Universe, The CMI Global Network Fund - Clerical Medical

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Universe, The CMI Global Network Fund NOTES TO THE FINANCIAL STATEMENTS - continued 3. MANAGEMENT FEES - continued to receive a fee, which is payable monthly and is based on the daily net asset value of each Class of the sub-funds. Fees are charged at the following rates as stipulated in the Fund’s prospectus: Class 1 Class 2 Class 3 Class 7 Equity sub-funds, The CMI Global Mixed sub-fund, and The CMI Global Bond sub-fund, except for the US Enhanced Equity sub-fund, Japan Enhanced Equity and Pacific Basin Enhanced Equity 1.25% 0.33% 0.115% 0.15% The CMI US Enhanced Equity, Japan Enhanced Equity and Pacific Basin Enhanced Equity 0.75% 0.23% 0.115% 0.15% Bond sub-funds (except the CMI Global Bond sub-fund), CMIG Fixed Term US Bond sub-fund and CMIG Fixed Term Euro Bond sub-fund 0.75% 0.23% 0.115% 0.15% Equity Index Tracking and Currency Reserve sub-funds 0.50% 0.18% 0.115% 0.15% CMIG Access 80% sub-fund N/a N/a N/a 0.15% HLE Euro-Garant 80 Flex (Access 80% Guaranteed Sub-Fund until 1 April 2010) HLE Euro- Garant 70 Flex, 1.85% N/a N/a N/a HLE Euro-Garant 90 Flex 1.65% N/a N/a N/a CMIG Access 70% Flexible sub-fund N/a N/a N/a 0.15% CMIG Access 80% Flexible sub-fund N/a N/a N/a 0.15% CMIG Access 90% Flexible sub-fund N/a N/a N/a 0.15% 4. THE CUSTODIAN AND ADMINISTRATION The Custodian is responsible for the safekeeping of the Company’s assets, as outlined in the section "Charges and Expenses". RBC Dexia Investor Services Bank S.A. is registered with the Luxembourg Company Register (RCS) under number B-47192 and has been incorporated in 1994 under the name "First European Transfer Agent". It is licensed to carry out banking activities under the terms of the Luxembourg law of 5 April 1993 on the financial services sector and specialises in custody, fund administration and related services. As of 2 January 2006, its tangible equity amounts to over EUR 300 million. RBC Dexia Investor Services Bank S.A. is fully owned by RBC Dexia Investor Services Limited, a company under the laws of England and Wales that is controlled by Dexia Banque Internationale à Luxembourg, société anonyme, Luxembourg, Grand Duchy of Luxembourg, and Royal Bank of Canada, Toronto, Canada. In case of voluntary withdrawal of the Custodian or of its removal by the Company, the Custodian must be replaced within two months. In the meantime, the Custodian shall take all necessary steps for the good preservation of the Shareholders’ interests. The appointment of a new Custodian is subject to the approval of the Securities and Futures Commission. RBC Dexia Investor Services Bank has been appointed as Administrative Agent by the Manager to provide transfer agency and fund accounting services to the Company. In accordance with Luxembourg law the custody of the Company’s assets are entrusted to the Custodian, RBC Dexia Investor Services Bank, for safekeeping. The Custodian must: (a) ensure that the sale, issue, repurchase and cancellation of Shares effected by or on behalf of the Fund are carried out in accordance with Luxembourg law and the Articles; (b) ensure that in transactions involving the sub-funds’ assets, any consideration is remitted to it within the usual time limits; (c) ensure that the sub-funds’ income is applied in accordance with Luxembourg law and the Articles. In this respect the Custodian will receive a fee from the Company, which amounts to a maximum of 0.10% of the Net Asset Value. In terms of Company administration and transfer agency fees, the Management Company will pay a flat fee for this service to RBC Dexia Investor Services Bank. These fees are therefore not paid by the Company. 5. TAXE D’ABONNEMENT Under present Luxembourg law and practice, the Company is not liable to any Luxembourg income tax nor are dividends paid by the Company liable to any Luxembourg withholding tax. The Company in respect of class 1 Shares (excluding the Currency Reserve and the CMIG sub-funds) is liable in Luxembourg to a tax of 0.05% per annum of the value of its net assets, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. In respect of class 2, class 3 and class 7 Shares, the CMIG sub-funds and the three Currency Reserve sub-funds, the tax levied will be at the rate of 0.01% per annum. No stamp duty or other tax is payable in Luxembourg on the issue of Shares except a once and for all initial registration tax which was paid on incorporation. No Luxembourg capital gains tax is payable on the realised or unrealised capital appreciation of the assets of the Company. 6. DISTRIBUTIONS The following dividend distributions were declared on 1 October 2009 in respect of the year from 1 October 2008 to 30 September 2009 and paid on 15 October 2009. CMI CONTINENTAL EUROPEAN EQUITY Share Class 1 EUR 0.328 US EQUITY INDEX TRACKING Share Class 7 USD 0.409 34
Universe, The CMI Global Network Fund NOTES TO THE FINANCIAL STATEMENTS - continued 6. DISTRIBUTIONS - continued CMI CONTINENTAL EUROPEAN EQUITY Share Class 2 CMI CONTINENTAL EUROPEAN EQUITY Share EUR 0.490 CMI EURO BOND Share Class 1 EUR 1.470 Class 3 CMI CONTINENTAL EUROPEAN EQUITY Share EUR 0.526 CMI EURO BOND Share Class 2 EUR 1.719 Class 7 EUR 0.540 CMI EURO BOND Share Class 3 EUR 1.769 CMI GERMAN EQUITY Share Class 1 EUR 0.772 CMI EURO BOND Share Class 7 EUR 1.918 CMI GERMAN EQUITY Share Class 2 EUR 1.094 CMIG FIXED TERM EURO BOND Share Class 3 EUR 1.748 CMI GERMAN EQUITY Share Class 7 EUR 1.204 CMI JAPAN BOND Share Class 1 JPY 8.274 CMI JAPAN ENHANCED EQUITY Share Class 1 JPY 24.541 CMI JAPAN BOND Share Class 2 JPY 17.536 CMI JAPAN ENHANCED EQUITY Share Class 2 JPY 38.976 CMI JAPAN BOND Share Class 3 JPY 19.467 CMI JAPAN ENHANCED EQUITY Share Class 3 JPY 41.931 CMI UK BOND Share Class 1 GBP 0.245 CMI JAPAN ENHANCED EQUITY Share Class 7 CMI PACIFIC BASIN ENHANCED EQUITY Share JPY 41.425 CMI UK BOND Share Class 2 GBP 0.285 Class 1 CMI PACIFIC BASIN ENHANCED EQUITY Share USD 0.546 CMI UK BOND Share Class 3 GBP 0.293 Class 2 CMI PACIFIC BASIN ENHANCED EQUITY Share USD 0.695 CMI US BOND Share Class 1 USD 0.373 Class 3 CMI PACIFIC BASIN ENHANCED EQUITY Share USD 0.726 CMI US BOND Share Class 2 USD 0.445 Class 7 USD 0.748 CMI US BOND Share Class 3 USD 0.460 CMI US ENHANCED EQUITY Share Class 1 USD 0.354 CMI US BOND Share Class 7 USD 0.777 CMI US ENHANCED EQUITY Share Class 2 USD 0.553 CMIG FIXED TERM US BOND Share Class 3 CMI STERLING CURRENCY RESERVE Share Class USD 1.311 CMI US ENHANCED EQUITY Share Class 3 USD 0.593 1 CMI STERLING CURRENCY RESERVE Share Class GBP 0.123 CMI US ENHANCED EQUITY Share Class 7 USD 0.588 2 CMI STERLING CURRENCY RESERVE Share Class GBP 0.139 CMI UK EQUITY Share Class 1 GBP 0.220 3 CMI US DOLLAR CURRENCY RESERVE Share Class GBP 0.142 CMI UK EQUITY Share Class 2 GBP 0.297 1 CMI US DOLLAR CURRENCY RESERVE Share Class USD 0.087 CMI UK EQUITY Share Class 3 GBP 0.314 2 CMI US DOLLAR CURRENCY RESERVE Share Class USD 0.118 CMI UK EQUITY Share Class 7 GBP 0.330 3 USD 0.124 EURO EQUITY INDEX TRACKING Share Class 1 EUR 0.473 CMI US DOLLAR CURRENCY RESERVE Share Class 7 USD 0.241 EURO EQUITY INDEX TRACKING Share Class 2 EUR 0.524 CMI EURO CURRENCY RESERVE Share Class 1 EUR 0.672 EURO EQUITY INDEX TRACKING Share Class 3 EUR 0.533 CMI EURO CURRENCY RESERVE Share Class 2 EUR 0.753 EURO EQUITY INDEX TRACKING Share Class 7 EUR 0.496 CMI EURO CURRENCY RESERVE Share Class 3 EUR 0.769 JAPAN EQUITY INDEX TRACKING Share Class 1 JPY 5.750 CMI EURO CURRENCY RESERVE Share Class 7 EUR 0.797 JAPAN EQUITY INDEX TRACKING Share Class 2 JPY 7.419 CMI GLOBAL BOND Share Class 1 GBP 0.027 JAPAN EQUITY INDEX TRACKING Share Class 3 JPY 7.728 CMI GLOBAL BOND Share Class 2 GBP 0.041 UK EQUITY INDEX TRACKING Share Class 1 GBP 0.353 CMI GLOBAL MIXED Share Class 1 GBP 0.019 UK EQUITY INDEX TRACKING Share Class 2 GBP 0.389 CMI GLOBAL MIXED Share Class 2 GBP 0.034 UK EQUITY INDEX TRACKING Share Class 3 GBP 0.396 CMI GLOBAL EQUITY Share Class 1 GBP 0.013 UK EQUITY INDEX TRACKING Share Class 7 GBP 0.432 CMI GLOBAL EQUITY Share Class 2 GBP 0.027 US EQUITY INDEX TRACKING Share Class 1 USD 0.301 CMIG ACCESS 80% Share Class 7 EUR 0.246 US EQUITY INDEX TRACKING Share Class 2 USD 0.390 CMI EUROPEAN ENHANCED EQUITY Share Class 7 EUR 0.683 US EQUITY INDEX TRACKING Share Class 3 USD 0.406 7. OTHER INCOME 7.1 Securities Lending The Company has signed a contract for securities lending with Royal Trust Corporation of Canada who acts as a securities lending agent. The Company earned net income of EUR 4,812,840 from its activity in securities lending during the year. As at 30 September 2010, the Company had assets on loan to the value of EUR 1,070,787,489 and received collateral securities comprised of governments bonds for a value of EUR 1,112,680,690. As at year-end, the market value of the securities lent per sub-fund is as follows: Sub-fund n˚ Sub-fund Sub-fund CCY Total market value of securities lent LU2219 HLE Euro Guaranteed 70% Flexible Fund EUR 9,922 LU9642 CMI EUROPEAN ENHANCED EQUITY SUB FUND EUR 2,366,537 35
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