Kyowa Hakko Kogyo Co.
3,000 Kyushu Electr. Power Co.
M]O Lawsonlnc
1,000 Leopalace21 Corp.
200 Mabuchi Motors
800 Makita Corp.
11,000 MarubeniCorp.
1,500 Marui Group Co. Ltd
600 Maruichi Steel Tube
19,000 Matsushita Electr. Ind.
2,000 Matsushita Elect.works
7,000 Mazda Motor Corp.
1,000 Mediceo Paltac Holdings Co Ltd
3,000 Meiji Dairies Corp.
2,000 Meiji Seika Kaisha
4,600 Millea Holdings Inc.
2,000 Minebea Co Ltd
11,000 Misubishi Chemical HlUgs Corp.
9,400 Misubishi Corp.
12,000 Misubishi Electric Corp.
8,000 Misubishi Estate Co.
3,000 Misubishi Gas Chemical
27,000 Misubishi Heavy Industries
1,000 Mitsubishi Logistics Corp.
8,000 Mitsubishi Materials Corp.
0.44
0.02
0.05
0.09
0.05
0.06
0.07
0.17
0.92
0.75
86 of Net
Market Assets
Value JW .% des
Markhvert fondsJPYvermbgens
1,522,000
2,016,000
2,994,000
3,608,000
4,065,000
1,148,000
1,472,000
2,256,000
1,576,000
543,000
1,246,000
12,896,000
1,296,000
11,300,0OO
2,220,000
2,907,000
15,834,000
1,836,000
1,356,000
1,665,000
1,605,000
6,876,000
1,225,000
1,918,000
3,560,000
11,310.0OO
5,396,000
855,000
20,737,500
723.000
3,750,000
4,062,000
3,714,000
4,158,000
3,670,000
11,718,000
2,709,392
7,305,000
2,646.000
1,611,000
962,000
2,504,000
7,986.000
1,591,500
1,980,000
41,040,000
2,050,000
2,471,000
1,806,000
1,800,000
1,014,000
16,928,000
1,160,000
7,249.000
28,294,000
10,344,000
19,360,000
2,127,000
11,502,000
1,278,000
3,464,000
0.08
0.10
0.15
0.18
0.20
0.06
0.07
0.11
0.08
0.03
0.06
0.65
0.06
0.57
0.11
0.15
0.79
0.09
0.07
0.08
0.08
0.34
0.06
0.10
0.18
0.57
0.27
0.04
1.04
0.04
0.19
0.20
0.19
0.21
0.18
0.59
0.14
0.37
0.13
0.08
0.05
0.13
0.40
0.08
0.10
2.06
0.10
0.12
0.09
0.09
0.05
0.85
0.06
0.36
1.42
0.52
0.97
0.11
0.58
0.06
0.17
A Statement of changes in tne cornpasitionof each of the sub funds is availableto sharenouers on request from the Funds Registered Mflce or Deutsche Bank A.G.. Anred Herrhausen Allee 1b24.065760
Eschturn. Eme AufStMung der Verandwungen im Wenpapierbestand emes ieden Fonds ID fur Anteiisinhaber auf Anfrage vom GeSellschaffsitrde5 Fonds cder uher dle Deutsche Bank A.G.. Anred HerrhausenAllee 1b
24. 065760 Eachborn erhaitiich.
51
Uniyerse, The CMI Global Network Fund
Wettpaplerbestand zum 31.Man 2008
Quantity Anzahl
32,000
3,000
2,000
82,860
Misubishi Motor Corp.
Misubishi Rayon Co. Ltd
Mitsubishi Tanabe Pharrna Corp.
Misubishi Utj Financial Group Inc.
500 MitsubishiUrj Lease & Finance
2,000 Mitsubishi Urj Nicos Co Ltd
10,000 Mitsui & Co Ltd
5,000 Mitsui Chemicals Inc.
5,000 Mitsui Engin.+shipbuil
7,000 Misui Fudosan Co.
4,000 Mitsui Mining+smeiting
7,000 Mitsui 0. S. K. Lines Ltd Tokyo
12,000 Mitsui Sumitomo Insurance Co.
3,000 Mitsukoshi Ltd
700 Mitsurni Electric Co.
67 Mizuho Financial Group Inc.
14,000 Mizuho Trust &Banking Co Ltd
12 Mona Beans Holdings
600 Mor; Seiki
1,600 Murata Manufacturing Co. Ltd
200 Musashino Bank Ltd
5,000 Nagoya Railroad Co Ltd
2,000 Narnco Randai Hldg
1,000 Nanto Bank Ltd
12,000 Nec Gorp.
2,000 Ngk InsulatorsLtd
1,000 Ngk Spark Plug Co Ltd
2,000 Nhk Spring Co.
500 Nichicon Corp.
40Nidec Corp.
2,000 Nikon Corp.
800 Nintendo Co. Ltd
1,500 Nippon Electric Glass
6,000 Nippon Express Co. Ltd
2,000 Nippon Meat Packers
6,000 Nippon Mining Holdings Inc
9,000 Nippon Oil Corp.
g Nippon Paper Group Inc
5,000 Nippon Sheet Glass Co.
1,000 Nippon Shokubai Co.
40,000 Nippon Steel Corp.
40 Nippon Tel&tel
7,000 Nippon Yusen K K
4,000 Nipponkoa Insurance Co Ltd
825 Nis Group Co Ltd
7,000 Nishi Nippon City Bk
1,000 Nissan Chemical Ind.
17,600 Nissan Motor Co. Ltd
1,500 Nisshin Seifun Group Inc
4,000 Nisshin Steel Co. Ltd
1,000 Nisshinbo Ind.
700 Nissin Food Products Co. Ltd
300 Nfiori Co Ltd
1,000 Nitto Denko Corp.
700 NokCorp.
15,500 Nomura Holdings hc.
500 Nomura Real Estate Hdgs Inc
1,500 Nomura Research Institute Ltd
4,000 Nsk Ltd
3,000 Mn Corp.
g Nit Data Cow.
Portlolio of investments as at 31 March 2008
Wertpaplerbestandzum 32 M h 20008
% of Net
Market Assets
Value JW - % des
5,248.000
957,000
2,322,000
71,259,600
1,735,000
576,000
20,200,000
3,300,000
1,335,000
13,853,000
1,248,000
8,435,000
12,084,000
1,167,000
2,205,000
24,455,000
2,002,000
686,400
1,069,200
7,920,000
8 14,000
1,620,000
2,700.000
464,000
4,560,000
3,528,000
1.2%,000
1,412,000
391,000
2,452,000
5,310,000
41,120,000
2,311,500
3,438.000
2,944,000
3,168,000
5,598,000
2,124,000
2,205,000
661,000
20,200,000
17,200,000
6,552,000
3,040,000
122,100
1,834,000
1,050,000
14,502,400
1,596,000
1,380,000
926,000
2,352,000
1,692,000
4,210,000
1,428,000
23,095,000
830,000
3,907,500
3,020,000
2,040,000
3,924.000
Quantity Anzahl
0.26
0.05
0.12
3.57
143 Ntt Docomo Inc.
10 Ntt Urban Dev Corp.
5,000 Obayashi Corp.
5,000 Odakyu ELraitway
3,000 Ogaki Kyoritsu Bk
7,000 oji Paper Co Ltd
1,000 Okurna Corp. (ex- Okuma Machin.w)
2.000 Olympus Corp.
2,000 Omron Corp.
700 Ono Pharmaceutical Co.
1,000 Onward Holdings Co Ltd
200 Oracle Corp Japan
300 Oriental Land Co Ltd
730 Orix Corp Japan
14,000 Osaka Gas Co Ltd
200 Osaka Titanium Technologies Co.
1,000 PacSic Metals Co Ltd
800 Park24 Co Ltd Tokyo
1,100 Pioneer Corp.
850 Promise Co Ltd
36 Resona Holdings Inc
4,000 Ricoh Co. Ltd
400 Rinnai Corp.
900 Rohrn Co. Ltd
3 Round One Corp Sakai
200 Ryohin Keikaku Co Ltd
3,000 Sagami RaiCay Co Ltd
1,000 Sawin Godo Bank LtU
1,000 Sanken Electric Co. LtU
200 Sankyo
800 Santen Pharmaceutical
15,000 Sanyo Electric Co Ltd
2 Sapporo Hokuyo Holdings Inc
2,000 Sapporo Holdings Ltd
92 Sbi Holdings Inc
1,500 Secom Ltd
1,000 Sega Sammy Holding Inc.
1,000 Seiko Epson Corp.
2,000 Seino Holdings Co Ltd
3,000 Sekisui Chemical Co Ltd
4,000 Sekisui House Ltd
5,400 Seven & I Holdings Co Ltd
2,000 Seventyseven (77) Bank
6,000 Sharp Cow.
2,000 Shiga Bank Ltd
1,500 Shikoku Electric Power Co. Inc
200 Shima Seiki Mfg Ltd
700 Shirnachu Co Ltd
2,000 Shimadzu Corp.
100 Shirnarnura Corp.
600 Shirnano Inc.
6,000 Shirnizu Corp.
2,400 Shinetsu Chemical Co.
400 Shinko Electric IndustriesCo.
4,000 Shinko SecuritiesCo Ltd
12,000 Shinsei Bank Ltd
2,000 Shionogi & Co Ltd
2,000 Shiseido Co.ltd
4,000 Shizuoka Bank Ltd
5,000 Showa Denko Kk
1,000 Showa Shell Sekiyu Kk
0.09
0.03
1.01
0.17
0.07
0.69
0.06
0.42
0.61
0.06
0.11
1.22
0.10
0.03
0.05
0.40
0.04
0.08
0.14
0.02
0.23
0.18
0.06
0.07
0.02
0.12
0.27
2.06
0.12
0.17
0.15
0.16
0.28
0.11
0.11
0.03
1.01
0.86
0.33
0.15
0.01
0.09
0.05
0.73
0.08
0.07
0.05
0.12
0.08
0.21
0.07
1.16
0.04
0.20
0.15
0.10
0.20
Market
Value JPY
Markhvert
%&Net
Assets
- % des
Fonds-
JPYverrnllgens
21,593,000
1,430,000
2,090,000
3,690,000
1,611,000
3,143,000
1.068,ooo
6,040,000
4,090,000
3,374,000
1,018,000
924,000
1,755.000
9,928,000
5,572,000
1,234,000
968.000
783,200
2,435,250
1,089,000
5,976,000
6,552,000
1,304,000
5,553,000
312,000
1,156.000
1,215,000
797,000
586.000
1,184,000
1,860,000
3,150,000
1,390,000
1,630,000
2,206,160
7,260,000
1,055,000
2,685,000
1,296,000
1,809,000
3,688,000
13,500,000
1,116,000
10,164,000
1,352,000
4,447,500
932,000
2,096,500
1,842,000
854,000
2,748.000
2,748,000
12,360,000
450,000
1,160,000
3,948,000
3,404,000
5,270,000
4,708,000
1.680,ooo
1,008,000
1.08
0.07
0.10
0.18
0.08
0.16
0.05
0.30
0.20
0.17
0.05
0.05
0.09
0.50
0.28
0.06
0.05
0.04
0.05
0.12
0.30
0.33
0.07
0.28
0.02
0.06
0.06
0.04
0.03
0.06
0.09
0.16
0.07
0.08
0.11
0.36
0.05
0.13
0.06
0.09
0.18
0.68
0.06
0.51
0.07
0.22
0.05
0.10
0.09
0.04
0.14
0.14
0.62
0.02
0.06
0.20
0.17
0.26
0.24
0.08
0.05
A Statement of changes in tne comw~tlionof each of the sub funds is available to shareholders on reguest fromI the Fund's Registered Office or Deutsche Bank A.G.. AHred Herrhausen Allee 1624, M5760
Eachborn. Eine Aufstellung der VerLnderungen im Werttwerwstand eines jeden Fonds ist fur Anteilsinhaber auf Anfrape vorn Ge$eIlSchaR$Rzdes Fonds d e r bber die Deutsche Bank A.G.. AHred Herrhausen Allee 16
24, a65760 Eschborn Rrhdttlich.
52
Wertpaplerbestanuturn 3L Mdrz 2008
PortFolio of investments as at 31 March 2008
Wertpaplerbe8tand zum 9 1 MZin 2008
% of Net
Market
Quanti Anzahl
Value JPY
400 SmcCorp.
4,300 Softbank
10,800 Sojiiz Corp.
6,000 Sompo Japan Insurance Inc
7,600 Sow Cow.
40Square Enix
1,000 Stanley Electric Co Ltd
800 Sumco Corp.
2,000 Sumitomo Bakelite Co
10,000 Sumitomo Chemical Co. Ltd
7,000 S U m h l l O CWP.
4,500 Sumitomo Electric Industries
3,000 Sumitomo Heavy Industries
28,000 Sumitomo Metal Industries
4,000 Sumrtomo Metal Mining Co. Ltd
58 Sumitomo Mrtsui FinancialGr.
4,000 Sumitomo Reatty&development
1,000 Sumitmo Rubber Ind.
9,000 Sumitomo Tr. & Banking
2,000 Suruga Bank Ltd
40 Suzuken Co.
3,200 Suzuki Motor Corp.
5,000 Taiheiyo Cement Corp. Tokyo
7,000 Taisei Corp.
2,000 Taisho Pharmaceutical Co.ltd
3,000 Taiyo Nipsanso Corp.
1,000 Tajo Yuden Co Ltd
2,000 Takashimaya Co. Ltd
500 Takata Corp Tokyo
5,200 Takeda Pharmaceutical Co. Ltd
680 Takefuji Corp.
1,350 T&d Holdings hc Tokyo
800 Tdk Corp.
6,000 Teijin Ltd
1,200 Terumo Corp.
1,000 Thk Co. Ltd
5,000 Tobu Railway Co.ltd
3,000 Toda Corp.
1,400 Toho Co Ltd Tokyo
4,000 Toho Gas Co Ltd
3,000 Tohoku Electr. Power
2,000 Tokuyama
7,600 Tokyo Electric Power
900 Tokyo Electron Co. Ltd
16,000 Tokyo Gas Co. Ltd
400 Tokyo Seimitsu Co. Ltd
700 Tokyo Steel Mfg
2,000 Tokyo Tatemono Co. Ltd
7.000 Tokyu Cow.
3,000 Tokyu Land Corp.
3,000 Tonengeneral Sekju Kk Tokyo
4,000 Toppan Printing Co Ltd
9,000 Toray IndustriesInc.
19,000 Toshiba Corp.
4,000 Tosoh Corp.
3,000 Toto Ltd
1,200 Toyo Seikan Kaisha Ltd
1,000 Toyo Suisan Kaisha
400 Toyoda Gosei Co Ltd
500 Toyota Boshoku Corp.
1,000 Toyota IndustriesCorp.
% of Net
Assets
des
Fonds-
Marktwert
JPY verm!3gens
4,204,000
7,770,100
3,564,000
5,280,000
30,172,000
1,392,000
2,430,000
1,740,000
1,010,000
6,380,000
9,191,ow
5,679,000
1,932,000
10,584,000
7,420,000
38,048,000
7,028,000
764,000
6,174.000
2,514,000
1,640,000
8,048,000
1,200,000
1,778.000
3,954,000
2,394,000
972,000
2,242,000
1,100,000
25,948.000
1,434,800
7,047,000
4,712,000
2,520,000
6,240,000
1,717,000
2,660,000
1,230,000
3,276,000
1,920,000
7,305,000
1,446,000
20,254,000
5,454,000
6,448,000
732,000
946.400
1,312,000
3,556,000
1,875,000
2,559,000
4,624,000
5,823,000
12,654,000
1,372,000
2,829,000
2,271,600
1,500,000
1,500,000
1,492,500
3,540,000
Quantity Anzahl
0.21
0.39
0.18
0.26
1.51
0.07
0.12
0.09
0.05
0.32
0.46
0.28
0.10
0.53
0.37
1.91
20,600 Toyota Motor Corp.
1,400 Toyota Tsusho Corp.
1,000 Trend Micro Inc.
1,000 U N Y Co Ltd
4,000 Ube Industries Ltd
300 Ukaclnc
200 Unicharm Corp.
800 Ushio lnc
200 Uss Co Ltd Tokai
1,000 Wacoal Holdings Corp.
13 West Japan Railway Co.
140 Yahoo Japan Corp. Tokyo
1,200 Yakult Honsha
720 Yamada Denki Co Ltd
1,000 Yamaguchi FinancialGroup Inc
1,300 Yamaha Corp.
1,000 Yarnaha Motor Co. Ltd
0.35
0.04
0.31
0.13
0.08
0.40
0.06
0.09
0.20
0.12
0.05
0.11
0.06
1.30
0.07
0.35
0.24
0.13
0.31
0.09
0.13
0.06
0.16
0.10
0.37
0.07
1.01
0.27
0.32
0.04
0.05
0.07
0.18
0.09
0.13
0.23
0.29
0.63
0.07
0.14
0.11
0.08
0.08
0.07
0.18
400 Yamatake Corp.
3,000 Yamato Holdings Co. Ltd
400 Yamato Kogyo Co Ltd
1,000 Yamazaki Baking Co.
1,000 Yaskawa Electric Corp.
2,000 Yokogawa Electric Corp.
2,000 Yokohama Rubber Co Ltd
1,000 Zeon Cow.
Options,
Warrants,
Rights -
Optionsscheine
Market
ValueJFV
Marktwert
Fonds
JPYvermogens
102,382,000
2,961.000
3,910,000
954,000
1,292,000
1,197,000
1,458,000
1,497,600
1,380,000
1,473,000
5,694,000
7,252,000
3,708,000
6,192,000
1,129,OW
2,477.800
1,834,000
1,118,000
4,380,000
1,608,000
944.000
947.000
1,996,000
954,000
446,000
5.14
0.15
0.20
0.05
0.06
0.06
0.07
0.08
0.07
0.07
0.29
0.36
0.19
0.31
0.06
0.12
0.09
0.06
0.22
0.08
0.05
0.05
0.10
0.05
0.02
Transferable securities admitted to an official stock exchange l i n g ArnHich notierte Wemapiere
Japan - Japan
1,000 D w a Mining 0929.1.10Wrt
Shares Aktien
Assets
-%des
0.00
0.00
0.00
Japan Japan
~
1,000 Urban Corp.
TOTAL INVESTMENT PORTFOLIO SUMME WERTPAHERBESTAND
OTHER NET ASSETS
SONSTlGE NElTOVERM&EN
TOTAL NET ASSETS
GESAMTNE~OMRM~GEN
424,000
0.02
0.02
1,911.255,027 95.72
85,446,498
4.28
1,996,701,525 100.00
A Statement of changes in the ComposMn of each of the sub fundsis availableto shareholders on reguest from the Fund's Registered Office or Deutsche Bank A.G.. Alfred Herrhausen Allee 1624. D.65760
Eschborn. Eine Aufstellung der VerhdWungefl im Wenwwerbestand elnes ieden Fonds 1st f i r Anteilsinhaber aut Antrage vom Gesellschaftsitt des Fonds d e r uber die Dcutxne Bank A.G.. AKred Herrhausen Allee 16
24. 065760 Eschborn erhalich.
53
Sector Analysls of Portfolio as at 31 March 2008
Analyse des W e ~ p l e r b e s t a n d e snach Sektoren tum 3 1 Mllrz
2008
Analyre dea Wertpaplerbeatandea nach Sektoren zum 31. Mdrz
2008
% of Net
%ofNet
Assets
Assets
- % des
Sector
Sektor
Fonds-
verrnogens
Banks and financial institutions- Banken, Kfeditinstrtute
Energy - Erdol
8.55
Nowferrous metals - Nichteisenmetalle
5.88
Pharmaceuhcalsand cosmetics - Pharmazeutikaund
Kosmetik
5.84
4.35
3.95
3.73
3.07
2.64
Precious metals - Edelrnetalle und -steine
2.31
2.20
Aerospace technology - Flugzeug- und Raumfahrtindustrie
2.19
1.80
1.71
1.56
1.39
Mechanics, machinery - Maschinec und Apparatebau
0.99
0.97
Real estate lmmobiliengesellschaften
0.80
0.63
lntemet Software Internet Software
~
Elektronik
Healthcare. education and social services - Gesundheit,
BildunR und soziale Einrichtungen
Package and container industry - Verpackungsindusfrie
0.56
0.18
0.15
0.12
Chemicals- Chemie
Textile - Textil- und Bekleidungsindustrie
OTHER NET ASSETS
soNsnGE NETTOVERM~GEN
2.03
TOTAL NET ASSETS
GESAMTNETTOVERM~GEN
100.00
3.91
Investment funds - InveslmeniVonds
~
97.97
5.57
0.01
SUMME WERTPAWERBESTANO
6.81
Retail trade, deparbnent stores - Einzelhandelund
Warenhauser
Insurance .Versicherungen
Fonds
werm&ens
-
14.93
10.10
News transmissim - Nachrichtenuberrning
.% des
Sector
Sektor
0.48
0.23
Environmentalservices & recycling - Umwelt und Recycling
0.12
0.08
0.05
0.04
0.03
0.02
Options on Indexes- Indexoptionen
0.01
Kosmetik
0.01
A Statement of changes in the cornposrlion of eacn of the sub funds is available to snarenolders on request from tne Fund's RBglStered Oftice or Deutsche Bank A G , AHrd Herrhausen Allee 1624.065760
EscnWrn Elne AufstellunM der Veranderungen Im Wanpapierbestand eines reden Fonds 1st fur Antalsinhaber auf Anfrage vnrn Gerenscnalfsrtzdes Fonds d e r uber dle Deutsche Bank A G Alfred Herrhausen Allee 16
24, D65760 EscnWrn erhanlch.
.
54
Wertpeprerbestantr rum 32 Man 20008
Wertpaplerbestand zum 3 1 Mdn 2008
Quantity.
Anzahl
Shares .
Aktien
% of Net
%ofM
Market Assets
Value GBP - % des
MarMwert fondsGBPverm6gens
Quantity -
Anzahl
Australia - Austra1;en
18,200
0.03
0.03
68.401
15,495
50,228
34.468
0.29
0.11
0.03
0.09
0.06
15,498
0.03
0.03
91,170
0.15
0.15
8,040
0.01
0.01
31,581
55,407
51,656
13,205
65,647
1,680
82,622
78,222
47,638
1,435,896
6,616
13,972
7,100
102,330
29,600
5,384
42,446
48,398
25,155
12,847
120,903
984,246
62,841
16,920
4,490
569,681
4,290
9,772
51,600
605,817
71.558
1,062,586
51,810
22,040
15.674
35,941
48,146
1,403,718
1,200,865
95.00
0.05
0.09
0.09
0.02
0.11
0.00
0.14
0.13
0.08
2.44
0.01
0.02
0.01
0.17
0.05
0.01
0.07
0.08
0.04
0.02
0.21
1.67
0.11
0.03
0.01
0.97
0.01
0.02
0.09
1.03
0.12
1.80
0.09
0.04
0.03
0.06
0.08
2.38
2.04
9,012 Aquarius Platinum
6,000 Benfield Group Ltd /when 15s.
11,168 Catlin Group Ltd
14,302 Hiscox Ltd
Finland Finnland
~
4,200 Talvivaara Mining
France - Frankreich
12,610 Amec Plc
Gibraltar - Gibraltar
40,200 PartygamingPk
-
Great Briiain Groflbritannien
23,393 Aberdeen Asset Management PIC
6,900 Admiral Group PIC
41,491 Aegis Group PIC
4,277 Aga Foodservice Group PIC
10,162 Aggreko
4,000 Aliqme PIC
15,589 Alliance & Leicester PIC
23,650 Alliance Trust PIC
17,402 Amlin PIC
47,562 Anglo American PIC
1,010 Anglo Eastern Plantations Inc
9,132 Anglo Pacific Group PIC
17,861 Anite Group PIC
14,745 Antofagasta PIC
40,000 Aricom PIC
7,400 Ark Therapeutics Group PIC Ldn
6,999 Arriva PIC
9,000 Ashmore Group PIC
20,975 Ashtead Group PIC
13,786 Ass. British Foods PIC
52,049 Astrazeneca PIC
6,917 Autonomy Corporation PIC
1,500 Aveva Group PIC
17,270 Avis Europe
92,631 Aviva PIC
1,560 Axis-shield PIC
2,463 Axon Group PIC
9,021 Babcock InternationalGroup
125,428 Bae Systems PIC
15,209 Baifour k a t t y PIC
236,393 Barclays PIC
12,714 Barratt Devel. PIC
14,500 Bba Aviation Plc
9,858 Beazley Group Plc
4,155 Bellway Plc
4,318 Berkeley Group Hld PIC/units
121,324 Bg Group PIC
80,812 Bhp Billiton PIC
4,440 Cobham PIC
8,014 Collins Stewart PIC
5,990 Communisis PIC
67.807 Compass Group PIC
5,300 Computacenter PIC
3,660 Connaught PIC
7,644 Cookson Group PIC
2,374 Corin Group PIC
1,217 Cranswick PIC
4,833 Croda lntl PIC
4,429 Csr PlC
14,073 D S Smith PIC
4,866 Dairy Crest Group PIC
3,000 Dana Petroleum PIC
8,173 Davis Service Group
Assets
.% des
Marktwert
FondsGBPvermClgens
Description- Werbapierbezeichnung
13,582 B i a PICBirmingham
3,100 Big Yellow Group
2,700 Bloomsbury Publishing PIC
1,000 Bluebay Asset Management /new
11,574 Bodycote International Plc
4,862 Bovis Homes Group PIC
680,439 BP PIC
1,493 Bpp Holdings PIC
23,317 Bradford & Bingley PIC
12,007 Brewin Dolphin Hld
14,821 Brii InsuranceHld PIC
42,069 British Airways PIC
54,631 British American Tobacco
37,391 British Energy Group PIC
18,934 British Land
47,990 British Sky Broadcasting Group
10,510 Briiic Plc
10,657 Brixton PIC
4,340 Bss Group PIC
290,643 Bt Group PIC
4,930 BgRC
12,755 BUflZl PIC
15,979 Burberry Group PIC
89,030 Cable & Wireless PIC
76,687 Cadbury Schweppes
4,765 Cairn Energy PIC
2,067 Caledonia Investments PIC
22,020 Capita Grp
2,500 Caprtal& Regional PIC
3,897 Care Uk PIC
13,955 Carillion PIC
7,771 Carnival PIC
2,772 Carpetright
12,260 Carphone Warehouse Group
1,700 Carter & Carter Group PIC
1 I ,692 Cattles
9,409 Centaur Media PIC
133,872 Centrica Plc
6,000 Charter PIC
11,800 Chaucer Holdings PIC
1,562 Chemring Group PIC
3,853 Chesnara Plc
18,119 Chime CommunicationsPIC
9,115 Chloride Group PIC
5,122 Close Brothers Group PIC
2,383 CIS Holdings PIC
Transferable securities admitted to an official stock exchange listing.
Amtlich notierte Wertpapiere
13,000 lntl Ferro Metals Ltd
Market
Value GBP
47,435
13,129
4.185
3,470
21,759
28,686
3,443,020
7,793
44,944
16,420
35,978
99,809
1,021,052
247,715
171,542
266,345
33,737
34,395
17,100
622,703
4.191
91,007
72,105
131,764
423,312
133,992
42.787
149,956
13,563
15,627
55,401
154,410
21,303
34,328
1,403
27,447
7,504
404,963
50,670
11,771
38,238
6,348
5,255
17,319
31,859
8,388
88,836
10,178
3,759
222,068
8,997
13,780
50,794
11,093
6,079
32,357
14,494
22,306
22,043
37,800
40,763
0.08
0.02
0.01
0.01
0.04
0.05
5.85
0.01
0.08
0.03
0.06
0.17
1.73
0.42
0.29
0.45
0.06
0.06
0.03
1.06
0.01
0.15
0.12
0.22
0.72
0.23
0.07
0.25
0.02
0.03
0.09
0.26
0.04
0.06
0.00
0.05
0.01
0.69
0.09
0.02
0.06
0.01
0.01
0.03
0.05
0.01
0.15
0.02
0.01
0.38
0.02
0.02
0.09
0.02
0.01
9.05
0.02
0.04
0.04
0.06
0.07
A Statement of changes in the cornposfiion of each of the sub funds is availableto shareholders on repuest from the Funds RegiSteledotflce or oeutscne Bank A 6.. Alfred Hermausen AI& lb24.065760
Eschbm Line Aufstdlungder Verhdwungen Im Wertpaperbestand emes leden Fonds 1st fur Aotmlsinhaber auf Anfrage vom Gesellschaffsnz des Fonds cder uber die Deutscne Bank A G Alfred nermausenAllee 16
24, D65760 ErhbOrn erhanlich
I
55
UFiverse, The CMI Global Network Fund
Poltfolio of investments as at 31 March 2008
Wertpaplerbertandzum 32 MIirr 2008
Wertpaplerbestandzum 3 1 MzTn 2008
Quantity Anzahl
5,777 De La Rue PIC
23,000 Debenhams PIC
3,692 Dechra Pharmaceuticals PIC
8,750 Delta PIC
3,555 Dement London PIC
4,649 Detica Group PIC
13,811 Dwro PIC
3,700 D.f.s.furniture Entitiem.units
93,058 Diageo Pic
4,457 Dicom Group PIC
2,300 Dignity PIC
55,540 Dimension Data Holding Ltd
5,370 Diploma PIC
3,932 Domino Print Sew.
12,013 Drax Group PIC
70,949 Dsg InternationalPIC
4,000 MZ Holdings PIC
6,900 Eaga PIC
10,599 Easyjet PIC
15,558 Electrocomponents
15,210 Elementis PIC
8,416 Ernap PIC
16,020 Enodts PIC
33,050 Entertainment Rights PIC
19,466 Entreprise hns Pic
13,900 Eurasian Natural Res Corp Pic
17,533 Evolution Group PIC
37,293 Experian Group Ltd
4,250 Expro InternationalGroup PIC
2,263 E2v Technologies PIC
7,200 F&c Asset Management PIC
9,300 Fenner
7,000 Ferrexpo Pic
1,459 Fidelity Special Values PIC
1,227 Fidessa Group PIC
8,200 Filtrona PICMilton Keynes
3,270 Filtronic PIC
3,507 Findel PIC
1,500 Finsbury Worldwide Pharmaceutical
Trust PIC
15,020 Firstgroup PIC
23,626 Fki PIC
1,665 Forth Ports Pic
192,758 Fortune Oil
5,038 Foseco Public Limited Company
78,304 Friends Provident PIC
16,370 Future PIC
25,663 Galiform PIC
13,934 Galliford Try PIC
9.141 Gcap Media
2,158 Genus PICHampshire
27,081 Gkn Pic
197,466 GlaxosmithklinePIC
1,380 Goldshield Group PIC
5,750 Great Portland Est
5,174 Greene King PIC
436 Greggs PIC
44,728 G4s PIC
8,886 HaHords Group Pic
15,869 Halma PIC
10,375 Hammerson
% of Net
Market Assets
Value GBP - % des
Marktwwt FondsGBPverrnogens
51,300
13,283
13,845
8,159
52,970
11,425
11,083
0.00
949,191
8.624
17.733
27.353
7,827
12,111
64,570
45,939
8,470
12,748
39.640
28,277
9.963
39.555
22.388
3,262
78,983
135,525
18,366
138,357
49,598
4,119
13,500
21,460
24,063
7,441
8,890
14,330
5,649
17,447
6,900
85,839
17,129
34.299
16,192
14,837
97,254
4,584
20,659
9,196
17,825
15,732
83,139
2,132,632
4,002
29,670
29,311
19,598
101,756
25,592
30,865
114.436
Quantity Anzahl
0.09
0.02
0.02
0.01
0.09
0.02
0.02
0.00
1.61
0.01
0.03
0.05
0.01
0.02
0.11
5,400 Hargreaves Lansdown PIC
53,000 Hays PIC
134,851 HbOS PIC
3,630 Headlam Group PIC
4,060 Helical Bar PIC
5,280 Helphire Group London
26,172 HendersonGroup
4,685 Hikma PharmaceuticalsPIC
2,851 Hill & Smith Holdings
14,300 Hmv Group PIC
3,318 Hochschild Mining PIC
800 Holidaybreak PIC
32,081 Home Retail Group PIC
2,708 Homeserve
423,417 Hsbc Holdings PIC
5,094 Hunting PIC
5,244 Huntsworth PIC
16,717 lcap PIC
12,123 Ig Group Holdings PIC
3,900 ImaginationTechnologies Group
12,304 Imi PIC
8,200 lmpax Environment Markets PIC
2.000 Imperial Energy Corporation PIC
24,322 Imperial Tobacco Group PIC
16,800 lnchcape PIC
15,004 lnforma PIC
16,800 lnmarsat PIC
10,978 lntercont Hotels Group Inc
3.119 Intermediate Capital Group
9,265 International Personal Fi. PIC
54,171 International Power PIC
4,380 interserve PIC
5.000 lntertek Group PIC
29.220 lnvensys PIC
15,420 lnvestec PIC
13,735 Ip Group PIC
6,405 lte Group PIC
137,343 IN PIC
5,489 J D Wetherspoon PIC
1,900 James Fisher & Sons PIC
5,717 Jardine Lloyd Thompson Gr. PIC
8,335 Jjb Sports PIC
2,800 Jkx Oil & Gas Pic
1,600 John Menties PIC
7,940 Johnson Matthey PIC
10,117 Johnston Press PIC
63,394 Jsainsbury PIC
6,856 Kazakhmys LimZed
18,500 Kcom Group PIC
2,400 Keller Group
19,907 Kesa Electricals
1,410 Kier Group PIC
85,714 Kingfisher PIC
24,956 Ladbrokes PIC
6,229 Laird Group PIC
17,177 Land SecuritiesGroup PIC
227,928 Legal & General Group PIC
12,864 Liberty International PIC
3,464 Liontrust Asset Management PIC
203,917 Lloyds Tsb Group PIC
55,388 Logicacmg PIC
0.08
0.01
0.02
0.07
0.05
0.02
0.07
0.04
0.01
0.13
0.23
0.03
0.24
0.08
0.01
0.02
0.04
0.04
0.01
0.02
0.02
0.01
0.03
0.01
0.15
0.03
0.06
0.03
0.03
0.17
0.01
0.04
0.02
0.03
0.03
0.14
3.62
0.01
0.05
0.05
0.03
0.17
0.04
0.05
0.19
% of Net
Market Assets
Value GBP - % des
Marktwwt Fonds
GBPvemogens
9,666
60,420
751,794
13,785
15,347
9,451
28,135
22,734
9,779
18,340
14,508
4,344
84,373
52,698
3,514,360
42,331
3,723
96,541
40,612
2.633
55,553
9,799
25,960
560,379
67,746
47,225
73,626
83,707
48,781
20,846
213,975
21,232
51,300
65,307
53,469
14,559
9,992
87,075
15,205
11,552
21,239
9,252
12,138
8,624
159,356
12,747
217,758
108,188
7,909
16,488
41,207
19,557
111,600
77,988
31,332
256,281
290,608
123,366
8,314
934,450
58,157
0.02
0.10
1.28
0.02
0.03
0.02
0.05
0.04
0.02
0.03
0.02
0.01
0.14
0.09
5.98
0.07
0.01
0.16
0.07
0.00
0.09
0.02
0.04
0.95
0.12
0.08
0.13
0.14
0.08
0.04
0.36
0.04
0.09
0.11
0.09
0.02
0.02
0.15
0.03
0.02
0.04
0.02
0.02
0.01
0.27
0.02
0.37
0.18
0.01
0.03
0.07
0.03
0.19
0.13
0.05
0.44
0.49
0.21
0.01
1.59
0.10
A Statement of changes in the comtmsilion of each of the sub funas is availableto sharenolder$ on request from the Fund's Registered Office Or Deutscha Bank A.G.. Anred Herrhausen Allee 1824.065160
Eschborn. Eine Aufnellung der Veranderungen im Wenpaperbestand eines jeden Fonds 1st fur Anteilsinhamr aut Anfrage vom Gesellschaffsnzdes Fonds M e r uber dle Deutscne Bank A.G.. AMed Herrhausen Allee
24. D65760 Eschborn erhamich.
56
1b
Wertpaplerbestand turn 31. M h 2008
Quantity Anzahl
5,661 Lonmin
6,918 Lookers PIC
7,907 Lse Group
2,700 Luminar Group Holdings Flc
62,532 Man Group PIC
62,096 Marks And Spencer
3,621 Marshalls PIC
13,624 Marston S PIC
6,300 Mcbride Plc
23,285 M e u a PIC
4,682 Melrose PIC
12,794 Michael Page lntl PIC
4,286 Micro Focus lntl PIC
6.842 Millennium & Copthorne Hotels
7,475 Minerva PIC
17,896 Misys PIC
14,868 Michells & Butlers PIC
11,923 Miie Group PIC
3,191 Modwen Property PIC
12,846 Mondi PlC
9,200 Moneysupermarket.com
9,826 Morgan Crucible Co Plc
1,216 Morgan Sindall PIC
3,007 Morse PIC
3,200 Mothercare plc
4,100 Mouchel Parkman PIC
8,839 N Brown Group PIC
5,396 National Express Group PIC
92,451 National Grid PIC
6,500 New Star Asset Manag Group PIC
7,819 Next PIC
3,316 Nord Anglia Education PIC.Uk
19,934 Northern Foods Flc
15,500 Northern Rock PIC
2,497 Northgate plc
14,772 Northumbrian Water Group PIC
38,412 Novae Group PIC
200,040 Old Mutual Plc
21,700 Oxford Biomedica Ltd
3,935 Oxford Instruments PIC
7,250 Pace Micro Technology
1,863 Paypoint PIC
29,397 Pearson PIC
24,200 Pendragon PIC
13,314 Pennon Grwp PIC
10,872 Persimmon PIC
7,109 Petrofac Ltd
5,070 Pinewood Shepperton PIC
14,153 Premier Famell PIC
30,923 Premier Foods PIC
3,300 Premier Oil PIC
15,300 Protherics PIC
4,632 Provident Financial
87,711 Prudential PIC
5,855 Psion PIC
9,600 Punch Tavems Ltd
8,100 FV Crystalox Solar
7,900 Pz Cussons PIC
17,500 Qinetic Group PIC
4,750 Quintain Est & Dev PIC
10,892 Rank Group PIC
Porttolio of investmentsas at 31 March 2008
Wertpaplerbeatand zum 3 1 M h 2008
% of Net
Market Assets
Value GW - % des
Marktwert FondsGBPverrnogens
174,529
6,365
94,805
8,087
346,427
240,467
9,234
28,202
6,489
64,499
6,613
38,798
8,272
28,155
7,101
24,920
51,220
28,943
15,309
53,215
11,500
21,372
12.032
1,744
12,864
17,630
21,390
54,446
647,157
7,475
89,293
9,683
18,439
13,950
14,383
51,924
13,252
227,045
4,991
7,358
6,616
10,433
200,929
8,047
87,007
82.410
39,668
12,675
25,405
35,020
46,002
8,109
40,252
585,032
5,855
52,800
10,429
14,615
34,038
21,363
9,639
%ofNet
Quantity
Anzahl
0.30
0.01
0.16
0.01
0.59
0.41
0.02
0.05
0.01
0.11
0.01
0.07
0.01
0.05
0.01
0.04
0.09
0.05
0.03
0.09
0.02
0.04
0.02
0.00
0.02
0.03
Market
Value GBP
~
1,543 Rathbone Brothers PIC
2,314 Raymarine PIC
25,697 Reckitt Benckiser Group PIC
5,869 Redrow PIC
40,257 Reed Elsevier PIC
28,613 Regus Group PIC
2,574 Renishaw PIC
1,100 Renovo Grwp Sa
66,424 Rentokil Initial PIC
8,221 Restaurant Group PIC
45,918 Reuters Group
23,505 Rexam PIC
2,070 Ricardo PIC
1,155 Rightmove PIC
35,787 Rio Tinto PIC
5,726 Rit Capital Partners PIC
7,374 Rm
3,520 Robert Waiters PIC
1,400 Robert Wiseman Dairies
Rok PIC
5,907,955Rolls Royce Group.cl B
65,937 Rolls-royce Group PIC
3,164 Rotork
117,472 Royal & Sun Alliance
362,479 Royal Ek Of Scotland PIC
98,826 Royal Dutch Shell /b
128,678 Royal Dutch Shell Pk/+
5,874 Rpc Group PIC
7,658 Rps Group PIC
40,932 Sabmiller PIC
5,200 Safestore Holdings PIC
46,471 Sage Group PIC
2,456 Salamander Energy PIC
4,800 SaVillS PIC
3,190 Schroders/ Nonvoting
6,010 Schroders PIC
1,187 sci Entertainment PIC
3,163 Scott Wilson Group Pk
31,229 Scottish &Southem Energy PIC
4,940 Scottish Amer.inv.co
34,220 Scottish Newcastle
2,736 Sdl PIC
14,149 Senior PIC
17,501 Serco Group PIC
3,936 Severfielkowen PIC
8,684 Severn Trent PIC
5,831 Shaftesbury PIC
10,971 Shanks Group PIC
20,116 Shire PIC
12,638 Shore Capital Group PIC
4,351 Sig PIC
68,153 Signet Group PIC
44,905 Skyepharma
33,370 Smith And Nephew PIC
13,992 Smrths Group PIC
6,588 Smhs New PIC
2,533 Soco lntl PIC
7,000 Southern Cross Heathcare Grp
4,793 Spectris PIC
1,900 Speedy Hire PIC
2.848 Spiraxsarco Engineering PIC
0.04
0.09
1.10
0.01
0.15
0.02
0.03
0.02
0.02
0.09
0.02
0.39
0.01
0.01
0.01
0.02
0.34
0.01
0.15
0.14
0.07
0.02
0.04
0.06
0.08
0.01
0.07
0.59
0.01
0.09
0.02
0.02
0.06
0.04
0.02
FondsGBPvermOgens
Marktwert
~
10,ooo
Assets
.% des
16,186
5,224
705,126
18,825
258,651
27,397
17,490
391
65,096
12,660
266,095
101,130
7,224
5,622
1,873,806
66,250
14,822
6,195
6,454
12,050
5,908
265,891
34,203
152,244
1,229,709
1,669,170
2,231,276
11,924
24,831
451,480
8,372
88,155
7,411
16,824
27,466
57,005
519
7,583
443,452
10,695
269,311
8,208
14,326
79,805
12,054
123,486
33,587
26,440
199.953
4,676
38,332
41,744
6,062
222,578
131,525
6,423
48,380
26,355
36,091
14,393
29,534
0.03
0.01
1.20
0.03
0.44
0.05
0.03
0.00
0.11
0.02
0.45
0.17
0.01
0.01
3.18
0.11
0.03
0.01
0.01
0.02
0.01
0.45
0.06
0.26
2.09
2.84
3.79
0.02
0.04
0.77
0.01
0.15
0.01
0.03
0.05
0.10
0.00
0.01
0.75
0.02
0.46
0.01
0.02
0.14
0.02
0.21
0.06
0.04
0.34
0.01
0.07
0.07
0.01
0.38
0.22
0.01
0.08
0.04
0.06
0.02
0.05
A Statement of changes in tne cornwsrtion of each of the sub funds is availaDle to shareholders on request from the Funds RegisteredMflce or Deutsche Bank A.G.. Alfred Herhausen Allee 1b24.M5760
Eschborn. Eine Aufstallung der Veranderungen im wertoaplermstana shes leden Fonds ist fur AnteilsinnaDer auf Anfrage wrn Gesellxhaflsik des Fonds oder iiber die Deutsche Bank A.G.. Anred Herrhauseo Allee i&
24. 065760 EscnWrn erhllich.
57
Podolio of investments a b at 31 March 2008
Wertpaplerbertand zum 31. Man 2008
WertpaplerbestBDllturn 31. M&h2008
% of Net
Assets
Value GBP - % des
Marktwert FondsGBPvermligens
Market
Quantity Anzahl
33,430 Spirent Communications Plc
12,400 Sports Direct International
8,002 Ssl InternationalPIC
5,900 St James's Place PIC
24,798 Stagecoach Group PIC
50,327 Standard Chartered PIC
79,418 Standard Life PIC
3,800 Sthree PIC
3,912 St.ives PIC
5,093 Styles & Wood /new
19,085 Tate t Lyle PIC
16,054 Taylor Nelson Sofres PIC
41,912 Taylor Wimpey PIC
1,000 Ted Baker PICLondon
5.088 Telecom Plus PIC
282,134 Tesco PIC
14,158 The Game Group PIC
1,790 The G*aheaU Group PIC
34,804 The Innovation Group PIC
2,086 The Vitec Group PIC
16,500 Thomas Cook Gp
5,296 Thorntons
5,966 Thus Group PIC
30,433 Tomkins PIC
4,730 Topps Tiles PIC
1,500 Town Centre Securities PIC
4,741 Travis Perkins PIC
10,292 Trinity Mirror PIC
5,789 Tt Electronics Plc
19,108 Tui Travel PIC
8,014 Tullet Prebon PIC
25,673 Tullow Oil PIC
5,275 Uk Coal PIC
2,507 Ultra Electronics Hldgs PIC
1,750 Umeco PIC
47,064 Unilever PIC
4,262 Uniq PIC
5,144 Unite Group PIC
31,919 United Utilities PIC
9,963 Utd Business Media PIC
3,106 uhr Media PIC
1,100 Vanco PIC
5,239 Vedanta Resources PIC
4,700 Venture Production PIC
2,939 Victrex PIC
12,151 Vislink PIC
1,884,609 Vodafone Group PIC
7,517 Vt Grwp PIC
1,600 Warner Estate Holdings PIC
7,218 Weir Group PIC
2,800 Wellstream Hold Tpa
4,900 WgP 1 PIC
6,145 Wh Smith PIC
7,110 Whatman PIC
6,883 Whitbread PIC
12,900 William Hill PIC
4,422 Wincanton PIC
98,014 Wm Morrison Supermarkets Hc
7,302 Wolfson Microelectronics PIC
23,598 Wolseley PIC
14,943 Wood Group (john) PIC
20,643
13,640
36,849
15,222
60,507
873,677
195,567
7,410
8,988
4,329
103.345
25,686
77,956
4,150
12,707
1,069,287
30,086
28,443
10,789
8,855
47,850
7,216
6,771
54,247
5,416
3.840
50,681
30,439
5,688
49,490
38,627
168,928
22,946
32,566
9.441
794,911
4,187
16,589
221,677
53,701
7,423
759
110,019
29,328
22,175
3,524
2,855,182
49,913
5,040
54,460
38,052
0.00
23,443
19,055
80,531
48,085
15,455
270,274
8,123
126,013
61.005
Quantity Anzahl
0.04
0.02
0.06
Description Werbapierbezeichnung
~
56,069 Woolworths Group PIC
6,058 Workspace Group PIC
42,860 WPP Group PIC
3,725 Ws Atkins PIC
0.03
0.10
1.48
0.33
0.01
0.02
0.01
0.18
0.04
0.13
0.01
0.02
1.82
0.05
0.05
0.02
0.02
3,800 WSPGroup Plc
4,362 Xaar
3,700 Xchanging flc
26,069 Xstrata PIC
28,384 Yell Group Plc
6,011 Yule Catto+co PIC
14,326 3i Group PIC
Market
Value GBP
% of Net
Assets
- % des
Marktwerl
Fond2
GBPvetmBgens
0.03
0.44
0.07
0.04
0.01
0.02
1.53
0.07
0.01
0.20
7,650
9,900
0.03
0.01
0.02
Guernsey - Guernsey
8,500 Central Rand Gold Ltd
729 Mapeley Ltd
Israel - Israel
8,350 Batm Advanced Communicat.ltd
1,900 Emblaze Ltd
3,131
950
Jersey - Jersey
0.08
0.01
0.01
0.09
0.01
0.01
0.09
0.05
0.01
0.08
0.07
0.29
0.04
0.06
0.02
1.35
0.01
0.03
0.38
0.09
0.01
0.00
0.19
0.05
0.04
0.01
4.85
0.08
0.01
0.09
0.06
0.00
0.04
0.03
0.14
0.08
0.03
0.46
0.01
0.21
0.10
19,700 3i InfrastructureLtd
26,125
0.04
0.04
55,208
0.09
0.09
20,102
0.03
0.03
Virgin Islands - Virgin hseh
2,300 Gem Diamonds Ltd
0.00
0.04
0.04
South Africa - SuUafrika
2,271 Randgold Resources Ltd
0.01
0.01
21,719
15,667 Cok Telecom Group Sa
0.01
6,168
16,553
258,446
39,373
22,952
7.197
10,434
898,338
43,002
8,776
120,553
Investment
Transferable securities admitted to an official stock exchange lisbngAnlaaefonds Amtlich noferte Wemaoiere
funds.
Great Britain- GroObritannien
5,350 Aberforth Smaller Cos Trust
1,500 Advance DevelopingMarkets Tr
4,400 Bankers Invest.trust
1,000 Baring Emerging Europe Ordin.
5,743 Brit.empire Secur.and.gral.tr.
14,910 BriiishAssets Trust PIC
772 Candover Investments PIC
1 1,190 City Of London Investment
9,580 Daily Mail & General Tr A
8,750 Dunedin Income Grth Invest.tr.
8,600 Edinburgh Dragon Trust PIC
7,580 Edinburgh Investment Trust PIC
2,560 Edinburgh Us Tracker Trust PIC
1,397 Electra Private Equity PIC
2,540 Electric &General Invest.tr.
2,482 Fidelity European Values PIC
3,250 Foreign & Colonial Eurotr.plc
26,570 Foreign & Colonial Invest.tr.
2,100 Gartmore European Inv.trust
3,540 Grainger PIC
3,056 Graphite EnterpriseTrust PIC
250 Hansa Trust PIC
3,242 HendersonSmaller Cies Inv.
3,500 HendersonTr Pacific Inv.trust
1,500 Herald Invest Trust PIC
30,335
6,405
17,512
8,500
27,150
18,526
15,625
30,493
41,936
19,338
12,900
30,434
13,747
22,045
10,281
31,124
23,530
74,860
12,558
14,284
13,607
2,050
7.975
4,655
4,200
2.08
0.05
0.01
0.03
0.01
0.05
0.03
0.03
0.05
0.07
0.03
0.02
0.05
0.02
0.04
0.02
0.05
0.04
0.14
0.02
0.02
0.02
0.00
0.01
0.01
0.01
A Staemenl 01 changes tn tne composmon d eacn 01 tne sub f m s Is ava1lab.e to shsrenolaers on request horn me Fund's Reg.stered Once or DeLtSChe Bank A G Allrgd Herrhausen Alee 1b24 ~ 6 5 7 6 0
EsChborn Eane Aulstdlung oer VerandWdngen Im Weripaperbestand eines leaen Fonds .st fur Antalsnhaber a d Anlrage vom Gese,iscnahsrtzaes Fonas M e r uber doeDeuische Ban* A G , Atrw &mausen A l e 1b
24 065760 Eschborn erhanllch
58
W e ~ p l e r b e r t a n dzum 3 1 Mar2 2008
Quantity Anzahf
24,281 Invista Foundation Prop.trust
1,500 Jp Morgan Indian InvestmentTrust
11,620 Jp Morgan Japanese hves.trust
1,000 Jp Morgan Mid Cap Investm.trst
2.000 Jpmorg. Euro.fledgling Inv.tr.
1,500 Jpmorgan American Invest.trust
5,000 Jpmorgan Asian Investm. Trust
3,970 Jpmorgan Claverhouse Inv.tr.
2,000 Jpmorgan Emerging Markets
Investment PIC
5,650 Jpmorgan Europ.inv.grth CI.
4,110 Jpmorgan FI. Mecantile Inv.tr.
2,200 Law Debenture Corp PIC
1,000 Lowland Investment Co
5,070 Martin Currie Plf Inv Trust
5,910 Merchants Trust PIC
4,440 Merrill Lynch Eur Inv.tr.
5,830 Merrill Lynch World Mining Trust PIC
10,200 Monks Investment Trust PIC
2,400 Murray Income Trust PIC
4,338 Murray InternationalTrust PIC
1,000 Pantheon lntl Particip.plc
9,195 Perpetual Inc&gwth Invest Tr.
3.000 Schroder Asiapacific Fd PIC
4,955 Scottish Investment Trust PIC
10,387 Scottish Mortgage Invest.trust
15,543 Segro PIC-reit5,930 Svg Capital PIC
2,130 Temple Bar Investment Trust
18,148 Templeton Emerging Markets Inv
2,200 The Polar Capital Technolo.tr
3,522 Tr European Growth Trust PIC
8,297 Tr Property Investment Trust
9,353 Wtan Investment Trust PIC
% of Net
Market Assets
ValueGBP -%des
Markhvert Fonds
GBPvermogens
15,843
5,625
19,986
5,260
13,380
9.030
8,863
18,421
8,355
12,261
41,100
7,079
8,150
6,185
24,453
7,304
38,070
33,329
14,784
29,889
8,475
20,505
4,605
22,793
62,788
78,258
44,030
14,335
72,410
3,905
14,652
15,515
40,358
0.12
0.14
0.07
0.02
0.13
0.01
0.02
0.03
0.07
3,968
32,027
4,775
10,553
4,725
0.10
0.01
0.05
0.01
0.02
0.01
9,740
9,810
0.03
0.02
0.01
Guernsey - Guernsey
3,000 Akernative 1nv.strat.sterI.h.
21,071 Dexion Absolute Ltd
5,000 F&c Commercial Property Trust
9,000 Hsbc lnfrastucture Cos
7,000 Ing Uk Real Estate Income Tr
Jersey - Jersey
8,600 Assura Group Limited
1,500 Jpmorgan Russian Securities
Shares Aktien
0.03
0.01
0.03
0.01
0.02
0.02
0.02
0.03
0.01
0.02
0.07
0.01
0.01
0.01
0.04
0.01
0.06
0.06
0.03
0.05
0.01
0.03
0.01
0.04
Transferable securities dealt in on another regulated market - An
Great Britain - GroRbritannien
2,800 Antisoma PIC
1,928 Chrysalis PIC
473 Paragon Group Of Companies PIC
TOTAL INVESTMENT PORTFOLIO SUMME WERTPAPIERBESTAND
OTHER NET ASSETS
SONSTIGE N€TTOVERM&EN
TOTALNETASSETS
GESAMTNETOVERM~EN
0.01
644
0.00
2,507
456
0.01
0.00
57,672,638 97.97
1,196,608
2.03
58,869,246 100.00
A Statement 01 changes In the composnlon of each of me sunlunds IS avallanle to ShNehO!deiS on request lrom the Fmo’s Registered Office or Deutsche Bank A G Anred HerrhausenAIIW 1624 065760
Escnwrn Etne A.fsteilung der Verdnderungen im Wedpapierbestand e.nes wen fonds 1st lur Anteilsinnawr auf Anfrage mrn Gesellschatlsl(z des Fonas oder uber ale Deutsche Bank A G Anred HerrhausenAil= 16
24 D65760 E s c h b m eihanllch
59
Analyse des Wemap/erbe$tandes nach Sektoren zum 31. MLirz
2008
Analyse des Wertpaplerbestandes nach Sektoren zum 31. MLirz
2008
% of Net
% of Net
Assets
.% des
Sector
Sektor
Assets
.%des
Sector
Sektor
Fonds-
vermogens
Energy - Erdol
10.59
Kosrnetik
Banks and financial institutions Banken, Kredkinstitute
9.13
Fondsvermogens
0.04
96.79
9.02
8.50
5.73
OTHER NET ASSETS
SONSJIGE NET~OVERM~GEN
3.21
5.68
TOTAL NET ASSETS
GESAMTNEE~~~KRM~N
100.00
Retail trade, department stores. Einzelhandelund
Warenhauser
News transmission - NachrichteniibermMung
4.84
4.11
3.60
3.56
3.49
~
~
Elektronik
Aerospace technology - Flugzeug-und Raumfahrtindustrie
4.72
2.66
Consumer goods - Verschiedene Konsurngiiter
2.58
2.06
Tobacco and spirits - Jabak und alkoholische Getranke
1.99
Chemicals Chemie
1.89
1.53
1.44
~
Mechanics, machinery Maschinenund Apparatebau
~
Miscellanews- Andere
1.37
1.27
0.91
0.90
Healthcare, education and social services - Gesundheit,
Bildung und soziale Einrichtungen
Biotechnology - Biotechnologie
0.78
0.62
0.59
0.51
0.49
0.41
0.35
0.24
0.23
Forest products and paper industry- Papier und Holz
Precious metals - Edelmetalle und steine
Textile - Text& und Bekleidungsindustrie
States, provinces and municipaliies - Staab und
0.65
Kommunalanleihen
0.16
Package and container industry Verpackungsindustrie
0.10
0.05
~
A Statement of changes in the composdion of each of the Sub funds is availableto shareholders on request from the Funds Registered Mtlce or Oeutsche Bank A.G.. Allred Herrhausen Allee 1b24.065760
Eschborn. Eine Aufstellunp der Verhnderuflgen Im Wenpapierbeshnd emes )wen Fonds ist fir Anteilsinhaber auf Anfrape vom GeseIIschaRsltz des Fonds M e r ilber dle Dsutsche Bank A.G.. Alfred Herrhausen All= 16
24. D65760 Eschborn erh8lich.
60
Portlolio of investmentsas at 31 March 2008
Wertpaplerbestand zurn 32 Mtkz 2008
Wertpaplerbestand zum 9 2 M h 2008
% of Net
Market
Value USD
QuantityAnzahl
Shares Aktien
AmUich notierte Wertwoiere
Cooper Industries LtU. -aCovidien Ltdhhen Issued
lngersollrand Company aNabors Industries Ltd
Tyco Electronics
Tyco lntl Ltd h h e n Issued
Weatherford InternationalLtd
0.06
0.16
0.11
0.09
0.15
0.20
0.22
51,093
106,933
15,458
0.16
0.34
0.55
Netherlands Antilles - NiederlandischeAntillen
256,123
500
1,130
3,030
6,802
1,152
693
422
3,000
1,315
806
1,892
769
882
261
333
2,256
480
Abbott Laboratories Inc.
Abercrombie & Fitch A
Adobe Systems Inc.
Advanced Micro Devices Inc
Aes Cow
Aetna Inc.
Affiliated Computer Serv.
Aflac Inc.
W e n t Technologies
Air Products &Chemicals
Akamai Technologies Inc
Alcoa Inc.
Allegheny Energy Inc
Allegheny TechnologiezJwhenlss
Allergan Inc.
Allstate Corp.
Altera Corp.
Altria Group
Amazon Corn Inc.
Ameren Corp.
American Capital Strategies
American Electric Power Co. Inc.
American Express Co.
American International Grp
American Tower Corp. -aAmeriprise Financial 1ncm.i
Amerisourcebergen Corp.
Amgen Inc.
Anadarko Petrol. Corp.
Analog Devices Inc.
Anheuser-busch Cos Inc.
AonCorp.
Apache CWP.
Apartment Inv. + Manag. -aApollo Group Inc. A
Apple Inc.
Applera /applied Biosystems Gr
0.82
0.16
50,062
3,906
247
1,594
1,440
1,670
1,305
300
1,098
1,047
572
400
2,097
412
290
867
1,628
961
5,523
857
539
0.05
0.82
Panama - Panama
1,261 Carnival Corp.
3,936
1,571
234
16,119
693
1,471
137
215
240
1,278
894
274
11,732
2,845
276
307
1,580
1,499
344
551
646
332
-
0.99
18,372
49,577
33,084
27,747
48,275
63,601
68,356
Cayman Islands - Cayman lnseln
938 AceLtd
797 Transocean Inc
524 XI Capital Ltd -a
2,990 Schlumberger LtU
Quantity Anzahl
Marktwert
FondsUSDvermogens
463
1,127
755
831
1,427
1,427
961
Assets
. K des
0.16
988
804
874
133
624
586
2,100
318
3,684
5,501
1,119
215
843
600
678
1,173
986
1,799
450
1,991
1,017
850
248
2,612
1,223
5,504
493
1,073
251
805
443
16,073
529
13,822
900
548
1,423
345
133
94.14
207,291
17,908
56,316
8,510
27,254
55,515
15,102
70,623
30,970
52,041
11,832
75.723
20,625
20,706
48,838
77,444
17.384
407,762
59,784
23,414
17,335
46,296
130,745
291,126
44,859
35,045
17,298
124,350
82,714
23,342
90,816
30,445
105,002
9,195
13,723
322,631
16,094
0.66
0.06
0.18
0.03
0.09
0.18
0.05
0.23
0.10
0.17
0.04
0.24
0.07
0.07
0.16
0.25
0.06
1.29
0.19
0.07
0.06
0.15
0.42
0.93
0.14
0.11
0.06
0.40
0.26
0.07
0.29
0.10
0.34
0.03
0.04
1.02
0.05
A Statement 01 changes in the cornpositon d each of the sub h
Applied Materials Inc.
Archerdaniels Midland Co.
Assurant Inc
At&T
Autodesk Inc.
Automatic Data Proces.
Autozone Inc
Avalonbay Communities Inc.
Avery Dennison Corp.
Avon Products Inc.
Baker Hughes Inc.
Ball Corp.
Bank Of Ny Mellon Corp Shs
Bard (c.r.1 Inc
Barr Pharmaceuticals Inc.
Baxter lntl Inc.
Bb&t Corporation
Bear Steams Companies
Becton Dickinson & Co.
Bed Bath & Beyond Inc.
Bemis Co Inc
Best Buy Co Inc.
Biogen ldec Inc.
Bj Services Co.
Black & Decker Corp.
Block Inc. H + R
Bmc Software Inc.
Boeing Co.
Boston Properties
Boston Scientific Corp.
Bristol Myers Squibb Co.
Broadcom Corp. -a
Browkforman Corp. B /nonuot.
Burlington Northern Smta Fe
Cameron International Corp.
Campbell Soup Co.
Capital One Financial Corp.
Cardinal Heaith Inc.
Caterpillar Inc.
Cb Richard Ellis Group Inc -ECbs Corp-bhhen Issued
Celgene Corp.
Centerpoint Energy Inc
Centulytel
Charles Schwab Corp .
Chesapeake Energy
Chevron Corp.
C.h.robinson Worldwide Inc
Chubb Corp.
Ciena Corp.
Cigna Corp.
Cincinnati Financial Corp.
Cisco Systems Inc.
Cit Grwp Inc
Citigroup Inc.
Citizens CommunicationsCo.
Citrix Systems Inc.
Clear Channel Communications
Clorox Co.
Crne Group Inc
% of Net
Market Assets
Value USD - i d e s
Markhrrert FondsUSD vermogens
76,831
66,422
14,099
607,041
22,017
61,473
15,515
20.447
11,467
49,919
60,211
12,368
446,636
117,470
26,913
14,641
90,850
48,658
3.708
48,064
18,805
8,330
40,073
48,827
24,813
8,708
13,079
18,998
154,287
29,294
46,455
118,161
21,317
14,267
77,548
25,098
22,896
57,465
51,834
138,685
9,432
43,683
60,450
11,943
8,196
47,120
55,647
465,087
26,913
53,167
7,766
33,094
16,737
387,038
6,136
287,912
9,405
16,747
41.552
19,396
63,747
0.25
0.21
0.05
1.93
0.07
0.20
0.05
0.07
0.04
0.16
0.19
0.04
1.42
0.38
0.09
0.05
0.29
0.16
0.01
0.15
0.06
0.03
0.13
0.16
0.08
0.03
0.04
0.06
0.49
0.09
0.15
0.38
0.07
0.05
0.25
0.08
0.07
0.18
0.17
0.44
0.03
0.14
0.19
0.04
0.03
0.15
0.18
1.48
0.09
0.17
0.02
0.11
0.05
1.23
0.02
0.92
0.03
0.05
0.13
0.06
0.20
a s .savailableto shareholaers on request from tne fund's Retastered mice or oedscne Bank A G , Allrea tkrrhausen AIIW 1624.065760
Eschbrn Elne Aulsldiung aer Verandwmgen m WenDapefDestana eines leden Fonas st fur ArtelSlnhaDer a d Anlrage vom GeseIlschaAnz des Fonds cder .ber d e DeUtxhe Ban* A G Adred Hermausen Alee 16
24. 065760 Escnmrn erhaitlich
61
Wertpaplerbestand zum 3 1 M&rz 2008
Quam.
Anzahl
Description - WertpapierbezeichniW
600 Cms Energy Corp.
1,050 Coach Inc
5,128 Coca - Cola Co.
795 Coca Cola Enterprise
803 Cognizant Technology Solxorp.
1,288 Colgatepalmolive Co.
7,906 Comcast Corp. -b
320 Comerica Inc.
505 Commerce Bancorp
1,186 Computer Associates lntl Inc
419 Computer Sciences Corp.
1,311 Conagra Foods Inc
4,162 Conocophillips
548 Consol Energy Inc
762 Consolidated Edison Inc.
447 Constellation Brand -a416 Constellation Energy Group Inc
3,970 Coming Inc.
1,049 Costco Wholesale Corp.
1,616 Countrywide FinancialCorp.
456 Coventry Heakh Care Inc
1,256 Csx Corp.
508 Cummins Inc
3,711 Cvs Caremark Corp.
682 Danaher Corp.
353 Darden Restaurants
1,157 Deere & Co.
5,746 Dell Inc.
330 Developers DiversifiedRealty
1,049 Devon Energy Corp.
1,981 Directv Group Inc
1,271 Discover Fin Svc
1,381 Dominion Resources Inc.
619 Donnelley And Sons.rr
610 Dover Corp.
2,401 Dm Chemical Co.
723 Dr Horton Inc
501 Me Energy Company
2,276 Du Pont De Nem. & Co.
3,529 Duke Energy Holding Corp.
250 Eastman Chemical Co
794 Eastman Kodak Co.
384 Eaton Corp.
2,723 Ebay Inc.
514 Ecolab Inc.
917 Edison International
1,995 El Paso Energy Corp.
873 ElectronicArts
1,319 Electronic Data Systems
434 Embarq Corp.
5,822 Emc Corp.
1,960 Emerson Electric Co.
436 Ensco lntl Inc.
531 Entergy Corp.
689 Eog Resources Inc.
392 Equifax Inc
818 Equity Residential Sbi
278 Estee Lauder Cos. -b
220 E.w. Scripps Co A
1,740 Exelon Corp.
500 Expedia Inc Del
Wertpaplerbestand zum 9 1 Marz 2008
% of Net
Market Assets
Value USD - % des
Marktwert Fonds
USD vermogens
8.076
30,660
312,500
19,199
23.432
100,619
150,056
11,219
17,675
26,721
17,095
31,582
314,939
38,086
30,061
7,894
36,804
95,756
67,524
9,098
18,381
71,027
24.140
151,594
51,232
11,187
92,491
112,679
13,718
109,432
48,812
20,311
55,931
18,298
25,138
88,021
11,105
19,394
105,697
62,499
15.518
13,673
30,470
82,289
22,040
44,924
32,977
43,074
21,843
16,896
83,255
100,313
26,116
57,380
81,908
13,438
33,006
12,588
9.071
138,782
10,910
Quantity Anzahl
0.03
0.10
1.00
0.06
0.07
0.32
0.48
0.04
0.06
0.09
0.05
0.10
1.01
0.12
0.10
0.03
0.12
0.31
0.22
0.03
0.06
0.23
0.08
0.48
0.16
0.04
0.30
0.36
0.04
0.35
0.16
0.06
0.18
0.06
0.08
0.28
0.04
0.06
0.34
0.20
0.05
0.04
0.10
0.26
0.07
0.14
0.11
0.14
0.07
0.05
0.27
0.32
0.08
0.18
0.26
0.04
0.11
0.04
0.03
0.44
0.03
Description - Wettpapierbezeichnung
554 Expeditors lntl Wash.
681 Express Scripts Inc.
14,158 Exxon Mobil Corp.
2,709 Fannie Mae
847 Fedex Corp.
463 Fidelity National Inform Sew
1,471 Fifth Third Bancorp
833 Firstenergy Corp.
493 Fisew Inc.
247 Fluor Corp.
5,656 Ford Motor Co.
909 Forest Laboratories
424 Fortune Brands
958 Fpl Group Inc.
444 Franklin Resources Inc.
1,868 Freddie Mac
987 Freeport Mcmoran Copper & Gold
440 Gamestop Corp
677 Gannett Co. Inc.
1,521 G a p k
1,040 General Eynamics Corp.
26,782 General Electric Co.
661 General Growth Properties
910 General Mills Inc.
1,605 General Motors Corp.
482 Genuine Parts Co.
1,291 Genwaorth Financial /-a575 Genzyme Corp.
2,565 Gilead Sciences Inc.
988 Goldman Sachs Group Inc.
361 Goodrich Corp.
600 Goodyear Tire & Rubber
621 Google Inc -a151 Grainger Inc.
2,060 Halliburton Co.
698 Harley Davidson Inc.
186 Harman lntl IndustriesInc
904 Hartford Fin. Serv. Group
417 Hasbro Inc.
846 Heinz (h.j.1 Co
766 HessCorp
6,554 Hewlettoackard Co.
4,407 Home Depot Inc.
1,957 Honeywellhtemational Inc.
410 Hospira Inc.
1,482 Host Hotels & Resorts Inc
1,431 Hudson City Bancorp Inc
452 Humana Inc.
gg1 Huntington BancsharesInc.
437 lachteractive Corpmen Iss.
3,673 Ibm Gorp.
1,090 IllinoisTool Works
537 lms Health
240 lntegtys Energy Group Inc
15,374 Intel Corp.
185 Intercontinental Exchange Inc
1,138 International Paper Co,
1,063 Interpublic Group
21 1 lntl Flavors & Fragr.
963 lntl Game Technology
-*
1.000
% of Net
Market Assets
Value USD .% des
MarMwert FondsUSD verrnogens
24,376
43,250
1,206,544
70,488
77,306
17,525
30,626
56.544
23,546
34,666
31,617
35,742
27,077
59,358
42,011
47,541
95,344
22,832
19,322
29,690
86,694
980,488
25,574
54,655
29.965
19,188
28,841
41.998
127,250
162,477
20,656
14,880
272,048
11,545
80,773
26,475
8,219
67,303
11,747
39,669
67,691
302,074
120,664
109,298
17,355
24,023
25,400
20,430
10,604
8,954
420,815
52,200
11,207
11,054
319,625
24,004
30,669
8,929
9,208
38,539
26,940
0.08
0.14
3.84
0.23
0.25
0.06
0.10
0.18
0.08
0.11
0.10
0.11
0.09
0.19
0.13
0.15
0.30
0.07
0.06
0.09
0.28
3.12
0.08
0.17
0.10
0.06
0.09
0.13
0.41
0.52
0.07
0.05
0.87
0.04
0.26
0.08
0.03
0.21
0.04
0.13
0.22
0.96
0.39
0.35
0.06
0.08
0.08
0.07
0.03
0.03
1.33
0.17
0.04
0.04
1.01
0.08
0.10
0.03
0.03
0.12
0.09
A StalemenI of changes ,n the composllion of eacn of the sJb funas is availableto snareholders on rwuest from (ne Funds Registered Once or Oeulsche Bank A G Ailred Herrnausen Alee 1624 D65760
Emborn Eine hfsterung der Verdnderungen m WBRDaWrbBStdnd eines ,men Fonds 1st fur Anteiisinnaner aid Anlrage vom Cesellrnaftsdz dB5 Fonds oaer uber ale DeJrsche Bank A G Allrea H e r r h s e n A I I 16
~
24. D65760 Eschbom ernankh
62
Wertpaplerbestend zum 3 1 M#rz 20008
Wertpaplerbestand zum 32 Marz 2008
Quantity Anzahl
511
496
330
269
7,394
1,701
8,944
1,464
748
1,135
1,172
683
502
925
4,025
1,892
356
354
450
1,320
443
264
2,598
712
745
624
870
1,246
4,140
2,040
348
1,183
300
1,953
897
1,573
660
1,114
1,038
356
327
2,992
901
794
517
1,334
3,002
608
5,566
2,637
1,890
604
1,920
21,349
364
350
1,478
360
591
2,933
6,594
Market
Value USD
% of Net
Assets
%ofNet
Market
.% des
Marktwert FondsUSD verrnogens
MCorp.
Jabil Circua Inc.
Jacobs Engineeragroup
Janus Capital Group Inc
Johnson & Johnson
Johnson Controls Inc.
Jpmorgan Chase & Co.
Juniper Networks Inc.
Kellogg Co.
Keycorn
Kimberly Clark Corp.
Kimco Reaky Corp.
Kla Tencor Corporation
Kohl's Corp.
Kraft Foods Inc -a
Kroger Co.
Laboratory Corp Of Amer.hld
Legg Mason Inc.
Leggett + Platt hc.
Lehman Brothers Holdings Inc.
Leucadia National Corp.
Lexmark Intl. Inc.
Lilly Mi) & Co.
Limited Brands Inc
Lincoln National Corp.
Linear Technology
Lockheed Martin Corp.
LOWS COW.
Lowe's Companies Inc.
Lsi Corporation
L-3 CommunicationsHlds Inc
Maws
Manitowoc Co Inc
Marathon Oil Corp.
Marriott Intl. Inc. -aMarsh & Mc-lennan Cos Inc.
Marshall & lisley Corp b.i.
Masco Corp.
Mattel Inc.
Mbia Inc.
Mccormick&co/n.voting
Mcdonald's Corp.
Mcgraw Hill Companies Inc
Mckesson Corp.
MeadwestvacoCorp.
MedcoheakhSolutions
Medtronic Inc.
Memc Electronic Materials
Merck & Co. Inc.
Merrill Lynch & Co. Inc.
Metlife Inc.
Microchip Technology Inc.
Micron Technology Inc.
Microsoft Corp.
Molex Inc.
Molson Coors Brew.+/nonuot
Monsanto Co.
Monster Worldwide Inc
Moody's Corp.
Morgan Stanley
Motorola Inc.
26.403
4,568
24,450
6,101
474.546
56,354
381,998
35,575
39,255
24,834
75,102
26,473
18,529
39,155
124,051
47,603
25.988
19,158
6,696
49,988
19,501
8,081
130,653
11.962
37.995
19,007
87,157
49,915
93,854
10,159
37,981
25,991
12.156
90,736
30,911
37,846
14,969
21,478
21,051
4,268
12,056
165,996
33,652
41,018
13.840
58,269
143,676
42.864
247,743
105,295
112,172
19,630
10,483
595.850
8,332
18,634
168,935
8,791
20,703
131,222
60,731
Quantity Anzahl
0.08
0.01
Value USD
213 M&t Bank Corporation
508 Murphy Oil Corp.
0.08
0.02
750
1,591
954
600
1,025
740
1,247
6,251
1,111
715
758
443
475
1,075
Mylan hc.
National City Corp. - Opr
National Oilwell Varco Inc
National Semiconductor Corp.
Network Appliance hc
Newell Rubbermaid Inc.
Newmont Mining Corp.
News Corp -a
Nikelncb
Nisource Inc
Noble Corp.
Noble Energy
Nordstrom Inc.
Norfolk Southern Corp.
486 Northem Trust Corp.
786 Notthrop Grumman Corp.
330 Novellus Systems Inc
781 Nucor Corp.
1,550 Nviiia Corp.
737 Nyse Euronext
1,980 Occidental Petroleum Corp.
730 Office Depot Inc
936 Omnicwn Group Inc.
10,529 Oracle Corp.
1,074 Paccar hc.
340 Pactiv Corp.
320 Pall Corp.
513 Parker-hannifin
412 Patterson Companies Inc
882 Paychex Inc.
747 Peabody Energy
657 Penney Q.c.) Co. Inc.
500 Pepco Holdings Inc
352 Pepsi Bottling Group Inc
4,168 Pepsico Inc.
18,160 Pfizer Inc.
ggg Pg & E Corp.
300 Pinnacle West Cap.corp.
566 Pitney Bowes Inc.
533 Plum Creek Timber Co Inc
950 Pnc Financial Services Group
160 Polo Ralph Lauren A
4.67 Ppg IndustriesInc.
1,100 PPI Gorp.
801 Praxair
385 Precision Castparts
750 Principal Financial Group Inc.
8,046 Procter & Gamble Co.
716 Progress Energy Inc
1,950 Progressive Corm
700 Prologjs/shs Of Benef.int
1,083 Prudential Financial Inc.
331 Public Storage Inc.
1,250 Publ.serv.enterprise
4,200 Qualcomm Inc.
389 Quest Diagnostics Inc.
484 Questar Corp.
4,551 West Communicationslntl
418 Range Resources
1.51
0.18
1.21
0.11
0.13
0.08
0.24
0.08
0.06
0.13
0.40
0.15
0.08
0.06
0.02
0.16
0.06
0.03
0.42
0.04
0.12
0.06
0.28
0.16
0.30
0.03
0.12
0.08
0.04
0.29
0.10
0.12
0.05
0.07
0.07
0.01
0.04
0.53
0.11
0.13
0.04
0.19
0.46
0.14
0.79
0.34
0.36
0.06
0.03
1.89
0.03
0.06
0.54
0.03
0.07
0.42
0.19
Assets
-
% des
Marktwert Fond9
USD vermogens
17,423
41,092
8.618
16,149
54,140
10.866
20,623
16,680
58,048
114,893
73.170
12,169
36,422
32,286
15.495
58,319
31,848
61,253
6.927
53,936
30,504
45,016
144,976
8,125
41,558
203,947
47.417
8,857
12,240
34,658
14,943
29,503
38,209
24,624
12,445
12,098
298,262
372,280
36,424
10,419
19,821
21,405
62,520
9,219
27,684
50,512
66,267
39,020
40,995
558,713
29,693
31,122
41,615
81,712
29.194
49,513
168,588
17,812
27,109
20,935
26,158
0.06
0.13
0.03
0.05
0.17
0.03
0.07
0.05
0.19
0.37
0.23
0.04
0.12
0.10
0.05
0.19
0.10
0.20
0.02
0.17
0.10
0.14
0.4.6
0.03
0.13
0.65
0.15
0.03
0.04
0.11
0.05
0.09
0.12
0.08
0.04
0.04
0.95
1.18
0.12
0.03
0.06
0.07
0.20
0.03
0.09
0.16
0.21
0.12
0.13
1.77
0.09
0.10
0.13
0.26
0.09
0.16
0.54
0.06
0.09
0.07
0.08
A Statement of changes In the cornwsmon of each of tne sub funds is availableto sharenolders on request from the Fund's Reglnered Mfice or Deutscne Bank A.G.. AHred HerrnauwnAll- 1624, D65760
Escnmrn Eine Aufstdlung der VerBnderungen im Wenpaperbestand eines leden Fonds 13fur Antalsinhaber ad Anfrage vorn Gesellschafisltz des Fonds oder uber die Oeutxhe Bank A.G.. Alfred Herrhausen Allee 16
24. D65760 Eschbrn erh8tllch
63
*
Quantity
Anzahl
~
1,202 Raytheon Company
2,021 Regions FinancialCorp.
519 Reynolds American Inc.
490 Robert Half lntl Inc.
449 Rockwell Automation
396 Rockwell Collins
397 Rohm + Haas Co.
340 Rowan Companies Inc
228 Safeco Corp.
1,279 Safeway Inc.
632 Sandisk Corp.
2,168 Sara Lee Corp.
4,529 Schering-ploughCorp.
412 Sealed Air Corp
200 Sears Holdings Corp.
747 Sempra Energy
291 Sherwinwilliams Co.
353 Sigma-aldrich Corp.
636 Simon Property/paired Shs
1,177 Slm Gorp.
550 Smith InternationalInc
2,053 Southern Co.
2,169 Southwest Airlines Co.
1,765 Spectra Energy Corp - Opa
7,906 Sprint Nextel Corp.
989 St Jude Medical Inc.
180 Stanley Works
2,068 Staples Inc.
2,124 Starbucks Corp.
555 Starwood Hotels Resorts Ww
879 State Street Corp.
649 Stryker Corp.
2,309 Sun Microsystems Inc
307 Sunoco Inc.
989 Suntrust Banks Inc.
587 Supetvalu Inc.
2,509 Symantec Corp.
1,781 SYSCO
Cow
742 T Rowe Price Group he.
2,201 Target Cow.
1,330 Tellabs Inc.
475 Teradata
265 Terex Corp.
306 Tesoro Corp.
3,526 Texas Instruments Inc.
629 Textron Inc.
457 The Hershey Co.
1,192 Thermo Fisher Scientific Inc.
370 Tiffany & Co.
9,859 Time Warner Inc
1,285 Tjx COS h C .
170 Torchmark Corp.
306 Total System Services Inc
509 Tranelnc
1,565 Travelers Companies Inc
640 Tyson Foods lnc.-b
633 Union Pacific Corp.
281 United States Steel
2,509 United Technologies Corp.
3,242 Unitedhealth Group Inc.
1,011 Unum Group
Weftpapierbeatand rum 3 1 M&m 2008
% of Net
Market Assets
Value USD - % des
Marktwert Fonds
USD vermogens
77,529
39,713
31,503
12,711
25,606
22.734
21,315
12,879
9,836
36,234
13,436
29,615
88,180
10,300
20,440
39,576
14,696
20.658
58,728
17,843
34,337
72,615
26,093
39,977
50,677
42,834
8,482
46,344
36,214
28,577
69,116
42,023
36,297
16,044
54,336
17,041
42,201
51,524
36,291
109,368
7,142
10,412
16,356
8,944
99,927
34,356
17,270
67,276
15,226
136,744
41,981
10,137
7,209
23,241
74,212
10,323
79,138
35,319
171,992
111,525
21,999
Quantity Anzahl
0.25
0.13
0.10
0.04
0.08
0.07
0.07
0.04
0.03
0.12
0.04
0.09
0.28
0.03
0.07
0.13
4,500 Us Bancorp
% of Net
Market Assets
Value USD - % des
Marktwert Fonds
USD vermdgens
146,970
0.47
Ust Inc.
24,884
0.08
200,449
0.64
2,774 Utd Parcel Service Inc B
1,373 Valero Energy Corp.
67,208
0.21
367 Varian Medical Systems Inc
17,315
0.06
612 Verisign Inc.
20,251
0.06
267,083
0.85
7,450 Verizon CommunicationsInc.
215 Vf COW.
16,291
0.05
64,334
0.21
1,650 Viacom Inc -b
305 Vulcan Materials Co.
20,185
0.06
5,2135 Wachovia Corp.
137,357
0.44
2,787 Walgreen Co.
104,317
0.33
6,165 Wahnart Stores hc.
321,320
1-02
4,765 Walt Disney /disney Ser.
147.715
0.47
2,507 Washington Mutual Inc
25,371
0.08
8,974
0.03
14 Washington Post /-b
1,465 Waste Management Inc.
49,590
0.16
16,437
0.05
295 Waters Corporation
9,682
0.03
330 Watson Pharmaceuticals Inc.
1,478 Wellpoint Inc.
63,894
0.20
261,890
0.84
8,923 Wells Fargo & Co.
2,189 Western Union Company
45,925
0.15
40,004
0.13
628 Weyerhawser Co.
17,080
0.05
200 Whirlpool Corp.
368 Whole Foods Market Inc.
11,953
0.04
56,823
0.18
1,750 Williams Companies Inc.
11,890
0.04
1,018 Windstream Corp.
28,134
0.09
449 Wrigley Jr Co .m
142,746
0.46
3,438 WY&h
469 Wyndham Worldwide Corp.
9,549
0.03
1,170 Xcel Energy h c
23,248
0.07
39,477
0.13
2,653 Xerox Corp.
577 Xilinx Inc.
13,323
0.04
84,812
0.27
1,397 Xto Energy Inc.
109,263
0.35
3,769 Yahoo Inc.
54,833
0.18
1,488 Yum Brands
675 Zimrner Holdings Inc.
51,955
0.17
13,812
0.04
300 Zions Bancorp
146.624
0.47
1,881 3m co.
Investment
funds Transferable securities admitted to an official stock exchange listing Anlagefonds AmHich notierte Werlpapiere
#g
0.05
0.07
0.19
0.06
0.11
0.23
0.08
0.13
0.16
0.14
0.03
0.15
0.12
0.09
0.22
0.13
0.12
0.05
0.17
0.05
0.13
0.16
0.12
0.35
0.02
0.03
0.05
0.03
0.32
0.11
0.06
0.21
0.05
0.44
0.13
0.03
0.02
0.07
0.24
0.03
0.25
0.11
0.55
0.36
0.07
373 Vornado Real.trust/ben.in
Shares
Aktiefl
~
32,682
0.10
0.10
einern anderen wegetten Markt aehandette Wemadere
8.840
142 Wm Wrigley Jr Co -b
SUMME WERTPAHERBESTAND
OTHER NET ASSETS
SONSTlGE NEJlOVERM&EN
TOTAL NET ASSETS
GEWWNEJ~OW?M&EN
-
0.03
0.03
30,313,685 96.79
1,004,840
3.21
31,318,525 100.00
A Statement of changes in the cornposrtion of each Of the sub funds Is availableto shareholders on repuest from the Funds Registered Office or Deutsche Bank A.G.. Alfred Herhausen All= 1b24.065760
Eschborn. Eine Aufstellunp der VerBnUerungenim Wertpaplerbestandeines ieden Fords ist fur Anteilslnhaber auf Anfrage vorn Gesellxhatsilz des Fonds oder UBer dle Deutsche 8ank A.G.. Alfred Herrnausen Allee 16
24, a65760 EschWrn erhaitlrh.
64
CMI Euro Bond
Analyse de# Wertpaplerbestandes nach s8kmren zum 3 1 Mdrz
Wertpaplerbestand zum 3 1 Mdrz 2008
2008
Nominal
Holding
Nominal
% of Net
Assets
% des
FondsVermOgens
% of Net
Market Assets
Value EUR - % des
Marktwert FondsEUR vermlrgens
-
Sector
Sektor
Kommunalanleihen
Bonds Anleihen
Amdich notierte Wedpapiere
Austria - dsterreich
85.01
&,ooo,ooo
Austria 5% 02-15.07.12
22,0~,000 Rep-austria 3.5% 0515.09.21
4.14
2.54
Belgium - Belgien
Miscellaneous Andere
1.99
25,goo,ooo Belgium 4% 07-28.03.17 S.49
1.oo
News transmission - Nachrichtenubermittlung
Canada - Kanada
0.81
Electrmics and electrical equipment - Elektrotechnik und
Elektronik
0.75
0.45
Construction, buildingmaterials - Bau, Baustofte
0.37
~
~
TOTAL INVESTMENT PORTFOLIO SUMME WERTPAPIERBESJAND
OTHER NET ASSETS
SONSJIG.€ NEJTOVERMOGEN
g,#o,ooo
Xstrata Fin.5.25% 07-13.06.17
68,107,000
20,017,800
2.00
25,488,190
14,500,ooo Dubai Holding 4.75% 07-30.01.14
8,542.902
0.67
13,501,385
1.06
1.06
6,344,094
0.50
0.50
Denmark - Danemark
6,290,000 Tdc 5.625% 02-06.02.09 Emtn
97.52
Finland - Finnland
2.48
31,000,000 Finland Rep.3.875% 06-15.09.17
~oo,ooo,ooo Finland 5.375% 0204.07.13
10.82
30,500,900
107,350,000
France Frankreich
3,750,000 Alstom Tv 0628.07.08
5,365,000 Cie St-gobain 4.75% 07-04.17.17
Emtn
8,000,ooo France Oat 4%04-25.04.55
54,400,000 France 3.75% 0525.04.21 Oat
118,200,000 France 3.75% 0&12.01.13 Btan
34,000,ooo France 4.75% 04-25.04.35 Oat
100.00
3.760.463
0.37
0.55
4.02
9.26
2.70
13,286,100
78,383,977
19,113,120
8.70
1.04
6.16
1.50
Great Britain - GroSbritannien
3,780,000
2.7g~ooo
4,0~),000
6,540,000
770,000
Anglo Ir.cap Uk Lp Tv Oherp.
Baa PIC3.875% 0615.02.12
Baa 4.5% 04-30.09.14 Emtn
Barclays Bk 4.75% 05-perp.
Bat lntl Fin. 4.875% 94 25.02.09
Emtn
2,415,382
2,422,418
3,450.513
4,133,345
29,874,900
21,388,400
Ireland - Wand
6,100,000 Irish Nat.bui1d.b 0622.09.10
0.45
0.45
125,981,351
47,969,600
112,831,368
53,091,000
33,962,880
29.35
9.88
3.77
8.86
4.17
2.67
5,824,000
0.46
0.46
Jersey - Jersey
6,400,000 Ubs Ag Jersey Tv 0517.11.15
4.03
2.35
1.68
5,723,325
Italy - Italien
126,5@~,000Italy 3.75% 0802.01.11 Btp
56,000,ooo Italy 4% 05-02.01.37 Btp
111,670,000 kdy 4.25% 07-15.10.12 BtP
51,000,ooo Italy 5.5% 9411.01.10 Btp
3 0 , ~ 0 , 0 0 0 Italy 5.75% 0202.01.33 Btp
1.04
0.19
0.19
0.27
0.33
0.06
772,633
Greece - Griechenland
33,000,ooo Greece 4.5% 05-20.09.37 (30~)
22,000,000 Greece 4.7% 07-20.03.24 15yr
0.30
4,670,233
7,041,600
51,233,920
117,916,319
34,448,800
13,400,000 M Bk Ag 4.5% 0843.07.11 Emtn
73,0@J,OOo Germany 2.25% 07-15.04.13 Andex
15,60~,000 Germany 6.25% 00 01.04.30
2.39
8.43
17.20
~
TOTAL NET ASSETS
GESAMTNE?TOVERM&EN
2.00
0.67
Cayman Islands- Cayman lnseln
0.46
6.92
5.35
1.57
A Statement of chanEes in the compostion of each of the Sub fun05 is available to shareholders on request from the Funds Registered mice Or Deutscne Bank A.G.. Alfred Herrhausen Allee 1&24.065760
ESChWrn. Eine AufstUung der Veranderungen irn Wenpapertestand elnes leden Fonds ist fur Anteil~mnaDera d Anfrage vom GesellschaRsirz des Fonds Mer ubr* d18 DglrtSChe Bank A.G.. Alfred HerrhausenA l k 16
24, 065760 Eschbrn erhamich.
65
~
CMI Euro Bond
Wertpaplerbesrandzum 31. Man 2008
% of Net
Nominal
Holding
Nominal
Assets
Value EUR - % des
Markhvert FondsEUR vermogens
Market
7,700,000 Gaz Cap 5.364% 07-31.10.14
12,000,000 Olwetti Finance 6.575% 99-09 B
SVstep
4,000,000 Ses Global 4.5%03-19.11.08
5,599,346 Vcl No.lOTv07-21.01.13 SlO&
2.25
6,874,791
0.54
0.96
12,201,720
3,989,320
5,557,473
0.31
0.44
4,250,000 Art Fie Bv Tv 0526.05.14
6,850,000 Asrnl Holding 5.75% 07-13.06.17
15.000,OOO Fixed Link Et1 5.75 % 01- 02.02.09
G2-x
465,000 Impress Met.tv 0615.09.13 Regs
13,800,000 Netherland 3.75% 04-15.07.14
17,000.000 Netherlands 4.5% 07-15.07.17
4,212,813
5,708,448
4.48
0.33
0.45
1.21
15,453,000
427,800
13,754,460
17,535,499
0.03
1.08
1.38
6,912,500
0.54
0.54
15,697,300
10,595,760
2.06
1.23
0.83
Romania - Rumanien
7,000,000 Bca Corn.romana 3.75%0512.05.08
Slovenia - Slowenien
15,800,000 Slovenia 4.375% 0802.06.19 Rs63
10,200,000 Slovenia 5.375% 01-11.4.11
Spain - Spanien
0.52
0.52
6,631.300
6,500,000 Spain 4.9%07-30.07.40
United Arab Emirates - Vereinigte Arabische
Emirate
13,650,000 Abu Dhab NtCen.4.375%0&
28.10.13reg
12,696,548
1.00
1.00
6,740.000 Countrywide Fin Tv 0523.1 1.10
5,526,800
0.43
0.43
4.868.483
0.38
0.38
Virgin Islands - Virgin lnseln
5,940,000 C10 Cap Spv6.277%(tv)0705.09.49
Bonds Anleihen
Transferable securities dealt in on another regulated market An
~
Belgium - Belgien
11,000,000 Belgium 5% 0428.03.35 S44 010
0.89
11,310,200
0.89
22,563,000
1.77
1.77
1,242,065,133
97.52
31,541,359
2.48
1,273,606,492
100.00
Italy - Italien
23,000,000 Italy 0% 0830.09.08 Bot S.6mo
OTHER NET ASSETS
SONSTlGE NETr'OVERMOGEN
TOTAL NET ASSETS
GESAMTNET~OVERM~GEN
A Statement Of changes in the comvoshlon of each of the sub funds is available to snareholders on rwuest from the Funds Resister4 Office or Deutscne Bank A G , Alfred Herrhausen All=
1624, 065760
Eschborn Eine Aufstclllung der VerAnderungen im Wertpaperkstand eines leden Fonds 1st fur Antalsinhaber auf AnfraRe vam GesellscnaRsnz des Fonds d e r uber die Deutxhe Bank A G , Aiired Herrhausen Allee
24. D65760 Eschmrn ern8ltltcn
66
1b
CMlG Fixed Term Euro Bond
Analyse des WeITpaplerbestandesnach Sektonrn zum 32 M&rz
Wertpaplerbestand zum 3 1 M&rz 2008
2008
% of Net
Market
Sector
Sektor
Nominal
Holding
Nominal
% of Net
Assets
- % des
Fonds-
Bonds Anleihen
vermrjgens
States, provinces and rmnicipaliies - Staats-und
Kommunalanleihen
97.68
TOTAL INVESTMENPORTFOLIO SUMME WRTPAPIERBESTAND
97.68
OTHER NET ASSETS
SONSllGE NEnOVERM&€N
2.32
TOTAL NET ASSETS
GESAMTNE~TOVERM~GEN
100.00
ValueEUR
-
Description Weripapierbezeichnung
Assets
.%des
FondsEURvermrjgens
Marktwert
Transferable securities admitted to an offiiial stock exchange listingAmliich notierte Wedpapiere
France - Frankreich
57,460,000 France 3% OM2.01.11 Btan
1,160,000 France 4% 0325.10.14 Oat
41,130,000 France 4% 98-25.10.09 Oat
41,585,000 France 4.75% 01-25.10.12 Oat
&650,000 France 6.5%95-25.04.1 1 Oat
63.02
56,483,180
1,167,540
41,331,537
43,210.974
52,522,540
35,700,ooo BundesrepublikDeutschland4.125%
9807.04.08
11.56
11.56
35,721,420
Italy - Italien
2 7 , 6 ~ , 0 0 0 kaly 3.75% 0615.06.09 &p
41,700,ooo Laly 4% 07-15.04.12 Btp
22.44
27,575,160
41,779,230
Netherlands- Niederlande
2,060,000 Netherland 3.75% 04-15.07.14
TOTAL INVESTMENT PORTFOLIO SUMME WRTPARERBESTAND
OTHER NET ASSETS
SONSJIGE NElJOVERMdGEN
TOTAL NET ASSETS
GESAMTNEITOVERM~GEN
18.29
0.38
13.37
13.98
17.00
8.92
13.52
0.66
2,053,202
0.66
301,844.783
97.68
7.182.374
2.32
309,027,157
100.00
A Slatemen! of changes in the composton d each of the sub funds s avaiIao,eOI shareholders on reu.est from the Fund's Reg6tered Office or Deutsche Ban* A.G , ~ i i r e dHerrhausen AI^ 1624. D65760
Eschbarn. Eine Aukidlung der Verllndewngen .m W e m p e r w s l a n a eines leden fonas tst fur Antals nhaber auf Anfrage vorn Gesellschahsnzaes Fonds d e r "her die Oeutsche Bank A G Anred tlerrhausen AIIW 16
24. 065760 ESCnbam WhditliCh
67
CMI Japan Bond
Analyse des Wertpaplerbestandes nach Sektontn sum 31. Mar2
Wertpaplerbesmnd zum 92 M h 2008
2008
% of Net
Sector
Sektor
%OfNet
Assets
- % des
Fonds-
97.87
97.87
TOTAL NET ASSETS
GESAMTNEITOVERM&EN
Bonds Anleihen
verm6gens
Kornmunalanleihen
OTHER NET ASSETS
SONSTIGE NETOVERM&EN
Nominal
Holding
Nominal
Market
Value JW
Marktwert
Fonds
JPY verrnogens
Transferable securities admitted to an official stock exchange listing Amtlich notieerte Wertpapiere
Japan - Japan
50,000,000
182,000,ooo
54,000,ooo
30,000,000
100,000,000
2.13
160,000,ooo
30,000,000
100.00
7o,oo0,000
~9,000,000
10,500,000
Certificate of
Deposit -
Schatz-
wechsel
88.86
Japan 0.6% 04-20.12.09 N.42
Japan 1.3% 0520.03.15 N.269
Japan 1.3%07-20.12.11 N.62
Japan 1.4% 04-20.12.14 N.266
Japan 1.5% 04-20.03.14 No.259
Japan 1.5% 2002-20.03.12 N237
Japan 1.7%07-20.09.17 S.288
Japan 29607-20.03.27 No 93(20y)
Japan 2.2% 0420.03.24 N.68
Japan 2.4% 07-20.03.37 N.26
50,034.500
187,576,480
55,224,180
31,107,000
104,194,000
165,064,000
31,327,800
69,569,500
93,949,290
10,541,370
5.57
20.88
6.14
3.46
11.59
18.37
3.49
7.74
10.45
1.17
Transferable securities admitted to an official stock exchange listing Amtlich notierte Wemaoiere
5.56
Japan - Japan
30,000,000 Japan 0%0&13.05.08 Tb No.498
20,000,ooo Japan 0%0&16.06.08Tb No.504
Bonds Anleihen
Assets
.% des
29,980,920
19,976,980
3.34
2.22
einern anderen geregeiten Markt gehandek Wertpapiere
Japan - Japan
3.45
30,000,000 Japan 1.8%0020.12.10 N226
OTHER NET ASSETS
SONSTIGE NETTOVERMdGEN
TOTAL NET ASSETS
GESAMTNE~OYERMGEN
.
30,991,500
3.45
879,537,520
97.87
19,158,142
2.13
698,695,662
100.00
A Statement 01 changes in the cornposnion d each of lne 5.0 funds is availableto snarenolders on request from tne Fund's Registered M c e or Deutsche Bank A G Anred Mirhausen Alee 1624. a65760
Escoborn Eone A,fslerdng der Veranderuneen m Wenpapertasland e m s ,eaen Fonds 1st lur Anlelsinnaber aul Anfrape vorn Gesellxnattsnz des Fonds oaer ubw die DeRsche Bank A G Alfrea Heirhadsen Alee 16
24. D65760 Eschboro ernanlicn
68
CMI UK Bond
Wettpaplerbesmnd rum 31. Miin 2008
Analyse deB Wertpaplerbestandes nach Selrtoren sum 32 Marz
2008
BbofNet
Market
Nominal
Holding
Nominal
% of Net
Sector
Sektor
States, provinces and rmnicipaliies - Staab und
Kommunalanleihen
Supranational- Supranational
Banks and financial institutions - Banken, Kreditinstitute
Assets
.% des
fondsvermogens
-
80.12
Germany Deutschland
7.68
965,000 Kfw 4.375% 0€-03.07.11
943,000 Kred.wiederau.4.75% 02-12.07.10
366,000 Ldw Rentenbk 5.375% 0406.06.08
5.75
Insurance - Versicherungen
1.76
Real estate - Immobiliengesellschaften
0.69
News transmission - Nachrichtenubermittlung
0.58
Bonds Anleihen
3.42
TOTAL NET ASSETS
GESAMTNEJTOVERM~GEN
100.00
5.75
958,940
945,263
366,296
2.42
2.40
0.93
3,091,748
1,168,956
533,729
1,580.140
3,834,698
3,017,427
1,540,035
1,338,862
2,607,522
7,435,340
5,467,337
80.12
7.83
2.96
1.35
4.00
9.72
7.65
3.90
3.39
6.61
18.85
13.86
1,136,948
2.88
273,653
0.69
Great Britain - Grotlbritannien
3,oog,ooo
1,139,000
552,000
1,522,000
3,837,000
3,064,000
1,575,000
1,326,000
2,632,000
7,086,000
4,108,000
Great Briiain 4.75%07-12.07.30
Great Brii.4.5% 07-12.07.42
Treasury 4.25% 0006.07.32
Treasury 4.75% 0349.07.15
Uk Tsy 4%0343.07.09
Uk Tsy 4% 0609.07.16 Tsy
Uk Tsy 4.25% 03-03.07.36
Uk Tsy 4.25% 0507.12.55
Uk Tsy 4.25% 612.07.46
Uk TSy 5% 01 03.07.25
Uk TSy 8.75% 92-17
InternationalAgencies - Internationale
Institutionen
1,134,000 Nordic lnv 4.875% OE12.07.12
96.58
OMERNETASSETS
SONSTIGE NEJTOVERMdGEN
Assets
- 96 des
Value GBP
2.88
Ireland - Hand
282,000 Irish Nationwide 4.75% 06-22.12.08
0.69
Jersey - Jersey
710,000 Aig Sunamr.4.375% 0330.12.08
Elllb
1.76
1.76
696,141
4.80
1,838,000 Bei 5.5%0012.07.11
1,892,589
0.58
Netherlands- Niededande
230,000 Knp Nv 8.25% 01-04.11.08stepped
TOTAL INVESTMENT PORTFOLIO SUMME bKRTPAFfER8ESTAND
OTHER NET ASSETS
SONSTlGE NETJOVERMdGEN
TOTAL NET ASSETS
GESAMTNEJTOVERM&EN
4.80
230.391
0.58
38,116,015
96.58
1,348,540
3.42
39,464,555
100.00
A StaIemeOt 01 changes #nthe composdionof each of the Sob lunds is awai able 10 snarenolders on request from tne Fund's RegMered Onice or Datsche Bank A G , Anred Herrhausen Allee 1624 Cb65760
ESchDOrn Eine Aufstd ung der Veranderungen im WeRpaplerbestandeines leden fonds 1st lur Antmlsinnamr af Anlrage vom Gese lschafisnt des fonds m e r .bet die Deutsche Bank A G Anred Herrnausen Allee I6
24 D65760 Eshmrn erhanlch
69
CMI US Bond
Analyse des Wertpaplerbestandes nach Sektoren rum 31. Mllrz
Wertpaplerbestand zum 32 M h 2008
2008
% of Net
Market
Nwninal
Holding
Nominal
%ofNet
Assets
- % des
Fondsvermogens
Sector
Sektor
States, provinces and rmnicipaliiies - Staak und
Kornmunalanleihen
3.31
1.24
News transmission - Nachrichtenukrmrttlung
0.81
Energy - Erddl
0.45
1,600,000 Dubai Hold Comm Tv 0702.01.12
1,700,000 Hutchison Whampoa 7.45% 03
24.11.33 Reg
15.25
11,150,000 Bk Of England 4.625% 07-22.03.10
Reg
620,000 Marks Spencer 6.25% 07-12.01.17
Reg.
1,300,OM) Roy.bk Scotld Tv 0644.11.16
3.04
OTHER NET ASSETS
SONSTlGE NEnOVERMOGEN
TOTAL NET ASSETS
GESAMNEJTOVERM~EN
98.06
Jersey - Jersey
2,300,000 Old Mutual Cap Fd 8% 0331.12.99
Perp
1.94
5.47
4.73
11,697,465
0.25
607,054
1,210,274
0.49
1,426,230
0.58
0.58
0.88
0.88
2,171,291
100.00
1,200,000 Kurnetski 7.335% 0613.05.13 Reg.s
Mexico - Mexiko
2,000,000 Telefonos De Mexico 4.5% 03
19.11.08
1,188,678
1,999,916
1,100,000
Russia - RussischeFbderation
1,591,594
1.680,000 Gatprombk 6.5% 0523.09.15
United Arab Emirates - Vereinigte Arabisc:he
Emirate
3,068.544
3,070,000 Abu Ohabi 5.875%0&27.10.16
11,800,000
11,750,000
11,000,000
160,000
6,000,000
5,600,000
8,500,000
12,000,000
25,910,000
7,000,000
7,300,000
Ffcb 5.25% 0743.08.09
Fnma 5.125% 07-13.07.09 Global
Freddie Mac 5.125% 07-23.08.10
Goldman Sa.MlB23.12.09 B 236
Rabobk Cap.fds li 5.26% 0331.12.99
Perp.
Us Treasury Bond 5.25% 9915.02.29
Us Treasury Bond 6.25% 9315.08.23
Us Treasury Bond 8.125%8 9
15.08.19
Us Treasury Note 3.875% 03
15.02.13
Us Treasury Note 4.25% 04-15.08.14
Usa 4.5% 07-15.05.10 T-2010
12,264,625
12,191,800
11,689,700
155,632
5,414,820
6,293.000
10,441.719
0.45
0.45
0.64
0.64
1.24
1.24
47.83
4.97
4.94
4.73
0.06
2.19
2.55
4.23
6.75
16,676,125
11.18
27,614,391
7,633,281
7,747,125
Virgin Islands - Virgin lnseln
3.09
3.14
0.25
650,000 C8 CaP.spv 6.64%W 07-perp.
Bonds Anleihen
0.48
0.48
0.81
0.81
Noway - Norwegen
1,100,000 lnteroil E&p Tv 07-05.02.12
1.33
0.63
0.70
1,735,479
Ireland - Ifland
1,560,000 Bw Group 6.625% 07-28.06.17 Reg
SUMME MRTPAPIERBESTAND
1,547,200
3.16
Assets
.% des
MarMwert FondsUSD verrnogens
70.80
Holding and finance cmpanies Holding-und
Warenhauser
~
Bonds Anleihen
Value USD
618,007
0.25
einern anderen nerenelten Makt nehandelte WertDaciere
435,000 CitigroupTv 07-13.08.10
4,943 Coll.mtg.obl 7.25% 87-20.04.18 517
38.10
423,827
4.943
0.17
0.00
A Statement of changes in the composrtion of eacn of the SUB funds is availableto shareholders on r6quest from the Fund's Registered Office or Deutsche Bank A G , Alfred tkrrhausen Alee 1624. Lr65760
Escnmrn Eine Aufstellung der Veranderungen im Wenpaperbestand elnes leden Fonds 1st fur Antslsinhabr auf Anfrage vom Gesellschaflsitzdes Fonds d e r uber die OeutsChe Bank A G Alfred Herrhausen Alee 1b
24, D65760 Eschborn erhdtlich
.
70
CMI US Bond
Portfollo of investments as at 31 March 2008
We-aplerbestand zum 32 Man 2008
% of Net
Nominal
Holding
Nominal
Assets
% des
Markhvert FondsUSDvermogens
Market
Value USD
250,000 Fifth Third Bk 4.2% 0523.02.10
7,550,000 Usa 4.375% 0815.02.38Tbo
6,700,ooo Usa 4.5% 0615.02.36
6,000,ooo Usa 4.5%0515.11.10Q2010 Tbo
25,130,000 Usa 4.625% 07-15.02.17S.b2017
27,000,ooo Usa 4.75% 07-31.01.12S.f-2012
5,800,000 Usa 8.125% 91-15.08.21Bonds
7.000,ooo Walmart Stores 4.125% 0415.02.11
TOTAL INVESTMENT PORTFOLIOSUMME WERTPAMERBESTAND
OTHER NET ASSETS
SONSTlGE NElTOVERMbGEN
TOTAL NET ASSETS
GESAMTNETTOVERMOGEN
-
252,850
0.10
7,604,266 3.08
6,888,438
2.79
6,434,063 2.61
27,544,835 11.15
29,556,562 11.96
8,218,781
3.33
7,174,951 2.91
242,189,466
98.06
4.786,184
1.94
246,975,650 100.00
A Statement of changes in the composition at each of the sub funds is avallableto shareholders on reguest from the Funds Registered Offlce or DeutSChe Bank A.G.. Alfred Hermausen Allee 1b24. D65760
Eschborn. Eine Aufstdlung der Verlnderungen im Wertpapierbestande m s jeden Fonds ist fur Antellsmhaber auf Anfrape vom Gesellwhaflsilz des Fonds oder iiber die Deutsche Bank A.G.. Alfred Herrnausen Allee 16
24. D65760 EscnWrn erhilklich.
71
CMlG Fixed Term US Bond
Wertpaplenbestandzum 32 M h 2008
Analyse des Wertpaplerbestandes nach Sektoren zum 31. Man
2008
Nominal
Holding
Nominal
%ofNEt
Assets
Sector
Sektor
- % des
States, provinces and rmnicipaliies - Staab und
Kommunalanleihen
97.83
SUMME WERJPAPIERBESJAND
97.83
OTHER NET ASSETS
SONSTlGE NETTOVERM&EN
TOTAL NET ASSETS
GESAMTNETTOVERM&EN
Bonds Anleihen
Fondsverm6gens
%ofNet
Market Assets
Value USD - % des
Marktwert Fonds
US0vermligens
Transferable securities admitted to an official stock exchange listing Amtlich notierte Wemaoiere
2,645,000 Us Treasury Note 3.25% 0315.08.08
2,035,000 Us Treasury Note 4.75% 9&15.11.08
120,000 Us Treasury Note 4.875% 0215.02.12
1,950,000 Us Treasury Note 5.625% 98
15.05.08
859,000 Us Treasury Note 6.5% [email protected]
2.17
Bonds Anleihen
100.00
80.09
2,664,011
2,077,290
132,281
1,960,664
935,505
27.47
21.41
1.36
20.21
9.64
Transferable securities dealt in on another regulated market. An
einem anderen geregelten Markt gehandelte Wedpapiere
17.74
United States Vereinigte Staaten
~
1,700,000 Usa 3.375% 0315.11.08 K-2008
SUMME WERTPAHERBESTAND
OTHER NET ASSETS
SONSTIGE NETTOVERMbSEN
TOTALNETASSETS
GESAMTNETTOERM&EN
~
1,720,984
17.74
9,490,735
97.83
210,729
2.17
9,701,464
100.00
A Statement of changes in the composition of each of the sub funds IS availableto shareholders on request from the Funds Registered Office or DeutSCne Bank A G , Alfred Herrhausen Allee 1624, D65760
Escnmrn Eine Aufstdlung der VerBnderungen im Wertpaperbstand eines leden Fonds 1st fur Antalsinhabr auf Anfrage vom GesellscnaftsRz des Fonds ooer uber die Deutsche Bank A.G.. AMred Herrhausen Allee 16
24. 065760 Ewhborn erhdltlich
72
CMI Sterling Currency Reserve
WertpapferEestandzum 3 1 Mhz 2008
Analyse des Wertpaplerbestandes naCh Sektontn zum 31.M&z
2008
Nominal
Holding
Nominal
% of Net
Assets
- % des
Sector
Fonds
vermogens
Sektor
Holding and finance cwnpanies - Holding-und
Bonds Anleihen
Transferable securities admitted to an official stock exchange lihng Amtlich notierte Wertpapiere
57.40
3,000,000 Cwth Bk Aust.tv 05-06.01.10
14.15
Canada - Kanada
4,000,000 Royal Bank Of Canada 04O4.08.10
Fm
10.14
4.60
States, provinces and municipalities- Staab und
Kommunalanleihen
2.74
France - Frankreich
2.74
4,000,000
91.77
3,000.000
3,000,000
3,000,000
Cncep Tv 0627.11.09
Credit Agricole Ln Tv0702.02.11
Hsbc France Tv 06-04.11.11
Natexis hues Pop.tvOE-24.04.09
3,450.000
4,000,000
4,200,000
3,000,000
Alliance & Leicester 04-30.1 1.09 Frn
Cr.agricole h Tv 0622.06.09
Deutsche Bk TV 07-26.04.12
Portman Bldg Soc.tvO6-23.03.09
SUMME WRTPAPIERBESTAND
OTHER NET ASSETS
SONSTlGE NEtTOMRMOGEN
TOTAL NET ASSETS
GESAMTNETTOVERMOGEN
~
%OfNet
Assets
. % des
Market
Value GBP
2.74
2,983,493
3.67
3.67
3,992,791
11.87
3,991.423
2,974,203
2,965,359
2,993.520
8.23
100.00
2.74
3.67
2.73
2.72
2.75
13.26
3,320,847
3,989,115
4,144,753
2,983,500
3.05
3.66
3.81
2.74
Ireland - lrland
3,000,000 Ge Cap Uk Fd Tv 0522.06.10
2.73
2,97a,872
2.73
3,647,057
3.35
Italy - ltalien
3.35
3,650.000 Banca lntesa TvO4-16.04.09sr126
Netherlands- Niededande
4,000,000 Kbc lfima Nv TvO7-18.01.12
3,000,000 Nib Capital Bank 0310.12.08 Fm
6.13
3.64
3,962,262
2,710,000
2.49
Norway - Norwegen
3,000,000 Union Bk Of Norway 0416.01.09 Frn
2.75
2,998,378
2.75
Spain - Spanien
3,100,000 Santander Tv 0511.10.10 Emtn
2.82
3,068,946
United States Vereinigte Staaten
14.96
~
4,000,000
4,000,000
4,000,000
5,000,000
Commercial
Paper Commercial
Paper
Bk Of Amercia Tv 07-06.11.12
Citigroup Tv 07-16.01.12
Jp Morg-chaseTv 07-27.06.12
Merrill Lynch Tv 07-21.02.12
2.82
3,994.812
3,949,291
3,832,285
4,529,300
Other transferable securities - Sonstrge WeWpiere
5,000,ooo Barclays 5.94% 0830.06.08 Cp
4.59
5,000,000
4.59
2,945,994
2.70
4,000,000
3.67
Jersey - Jersey
2,945,994 Rheingold Sec.6.56% 07-31.03.08 Cp
Commercial
Paper Commercial
Paper
Debt Instruments - Finanzinstrumente
2.70
4,000,000 Hsh Nordbank 0%07-21.04.08 Cd
3.67
A Statement of changes in the composition of each of the Sub funds IS available to shareholders on request from the Fund's Registered Mflce or Deutsche Bank A.G.. Allred Herrnausen Allee 1624. D65760
Eschborn. Eine Aufstdlung der Veranduungen im Wertoaplerbestandeines leden Fonds d fbr AntalsmnaDer auf Anfrage vorn Gesellschaftsttrdes Fonds Mer Uber die Oeutsche Bank A.G.. Alfred tlerrhausen All24. P-65760 Eschborn erhaltlth.
73
3.66
3.63
3.52
4.15
16
Portfolio of Investmentsas at 31 March 2008
Wertpaplerbestand zum 32 Miin 2008
Nominal
Holding
Nominal
Market
Value GBP
Markhvert
Great Britain - Grollbritannien
5,000,ooo Cic London 6.265% 07-14.07.08cd
4,000,ooo Ing Ldn 0%07-08.06.08 Cd
8.26
5,000,000
4,000,000
TOTAL NET ASSETS
GESAMTNEITOKRM~GEN
4.59
3.67
8.27
4,000,000 Allied Irish 5.815% 0742.04.08 Cd
5,000,000 Irish Lfe&perrn 5.97%16.05.08cd
OTHERNETASSETS
SONSTlGE NEJrOVERM&EN
- % des
FondsGBPverm6gens
Ireland - Hand
SUMME WERTPAplERBESTAND
% of Net
Assets
~
4,000,000
5,000,000
3.67
4.60
99,956,201
91.77
8,969,727
8.23
108,925,928
100.00
A Statement of chanses in the compostion d each d the sub funds Is anllable to shareholders on request from the Fund's Registered m i c e or Deutsche Bank A.G.. Anred Herrhausen All- 1E-24. D65760
Eschborn. Eine Aufstdlung der Verlnderungen im Wenpaplerbestand eines jeden Fonds 1st fur AnteilSinhaDet auf Anfrage wm Gesellschaflsdzdes Fonds Oder uber die OBUtSche Bank A.G.. Alfred MrmauSen Allee 16
24, 065760 Eschborn erhblich.
74
CMI US Dollar Currency Reserve
Sector Analysis of Ponfolio as at 31 March 2008
Wertpaplerbestand rum 3 1 Man 2008
Analyse de8 Wertpaplermtande8 nach Sektoren zum 31. Mdrz
2008
Nominal
Holding
Nominal
% of Net
Assets
Sector
Sektor
Warenhauser
Real estate - ImmobilienBesellschaften
-
% des
Fonds-
Bonds Anleihen
vermogens
TOTAL NET ASSETS
GESAMTNETOVERM~GEN
100.00
2,398,508
Germany - DeutScMand
3.88
2,366,287
Great Etain - GroBbritannien
Alliance & Leic.tv 0326.01.09
Bradford&bingley 0319.09.08 Frn
Cr.agricole Ln Tv 0622.06.11
Nationwide Building 04-03.09.09 Frn
Northern Rock Tv 0521.10.10
4.62
25.50
2,933,629
2,955,163
2,359,575
1,987,167
2,827,500
Ireland - lrland
5.73
5.76
4.61
3.88
5.52
5.86
3,000,000 Irish Life Perm Tv 0525.05.10
Bonds Anleihen
4.68
4.62
2,400,000 Deutsche Bank Tv 0&21.03.11
3,000,000
3,000,000
2,400,000
2.000,000
3,000,000
5.30
4.68
2,400,000 Bq Fed.cred.mut.tv 0620.09.1 1 Emtn
3.89
12.75
2,712,600
France - Frankreich
5.86
OTHERNETASSETS
SONSTIGE NETTOVERMdGEN
5.30
3,000,000 Cibc Tv 07-21.02.17 Emtn
21.57
87.25
Canada - Kanada
52.05
TOTAL INVESTMENPORTFOLIO SUMME WERTPAPIERBESTAND
% of Net
Market Assets
Value USD - % des
Markhvert Fond2
USDvermdgens
3,003,350
5.86
United States - Vereinlgk Staaten
~ , ~ ~ ~ ,Coutrywide
o o o Fin.tv 0624.03.09
7.33
909,800
2,844,689
1.78
3,000,000 Gecc Tv 07-15.02.17 Tr.774
5.55
Commercial
Paper
Commercial Transferable securities dealt in on another regulated market -An
Paper
~
Australia - AustralIen
3.91
2,000,000 Anz Bk Gr. 2.84% 0814.05.08cd
2,000,000
Conmercial
Paper
Commercial
Paoer
Other transferable securities Sonstiire Wemaolere
3.91
~
~
2,487,521 Clydesdale Bk 3.01% 086.05.08 Cp
1,974,943 M.bk Ln 0%07-28.04.08 Cd
1,992,315 Tesco.plc 0% 08-20.05.08 Cp
12.60
2,487,521
1,974,943
1,992,315
4.85
3.86
3.89
2,479,612
4.84
4.84
Ireland - lrland
2,479,612 Bank Of Irelo%08-18.06.08 Cp
Netherlands Antilles - Niedsrlandische Antillen
1,981,866
SOC
Gen 2.7% 0831.07.08 Cp
Norway - Norwegen
2,000,000 Dnb.nor.bk 3.01% 0846.05.08 Cd
3.87
1,981,866
3.87
2,000.000
3.91
3.91
A Statement of manges in the commsltlon of each of the sub funds IS availableto shareholders on reauest from tne Fund's Registeredm i c e or Deutsche Bank A.G.. Aifrea Herrnausen Allen 1624, D65760
Eschkrn. Eine Aufstdlung der Verandwunpeo im Wertmplerbstand eines ieden FOndS 1st fur Antellslnhaber auf Anfrape vom Gesellxhaflsitz des Fonds d e r uber die Deutsche Bank A.G.. Anred mrrnausen Allen 16
24. 065760 ExnWrn erhhitlich.
75
Wemapierbestand turn 3L M h 2008
Nominal
Holding
Nominal
% of Net
Market Assets
Value USD - % des
Markhvert
Fonds
USD vermbgens
4.83
Sweden Schweden
~
2,472,618 Nordea Bk Ab 0%07-25.07.08~~
TOTAL INVESTMENT PORTFOLIO SUMME WRTPAPIERBESTAND
OTHER NET ASSETS
SONSTlGE NETTOKRM&EN
TOTAL NET ASSETS
2,472,618
4.83
44,687,143
87.25
6,528,583
12.75
51,215,726
100.00
GEWETTOYERM~GEN
A Statement of changes in the compositiond each of the sub funds is availableto shareholders on rquest from the Fund's Registeredmice or Oeutsche Bank A.G.. Anred Wrrhausen AllR? 1b24.065760
EschDorn. Eine Aufstellung der Veranderungen im Wertpapierbestandemes leden Fonds ist f i r Anteilsinhabr auf Anfrage vom Gesellsenatsitz de5 Fonds Cder iiber dle Delnsche Bank A.G.. Alfred HerrhaUSenAllee 1b
24. M5760 Eschborn erh8tlich.
76
Uqiverse, The CMI Global Network Fund
CMI Euro Currency Reserve
Sector Analysis of Porttolio as at 31 March 2008
Analyse des Wertpaplerbestande6nach Sektoren zum 32 Man
2008
Wettpaplerbeatnndzum 3L M&n2008
Nominal
Holding
Nominal
% of Net
Assets
.% des
Sector
Sektor
Banks and financial institutions- Banken, KreditinsW
3.25
OTHER NET ASSETS
SONSTIGE NEJTOVERM&EN
TOTAL NET ASSETS
GESAMJNET~OMRM~GEN
9,903,669
Canada - Kanada
4.85
Transferable securities admitted to an official stock exchange listing Arntlich notierte Weftpapiere
10,000,000 Nat.austral.bk Tv OE-18.03.11
12.38
4.25
71.32
TOTAL INVESTMENT PORTFOLIO SUMME WERJQAPlERBESJAND
Bonds Anleihen
Fondsverrnogens
% of Net
Market Assets
Value EM - % des
Markhvert FondsEUR vermhgens
5.24
8,000,000 Bk Nova Scotia Tv 0512.08.08
8,000,000 Canadian Imperial0428.01.09 Fm
7,993,282
7,986,276
2.62
2.62
9,938,675
4,995,678
4.89
3.25
1.64
3,998,404
5,934,495
3.25
1.31
1.94
4,997,904
4,994,723
7,967,718
8,319.276
4,965,220
8,783,449
4,980,5 14
8,003,306
9,956,167
20.64
1.64
1.64
2.61
2.73
1.63
2.88
1.63
2.62
3.26
Denmark - Danemark
10,000,ooo Danske Bank 0€-99.08.11
5,000,000 Danske Bk Tv 0514.11.08 Erntn
96.05
France - Frankreich
3.95
4,000,000 Bfcm Tv 0628.05.08
6,000,000 Natexis Bques Pop.M)631.01.11
100.00
3.24
3.24
Great Britain - GroDbritannien
5,000,000 Alliance & Leic.tv 04-14.09.09
5,000,000 Britannia Bldg Tv 0614.12.09
8,000,000 Clydesdale Bk Tv 0&15.09.09
8,500,000 Clydesdale Bk Tv 07-30.05.12
5,000,000 Conventty Bldg Soc.tv 05-05.11.10
g,ooO,oOo Credsuisse Ln Tv 0706.04.12
5,000,000 Nationwide Build 051 1.03.08 Frn
8,000,000 Northem Rock 0413.7.09 Fm
10,000,ooo Westpac Bk Ln Tv 0627.06.11
11.57
Ireland - Hand
.a
4,981,582
2,272,953
3,982,646
9,279,748
9,781,628
4,995,185
1
0.74
1.30
3.05
3.21
1.64
10,000,000 Banca Mesa Tv 06-04.11.13
5,000,000 Bca Monte PaschiTv0&19.01.09
10,000,ooo Monte Dei Paschi Tv 07-14.02.12
5,000,000 Monte Paschi Sien.tvW22.03.13
5,000,000 Unicredito kalia 04-29.01.10 Frn
9,792,772
4,993,626
9,777,966
4,830,458
4,979,083
11.26
3.21
1.64
3.20
1.58
1.63
io,ooo,~oo Rabobank Tv 0410.05.09 S.1136a
9,994,931
3.27
3.27
5,000,000Allied Irish Banks 0329.09.08 Fm
2,300,000 Allied Irish Banks 04-29.10.09 Fm
4,000,000 Ge Cap.eur.fd Tv 04 21.10.09 Emtn
~O,OOO,OOO Ge Cap.wr.tv 0622.02.16 Erntn
~ O , O ~ , O O OIrish Life & Perm Tv OE-14.02.11
5,000,000 Irish Lif-ermanent 0325.04.08 Fm
Italy - ltalien
Norway - Norwegen
4,964,056
5,000,000 Dnb Nor Bk Asa Tv0527.09.10
5,000,000 Union Bank Of Norway 0307.04.08
Fm
~
~
Spain - Spanien
, Santander
~ ~lntl Tvo 0&23.03.11
, ~ ~
4,000,000 Bk Of America Tv 0618.05.16
3,500,000 Bk Of America Tv 0702.05.14
5,000,000 Bk Of American Corp Tv 0518.05.10
~
~Ciigroup Tv, 06-02.09.16
~
~
2,000,000 Countrywide Fin Tv 0523.11.10
3.26
1.63
1.63
5,000,680
3.25
~
9,917,066
3.25
8.63
3,631,665
3,277,990
4,904,568
8,807,950
~
1,460,000
1.19
1.07
1.61
,2.88
0.48
A Statement of changes in the cornwsltlon of each 01 the sub i d s s ava4ao e lo Shareholders on rga.es1 from lhe F m ' s Registered mre or Deutscne Bank A G Anred HermauSen Ailee 1624.065760
Eschhrn E l m Auindlung oer VMlndWLngen Im Wertpaperoestano elnes jeden Fonas st fur Ant& nhaber aul Anlrage vom Gesellschaflsrlz des Fonds oder u k r die Deutsche Bank A G Anred Herrhausen A lee 16
24 D65760 Eschborn erhaillich
77
~
~
Wertp8plerbestandzum 32 MBn 2008
Nominal
Holding
Nominal
2,500,000 Merrill Lynch Tv 07-16.02.12
2,500,000 Merr.lynch &co.tv 07-31.01.14
Bonds Anleihen
% of Net
Market Assets
Value EUR - % des
Marktweft FondsEUR vermogens
2,192,673
2,061,520
einem anderen geregelten Markt gehandelte hertpapiere
g,ooo,ooo
0.72
0.68
Dt.bank Ag Tv 0&16.02.11
2.92
8,919,042
2.92
Comnercial
Paper Commercial
Paper
France - Frankreich
9,776,833 Socgen 4.54% 0847.08.08 Cd
3.20
9,776,833
5.90
Great Briiain GroSbrirannien
~
10,000,000 Barclays Bk 4.68% 0101.08.09 Cd
8,000,000 Nationwide 4.55% 0844.09.08 Cd
10,000,000
8,000,000
Spain Spanien
4,886.365
Finland - Finnland
5,000,000 Nordea 4.51% 07-14.07.08 Cd
1.64
1.64
7,000,000
2.29
293,181,742
96.05
2.29
~
TOTAL INVESTMENT PORTFOLIO -
1.60
5,000,000
Sweden Schweden
7,000,000 Nordea Bank 4.25% 0705.02.08 Cd
3.28
2.62
1.60
~
4,886,365 Banco Sant.O% 0807.10.08 Ecd
Comnercial
Paper Commercial
Paper
Debt Instruments- Finanzinstmmente
3.20
SUMME WERTPAPERBESTAND
OTHER NET ASSETS
SoNSTlGE NETOVERMdGEN
TOTAL NET ASSETS
GESAMTNET~OKRM~GEN
12,053,690
3.95
305,235,432
100.00
A Statement Of changes in the composltionof each of the sub funds is availableto shareholders on request from the Fund's Reglaired Mice or Deutxhe Bank A G.. Alfred Herrhausen Allee 1624. D65760
Eschbrn. Eine Aufsttellung del Veranderungen Im Wertpaperbestand Nnes leden Fonds 1st fur Ant&.inhaDer auf Anfrage vom Gesellscnattstt des Fonds d e r ubw die Deulsche Bank A.G.. Alfred Herrhausen Allee 16
24, 065760 Eschbrn erhalich.
78
CMI Global Bond
Analyse des Wertpeplerbestandes nach Sektoren zum 31. M&z
2008
WertpapIerbe8tand zum 31. M h 2008
Nominal
Holding
Nominal
96 of Net
Assets
-
Sector
Sektor
States, provinces and municipalities- Staats-und
Kornmunalanleihen
Holding and finance companies - Holding-und
% des
Fonds-
Bonds Anleihen
vermdgens
90,000 Xstrata Fin.5.25% 07-13.06.17
2.30
180,000 Denmark 5% 02-15.11.13
900,000 Denmark 6% W15.11.09
0.27
100.00
0.51
0.51
20,236
99,071
0.95
0.16
0.79
496.868
1,552
3.95
3.94
0.01
France - Frankreich
98.73
TOTAL NET ASSETS
GESAMTNETTOMRM~GEN
64,482
Denmark - Danemark
1.69
1.27
Canada - Kanada
94.47
OTHER NET ASSETS
SONSTlGE NETTOVERMOGEN
% of Net
Market Assets
Value GBP - % des
Markiwert FondsGBPwrmOgens
710,000 France Oat 4% 04-25.04.55
2,004 France 3.5% 04-25.04.15 Oat
460,000 EundesrepublikDeutschland 3%03
11.04.08
792,539 Germany 2.25% 07-15.04.13 /index
210,000 Germany 3.5% 0310.10.08 S.143
160,000 Germany 4% 05-01.04.37
10.50
2.90
365,692
676,591
166,612
115,837
5.36
1.32
0.92
34,516
46,815
423,463
239,561
5.90
0.27
0.37
3.36
1.90
34,654
0.27
0.27
Great Britain - Grosbritannien
50,000
100,000
430,000
245,000
Baa PIC3.875% 0615.02.12
Roy.bk Scotld TvO6-04.11.16
Uk Tsy 4% 06-09.07.16 Tsy
Uk Tsy 4.25% 0343.07.36
Ireland lrland
~
60,000 Ut2 Funding 5.321% 0&30.06.16
Italy - ltalien
150,000
300,000
1,020,000
1,050,000
Italy 3.75% 06-08.01.21 Btp
Italy 4% 0502.01.37 Btp
Italy 4.25% 07-15.10.12 Btp
Italy 4.5% 07-08.01.10 Btp
15.71
109,397
204,3 15
819,397
847,421
0.87
1.62
6.50
6.72
656,522
129,518
684,790
782,338
369,554
708,454
106,735
170,029
28.61
5.20
1.03
5.43
6.20
2.93
5.62
0.85
1.35
483,732
3.83
3.83
Japan - Japan
126,000,000
25,000,000
130,000,000
150,000,000
70,000,000
141,000,000
20,000,000
33,500,000
Japan 1.3%0520.03.15 N.269
Japan 1.40%01-20.06.11 Nr.233
Japan 1.5%0420.03.14 No.259
Japan 1.5% 2002-20.03.12 N237
Japan 1.7%07-20.09.17 S.288
Japan 2%07-20.03.27 No 93(2Oy)
Japan 2.2% 0420.03.24 N.68
Japan 2.4% 07-20.03.37 N.26
580,000 Netherlands 5% 02-15.07.12
1.25
Spain Spanien
~
180,000 Spain 5.5% 02-30.07.17
157,451
1.25
71,174
0.56
0.56
Sweden Schweden
~
900,000 Sweden 3%0507.12.16
830,000 Fnma 5.125% 07-13.07.09 Global
455.000 Freddie Mac 5.125% 07-23.08.10
150,000 Goldman Sach 5.375% 0&15.02.13
E
m
975,000 Us Treasury Note 4.25% 0415.08.14
433,062
243,144
10.51
3.43
1.93
0.91
114,859
534,637
4.24
A Slaternenl 01 changes in tne cornwsnion ot each ot tne SUO fund5 is availableto snarenolders on request from the Fund's RegisteredGltlce or Deutsche Bank A G Adrea Herrnausen Altea 1624 D65760
Eschborn EqneAulstellunp der Veranderungen om Wenpaperbestand ernes leden Fonds is1 1.r Antehnhaber auf Anlrage worn Gesellschatfsnz des Fonds oder uber die OeJrsche Bank A G , Anred HermaLren Ahee I6
24 065760 Eschbarn erhdnlich
79
i
Uuiverse, The CMI Global Network Fund
CMI Global Bond
Pomlio of investments as at 31 March 2008
Wertpeplerbestand zum 3 1 Mdirr 2008
Nominal
Holding
Nominal
% of Net
Market Assets
Value GW - % des
Marktwert Fonds
GBPvermbgens
Certificate of
Deposit SchattTransferable secunties admitted to an official stock exchange listing
wechsel
Japan - Japan
2.80
30,000,000 Japan 0%0&13.05.08 Tb No.498
~,ooo,ooo Japan 0%0&16.06.08
Bonds
Anleihen
~
Tb No.504
151,571
201,991
einem anderen geregeken MarM gehandek Wertpapiere
Belgium - Belgien
170,000 Belgium 3.5% 0&28.03.11
133,931
Canada - Kanada
180,000 Canada 4%06-06.01.17
130,000 Canada 5.75% 0106.01.33
261,134
2.07
2.07
385,000 Usa 4.375% 0815.02.38 Tbo
13o.000 Usa 4.5% 0615.02.36
1,020,000 Usa 4.625% 07-15.02.17 S.b2017
350,000 Usa 8.125% 91-15.08.21 Bonds
1.39
0.74
0.65
~
50,000,ooo Japan 1.8% 0020.12.10 N226
1.06
1.06
92,522
82.238
Japan Japan
Bonds
Anleihen
1.20
1.60
194,990
67,210
562,197
249,396
8.51
1.55
0.53
4.45
1.98
~
Other transferable securities Sonstige Wertpapiere
~
0.35
0.35
100,ooo Australia 5.75% 07-15.05.21
TOTAL INVESTMENT PORTFOLIO SUMME WERTPAPTERBESTAND
12,4~,343
98.73
OTHERNETASSETS
SONSTlGE NElTOKRlkJGEN
160,716
1.27
TOTAL NET ASSETS
GESA~VNETTOVERM~GEN
12,615,059
100.00
A Statement of changes in the composition of each of the sub funds is available to shareholderson request from the Fund's Registered m i c e or Dsutsche Bank A.G.. Alfred HerrhausenAllee 1b24. M5760
Eschborn. Eine Aufndlung der Veranawungen im Wemapierbstand emes ]Wen Fonds ist fiir AntClSinnaDer ad Anfrage w m Gesellscnaftsrtrde5 Fonds mer iiber die Deutsche Bank A.G., Alfred HerrnausenAllee 1b
24, a65760 Eschborn erhafflich.
80
<
CMI Global Mixed
Analyse des Wertpaplerbestandes nach Sektoren turn 3 1 Marz
2008
zum 3 2 M&K 2008
We-plerbestand
%ofNet
Nominal
Quanbty
% of Net
Assets
-
Sector
Sektor
% des
Fondsverrnogens
States, provinces and municipalities. Staab und
Kommunalanleihen
Banks and financial institutions- Banken, KrediIinstrtute
6.27
Elektronik
Energy - Erdbl
4.06
2.58
Retail trade, department stores Einzelhandelund
Warenhauser
Construction, building materials - Bau. Baustoffe
2.57
1.97
~
17,090 Ultrapetrol Bahamas Ltd
86,196
0.17
0.17
261,595
321,906
1.13
0.51
0.62
162,144
193,663
0.69
0.31
0.38
185,659
0.36
0.36
322,595
321,552
281,645
115.830
468.868
295,276
3.50
0.63
0.62
0.55
0.22
0.91
0.57
191,726
0.37
0.37
Belgium - Belgien
7,066 Mobistar
Bermuda Islands Bermudas
3.96
7,330 Covidien Ltdhhen Issued
8,641 Tyco lntl Ltd /when Issued
Brazil - Brasilien
3,176 Unibanco/adr
2.45
1.75
1.57
1.55
1.54
1.52
1.46
Chemicals - Chemie
1.18
1.18
1.00
0.94
0.88
0.81
0.47
0.44
Ajyicutture and fishing - Landwirtschaft und Fischerei
0.43
Gastronomy- Gastronomie
0.43
0.40
Other business houses - Diverse HandelsMuser
0.38
Environmental services & recycling - Umwelt und Recycling
0.38
TOTAL NET ASSETS
GESAMTNETTOVERM&EN
0.43
0.43
~
1.95
OTHER NET ASSETS
SONSTIGE NEllOVERMdGEN
220,474
Bahamas - Bahamas
4.08
7.87
4.54
Transferable securities admitted to an official stock exchange listing AmHich notierte Wertpapiere
8.35
Kosmetik
~
Shares Aktien
29.13
News transmission Nachrichtenubermittlung
~
Market Assets
Value GBP .% des
Markhvert FondsGBPvermdgens
Canada Kanada
~
14,547
19,362
11,474
31,381
22,178
7,534
Bank Of Nova Scotia
Cameco Corp.
Canadian National Railway
First Uranium Corp.
Teck Cominco Ltd
Uttra Petroleum
/+
Cyprus - Zypern
44,990 Marfin Popular Bank Public Co.
Finland - Finrtland
25,492 Nokia Oy
0.79
405,152
0.79
342,323
415,292
304,066
252,565
4.10
0.66
0.80
0.59
0.49
0.12
62,099
741,657
1.44
226,180
747,544
316,105
2.50
0.44
1.45
0.61
France- Frankreich
18,810
8,231
5,872
5,122
1,280
19,894
Axa
Bnp Paribas
Pernod - Ricard
Societe General. Paris 4Societe.general. Act.nouv.jce
Ern.2008
Total Sa
6,796 Adidas Ag
8,079 E.on Ag
6,521 Q Cells Ag
155,344
48,223
50,057
34,789
31,717
7,981
5,114,457
291,039
98.09
1.91
100.00
Great Braain - GroBbritannien
Arm Holdings Pic
Barclays PIC
Bp PIC
Eurasian Natural Res Corp PIC
GlaxosmithklinePIC
Rio Tinto PIC
Rolls Royce Group.cl B
Vodafone Group PIC
133,984
216,762
253,288
339,193
342,544
417,885
5,114
440,925
13,458 Hellenic Exch.h.clear.sett.reg
72.180 Marfin Investment Group Hold.
4.17
0.26
0.42
0.49
0.66
0.66
0.81
0.01
0.86
0.84
161,355
272,017
0.31
0.53
A Statement of changes in the corni-msmon of each of the sub funds Is availableto shareholders on request from the Fund's Registered Office or Oeutsche Bank A.G.. Alfred Mrmausen All* 1624,065760
Eschborn. Eine Aufstdlung der Veranderungen im Wertpapterbestandeines jeden Fonds 1st fur Antalsinhaber auf Anfrage vom Gesellschaftsltzdes Fonds ode1 iiber die DButsche Bank A.G.. Allred Mrrhausen Allee 16
24. 065760 Eschborn erhallch.
81
Upiverse, The CMI Global Network Fund
CMI Global Mixed
Podolio of investments as at 31 March 2008
Wertpaplerbestand zum 3 1 MIin 2008
Nominal
Quantity
~
418,857
399,596
290,128
Italy - ltalien
22,094 Banco Popolare SOC.Coop.
Circle K Sunkus Co Ltd
Japan Tobacco Inc.
JgC COW.
Lopro Corp.
Misui & Co Ltd
Nissan Motor Co. Ltd
Ntt Urban Dev Corp.
Obayashi Corp.
Sekisui Chemical Co Ltd
Sumitomo Chemical Co. Ltd
Sumitomo Misui Financial Gr.
Takeda Pharmaceutical Co. Ltd
0.37
0.87
770
456,616
261,616
17
194,033
240,783
242,911
329,665
201,202
212,881
374,760
232,092
5.32
0.00
0.87
0.51
0.00
0.38
0.47
0.47
0.64
0.39
0.41
0.73
0.45
352,885
180,122
0.35
0.35
277,042
354,146
1.22
0.54
0.68
265,522
0.51
0.51
470,491
339,925
525,326
446,547
3.45
0.91
0.66
1.01
0.87
160,340
0.31
0.31
263,924
612,995
281,149
264,714
396,662
0.51
1.20
0.54
0.51
0.77
Singapore - Singapur
69,000 City Developments Ltd
Sou31 Korea - Sudkorea
1,687 Samsung El./sp.gdr
Spain - Spanien
3,482
43,230
29,979
30,843
Acciona Sa
lberdrola Sa
Repsol Ypf Sa Madrid
Telefonica Sa
Sweden - Schweden
19.784 East Capital Explorer Ab
Switzerland - Schweiz
15,328
2.464
10,950
2,827
2,687
Efg International
Nestle /nom.
Nwartis Ag Basel
Syngenta Ag
0.81
0.81
418,721
0.53
~
271,949
6,593
6,535
10.919
6,532
39,898
19,514
23,690
18,147
36,044
6,686
27,874
66.31 1
16,913
17,042
10,351
16,306
23,386
18,335
11,820
5,194
38,847
13,765
15,612
8,218
14,644
11,609
10,999
36,352
9,164
14,370
11,482
22,592
17,277
4,809
7,042
9,850
3,572
12,639
22,470
13,064
10,958
19,931
18,666
24,711
0.79
Norway - Nonvegen
Fonds
GBPvermdgens
Markhvert
Thailand Thailand
122,500 Bangkok Bank Public
0.43
0.52
0.27
Assets
.% des
Taiwan - Taiwan
0.68
272,597
137,138
81,877 Taiwan Semiconduct. Manuf.
0.43
220,164
36,867 AeWn Nv
9,311 X5 Retail Group Nv / Sgdr
Quantity
0.68
Malaysia - Malaysia
Nominal
2.15
0.82
0.77
0.56
191,997
447,035
7,387 Millicom htl Cellular Reg.
% of Net
Market
Value GBP
1.24
Japan - Japan
go
181
34,000
50
19,000
57,800
336
156,000
66,000
66,000
113
9,200
Wertpaplerbestandzum 3L M&IZ 2008
%ofNet
Market Assets
Value GBP - % des
Marktwert FondsGBPvennogens
Hong Kong - Hongkong
84,000 HutchisonWhamp Ltd
Bonds Anleihen
3.53
A w n Inc.
MSYS
Inc
Apple Inc.
At & T
Be Aerospace Inc.
Broadcom Corp. -b
Cisco Systems Inc.
Costco Wholesale Corp.
Deita Petroleum Corp.
Domtar carp.
DreamworksAnimation Skg Inc
Energysolutions Inc/deposit Sh
Exelon Corp.
Exxon Mobil Corp.
General Electric Co.
Hewlettpackard Co.
Home Depot Inc.
IhsInc
Intel Corp.
Jakks Pacific Inc
Johnson &Johnson
Kaydon Corp.
Kellogg Co.
Merck & Co. Inc.
Morgan Stanley
New York Comm. Bancorp Inc.
Noble Corp.
Och-ziff Captal Mgmt Shs - A
Pfizer Inc.
Procter & Gamble Co.
Prudential financial Inc.
Qualcomm Inc.
Schering-ploughCorp.
Sothebys
Target Gorp.
Texas Instruments Inc.
Trimble Navigation Ltd
United Technologies Corp.
Viacom Inc -b
Wahnart Stores Inc.
Waste Management Inc.
141,895
136,211
208,206
469.736
755,566
373,569
413,963
173,837
436,447
216,417
308.925
218,794
213,725
193,674
415,154
698,763
430,524
424.942
162,739
173,190
406,119
194,779
503,849
180,010
386,452
259,833
247,452
330,132
221,422
392,011
120,960
232,890
603,280
182,455
142,140
96,437
49,898
315,808
320,217
182,889
377,729
390,772
489,212
420,621
0.53
26.38
0.28
0.26
0.40
0.91
1.46
0.72
0.80
0.34
0.85
0.42
0.60
0.42
0.41
0.38
0.80
1.35
0.83
0.82
0.32
0.34
0.79
0.38
0.98
0.35
0.75
0.50
0.48
0.64
0.43
0.76
0.23
0.45
1.17
0.35
0.28
0.19
0.10
0.61
0.62
0.35
0.73
0.76
0.95
0.82
Amtlich notierte Wemapiere
Canada - Kanada
130,000 Xstrata Fin.5.25% 07-13.06.17
0.18
93.141
Denmark Danemark
0.31
~
~ 0 , 0 0 0Denmark 5% 02-15.11.13
1,ooo,ooo Denmark 6% 98-15.11.09
0.18
49,466
110,079
0.10
0.21
A Statement of changes in the cornmsnion of each of the sub funds is availableto sharehollers on reauest from the Funds Rqistered Mflce or Oeutsche Bank A.G , Anred Herrnausen Aiiee 6 2 4 , ~65760
Eschborn Eine Aufstellung der VerandWUnERn im Wenwplerbestand eines leden Fonds 1st fur Antelsinhaber auf Anfrage mm GeseiIscnafisRz des FOndS oder uber die Deutsche Bank A G.. Alfred Herrhausen Allee 16
24. a65760 Eschborn erhdltllch
82
CMI Global Mixed
Wemaplerbestandzum 32 Mlln 2008
Wertpaplerbertand turn 3 1 M i h 2008
Nominal
Quantity
% of Net
Market Assets
Value GBP .% des
Marktwert Fonds.
GBPvermogens
France - Frankreich
800,000 France Oat 4% 0425.04.55
559,851
960.000 Bundesrepublik Deutschland 3%0 3
11.04.08
1,106,613 Germany 2.25% 07-15.04.13 /Index
300,000 Germany 3.5% 0310.10.08 S.143
200,000 Germany 4% 0501.04.37
Baa Plc 3.875% 0615.02.12
Roy.bk Scotld TvO644.11.16
Uk Treasury 4.75% 047.12.07.38
Uk Tsy 4% 0649.07.16 Tsy
Uk Tsy 4.25% 0303.07.36
34,516
46,815
63,732
453,007
293,340
370,000
370,000
660,000
1,000,000
2 13.630
259,036
948,171
1,147,430
527,935
298,653
904,409
133.418
238,549
9.05
0.41
0.50
1.84
2.23
1.02
0.58
1.75
0.26
0.46
132,707
583.814
1.39
0.26
1.13
102,806
0.20
0.20
Japan - Japan
41,000,000
50,000,000
180,000,000
220,000,000
100,000,000
55,000,000
180.000,OOO
25,000,000
47,000,000
Japan 1.3% 0520.03.15 N.269
Japan 1.40%01-20.06.1 1 Nr.233
Japan 1.5% 04-20.03.14 No.259
Japan 1.5% 2002-20.03.12 N237
Japan 1.7% 07-20.09.17 S.288
Japan 1.90% 0620.06.16 No.280
Japan 29607-20.03.27 No 93(20y)
Japan 2.2% 04-20.03.24 N.68
Japan 2.4% 07-20.03.37 N.26
180,000 Netherlands 3.75% 0615.01.23
700,000 Netherlands 5% 02-15.07.12
Sweden - Schweden
1,300,000 Sweden 3% 0507.12.16
840,000
1225,000
200,000
820,000
Certificate of
D e, m
~i t -- .
Schatzwechsel
Fnrna 5.125% 07-13.07.09 Global
Freddie Mac 5.125% 07-23.08.10
Goldman Sach 5.375% 0815.02.13
Emtn
Us Treasury Note 4.25% 04-15.08.14
438,279
654,6 19
3.29
0.85
1.27
0.30
153,145
449,644
0.87
0.76
393,913
Canada - Kanada
138,783
120,194
United States - Vereinigfe Staaten
290,000 Usa 4.375% 0815.02.38 Tbo
BC+dIS Anleihen
0.76
0.50
270,000 Canada 4% 0606.01.17
1g0,ooo Canada 5.75% 01-06.01.33
4g0,ooo
830,000
450,000
430,000
0.53
einern anderen geregelten Markt gehandelte Wertpapiere
Belgium - Belgien
0.57
3.60
0.52
0.49
1.03
1.56
~
0.53
275,438
500,000 Belgium 3.5% 0828.03.1 1
0.88
269,845
251,989
530,198
807,067
italy ltalien
Italy 3.75% 0608.01.21 Etp
Italy 4% 05-02.01.37 Btp
Italy 4.25% 07-15.10.12 Btp
Italy 4.5% 0708.01.10 Btp
Bonds Anleihen
1.73
0.07
0.09
0.12
0.32
0.32
Transferable securities deat in on another regulated market -An
einern anderen geregelten Markt gehandette Wertpapiere
1.83
0.46
0.28
167,496
9,566 Foster Wheeler Ltd
1.48
763,183
944,715
238,018
144,797
Ireland - Mand
290,000 Ut2 Funding 5.321% 0630.06.16
Shares Aktien
1.09
1.09
4.05
Great Britain- GroBbritannien
50,000
100,000
60,000
460,000
300,000
Nominal
Quantity
% of Net
Market Assets
Value GBP - % des
Usa 4.5% 0615.02.36
Usa 4.625% 07-15.02.17 S.b.2017
Usa 4.75% 07-31.01.12 S.f-2012
Usa 8.125% 91-15.08.21 Bonds
0.27
0.23
2.75
146,876
253,328
457,475
247,710
306,401
0.28
0.49
0.90
0.48
0.60
0.12
135,000 Australia 5.75% 07-15.05.21
SUMME WRTPAPIERBESTAND
OTHER NET ASSETS
SONSTlGE NETrOVERMdGEN
TOTAL NET ASSETS
GESAMTNEJTOVERM~GEN
~
60,324
0.12
50,611,938
98.09
985,240
1.91
51,597,178
100.00
Transferable securities admirted to an official stock exchange listing Arntlich notierte Wemaoiere
Japan - Japan
150,000,000 Japan 0%OE-13.05.08 Tb N0.498
1.47
757,856
1.47
A Statement of changes In the COmWSltlOnof each of tne sub funds 1s avBllaDle to shareholders on request from the Fund's Registered Mflce or Oeutsche Bank A G.. Alfred errhausen Allee 1 6 2 4 , D65760
Eschborn. Eine Aufstellung der Verdndwungen im WertDaplerbeStand emes leden Fonds 1st fur Antalslnnacer auf Anfraie vom Gesellxhaflsltz des Fonds d e r ubw die Deutsche Bank A.G , Ailred Herrhausen Allee 1b
24. D65760 EscnWrn erhWlCh
83
t
Ugiverse, The CMI Global Network Fund
CMI Global Equity
Analyse des Wertpaplerbertandes nach Sektomn zum 31. Mdrz
2008
Wertpaplerlmstandturn 3 1 M h 2008
%ofNet
Quantrtv -
% of Net
Anzahl
Assets
Description- Wertpapiarbezeichnung
Market Assets
Value GBP - % des
Markhvert FondsGBPverm6gens
.% des
Fonds-
Sector
Sektor
Shares Aktien
vermogens
Holding and finance companies - Holding. und
f inanzgesellschaften
Banks and financial institutions- Banken. Kreditinstrtute
News transmission - Nachrichtenu~rmi~lung
Pharmaceuticals and cosmetics - Pharmazeotikaund
Kosmetik
Elektronik
Energy - Erdol
3.88
2.58
2.26
2.17
2.15
insurance - Versicherungen
2.14
2.11
Chemicals- Chemie
1.79
Other services - Sonsbge Dienstleistungen
1.77
1.45
1.38
1.24
Nonferrous metals - Nichteisenmetalle
1.11
States, provinces and municipalities- Staab und
Kommunalanleihen
0.87
Agricuiture and fishing - landwirtschaft und Fischerei
lntemet Software Internet Software
Environmental services & recycling - Urnwelt und Recycling
0.56
Other business houses Diverse Handelshauser
0.53
0.41
~
~
TOTAL INVESTMENT PORTFOLIO SUMME WERTPAPERB€STAND
OTHER NET ASSETS
SONSTIGE NElTOVERMdGEN
TOTAL NET ASSETS
GESAMTNE~TOKRM~GEN
3,269 Covidien Ltdhhen Issued
3,916 Tyco lntl Ltd h h e n Issued
1.58
0.77
0.81
72,312
87,766
0.92
0.41
0.51
80.729
0.46
0.46
172,263
156,591
152,089
59,039
234,096
144,111
5.25
0.98
0.90
0.87
0.34
1.34
0.82
98,561
0.56
0.56
207,423
1.19
1.19
Brazil - Brasilien
1,381 Unibanco /adr
Canada Kanada
~
7,768 Bank Of Nova Scotia
9,429 Carneco Corp.
6,196 Canadian National Railway
15,995 First Uranium Corp.
11,073 Teck Cominco Ltd / +P
3,677 Ultra Petroleum
Cyprus - Zypern
23,128 Marfin Popular Bank Public Co.
Finland - Finnland
13,051 Nokia Oy
France - Frankreich
9,495 Axa
4,106 Bnp Paribas
2,983 Pernod Ricard
2,364 Societe General. Paris -a591 Societe.general. Act.nwv.jce
~
Em.2008
0.75
0.72
0.65
0.58
134,063
142,275
2.80
2.68
48,086
0.27
0.27
~
3.41
0.72
0.72
Belgium Belgien
3,123 Mobistar
5.77
Warenhauser
~
9,534 Ultrapetrol Bahamas Ltd
5.97
3.91
126,322
Bahamas -Bahamas
8.96
6.73
Office equipment and computers - Biirobedarf und Computer
Food and distilleries - Nahrungsmiitel, alkoholische Getranke
9.65
5.39
Tobacco and spirits - Tabak und alkoholische Gefranke
10.98
Public services - Energie und Wassenrersorgung
Transferable securities admitted to an official stock exchange listing Amtlich notierte Werbaoiere
9,354 Total Sa
172.799
207.167
154,467
116,568
5.88
0.99
1.18
0.88
0.67
0.16
28,672
348,722
2.00
71.754
307,197
162,149
3.09
0.41
1.75
0.93
64,736
108,361
116,552
169,085
158,587
193,941
2,510
213,453
5.87
0.37
0.62
0.67
0.97
0.91
1.11
0.01
1.21
93,722
143,452
1.36
0.54
0.82
2.156 Adidas Ag
3,320 E.on Ag
3,345 Q Cells Ag
24,107 Barclays PIC
23,034 Bp PIC
17,342 Eurasian Natural Res Corp PIC
14,684 GlaxosmlthklinePIC
3,704 Rio Tinto PIC
2,509,785 Rolls Royce Groupxl B
140,893 Vodafone Group PIC
97.35
2.65
100.00
7,817 Hellenic Exch.h.clear.sett.reg
38,065 Marfin Investment Group Hold.
A Statement of changes .n the cornDosition Or eacn of the Sub funas IS available to snareholeers on request from tne Fund's Reglnered M i c e or Oedsche Bani A G Anred k r r h a u s n Aiiee I624 D65760
Escnmrn €me Aufdelmg der Veranderungen fmWertpaoierbestdnde r e s ,eden Fonds 1st lur Antei sinnaner a d AnlraRe mm Ges#I$cnanshdes fonds ooer uber d e Deulsche Bani A G Adred Mrrnausen Aliee 1b
24 D65760 Eschbre erhanich
84
CMI Global Equity
Wertpaplerbestand zum 31. Mdln 2008
Wertpaplerbestand zum 3F M h 2008
% of Net
Quantity
Anzahl
Market
Value GBP
~
80
16,000
30
9,000
31,300
160
76,000
37,000
36,000
59
4,700
Japan Tobacco Inc.
Jgc Corp.
Lopro Corp.
Misui & Co Ltd
Nissan Motor Co. Ltd
Ntl Urban Ow Corp.
Obayashi Corp.
Sekisui Chemical Co Ltd
Sumitorno Chemical Co. Ltd
Sumitomo Mitsui Financial Gr.
Takeda Pharmaceutical Co. Ltd
94,313
227.453
171
201,818
123,114
10
91,911
130,390
115,672
160,606
112,795
116,117
195,671
118,569
3,457 Millicom lntl Cellular Reg.
137,072
66,411
1.16
0.78
0.38
84,865
0.49
0.49
128,483
177,073
1.75
0.73
1.02
140,237
0.80
0.80
201,060
173,108
258,133
219,864
4.87
1.15
0.99
1.47
1.26
18,538 Aegon Nv
4,509 X5 Retail Group Nv / Sgdr
Norway - Norwegen
Singapore - Sngapur
32,000 City Developments Ltd
891 Samsung El./sp.gdr
Spain Spanien
Acciona Sa
lberdrola Sa
Telefonica Sa
~
1,488
22,015
14,731
15,186
Sweden - Schweden
10,436 East Capital Explorer Ab
84,579
Switzerland Schweiz
Efg International
Nestle /nom.
Nwartis Ag Basel
Syngenta Ag
0.48
0.48
% des
Fonds-
1.19
208,253
1.19
137,639
0.79
0.79
38.84
59,745
68,574
101.214
241,844
375,208
182,707
171,352
85,917
220,258
134,654
148,378
113,434
109,472
98,189
200,137
368,495
219,662
222,889
80,131
81,793
196,583
91,708
249,697
88,975
191,774
136,508
121,825
169.244
91,381
193.7%
63,335
122,630
305,150
91,057
74.037
49.462
25,480
153,194
171,096
89,974
205,583
203,395
243,060
177,978
0.34
0.39
0.58
1.38
2.16
1.04
0.98
0.49
1.26
0.77
0.85
0.65
0.63
0.56
1.14
2.11
1.26
1.27
0.46
0.47
1.12
0.52
1.43
0.51
1.10
0.78
0.70
0.97
0.52
1.11
0.36
0.70
1.74
0.52
0.42
0.28
0.15
0.88
0.98
0.51
1.18
1.16
1.39
1.02
4.91
~
6,524
1,109
5,515
1,403
1,340
5,964
10,374
9,274
10,456
Arngen Inc.
AnsYs Inc
Apple Inc.
At&T
Be Aerospace Inc.
Broadcom Corp. -aCisco Systems Inc.
Costco Wholesale Corp.
Delta Petroleum Corp.
Domtar Corp.
DreamworksAnimation Skg Inc
Energysolutions Inc/deposit Sh
Exelon Corp.
Exxon Mobil Corp.
General Electric Co.
Hewlett-packardCo.
Home Depot Inc.
IhsInc
htd COrp.
Jakks Pacific Inc
Johnson & JDhnson
Kaydon Corp.
Kellogg Co.
Merck & Co. Inc.
Morgan Stanley
N W York bmm. BanCOrp InC.
Noble Corp.
Och-ziff Capital Mgmt Shs - A
Pfizer Inc.
Procter &Gamble Co.
Prudential hancial Inc.
Qualcomm Inc.
Schering-ploughCorp.
Sothebys
Target Corp.
Texas Instruments Inc.
Trimble Navigation Ltd
United Technologies Corp.
Viacom Inc -b
Waknart Stores Inc.
Waste Management Inc.
Assets
-
GBPvermdgens
2,776
3,290
5,308
3,363
19,813
9,544
9,806
8,969
18,190
4,160
13,388
34,379
8,663
8,640
4,990
8,599
11,932
9,617
5,820
2,453
18,804
6,481
7,737
4,062
7,267
6,099
5,415
18,636
3,782
7,104
6,012
11,896
8,739
2,400
3,668
5,052
1,824
6,131
12,006
6,427
0.68
114,258
Markhvert
Thailand - Thailand
62,000 Bangkok Bank Public
7.81
0.00
1.15
0.70
0.00
0.53
0.75
0.66
0.92
0.64
0.66
1.12
0.65
0.65
40,722 Taiwan Semiconduct. Manuf.
1.84
0.54
1.30
0.94
0.94
Market
Value GBP
Taiwan - Taiwan
1.07
1.12
0.76
165,145
Malaysia - Malaysia
Quantity Anzahl
2.95
186,990
195,040
133,302
Japan - Japan
20 Circle K Sunkus Co Ltd
% des
FondsGBPvermdgens
italy - ltalien
10,853 Banco Popolare SOC.Coop.
-
Markhvert
Hmg Kong - Hongkong
41,000 Hutchison Whamp Ltd
% of Net
Assets
112,333
275,898
141,601
131,374
197,814
0.64
1.58
0.81
0.75
1.13
A Slalemenl 01 changes in me comwsnion d eacn of tne s.b tunas is available to snarenolaers on reabest lrom tne Funa's Registered Onice or Deulscne Bank A G , Aifred HermausenAll@ 1624. M5760
fschborn Eme Aulslell.ng der Veranderungen .mWerlpapierbesland eines leden Fonds is1 lur Anlalsinnaber aJl Anlrage vom Gesellschatrstz des Fonas ode1 uber ale Deutsche Bank A G , A h a Hermausen Allee 16
24. D65760 Exnborn erhamich
85
CMI Global Equity
Wertpaplerbestand zum 3 1 Mae 2008
%ofNet
Assets
Value GBP .% des
Marlthvwt FondsGBPwrmogens
Market
Quantity Anzahl
Shares Aktien
einern anderen nerenekn Markt nehandelte Werbaoiere
4,406 Foster Wheeler Ltd
TOTAL INVESTMENT PORTFOLIO SUMME WERlPAPlERBESTAND
OTHER NET ASSETS
0.73
126,864
0.73
17,026,601
97.35
464,160
2.65
17,490,761
100.00
SONSTlGE N E T W E R M G E N
TOTAL NET ASSETS
GESAMTNETOVERM~GEN
A Statement of changes in the cornposltionai each of the sub funds is available to shareholders on rquest from the Fund's Registered Office or Deutsche Bank A.G , Alfred Hirrhausen All- 1b24.065760
Eschimrn. Elne Aufslellung der Veranderungen Im WeRpaplerBestandeines leden Fonds 1st fur Antalsinhaber auf Anfrage vom GesellrhaRsltr des Fonds cder u b r die DeutXhe Bank A G.. Alfred Hermausen Allee 1b
24 065760 Exnmrn ernaltlich
86
Uviverse, The CMI Global Network Fund
CMlG Access 80%
Porttoiio of investments as at 31 March 2008
Wertpaplerbestandzum 31. M t h 2008
Analyse des Wertpeplerbestandes naeh Sektoren zum 31. Mdr2
2008
Nominal
Quantity
% of Net
Assets
% of Net
Market Assets
Value EUR .% des
Marktwert FondsEURvermdgens
.% des
Sector
Sektor
Fondsvermogens
Kommunafanfeihen
Insurance Versicherungen
2.32
~
2.19
Chemicals - Chemie
1.18
1.00
Telecommunication - Jelekommunikation
0.78
Automobile industry Automobilindustrie
0.77
0.56
Food and distilleries - Nahrungsmittel, alkoholische Getrartke
0.53
0.50
Kosmetih
Elektronik
Energy - Erdol
0.50
0.31
0.23
Warenhauser
0.22
0.10
2,368,090
0.56
0.56
4,370,953
1.03
1.03
-
Finland Finnland
218,657 Nokia Oy
2.78
News transmission - Nacnrichtenubermkthng
~
149,218 Fortis
4.31
4.00
Amtlich notierte Wertoaoiere
Belgium - Belgien
50.80
Holding and finance companies Holding-und
~
Shares Aktien
France - Frankreich
6,922
108,309
50,395
18,977
16,134
74.945
18,114
6,792
6,144
3,685
25,123
45,299
12,015
28,832
8,474
0.44
70,854
114,667
23,775
77,250
0.13
Air Liquide
ha
Bnp Paribas
Carrefour Sa
Credrt Agricole Sa Paris
France Telecom
Grwpe Danone
L'oreal
Lvmh Moet Hennessy
Renault Sa
Saint - Gobain
Sanofi - Aventis
Schneider Electric
Societe General. Paris -b
Societe.general. Act.nMnr.jce
Em.2008
Suez
Total Sa
Vinci
Vivendi
6.96
669,427
2,479,193
3,198,066
9 12,604
3 13.000
1,603,823
1,014,203
531,610
430,633
256,108
1,288,056
2,117,275
986,432
1,788,161
517,083
2,929,104
5,376,735
1,081,287
1,911,938
Germany Deuhchland
SUMME WERTPAPIERBESJAND
-
73.65
OTHER NET ASSETS
SONSJIGE NEJTOVERMdGEN
26.35
TOTAL NET ASSETS
GESAMTNEJTOKRM~GEN
100.00
Sap Ag
Siemens Ag
Volkswagen Ag
74,881
276,824
144,736
352,292
217,055
762,855
Assicurazioni Generali Spa
Enel
Eni Spa Roma
Mesa Sanpaolo Spa
Telecom ltalia Spa
Unicredito Italian0 Spa
b e Ag
0.69
1.28
0.26
0.45
0.78
0.61
0.57
0.71
0.52
0.24
0.26
0.97
0.41
0.31
0.23
0.78
0.30
2,129.616
1,856,105
3,110,377
1,564,176
283,257
3,215,433
2.88
0.50
0.44
0.74
0.37
0.07
0.76
2,097,446
0.50
0.50
19,604 Aegon Nu
124,702 Ing Groep
0.10
0.06
0.30
0.50
0.23
0.42
0.12
3,298,020
2,582,478
2,406,850
3,003,705
2,202,970
999,216
1,113,593
4,097,856
1,713,604
1,296,655
965,512
3,303,432
1,258,392
Italy - ltalien
40,460 Arcelormittat Sa /prov.fusion
0.76
0.22
0.07
0.38
0.24
0.13
6.69
~
Allianr Se
Basf Ag
Bayer Ag
DairnlerchryslednewYork)
Deutsche Bank Ag
Deutsche Boerse Ag
Deutsche Telekom
E.on Ag
Muenchener Rueckversicherung
26,627
30,148
47,258
55,583
31,111
9,802
106,462
35,211
14,054
16,744
30,739
48,716
6,944
0.16
0.59
1.23
182,317
2,921,768
886,122
0.04
0.69
0.21
A Statement of changes in the composnion of each of the sub funds is availableto Shareholders on reguest from tne Funas ReginemuOftice Or Deutscne Bank A G , Ailred Herrhausen Alke 1b24.C-65760
Eschborn. Elne Aufstdlung der VerBnderungen im Wertpauierbstand eines jeden Fonds 1st fur Anteilsinhaber auf Anfrage vam Gesellschaffatz des Fonds M e r uber die Demsche Bank A.G , Anred Heirhausen Allee 16
24. M5760 Eschborn erhamich
a7
Uoiverse, The CMI Global Network Fund
CMlG Access 80%
Portrolio of investmentsas at 31 March 2008
Wertpaplerbestanclzum 31. Man 2008
Nominal
Quantity
86 of Net
Market Assets
Value EUR - % des
Marktwert Fonds
EUR vermbgens
1,219,350
Spain - Spanien
16,698
282,716
156,369
59,384
231.8%
Bonds
~
Anleihen
Banco Bilbao Vitcaya Argentaria Sa
Banco Santander Centr. Hisp Sa
lberdrola Sa
Telefonica Sa
0.29
3.00
2,036,168
3,562,222
1,546,489
1,308,823
4,222,827
0.48
0.84
0.37
0.31
1.00
Transferable securities admitted to an official stock exchange listing m i c h notierte Wertpapiere
France Frankreich
5.90
~
2 5 , 0 ~ , 0 0 0 France 3% 0207.12.08 Ban
24,932.500
5.90
5.92
5.92
25,000,000 Bundesrepublik Deutschland 3%0 3
11.04.08
24,997,500
Certificate of
Deposit SchatzTransferable securities admitted to an official stock exchange listing wechsel
5.90
France - Frankreich
25,000,000 France 0%07-05.07.08 Btf
24,910,000
5.90
25,000,000 Germany 0%07-16.04.08tb S.1007
24,965,000
5.91
5.91
15,000,000 Netherlands 0%07-30.04.08 Tb
50,000,000 Netherlands 0%07-30.06.08 Tb
Bonds Anleihen
5.36
14,958,000
49,895,000
3.54
1.82
Finland - Finnland
50,000,000 Finland 3% 0507.04.08
11.81
49,875,000
11.81
TOTAL INVESTMENT PORTFOLIO SUMME WERTpAplERBESTAND
311,061,560
73.65
OTHER NET ASSETS
SONSnGE NETTOVERMOGEN
111,301,951
26.35
TOTALNETASSETS
422,363,511
100.00
GESAMTNEITOVERMOGEN
A Statement of changes in the cornposhon of each of the sub funds is available to shareholders on request from the Funds Registered Office or DeutSChe Bank A G , Alfred HerrhauW Allee 1624 065760
Eschmrn Elne AufstYlung der Veranderungen Im Wertpaperixstand elnes leden Fonds 1st fur Ant*lsinnaixr aut Anfrage yam GesellscnaRsnz des Fonds OdRr Uber dle Deutsche Bank A.G.. AHred Herrhausen Allee 16
24, D65760 Erhborn erhaRlich.
88
Ugiverse, The CMI Global Network Fund
Portlolio of investmentsas at 31 March 2008
Wertpaplerbestandzum 31. Miin 2008
Analpe dea Wettpaplerbestandes nach Sektoren zum 31. Miirz
2008
% of Net
Market
Value EUR
Quanti
Anzahl
% of Net
ASS&
- des
~
Description- Werlpapierbezeichnung
Assets
- % des
Marktwert FondsEURverrmogens
X
Sector
Sektor
Fond$
Shares
Aktien
vermdgens
Banks and financial institutions- Banken, Kredithstitute
Holding and finance companies - Holding uond
~
3.79
3.14
2.97
2.93
Kosmetik
Eledmnics and electrical equipmwlt - Elektrotechnik und
Eleklronik
Coal mines, heavy industries Bergbau, Schwerindustrie
2.58
Warenhauser
2.14
Internet Software - Internet Sofhvare
1.43
1.40
-
Energy - Erdol
1.95
0.92
Em.2008
4,865 Suez
9,569 Total Sa
2.055 Vinci
4,629 Vivendi
99.17
4.46
4.46
101,932
31,122
232,517
303,847
181,492
53,292
209,313
127,489
82,575
78,431
21,754
71,829
218,930
44,498
195,859
33.61
1.20
0.37
2.74
3.58
2.14
0.63
2.47
1.50
0.97
0.92
0.26
0.85
2.58
0.52
2.31
0.45
38,076
201.119
448,691
93,461
114,568
2.37
5.30
1.10
1.35
Germany Deutschland
~
OTHER NET ASSETS
SONS77GE NETTOMRMOGEN
0.83
TOTAL NET ASSETS
GESAMTNET~OMRM~GEN
100.00
1,480 Allianz Se
1,868 Basf Ag
3.157 Eayer Ag
4,249 DaimlerchryslednewYork)
2.197 Deutsche Bank Ag
827 Deutsche Boerse Ag
13,158 Deutsche Telekom
2.612 E.on Ag
593 Muenchener Rueckversicherung
2,071 b e Ag
3,859 Sap Ag
3,660 Siemens Ag
832 Volkswagen Ap
183,313
160,013
160,786
229,616
155,570
84.304
137.633
303.984
72,304
160,378
121,211
248.185
150,775
Italy - Italien
4,172 Assicurazioni Generali Spa
12.705 Enel
10,931 Eni Spa Roma
25,684 Telecom talia Spa
52.061 Unicredito Italian0 Spa
1.90
2.71
1.83
0.99
1.62
3.58
0.85
1.89
1.43
2.93
1.78
10.57
1.40
1.00
2.76
2.42
0.40
2.59
187,091
2.21
2.21
59.139
6.85
0.70
6,359 Aegon Nv
25.56
2.16
1.89
118,652
85.187
234.907
204,817
33.518
219,437
3,609 Arcelormittal Sa /prov.fusion
1.18
1.18
0.00
378,311
France - Frankreich
1,054 Air Liquide
8,550 AlcateHucent
10,158 Axa
4,788 Bnp Paribas
3,774 Carrefour Sa
2,747 Credit Agricole Sa Paris
9,781 France Telecom
2,277 Groupe Danone
1,055 Loreal
1,119 Lvmh Moet Hennessy
313 Renault Sa
1,401 Saint - Gobain
4,684 Sanofi - Aventis
542 Schneider Electric
3,158 Societe General. Paris -a624 Societe.general. Act.nw.jce
2.21
0.97
18,925 Nokia Oy
2.23
99.902
17
Finland - Finnland
10.30
Chemicals - Chemie
Telecommunication - Telekommunikatioon
6,295 Fortis
1,744 Fortis New /strip Vvpr
10.93
Amtlich notierte Weripapiere
Belgium - Belgien
19.57
17.44
7.85
4.42
~
A Statement of cnanges in the COmWSRiOn of each of the sub funds is availableto shareholders on reauest from tne Funds RegisteredMflCe Or Deutscne Bank A.G.. Anred Herrhausen Allee 1624. Lh.55760
Eschkrn. Eine Aufndlung der Verlnderungen im Wenpaplerbestand elnes leden Fonds 1st flir Anteilslnhaber auf Anfrage vom Gesellschaffsifzdes Fonds oder iiber dle Delrtsche Bank A&.. Alfred krrhauren A I I 16
~
24. D65760 Escnmrn ernafflicn.
a9
Universe,The CMI Global Network Fund
Wettpap/erbestandrum 3 1 M&z 2008
% of Net
Market
Quantity Anzahl
Value EWI
11,491 Ing Grow
Marktwert FondsEURwfm6gens
269,234
113,278
139.362
3.17
1.34
1.64
179,635
398,828
176,932
118,509
375,071
14.73
2.12
4.70
2.09
1.40
4.42
Spain Spanien
~
12,942 Banco Bilbao Vizcaya Argentaria Sa
31,653 Banco Santander Centr. Hisp Sa
17,890 lberdrola Sa
5,377 Repsol Ypf Sa Madrid
20,597 Telefonica Sa
SUMME WERTPAPERBESTAND
OTHERNETASSETS
SONSTIGE NETOKRMdGEN
TOTAL NET ASSETS
GE~AMTNETJOVERM#GEN
Assets
.% des
8,410,694 99.17
70,091
0.83
8,480,785 100.00
A Statement of changes in the composition of each of the sub funds is availableto shareholders on reguest from the Fund's Registered Onlce or Oeutsche Bank A.G.. AArm HerrhauSen Allee 1624,065760
Eschborn. Eine Aufstdlung der Verlnderungen im Wenpapleibestand elnes ieden Fonds ist fur Anteilsinhaber auf Anfrape wrn Gesellrhaftsitrdes Fonds w e r ubw die DeutSthe Bank A.G.. AHred Herrhausen All= 16
24. C-65760 EschWrn erhaltlich.
90
Upiverse, The CMl Global Network Fund
CMlG Access 80 % Austrian
Sector Analysis of Porllolio as at 31 March 2008
Analyae des Wertpaplerbestandes nach Sektoren zum 3 1 MzTrz
2008
Wertpaplerbestandzum 3 1 M ~ I 2008
Z
Nominal
Quantity
% of Net
Assets
- % des
Fondsvermogens
Sector
Sektor
Kommunalanleihen
Banks and financial institutions Banken, Kreditinstrtute
~
2.64
1.70
1.57
News transmission - Nachrichteniibenning
1.22
0.94
0.69
0.65
0.36
Options on Indexes - Indexoptionen
0.32
Package and container industry- Verpackungsindustrie
0.19
0.18
Elektronik
0.15
OTHER NET ASSETS
Andritz Ag Graz
A-tec IndustriesAg
Austrian Airlines Ag
Boehleruddeholm
Bwin InteractiveEntertainment
Erste Bank
Flughafen Wien Ag
Intercell Ag
Mayrmelnhof Karton
Oest.elek.wirt. A Ats100328 Oesterreichische Post Ag
2,113 O m v k
726 Raiffeisen International Bank
1.99
366
31
41
120
308
2,228
14
427
103
709
3.77
2.74
264
113
535
3,238
1,158
493
Schoeller-bleckmannOil
Strabag Se
Telekom Austria Ag
Voestalpine Ag
Wiener Staedtische Versicher. Ag
788 Wienerberger Ag
315 Zumtobel Ag
Bonds Anleihen
0.05
12,477
1,594
1,925
8,400
6,348
92,127
11,316
11,102
6,648
32,841
9,050
88,872
62,472
6,700
6,390
21,561
42,256
50,674
23,960
26,430
5,292
320,000 France 3%0207.12.08Btan
319,136
150,000 BundesrepublikDeutschland 3%0 3
11.04.08
100.00
0.94
0.26
2.56
1.80
0.19
0.18
0.62
1.22
1.46
0.69
0.76
0.15
~
9.18
9.18
4.32
4.32
5.59
15.20
0.36
0.05
0.06
0.24
0.18
2.64
0.33
0.32
0.19
France - Frankreich
94.41
SONSTIGE NETTOVERMkEN
TOTAL NET ASSETS
GESAMTNETTOKRMOGEN
Austria - Osterreich
75.25
Energy - Erdol
~
Shares Aktien
% of Net
Market Assets
Value EUR - % des
Markiwert FondsEURvermogens
149,985
Certificate of
Deposit.
SchatzTransferable securibes admitted to an official stock exchange listing wechsel
France - Frankreich
160,000 France 0%0705.07.08 Btf
159,424
4.59
4.59
339,524
9.77
9.77
169,524
488,971
489,841
33.04
4.88
14.07
14.09
340,000 Germany 0%07-16.04.08tbS.1007
170,000 Netherlands 0%07-30.04.08Tb
4g0,ooo Netherlands 0%07-30.06.08Tb
490,000 Pays Bas 0%07-31.03.08Tb
hestment
funds Transferable securities admitted to an official stock exchange listing Anlagefonds Amtlich notierte Wertpapiere
1,830 Akex*
69,320
1.99
1.99
A Statement of changes In the comWsidon of each of the sub funds is avallabk to shareholders on request from the Fund's Registered Office or Deutsche Bank A G , Alfrea Herrnausen Allee 1624, D65760
Eschborn Eine Aufstdtung der Veranderungen im Wertpaprerbestand emes leden Fonds 1st fur Antslsinhaber auf Anfrage vorn GesellscnaftsRzUeS Fond%w e r uber dle Deutsche Bank A G Alfred Herrhausen Allee 16
24. M5760 Eschborn erh8lich.
91
Upiverse, The CMI Global Network Fund
CMlG Access 80 % Austrian
% of Net
Nominal
Quantity
Options,
Warrants,
Rights Optionsscheine
Market Assets
Value EUR - % des
Markhvert Fond2
EUR vermtigens
Transferable securibes admitted to an official stock exchange listing Amtlich notierte Wertoaoiere
1.97
183 Abn Amro Bk 01-perp. WtVaixindex
Bonds Anleihen
68,594
1.97
Transferable securibes dealt in on another regulated market -An
einem anderen geregelten Markt gehandelte Wemapiere
Finland - Finnland
500,000 Finland 3% 03-07.04.08
SUMME WERJPAHERBESTAND
OTHER NET ASSETS
SONSTIGE NETTOKRh4&EN
TOTAL NET ASSETS
GESAMJ-NETTOKRIU~GEN
14.35
~
498,750
14.35
3,281,504
94.41
194,141
5.59
3,475,645
100.W
A Statement Of Changes in the CompOsnion ol each of the sub funds is availableto shareholders on request from the Fund's ReEisteredM i c e or WutSCne Bank A.G , Alred Herrhausen AllW 1624. D65760
Eschborn. Eine Aufstdlung der Verdnderungen im Wertpaplerbestllndemes leden Fonds 1st fur Antellsinhater aut AnfraEe vom Gesellschaflsltzdes Fonds CdW uber dle Deutsche Bank A G , Atlred Herrhausen Allee 1b
24, 065760 Escnmrn ernlfflicn
92
INVESTMENT ADVISERS
ANLA GEBERATER
Insight Investment
Management (Global) Limited
33, Old Broad Street,
London, EC2N 1HZ
United Kingdom
CMI Continental European Equity SubFund
CMI German Equity SubFund
CMI Japan Equity Sub-Fund
CMI Pacific Basin Equity SubFund
CMI US Equity SubFund
CMI UK Equity SubFund
Euro Equlty Index Tracking SubFund
Japan Equity Index Tracking SubFund
UK Equity Index Tracking SubFund
US Equity Index Tracking Sub-Fund
CMI Euro Bond SubFund
CMIG Fixed Term Euro Bond SubFund
CMI Japan Bond SubFund
CMI UK Bond SubFund
CMI US Bond Sub-Fund
CMlG Fixed Term US Bond SubFund
CMI Sterling Currency Reserve SubFund
CMI US Dollar Currency Reserve Sub-Fund
CMI Euro Currency Reserve SubFund
CMI Global Bond SubFund
CMI Global Mixed Sub-Fund
CMI Global Equity SubFund
CMlG Access 80%Sub-Fund
CMI Euro Top 50 Equity SubFund
Access 80%Guaranteed SubFund
CMlG Access 80%Austrian SubFund
93
FUND ADVISERS’ MARKET COMMENTS SIX MONTHS TO 31 MARCH 2008
MARKTKOMMENTARE DER FONDSBERATER FUR DAS HALBJAHR BIS ZUM 31. MARZ
2008
annual fall in five years as 2007 closed. Exporters, such as
Toyota and Sony, struggled early in the year as the yen reached
a 12-year high against the US dollar, while the financial and real
estate sectors succumbed to the US led gloom. Equities rallied
briefly in February, on confirmation that fourth quarter economic
growth was well ahead of expectations. However, the country‘s
consumer prices rose at the fastest pace in a decade, with
unemployment increasing for the first time in five months,
complicating the Bank of Japan’s efforts at boosting the flagging
economy. The quarter ended with indices rising across the Asia
Pacific region, as some investors judged recent declines to be
overdone. In terms of sectors, oil-related stocks were among the
few to perform strongly, as prices for a barrel of crude oil
surged on supply concerns. The FTSE Japan index plunged
24.3% in yen, total return terms over the period, while the Fund
lost 24.7% in yen, total return terms.
CMI Continental European Equity Sub-Fund
European equities declined, on deepening concerns that an
economic slowdown and creditmarket losses will curb profit
growth, with the FTSE Europe exUK index shedding 16.5% in
euro, total return terms. The Fund, in contrast, shed 18.7%, in
euro, total return terms. Markets endured a torrid start to 2008,
wrth the financial sector beset by continued speculation over
subprimerelated writedowns, particularly at Swiss bank UBS,
before indices hit quarter lows on the news of the bail out of US
investment bank Bear Stearns. On a more upbeat note, miningrelated stocks posted gains on renewed bid activity in the
sector. More defensive areas, such as Food Producers and
Tobacco, also held firm amid the general turmoil. Despite the
continued credit-related pressures, the European Central Bank
maintained interest rates at a six-year high of 4.0%, with inflation
remaining the bank’s foremost priority, after it accelerated to its
fastest pace in 16 years. There are however some signs that the
eurozone may be weathering some of the Ukentric turmoil,
with the larger economies, notably Germany, reporting increased
business confidence in March.
CMI Japan Equify Telffonds
Vor
dem Hintergrund rucklaufiger
Konjunkturdaten,
nachlassender Exporte und Rezessionsprognosen von
Analystenseite verbuchten japanische Aktien ihr schlechtestes
Quartal seit 18 Jahren. Davor hatten japanische Aktien bereits
das Jahr 2007 mit ihrem ersten Jahresminus seit fijnf Jahren
abgeschlossen. Exporteure wie Toyota und Sony litten unter dem
starken Yen, der auf seinen hochsten Stand seit 12 Jahren
gegenijber dem Dollar kletterte, wahrend sich gleichzeitig Finanzund lmmobilienwerte nicht dem negativen US-Trend entziehen
konnten. Im Februar stellte sich eine kurze Erholung auf den
Aktienmarkten ein, nachdem die Prognosen fur das Wachstum
im vierten Quartal deutlich uber den Erwartungen lagen.
Allerdings zogen im Februar auch die Verbraucherpreise so
schnell an wie seit zehn Jahren nicht und die
Beschaftigungszahlen waren zum ersten Mal seit funf Monaten
rucklaufig. Erneut schwieriger wurde damit die Aufgabe der Bank
von Japan, die schwachelnde Wirtschaft anzukurbeln. Das
Quartal endete mit steigenden lndizes im gesamten AsienPazifikRaum, nachdem sich bei den Anlegern die Auffassung
durchsetzte, die Hohe der Abschlage sei uberzogen gewesen.
Unter den wenigen Gewinnern schnitten olabhangige Aktien am
besten ab, nachdem die Preise fur Rohol wegen der wachsenden
Sorge vor Versorgungsengphssen neue Rekordhohen erreichten.
Der FTSE World Japan Index sackte im Berichtszeitraum auf
Gesamtertragsbasis in Yen urn 24,3 % ab, wahrend der Wert des
Fonds um 24,7 % zuruckging.
CMI Continental European Equity Teiffonds
Europaische Aktien verloren vor dem Hintergrund anhaltender
Sorgen urn die nachlassende Konjunktur und um die
Auswirkungen der Kreditkrise auf das Gewinnwachstum an
Boden. Der FTSE Europe (ex UK) Index tendierte in Euro auf
Gesamtertragsbasis um 16,5 % leichter. Im Vergleich dazu gab
der Fonds in EUR auf Gesamtertragsbasis um 18,7 % nach. Die
Markte erlebten einen katastrophalen Jahresauftakt und
insbesondere der Finanzsektor, allen voran die Schweizer UBS
Bank, musste aufgrund anhaltender Spekulationen uber
subprimebedingte Wertberichtigungen herbe Abschlage
hinnehmen. Meldungen uber den Notverkauf der lnvestmentbank
Bear Stearns lienen die Kurse dann vollends auf neue
Tiefststande fallen. Positiver fielen die Ergebnisse im
Bergbausektor aus, der nach versmrkter Fusions- und
Ubernahmeaktivitat Gewinne verbuchen konnte. Ebenfalls gegen
den allgemeinen Trend konnten sich defensivere Sparten wie
Nahrungsmittelhersteller und Tabakproduzenten behaupten.
Trotz anhaltender Kreditknappheit auf den Kapitalmarkten belieR
die EZB den Leitzins auf seinem Sechsjahreshoch von 4,O 96 mit
der Begrundung, dass die Bekampfung der Inflation, die den
schnellsten Anstieg seit 16 Jahren aufweist, fur sie oberste
Prioritit habe. Manche Anzeichen sprechen allerdings dafur,
dass die Eurozone, darunter insbesondere die grol3eren
Volkswirtschaften - allen voran Deutschland, das erst im Marz
ein verbessertes Geschaftsklima melden konnte - die
Turbulenzen im Zuge der US-Kreditkrise relativ glimpflich
ijberstehenkonnte.
CMI Pacific Basin Equity Sub-Fund
Asia Pacific equities gave back some of the strong gains of the
previous 12 months, as the FTSE All World Asia Pacific index
dropped 12.4 % in local currency, total return terms over the six
months under review. The Fund shed 13.1 % in local currency,
total return terms over the same period. The region remained
2007’s best performer, as it was boosted by the strong growth
in the Indian and Chinese economies, but equities slowed in the
CMI Japan Equity Sub-Fund
Japanese equities endured their worst quarter in 18 years at the
beginning of 2008, as deteriorating economic data and slowing
exports reinforced analyst convictions that the economy is
sliding into a recession. Stocks had earlier posted their first
94
2008 (continued
terms of sectors, Industrial Metals and Miners strongly
outperformed, as demand for commodities remained firm, and
there was ongoing bid speculation. IT hardware was the weakest
performer, as several companies warned on profits.
last quarter of last year, delivering modestly positive returns.
Markets in the region then posted their biggest first quarter
declines since 1992, with Vietnam’s index shedding 44%, and
indices in India and China recording their most significant losses
since their creation. Stocks did rally briefly in February, sparked
by strong newsflow from the shipping and mining sectors, but
the downward trend was confirmed as renewed concerns over
US economic health wiped out the gains later in the period.
Chinese equities posted their steepest weekly drop on record in
March, on concerns that the government‘s efforts to contain
inflation will slow growth in the world‘s fastest-growing economy.
CMI UK Equity Teiffonds
Im Halbjahr bis zum 31. Mar2 2008 fie1 der FTSE All-Share Index
auf Gesamtertragsbasis in GBP um 10,2 %. Der Verlust des
Fonds betrug dem gegenuber gebuhrenbereinigt 11,26%. Die
Markte GroObritanniens folgten dem internationalen Trend und
tendierten im Laufe des Berichtszeitraums leichter. Grund hierfur
waren vor allem die Sorge um die US-Konjunktur und die durch
die Subprime-Krise ausgeloste weltweite Volatilitat auf den
Markten. Auf einigen regionalen Markten traten die Zentralbanken
auf den Plan und versuchten durch Liquiditiitsspritzen die
Wirtschaft zu stimulieren. Die Bank von England senkte den
Leitzins zwei Mal auf nunmehr 5,25%. Die Konjunkturdaten
verschlechterten sich im Laufe des Berichtszeitraums und
insbesondere der Wohnimmobilienmarkt zeigte negative
Tendenz. Die Wachstumsprognose fur 2008 wurde gesenkt.
Allerdings verharrte die Inflation angesichts gestiegener Preise
fur Energie und Lebensmittel auf ihrem hohen Niveau und dies
wiederum verhinderte eine weitere Senkung des Leitzinses. Die
Aktien kleiner und mittlerer Unternehmen kamen unter Druck,
aufgrund von Befurchtungen, dass sie von den Auswirkungen
eines nachlassenden Wirtschaftswachstums stirker betroffen
sein konnten als grOOere Unternehmen. Auf Sektorebene
dominierte die Metall- und Bergbauindustrie aufgrund der
anhaltend starken Nachfrage nach Rohstoffen sowie lebhafter
Ubernahmespekulationen. Am schwachsten prasentierten sich
die Titel von Herstellern fur Computer-Hardware, da eine Reihe
von Unternehmen Gewinnwarnungen herausgaben.
CMI Pacific Basin Equny Telhnds
Aktien des Asien-Pazifik-Rams gaben ihre enormen Gewinne der
vergangenen 12 Monate zum Teil wieder ab. Der FTSE All World
Asia Pacific ex Japan Index fie1 dabei im Berichtszeitraum in
Landeswahrung auf Gesamtertragsbasis um 12,4%. Der Fonds
gab irn gleichen Zeitraum auf Gesamtertragsbasis in
Landeswahrung um 13,l% nach. Die Region verzeichnete 2007
vor dem Hintergrund starker Wachstumsraten in lndien und China
die beste Wertentwicklung. Im letzten Quartal des Jahres gaben
Aktien jedoch etwas nach und beendeten den Berichtszeitraum
mit mafigen Gewinnen. Die Markte der Region verzeichneten in
der Folge die gro6ten Abschlage eines ersten Quartals seit
1992.Der Index von Vietnam brach urn 44 % ein und die lndizes
von China und lndien verbuchten die gro6ten Verluste in ihrer
Geschichte. Im Februar erholten sich Aktien kurzzeitig nach
positiven Wirtschaftsnachrichten aus dem Transport- und
Bergbausektor. Der negative Trend setzte sich jedoch fort und
die anhaltenden Sorgen urn die USKonjunktur loschten die
Gewinne spater wieder komplett aus. Chinesische Aktien
verbuchten den groaten wochentlichen Verlust ihrer Geschichte,
nachdem sich unter den Anlegern die Sorge ausbreitete, dass
die Anstrengungen der Regierung zur Eindammung der Inflation,
negative Auswirkungen auf das Wachstum der am schnellsten
wachsenden Volkswirtschaft der Welt haben konnten.
CMI US Equity Sub-Fund
US stocks fell heavily, with the S&P 500 index off 12.5% in
dollar, total return terms. The Fund experienced a similar
decline, but finished ahead of its benchmark, having dropped
13.4% in dollar, total return terms. The first quarter of 2008 was
particularly difficult, with equities delivering their worst quarterly
returns since 2002, driven by two notably volatile months in
February and March. Stocks rallied late in January after signs of
renewed takeover activity, but good news was thin on the
ground later in the period, after economic data highlighted rising
unemployment and faltering levels of manufacturing activity.
Financials struggled, as analysts boosted estimates for sub
prime-related writedowns, while the world‘s largest insurer, AIG,
posted its biggest ever loss. The collapse and subsequent
rescue of investment bank Bear Stearns soured sentiment even
further. Elsewhere, consumer spending rose at its slowest pace
in more than a year, as Americans were confronted with falling
house prices, growing job losses and record energy costs. The
Federal Reserve made several sizeable moves to ease fiscal
policy, including one ‘emergency’ rate cut, in slashing its key
interest rate to 2.25% as it looked to bolster the ailing economy.
CMI UK Equity Sub-Fund
The FTSE All-Share fell 10.2% in sterling, total return terms over
the six months to 31 March 2008. This compares with a 11.26% (net of fees) return from the Fund. UK equities followed
other global markets by declining over the period, as concerns
over the health of the US economy were amplified by continued
subprimerelated volatility across the globe. Regional central
banks intervened on several occasions in an effort to boost
liquidity and stimulate economic growth. The Bank of England
cut interest rates twice, taking them to 5.25%. Economic data
started to deteriorate during the period, with the housing market
in particular showing signs of weakness. Growth forecasts for
2008 were cut. However, inflation remained stubbornly high,
boosted by food and energy costs, and this prevented more
dramatic interest rate reductions. Smalkap stocks
underperformed over the period, on fears that slowing economic
growth would hit them harder than their large-cap peers. In
95
Universe. The CMI Global Network Fund
FUND ADVISERS' MARKET COMMENTS SIX MONTHS TO 31 MARCH 2008
MARKTKOMMENTARE DER FONDSBEUATER f U R DAS HALBJAHR BIS ZUM 31. MARZ
2008 (continued)
dessen Finanztitel. Analystenprognosen hinsichtlich weiterer
subprirnebedingter Wertberichtigungen bei
Schweizer
Finanzinstituten belasteten die Papiere von Commerzbank,
Deutsche Bank und Co. und bescherten dem Aktienmarkt den
groGten Quartalsverlust seit funf Jahren. Hypo Real Estate war
ein weiteres prominentes Opfer im Bankensektor, nachdem
Analysten die mangelnde Glaubwurdigkeit seines ManagementTeams kritisierte und die geplante Ubernahme der Depfa-Bank
gescheitert war. BluechipWerte wie Siemens und Continental
litten ebenfalls unter den weltweiten Konjunktursorgen, wahrend
Daimler, der funftgrofite Automobilhersteller der Welt, die
schwachen Verbraucherausgaben in den USA zu spuren bekam.
zu
den
Gewinnern
aufgrund
anhaltender
Ubernahmespekulationen zahlten Deutsche Postbank und
Volkswagen.
CMI US Equity Teilfonds
USamerikanische Titel verzeichneten herbe Verluste und der
S&P 500 Index notierte auf Gesamtertragsbasis in Dollar um
12,5 % leichter. Der Fonds gab ebenfalls deutlich nach, blieb
jedoch trotz eines Verlusts von 13,4 % auf Gesamtertrapsbasis
uber seinem Benchmark-Wert. Aktien verzeichneten im ersten
Quartal 2008 ihre schlechteste vierteljahrliche Wertentwicklung
seit 2002. Dabei waren die Monate Februar und Marz von
besonderer Volatilitit geprapt. Ende Januar ging es an den
Aktienmarkten nach wieder auflebender Ubernahmeaktivitat
wieder nach oben, allerdings waren die guten Nachrichten zu
dunn gesat und wurden alsbald von ungunstigen Konjunkturdaten
uberschattet,
die steigende Arbeitslosenzahlen und
nachlassende Tatigkeit im Fertigungssektor rneldeten.
Besonders unter Druck stand der Finanzsektor, nachdem
Analysten ihre Prognosen in Hinblick auf subprimebedingte
Abschreibungen deutlich nach oben korrigierten. AIG, das
weltgroflte Versicherungsunternehrnen, meldete den grofiten
Verlust seiner Unternehmensgeschichte. Der Zusarnrnenbruch
und anschliefiende Notverkauf der lnvestrnentbank Bear Stearns
tat ein Ubriges, urn die Stimrnung der Anleger zu truben. Bei den
Verbraucherausgaben zeigte sich der schwachste Anstieg seit
uber einem Jahr, da die Amerikaner mit fallenden
Irnmobilienpreisen,
steigender
Arbeitslosigkeit
und
Energiekosten in Rekordhohe zu kampfen hatten. Die US
Notenbank senkte den Leitzins in rnehreren Zinsschritten,
einschliefllich einer auEerplanmaEigen Zinssenkung, auf nur mehr
2,25 % irn Bestreben die Konjunktur auf diese Weise
anzukurbeln.
CUI Global Equity Sub-Fund
Global equities declined for most of the six months ended 31
March 2008, as concerns over the health of the US economy
were amplified by continued sub-primerelated volatility across
the globe. Regional central banks intervened on several
occasions in an effort to boost liquidity and stimulate economic
growth, with the most notable action in the US, where the
Federal Reserve has been aggressively reducing interest rates
since September. The FTSE World index lost 13.6% in local
currency, total return terms over the period, while the Fund shed
10.4% in local currency, total return terms. The period
witnessed a reversal of the leadership trends visible in 2007, as
some of the stronger sectors, such as IT and Telecoms, were
sold off sharply, particularly in January this year. This reversion
was sparked by investors derisking and profit-taking in the light
of the sustained market volatility. All sectors posted negative
returns, as earnings expectations were subject to aggressive
downwards revisions. Among the best performers were
Consumer Staples and Industrials, while the Materials sector,
which includes commodity-related stocks, was the strongest.
CMI German Equity Sub-Fund
The FTSE World Germany index lost 16.2% in euro, total return
terms over the six months to 31 March 2008. Over the same
period, the Fund returned a loss of 17.1% (net of fees). The
sustained credit-related volatility also affected the German equity
market, with financial stocks among the worst affected. Analyst
disclosures on further subprime writedowns at their Swiss
competitors sent the likes of Commerzbank and Deutsche Bank
downwards, dragging equities to their biggest quarterly fall in
more than five years. Hypo Real Estate was another banking
casualty, as analysts commented on the management team's
lack of credibilrty, and a major acquisition went awry. The big
industrials, such as Siemens and Continental, also struggled
amid the global economic concerns, while the world's fifthlargest carmaker, Dairnler, was hit by slowing US consumer
spending. Among the positives, persistent bid speculation lifted
Deutsche Postbank and Volkswagen.
CMI Global Equify Teilfonds
Vor dem Hintergrund anhaltender Sorgen urn die USKonjunktur
und der durch die SubprimeKrise ausgelosten weltweiten
Volatiliut verloren die internationalen Aktienmarkte irn Halbjahr
bis 31. Marz 2008 weiter an Boden. Auf einigen regionalen
Markten traten die Zentralbanken auf den Plan und versuchten
durch Liquidiutssprien die Wirtschaft zu stirnulieren. Vor allem
die USNotenbank senkte seit September 2007 aggressiv das
Zinsniveau. Der F E E World Index rutschte im Berichtszeitraurn
auf Gesamtertragsbasis in Landeswahrung um 13,6 % ab,
wahrend der Wert des Fonds in Landeswahrung urn 10,4%
zuruckging. Im Laufe des Berichtszeitraums vollzog sich eine
Urnkehr bestehender Trends des Vorjahres. Wahrend die IT- und
CMI German Equity Teilfonds
Irn Halbjahr bis zum 31. Marz 2008 sank der F E E World
Germany Index auf Gesarntertragsbasis in Euro um 16,2 %. Im
gleichen Zeitraum sank der Wert des Fonds gebuhrenbereinigt
um 17,l 96. Die anhaltende, durch die Kreditkrise bedingte
Volatilitat traf auch den deutschen Aktienmarkt und insbesondere
96
Universe. The CMI Global Network Fund
MARKTKOMMENTARE DER FONDSBERATER fUR DAS HALBJAHR BIS ZUM 31. MARZ
2008 (continued)
Telekom-Sektoren 2007 starke Zuwachse verzeichneten, wurden
beide vor allem im Januar von einer regelrechten Verkaufswelle
erfasst. Diese Umkehr war Ausdruck der einsetzenden
Risikoaversion unter den Anlegern, die angesichts anhaltender
Unruhe auf den Markten dazu neigten, Gewinne mitzunehmen.
Samtliche Sektoren verzeichneten negative Wertentwicklungen,
nachdem die Gewinnerwartungen vielfach nach unten korrigiert
werden mussten. Grundbedarfs- und lndustrieguter waren am
ehesten krisenresistent, wobei Grundstoffe, darunter
insbesondere Rohstoff-Aktien, die beste Wertentwicklung
zeigten.
13,6% nachgab, erwies sich das Engagement des Fonds in
Staatsanleihen als hilfreich. Deren starke Wertentwicklung sorgte
dafur, dass der Wert des Fonds in Landeswahrung nur um 3,9 %
zuruckging.
Euro Equity Index Tracking Sub-Fund
The Dow Jones Euro Stoxx 50 NR index plunged 16.8 % in euro,
total return terms over the six months to 31 March 2008. Over
the same period, the Fund lost 17.3 % (net of fees). Markets
endured a torrid start to 2008, with the financial sector beset by
continued speculation over subprimerelated writedowns,
particularly at Swiss bank UBS, before indices hit quarter lows
on the news of the bail out of US investment bank Bear Stearns.
On a more upbeat note, mining-related stocks posted gains on
renewed bid activrty in the sector. More defensive areas, such as
Food Producers and Tobacco, also held firm amid the general
turmoil. Despite the continued credit-related pressures, the
European Central Bank maintained interest rates at a sixyear
high of 4.0%, with inflation remaining the bank's foremost
priority, after it accelerated to its fastest pace in 16 years.
There are however some signs that the eurozone may be
weathering some of the UScentric turmoil, with the larger
economies, notably Germany, reporting increased business
confidence in March.
CMI Global Mixed Sub-Fund
Global equities declined for most of the six months ended 31
March 2008, as concerns over the health of the US economy
were amplified by continued sub-prime-related volatility across
the globe. The period witnessed a reversal of the leadership
trends visible in 2007, as some of the stronger sectors, such as
IT and Telecoms, were sold off sharply, particularly in January
this year. Regional central banks intervened on several
occasions in an effort to boost liquidrty and stimulate economic
growth, with the most notable action in the US, where the
Federal Reserve has been aggressively reducing interest rates
since September. Global bonds rallied over the period, as
investors sought safe havens and interest rates were cut. The
FTSE World index lost 13.6% in local currency, total return terms
over the period, but the Fund's exposure to global government
bonds proved helpful, as their strong performance over the
period enabled it to lose just 3.9% in local currency, total return
terms.
Euro Equlty Index Tracking Teilfonds
Im Halbjahr bis zum 31. Marz 2008 sank der Dow Jones
EuroStoxx 50 NR Index auf Gesamtertragsbasis in Euro um
16,8 % (in Euro). Der Wert des Fonds fie1 im gleichen Zeitraum
gebuhrenbereinigt um 17,3 %. Die Markte erlebten einen
katastrophalen Jahresauftakt und insbesondere der
Finanzsektor, allen voran die Schweizer UBSBank, musste
aufgrund anhaltender Spekulationen uber subprimebedingte
Wertberichtigungen herbe Abschlage hinnehmen. Meldungen
uber den Notverkauf der lnvestmentbank Bear Stearns IieOen die
Kurse dann vollends auf neue Tiefststande fallen. Positiver fielen
die Ergebnisse im Bergbausektor aus, der nach verstarkter
Fusions- und UbernahmeaktivitZit Gewinne verbuchen konnte.
Ebenfalls gegen den allgemeinen Trend konnten sich defensivere
Sparten wie Nahrungsmittelhersteller und Tabakproduzenten
behaupten. Trotz anhaltender Kreditknappheit auf den
Kapitalmarkten beliefi die E26 den Leitzins auf seinem
Sechsjahreshoch von 4,0% mit der Begrundung, dass die
Bekampfung der Inflation, die den schnellsten Anstieg seit 16
Jahren aufweist, fur sie oberste Prioritat habe. Manche
Anzeichen sprechen allerdings dafur, dass die Eurozone,
darunter insbesondere die groReren Volkswirtschaften allen
voran Deutschland, das erst im Marz ein verbessertes
Geschaftsklima melden konnte - die Turbulenzen im Zuge der USKreditkrise relativ glimpflich uberstehen konnte.
CMI Global Mixed Teilfonds
Vor dem Hintergrund anhatender Sorgen um die USXonjunktur
und der durch die Subprime-Krise ausgelosten weltweiten
Volatilitat verloren die internationalen Aktienmarkte im Halbjahr
bis 31. Marz 2008 weiter an Boden.
Im Laufe des
Berichtszeitraums vollzog sich eine Umkehr bestehender Trends
des Vorjahres. Wahrend die IT- und Telekom-Sektoren 2007
starke Zuwachse verzeichneten, wurden beide vor allem im
Januar von einer regelrechten Verkaufswelle erfasst. Auf einigen
regionalen Markten traten die Zentralbanken auf den Plan und
versuchten durch Liquiditatsspritzen die Wirtschaft zu
stimulieren. lnsbesondere senkte die USNotenbank seit
September 2007 aggressiv das Zinsniveau. lnternationale
Anleihen profitierten von der Flucht der Anleger in sichere
Anlageformen und verbuchten im Lauf des Berichtszeitraums
deutliche Gewinne. Wahrend der FTSE World Index im
Berichtsteitraum auf Gesamtertragsbasis in Landeswahrung um
-
97
2008 (continued)
CMlG Euro Top 50 Equity Sub-Fund
The Dow Jones Euro Stoxx 50 NR index plunged 16.8% in euro,
total return terms over the six months to 31 March 2008. Over
the same period, the Fund lost 17.1% (net of fees). Markets
endured a torrid start to 2008,with the financial sector beset by
continued speculation over subprimerelated writedowns,
particularly at Swiss bank UBS, before indices hit quarter lows
on the news of the bail out of US investment bank Bear Stearns.
On a more upbeat note, mining-related stocks posted gains on
renewed bid activity in the sector. More defensive areas, such as
Food Producers and Tobacco, also held firm amid the general
turmoil. Despite the continued credit-related pressures, the
European Central Bank maintained interest rates at a six-year
high of 4.096,with inflation remaining the bank‘s foremost
There are however some signs that the eurozone may be
weathering some of the UScentric turmoil, with the larger
economies, notably Germany, reporting increased business
confidence in March.
WIG Euro Top 50 Equity Teilfonds
Im Halbjahr bis zum 31. Marz 2008 sank der Dow Jones
EuroStoxx 50 NR Index auf Gesamtertragsbasis in Euro um
16,8% (in Euro). Der Wert des Fonds fie1 im gleichen Zeitraum
gebuhrenbereinigt um 17,l%. Die Markte erlebten einen
katastrophalen Jahresauftakt und insbesondere der
uber den Notverkauf der lnvestmentbank Bear Stearns lienen die
Kurse dann vollends auf neue Tiefststande fallen. Positiver fielen
Fusions- und Ubernahmeaktivitat Gewinne verbuchen konnte.
Kapitalmarkten belie0 die EZB den Leitzins auf seinem
darunter insbesondere die groEeren Volkswirtschaften - allen
Geschaftsklima melden konnte - die Turbulenzen im Zuge der US
Kreditkrise relativ glimpflich uberstehen konnte.
CMIG Access 800! Sub-Fund
The Fund lost 10.3%(net of fees) during the six months to 31
March 2007. Markets endured a torrid start to 2008, with the
financial sector beset by continued speculation over subprime
related writedowns, particularly at Swiss bank UBS, before
indices hit quarter lows on the news of the bail out of US
investment bank Bear Stearns. On a more upbeat note, miningrelated stocks posted gains on renewed bid activity in the
sector. More defensive areas, such as Food Producers and
Tobacco, also held firm amid the general turmoil. Despite the
continued credit-related pressures, the European Central Bank
maintained interest rates at a sixyear high of 4.0%,with inflation
remaining the bank’s foremost priority, after it accelerated to its
fastest pace in 16 years. There are however some signs that the
eurozone may be weathering some of the UScentric turmoil,
with the larger economies, notably Germany, reporting increased
business confidence in March.
CMlG Access 80% Teilfands
Gebuhrenbereinigt verzeichnete der Fonds im Halbjahr bis 31.
Marz 2008 einen Ruckgang von 10,3%. Die Markte erlebten
einen katastrophalen Jahresauftakt und insbesondere der
uber den Notverkauf der lnvestmentbank Bear Stearns liesen die
Kurse dann vollends auf neue Tiefstst3nde fallen. Positiver fielen
Fusions- und Ubernahmeaktivimt Gewinne verbuchen konnte.
Kapitalmarkten beliefi die EZB den Leitzins auf seinem
darunter insbesondere die groneren Volkswirtschaften - allen
Geschaftsklima melden konnte - die Turbulenzen im Zuge der US
Kreditkrise relativ glimpflich uberstehen konnte.
UK Equlty Index Tracking Sub-Fund
The F E E AlCShare fell 10.2%in sterling, total return terms over
the six months to 31 March 2008.This compares with a -9.82%
(net of fees) return from the Fund. UK equities followed other
global markets by declining over the period, as concerns over
the health of the US economy were amplified by continued subprimerelated volatility across the globe. Regional central banks
intervened on several occasions in an effort to boost liquidity and
stimulate economic growth. The Bank of England cut interest
rates twice, taking them to 5.25%. Economic data started to
deteriorate during the period, with the housing market in
particular showing signs of weakness. Growth forecasts for
2008 were cut. However, inflation remained stubbornly high,
boosted by food and energy costs, and this prevented more
dramatic interest rate reductions. Smalkap stocks
underperformed over the period, on fears that slowing economic
growth would hit them harder than their largecap peers. In
terms of sectors, Industrial Metals and Miners strongly
outperformed, as demand for commodities remained firm, and
there was ongoing bid speculation. IT hardware was the weakest
performer, as several companies warned on profits.
-
Unkerse, The CMI Global Network Fund
MARKTKOMMENTARE DER FONOSBERATER f U R DAS HALBJAHR BIS ZUM 31. MARZ
2008 (continued
das Jahr 2007 mit ihrem ersten Jahresminus seit fijnf Jahren
abgeschlossen. Exporteure wie Toyota und Sony litten unter dem
starken Yen, der auf seinen hochsten Stand seit 12 Jahren
gegenuber dem Dollar kletterte, wahrend sich gleichzeitig Finanzund lmmobilienwerte nicht dem negativen USTrend entziehen
konnten. Im Februar stellte sich eine kurze Erholung auf den
Aktienmarkten ein, nachdem die Prognosen fur das Wachstum
im vierten Quartal deutlich uber den Erwartungen lagen.
Allerdings zogen im Februar auch die Verbraucherpreise so
schnell an wie seit zehn Jahren nicht und die
Beschaftigungszahlen waren zum ersten Mal seit funf Monaten
rucklaufig. Erneut schwieriger wurde damit die Aufgabe der Bank
von Japan, die schwachelnde Wirtschaft anzukurbeln. Das
Quartal endete mit steigenden lndizes im gesamten Asien-PazifikRaum, nachdem sich bei den Anlegern die Auffassung
durchsetzte, die Hohe der Abschlage sei iiberzogen gewesen.
Unter den wenigen Gewinnern schnitten olabhangige Aktien am
besten ab, nachdem die Preise fur RohoI wegen der wachsenden
Sorge vor Versorgungsengpassen neue Rekordhohen erreichten.
Der FTSE World Japan Index sackte im Berichtszeitraum auf
Gesamtertragsbasis in Yen urn 24,3% ab, wahrend der Wert des
Fonds auf Gesamtertragsbasis in Yen um 2 4 5 % zuruckging.
UK Equity lndex Tracking tellfonds
Im Halbjahr bis zum 31. Marz 2008 fie1 der FTSE AlCShare Index
auf Gesamtertragsbasis in GBP um 10,2 %. Der Verlust des
Fonds betrug dem gegenuber gebuhrenbereinigt 9,82 %. Die
Markte GroBbritanniens folgten dem internationalen Trend und
tendierten im Laufe des Berichtszeitraums leichter. Grund hierfur
waren vor allem die Sorge um die US-Konjunktur und die durch
die Subprime-Krise ausgeloste weltweite Volatilitiit auf den
Markten. Auf einigen regionalen Markten traten die Zentralbanken
auf den Plan und versuchten durch Liquidititsspritzen die
Wirtschaft zu stimulieren. Die Bank von England senkte den
Leitzins zwei Mal auf nunmehr 5 2 5 %. Die Konjunkturdaten
verschlechterten sich im Laufe des Berichtszeitraums und
insbesondere der Wohnimmobilienmarkt zeigte negative
Tendenz. Die Wachstumsprognose fur 2008 wurde gesenkt.
Allerdings verharrte die Inflation angesichts gestiegener Preise
fur Energie und Lebensmittel auf ihrem hohen Niveau und dies
wiederum verhinderte eine weitere Senkung des Leitzinses. Die
Aktien kleiner und mittlerer Unternehmen kamen unter Druck,
aufgrund von Befiirchtungen, dass sie von den Auswirkungen
eines nachlassenden Wirtschaftswachstums starker betroffen
sein konnten als groflere Unternehmen. Auf Sektorebene
dominierte die Metall- und Bergbauindustrie aufgrund der
anhaltend starken Nachfrage nach Rohstoffen sowie lebhafter
Ubernahmespekulationen. Am schwachsten prasentierten sich
die Titel von Herstellern fur Computer-Hardware, da eine Reihe
von UnternehmenGewinnwarnungen herausgaben.
US Equity Index Tracking Sub-Fund
US stocks fell heavily, with the S&P 500 index off 12.5% in
dollar, total return terms. The Fund experienced a similar
decline, but finished ahead of its benchmark, having dropped
13.8%in dollar, total return terms. The first quarter of 2008 was
particularly difficult, with equities delivering their worst quarterly
returns since 2002, driven by two notably volatile months in
February and March. Stocks rallied late in January after signs of
renewed takeover activity, but good news was thin on the
ground later in the period, after economic data highlighted rising
unemployment and faltering levels of manufacturing activity.
Financials struggled, as analysts boosted estimates for sub
prime-related writedowns, while the world’s largest insurer, AIG,
posted its biggest ever loss. The collapse and subsequent
rescue of investment bank Bear Stearns soured sentiment even
further. Elsewhere, consumer spending rose at its slowest pace
in more than a year, as Americans were confronted with falling
house prices, growing job losses and record energy costs. The
Federal Reserve made several sizeable moves to ease fiscal
policy, including one ‘emergency rate cut, in slashing its key
interest rate to 2.25% as it looked to bolster the ailing economy.
Japan Equity Index Tracking Sub-Fund
Japanese equities endured their worst quarter in 18 years at the
beginning of 2008, as deteriorating economic data and slowing
exports reinforced analyst convictions that the economy is
sliding into a recession. Stocks had earlier posted their first
annual fall in five years as 2007 closed. Exporters, such as
Toyota and Sony, struggled early in the year as the yen reached
a 12-year high against the US dollar, while the financial and real
estate sectors succumbed to the US led gloom. Equities rallied
briefly in February, on confirmation that fourth quarter economic
growth was well ahead of expectations. However, the country‘s
consumer prices rose at the fastest pace in a decade, with
unemployment increasing for the first time in five months,
complicating the Bank of Japan’s efforts at boosting the flagging
economy. The quarter ended with indices rising across the Asia
Pacific region, as some investors judged recent declines to be
overdone. In terms of sectors, oil-related stocks were among the
few to perform strongly, as prices for a barrel of crude oil
surged on supply concerns. The FTSE Japan index plunged
24.3% in yen, total return terms over the period, while the fund
lost 24.5% in yen, total return terms.
US Equity Index Tracklng Teiffonds
USamerikanische Titel verzeichneten herbe Verluste und der
S&P 500 Index notierte auf Gesamtertragsbasis in Dollar urn
12,5 % leichter. Der Fonds gab ebenfalls deutlich nach, blieb
jedoch trotz eines Verlusts von 13,8 % auf Gesamtertragsbasis
uber seinem Benchmark-Wert. Aktien verzeichneten im ersten
Quartal 2008 ihre schlechteste vierteljahrliche Wertentwicklung
seit 2002. Dabei waren die Monate Februar und Marz von
besonderer Volatilitat gepragt. Ende Januar ging es an den
Japan Equity Index Tracklng Teilfonds
Vor
dem Hintergrund riicklaufiger Konjunkturdaten,
nachlassender Exporte und Rezessionsprognosen von
Analystenseite verbuchten japanische Aktien ihr schlechtestes
Quartal seit 18 Jahren. Davor hatten japanische Aktien bereits
99
UniGerse, The CMI Global Network Fund
MARKTKOMMENTARE DER FONDSBERATER FUR DAS HACBJAHR BIS ZUM 31. MARZ
2008 (continued)
waren die im Berichtszeitraum veroffentlichten Konjunkturdaten
uneinheitlich. Manche Anzeichen sprechen allerdings dafur, dass
die Eurozone, darunter insbesondere die groberen
Volkswirtschaften - allen w a n Deutschland, das erst im Man
ein verbessertes Geschaftsklima melden konnte - die
Turbulenzen im Zuge der USKreditkrise relativ glimpflich
uberstehen konnte.
Aktienmarkten nach wieder auflebender Ubernahmeaktivitat
wieder nach oben, allerdings waren die guten Nachrichten zu
dunn gesat und wurden alsbald von ungunstigen Konjunkturdaten
uberschattet, die steigende Arbertslosenzahlen und
nachlassende Tatigkeit im Fertigungssektor meldeten.
Besonders unter Druck stand der Finanzsektor, nachdem
Analysten ihre Prognosen in Hinblick auf subprimebedingte
Abschreibungen deutlich nach oben korrigierten. AIG, das
weltgrofite Versicherungsunternehmen, meldete den groRten
Verlust seiner Unternehmensgeschichte. Der Zusamrnenbruch
und anschlieBende Notverkauf der lnvestmentbank tat ein
Ubriges, um die Stimmung der Anleger zu truben. Bei den
Verbraucherausgaben zeigte sich der schwachste Anstieg seit
uber einem Jahr, da die Amerikaner mit fallenden
Immobilienpreisen,
steigender
Arbeitslosigkeit
und
Energiekosten in Rekordhohe zu kampfen hatten. Die USNotenbank senkte den Leitzins in mehreren Zinsschritten,
einschlieBEh einer auBerplanmaRigen Zinssenkung, auf nur mehr
2,25 % im Bestreben die Konjunktur auf diese Weise
anzukurbeln.
CMI Global Bond Sub-Fund
The CMI Global Bond Fund rose 14.9%(net of fees) during the
six months to 31 March 2008. Global bond markets rallied
strongly over the six months under review, as turmoil in the
financial markets emanating from problems in the US sub-prime
mortgage market led investors to seek safe havens. The rally
was underpinned by interest rate cuts in the US and the UK. US
Treasuries outperformed the other major markets over the
period, as the Federal Reserve cut interest rates from 4.75% to
2.25%. UK gilts also performed strongly on the expectation of
interest rate cuts. Although the Bank of England cut rates twice,
gilts weakened towards the end of the period, as abovetarget
inflation meant that further dramatic rate cuts were unlikely.
Japanese bonds also benefited from safe haven flows, but
recorded more moderate gains than the US and UK, due to a
less favourable interest rate outlook. Interest rates were left
unchanged at 0.5% throughout the period. European bonds were
broadly flat, recording positive returns but underperforming the
other major markets. The European Central Bank kept rates
unchanged at 4.0%,as inflation remained high, and economic
data suggested that the main European economies were holding
up fairly well.
CMI Euro Bond Sub-Fund
The CMI Euro Bond fund returned 2.2%(net of fees) over the six
months to 31 March 2008. Global bond markets rallied strongly
over the six months under review, as turmoil in the financial
markets emanating from problems in the US subprime
was underpinned by interest rate cuts in the US and the UK.
European bonds were broadly flat for most of the period,
delivering positive returns but underperforming the other major
markets. Despite the continued credit-related pressures, the
European Central Bank maintained interest rates at a six-year
high of 4.0%, with inflation remaining the bank's foremost
Economic data was mixed during the period. There are however
some signs that the eurozone may be weathering some of the
UScentric turmoil, with the larger economies, notably Germany,
reporting increased business confidence in March.
CMI Global Bond Teitfonds
Der CMI Global Bond Fonds stieg im Halbjahr bis zum 31. Marz
2008 gebuhrenbereinigt um 143 %. Kraftige Gewinne
verbuchten im Laufe des sechsmonatigen Berichtszeitraums die
internationalen Rentenmarkte. Sie profitierten von den durch die
US-SubprimeKrise ausgelosten Turbulenzen auf den
Finanzmarktenund die dadurch erhohte Nachfrage nach sicheren
Anlageformen. Die Zinssenkungen in den USA und Grosbritannien
unterstutzten diesen Trend noch zusatzlich. USSchatzanleihen
uberflugelten im Berichtszeitraum angesichts der massiven
Zinssenkungen der USNotenbank von 4,75 % a d 2,25 % die
ubrigen fuhrenden Anleihemarkte. Vor dem Hintergrund
erwarteter Zinssenkungen notierten britische Staatsanleihen
ebenfalls fester. Trotz einer rweifachen Zinssenkung durch die
BoE gaben Staatsanleihen gegen Ende des Berichtszeitraums
nach, da die uberdurchschnittth hohe lnflationsrate keinen
Spielraum fur weitere Zinsschrie nach unten IieO. Japanische
Anleihen profitierten ebenfalls von der starken Nachfrage nach
sicheren Anlageformen, verzeichneten allerdings im Vergleich zu
den USA und Gro6britannien etwas moderatere Zugewinne, da
der Zinsausblick in Japan ein weniger positives Bild bietet. Die
Leitzinsen blieben wahrend des Berichtszeitraums unverhdert
auf 0,5 %. Europaische Anleihen erzielten manige Gewinne,
CMI Euro Bond Tellfonds
Nach Abzug der Gebiihren stieg der CMI Euro Bond im Halbjahr
bis Marz 2008 urn 2,2 %.Die internationalen Rentenmarkte
profitierten von den durch die USSubprimeKrise ausgelosten
Turbulenzen auf den Finanzmarkten, die die Nachfrage nach
sicheren Anlageformen nach oben trieb. Sie verbuchten im Laufe
des sechsmonatigen Berichtszeitraums dernentsprechend
kraftige Gewinne. Die Zinssenkungen in den USA und
Grosbritannien unterstutzten diesen Trend noch zusatzlich.
Europaische Anleihen erzielten ma6ige Gewinne, schnitten aber
im Vergleich zu den ubrigen fuhrenden Anleihemarkten
unterdurchschnittlich ab. Trotz anhaltender Kreditknappheit auf
den Kapitalmarkten belieB die EZB den Leitzins auf seinem
Jahren aufweist, fur sie oberste PrioriBt habe. Im Allgemeinen
100
*
2008 (continued)
schnitten aber im Vergleich zu den ubrigen fihrenden
Anleihemarkten unterdurchschnittlich ab. Vor dem Hintergrund
hoher Inflation aber stabiler Konjunkturdaten belief3 die EZB den
Leitzins unverandert bei 4,O %.
Japanese bonds also benefited from safe haven flows, but
recorded more moderate gains than the US and UK, due to a
less favourable interest rate outlook. Interest rates were left
unchanged at 0.5% throughout the period. Economic data
suggested that growth was holding up reasonably well, but,
being an export-led economy, Japan cannot escape the effects
of a US slowdown.
CMI UK Bond Sub-Fund
The Fund returned 5.3% (net of fees) for the six months to 31
March 2008. UK gilts made steady gains through most of the
period under review. The economic backdrop was broadly
supportive, with both the UK and global economies showing
signs of slowing growth, leading to interest rate cuts and
expectations that further cuts would follow. The Bank of England
reduced rates by 0.25% in December and February, taking rates
from 5.75% to 5.25%. The UK budget provided little in the way
of surprises, with GDP forecasts for 2008 and 2009 cut and
forecasts of public borrowing increased. However, the major
drivers of gilt market strength were the ongoing problems
relating to the US subprirne crisis, which sparked a global credit
crunch and central bank action aimed at increasing liquidity.
Investors therefore became more risk averse, leading to
increased interest in the perceived safety of government bonds.
Despite increased inflationary risks, longerdated gilts
outperformedthe short end of the market.
CMI Japanese Bond Teitfonds
Der CMI Japanese Bond Fonds stieg nach Abzug der Gebuhren
irn Halbjahr bis zurn 31. Marz 2008 um 2,3 %. Die
internationalen Rentenrnarkte profitierten von den durch die US
Subprime-Krise ausgelosten Turbulenzen auf den Finanzmarkten,
die die Nachfrage nach sicheren Anlageformen nach oben trieb.
Sie verbuchten irn Laufe des sechsmonatigen Berichtszeitraurns
dementsprechend kraftige Gewinne. Die Zinssenkungen in den
USA und Grosbrinnien unterstutzten diesen Trend noch
zusatzlich. Japanische Anleihen profitierten ebenfalls von der
starken Nachfrage nach sicheren Anlageformen, verzeichneten
allerdings im Vergleich zu den USA und GroBbritannien etwas
moderatere Zugewinne, da der Zinsausblick in Japan ein weniger
positives Bild bietet. Die Leitzinsen blieben wahrend des
Berichtszeitraums unverandert auf 0,5 %. Die KonjunMurdaten
fur Japan deuteten zwar auf eine zufrieden stellende
Wachstumsentwicklung hin, allerdings wird sich Japan als
exportabhangiges Land den Folgen einer Rezession in den USA
nicht entziehen konnen.
CMI OK Bond Teilfonds
Im Halbjahr bis zum 31. Marz 2008 stieg der Wert des Fonds
Britische Staatsanleihen
gebuhrenbereinigt urn 5 3 %.
verbuchten wahrend des gesamten Berichtszeitraums robuste
Gewinne. Die allgerneine Konjunkturlage mit Anzeichen einer
allmahlichen Verlangsamung des Wirtschaftswachstums, daraus
resultierenden Zinssenkungen und Erwartungen weiterer
Zinssenkungen kam der Performance des Fonds zugute. Die
Bank von England senkte den Leitzins im Dezernber und Februar
urn jeweils 25 Basispunkte und damit von 5,75% auf 5,25 %.
Der britische Staatshaushalt blieb rnit reduzierten Prognosen fur
das BIP-Wachstum fur 2008 und 2009 und einer erhohten
Schuldenaufnahme ganz im Rahrnen der Erwartungen.
Hauptfaktoren fur die starke Performance des Anleihemarktes
waren jedoch die anhaltenden Probleme im Zusamrnenhang rnit
der USHypothekenkrise und der daraus resultierenden
Kreditknappheit auf den internationalen Finanzrnarkten sowie das
Eingreifen diverser Zentralbanken, die den Markten zusatzliche
Liquiditat zur Verfugung stellten. Die Folge war eine geringere
Risikobereitschaft der Anleger, die sich imrner starker fur die
subjektive Sicherheit von Staatsanleihen entschieden. Trotz des
erhohten lnflationsrisikos uberflugelten Anleihen mit Iangeren
Laufzeiten das kurze Ende des Marktes.
CMI US Bond Sub-Fund
The CMI US Bond Fund gained 7.2% (net of fees) during the six
months to 31 March 2008. Global bond markets rallied strongly
over the period, as turmoil in the financial markets emanating
from problems in the US sub-prime mortgage market led
investors to seek safe havens. The US Treasury market
outperformed the other major markets, as economic data
weakened and the market started to discount substantial interest
rate cuts. The Federal Reserve reduced rates from 4.75% to
2.25% over the period, and also took steps to boost liquidity in
the market. Towards the end of the period, the collapse and
subsequent rescue of investment bank Bear Stearns
demonstrated the central bank’s willingness to support the
financial system. Some appetite for risk returned and the bond
rally faltered slightly.
CMI US Bond Teellfonds
Der CMI US Bond Fonds stieg nach Abzug der Gebuhren irn
Halbjahr bis zum 31. Marz 2008 urn 7,2 %. Die internationalen
Rentenmarkte profitierten im Laufe des Berichtszeitraums von
den durch die USSubprime-Krise ausgelosten Turbulenzen auf
den Finanzmarkten, die die Nachfrage nach sicheren
Anlageformen nach oben trieb,
und verbuchten
dementsprechend kraftige Gewinne. US-Schatzanleihen
uberflijgelten vor dem Hintergrund schwacher Konjunkturdaten
CMI Japanese Bond Sub-Fund
The CMI Japanese Bond Fund rose by 2.3%(net of fees) during
the six months to 31 March 2008. Global bond markets rallied
strongly over the six months under review, as turmoil in the
financial markets emanating from problems in the US subprime
was underpinned by interest rate cuts in the US and the UK.
101
MARKJKOMMENTARE DER FONDSBERATER FUR DAS HALBJAHR BIS ZUM 31. MARZ
2008 (continued)
die anderen fuhrenden Anleihemarkte, da der Markt begann,
weitere signifikante Zinssenkungen einzupreisen. Die USNotenbank senkte den Lertzins in mehreren Schritten von 4,75 %
auf 2,25 % und versorgte den Markt daruber hinaus rnit
zusatzlicher Liquiditit. Gegen Ende des Berichtszeitraums
bewies der Zusamrnenbruch der lnvestmentbank Bear Stearns
und ihre anschlienende durch die Fed unterstutzte
Notijbernahme die Bereitschaft der Notenbank, das
Finanzsystem irn Notiall zu stutzen. Spater nahrn die
Risikobereitschaft der Anleger wieder zu und die Anleihemarkte
gerieten etwas unter Druck.
higher for the last six months. This has caused difficulties for
the BoE as its official objective is to target inflation and not
growth, and this probably caused the Bank to cut rates less
aggressively than many had hoped for. During this period, UK
money market rates have remained relatively high, and
apparently unresponsive to interest rate cuts from the central
bank. November saw a sharp increase in rates as banks
scrambled for liquidity, with 3month LlBOR hitting a peak of
6.9%. This subsequently fell back into January but has risen
steadily since as the ongoing subprime crisis and its fall-out
have kept banks nervous about lending.
CMI Euro Currency Resewe Sub-Fund
The Fund returned 0.8 % (net of fees) for the six months to 31
March 2008. The European Central Bank (ECB) left interest rates
unchanged throughout the period, continuing to focus on
inflationary pressures rather than responding to market
concerns about the potential impact from slowing US growth.
ECB President Jean-Claude Trichet’s March press conference
reminded markets that price stability remains the key
consideration in the central bank’s decisionmaking. Although US
and global growth is expected to slow in 2008, economic data in
the eurozone have remained relatively robust, with indicators
such as the German IF0 index remaining relatively strong.
Money market rates ended the period little changed from their
initial levels. Although the market is forecasting rate cuts, it is
not expecting these until later in the year when inflationary
pressures have eased.
CMI Sterllng Currency Reserve fellfonds
Im Halbjahr bis zurn 31. Marz 2008 stieg der Wert des Fonds
gebuhrenbereinigt urn 2,O %.Die Bank von England senkte den
Leitzins im Dezernber und Februar urn jeweils 25 Basispunkte
und damit von 5,75% auf 5,25 %. Der britische Staatshaushalt
blieb mit reduzierten Prognosen fur das BIP-Wachstum fur 2008
und 2009 und einer erhohten Schuldenaufnahme ganz im
Rahmen der Erwartungen. Der zur Errechnung der lnflationsrate
verwendete Verbraucherpreisindex zeigte uber die vergangenen
sechs Monate steigende Tendenz. Dies bereitet der Bank von
England Schwierigkeiten, da ihr offizielles Ziel die Bekampfung
der Inflation und nicht die Unterstlitzungdes Wachstums ist. Die
Zinssenkung der Bank fie1 daher wohl auch geringer aus, als von
manchen erwartet. Die Geldmarktraten blieben wahrend des
gesamten Zeitraums auf relativ hohem Niveau und reagierten
offensichtlich nicht auf Zinssenkungen der Zentralbank. Im
November schnellten die Geldrnarktraten plotzlich nach oben, da
Banken verzweifelt urn LiquidiW rangen. Der Dreimonats-LIBOR
(London Interbank Offered Rate = Zinssatz, zu dem Banken
bereit sind, anderen Banken Geld zu verleihen) erreichte dabei
den Rekordstand von 6,9 %. Irn Januar gingen die Raten zwar
wieder zuruck, infolge der noch nicht ausgestandenen
Hypothekenkrise und ihrer Auswirkungen sank jedoch die
Darlehensbereitschaft von Banken erheblich und lien die
Geldmarktraten seither stetig ansteigen.
CMI Euro Currency Reserve Teilfonds
Im Halbjahr bis zum 31. Marz 2008 stieg der Wert des Fonds
gebuhrenbereinigt urn 0,8 %. Die EZB belie8 den Leitzins
wahrend des gesamten Berichtszeitraurns unverandert und blieb
bei ihrer Haltung, der Bekampfung der Inflation den Vorrang
gegenuber Befurchtungen urn die potenziellen Auswirkungen
einer Rezession in den USA zu geben. Wahrend einer
Pressekonferenz irn Marz betonte EZB-Prasident Trichet, dass
die Preisstabilitiit nach wie vor das Hauptanliegen der
Zentralbank sei.0bwohl die Prognosen fur das Wachstum in den
USA und global 2008 eher rucklaufig sind, blieben die
Konjunkturdaten in der Eurozone uberraschend stabil und lndizes
wie der deutsche Ifo-Geschaftsklimaindex behaupteten sich auf
relativ hohem Niveau. Die Geldmarktraten notierten uber den
gesamten Berichtszeitraurn weitgehend unverandert. Zwar
erwartet sich der Markt langfristig ein niedrigeres Zinsniveau,
doch wird mit weiteren Zinsschritten erst gegen Ende des Jahres
gerechnet, wenn der lnflationsdruck nachgelassen hat.
CMI US Dollar Currency Reserve Sub-Fund
The Fund returned 1.0%(net of fees) for the six months to 31
March 2008. After a year where interest rates had been
relatively unchanged, the period saw significant cuts from the
Federal Reserve (Fed). After starting the period at 4.75%, the
Fed cut rates to 2.25%, including an emergency rate cut of
0.75% in January. After initial economic data suggested that the
US economy was still healthy, the latter months started to see a
deterioration in factors such as housing, retail sales and
unemployment. During the period, the ISM nonrnanufacturing
survey had its first reading below 50 since 2003, indicating
recessionary conditions. Money markets, as in the UK and
eurozone, have not been functioning smoothly as the ongoing
falbut from the sub-prirne crisis and financial sector writedowns
has caused a loss of confidence. An illiquid market has led to
higher volatility in money market rates as well as contributing
directly to the fall of Bear Steams.
CMI Sterling Currency Reserve Sub-Fund
The Fund returned 2.0% (net of fees) for the six months to 31
March 2008. The Bank of England (BoE) reduced rates by 0.25%
in December and February, taking rates from 5.75% to 5.25%.
The UK budget provided little in the way of surprises, with GDP
forecasts for 2008 and 2009 cut and forecasts of public
borrowing increased. Inflation as measured by CPI has edged
102
Unfierse, The CMI Global Network Fund
MARKTKOMMENTARE DER FONDSBERATER f U R DAS HALBJAHR BIS ZUM 31. MARZ
2008 (continued)
C M US Dollar Currency Reserve Teilfonds
Im Halbjahr bis zum 31. M t z 2008 stieg der Wert des Fonds
gebuhrenbereinigt urn 1,0 %. Nach einem Jahr relativ stabiler
Leitzinsen erfolgten im Berichtsteitraum mehrere signifikante
Zinssenkungen von Seiten der US-Notenbank. Dabei senkte die
Fed das Zinsniveau in rnehreren Schritten - darunter ein
aul3erplanmaRiger Zinsschritt von 75 Basispunkten im Januar von 4,75% auf 2,25 %. Nach anfangs positiven Konjunkturdaten
aus den USA kam es in den Folgemonaten zu einer massiven
Verschlechterung irn Immobiliensektor, im Einzelhandel sowie bei
den Arbeitslosenzahlen. Die ISMUmfrage fur das NichtVerarbeitende Gewerbe fie1 zum ersten Mal seit 2003 unter den
Stand von 50 und wies damit Rezessionsbedingungenaus. Die
Geldrnarkte in GroObritannien und der Eurozone waren
uberschattet von den Auswirkungen der USSubprime-Krise und
der Krise auf den Finanzmarkten, die zu einem erheblichen
Vertrauensverlust gefuhrt haben. Folgen des Liquiditatsmangels
sind eine erhohte Volatilitit der Markte und unmittelbare
Zusamrnenbruche von Banken, wie es das Beispiel Bear Stearns
gezeigt hat.
103
~
Unfierse, The CMI Global Network Fund
PERFORMANCES IN FUND CURRENCY
Important Notes
Unless otherwise stated, the performance of the market indices illustrated is in the fund currency, NAV with gross income reinvested.
Unless otherwise stated, the views and opinions expressed are those held by Insight Investment Limited at the time of publication.
Past performance is not necessarily a guide to future performance. An investment's value and the income deriving from it may fall as well as rise, as a result
of market fluctuations. You may not get back the amount originally invested.
104
*-
Uniberse, The CMI Global Network Fund
PERFORMANCE IN FONDSWAHRUNG
Name des Teilfonds
CMI German Equity
CMI Japan Equity
CMI US Equity
CMI UK Equity
CMI Euro Bond
CMI Japan Bond
CMI UK Bond
CMI US Bond
CMI Global Bond
CMI Global Mixed
CMI Global Equity
CMlG Access 80%Fund
Access 80%Guaranteed
6 Monate bis
31/03/08
-18,73
-17,05
-24,69
-13,14
1 Jahr bis
31/03/08
-16,78
670
-28,32
12,Ol
-13,40
-11,26
-17,28
-24,48
-9,82
-13,82
6,75
-9,48
-11,28
-28,07
2,23
2,28
5,33
7,15
1,97
2,56
1,99
,oo
1
0,81
14,90
-3,86
-10,44
-10,30
-17,lO
-11,18
-8,Ol
693
584
10,18
4,31
3,02
2,18
15,75
1,26
420
-9,14
-11,51
-3,57
3 Jahre bis
31/03/08
23,49
43,68
8,95
71,15
11,19
21,25
25,37
9,lO
27,66
13,46
5,43
1,16
13,22
18,62
13,66
11,77
7,OO
12,44
24,82
28,39
21,49
35,15
WichUger Hinweis
Sofern nicht anderweitig angegeben, wird die Performance der dargestellten Marktindices in der Fondswahrung, NAV mit reinvestiertem Bruttoeinkommen
angegeben. Sofern nicht anderweitig angegeben, sind die hier zum Ausdruck gebrachten Ansichten und Meinungen diejenigen von Insight Investment Limited
turn Zeitpunkt der Veroffentlichung.
Die Performance in der Vergangenheit ist nicht notwendigerweise ein Hinweis auf zukiinftige Performance. Der Wert der Kapitalanlage sowie die daraus
erzielten Ertrage konnen infolge von Markt- und Wahrungsschwankungen fallen und auch steigen. Sie erhalten moglicherweise nicht den gleichen Betfag
zuruck, den Sie ursprunglich investiert haben.
105
*-
Unfverse, The CMI Global Network Fund
EXPLANATORY NOTES
Universe, The CMI Global Network Fund, is an authorised Securities Fund formed as an openended Investment Company (SICAV).
It was incorporated in Luxembourg under the laws regulating Collective Investment Schemes on 12 April 1990 and complies with the European
Community directive on the cross-border selling of Collective Investment Schemes (UCITS).
The Fund is regulated by the Financial Services Authority whose rules and regulations are made under the Financial Services and Markets Act 2000.
Investors should note that the value of shares and income from them are not guaranteed and may fluctuate from time to time. Past performance is not
necessarily a guide to future performance.
Further information, including full terms and conditions, is available from the addresses listed overleaf.
ERLAUJERUNGEN
Universe, The CMI Global Network Fund ist ein zugelassener Wertpapierfonds, der als offene lnvestmentgesellschafi(SICAVJgegrundet wurde.
Er wurde in Luxemburg am 12. April 1990 gemaR dem Gesetz uber Organismen fiir die gemeinsame Anlage in ubertragbaren Wertpapieren gegrundet
und erfullt die Bestimmungen der EGRichtlinie uber den grenzuberschreitenden Verkauf von Organismen der gemeinsamen Anlage in iibertragbaren
Wertpapieren (UCIJSI.
Der Fonds untersteht der Regulierungsvorschrifien der Financial Services Authority, deren Regeln und Vorschriften dem Financial Services Act
Finanzdienstleistungsgesetz)von 2000 entsprechend erfolgen.
Die Anleger sollten wissen, dab' der Wert der Anteile und Ertrage nicht garantiert wird und von Zeit zu Zeit schwanken kann. Ergebnisse der
Vergangenheit garantieren nicht notwendigerweise fur Ergebnisse der Zukunfi.
Weitere Informationen konnen Sie an den folgenden Adressen erhalten.
106

Universe, The CMI Global Network Fund

Transcrição

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