Multi Units Luxembourg

Société d’Investissement à Capital Variable Luxembourg B 115.129

Unaudited semi-annual report as at June 30, 2012

No subscription can be received on the basis of these financial statements. Subscriptions may only be accepted on the basis of the current prospectus accompanied by an application form, the latest available annual report of the fund and the latest semi-annual report if published thereafter. Multi Units Luxembourg Société d’Investissement à Capital Variable

Table of contents Page(s)

Management and Administration 1 General information on the Fund 2 Information to the Shareholders 9 Statement of Net Assets at June 30, 2012 10 Statistical information 22 Notes to the financial statements at June 30, 2012 32

MULTI UNITS LUXEMBOURG - LYXOR ETF DAX Index composition at June 30, 2012 49 Economic composition of the index 50 Schedule of Investments as at June 30, 2012 51 Economic classification of investments 53 Geographical classification of investments 54 MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX Index composition at June 30, 2012 55 Economic composition of the index 56 Schedule of Investments as at June 30, 2012 57 Economic classification of investments 59 Geographical classification of investments 60 MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call Index composition at June 30, 2012 61 Economic composition of the index 62 Schedule of Investments as at June 30, 2012 63 Economic classification of investments 64 Geographical classification of investments 65 MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put Index composition at June 30, 2012 66 Economic composition of the index 67 Schedule of Investments as at June 30, 2012 68 Economic classification of investments 69 Geographical classification of investments 70 Multi Units Luxembourg Société d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 Index composition at June 30, 2012 71 Economic composition of the index 74 Schedule of Investments as at June 30, 2012 76 Economic classification of investments 77 Geographical classification of investments 78 MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Index composition at June 30, 2012 79 Economic composition of the index 85 Schedule of Investments as at June 30, 2012 87 Economic classification of investments 88 Geographical classification of investments 89 MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 90 Economic composition of the index 104 Schedule of Investments as at June 30, 2012 106 Economic classification of investments 107 Geographical classification of investments 108 MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 Index composition at June 30, 2012 109 Economic composition of the index 111 Schedule of Investments as at June 30, 2012 112 Economic classification of investments 113 Geographical classification of investments 114 MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 Index composition at June 30, 2012 115 Economic composition of the index 116 Schedule of Investments as at June 30, 2012 117 Economic classification of investments 119 Geographical classification of investments 120 Multi Units Luxembourg Société d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 121 Economic composition of the index 133 Schedule of Investments as at June 30, 2012 136 Economic classification of investments 138 Geographical classification of investments 139 MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) Index composition at June 30, 2012 140 Economic composition of the index 142 Schedule of Investments as at June 30, 2012 143 Economic classification of investments 144 Geographical classification of investments 145 MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Index composition at June 30, 2012 146 Economic composition of the index 151 Schedule of Investments as at June 30, 2012 153 Economic classification of investments 154 Geographical classification of investments 155 MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR Index composition at June 30, 2012 156 Economic composition of the index 158 Schedule of Investments as at June 30, 2012 159 Economic classification of investments 161 Geographical classification of investments 162 MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR Index composition at June 30, 2012 163 Economic composition of the index 167 Schedule of Investments as at June 30, 2012 168 Economic classification of investments 170 Geographical classification of investments 171 Multi Units Luxembourg Société d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR Index composition at June 30, 2012 172 Economic composition of the index 174 Schedule of Investments as at June 30, 2012 175 Economic classification of investments 177 Geographical classification of investments 178 MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR Index composition at June 30, 2012 179 Economic composition of the index 183 Schedule of Investments as at June 30, 2012 184 Economic classification of investments 186 Geographical classification of investments 187 MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR Index composition at June 30, 2012 188 Economic composition of the index 191 Schedule of Investments as at June 30, 2012 192 Economic classification of investments 194 Geographical classification of investments 195 MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Index composition at June 30, 2012 196 Economic composition of the index 202 Schedule of Investments as at June 30, 2012 203 Economic classification of investments 205 Geographical classification of investments 206 MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Index composition at June 30, 2012 207 Economic composition of the index 210 Schedule of Investments as at June 30, 2012 211 Economic classification of investments 213 Geographical classification of investments 214 Multi Units Luxembourg Société d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Index composition at June 30, 2012 215 Economic composition of the index 223 Schedule of Investments as at June 30, 2012 224 Economic classification of investments 226 Geographical classification of investments 227 MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Index composition at June 30, 2012 228 Economic composition of the index 234 Schedule of Investments as at June 30, 2012 235 Economic classification of investments 237 Geographical classification of investments 238 MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR Index composition at June 30, 2012 239 Economic composition of the index 242 Schedule of Investments as at June 30, 2012 243 Economic classification of investments 245 Geographical classification of investments 246 MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR Index composition at June 30, 2012 247 Economic composition of the index 249 Schedule of Investments as at June 30, 2012 250 Economic classification of investments 251 Geographical classification of investments 252 MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD Index composition at June 30, 2012 253 Economic composition of the index 254 Schedule of Investments as at June 30, 2012 255 Economic classification of investments 257 Geographical classification of investments 258 Multi Units Luxembourg Société d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD Index composition at June 30, 2012 259 Economic composition of the index 260 Schedule of Investments as at June 30, 2012 261 Economic classification of investments 262 Geographical classification of investments 263 MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD Index composition at June 30, 2012 264 Economic composition of the index 265 Schedule of Investments as at June 30, 2012 266 Economic classification of investments 267 Geographical classification of investments 268 MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD Index composition at June 30, 2012 269 Economic composition of the index 270 Schedule of Investments as at June 30, 2012 271 Economic classification of investments 272 Geographical classification of investments 273 MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD Index composition at June 30, 2012 274 Economic composition of the index 275 Schedule of Investments as at June 30, 2012 276 Economic classification of investments 278 Geographical classification of investments 279 MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD Index composition at June 30, 2012 280 Economic composition of the index 281 Schedule of Investments as at June 30, 2012 282 Economic classification of investments 284 Geographical classification of investments 285 Multi Units Luxembourg Société d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR Index composition at June 30, 2012 286 Economic composition of the index 287 Schedule of Investments as at June 30, 2012 288 Economic classification of investments 290 Geographical classification of investments 291 MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR Index composition at June 30, 2012 292 Economic composition of the index 293 Schedule of Investments as at June 30, 2012 294 Economic classification of investments 296 Geographical classification of investments 297 MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK Index composition at June 30, 2012 298 Economic composition of the index 300 Schedule of Investments as at June 30, 2012 301 Economic classification of investments 303 Geographical classification of investments 304 MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 305 Economic composition of the index 341 Schedule of Investments as at June 30, 2012 344 Economic classification of investments 346 Geographical classification of investments 347

The following sub-funds of the Company are not registered in Germany according to Section 132 of the German Investment Act (InvG): · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX50 · MULTI UNITS LUXEMBOURG - LYXOR ETF WIG 20 Shares of the above mentioned sub-funds are not allowed to be distributed publicly in Germany Multi Units Luxembourg Société d’Investissement à Capital Variable

Management and Administration

Board of Directors

Chairman: - Mrs Clarisse DJABBARI, Coordinator of the ETFs Lyxor Asset Management, 17, cours Valmy, F- 92 987 Paris-La Défense Directors: - Mr Christophe ARNOULD, Managing Director, Lyxor Asset Management Luxembourg S.A., 18, boulevard Royal, L - 2449 Luxembourg - Mr Patrick VINCENT, R esponsible for corporate functions (of SGBT), Société Générale Bank and Trust S.A., 11, avenue Emile Reuter, L-2420 Luxembourg Registered Office 16, boulevard Royal, L - 2449 Luxembourg Management Company Lyxor Asset Management Luxembourg S.A., 18, boulevard Royal, L - 2449 Luxembourg Investment Manager Lyxor International Asset Management, 17, cours Valmy, F - 92800 Puteaux Promoter Société Générale, 29, boulevard Haussmann, F - 75009 Paris Custodian Bank and Paying Agent Société Générale Bank & Trust S.A., 11, avenue Emile Reuter, L - 2420 Luxembourg Administrative, Corporate and Domiciliary Agent Société Générale Securities Services Luxembourg, 16, boulevard Royal, L - 2449 Luxembourg Registrar Agent European Fund Services S.A., 18, boulevard Royal, L - 2449 Luxembourg Auditor PricewaterhouseCoopers S.à r.l., 400, Route d’Esch, L - 1471 Luxembourg

1 Multi Units Luxembourg Société d’Investissement à Capital Variable

General information on the Fund

MULTI UNITS LUXEMBOURG (the “Fund”) has been incorporated on March 29, 2006 under Luxembourg laws as a “Société d'Investissement à Capital Variable” (“SICAV”) for an unlimited period of time. The Fund is governed by the provisions of Part I of the Luxembourg Law of December 17, 2010 relating to undertakings for collective investment. The Articles of Incorporation were deposited with the Register of Commerce and Companies of Luxembourg and have been published in the “Mémorial, Recueil des Sociétés et Associations” (the “Mémorial”) on April 14, 2006. The Articles of Incorporation have been amended on October 5, 2009 and were published in the “Mémorial” on October 20, 2009. The Fund is registered with the Register of Commerce and Companies of Luxembourg under number B 115.129. The “Fund” aims to provide investors with professionally managed Sub-Funds investing in a wide range of transferable securities and money market instruments in order to achieve an optimum return from capital invested while reducing investment risk through diversification. In addition, the Fund aims to provide investors with professionally managed index Sub-Funds whose objective is to replicate the composition of a certain financial index recognised by the Luxembourg supervisory authority. At June 30, 2012, thirty-three Sub-Funds are available to investors : - MULTI UNITS LUXEMBOURG - LYXOR ETF DAX - MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX - MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call - MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put - MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 - MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 - MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 - MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 - MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 - MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) - MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR

2 Multi Units Luxembourg Société d’Investissement à Capital Variable

General information on the Fund (cont.)

- MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR - MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR -MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD -MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD -MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD -MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD -MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD -MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD - MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR -MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR -MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK -MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF DAX is to track the evolution of the DAX® (the “DAX Index”). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states the remainder of the assets being invested into equities and fixed or variable debt instruments and entering into a total return swap agreement to track the evolution of the DAX Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX is to track the evolution of the LevDAX® (the “LevDAX Index”). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states, the remainder of the assets being invested into equities and fixed or variable debt instruments and entering into a total return swap agreement to track the evolution of the LevDAX Index.

3 Multi Units Luxembourg Société d’Investissement à Capital Variable

General information on the Fund (cont.)

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call is to track the evolution of the DAXplus® Covered Call (the “DAXplus Covered Call Index”). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states, the remainder of the assets being invested into equities and fixed or variable debt instruments and entering into a total return swap agreement to track the evolution of the DAXplus Covered Call Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put is to track the evolution of the DAXplus® Protective Put (the “DAXplus Protective Put Index”). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states, the remainder of the assets being invested into equities and fixed or variable debt instruments and entering into a total return swap agreement to track the evolution of the DAXplus Protective Put Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 is to track the evolution of the FTSE 100™ (the “FTSE 100™ Index”) denominated in Sterling Pounds (GBP). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement to track the evolution of the FTSE 100™ Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 is to track the evolution of the FTSE 250™ (the “FTSE 250™ Index”) denominated in Sterling Pounds (GBP). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement to track the evolution of the FTSE 250™ Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE is to track the evolution of the FTSE ALL SHARE™ (the “FTSE ALL SHARE™ Index”) denominated in Sterling Pounds (GBP). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement to track the evolution of the FTSE ALL SHARE™ Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 is to track the evolution of the MSCI ASIA APEX 50 (the “MSCI ASIA APEX 50 Index”) denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement to track the evolution of the MSCI ASIA APEX 50 Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 is to track the evolution of the WIG20 (the “WIG20 Index”) denominated in Zloty (PLN).

4 Multi Units Luxembourg Société d’Investissement à Capital Variable

General information on the Fund (cont.)

The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments), and entering into a total return swap agreement to track the evolution of the WIG20 Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 is to track the evolution of the S&P 500® Total Return (the “Index”) denominated in US dollars (USD) . The Sub-Fund seeks to achieve its o bjective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states and entering into a swap agreement to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) is to track the evolution of the S&P/TSX 60 Net Total Return Index (the “Index”) denominated in Canadian dollars (CAD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt intruments) and entering into a swap agreement to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) is to track the evolution of the S&P/ASX 200 Net Total Return Index (the “Index”) denominated in Australian dollars (AUD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt intruments) and entering into a swap agreement to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR is to track the evolution of MSCI World Utilities Index - Net Total Return (the “Index ”) denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement (the “Swap ”) to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR is to track the evolution of the MSCI World Materials Index - Net Total Return (the “Index”) denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement (the “Swap") to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELE COMMUNICATION SERVICES TR is to track the evolution of the MSCI World Telecommunication Services Index - Net Total Return (the “Index”) denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement (the “Swap”) to track the evolution of the Index.

5 Multi Units Luxembourg Société d’Investissement à Capital Variable

General information on the Fund (cont.)

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR is to track the evolution of the MSCI World Information Technology Index - Net Total Return (the “Index") denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement (the “Swap”) to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR is to track the evolution of the MSCI World Health Care Index - Net Total Return (the “Index ”) denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement (the “Swap ”) to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR is to track the evolution of the MSCI World Industrials Index - Net Total Return (the “Index ”) denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement (the “Swap ”) to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR is to track the evolution of the MSCI World Energy Index - Net Total Return (the “Index ”) denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement (the “Swap ”) to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR is to track the evolution of the MSCI World Financials Index - Net Total Return (the “Index ”) denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement (the “Swap ”) to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR is to track the evolution of the MSCI World Consumer Discretionary Index - Net Total Return (the “Index ”) denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement (the “Swap ”) to track the evolution of the Index.

6 Multi Units Luxembourg Société d’Investissement à Capital Variable

General information on the Fund (cont.)

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR is to track the evolution of the MSCI World Consumer Staples Index - Net Total Return (the “Index ”) denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments) and entering into a swap agreement (the “Swap ”) to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR is to track the evolution of the EURO STOXX 50® Net Return (Bloomberg code: SX5T) (the “Index ”) denominated in Euro (EUR). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states and entering into a total return swap agreement (the “Swap ”) to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD is to track the evolution of the S&P GSCI® Inverse Agriculture & Livestock 1 Month Forward Capped Component Index Total Return (the "Index") denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments), and entering into a total return swap agreement (the "Swap") to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD is to track the evolution of the S&P GSCI® Agriculture & Livestock 3 Month Forward Capped Component Index Total Return (the "Index") denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments), and entering into a total return swap agreement (the "Swap") to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD is to track the evolution of the S&P GSCI® Inverse Industrial Metals 1 Month Forward Capped Component Index Total Return (the "Index") denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments), and entering into a total return swap agreement (the "Swap") to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD is to track the evolution of the S&P GSCI® Industrial Metals 3 Month Forward Capped Component Index Total Return (the "Index") denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments), and entering into a total return swap agreement (the "Swap") to track the evolution of the Index. 7 Multi Units Luxembourg Société d’Investissement à Capital Variable

General information on the Fund (cont.)

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD is to track the unlevered performance of the S&P GSCI® Inverse 1- Month Forward Capped Sector Equal Weight Composite Index Total Return (the "Index") denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments), and entering into a total return swap agreement (the "Swap") to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD is to track the unlevered performance of the S&P GSCI® 3 Month Forward Capped Sector Equal Weight Composite Index Total Return (the "Index") denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments), and (ii) entering into a total return swap agreement (the "Swap") to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR is to track the unleveraged performance of the SGI Commodities Curve Momentum Beta+ TR TM (the "Index") denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments), and entering into a total return swap agreement (the "Swap") to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR is to track the unlevered performance of the SGI Commodities Optimix TR TM (the "Index") denominated in US dollars (USD). The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments), and entering into a total return swap agreement (the "Swap") to track the evolution of the Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK is to track both the upward and the downward evolution of the Euro iStoxx 50 Equal Risk (the “Index”) denominated in EUR. The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states, and entering into a total return swap agreement (the "Swap") to track the evolution of the Index. The objective of the sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED is to track both the upward and the downward evolution of the “MSCI World Risk Weighted Index” (the “Index”) denominated in USD. The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferable securities (including both equities and fixed or variable debt instruments), and entering into a total return swap agreement (the "Swap") to track the evolution of the Index.

8 Multi Units Luxembourg Société d’Investissement à Capital Variable

Information to the Shareholders

The Annual General Meeting of the Shareholders is held at the registered office of the Fund in Luxembourg each year on the first Friday in the month of April at 10 a.m. (Luxembourg time) or, if any such day is not a business day, on the next following business day.

Notices of all general meetings are sent by mail to all registered Shareholders at their registered address at least 8 days prior to such meeting. According to the requirements of the Luxembourg Law, if bearer shares are issued, the notices will be published, in the Mémorial and in a Luxembourg newspaper, in addition notices can be published in such other newspaper that the Board of Directors shall determine.

Audited annual reports and unaudited semi-annual reports are made available for public inspection at each of the registered offices of the Fund and the Administrative Agent within four, respectively two months following the relevant accounting period, and the latest Annual Report shall be available at least fifteen days before the annual general meeting.

The financial year of the Fund ends on December 31 of each year.

The list of changes in the portfolio for the period ended June 30, 2012 is available, free of charge, at the registered office of the Fund.

9 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (expressed in the Sub-Fund’s currency)

MULTI UNITS MULTI UNITS LUXEMBOURG - MULTI UNITS LUXEMBOURG - LYXOR ETF LUXEMBOURG - LYXOR ETF DAXplus® Sub-Funds LYXOR ETF DAX LevDAX Covered Call

Notes EUR EUR EUR ASSETS Securities portfolio at market value 2.2 697 653 272 265 869 809 13 168 479 Securities portfolio at cost 676 392 953 261 871 981 12 573 041 Unrealised profit/(loss) on the securities portfolio 21 260 319 3 997 828 595 438 Cash at bank 11 - - Receivable from Fund shares issued - - - Receivable for securities sold - - - Dividends receivable - - - Swap at market value 2.3, 8 - 1 424 899 -

697 653 283 267 294 708 13 168 479

LIABILITIES Cash due to bank and brokers - 18 6 Payable for securities purchased - - - Investment management fees payable 3 81 354 81 672 3 934 Swap at market value 2.3, 8 1 086 658 - 272 238

1 168 012 81 690 276 178

TOTAL NET ASSETS 696 485 271 267 213 018 12 892 301

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

10 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS LUXEMBOURG - MULTI UNITS MULTI UNITS LYXOR ETF LUXEMBOURG - LUXEMBOURG - DAXplus® LYXOR ETF LYXOR ETF Sub-Funds Protective Put FTSE 100 FTSE 250

Notes EUR GBP GBP ASSETS Securities portfolio at market value 2.2 12 348 089 711 422 687 136 Securities portfolio at cost 11 945 876 706 335 675 388 Unrealised profit/(loss) on the securities portfolio 402 213 5 087 11 748 Cash at bank 1 - - Receivable from Fund shares issued - - - Receivable for securities sold - - - Dividends receivable - - - Swap at market value 2.3, 8 - - -

12 348 090 711 422 687 136

LIABILITIES Cash due to bank and brokers - - - Payable for securities purchased - - - Investment management fees payable 3 3 769 133 155 Swap at market value 2.3, 8 311 274 25 386 19 330

315 043 25 519 19 485

TOTAL NET ASSETS 12 033 047 685 903 667 651

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

11 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LYXOR ETF FTSE LYXOR ETF MSCI LYXOR Sub-Funds ALL SHARE ASIA APEX 50 ETF WIG20

Notes GBP USD PLN ASSETS Securities portfolio at market value 2.2 460 176 1 617 105 55 265 781 Securities portfolio at cost 448 993 1 628 865 54 609 941 Unrealised profit/(loss) on the securities portfolio 11 183 (11 760) 655 840 Cash at bank - - - Receivable from Fund shares issued - - - Receivable for securities sold - - - Dividends receivable - 22 323 640 500 Swap at market value 2.3, 8 - - -

460 176 1 639 428 55 906 281

LIABILITIES Cash due to bank and brokers - - - Payable for securities purchased - 22 323 640 500 Investment management fees payable 3 121 621 17 697 Swap at market value 2.3, 8 15 376 15 226 408 452

15 497 38 170 1 066 649

TOTAL NET ASSETS 444 679 1 601 258 54 839 632

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

12 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LYXOR ETF LYXOR ETF LYXOR ETF CANADA AUSTRALIA Sub-Funds S&P 500 (S&P TSX 60) (S&P ASX 200)

Notes EUR EUR EUR ASSETS Securities portfolio at market value 2.2 160 628 236 25 416 739 23 416 792 Securities portfolio at cost 156 828 373 24 717 901 22 697 866 Unrealised profit/(loss) on the securities portfolio 3 799 863 698 838 718 926 Cash at bank - - - Receivable from Fund shares issued - - - Receivable for securities sold - - - Dividends receivable - - - Swap at market value 2.3, 8 - - -

160 628 236 25 416 739 23 416 792

LIABILITIES Cash due to bank and brokers - - - Payable for securities purchased - - - Investment management fees payable 3 22 716 7 250 7 098 Swap at market value 2.3, 8 10 918 524 1 821 142 478 854

10 941 240 1 828 392 485 952

TOTAL NET ASSETS 149 686 996 23 588 347 22 930 840

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

13 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS LUXEMBOURG - MULTI UNITS MULTI UNITS LYXOR ETF LUXEMBOURG - LUXEMBOURG - MSCI WORLD LYXOR ETF LYXOR ETF TELECOM- MSCI WORLD MSCI WORLD MUNICATION Sub-Funds UTILITIES TR MATERIALS TR SERVICES TR

Notes EUR EUR EUR ASSETS Securities portfolio at market value 2.2 3 164 263 15 250 957 11 683 207 Securities portfolio at cost 3 127 740 14 998 746 11 437 264 Unrealised profit/(loss) on the securities portfolio 36 523 252 211 245 943 Cash at bank - - - Receivable from Fund shares issued - - 2 155 514 Receivable for securities sold - - 1 753 893 Dividends receivable - - - Swap at market value 2.3, 8 - - -

3 164 263 15 250 957 15 592 614

LIABILITIES Cash due to bank and brokers - - - Payable for securities purchased - - 3 909 407 Investment management fees payable 3 917 3 932 1 883 Swap at market value 2.3, 8 119 017 458 656 91 572

119 934 462 588 4 002 862

TOTAL NET ASSETS 3 044 329 14 788 369 11 589 752

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

14 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LYXOR ETF LYXOR ETF LYXOR ETF MSCI WORLD MSCI WORLD MSCI WORLD INFORMATION HEALTH CARE INDUSTRIALS Sub-Funds TECHNOLOGY TR TR TR

Notes EUR EUR EUR ASSETS Securities portfolio at market value 2.2 12 604 802 39 406 213 6 127 570 Securities portfolio at cost 12 208 515 39 188 744 6 111 189 Unrealised profit/(loss) on the securities portfolio 396 287 217 469 16 381 Cash at bank - - - Receivable from Fund shares issued 1 983 275 1 478 567 - Receivable for securities sold 1 289 355 - - Dividends receivable - - - Swap at market value 2.3, 8 - - -

15 877 432 40 884 780 6 127 570

LIABILITIES Cash due to bank and brokers - - - Payable for securities purchased 3 272 630 1 478 567 - Investment management fees payable 3 3 280 11 505 1 843 Swap at market value 2.3, 8 58 847 664 170 163 945

3 334 757 2 154 242 165 788

TOTAL NET ASSETS 12 542 675 38 730 538 5 961 782

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

15 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS LUXEMBOURG - MULTI UNITS MULTI UNITS LYXOR ETF LUXEMBOURG - LUXEMBOURG - MSCI WORLD LYXOR ETF LYXOR ETF CONSUMER MSCI WORLD MSCI WORLD DISCRETIONARY Sub-Funds ENERGY TR FINANCIALS TR TR

Notes EUR EUR EUR ASSETS Securities portfolio at market value 2.2 31 120 852 6 206 375 6 976 126 Securities portfolio at cost 31 333 997 6 025 475 6 752 676 Unrealised profit/(loss) on the securities portfolio (213 145) 180 900 223 450 Cash at bank - - - Receivable from Fund shares issued - - - Receivable for securities sold - - - Dividends receivable - - - Swap at market value 2.3, 8 - - -

31 120 852 6 206 375 6 976 126

LIABILITIES Cash due to bank and brokers - - - Payable for securities purchased - - - Investment management fees payable 3 9 246 1 830 2 063 Swap at market value 2.3, 8 1 012 058 213 007 368 926

1 021 304 214 837 370 989

TOTAL NET ASSETS 30 099 548 5 991 538 6 605 137

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

16 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS LUXEMBOURG - MULTI UNITS LYXOR ETF S&P LUXEMBOURG - MULTI UNITS GSCI INVERSE LYXOR ETF LUXEMBOURG - AGRICULTURE & MSCI WORLD LYXOR LIVESTOCK CONSUMER ETF EURO 1 MONTH Sub-Funds STAPLES TR STOXX 50 TR FORWARD

Notes EUR EUR USD ASSETS Securities portfolio at market value 2.2 17 197 634 9 568 017 3 805 819 Securities portfolio at cost 16 946 270 9 626 263 3 780 569 Unrealised profit/(loss) on the securities portfolio 251 364 (58 246) 25 250 Cash at bank - - - Receivable from Fund shares issued 1 931 715 - - Receivable for securities sold 1 089 480 - - Dividends receivable - - - Swap at market value 2.3, 8 65 244 30 648 -

20 284 073 9 598 665 3 805 819

LIABILITIES Cash due to bank and brokers - - - Payable for securities purchased 3 021 195 - - Investment management fees payable 3 3 695 1 798 1 169 Swap at market value 2.3, 8 - - 381 141

3 024 890 1 798 382 310

TOTAL NET ASSETS 17 259 183 9 596 867 3 423 509

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

17 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LYXOR ETF S&P LYXOR ETF S&P LYXOR ETF GSCI GSCI INVERSE S&P GSCI AGRICULTURE & INDUSTRIAL INDUSTRIAL LIVESTOCK METALS METALS 3 MONTH 1 MONTH 3 MONTH Sub-Funds FORWARD FORWARD FORWARD

Notes USD USD USD ASSETS Securities portfolio at market value 2.2 9 245 915 3 690 287 9 309 026 Securities portfolio at cost 9 087 232 3 732 499 9 278 832 Unrealised profit/(loss) on the securities portfolio 158 683 (42 212) 30 194 Cash at bank - - - Receivable from Fund shares issued - - - Receivable for securities sold - - - Dividends receivable - - - Swap at market value 2.3, 8 - - -

9 245 915 3 690 287 9 309 026

LIABILITIES Cash due to bank and brokers - - - Payable for securities purchased - - - Investment management fees payable 3 2 258 1 068 2 470 Swap at market value 2.3, 8 507 983 368 546 310 516

510 241 369 614 312 986

TOTAL NET ASSETS 8 735 674 3 320 673 8 996 040

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

18 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - MULTI UNITS LYXOR ETF S&P LYXOR ETF LUXEMBOURG - GSCI AGGREGATE S&P GSCI LYXOR ETF INVERSE AGGREGATE BROAD 1 MONTH 3 MONTH COMMODITIES Sub-Funds FORWARD FORWARD MOMENTUM TR

Notes USD USD USD ASSETS Securities portfolio at market value 2.2 3 423 955 9 195 746 22 634 696 Securities portfolio at cost 3 434 862 9 049 518 22 796 069 Unrealised profit/(loss) on the securities portfolio (10 907) 146 228 (161 373) Cash at bank - - - Receivable from Fund shares issued - - - Receivable for securities sold - - - Dividends receivable - - - Swap at market value 2.3, 8 - - -

3 423 955 9 195 746 22 634 696

LIABILITIES Cash due to bank and brokers - - 10 Payable for securities purchased - - - Investment management fees payable 3 1 009 2 381 5 918 Swap at market value 2.3, 8 363 320 294 186 695 577

364 329 296 567 701 505

TOTAL NET ASSETS 3 059 626 8 899 179 21 933 191

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

19 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS LUXEMBOURG - MULTI UNITS MULTI UNITS LYXOR ETF LUXEMBOURG - LUXEMBOURG - BROAD LYXOR ETF LYXOR ETF COMMODITIES SMARTIX EURO MSCI WORLD Sub-Funds OPTIMIX TR iSTOXX 50 RISK WEIGHTED

Notes USD EUR USD ASSETS Securities portfolio at market value 2.2 23 102 006 16 712 288 20 458 996 Securities portfolio at cost 22 727 475 15 587 523 19 460 801 Unrealised profit/(loss) on the securities portfolio 374 531 1 124 765 998 195 Cash at bank - - - Receivable from Fund shares issued - - - Receivable for securities sold - - 13 043 510 Dividends receivable - - - Swap at market value 2.3, 8 - - -

23 102 006 16 712 288 33 502 506

LIABILITIES Cash due to bank and brokers - - - Payable for securities purchased - - 13 043 510 Investment management fees payable 3 5 981 1 202 2 502 Swap at market value 2.3, 8 734 699 803 754 839 038

740 680 804 956 13 885 050

TOTAL NET ASSETS 22 361 326 15 907 332 19 617 456

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

20 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statement of Net Assets at June 30, 2012 (cont.) (expressed in the Sub-Fund’s currency)

Sub-Funds Combined

Notes EUR ASSETS Securities portfolio at market value 2.2 1 473 774 221 Securities portfolio at cost 1 438 250 043 Unrealised profit/(loss) on the securities portfolio 35 524 178 Cash at bank 12 Receivable from Fund shares issued 7 549 071 Receivable for securities sold 14 410 896 Dividends receivable 168 823 Swap at market value 2.3, 8 1 520 791

1 497 423 814

LIABILITIES Cash due to bank and brokers 32 Payable for securities purchased 22 128 790 Investment management fees payable 3 275 668 Swap at market value 2.3, 8 22 567 376

44 971 866

TOTAL NET ASSETS 1 452 451 948

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

21 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statistical information (expressed in the Sub-Fund’s currency) MULTI UNITS MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - MULTI UNITS LUXEMBOURG - LYXOR ETF LYXOR ETF LUXEMBOURG - LYXOR ETF DAXplus® DAXplus® Sub-Funds LYXOR ETF DAX LevDAX Covered Call Protective Put

EUR EUR EUR EUR

Number of shares outstanding at December 31, 2010 Class A 11 607 731 6 549 744 267 430 668 552 Class D-USD - - - -

Number of shares outstanding at December 31, 2011 Class A 12 379 000 9 358 797 217 430 309 552 Class D-USD - - - -

Number of shares outstanding at June 30, 2012 Class A 11 127 000 7 193 797 220 430 288 552 Class D-USD - - - -

Total Net Asset Value at December 31, 2010 786 668 037 322 670 437 16 359 065 27 423 052 Total Net Asset Value at December 31, 2011 713 066 009 302 467 649 12 213 510 11 571 347 Total Net Asset Value at June 30, 2012 696 485 271 267 213 018 12 892 301 12 033 047

Net asset value per share at December 31, 2010 Class A 67.771 49.265 61.171 41.019 Class D-USD - - - -

Net asset value per share at December 31, 2011 Class A 57.603 32.319 56.172 37.381 Class D-USD - - - -

Net asset value per share at June 30, 2012 Class A 62.594 37.145 58.487 41.701 Class D-USD - - - -

22 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statistical information (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS MULTI UNITS MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LYXOR ETF LYXOR ETF LYXOR ETF LYXOR ETF MSCI Sub-Funds FTSE 100 FTSE 250 FTSE ALL SHARE ASIA APEX 50

GBP GBP GBP USD

Number of shares outstanding at December 31, 2010 Class A 2 850 000 400 000 1 800 000 100 000 Class D-USD - - - -

Number of shares outstanding at December 31, 2011 Class A 120 000 60 000 4 300 000 5 000 Class D-USD - - - -

Number of shares outstanding at June 30, 2012 Class A 120 000 60 000 150 000 20 000 Class D-USD - - - -

Total Net Asset Value at December 31, 2010 16 918 619 4 644 518 5 544 749 8 868 343 Total Net Asset Value at December 31, 2011 671 865 608 211 12 354 274 376 332 Total Net Asset Value at June 30, 2012 685 903 667 651 444 679 1 601 258

Net asset value per share at December 31, 2010 Class A 5.936 11.611 3.080 88.683 Class D-USD - - - -

Net asset value per share at December 31, 2011 Class A 5.599 10.137 2.873 75.266 Class D-USD - - - -

Net asset value per share at June 30, 2012 Class A 5.716 11.128 2.965 80.063 Class D-USD - - - -

23 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statistical information (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS MULTI UNITS MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LYXOR ETF LYXOR ETF LYXOR ETF LYXOR ETF CANADA AUSTRALIA Sub-Funds WIG20 S&P 500 (S&P TSX 60) (S&P ASX 200)

PLN EUR EUR EUR

Number of shares outstanding at December 31, 2010 Class A 900 000 15 200 000 400 000 550 000 Class B - 7 700 000 3 750 000 1 000 000

Number of shares outstanding at December 31, 2011 Class A - - - - Class D-EUR - 4 441 000 477 000 596 000 Class D-PLN 215 000 - - - Class D-USD - 6 028 674 850 000 143 000

Number of shares outstanding at June 30, 2012 Class A - - - - Class D-EUR - 5 105 000 415 500 613 000 Class D-PLN 238 000 - - - Class D-USD - 8 609 674 350 000 98 000

Total Net Asset Value at December 31, 2010 251 357 528 216 124 527 45 111 537 38 713 719 Total Net Asset Value at December 31, 2011 45 973 397 102 272 060 29 229 500 21 953 929 Total Net Asset Value at June 30, 2012 54 839 632 149 686 996 23 588 347 22 930 840

Net asset value per share at December 31, 2010 Class A 279.286 9.4378 58.227 38.870 Class B - USD 12.608 USD 7.806 USD 24.732

Net asset value per share aCtlaDssecC ember 31, 2011 - - - - Class A - - - - Class B - - - - Class D-EUR - 9.768 52.004 32.889 Class D-PLN 213.830 - - - Class D-USD - USD 12.681 USD 6.756 USD 21.353

24 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statistical information (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS MULTI UNITS MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LYXOR ETF LYXOR ETF LYXOR ETF LYXOR ETF CANADA AUSTRALIA Sub-Funds WIG20 S&P 500 (S&P TSX 60) (S&P ASX 200)

PLN EUR EUR EUR

Net asset value per share at June 30, 2012 Class A - - - - Class D-EUR - 10.914 52.357 34.638 Class D-PLN 230.419 - - - Class D-USD - USD 13.851 USD 6.649 USD 21.984

25 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statistical information (cont.) (expressed in the Sub-Fund’s currency) MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - MULTI UNITS MULTI UNITS LYXOR ETF LYXOR ETF LUXEMBOURG - LUXEMBOURG - MSCI WORLD MSCI WORLD LYXOR ETF LYXOR ETF TELECOM- INFORMATION MSCI WORLD MSCI WORLD MUNICATION TECHNOLOGY Sub-Funds UTILITIES TR MATERIALS TR SERVICES TR TR

EUR EUR EUR EUR

Number of shares outstanding at December 31, 2010 Class C-EUR 125 000 70 000 270 000 230 000 Class C-USD 98 000 48 000 198 000 178 000

Number of shares outstanding at December 31, 2011 Class C-EUR 50 000 10 500 36 000 45 000 Class C-USD 8 000 58 000 44 000 89 000

Number of shares outstanding at June 30, 2012 Class C-EUR 17 000 10 500 131 000 49 000 Class C-USD 8 000 59 600 44 000 107 500

Total Net Asset Value at December 31, 2010 26 233 682 30 082 632 27 836 032 28 956 354 Total Net Asset Value at December 31, 2011 6 784 598 14 387 906 4 931 079 9 532 655 Total Net Asset Value at June 30, 2012 3 044 329 14 788 369 11 589 752 12 542 675

Net asset value per share at December 31, 2010 Class C-EUR 117.637 254.932 59.477 70.970 Class C-USD USD 157.825 USD 342.023 USD 79.796 USD 95.215

Net asset value per share at December 31, 2011 Class C-EUR 116.976 210.042 61.638 71.139 Class C-USD USD 151.852 USD 272.667 USD 80.016 USD 92.349

Net asset value per share at June 30, 2012 Class C-EUR 121.773 210.961 66.227 80.145 Class C-USD USD 154.536 USD 267.720 USD 84.046 USD 101.708

26 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statistical information (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS LUXEMBOURG - MULTI UNITS MULTI UNITS MULTI UNITS LYXOR ETF LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - MSCI WORLD LYXOR ETF LYXOR ETF LYXOR ETF HEALTH CARE MSCI WORLD MSCI WORLD MSCI WORLD Sub-Funds TR INDUSTRIALS TR ENERGY TR FINANCIALS TR

EUR EUR EUR EUR

Number of shares outstanding at December 31, 2010 Class C-EUR 175 000 120 000 75 000 195 000 Class C-USD 133 000 98 000 158 000 148 000

Number of shares outstanding at December 31, 2011 Class C-EUR 65 000 42 000 130 000 30 000 Class C-USD 49 000 18 000 91 500 55 000

Number of shares outstanding at June 30, 2012 Class C-EUR 233 000 12 500 73 100 34 000 Class C-USD 107 000 30 900 56 000 46 000

Total Net Asset Value at December 31, 2010 28 048 966 29 707 490 54 079 224 27 414 648 Total Net Asset Value at December 31, 2011 11 687 709 7 714 525 52 902 869 5 689 463 Total Net Asset Value at June 30, 2012 38 730 538 5 961 782 30 099 548 5 991 538

Net asset value per share at December 31, 2010 Class C-EUR 91.066 136.269 232.103 79.924 Class C-USD USD 122.176 USD 182.823 USD 311.371 USD 107.228

Net asset value per share at December 31, 2011 Class C-EUR 102.524 128.575 238.839 66.935 Class C-USD USD 133.091 USD 166.910 USD 310.049 USD 86.891

Net asset value per share at June 30, 2012 Class C-EUR 113.913 137.368 233.149 74.894 Class C-USD USD 144.562 USD 174.327 USD 295.878 USD 95.045

27 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statistical information (cont.) (expressed in the Sub-Fund’s currency) MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - MULTI UNITS LYXOR ETF S&P LYXOR ETF MSCI LUXEMBOURG - MULTI UNITS GSCI INVERSE WORLD LYXOR ETF MSCI LUXEMBOURG - AGRICULTURE & CONSUMER WORLD LYXOR ETF LIVESTOCK DISCRETIONARY CONSUMER EURO STOXX 50 1 MONTH Sub-Funds TR STAPLES TR TR FORWARD EUR EUR EUR USD

Number of shares outstanding at December 31, 2010 Class C-EUR 170 000 125 000 2 633 000 - Class C-USD 133 000 98 000 - -

Number of shares outstanding at December 31, 2011 Class C-EUR 21 000 33 000 381 500 100 Class C-USD 32 000 23 000 - 50 100

Number of shares outstanding at June 30, 2012 Class C-EUR 35 000 95 500 242 000 10 100 Class C-USD 25 000 15 900 - 20 100

Total Net Asset Value at December 31, 2010 30 156 795 28 263 692 120 221 501 - Total Net Asset Value at December 31, 2011 5 165 960 7 927 335 15 000 939 5 215 993 Total Net Asset Value at June 30, 2012 6 605 137 17 259 183 9 596 867 3 423 509

Net asset value per share at December 31, 2010 Class C-EUR 99.525 126.740 45.660 - Class C-USD USD 133.525 USD 170.038 - -

Net asset value per share at December 31, 2011 Class C-EUR 97.471 141.560 39.321 EUR 111.950 Class C-USD USD 126.532 USD 183.766 - 103.822

Net asset value per share at June 30, 2012 Class C-EUR 110.086 154.930 39.656 EUR 110.293 Class C-USD USD 139.704 USD 196.614 - 99.992

28 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statistical information (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS MULTI UNITS MULTI UNITS MULTI UNITS LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LUXEMBOURG - LYXOR ETF LYXOR ETF S&P LYXOR ETF LYXOR ETF S&P GSCI GSCI INVERSE S&P GSCI S&P GSCI AGRICULTURE INDUSTRIAL INDUSTRIAL AGGREGATE & LIVESTOCK METALS METALS INVERSE 3 MONTH 1 MONTH 3 MONTH 1 MONTH Sub-Funds FORWARD FORWARD FORWARD FORWARD

USD USD USD USD

Number of shares outstanding at December 31, 2010 Class A - - - - Class D-USD - - - -

Number of shares outstanding at December 31, 2011 Class C-EUR 100 100 100 1 000 Class C-USD 100 100 50 100 100 100 1 000

Number of shares outstanding at June 30, 2012 Class C-EUR 30 100 10 100 30 100 11 000 Class C-USD 50 100 20 100 50 100 16 000

Total Net Asset Value at December 31, 2010 - - - - Total Net Asset Value at December 31, 2011 9 628 131 4 598 436 10 713 385 227 828 Total Net Asset Value at June 30, 2012 8 735 674 3 320 673 8 996 040 3 059 626

Net asset value per share at December 31, 2010 Class A - - - - Class D-USD - - - -

Net asset value per share at December 31, 2011 Class C-EUR EUR 102.298 EUR 107.506 EUR 105.051 EUR 99.560 Class C-USD 96.052 91.507 106.891 98.584

Net asset value per share at June 30, 2012 Class C-EUR EUR 103.767 EUR 112.403 EUR 102.190 EUR 103.901 Class C-USD 95.248 93.530 101.648 100.576

29 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statistical information (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS LUXEMBOURG - LYXOR ETF MULTI UNITS MULTI UNITS S&P LUXEMBOURG - LUXEMBOURG - MULTI UNITS GSCI LYXOR ETF LYXOR ETF LUXEMBOURG - AGGREGATE BROAD BROAD LYXOR ETF 3 MONTH COMMODITIES COMMODITIES SMARTIX EURO Sub-Funds FORWARD MOMENTUM TR OPTIMIX TR iSTOXX 50

USD USD USD EUR

Number of shares outstanding at December 31, 2010 Class A - - - - Class D-USD - - - -

Number of shares outstanding at December 31, 2011 Class C-EUR 1 000 1 000 1 000 - Class C-USD 1 000 1 000 1 000 -

Number of shares outstanding at June 30, 2012 Class C-EUR 31 000 81 000 81 000 150 000 Class C-USD 51 000 121 000 121 000 -

Total Net Asset Value at December 31, 2010 - - - - Total Net Asset Value at December 31, 2011 234 206 233 494 234 462 - Total Net Asset Value at June 30, 2012 8 899 179 21 933 191 22 361 326 15 907 332

Net asset value per share at December 31, 2010 Class A - - - - Class D-USD - - - -

Net asset value per share at December 31, 2011 Class C-EUR EUR 102.347 EUR 102.036 EUR 102.459 - Class C-USD 101.344 101.036 101.455 -

Net asset value per share at June 30, 2012 Class C-EUR EUR 100.319 EUR 99.732 EUR 101.679 106.049 Class C-USD 97.109 96.541 98.425 -

30 Multi Units Luxembourg Société d’Investissement à Capital Variable

Statistical information (cont.) (expressed in the Sub-Fund’s currency)

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Sub-Funds RISK WEIGHTED

USD

Number of shares outstanding at December 31, 2010 Class A - Class D-USD -

Number of shares outstanding at December 31, 2011 Class A - Class D-USD -

Number of shares outstanding at June 30, 2012 Class A 140 000 Class D-USD 10 000

Total Net Asset Value at December 31, 2010 - Total Net Asset Value at December 31, 2011 - Total Net Asset Value at June 30, 2012 19 617 456

Net asset value per share at December 31, 2010 Class A - Class D-USD -

Net asset value per share at December 31, 2011 Class A - Class D-USD -

Net asset value per share at June 30, 2012 Class A EUR 104.567 Class D-USD 103.932

31 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012

Note 1 - Activity MULTI UNITS LUXEMBOURG (the “Fund”) was incorporated on March 29, 2006 under Luxembourg laws as a “Société d’Investissement à Capital Variable” (“SICAV”) for an unlimited period of time. The Fund is governed by the Provisions of Part I of the Luxembourg law of December 17, 2010 relating to undertakings for collective investment. At June 30, 2012 thirty-three Sub-Funds are available to investors: · MULTI UNITS LUXEMBOURG - LYXOR ETF DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX · MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call · MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 · MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 · MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) · MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD

32 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 1 - Activity (cont.) · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR · MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR · MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED By Circular Resolution dated May 9, 2012, the Board of Directors decided to change the name of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 ERC to MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK. By Circular Resolution dated June 18, 2012, the Board of Directors decided to proceed to the liquidation of the following Sub-Funds on the basis of the net asset value dated August 1, 2012 : · MULTI-UNITS LUXEMBOURG - LYXOR ETF FTSE 100 · MULTI-UNITS LUXEMBOURG - LYXOR ETF FTSE 250 · MULTI-UNITS LUXEMBOURG - LYXOR ETF ALL SHARE · MULTI-UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 · MULTI-UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR By Circular Resolution dated July 20, 2012, the Board of Directors decided to cancel the planned liquidation of the Sub-Fund MULTI-UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR. Within each Sub-Fund, the Fund may create different Classes of Shares which are entitled to regular dividend payments (“Distribution Shares”) or with earnings reinvested (“Capitalisation Shares”), or which differ also by the targeted investors, their reference currencies, by the management fees or the subscription / redemption fees. Capitalisation and distribution shares have been issued during the period ended June 30, 2012. The amounts invested in the several Classes of Shares of one Sub-Fund are themselves invested in a common underlying portfolio of investments within the Sub-Fund, although the Net Asset Value per share of each Class of Shares may differ as a result of either the distribution policy, the “taxe d’abonnement” and/or the management fees and/or the subscription and redemption fees for each Class.

Classes of Distribution Sub-Fund ISIN Code shares Capitalisation MULTI UNITS LUXEMBOURG – LYXOR ETF DAX Class A LU0252633754 Capitalisation MULTI UNITS LUXEMBOURG – LYXOR ETF LevDAX Class A LU0252634307 Capitalisation MULTI UNITS LUXEMBOURG – LYXOR ETF DAXplus® Covered Call Class A LU0252635023 Capitalisation MULTI UNITS LUXEMBOURG – LYXOR ETF DAXplus® Protective Put Class A LU0288030280 Capitalisation MULTI UNITS LUXEMBOURG – LYXOR ETF FTSE 100 Class A LU0410617236 Distribution MULTI UNITS LUXEMBOURG – LYXOR ETF FTSE 250 Class A LU0410620297 Distribution MULTI UNITS LUXEMBOURG – LYXOR ETF FTSE ALL SHARE Class A LU0410625502 Distribution MULTI UNITS LUXEMBOURG – LYXOR ETF MSCI ASIA APEX 50 Class A LU0410628274 Distribution

33 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 1 - Activity (cont.) Classes of Distribution Sub-Fund ISIN Code shares Capitalisation MULTI UNITS LUXEMBOURG – LYXOR ETF WIG20 Class D-PLN LU0459113907 Distribution MULTI UNITS LUXEMBOURG – LYXOR ETF S&P 500 Class D -E UR LU0496786574 Distribution Class D-USD LU0496786657 Distribution MULTI UNITS LUXEMBOURG – LYXOR ETF CANADA (S&P TSX 60) Class D-EUR LU0496786731 Distribution Class D-USD LU0496786814 Distribution MULTI UNITS LUXEMBOURG – LYXOR ETF AUSTRALIA (S&P ASX 200) Class D-EUR LU0496786905 Distribution Class D-USD LU0496787036 Distribution MULTI UNITS LUXEMBOURG – LYXOR ETF MSCI WORLD Class C-EUR LU0533034558 Capitalisation UTILITIES TR Class C-USD LU0533034632 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533033824 Capitalisation MATERIALS TR Class C-USD LU0533034046 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533034129 Capitalisation TELECOMMUNICATION SERVICES TR Class C -USD LU0533034392 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533033667 Capitalisation INFORMATION TECHNOLOGY TR Class C-USD LU0533033741 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533033238 Capitalisation HEALTH CARE TR Class C-USD LU0533033311 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533033402 Capitalisation INDUSTRIALS TR Class C-USD LU0533033584 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Class C-EUR LU0533032420 Capitalisation Class C-USD LU0533032776 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS Class C-EUR LU0533032859 Capitalisation TR Class C-USD LU0533033071 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER Class C-EUR LU0533032008 Capitalisation DISCRETIONARY TR Class C-USD LU0533032180 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER Class C-EUR LU0533032263 Capitalisation STAPLES TR Class C-USD LU0533032347 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR Class C-EUR LU0533031968 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE Class C-EUR LU0692027138 Capitalisation AGRICULTURE & LIVESTOCK 1 MONTH FORWARD Class C-USD LU0692027484 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE Class C-EUR LU0692028375 Capitalisation & LIVESTOCK 3 MONTH FORWARD Class C-USD LU0692028615 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE Class C-EUR LU0692029423 Capitalisation INDUSTRIAL METALS 1 MONTH FORWARD Class C-USD LU0692029852 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL Class C-EUR LU0692030603 Capitalisation METALS 3 MONTH FORWARD Class C-USD LU0692031080 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE Class C-EUR LU0721446606 Capitalisation INVERSE 1 MONTH FORWARD Class C-USD LU0721446861 Capitalisation

34 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 1 - Activity (cont.) Classes of Distribution Sub-Fund ISIN Code shares Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE Class C-EUR LU0721447083 Capitalisation 3 MONTH FORWARD Class C-USD LU0721447240 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES Class C-EUR LU0721447596 Capitalisation MOMENTUM TR Class C-USD LU0721447752 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES Class C-EUR LU0721447919 Capitalisation OPTIMIX TR Class C-USD LU0721448131 Capitalisation MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 Class C-EUR LU0776635921 Capitalisation EQUAL RISK MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK Class C - EUR LU0776636812 Capitalisation WEIGHTED Class C - USD LU0776637893 Capitalisation The following Sub-Funds are listed in NYSE Euronext Brussels Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF Lev DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR The following Sub-Funds are listed in NYSE Euronext Paris Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 · MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) · MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR

35 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 1 - Activity (cont.) · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF Lev DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call · MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED The following Sub-Funds are listed in Deutsche Boerse Frankfurt Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 · MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) · MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF Lev DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call · MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCIAGRICULTURE & LIVESTOCK 3 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD

36 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 1 - Activity (cont.) · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR · MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR The following Sub-Funds are listed in Borsa Italiana Milan Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 · MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) · MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF Lev DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call · MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put The following Sub-Funds are listed in Warsaw Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 · MULTI UNITS LUXEMBOURG - LYXOR ETF DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 The following Sub-Fund is listed in Bolsa de Madrid Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 The following Sub-Funds are listed in SIX Swiss Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF DAX · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 · MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) · MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR

37 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 1 - Activity (cont.) · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF Lev DAX The following Sub-Funds are listed in London Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 · MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) · MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR · MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCIAGRICULTURE & LIVESTOCK 3 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD

38 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 1 - Activity (cont.) · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR · MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR The following Sub-Funds are listed in Luxembourg Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 · MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE · MULTI UNITS LUXEMBOURG - LYXOR MSCI ASIA APEX 50 · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCIAGRICULTURE & LIVESTOCK 3 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P BROAD COMMODITIES MOMENTUM TR · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P BROAD COMMODITIES OPTIMIX TR Note 2 - Principal accounting policies 2.1 Presentation of financial statements The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investment. 2.2 Valuation of investment in securities 2.2.1 Securities listed on a recognised stock exchange or dealt in on any other regulated market that operates regularly, is recognised and is open to the public, are valued at their last available closing prices, or, in the event that there should be several such markets, on the basis of their last available closing prices on the main market for the relevant security; 2.2.2 In the event that the last available closing price does not, in the opinion of the Board of Directors, truly reflect the fair market value of such securities, the value is defined by the Board of Directors based on the reasonably foreseeable sales proceeds determined prudently and in good faith; 2.2.3 Securities not listed or traded on a stock exchange or not dealt in on another regulated market are valued on the basis of the probable sales proceeds determined prudently and in good faith by the Board of Directors; 39 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 2 - Principal accounting policies (cont.) 2.2.4 Money market instruments not listed or traded on a stock exchange or not dealt in on another regulated market are valued at their face value with interest accrued; 2.2.5 In case of short term instruments which have a maturity of less than 90 days, the value of the instrument based on the net acquisition cost, is gradually adjusted to the repurchase price thereof. In the event of the material changes in market conditions, the valuation basis of the investment is adjusted to the new market yields; 2.2.6 Investments in open-ended UCIs are valued on the basis of the last available net asset value of the units or shares of such UCIs; 2.2.7 All other securities and other assets are valued at fair market value as determined in good faith pursuant to procedures established by the Board of Directors. 2.3 Valuation of total return swaps Swaps linked to indexes or financial instruments are valued at their market value based on the applicable index or financial instrument, in accordance with the procedure laid down by the Board of Directors. 2.4 Net realised gains or losses on performance swaps The realised on swaps in the statement of operations and changes in net assets includes the balances on swaps paid or received by the Fund in the context of the increase / decrease of the composition of the securities basket, or paid / received in the context of subscriptions / redemptions at the Fund’s level. 2.5 Net realised gains or losses resulting from investments The realised gains or losses resulting from the sales of investments are calculated on an average cost basis. 2.6 Foreign exchange translation The accounts of each Sub-Fund are maintained in the reference currency of the Sub-Fund and the financial statements are expressed in that currency. The acquisition cost of securities expressed in a currency other than the reference currency is translated into the reference currency at the exchange rates prevailing on the date of purchase. Income and expenses expressed in other currencies than the reference currency are converted at exchange rates ruling at the transaction date. Assets and liabilities expressed in other currencies than the reference currency are converted at exchange rates ruling at the year-end. The realised or unrealised gains and losses on foreign exchange are recognised in the statement of operations and changes in net assets in determining the increase or decrease in net assets. 2.7 Combined financial statements The combined statement of net assets and combined statement of operations and changes in net assets represent the total of the statements of net assets and statements of operations and changes in net assets of the individual Sub-Funds, converted in Euro, based on exchange rates applicable at year-end. 40 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 2 - Principal accounting policies (cont.) 2.8 Income Dividends are credited to income on the date upon which the relevant securities are first listed as “ex-dividend”. Interest income is accrued on a daily basis. 2.9 Formation expenses The formation expenses of the Fund are borne by the Management Company.

Note 3 - Management and investment management fees Following a Main Delegation Agreement, Lyxor Asset Management Luxembourg S.A. was appointed as Management Company of the Sub-Funds. A management fee is payable monthly in arrears to the Management Company in compensation for its services. Such fee is payable monthly and is set for the period under review at the following rates of the Net Asset Value (inclusive of VAT):

shares Class A Class A Class A Class A Class B Class C Class C EUR GBP PLN USD USD EUR USD - LYXOR ETF DAX 0.15% ------LYXOR ETF LevDAX 0.40% ------LYXOR ETF DAXplus® Covered Call 0.40% ------LYXOR ETF DAXplus® Protective Put 0.40% ------LYXOR ETF FTSE 100 - 0.25% ------LYXOR ETF FTSE 250 - 0.30% ------LYXOR ETF FTSE ALL SHARE - 0.35% ------LYXOR ETF MSCI ASIA APEX 50 ---0.50% --- - LYXOR ETF WIG20 --0.45% ---- - LYXOR ETF S&P 500 0.20% ---0.20% -- - LYXOR ETF CANADA (S&P TSX 60) 0.40% ---0.40% -- - LYXOR ETF AUSTRALIA (S&P ASX 200) 0.40% ---0.40% -- - LYXOR ETF MSCI WORLD UTILITIES TR -----0.40% 0.40% - LYXOR ETF MSCI WORLD MATERIALS TR -----0.40% 0.40% - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR -----0.40% 0.40% - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR -----0.40% 0.40% - LYXOR ETF MSCI WORLD HEALTH CARE TR -----0.40% 0.40% - LYXOR ETF MSCI WORLD INDUSTRIALS TR -----0.40% 0.40% - LYXOR ETF MSCI WORLD ENERGY TR -----0.40% 0.40%

41 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 3 - Management and investment management fees (cont.)

shares Class A Class A Class A Class A Class B Class C Class C EUR GBP PLN USD USD EUR USD - LYXOR ETF MSCI WORLD FINANCIALS TR -----0.40% 0.40% - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR -----0.40% 0.40% - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR -----0.40% 0.40% - LYXOR ETF EURO STOXX 50 TR -----0.25% - - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD -----0.40% 0.40% - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD -----0.35% 0.35% - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD -----0.40% 0.40% - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD -----0.35% 0.35% - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD -----0.40% 0.40% - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD -----0.35% 0.35% - LYXOR ETF BROAD COMMODITIES MOMENTUM TR -----0.35% 0.35% - LYXOR ETF BROAD COMMODITIES OPTIMIX TR -----0.35% 0.35% - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK -----0.25% - - LYXOR ETF MSCI WORLD RISK WEIGHTED -----0.45% 0.45%

Note 4 - Administrative, Corporate and Domiciliary Agent fees As Administrative, Corporate and Domiciliary Agent, Société Générale Securities Services Luxembourg is entitled to receive fees and commissions for its services rendered to the Sub-Funds. Such fees are payable by the Management Company. Note 5 - Custodian and Paying Agent fees As Custodian and Paying Agent, Société Générale Bank & Trust is entitled to receive a fee for its services rendered to the Sub-Funds. Such fee is payable by the Management Company. Note 6 - Registrar Agent fees As Registrar Agent, European Fund Services S.A. is entitled to receive fees and commissions for its services r endered to the Sub-Funds according to the market practices in Luxembourg. Such fees are payable by the Management Company.

42 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 7 - Taxation The Law of December 17, 2010 lays down that Sub-Funds of umbrella UCI established under the Law of December 20, 2002 will be exempted of the “taxe d’abonnement” if they comply with following conditions stated in the article 175 e) : - whose securities are listed or dealt in on a stock exchange or another market which is regulated, operates regulary and is recognised and open to the public; - whose exclusive object is to replicate the performance of one or several indices. Considering that all classes of shares of all Sub-Funds of the S ICAV described in the Prospectus comply with the conditions required by the article 175 e) of the Law of december 17, 2010, the Board of Directors decided, by a Circular Resolution dated December 31, 2010, that all Sub-Funds and their classes of shares will be exempted of the “taxe d’abonnement” as from January 1, 2011. The Fund is not liable to any Luxembourg tax other than a once-and-for-all tax of EUR 1 250 that was paid upon incorporation. Investment income from dividends and interest received by the Fund may be subject to withholding taxes at varying rates. Such withholding taxes are usually not recoverable. Note 8 - Total return swap agreements Each Sub-Fund entered into a total return swap agreement with Société Générale. Under the swap agreement, the Sub-Fund pays to Société Générale an amount reflecting the performance of the basket of securities (including dividends) held by the Sub-Fund, and receives an amount reflecting the performance of an index (see below the index for each Sub-Fund). The performance difference between the two legs is adjusted by (i) the difference of repo rate between the basket of securities held by the Sub-Fund and the index components, (ii) the difference between the index components dividend level in the index methodology and their market price, and (iii) pricing parameters linked to the index replication. 8.1 LYXOR ETF DAX The Sub-Fund LYXOR ETF DAX entered on June 1, 2006 into a total return swap agreement (the “Swap Agreement”) with Société Générale. This index swap transaction confirmation has matured and been replaced by a new swap confirmation with effect as from June 1, 2011. The index underlying this Swap Agreement is the DAX Index. 8.2 LYXOR ETF LevDAX The Sub-Fund LYXOR ETF LevDAX entered on June 1, 2006 into a total return swap agreement (the “Swap Agreement”) with Société Générale. This index swap transaction confirmation has matured and been replaced by a new swap confirmation with effect as from June 1, 2011. The index underlying this Swap Agreement is the LevDAX Index. 8.3 LYXOR ETF DAXplus® Covered Call The Sub-Fund LYXOR ETF DAXplus® Covered Call entered on June 1, 2006 into a total return swap agreement (the “Swap Agreement”) with Société Générale. This index swap transaction confirmation has matured and been replaced by a new swap confirmation with effect as from June 1, 2011. The index underlying this Swap Agreement is the DAXplus® Covered Call Index.

43 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 8 - Total return swap agreements (cont.) 8.4 LYXOR ETF DAXplus® Protective Put The Sub-Fund LYXOR ETF DAXplus® Protective Put entered on May 2, 2007 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the DAXplus® Protective Put Index. 8.5 LYXOR ETF FTSE 100 The Sub-Fund LYXOR ETF FTSE 100 entered on May 18, 2009 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the FTSE 100 Index. 8.6 LYXOR ETF FTSE 250 The Sub-Fund LYXOR ETF FTSE 250 entered on May 18, 2009 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the FTSE 250 Index. 8.7 LYXOR ETF FTSE ALL SHARE The Sub-Fund LYXOR ETF FTSE ALL SHARE entered on May 18, 2009 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the FTSE ALL SHARE Index. 8.8 LYXOR ETF MSCI ASIA APEX 50 The Sub-Fund LYXOR ETF MSCI ASIA APEX 50 entered on May 18, 2009 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI ASIA APEX 50 Index. 8.9 LYXOR ETF WIG20 The Sub-Fund LYXOR ETF WIG20 entered on February 11, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the WIG20 Index.

8.10 LYXOR ETF S&P 500 The Sub-Fund LYXOR ETF S&P 500 entered on March 29, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. Until April 6, 2011, the index underlying this Swap Agreement was the S&P 500 Index. Since April 6, 2011, the index underlying this Swap Agreement is the S&P 500 TR Index. 8.11 LYXOR ETF CANADA (S&P TSX 60) The Sub-Fund LYXOR ETF CANADA (S&P TSX 60) entered on March 29, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. Until June 6, 2011, the index underlying this Swap Agreement was the S&P TSX 60 Index. Since June 6, 2011, the index underlying this Swap Agreement is the S&P TSX 60 TR Index.

44 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 8 - Total return swap agreements (cont.) 8.12 LYXOR ETF AUSTRALIA (S&P ASX 200) The Sub-Fund LYXOR ETF AUSTRALIA (S&P ASX 200) entered on March 29, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. Until June 6, 2011, the index underlying this Swap Agreement was the S&P ASX 200 Index. Since June 6, 2011, the index underlying this Swap Agreement is the S&P ASX 200 TR Index. 8.13 LYXOR ETF MSCI WORLD UTILITIES TR The Sub-Fund LYXOR ETF MSCI WORLD UTILITIES TR entered on August 12, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Utilities TR Index. 8.14 LYXOR ETF MSCI WORLD MATERIALS TR The Sub-Fund LYXOR ETF MSCI WORLD MATERIALS TR entered on August 12, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Materials TR Index. 8.15 LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR The Sub-Fund LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR entered on August 16, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Telecommunication Services TR Index. 8.16 LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR The Sub-Fund LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR entered on August 16, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Information Technology TR Index. 8.17 LYXOR ETF MSCI WORLD HEALTH CARE TR The Sub-Fund LYXOR ETF MSCI WORLD HEALTH CARE TR entered on August 19, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Health Care TR Index. 8.18 LYXOR ETF MSCI WORLD INDUSTRIALS TR The Sub-Fund LYXOR ETF MSCI WORLD INDUSTRIALS TR entered on August 19, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Industrials TR Index. 8.19 LYXOR ETF MSCI WORLD ENERGY TR The Sub-Fund LYXOR ETF MSCI WORLD ENERGY TR entered on August 19, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Energy TR Index.

45 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 8 - Total return swap agreements (cont.) 8.20 LYXOR ETF MSCI WORLD FINANCIALS TR The Sub-Fund LYXOR ETF MSCI WORLD FINANCIALS TR entered on August 23, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Financials TR Index. 8.21 LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR The Sub-Fund LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR entered on August 23, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Consumer Discretionary TR Index. 8.22 LYXOR ETF MSCI WORLD CONSUMER STAPLES TR The Sub-Fund LYXOR ETF MSCI WORLD CONSUMER STAPLES TR entered on August 23, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Consumer Staples TR Index. 8.23 LYXOR ETF EURO STOXX 50 TR The Sub-Fund LYXOR ETF EURO STOXX 50 TR entered on August 12, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the EURO STOXX 50 TR Index. 8.24 LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD The Sub-Fund LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD entered on October 20, 2011 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the S&P GSCI® Inverse Agriculture & Livestock 1 Month Forward Capped Component Index Total Return. 8.25 LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD The Sub-Fund LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD entered on October 20, 2011 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the S&P GSCI® Agriculture & Livestock 3 Month Forward Capped Component Index Total Return. 8.26 LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD The Sub-Fund LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD entered on October 20, 2011 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the S&P GSCI® Inverse Industrial Metals 1 Month Forward Capped Component Index Total Return.

46 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 8 - Total return swap agreements (cont.) 8.27 LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD The Sub-Fund LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD entered on October 20, 2011 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the S&P GSCI® Industrial Metals 3 Month Forward Capped Component Index Total Return. 8.28 LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD The Sub-Fund LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD entered on December 20, 2011 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the S&P GSCI® Inverse 1-Month Forward Capped Sector Equal Weight Composite Index Total Return. 8.29 LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD The Sub-Fund LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD entered on December 20, 2011 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the S&P GSCI 3 Month Forward Capped Sector Equal Weight Composite Index Total Return. 8.30 LYXOR ETF BROAD COMMODITIES MOMENTUM TR The Sub-Fund LYXOR ETF BROAD COMMODITIES MOMENTUM TR entered on December 20, 2011 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the SGI Commodities Curve Momentum Beta+TR TM Index. 8.31 LYXOR ETF BROAD COMMODITIES OPTIMIX TR The Sub-Fund LYXOR ETF BROAD COMMODITIES OPTIMIX TR entered on December 20, 2011 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the SGI Commodities Optimix TR TM Index. 8.32 LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK The Sub-Fund LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK entered on December 20, 2011 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the Eurostoxx 50® Equal Risk Index. 8.33 LYXOR ETF MSCI WORLD RISK WEIGHTED The Sub-Fund LYXOR ETF MSCI WORLD RISK WEIGHTED entered on December 20, 2011 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The index underlying this Swap Agreement is the MSCI World Risk Weighted Index.

47 Multi Units Luxembourg Société d’Investissement à Capital Variable

Notes to the financial statements at June 30, 2012 (cont.)

Note 9 - Exchange rates The following exchange rates have been used for the preparation of these financial statements. 1 EUR = 1.23805 AUD 1 EUR = 1.20115 CHF 1 EUR = 7.43435 DKK 1 EUR = 0.8091 GBP 1 EUR = 101.25755 JPY 1 EUR = 7.5438 NOK 1 EUR = 4.2352 PLN 1 EUR = 8.7595 SEK 1 EUR = 1.26905 USD

Note 10 - Dividend distribution By a circular resolution dated June 27, the Board of Directors decided the payment of interim dividends to the shareholders of the following Sub-Funds of the Company : · MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) · MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 These dividends have been paid out of the income and capital attributable to the Sub-Funds as of July 16, 2012 with a record date of July 10, 2012. The ex-dividend date was July 11, 2012.

Amount of the interim Name of the Sub-Fund Currency Payment date dividend per Share MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA EUR 16/07/2012 1.04 (S&P TSX 60) D-EUR MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA USD 16/07/2012 0.09 (S&P TSX 60) D-USD MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA EUR 16/07/2012 0.60 (S&P ASX 200) D-EUR MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA USD 16/07/2012 0.29 (S&P ASX 200) D-USD MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 EUR 16/07/2012 0.10 D-EUR MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 USD 16/07/2012 0.09 D-USD

48 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAX Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 100.17% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the DAX index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ADIDAS SALOMON 2.17 ALLIANZ SE 6.58 BASF SE 9.23 BAYER AG 8.63 BAYERISCHE MOTOREN WERKE AG 3.36 BEIERSDORF 0.93 COMMERZBANK AG 1.03 DAIMLER AG 5.79 DEUTSCHE BANK AG 4.83 DEUTSCHE BOERSE AG (2) 1.47 DEUTSCHE POST AG 2.15 DEUTSCHE TELEKOM /ETR 4.67 DT LUFTHANSA AG 0.77 E.ON AG 5.95 FRESENIUS MEDICAL CARE AG & CO 2.12 FRESENIUS SE & CO KGAA 1.94 HEIDELBERGCEMENT AG 0.97 HENKEL KGAA VZ 1.68 INFINEON TECHNOLOGIES AG 1.06 K + S AG 1.14 LINDE AG 3.87 MAN AG 0.52 MERCK KGAA 0.93 METRO AG 0.55 MUENCHENER RUECKVERSICHERUNGS 3.22 RWE AG 2.89 SAP AG 7.71 SIEMENS AG 9.64 THYSSENKRUPP AG 0.91 VOLKSWAGEN AG 3.29

Total 100.00

49 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAX Economic composition of the index (as a percentage of the index at June 30, 2012)

% Commodity Chemicals 13.11 Automobiles 12.44 Diversified Industrials 10.55 Specialty Chemicals 9.78 Multiutilities 8.84 Software 7.70 Full Line Insurance 6.58 Banks 5.86 Mobile Telecommunications 4.67 Health Care Providers 4.05 Reinsurance 3.22 Footwear 2.17 Delivery Services 2.15 Nondurable Household Products 1.68 Investment Services 1.47 Semiconductors 1.06 Building Materials & Fixtures 0.97 Personal Products 0.93 Pharmaceuticals 0.93 Airlines 0.77 Food Retailers & Wholesalers 0.55 Commercial Vehicles & Trucks 0.52

100.00

50 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAX Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 441 164 ALLIANZ SE - REG EUR 33 757 500 34 900 484 5.01 2 770 521 BANK OF AMERICA CORP USD 17 090 698 17 858 132 2.56 717 430 BASF SE - REG EUR 40 428 882 39 243 421 5.63 659 859 BAYER AG EUR 34 687 467 37 466 793 5.38 415 610 BAYERISCHE MOTOREN WERKE AG EUR 23 966 100 23 660 677 3.40 165 249 CIE GENERALE D’OPTIQUE ESSILOR EUR 11 975 595 12 112 752 1.74 INTERNATIONAL SA 135 971 CREDIT SUISSE GROUP AG - REG CHF 2 189 560 1 953 844 0.28 1 014 792 DAIMLER AG EUR 36 165 003 35 867 823 5.15 387 379 DEUTSCHE BANK AG - REG EUR 10 908 593 11 040 302 1.59 709 296 DISTRIBUIDORA INTERNACIONAL DE EUR 2 553 466 2 631 488 0.38 ALIMENTACION SA 350 089 E.ON AG EUR 5 258 337 5 951 513 0.85 46 774 FAST RETAILING CO LTD JPY 7 748 027 7 335 464 1.05 627 318 FIAT SPA EUR 2 974 742 2 489 198 0.36 1 607 329 FRANCE TELECOM SA EUR 15 615 201 16 676 038 2.39 37 172 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 1 919 934 2 075 313 0.30 3 581 918 GAS NATURAL SDG SA EUR 32 681 420 36 195 281 5.20 627 345 GDF SUEZ EUR 10 482 522 11 765 855 1.69 20 569 HENKEL AG & CO KGAA - PFD EUR 1 161 531 1 077 199 0.15 1 167 297 HOKUETSU KISHU PAPER CO LTD JPY 4 534 680 4 922 456 0.71 348 679 INDITEX SA EUR 23 829 472 28 427 799 4.08 454 128 INFINEON TECHNOLOGIES AG - REG EUR 3 425 488 2 421 411 0.35 2 450 567 ING GROEP NV - CVA EUR 14 527 810 12 904 686 1.85 161 285 KABEL DEUTSCHLAND HOLDING AG EUR 7 564 267 7 923 126 1.14 90 758 MEDIOBANCA SPA EUR 424 795 315 293 0.05 309 156 MITSUBISHI CORP JPY 4 803 999 4 872 851 0.70 416 449 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 1 516 041 1 554 627 0.22 113 182 NESTLE SA CHF 5 201 825 5 328 595 0.77 115 581 NIPPON TELEGRAPH & TELEPHONE CORP JPY 3 951 573 4 223 386 0.61 113 040 RENAULT SA EUR 3 688 495 3 553 978 0.51 282 619 ROYAL DUTCH SHELL PLC - A EUR 7 480 925 7 519 079 1.08 775 966 RWE AG EUR 23 069 469 24 966 706 3.58 591 350 SANOFI EUR 32 101 995 35 327 249 5.07 670 560 SAP AG EUR 30 587 692 31 211 215 4.48

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

51 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAX Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.) 482 046 SIEMENS AG - REG EUR 30 421 923 31 882 522 4.58 795 SYNGENTA AG - REG CHF 204 732 213 981 0.03 663 545 TAIHEIYO CEMENT CORP JPY 1 158 349 1 192 654 0.17 139 841 TAKEDA PHARMACEUTICAL CO LTD JPY 4 705 700 4 992 469 0.72 330 271 TDK CORP JPY 12 913 384 10 437 416 1.50 5 516 248 TELEFONICA SA EUR 54 365 170 57 203 491 8.22 2 769 027 TNT EXPRESS NV EUR 25 530 429 25 583 040 3.67 143 707 TOKYO ELECTRON LTD JPY 5 385 582 5 244 027 0.75 540 586 TOSOH CORP JPY 1 118 257 1 147 825 0.16 5 058 270 UNICREDIT SPA EUR 13 404 416 15 073 645 2.16 518 734 UNILEVER NV EUR 13 221 212 13 686 797 1.97 164 858 VINCI SA EUR 5 291 942 6 064 302 0.87 146 843 VOLKSWAGEN AG - PFD EUR 19 819 701 18 296 638 2.63 260 180 WESFARMERS LTD - PPS AUD 6 454 676 6 632 431 0.95

Total Shares 652 268 577 673 425 272 96.69

Investment funds 24 000 UK EQUITY HOLDINGS EUR 24 124 376 24 228 000 3.48

Total Investment funds 24 124 376 24 228 000 3.48

Total investments 676 392 953 697 653 272 100.17

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

52 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAX Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Automobiles and Parts 12.05 Chemicals 11.21 Fixed Line Telecommunications 11.21 Banks 6.86 General Retailers 6.09 Gas, Water and Multiutilities 6.05 Pharmaceuticals and Biotechnology 5.79 Electricity 5.27 Nonlife Insurance 5.01 General Industrials 4.58 Software and Computer Services 4.48 Industrial Transportation 3.67 Investment Fund 3.48 Food Producers 2.73 Health Care Equipment and Services 2.04 Life Insurance 1.85 Electronic and Electrical Equipment 1.50 Leisure Goods 1.14 Technology Hardware and Equipment 1.10 Oil and Gas Producers 1.08 Construction and Materials 1.04 Forestry and Paper 0.71 Support Services 0.70 Food and Drug Retailers 0.38 Personal Goods 0.15

100.17

53 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAX Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 44.23 Spain 17.87 France 15.75 Netherlands 7.49 Japan 6.59 Italy 2.57 United States of America 2.56 Switzerland 1.08 United Kingdom 1.08 Australia 0.95

100.17

54 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 99,50% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the LevDAX index. The LevDAX index is calculated on the basis of the DAX index, with a leverage factor of 2. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ADIDAS SALOMON 2.17 ALLIANZ SE 6.58 BASF SE 9.23 BAYER AG 8.63 BAYERISCHE MOTOREN WERKE AG 3.36 BEIERSDORF 0.93 COMMERZBANK AG 1.03 DAIMLER AG 5.79 DEUTSCHE BANK AG 4.83 DEUTSCHE BOERSE AG (2) 1.47 DEUTSCHE POST AG 2.15 DEUTSCHE TELEKOM /ETR 4.67 DT LUFTHANSA AG 0.77 E.ON AG 5.95 FRESENIUS MEDICAL CARE AG & CO 2.12 FRESENIUS SE & CO KGAA 1.94 HEIDELBERGCEMENT AG 0.97 HENKEL KGAA VZ 1.68 INFINEON TECHNOLOGIES AG 1.06 K + S AG 1.14 LINDE AG 3.87 MAN AG 0.52 MERCK KGAA 0.93 METRO AG 0.55 MUENCHENER RUECKVERSICHERUNGS 3.22 RWE AG 2.89 SAP AG 7.71 SIEMENS AG 9.64 THYSSENKRUPP AG 0.91 VOLKSWAGEN AG 3.29

Total 100.00

55 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX Economic composition of the index (as a percentage of the index at June 30, 2012)

% Commodity Chemicals 13.11 Automobiles 12.44 Diversified Industrials 10.55 Specialty Chemicals 9.78 Multiutilities 8.84 Software 7.70 Full Line Insurance 6.58 Banks 5.86 Mobile Telecommunications 4.67 Health Care Providers 4.05 Reinsurance 3.22 Footwear 2.17 Delivery Services 2.15 Nondurable Household Products 1.68 Investment Services 1.47 Semiconductors 1.06 Building Materials & Fixtures 0.97 Personal Products 0.93 Pharmaceuticals 0.93 Airlines 0.77 Food Retailers & Wholesalers 0.55 Commercial Vehicles & Trucks 0.52

100.00

56 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 164 121 ALLIANZ SE - REG EUR 12 623 968 12 983 612 4.86 145 352 ANHEUSER-BUSCH INBEV NV EUR 8 349 019 8 910 078 3.33 399 926 ASSICURAZIONI GENERALI SPA EUR 3 421 367 4 263 211 1.60 2 410 652 BANCA POPOLARE DI MILANO SCARL EUR 735 249 903 995 0.34 111 432 BASF SE - REG EUR 6 222 690 6 095 330 2.28 352 290 BAYER AG EUR 18 287 551 20 003 026 7.50 348 457 CREDIT SUISSE GROUP AG - REG CHF 5 309 136 5 007 175 1.87 242 733 DAIMLER AG EUR 9 345 334 8 579 398 3.21 494 221 DEUTSCHE BANK AG - REG EUR 14 019 960 14 085 299 5.27 43 023 DEUTSCHE BOERSE AG EUR 1 697 472 1 829 768 0.68 1 451 096 DEUTSCHE TELEKOM AG - REG EUR 12 154 380 12 557 785 4.70 151 939 ENI SPA EUR 2 397 288 2 549 536 0.95 719 946 E.ON AG EUR 11 113 080 12 239 082 4.58 45 171 FANUC CORP JPY 6 233 558 5 776 996 2.16 37 521 FAST RETAILING CO LTD JPY 6 122 657 5 884 336 2.20 788 803 GDF SUEZ EUR 13 503 946 14 794 000 5.54 8 992 INDITEX SA EUR 607 230 733 118 0.27 504 397 INFINEON TECHNOLOGIES AG - REG EUR 3 866 707 2 689 445 1.01 2 356 904 ING GROEP NV - CVA EUR 14 972 089 12 411 456 4.64 30 590 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 446 614 476 286 0.18 14 768 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 1 723 426 1 769 945 0.66 99 660 MERCK KGAA EUR 8 382 403 7 845 235 2.94 93 141 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 9 490 589 10 352 622 3.87 73 812 ROYAL DUTCH SHELL PLC - A EUR 1 819 466 1 963 768 0.73 74 691 SANOFI EUR 4 148 165 4 462 040 1.67 331 904 SAP AG EUR 15 172 484 15 448 472 5.78 365 788 SIEMENS AG - REG EUR 24 633 189 24 193 219 9.06 201 573 TAKEDA PHARMACEUTICAL CO LTD JPY 6 647 301 7 196 366 2.69 1 158 504 TELEFONICA SA EUR 10 773 754 12 013 686 4.50 51 866 TOTAL SA EUR 1 744 254 1 841 243 0.69 269 430 UNILEVER NV EUR 6 830 298 7 108 911 2.66 38 080 VOLKSWAGEN AG - PFD EUR 4 805 696 4 744 768 1.78 18 307 ZURICH INSURANCE GROUP AG CHF 3 415 701 3 254 002 1.22

Total Shares 251 016 021 254 967 209 95.42

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

57 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Investment funds 10 800 UK EQUITY HOLDINGS EUR 10 855 960 10 902 600 4.08

Total Investment funds 10 855 960 10 902 600 4.08

Total investments 261 871 981 265 869 809 99.50

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

58 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Nonlife Insurance 11.54 Chemicals 9.77 General Industrials 9.72 Fixed Line Telecommunications 9.20 Banks 7.48 Pharmaceuticals and Biotechnology 7.30 Software and Computer Services 5.78 Electricity 5.54 Automobiles and Parts 4.99 Life Insurance 4.64 Gas, Water and Multiutilities 4.58 Investment Fund 4.08 Beverages 3.33 Food Producers 2.66 General Retailers 2.48 Oil and Gas Producers 2.38 Industrial Engineering 2.16 Technology Hardware and Equipment 1.01 Financial Services 0.68 Electronic and Electrical Equipment 0.18

99.50

59 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 57.51 France 12.64 Netherlands 7.48 Japan 7.06 Spain 4.77 Belgium 3.33 Switzerland 3.09 Italy 2.89 United Kingdom 0.73

99.50

60 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call Index composition at June 30, 2012 At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 102.14% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the DAXplus® Covered Call index. The DAXplus® Covered Call index is composed of the DAX index and a standardized call option on DAX, wich is listed on the Eurex derivatives exchange. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ADIDAS SALOMON 2.17 ALLIANZ SE 6.58 BASF SE 9.23 BAYER AG 8.63 BAYERISCHE MOTOREN WERKE AG 3.36 BEIERSDORF 0.93 COMMERZBANK AG 1.03 DAIMLER AG 5.79 DEUTSCHE BANK AG 4.83 DEUTSCHE BOERSE AG (2) 1.47 DEUTSCHE POST AG 2.15 DEUTSCHE TELEKOM /ETR 4.67 DT LUFTHANSA AG 0.77 E.ON AG 5.95 FRESENIUS MEDICAL CARE AG & CO 2.12 FRESENIUS SE & CO KGAA 1.94 HEIDELBERGCEMENT AG 0.97 HENKEL KGAA VZ 1.68 INFINEON TECHNOLOGIES AG 1.06 K + S AG 1.14 LINDE AG 3.87 MAN AG 0.52 MERCK KGAA 0.93 METRO AG 0.55 MUENCHENER RUECKVERSICHERUNGS 3.22 RWE AG 2.89 SAP AG 7.71 SIEMENS AG 9.64 THYSSENKRUPP AG 0.91 VOLKSWAGEN AG 3.29

Total 100.00

61 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call Economic composition of the index (as a percentage of the index at June 30, 2012)

% Commodity Chemicals 13.11 Automobiles 12.44 Diversified Industrials 10.55 Specialty Chemicals 9.78 Multiutilities 8.84 Software 7.70 Full Line Insurance 6.58 Banks 5.86 Mobile Telecommunications 4.67 Health Care Providers 4.05 Reinsurance 3.22 Footwear 2.17 Delivery Services 2.15 Nondurable Household Products 1.68 Investment Services 1.47 Semiconductors 1.06 Building Materials & Fixtures 0.97 Personal Products 0.93 Pharmaceuticals 0.93 Airlines 0.77 Food Retailers & Wholesalers 0.55 Commercial Vehicles & Trucks 0.52

100.00

62 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 3 651 ALLIANZ SE - REG EUR 278 450 288 831 2.24 10 480 ANHEUSER-BUSCH INBEV NV EUR 581 954 642 424 4.98 65 560 ASSICURAZIONI GENERALI SPA EUR 560 866 698 869 5.42 331 263 BANCA POPOLARE DI MILANO SCARL EUR 101 035 124 224 0.96 10 805 BASF SE - REG EUR 610 993 591 034 4.58 11 417 BAYER AG EUR 584 142 648 257 5.03 7 786 DAIMLER AG EUR 317 508 275 196 2.13 10 750 DANONE SA EUR 541 478 526 911 4.09 18 359 DEUTSCHE BANK AG - REG EUR 510 656 523 232 4.06 48 986 DEUTSCHE TELEKOM AG - REG EUR 385 714 423 925 3.29 33 512 ENI SPA EUR 526 781 562 331 4.36 31 353 E.ON AG EUR 486 599 533 001 4.13 4 706 GDF SUEZ EUR 80 002 88 261 0.68 43 268 ING GROEP NV - CVA EUR 270 105 227 849 1.77 4 781 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 594 249 573 003 4.44 232 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 23 606 25 787 0.20 16 672 ROYAL DUTCH SHELL PLC - A EUR 427 911 443 559 3.44 19 969 RWE AG EUR 639 308 642 503 4.98 3 588 SANOFI EUR 197 159 214 347 1.66 25 376 SAP AG EUR 1 155 059 1 181 125 9.17 7 554 SIEMENS AG - REG EUR 509 576 499 622 3.88 62 729 TELEFONICA SA EUR 603 867 650 500 5.05 16 983 TOTAL SA EUR 571 138 602 897 4.68 18 759 UNILEVER NV EUR 474 884 494 956 3.84 18 223 VINCI SA EUR 592 339 670 332 5.20 42 469 VIVENDI SA EUR 551 035 621 321 4.82 733 VOLKSWAGEN AG - PFD EUR 96 129 91 332 0.71

Total Shares 12 272 543 12 865 629 99.79

Investment funds 300 UK EQUITY HOLDINGS EUR 300 498 302 850 2.35

Total Investment funds 300 498 302 850 2.35

Total investments 12 573 041 13 168 479 102.14

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

63 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Fixed Line Telecommunications 13.16 Oil and Gas Producers 12.48 Chemicals 9.61 Software and Computer Services 9.16 General Industrials 8.32 Food Producers 7.93 Nonlife Insurance 7.86 Electricity 5.67 Construction and Materials 5.20 Banks 5.02 Beverages 4.98 Gas, Water and Multiutilities 4.13 Automobiles and Parts 2.84 Investment Fund 2.35 Life Insurance 1.77 Pharmaceuticals and Biotechnology 1.66

102.14

64 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 44.39 France 27.92 Italy 10.75 Netherlands 5.61 Spain 5.05 Belgium 4.98 United Kingdom 3.44

102.14

65 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put Index composition at June 30, 2012 At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 102.62% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the DAXplus® Protective Put index. The DAXplus® Protective Put index is composed of the DAX® index and a standardized put option, which is listed on the Eurex derivatives exchange. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ADIDAS SALOMON 2.17 ALLIANZ SE 6.58 BASF SE 9.23 BAYER AG 8.63 BAYERISCHE MOTOREN WERKE AG 3.36 BEIERSDORF 0.93 COMMERZBANK AG 1.03 DAIMLER AG 5.79 DEUTSCHE BANK AG 4.83 DEUTSCHE BOERSE AG (2) 1.47 DEUTSCHE POST AG 2.15 DEUTSCHE TELEKOM /ETR 4.67 DT LUFTHANSA AG 0.77 E.ON AG 5.95 FRESENIUS MEDICAL CARE AG & CO 2.12 FRESENIUS SE & CO KGAA 1.94 HEIDELBERGCEMENT AG 0.97 HENKEL KGAA VZ 1.68 INFINEON TECHNOLOGIES AG 1.06 K + S AG 1.14 LINDE AG 3.87 MAN AG 0.52 MERCK KGAA 0.93 METRO AG 0.55 MUENCHENER RUECKVERSICHERUNGS 3.22 RWE AG 2.89 SAP AG 7.71 SIEMENS AG 9.64 THYSSENKRUPP AG 0.91 VOLKSWAGEN AG 3.29

Total 100.00

66 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put Economic composition of the index (as a percentage of the index at June 30, 2012)

% Commodity Chemicals 13.11 Automobiles 12.44 Diversified Industrials 10.55 Specialty Chemicals 9.78 Multiutilities 8.84 Software 7.70 Full Line Insurance 6.58 Banks 5.86 Mobile Telecommunications 4.67 Health Care Providers 4.05 Reinsurance 3.22 Footwear 2.17 Delivery Services 2.15 Nondurable Household Products 1.68 Investment Services 1.47 Semiconductors 1.06 Building Materials & Fixtures 0.97 Personal Products 0.93 Pharmaceuticals 0.93 Airlines 0.77 Food Retailers & Wholesalers 0.55 Commercial Vehicles & Trucks 0.52

100.00

67 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 3 457 ALLIANZ SE - REG EUR 262 732 273 483 2.27 7 621 ANHEUSER-BUSCH INBEV NV EUR 410 136 467 167 3.88 4 856 BASF SE - REG EUR 288 883 265 623 2.21 16 001 BAYER AG EUR 839 671 908 537 7.55 8 921 BAYERISCHE MOTOREN WERKE AG EUR 501 050 507 873 4.22 27 342 DAIMLER AG EUR 1 019 751 966 403 8.02 9 271 DANONE SA EUR 481 072 454 418 3.78 3 964 DEUTSCHE BANK AG - REG EUR 114 104 112 974 0.94 12 190 DEUTSCHE BOERSE AG EUR 471 083 518 441 4.31 59 223 DEUTSCHE TELEKOM AG - REG EUR 471 597 512 516 4.26 34 048 ENI SPA EUR 542 385 571 325 4.75 676 FRESENIUS SE & CO KGAA EUR 51 646 55 283 0.46 11 712 GAS NATURAL SDG SA EUR 107 013 118 350 0.98 36 670 GDF SUEZ EUR 627 607 687 746 5.72 4 528 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 566 679 542 681 4.51 508 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 53 645 56 464 0.47 18 961 RWE AG EUR 609 933 610 070 5.07 16 813 SANOFI EUR 941 837 1 004 408 8.34 10 288 SAP AG EUR 467 384 478 855 3.98 12 137 SCHNEIDER ELECTRIC SA EUR 486 754 530 751 4.41 6 907 SIEMENS AG - REG EUR 454 964 456 829 3.80 38 096 TELEFONICA SA EUR 337 035 395 056 3.28 12 481 UNILEVER NV EUR 318 026 329 311 2.74 43 560 VIVENDI SA EUR 575 428 637 283 5.30 4 278 VOLKSWAGEN AG - PFD EUR 595 137 533 039 4.43 711 WILLIAM DEMANT HOLDING A/S DKK 49 641 50 353 0.42

Total Shares 11 645 193 12 045 239 100.10

Investment funds 300 UK EQUITY HOLDINGS EUR 300 683 302 850 2.52

Total Investment funds 300 683 302 850 2.52

Total investments 11 945 876 12 348 089 102.62

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

68 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Automobiles and Parts 16.67 Fixed Line Telecommunications 12.84 Electricity 10.79 Chemicals 9.76 Pharmaceuticals and Biotechnology 8.35 General Industrials 8.31 Food Producers 6.51 Oil and Gas Producers 4.75 Electronic and Electrical Equipment 4.41 Financial Services 4.31 Software and Computer Services 3.98 Beverages 3.88 Nonlife Insurance 2.74 Investment Fund 2.52 Gas, Water and Multiutilities 0.98 Banks 0.94 Health Care Equipment and Services 0.88

102.62

69 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 51.99 France 34.57 Italy 4.75 Spain 4.27 Belgium 3.88 Netherlands 2.74 Denmark 0.42

102.62

70 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 103.72% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the FTSE 100 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ABERDEEN ASSET MANAGEMENT PLC 0.17 ADMIRAL GROUP PLC 0.16 AGGREKO 0.37 AMEC 0.23 ANGLO AMERICAN PLC/ 1.93 ANTOFAGASTA 0.27 ARM 0.49 ASHMORE GROUP PLC 0.10 ASSOCIATED BRIT FOODS 0.32 ASTRAZENECA PLC 2.55 AVIVA 0.56 BABCOCK INTERNATIONAL GROUP 0.22 BAE SYSTEMS 0.66 BARCLAYS 1.40 BG GROUP PLC 3.10 BHP BILLITON PLC 2.70 BP PLC 5.63 BRITISH AIRWAYS 0.18 BRITISH AMERICAN TOBACCO PLC 4.52 BRITISH LAND CO PLC 0.32 BRITISH SKY BROADCASTING GROUP 0.51 BT GROUP 1.16 BUNZL 0.24 BURBERRY 0.41 CAPITA GRP 0.30 CARNIVAL PLC 0.28 CENTRICA 1.16 COMPASS GROUP PLC 0.89 CRH PLC* 0.63 CRODA INTERNATIONAL PLC 0.22 DIAGEO PLC 2.93 EURASIAN NATURAL RESOURCES CORP 0.07 EVRAZ PLC 0.06 EXPERIAN GROUP LTD 0.64 FRESNILLO PLC 0.17 GKN 0.20 GLAXOSMITHKLINE PLC 5.14

71 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 Index composition at June 30, 2012 (cont.)

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares GLENCORE INTERNATIONAL PLC 0.74 GROUP 4 SECURICOR 0.28 HAMMERSON PLC 0.22 HARGREAVES LANSDOWN PLC 0.08 HSBC HOLDINGS PLC 7.20 ICAP PLC 0.13 IMI 0.19 IMPERIAL TOBACCO GROUP PLC 1.74 INTERCONTINENTAL HOTELS G 0.31 INTERTEK GROUP 0.30 ITV PLC 0.20 JOHNSON MATTHEY 0.34 KAZAKHMYS PLC 0.11 KINGFISHER 0.48 LAND SECURITIES GROUP PLC 0.41 LEGAL & GENERAL 0.53 LIBERTY INTL 0.13 LLOYDS TSB GRP 0.91 MARKS & SP. 0.37 MEGGITT PLC 0.21 MORRISON (WILLIAM) SUPERM 0.43 NATIONAL GRID 1.70 NEXT 0.36 OLD MUTUAL 0.52 PEARSON PLC 0.73 PENNON GRP 0.19 PETROFAC LTD 0.25 POLYMETAL INTERNATIONAL PLC 0.13 PRUDENTIAL 1.33 RANDGOLD RESOURCES LTD/LFW 0.37 RECKITT BENCKISER GROUP PLC 1.54 REED ELSEVIER PLC 0.44 RESOLUTION LTD 0.18 REXAM 0.26 RIO TINTO PLC 2.67 ROLLS ROYCE 1.14 ROYAL BANK OF SCOTLAND 0.31 ROYAL DUTCH SHELL PLC 5.62 ROYAL DUTCH SHELL B 4.17 RSA INSURANCE GROUP PLC 0.27 SABMILLER 1.69 SAGE GRP 0.25 SAINSBURY (J) 0.29 SCHRODERS PLC/ORD LN GBP 0.11 SCOTTISH & SOUTHERN ENERG 0.93

72 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 Index composition at June 30, 2012 (cont.)

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SERCO GRP 0.19 SEVERN TRENT PLC 0.28 SHIRE PHARM GRP 0.72 SMITH & NEPHEW 0.41 SMITHS GROUP PLC 0.28 STANDARD CHARTERED 1.91 STANDARD LIFE PLC 0.39 TATE & LYLE PLC 0.21 TESCO PLC 1.76 TULLOW OIL PLC 0.94 UNILEVER PLC 1.83 UNITED UTILITIES GROUP PLC 0.33 VEDANTA RESOURCES 0.07 VODAFONE GROUP PLC 6.26 WEIR GRP 0.23 WHITBREAD 0.25 WOLSELEY 0.48 WPP PLC 0.69 XSTRATA PLC 1.12

Total 100.00

73 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 Economic composition of the index (as a percentage of the index at June 30, 2012) % Integrated Oil & Gas 18.56 Banks 11.74 General Mining 9.67 Pharmaceuticals 8.41 Mobile Telecommunications 6.26 Tobacco 6.26 Life Insurance 3.52 Distillers & Vintners 2.93 Business Support Services 2.54 Food Retailers & Wholesalers 2.48 Food Products 2.36 Multiutilities 1.70 Brewers 1.69 Nondurable Household Products 1.54 Aerospace 1.35 Publishing 1.17 Fixed Line Telecommunications 1.16 Gas Distribution 1.16 Restaurants & Bars 1.14 Exploration & Production 0.94 Conventional Electricity 0.93 Water 0.81 Broadcasting & Entertainment 0.71 Media Agencies 0.69 Retail REITs 0.67 Defense 0.66 Building Materials & Fixtures 0.63 Specialty Chemicals 0.56 Semiconductors 0.49 Home Improvement Retailers 0.48 Industrial Suppliers 0.48 Oil Equipment & Services 0.48 Asset Managers 0.46 Industrial Machinery 0.42 Clothing & Accessories 0.41 Industrial & Office REITs 0.41 Medical Equipment 0.40 Broadline Retailers 0.37 Gold Mining 0.37 Apparel Retailers 0.36 Hotels 0.32 Platinum & Precious Metals 0.30 Diversified Industrials 0.28 Recreational Services 0.28 Full Line Insurance 0.27 Containers & Packaging 0.26

74 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 Economic composition of the index (cont.) (as a percentage of the index at June 30, 2012)

% Software 0.25 Auto Parts 0.20 Airlines 0.18 Insurance Brokers 0.16 Investment Services 0.13

100.00

75 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 Schedule of Investments as at June 30, 2012 (expressed in GBP)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

GBP GBP %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 552 ADIDAS AG - REG EUR 25 533 25 216 3.68 504 ALLIANZ SE - REG EUR 30 476 32 260 4.70 623 ANHEUSER-BUSCH INBEV NV EUR 27 987 30 899 4.50 25 964 BANCO POPOLARE SC EUR 29 631 22 226 3.24 93 BASF SE - REG EUR 4 031 4 116 0.60 492 BAYER AG EUR 20 449 22 603 3.30 3 427 CREDIT SUISSE GROUP AG - REG CHF 42 916 39 844 5.81 1 007 DAIMLER AG EUR 33 777 28 798 4.20 694 DEUTSCHE BANK AG - REG EUR 16 082 16 003 2.33 313 DEUTSCHE BOERSE AG EUR 10 099 10 771 1.57 2 079 DEUTSCHE POST AG - REG EUR 22 324 23 449 3.42 4 290 E.ON AG EUR 52 830 59 007 8.60 257 FANUC CORP JPY 29 020 26 594 3.88 3 650 GDF SUEZ EUR 50 122 55 388 8.08 7 540 ING GROEP NV - CVA EUR 32 757 32 126 4.68 147 KYOCERA CORP JPY 7 852 8 023 1.17 53 MITSUBISHI CORP JPY 673 676 0.10 4 908 MITSUBISHI MOTORS CORP JPY 4 643 3 137 0.46 281 ROCHE HOLDING AG - GENUSSCHEIN CHF 31 119 30 967 4.51 1 276 RWE AG EUR 30 352 33 218 4.84 256 SANOFI EUR 11 464 12 374 1.80 419 SAP AG EUR 15 418 15 779 2.30 618 SIEMENS AG - REG EUR 35 403 33 072 4.82 1 433 SWISS RE AG CHF 53 072 57 481 8.38 3 547 TELEFONICA SA EUR 28 445 29 761 4.34 2 649 THYSSENKRUPP AG EUR 32 965 27 509 4.01 63 UNILEVER NV EUR 1 285 1 345 0.20 755 VINCI SA EUR 19 804 22 471 3.28 533 VIVENDI SA EUR 5 806 6 309 0.92

Total Shares 706 335 711 422 103.72

Total investments 706 335 711 422 103.72

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

76 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Nonlife Insurance 13.07 Electricity 12.92 Banks 11.38 Gas, Water and Multiutilities 8.60 Pharmaceuticals and Biotechnology 6.32 Fixed Line Telecommunications 5.26 General Industrials 4.82 Life Insurance 4.68 Automobiles and Parts 4.66 Beverages 4.50 Industrial Metals and Mining 4.01 Chemicals 3.90 Industrial Engineering 3.88 Personal Goods 3.68 Industrial Transportation 3.42 Construction and Materials 3.28 Software and Computer Services 2.30 Financial Services 1.57 Electronic and Electrical Equipment 1.17 Food Producers 0.20 Support Services 0.10

103.72

77 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 48.38 Switzerland 18.70 France 14.08 Japan 5.60 Netherlands 4.88 Belgium 4.50 Spain 4.34 Italy 3.24

103.72

78 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 102.92% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the FTSE 250 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares 3I GROUP PLC 0.90 3I INFRASTRUCTURE LTD 0.34 ABERFORTH SMALLER COMPANIES TRUST 0.27 AEGIS GRP 0.59 AFREN PLC 0.53 AFRICAN BARRICK GOLD LTD 0.23 ALLIANCE TRUST PLC 0.97 AMLIN 0.83 ANITE GROUP PLC 0.16 AQUARIUS PLATINUM LTD 0.09 ASHTEAD GROUP PLC 0.62 ATKINS WS PLC 0.33 AVEVA GROUP PLC 0.52 AVOCET MINING PLC 0.09 AZ ELECTRONIC MATERIALS SA 0.52 BABCOCK & BROWN PUBLIC PARTNERSHIPS LTD 0.35 BALFOUR BEATTY 0.97 BANK OF GEORGIA HOLDINGS PLC 0.10 BANKERS INVESTMENT TRUST 0.22 BARR (A.G.) PLC 0.16 BARRATT DEVELOPMENTS 0.65 BBA GRP 0.46 BEAZLEY GROUP PLC 0.34 BELLWAY 0.48 BERKELEY GRP HOLDINGS 0.82 BETFAIR GROUP PLC 0.33 BH GLOBAL LTD (DOUBLON MF 286580500) 0.22 BH GLOBAL LTD USD (DOUBLON MF 291449167) 0.05 BH MACRO LTD 0.37 BH MACRO LTD - USD 0.17 BH MACRO LTD_EUR 0.04 BIG YELLOW GROUP PLC 0.16 BLUECREST ALLBLUE FUND LTD (DOUBLON MF 443198920) 0.39 BODYCOTE INTERNATIONAL PLC 0.30 BOOKER GROUP PLC 0.62 BOVIS HOMES GRP 0.30 BREWIN DOLPHIN HOLDINGS PLC 0.15

79 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares BRITISH ASSETS TRUST PLC 0.16 BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC 0.31 BRITVIC PLC 0.37 BTG PLC 0.63 BUMI PLC 0.12 CABLE & WIRELESS 0.35 CABLE & WIRELESS WORLDWIDE 0.49 CAIRN ENERGY PLC 0.76 CALEDONIA INVESTMENTS PLC/FUND 0.23 CAPE PLC 0.15 CAPITAL & COUNTIES PROPERTIES PLC 0.59 CARILLION PLC 0.57 CARPETRIGHT PLC 0.16 CATLIN GROUP LTD 0.68 CENTAMIN EGYPT LTD 0.34 CHEMRING GROUP PLC 0.25 CITY OF LONDON INVESTMENT TRUST PLC/THE 0.33 CLOSE BROTHERS GRP 0.52 COBHAM 1.19 COLT TELECOM GROUP SA 0.19 COMPUTACENTER PLC 0.12 COOKSON GROUP 0.77 CRANSWICK PLC 0.19 CSR 0.21 DAEJAN HOLDINGS PLC 0.06 DAIRY CREST GROUP PLC 0.21 DAVID S. SMITH (HOLDINGS) PLC 0.65 DE LA RUE 0.48 DEBENHAMS PLC 0.53 DECHRA PHARMACEUTICALS PLC 0.20 DERWENT VALLEY HOLDINGS PLC 0.72 DEVRO PLC 0.24 DEXION ABSOLUTE LTD 0.18 DIALIGHT PLC 0.14 DIGNITY PLC 0.21 DIPLOMA PLC 0.24 DIXONS GROUP PLC 0.32 DOMINO PRINTING SCIENCES 0.28 DOMINO'S PIZZA UK & IRL PLC 0.32 DRAX GROUP PLC 0.97 DUNELM GROUP PLC 0.22 EASYJET PLC 0.63 EDINBURGH DRAGON TRUST PLC 0.22 EDINBURGH INVESTMENT TRUST 0.46 ELECTRA PRIVATE EQUITY PLC 0.28 ELECTROCOMPONENTS 0.42

80 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ELEMENTIS PLC 0.43 ENQUEST PLC 0.37 ESSAR ENERGY PLC 0.17 EUROMONEY INSTITUTIONAL INVESTOR PLC 0.13 F&C ASSET MANAGEMENT PLC 0.17 F&C COMMERCIAL PROPERTY TR 0.23 FENNER PLC 0.33 FERREXPO PLC 0.14 FIDELITY CHINA SPECIAL SITUATIONS PLC 0.24 FIDELITY EUROPEAN VALUES PLC 0.22 FILTRONA PLC 0.47 FIRSTGROUP 0.51 FOREIGN & COLONIAL INVEST TR 0.84 GALLIFORD PLC 0.24 GEM DIAMONDS LTD 0.10 GENESIS EMERGING MARKETS FUND LTD 0.30 GENUS PLC 0.35 GO AHEAD GROUP PLC 0.24 GRAINGER TRUST PLC 0.18 GREAT PORTLAND ESTATES 0.59 GREENE KING 0.57 GREGGS PLC 0.24 HALFORDS GROUP PLC 0.22 HALMA PLC 0.75 HANSTEEN HOLDINGS PLC 0.22 HAYS 0.49 HENDERSON GROUP PLC.. 0.50 HERALD INVESTMENT TRUST PLC 0.18 HERITAGE OIL LTD 0.11 HIKMA PHARMACEUTICALS PLC 0.41 HISCOX LTD 0.80 HOCHSCHILD MINING PLC 0.35 HOME RETAIL GROUP 0.33 HOMESERVE PLC/GBR 0.20 HSBC INFRASTRUCTURE CO LTD 0.50 HUNTING PLC 0.47 IG GROUP HOLDINGS PLC 0.83 IMAGINATION TECHNOLOGIES GROUP PLC 0.44 INCHCAPE 0.72 INFORMA PLC 1.09 INMARSAT 1.00 INTERMEDIATE CAPITAL GRP 0.51 INTERNATIONAL PERSONAL F 0.29 INTERSERVE PLC 0.19 INVENSYS 0.85 INVESTEC 0.88

81 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares IP GROUP PLC 0.25 ITE GROUP PLC 0.22 JARDINE LLOYD THOMPSON GROUP 0.41 JOHN DAVID GROUP PLC 0.05 JOHN LAING INFRASTRUCTURE FUND LTD 0.20 JOHN MENZIES PLC 0.14 JPMORGAN AMERICAN IT PLC 0.20 JPMORGAN ASIAN INVESTMENT TRST 0.13 JPMORGAN EMERGING MKTS TRST 0.29 JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC 0.45 JPMORGAN INDIAN INV TRUST PLC 0.18 JUPITER FUND MANAGEMENT PLC 0.31 KENMARE RESOURCES-PLC 0.45 KENTZ CORP LTD 0.17 KIER GROUP PLC. 0.22 KINGSTON COMMUNICATIONS (HULL) PLC 0.17 LADBROKES PLC 0.67 LAIRD GROUP PLC 0.24 LANCASHIRE HOLDINGS LTD 0.61 LAW DEBENTURE CORP PLC 0.21 LOGICA PLC 0.82 LONDON & STAMFORD PROPERTY PLC 0.27 LONDON STOCK EXCHANGE 0.85 LONMIN 0.57 MAN GROUP PLC 0.59 MARSTON'S PLC 0.28 MELROSE PLC 0.75 MERCHANTS TRUST PLC 0.18 MERRILL LYNCH WORLD MINING TRUST PLC 0.48 MFI FURNITURE GROUP 0.37 MICHAEL PAGE INTERNATIONAL 0.52 MICRO FOCUS INTERNATIONAL PLC 0.41 MILLENNIUM & COPTHORNE HOTEL 0.34 MITCHELLS & BUTLERS PLC 0.28 MITIE GROUP 0.45 MONDI PLC 0.95 MONEYSUPERMARKET.COM GROUP PLC 0.15 MONKS INVESTMENT TRUST PLC 0.39 MORGAN CRUCIBLE COMPANY PLC 0.37 MURRAY INCOME TRUST 0.20 MURRAY INTERNATIONAL TRUST 0.54 N BROWN GROUP PLC 0.18 NATIONAL EXPRESS GRP 0.43 NB GLOBAL FLOATING RATE INCOME FUND LTD 0.17 NEW WORLD RESOURCES PLC 0.16 NMC HEALTH PLC 0.06

82 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares OCADO GROUP PLC 0.14 OPHIR ENERGY PLC 0.82 OXFORD INSTRUMENTS PLC 0.31 PARAGON GROUP OF COS PLC 0.24 PARTYGAMING 0.37 PAYPOINT PLC 0.22 PERFORM GROUP PLC 0.13 PERPETUAL INCOME & GROWTH TR 0.27 PERSIMMON 0.88 PERSONAL ASSETS TRUST PLC 0.21 PETER HAMBRO MINING PLC 0.36 PETRA DIAMONDS LTD 0.22 PHOENIX GROUP HOLDINGS 0.28 POLAR CAPITAL TECHNOLOGIES TRUST 0.22 PREMIER FARNELL 0.30 PREMIER OIL PLC 0.85 PROVIDENT FINANCIAL PLC 0.79 PZ CUSSONS PLC 0.45 QINETIQ PLC 0.49 RANK GRP 0.06 RATHBONE BROTHERS 0.26 RAVEN RUSSIA LTD 0.15 REDROW PLC 0.13 REGUS GROUP PLC 0.27 RENISHAW PLC 0.24 RENTOKIL INITIAL 0.63 RESTAURANT GROUP PLC 0.28 RIGHTMOVE PLC 0.77 RIT CAPITAL PARTNERS PLC 0.75 ROTORK PLC 0.81 ROYALBLUE GROUP PLC 0.27 RPC GROUP PLC 0.31 RPS GROUP PLC 0.22 RUSPETRO PLC 0.09 SALAMANDER ENERGY PLC 0.21 SAVILLS PLC 0.20 SCOTTISH INVESTMENT TRUST PLC 0.25 SCOTTISH MORTGAGE INVESTMENT TRUST PLC 0.81 SDL PLC 0.25 SENIOR PLC 0.36 SHAFTESBURY PLC 0.61 SHANKS GROUP PLC 0.14 SIG PLC 0.26 SLOUGH ESTATES PLC 0.77 SOCO INTERNATIONAL PLC 0.30 SPECTRIS PLC 0.86

83 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SPIRAX-SARCO ENGINEERING PLC 0.73 SPIRENT COMMUNICATIONS PLC 0.51 SPORTS DIRECT INTERNATIONAL PLC 0.26 ST JAMES'S PLACE CAPITAL PLC 0.32 STAGECOACH GROUP PLC 0.54 SVG CAPITAL PLC 0.35 SYNERGY HEALTH PLC 0.23 TALKTALK TELECOM GROUP PLC 0.45 TALVIVAARA MINING CO 0.14 TAYLOR WOODROW 0.73 TED BAKER PLC 0.11 TELECITY GROUP PLC 0.77 TELECOM PLUS PLC 0.21 TEMPLE BAR INVESTMENT TRUST 0.26 TEMPLETON EMER MARK INV TR 0.84 THE DAVIS SERVICE GRP 0.41 TR PROPERTY INVESTMENT THAMES RIVER 0.04 TR PROPERTY INVESTMENT TRUST PLC 0.18 TRAVIS PERKINS 1.13 TUI TRAVEL PLC 0.41 TULLETT PREBON PLC WI 0.28 UK COMMERCIAL PROPERTY TRUST LTD 0.14 ULTRA ELECTRONICS HOLDINGS 0.52 UNITED BUSINESS MEDIA 0.68 UTILICO EMERGING MARKETS LTD 0.17 VICTREX PLC 0.48 WESTBURY PROPERTY FUND LTD 0.16 WETHERSPOON J D PLC 0.18 WH SMITH PLC 0.33 WILLIAM HILL 0.94 WITAN INVESTMENT TRUST PLC 0.42 WOOD GROUP (JOHN) PLC 1.06 YULE CATTO & CO PLC 0.19

Total 100.00

84 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Economic composition of the index (as a percentage of the index at June 30, 2012) % Equity Investment Instruments 15.87 Business Support Services 4.51 Exploration & Production 4.03 Home Construction 3.97 Investment Services 3.35 Property & Casualty Insurance 3.27 Industrial Suppliers 3.20 Industrial Machinery 2.93 Gambling 2.36 Software 2.31 Industrial & Office REITs 2.29 Travel & Tourism 2.14 Specialty Finance 2.01 Asset Managers 1.98 Restaurants & Bars 1.91 Publishing 1.90 Fixed Line Telecommunications 1.88 Computer Services 1.87 Oil Equipment & Services 1.85 Media Agencies 1.73 Specialty Chemicals 1.62 Specialty Retailers 1.59 Electronic Equipment 1.58 Aerospace 1.55 Heavy Construction 1.43 Electrical Components & Equipment 1.37 Real Estate Holding & Development 1.36 Consumer Finance 1.32 Defense 1.26 Gold Mining 1.01 Food Retailers & Wholesalers 1.01 Business Training & Employment Agencies 1.00 Mobile Telecommunications 1.00 Biotechnology 0.99 Conventional Electricity 0.97 Telecommunications Equipment 0.95 Paper 0.95 Containers & Packaging 0.95 Broadline Retailers 0.86 General Mining 0.80 Diversified Industrials 0.78 Platinum & Precious Metals 0.66 Food Products 0.63 Airlines 0.63 Transportation Services 0.63 Pharmaceuticals 0.61 Retail REITs 0.61 Life Insurance 0.59

85 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Economic composition of the index (cont.) (as a percentage of the index at June 30, 2012) % Soft Drinks 0.53 Apparel Retailers 0.49 Personal Products 0.45 Semiconductors 0.44 Insurance Brokers 0.41 Home Improvement Retailers 0.39 Hotels 0.34 Diamonds & Gemstones 0.32 Health Care Providers 0.29 Coal 0.28 Diversified REITs 0.27 Financial Administration 0.22 Specialized Consumer Services 0.21 Real Estate Services 0.20 Integrated Oil & Gas 0.17 Specialty REITs 0.16 Iron & Steel 0.14 Waste & Disposal Services 0.14 Nonferrous Metals 0.14 Broadcasting & Entertainment 0.13 Clothing & Accessories 0.11 Banks 0.10

100.00

86 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Schedule of Investments as at June 30, 2012 (expressed in GBP)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

GBP GBP %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 259 ALLIANZ SE - REG EUR 15 280 16 578 2.48 1 200 ANHEUSER-BUSCH INBEV NV EUR 54 041 59 517 8.90 638 BASF SE - REG EUR 29 783 28 236 4.23 324 BAYER AG EUR 13 592 14 885 2.23 614 BAYERISCHE MOTOREN WERKE AG EUR 30 536 28 282 4.24 3 223 CREDIT SUISSE GROUP AG - REG CHF 40 579 37 472 5.61 612 DAIMLER AG EUR 20 205 17 502 2.62 732 DEUTSCHE BANK AG - REG EUR 16 963 16 879 2.53 405 DEUTSCHE BOERSE AG EUR 13 243 13 936 2.09 1 923 ENI SPA EUR 24 843 26 108 3.91 3 649 E.ON AG EUR 45 299 50 191 7.51 41 FANUC CORP JPY 4 630 4 243 0.64 187 FAST RETAILING CO LTD JPY 26 433 23 728 3.55 2 951 GDF SUEZ EUR 40 279 44 780 6.71 4 027 INFINEON TECHNOLOGIES AG - REG EUR 19 444 17 373 2.60 1 061 ING GROEP NV - CVA EUR 5 416 4 521 0.68 2 KDDI CORP JPY 7 923 8 198 1.23 3 534 KONINKLIJKE AHOLD NV EUR 26 505 27 947 4.19 453 MAN SE EUR 29 819 29 520 4.42 2 397 MITSUBISHI CORP JPY 30 454 30 569 4.58 357 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 29 258 32 106 4.81 75 NESTLE SA CHF 2 796 2 857 0.43 1 257 RWE AG EUR 32 468 32 723 4.90 157 SANOFI EUR 6 865 7 589 1.14 836 SIEMENS AG - REG EUR 46 083 44 738 6.70 803 TELEFONICA SA EUR 6 440 6 737 1.01 1 157 VALLOUREC SA EUR 26 032 30 115 4.51 231 VOLKSWAGEN AG - PFD EUR 23 852 23 288 3.49 316 WESFARMERS LTD - PPS AUD 6 327 6 518 0.98

Total Shares 675 388 687 136 102.92

Total investments 675 388 687 136 102.92

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

87 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Electricity 11.60 Automobiles and Parts 10.34 Beverages 8.91 Banks 8.14 Gas, Water and Multiutilities 7.52 Nonlife Insurance 7.29 General Industrials 6.70 Chemicals 6.46 Industrial Engineering 5.06 Support Services 4.58 General Retailers 4.53 Industrial Metals and Mining 4.51 Food and Drug Retailers 4.19 Oil and Gas Producers 3.91 Technology Hardware and Equipment 2.60 Fixed Line Telecommunications 2.24 Financial Services 2.09 Pharmaceuticals and Biotechnology 1.14 Life Insurance 0.68 Food Producers 0.43

102.92

88 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 54.86 France 12.35 Japan 10.00 Belgium 8.91 Switzerland 6.04 Netherlands 4.86 Italy 3.91 Spain 1.01 Australia 0.98

102.92

89 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 103.48% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the FTSE ALL SHARE index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares 3I GROUP PLC 0.11 3I INFRASTRUCTURE LTD 0.04 4IMPRINT GROUP PLC 0.00 888 HOLDINGS PLC 0.01 ABERDEEN ASIAN INCOME FUND LTD 0.02 ABERDEEN ASIAN SMALLER COMPANIES 0.02 ABERDEEN ASSET MANAGEMENT PLC 0.14 ABERDEEN NEW DAWN INVESTMENT TRUST 0.01 ABERFORTH SMALLER COMPANIES TRUST 0.03 ABSOLUTE RETURN TRUST LTD 0.01 ACENCIA DEBT STRATEGIES LTD 0.01 ADMIRAL GROUP PLC 0.14 ADVANCE DEVELOPING MARKETS FUND LTD 0.02 AEGIS GRP 0.07 AFREN PLC 0.07 AFRICAN BARRICK GOLD LTD 0.03 AGA FOODSERVICE GROUP LTD 0.00 AGGREKO 0.31 ALLIANCE TRUST PLC 0.12 ALLIED GOLD MINING PLC 0.02 ALTERNATIVE INVESTMENT STRATEGIES LTD 0.01 AMEC 0.19 AMLIN 0.11 ANGLO AMERICAN PLC/ 1.64 ANGLO PACIFIC GROUP PLC/ 0.01 ANGLO-EASTERN PLANTATIONS 0.01 ANITE GROUP PLC 0.02 ANTOFAGASTA 0.23 AQUARIUS PLATINUM LTD 0.01 ARM 0.42 ARTEMIS ALPHA TRUST PLC 0.01 ASHMORE GLOBAL OPPORTUNITIES LTD 0.01 ASHMORE GROUP PLC 0.08 ASHTEAD GROUP PLC 0.08 ASSOCIATED BRIT FOODS 0.27 ASTRAZENECA PLC 2.17 ATKINS WS PLC 0.04 90 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AVEVA GROUP PLC 0.07 AVIVA 0.48 AVOCET MINING PLC 0.01 AVON RUBBER PLC 0.01 AZ ELECTRONIC MATERIALS SA 0.07 BABCOCK & BROWN PUBLIC PARTNERSHIPS LTD 0.04 BABCOCK INTERNATIONAL GROUP 0.18 BAE SYSTEMS 0.56 BAILLIE GIFFORD JAPAN TRUST 0.01 BALFOUR BEATTY 0.12 BANK OF GEORGIA HOLDINGS PLC 0.01 BANKERS INVESTMENT TRUST 0.03 BARCLAYS 1.19 BARING EMERGING EUROPE PLC 0.01 BARR (A.G.) PLC 0.02 BARRATT DEVELOPMENTS 0.08 BATM ADVANCED COMMUNICATIONS 0.00 BBA GRP 0.06 BEAZLEY GROUP PLC 0.04 BELLWAY 0.06 BERKELEY GRP HOLDINGS 0.10 BESPAK PLC 0.01 BETFAIR GROUP PLC 0.04 BG GROUP PLC 2.64 BH GLOBAL LTD (DOUBLON MF 286580500) 0.03 BH GLOBAL LTD USD (DOUBLON MF 291449167) 0.01 BH MACRO LTD 0.05 BH MACRO LTD - USD 0.02 BH MACRO LTD_EUR 0.01 BHP BILLITON PLC 2.30 BIG YELLOW GROUP PLC 0.02 BILFINGER BERGER GLOBAL INFRASTRUCTURE SICAV SA 0.01 BIOTECH GROWTH TRUST PLC/THE 0.01 BLACKROCK FRONTIERS INVESTMENT TRUST PLC 0.00 BLOOMSBURY PUBLISHING PLC 0.01 BLUECREST ALLBLUE FUND LTD (DOUBLON MF 443198920) 0.05 BLUECREST BLUETREND LTD 0.01 BODYCOTE INTERNATIONAL PLC 0.04 BOOKER GROUP PLC 0.08 BOOT HENRY PLC 0.01 BOVIS HOMES GRP 0.04 BP PLC 4.79 BRAEMAR SEASCOPE GROUP PLC 0.00 BRAMMER PLC 0.02 BREWIN DOLPHIN HOLDINGS PLC 0.02 BRITISH AIRWAYS 0.16

91 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares BRITISH AMERICAN TOBACCO PLC 3.85 BRITISH ASSETS TRUST PLC 0.02 BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC 0.04 BRITISH LAND CO PLC 0.27 BRITISH POLYTHENE INDUSTRIES 0.01 BRITISH SKY BROADCASTING GROUP 0.43 BRITVIC PLC 0.05 BRUNNER INVESTMENT TRUST PLC/THE 0.01 BT GROUP 0.99 BTG PLC 0.08 BUMI PLC 0.01 BUNZL 0.21 BURBERRY 0.35 BUSINESS POST GROUP PLC 0.00 CABLE & WIRELESS 0.04 CABLE & WIRELESS WORLDWIDE 0.06 CAIRN ENERGY PLC 0.10 CALEDONIA INVESTMENTS PLC/FUND 0.03 CAMELLIA PLC 0.01 CANDOVER INVESTMENTS PLC 0.01 CAPE PLC 0.02 CAPITA GRP 0.26 CAPITAL & COUNTIES PROPERTIES PLC 0.07 CAPITAL & REGIONAL PLC 0.00 CAPITAL GEARING TRUST PLC 0.01 CARCLO PLC 0.02 CARILLION PLC 0.07 CARNIVAL PLC 0.24 CARPETRIGHT PLC 0.02 CARR'S MILLING INDUSTRIES PLC 0.00 CATLIN GROUP LTD 0.09 CENTAMIN EGYPT LTD 0.04 CENTAUR MEDIA PLC 0.00 CENTRICA 0.99 CHARLES TAYLOR CONSULTING PLC 0.00 CHEMRING GROUP PLC 0.03 CHESNARA PLC 0.01 CHIME COMMUNICATIONS PLC 0.01 CINEWORLD GROUP PLC 0.02 CITY MERCHANTS HIGH YIELD TRST 0.01 CITY NATURAL RESOURCES HIGH YIELD TRUST PLC 0.01 CITY OF LONDON INVESTMENT GROUP PLC 0.00 CITY OF LONDON INVESTMENT TRUST PLC/THE 0.04 CLARKSON PLC 0.01 CLOSE BROTHERS GRP 0.06 CLS HOLDINGS PLC 0.01

92 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares COBHAM 0.15 COLT TELECOM GROUP SA 0.02 COMPASS GROUP PLC 0.76 COMPUTACENTER PLC 0.02 COOKSON GROUP 0.10 COSTAIN GROUP PLC 0.01 CPP GROUP PLC 0.00 CRANSWICK PLC 0.02 CRH PLC* 0.53 CRODA INTERNATIONAL PLC 0.18 CSR 0.03 DAEJAN HOLDINGS PLC 0.01 DAIRY CREST GROUP PLC 0.03 DAVID S. SMITH (HOLDINGS) PLC 0.08 DE LA RUE 0.06 DEBENHAMS PLC 0.07 DECHRA PHARMACEUTICALS PLC 0.02 DERWENT VALLEY HOLDINGS PLC 0.09 DEVELOPMENT SECURITIES PLC 0.01 DEVRO PLC 0.03 DEXION ABSOLUTE LTD 0.02 DEXION EQUITY ALTERNATIVE LTD 0.00 DEXION TRADING LTD 0.01 DIAGEO PLC 2.49 DIALIGHT PLC 0.02 DICOM GROUP PLC 0.01 DIGNITY PLC 0.03 DIPLOMA PLC 0.03 DIXONS GROUP PLC 0.04 DOMINO PRINTING SCIENCES 0.04 DOMINO'S PIZZA UK & IRL PLC 0.04 DRAX GROUP PLC 0.12 DUNEDIN ENTERPRISE INVESTMENT TRUST PLC 0.01 DUNEDIN INCM GROWTH INV TST 0.02 DUNEDIN SMALLER COMPANIES INVESTMENT TRUST PLC 0.00 DUNELM GROUP PLC 0.03 E2V TECHNOLOGIES PLC 0.02 EASTERN EUROPEAN TRUST PLC 0.01 EASYJET PLC 0.08 ECOFIN WATER & POWER OPPORTUNITIES PLC/FUND 0.01 EDINBURGH DRAGON TRUST PLC 0.03 EDINBURGH INVESTMENT TRUST 0.06 EDINBURGH UK TRACKER TRUST PLC 0.01 EDINBURGH US TRACKER TRUST 0.01 EDINBURGH WORLDWIDE INVESTMENT 0.01 ELECTRA PRIVATE EQUITY PLC 0.03

93 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ELECTROCOMPONENTS 0.05 ELEMENTIS PLC 0.05 EMBLAZE LTD 0.00 ENQUEST PLC 0.05 ENTERPRISE INNS 0.02 EP GLOBAL OPPORTUNITIES TRUST PLC 0.01 ESSAR ENERGY PLC 0.02 EURASIAN NATURAL RESOURCES CORP 0.06 EUROMONEY INSTITUTIONAL INVESTOR PLC 0.02 EVRAZ PLC 0.05 EXILLON ENERGY PLC 0.01 EXPERIAN GROUP LTD 0.54 F&C ASSET MANAGEMENT PLC 0.02 F&C CAPITAL & INCOME INVESTMENT TRUST PLC 0.01 F&C COMMERCIAL PROPERTY TR 0.03 F&C GLOBAL SMALLER COMPANIES PLC 0.01 F&C US SMALLER COMPANIES PLC 0.01 FENNER PLC 0.04 FERREXPO PLC 0.02 FIBERWEB PLC 0.01 FIDELITY ASIAN VALUES PLC 0.01 FIDELITY CHINA SPECIAL SITUATIONS PLC 0.03 FIDELITY EUROPEAN VALUES PLC 0.03 FIDELITY SPECIAL VALUES PLC 0.02 FILTRONA PLC 0.06 FINDEL PLC 0.00 FINSBURY GROWTH & INCOME TRUST PLC 0.01 FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC 0.02 FIRSTGROUP 0.06 FLYBE GROUP PLC 0.00 FOREIGN & COLONIAL EUROTRUST 0.01 FOREIGN & COLONIAL INVEST TR 0.11 FORTUNE OIL PLC 0.01 FRESNILLO PLC 0.14 FULLER SMITH & TURNER 0.01 GALLIFORD PLC 0.03 GARTMORE EUROPEAN INVESTMENT TRUST 0.01 GARTMORE FLEDGLING TRUST PLC 0.00 GARTMORE GLOBAL TRUST PLC 0.01 GCP INFRASTRUCTURE INVESTMENTS LTD 0.01 GEM DIAMONDS LTD 0.01 GENESIS EMERGING MARKETS FUND LTD 0.04 GENUS PLC 0.04 GKN 0.17 GLASGOW INCOME TRUST PLC 0.01 GLAXOSMITHKLINE PLC 4.37

94 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares GLENCORE INTERNATIONAL PLC 0.63 GO AHEAD GROUP PLC 0.03 GOLDENPORT HOLDINGS PLC 0.00 GOLDMAN SACHS DYNAMIC OPPORTUNITIES LTD 0.00 GOODWIN PLC 0.00 GRAINGER TRUST PLC 0.02 GRAPHITE ENTERPRISE TRUST PLC 0.02 GREAT PORTLAND ESTATES 0.07 GREENCORE GROUP PLC 0.02 GREENE KING 0.07 GREGGS PLC 0.03 GROUP 4 SECURICOR 0.24 HALFORDS GROUP PLC 0.03 HALMA PLC 0.09 HAMMERSON PLC 0.19 HANSA TRUST PLC 0.00 HANSTEEN HOLDINGS PLC 0.03 HARDY OIL & GAS PLC 0.00 HARGREAVES LANSDOWN PLC 0.07 HAYS 0.06 HEADLAM GROUP PLC 0.01 HELICAL BAR PLC 0.01 HENDERSON DIVERSIFIED INCOME LTD 0.00 HENDERSON EUROTRUST PLC 0.01 HENDERSON FAR EAST INCOME LTD 0.02 HENDERSON GROUP PLC.. 0.06 HENDERSON HIGH INCOME TRUST PLC 0.01 HENDERSON SMALLER COS INV TR 0.01 HENDERSON TR PACIFIC INVESTMENT PLC 0.01 HERALD INVESTMENT TRUST PLC 0.02 HERITAGE OIL LTD 0.01 HGCAPITAL TRUST PLC 0.02 HIKMA PHARMACEUTICALS PLC 0.05 HILL & SMITH HOLDINGS PLC 0.01 HILTON FOOD GROUP LTD 0.01 HISCOX LTD 0.10 HOCHSCHILD MINING PLC 0.04 HOGG ROBINSON GROUP PLC 0.01 HOME RETAIL GROUP 0.04 HOMESERVE PLC/GBR 0.03 HSBC HOLDINGS PLC 6.13 HSBC INFRASTRUCTURE CO LTD 0.06 HUNTING PLC 0.06 HUNTSWORTH PLC 0.01 HYDER CONSULTING PLC 0.01 ICAP PLC 0.11

95 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares IG GROUP HOLDINGS PLC 0.10 IMAGINATION TECHNOLOGIES GROUP PLC 0.05 IMI 0.16 IMPAX ASIAN ENVIRONMENTAL MARKETS PLC 0.01 IMPAX ENVIRONMENTAL MARKETS PLC 0.02 IMPERIAL TOBACCO GROUP PLC 1.48 INCHCAPE 0.09 INFORMA PLC 0.14 ING GLOBAL REAL ESTATE SECS LTD 0.00 ING UK REAL ESTATE INCOME TR 0.01 INMARSAT 0.13 INNOVATION GROUP PLC 0.01 INSIGHT FOUNDATION PROP TR 0.01 INTERCONTINENTAL HOTELS G 0.27 INTERMEDIATE CAPITAL GRP 0.06 INTERNATIONAL FERRO METALS LTD 0.00 INTERNATIONAL PERSONAL F 0.04 INTERSERVE PLC 0.02 INTERTEK GROUP 0.26 INVENSYS 0.11 INVESCO ASIA TRUST PLC 0.01 INVESCO INCOME GROWTH TRUST PLC 0.01 INVESCO PERPETUAL UK SMALLER COMPANIES INVESTMENT TRUST PLC 0.01 INVESTEC 0.11 INVISTA EUROPEAN REAL ESTATE TRUST 0.00 IP GROUP PLC 0.03 ISIS PROPERTY TRUST PLC 0.00 ISIS PROPERTY TRUST PLC 2 0.00 ITE GROUP PLC 0.03 ITV PLC 0.17 JAMES FISHER & SONS PLC 0.01 JARDINE LLOYD THOMPSON GROUP 0.05 JKX OIL & GAS PLC 0.01 JOHN DAVID GROUP PLC 0.01 JOHN LAING INFRASTRUCTURE FUND LTD 0.02 JOHN MENZIES PLC 0.02 JOHNSON MATTHEY 0.29 JPMORGAN AMERICAN IT PLC 0.02 JPMORGAN ASIAN INVESTMENT TRST 0.02 JPMORGAN CHINESE INVESTMENT TRUST PLC 0.01 JPMORGAN EMERGING MKTS TRST 0.04 JPMORGAN EUR FLDGLNG INV TRUST 0.01 JPMORGAN EUROPEAN INVESTMENT TRUST PLC 0.01 JPMORGAN EUROPEAN INVESTMENT TRUST PLC X 0.00 JPMORGAN FLEMING CLAVERHOUSE IT PLC 0.01 JPMORGAN FLEMING JP SM COS 0.00 96 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC 0.06 JPMORGAN GLOBAL EMERGING MARKETS INCOME TRUST PLC 0.01 JPMORGAN INDIAN INV TRUST PLC 0.02 JPMORGAN JAPANESE INV. TRUST P 0.02 JPMORGAN MID CAP INV TRUST PLC FD 0.01 JPMORGAN OVERSEAS IT PLC 0.01 JPMORGAN RUSSIAN SECURITIES PL 0.02 JPMORGAN SMALLER COSIT PLC 0.01 JUPITER EUROPEAN OPPORTUNITIES TRUST PLC 0.01 JUPITER FUND MANAGEMENT PLC 0.04 JUPITER SECOND SPLIT TRUST PLC 0.00 JZ CAPITAL PARTNERS 0.01 KAZAKHMYS PLC 0.09 KELLER GROUP PLC 0.01 KENMARE RESOURCES-PLC 0.06 KENTZ CORP LTD 0.02 KESA ELECTRICALS PLC 0.02 KEWILL SYSTEMS PLC 0.01 KEYSTONE INVESTMENT TRUST PLC- 0.01 KIER GROUP PLC. 0.03 KINGFISHER 0.41 KINGSTON COMMUNICATIONS (HULL) PLC 0.02 LADBROKES PLC 0.08 LAIRD GROUP PLC 0.03 LAMPRELL PLC 0.01 LANCASHIRE HOLDINGS LTD 0.08 LAND SECURITIES GROUP PLC 0.35 LAURA ASHLEY HOLDINGS PLC 0.00 LAVENDON GROUP PLC 0.01 LAW DEBENTURE CORP PLC 0.03 LDN / MAJEDIE INVESTMENTS PLC 0.00 LEGAL & GENERAL 0.45 LIBERTY INTL 0.11 LLOYDS TSB GRP 0.78 LMS CAPITAL PLC 0.01 LOGICA PLC 0.10 LONDON & STAMFORD PROPERTY PLC 0.03 LONDON / F&C PRIVATE EQUITY TRUST PLC 0.01 LONDON STOCK EXCHANGE 0.11 LONMIN 0.07 LONRHO PLC 0.01 LOOKERS PLC 0.01 LOW & BONAR PLC 0.01 LOWLAND INVESTMENT COMPANY PLC 0.01 LSL PROPERTY SERVICES PLC 0.01 MAN GROUP PLC 0.07

97 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares MANAGEMENT CONSULTING GROUP PLC 0.01 MANCHESTER & LONDON INVESTMENT TRUST PLC 0.00 MARKS & SP. 0.31 MARSHALLS PLC 0.01 MARSTON'S PLC 0.04 MARTIN CURRIE PACIFIC TRUST PLC 0.01 MARTIN CURRIE PORTFOLIO INVESTMENT TRUST PLC 0.01 MCBRIDE PLC 0.01 MCKAY SECURITIES PLC-ORD 0.00 MEARS GROUP PLC 0.01 MECOM GROUP PLC 0.00 MEDICX FUND LTD 0.01 MEGGITT PLC 0.18 MELROSE PLC 0.10 MELROSE RESOURCES PLC 0.00 MERCHANTS TRUST PLC 0.02 MERRILL LYNCH BRITISH SMALLER COMPANIES TRUST PLC 0.01 MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST PLC 0.01 MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST PLC 0.01 MERRILL LYNCH LATIN AM INV TRU 0.01 MERRILL LYNCH NEW ENERGY TECHNOLOGY PLC 0.00 MERRILL LYNCH WORLD MINING TRUST PLC 0.06 METRIC PROPERTY INVESTMENTS PLC 0.01 MFI FURNITURE GROUP 0.05 MICHAEL PAGE INTERNATIONAL 0.06 MICRO FOCUS INTERNATIONAL PLC 0.05 MIDDLEFLD CAN TS PRF/PRF GBP 0.01 MILLENNIUM & COPTHORNE HOTEL 0.04 MITCHELLS & BUTLERS PLC 0.03 MITIE GROUP 0.06 MONDI PLC 0.12 MONEYSUPERMARKET.COM GROUP PLC 0.02 MONKS INVESTMENT TRUST PLC 0.05 MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC 0.01 MORGAN CRUCIBLE COMPANY PLC 0.05 MORGAN SINDALL PLC 0.01 MORRISON (WILLIAM) SUPERM 0.37 MOTHERCARE PLC 0.01 MUCKLOW < A & J > GROUP PLC 0.01 MURRAY INCOME TRUST 0.03 MURRAY INTERNATIONAL TRUST 0.07 N BROWN GROUP PLC 0.02 NATIONAL EXPRESS GRP 0.05 NATIONAL GRID 1.45 NB GLOBAL FLOATING RATE INCOME FUND LTD 0.02 NCC GROUP LTD 0.02

98 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares NEW INDIA INVESTMENT TRUST PLC 0.01 NEW SECURITIES TRUST OF SCOTLAND PLC 0.01 NEW WORLD RESOURCES PLC 0.02 NEXT 0.31 NMC HEALTH PLC 0.01 NORCROS PLC 0.00 NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC 0.01 NORTHGATE PLC 0.02 NOVAE GROUP PLC 0.01 OCADO GROUP PLC 0.02 OLD MUTUAL 0.44 OPHIR ENERGY PLC 0.10 OPTOS PLC 0.01 OXFORD INSTRUMENTS PLC 0.04 PACE MICRO TECHNOLOGY PLC 0.02 PACIFIC ASSET TRUST 0.01 PACIFIC HORIZON INVESTMENT TRUST PLC 0.01 PANTHEON INTL PARTICIP 0.02 PARAGON GROUP OF COS PLC 0.03 PARTYGAMING 0.05 PAYPOINT PLC 0.03 PEARSON PLC 0.62 PENDRAGON PLC 0.01 PENNON GRP 0.17 PERFORM GROUP PLC 0.02 PERPETUAL INCOME & GROWTH TR 0.03 PERSIMMON 0.11 PERSONAL ASSETS TRUST PLC 0.03 PETER HAMBRO MINING PLC 0.04 PETRA DIAMONDS LTD 0.03 PETROFAC LTD 0.22 PHOENIX GROUP HOLDINGS 0.03 PHOENIX IT GROUP LTD 0.01 PHOTO-ME INTERNATIONAL PLC 0.01 POLAR CAPITAL GLOBAL HEALTHCARE GROWTH & INCOME PLC 0.01 POLAR CAPITAL TECHNOLOGIES TRUST 0.03 POLYMETAL INTERNATIONAL PLC 0.11 PREMIER FARNELL 0.04 PREMIER FOODS PLC 0.01 PREMIER OIL PLC 0.11 PRIMARY HEALTH PROPERTIES 0.01 PROMETHEAN WORLD PLC 0.00 PROVIDENT FINANCIAL PLC 0.10 PRUDENTIAL 1.13 PSION PLC 0.01 PUNCH TAVERNS (WI) 0.00

99 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares PZ CUSSONS PLC 0.06 QINETIQ PLC 0.06 QUINTAIN ESTATES & DEV PLC 0.01 RANDGOLD RESOURCES LTD/LFW 0.31 RANK GRP 0.01 RATHBONE BROTHERS 0.03 RAVEN RUSSIA LTD 0.02 RCM TECHNOLOGY TRUST PLC 0.00 RECKITT BENCKISER GROUP PLC 1.31 REDROW PLC 0.02 REED ELSEVIER PLC 0.37 REGUS GROUP PLC 0.03 RENISHAW PLC 0.03 RENOLD PLC 0.00 RENTOKIL INITIAL 0.08 RESOLUTION LTD 0.16 RESTAURANT GROUP PLC 0.04 REXAM 0.22 RICARDO PLC 0.01 RIGHTMOVE PLC 0.10 RIO TINTO PLC 2.27 RIT CAPITAL PARTNERS PLC 0.10 RM PLC 0.00 ROBERT WALTERS PLC 0.01 ROLLS ROYCE 0.97 ROTORK PLC 0.10 ROYAL BANK OF SCOTLAND 0.26 ROYAL DUTCH SHELL PLC 4.78 ROYAL DUTCH SHELL B 3.55 ROYALBLUE GROUP PLC 0.03 RPC GROUP PLC 0.04 RPS GROUP PLC 0.03 RSA INSURANCE GROUP PLC 0.23 RUFFER INVESTMENT COMPANY LTD 0.01 RUSPETRO PLC 0.01 S&U PLC 0.00 SABMILLER 1.44 SAFESTORE HOLDINGS LTD 0.01 SAGE GRP 0.21 SAINSBURY (J) 0.25 SALAMANDER ENERGY PLC 0.03 SAVILLS PLC 0.03 SCHRODER ASIAPACIFIC FUND PLC 0.02 SCHRODER INCOME GROWTH FUND PLC 0.01 SCHRODER JAPAN GROWTH FUND PLC 0.01 SCHRODER ORIENTAL INCOME FUND LTD 0.02

100 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SCHRODER UK GROWTH FUND PLC 0.01 SCHRODER UK MID & SMALL CAP FUND PLC 0.01 SCHRODERS PLC/ORD LN GBP 0.09 SCOTTISH & SOUTHERN ENERG 0.79 SCOTTISH AMERICAN INVESTMENT CO PLC/THE 0.02 SCOTTISH INVESTMENT TRUST PLC 0.03 SCOTTISH MORTGAGE INVESTMENT TRUST PLC 0.10 SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC/THE 0.01 SDL PLC 0.03 SENIOR PLC 0.05 SEPURA LTD 0.00 SERCO GRP 0.16 SEVERFIELD-ROWEN PLC 0.01 SEVERN TRENT PLC 0.24 SHAFTESBURY PLC 0.08 SHANKS GROUP PLC 0.02 SHIRE PHARM GRP 0.62 SHIRES INCOME PLC 0.00 SIG PLC 0.03 SLOUGH ESTATES PLC 0.10 SMITH & NEPHEW 0.34 SMITHS GROUP PLC 0.24 SMITHS NEWS PLC 0.01 SOCO INTERNATIONAL PLC 0.04 SPECTRIS PLC 0.11 SPEEDY HIRE PLC 0.01 SPIRAX-SARCO ENGINEERING PLC 0.09 SPIRENT COMMUNICATIONS PLC 0.06 SPIRIT PUB CO PLC 0.02 SPORTECH PLC 0.00 SPORTINGBET 0.01 SPORTS DIRECT INTERNATIONAL PLC 0.03 ST IVES GROUP PLC 0.01 ST JAMES'S PLACE CAPITAL PLC 0.04 ST. MODWEN PROPERTIES PLC 0.01 STAGECOACH GROUP PLC 0.07 STANDARD CHARTERED 1.63 STANDARD LIFE EQUITY INCOME TRUST PLC 0.01 STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC 0.01 STANDARD LIFE INV PROP INC 0.01 STANDARD LIFE PLC 0.33 STANDARD LIFE UK SMALLER CO TR 0.01 STHREE PLC 0.02 SUPERGROUP PLC 0.01 SVG CAPITAL PLC 0.04 SVM GLOBAL FUND PLC 0.01

101 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SYNERGY HEALTH PLC 0.03 TALKTALK TELECOM GROUP PLC 0.06 TALVIVAARA MINING CO 0.02 TARSUS GROUP PLC 0.01 TATE & LYLE PLC 0.18 TAYLOR WOODROW 0.09 TED BAKER PLC 0.01 TELECITY GROUP PLC 0.10 TELECOM PLUS PLC 0.03 TEMPLE BAR INVESTMENT TRUST 0.03 TEMPLETON EMER MARK INV TR 0.11 TESCO PLC 1.50 THAMES RIVER MULTI HEDGE PCC LTD 0.00 THE DAVIS SERVICE GRP 0.05 THE THROGMORTON TRUST PLC 0.01 THOMAS COOK GROUP PLC 0.01 TOPPS TILES PLC 0.00 TOROTRAK PLC 0.00 TOWN CENTRE SECURITIES PLC 0.00 TR EUROPEAN GROWTH TRUST 0.01 TR PROPERTY INVESTMENT THAMES RIVER 0.01 TR PROPERTY INVESTMENT TRUST PLC 0.02 TRAVIS PERKINS 0.14 TRIBAL GROUP PLC 0.01 TRINITY MIRROR 0.00 TT ELECTRONICS PLC 0.01 TUI TRAVEL PLC 0.05 TULLETT PREBON PLC WI 0.04 TULLOW OIL PLC 0.80 UK COMMERCIAL PROPERTY TRUST LTD 0.02 ULTRA ELECTRONICS HOLDINGS 0.07 UMECO PLC 0.02 UNILEVER PLC 1.56 UNITE GROUP PLC 0.02 UNITED BUSINESS MEDIA 0.09 UNITED UTILITIES GROUP PLC 0.28 UTILICO EMERGING MARKETS LTD 0.02 UTV PLC 0.01 VALUE AND INCOME TRUST PLC 0.00 VECTURA GROUP PLC 0.01 VEDANTA RESOURCES 0.05 VICTREX PLC 0.06 VITEC GROUP PLC/THE 0.01 VODAFONE GROUP PLC 5.33 VOLEX GROUP PLC 0.01 VP PLC 0.00

102 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares WEIR GRP 0.20 WESTBURY PROPERTY FUND LTD 0.02 WETHERSPOON J D PLC 0.02 WH SMITH PLC 0.04 WHITBREAD 0.22 WILLIAM HILL 0.12 WILMINGTON GROUP PLC 0.00 WINCANTON PLC 0.00 WITAN INVESTMENT TRUST PLC 0.05 WITAN PACIFIC INVESTMENT TRUST 0.01 WOLFSON MICROELECTRONICS PLC 0.01 WOLSELEY 0.41 WOOD GROUP (JOHN) PLC 0.13 WORKSPACE GROUP PLC 0.01 WPP PLC 0.59 WSP GROUP PLC 0.02 XAAR PLC 0.01 XCHANGING LTD 0.01 XP POWER LTD 0.01 XSTRATA PLC 0.95 YULE CATTO & CO PLC 0.02

Total 100.00

103 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Economic composition of the index (as a percentage of the index at June 30, 2012) % Integrated Oil & Gas 15.78 Banks 10.00 General Mining 8.35 Pharmaceuticals 7.26 Mobile Telecommunications 5.45 Tobacco 5.33 Life Insurance 3.08 Equity Investment Instruments 3.07 Business Support Services 2.87 Distillers & Vintners 2.49 Food Retailers & Wholesalers 2.25 Food Products 2.12 Multiutilities 1.45 Brewers 1.44 Aerospace 1.36 Exploration & Production 1.34 Nondurable Household Products 1.32 Restaurants & Bars 1.27 Publishing 1.26 Fixed Line Telecommunications 1.22 Gas Distribution 0.99 Conventional Electricity 0.91 Industrial Suppliers 0.84 Media Agencies 0.83 Industrial Machinery 0.77 Defense 0.73 Specialty Chemicals 0.69 Water 0.68 Industrial & Office REITs 0.66 Retail REITs 0.66 Oil Equipment & Services 0.66 Asset Managers 0.64 Broadcasting & Entertainment 0.62 Building Materials & Fixtures 0.56 Software 0.54 Investment Services 0.53 Home Construction 0.50 Semiconductors 0.49 Home Improvement Retailers 0.47 Gold Mining 0.46 Broadline Retailers 0.43 Property & Casualty Insurance 0.43 Clothing & Accessories 0.37 Apparel Retailers 0.37 Medical Equipment 0.35 Containers & Packaging 0.35 Diversified Industrials 0.34

104 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Economic composition of the index (cont.) (as a percentage of the index at June 30, 2012) % Platinum & Precious Metals 0.33 Gambling 0.32 Hotels 0.31 Real Estate Holding & Development 0.30 Travel & Tourism 0.28 Specialty Finance 0.27 Computer Services 0.26 Recreational Services 0.26 Specialty Retailers 0.24 Airlines 0.24 Full Line Insurance 0.23 Electronic Equipment 0.23 Heavy Construction 0.22 Electrical Components & Equipment 0.21 Insurance Brokers 0.19 Auto Parts 0.17 Consumer Finance 0.17 Business Training & Employment Agencies 0.15 Telecommunications Equipment 0.14 Biotechnology 0.13 Paper 0.12 Transportation Services 0.11 Iron & Steel 0.07 Soft Drinks 0.07 Personal Products 0.06 Diamonds & Gemstones 0.04 Real Estate Services 0.04 Diversified REITs 0.04 Health Care Providers 0.04 Coal 0.04 Specialty REITs 0.03 Financial Administration 0.03 Specialized Consumer Services 0.03 Waste & Disposal Services 0.02 Nonferrous Metals 0.02 Furnishings 0.01 Farming & Fishing 0.01 Medical Supplies 0.01 Computer Hardware 0.01 Recreational Products 0.01

100.00

105 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Schedule of Investments as at June 30, 2012 (expressed in GBP)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

GBP GBP %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 220 ALLIANZ SE - REG EUR 12 918 14 082 3.17 444 ANHEUSER-BUSCH INBEV NV EUR 19 986 22 021 4.95 352 BASF SE - REG EUR 16 174 15 579 3.50 124 BAYER AG EUR 5 220 5 697 1.28 2 141 CREDIT SUISSE GROUP AG - REG CHF 25 620 24 892 5.60 908 DAIMLER AG EUR 29 370 25 967 5.84 919 DEUTSCHE BANK AG - REG EUR 21 296 21 192 4.77 1 817 DEUTSCHE POST AG - REG EUR 19 511 20 494 4.61 3 086 E.ON AG EUR 37 999 42 447 9.55 28 FANUC CORP JPY 3 162 2 897 0.65 120 FAST RETAILING CO LTD JPY 16 406 15 227 3.42 1 758 GDF SUEZ EUR 24 103 26 677 6.00 3 582 ING GROEP NV - CVA EUR 13 509 15 262 3.43 4 KDDI CORP JPY 15 962 16 397 3.69 74 KYOCERA CORP JPY 3 953 4 039 0.91 92 MAN SE EUR 6 056 5 995 1.35 118 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 10 157 10 612 2.39 44 NINTENDO CO LTD JPY 4 037 3 252 0.73 13 ROCHE HOLDING AG - GENUSSCHEIN CHF 1 410 1 433 0.32 384 ROYAL DUTCH SHELL PLC - A EUR 7 636 8 266 1.86 713 RWE AG EUR 18 413 18 561 4.17 638 SAMPO OYJ - A EUR 10 607 10 541 2.37 62 SANOFI EUR 2 739 2 997 0.67 161 SAP AG EUR 5 924 6 063 1.36 627 SIEMENS AG - REG EUR 35 269 33 552 7.55 559 SWISS RE AG CHF 20 703 22 423 5.04 1 988 TELEFONICA SA EUR 15 166 16 680 3.75 1 064 THYSSENKRUPP AG EUR 13 241 11 049 2.48 721 VALLOUREC SA EUR 16 222 18 767 4.22 252 VINCI SA EUR 6 610 7 500 1.69 52 VOLKSWAGEN AG - PFD EUR 5 369 5 242 1.18 212 WESFARMERS LTD - PPS AUD 4 245 4 373 0.98

Total Shares 448 993 460 176 103.48

Total investments 448 993 460 176 103.48

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

106 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Nonlife Insurance 12.96 Banks 10.35 Electricity 10.17 Gas, Water and Multiutilities 9.55 General Industrials 7.55 Fixed Line Telecommunications 7.44 Automobiles and Parts 7.02 Industrial Metals and Mining 6.71 Beverages 4.95 Chemicals 4.78 Industrial Transportation 4.61 General Retailers 4.41 Life Insurance 3.43 Industrial Engineering 2.00 Oil and Gas Producers 1.86 Construction and Materials 1.69 Software and Computer Services 1.36 Pharmaceuticals and Biotechnology 1.00 Electronic and Electrical Equipment 0.91 Leisure Goods 0.73

103.48

107 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 53.20 France 12.58 Switzerland 10.96 Japan 9.40 Belgium 4.95 Spain 3.75 Netherlands 3.43 Finland 2.37 United Kingdom 1.86 Australia 0.98

103.48

108 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 100.99% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI ASIA APEX 50 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AIA GROUP LTD 3.37 BANK OF CHINA LTD 2.74 BOC HONG KONG 1.08 CATHAY FINANCIAL HOLDING 0.63 CHEUNG KONG HOLDINGS LTD 1.63 CHINA CONSTRUCTION BANK CORP 4.74 CHINA LIFE INSURANCE CO LTD 1.84 CHINA MERCHANTS BANK CO LTD 0.70 CHINA MOBILE LTD (HK) 6.34 CHINA PETROLEUM & CHIMICAL CORP 1.43 CHINA SHENHUA 1.14 CHINA STEEL CORP 1.02 CHINA UNICOM 0.57 CLP HOLDINGS LTD 1.47 CNOOC 3.42 DBS GROUP HOLDINGS 1.92 FORMOSA PLASTICS CORP 1.02 HANG LUNG PROPERTIES LTD 0.73 HANG SENG BANK 1.01 HK & CHINA GAS 1.06 HKEX 1.40 HON HAI PRECISION INDUSTRY CO 2.62 HONG KONG ELECTRIC HOLDINGS LTD 1.00 HTC CORP 0.91 HUTCHISON 1.76 HYNIX SEMICONDUCTOR INC 1.04 HYUNDAI HEAVY INDUSTRIES CO LT 0.90 HYUNDAI MOBIS 1.57 HYUNDAI MOTOR CO 3.02 INDUSTRIAL & COMMERCIAL BANK O 3.47 KB FINANCIAL GROUP INC 1.14 KEPPEL CORP 1.12 KIA MOTORS CORP 1.65 LG CHEM LTD 1.14 LI & FUNG 1.05 MEDIATEK INC 0.86 NAN YA PLASTICS CORP 0.81

109 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 Index composition at June 30, 2012 (cont.)

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares OCBC BANK 1.73 PETROCHINA CO LTD 2.61 PING AN INSURANCE H 1.32 POSCO 2.00 SAMSUNG ELECTRONICS CO LTD 11.16 SHINHAN FINANCIAL GROUP CO LTD 1.43 SINGAPORE TELECOM 2.00 SUN HUNG KAI PROPERTIES LTD 1.78 SWIRE PACIFIC LTD 0.76 TAIWAN SEMICONDUCTOR MANUFACTU 6.45 TENCENT HOLDINGS LTD 2.84 UNITED OVERSEAS BANK 1.80 WHARF HOLDINGS LTD 0.80

Total 100.00

110 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 Economic composition of the index (as a percentage of the index at June 30, 2012)

% Banks 21.75 Semiconductors 19.51 Mobile Telecommunications 8.91 Life Insurance 7.17 Real Estate Holding & Development 4.94 Automobiles 4.67 Integrated Oil & Gas 4.04 Exploration & Production 3.41 Iron & Steel 3.02 Commodity Chemicals 2.97 Internet 2.84 Electrical Components & Equipment 2.62 Diversified Industrials 2.52 Conventional Electricity 2.47 Auto Parts 1.57 Investment Services 1.40 Coal 1.14 Oil Equipment & Services 1.12 Gas Distribution 1.06 Clothing & Accessories 1.05 Telecommunications Equipment 0.91 Commercial Vehicles & Trucks 0.91

100.00

111 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 Schedule of Investments as at June 30, 2012 (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 358 BAYER AG EUR 22 892 25 796 1.61 1 304 CREDIT SUISSE GROUP AG - REG CHF 24 432 23 779 1.49 845 DAIMLER AG EUR 40 345 37 902 2.37 4 911 DANSKE BANK A/S DKK 84 500 68 239 4.26 3 398 E.ON AG EUR 69 604 73 308 4.58 461 FANUC CORP JPY 77 401 74 821 4.67 19 FAST RETAILING CO LTD JPY 3 977 3 781 0.24 280 INDITEX SA EUR 24 462 28 970 1.81 7 573 ING GROEP NV - CVA EUR 51 520 50 609 3.16 3 000 KGHM POLSKA MIEDZ SA PLN 127 222 130 345 8.14 61 453 KOBE STEEL LTD JPY 99 244 73 167 4.57 1 072 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 19 753 21 182 1.32 775 NISSAN MOTOR CO LTD JPY 7 284 7 265 0.45 5 109 NISSHIN SEIFUN GROUP INC JPY 61 891 59 612 3.72 2 327 POLSKI KONCERN NAFTOWY ORLEN S.A. PLN 26 124 26 085 1.63 22 444 POLSKIE GORNICTWO NAFTOWE I PLN 26 319 27 910 1.74 GAZOWNICTWO SA 16 965 PORTUGAL TELECOM SGPS SA - REG EUR 64 062 74 384 4.65 12 500 POWSZECHNA KASA OSZCZEDNOSCI BANK PLN 121 900 129 596 8.09 POLSKI SA 246 POWSZECHNY ZAKLAD UBEZPIECZEN SA PLN 26 339 24 620 1.54 416 ROCHE HOLDING AG - GENUSSCHEIN CHF 65 286 71 905 4.49 488 SANOFI EUR 33 431 36 997 2.31 2 353 SEVEN & I HOLDINGS CO LTD JPY 69 722 70 687 4.41 251 SIEMENS AG - REG EUR 23 187 21 068 1.32 368 SOFTBANK CORP JPY 11 447 13 620 0.85 2 639 STATOIL ASA NOK 59 966 62 774 3.92 108 SWISS RE AG CHF 6 441 6 795 0.42 100 000 TAURON POLSKA ENERGIA SA PLN 140 202 136 937 8.55 29 000 TELEKOMUNIKACJA POLSKA SA PLN 135 929 135 298 8.45 1 372 TOKYO ELECTRON LTD JPY 63 936 63 536 3.97 5 000 TVN SA PLN 17 839 13 109 0.82 102 ZURICH INSURANCE GROUP AG CHF 22 208 23 008 1.44

Total Shares 1 628 865 1 617 105 100.99

Total investments 1 628 865 1 617 105 100.99

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

112 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Banks 13.85 Fixed Line Telecommunications 13.09 Industrial Metals and Mining 12.71 Electricity 8.55 Oil and Gas Producers 7.29 Pharmaceuticals and Biotechnology 6.80 General Retailers 6.46 Industrial Engineering 4.67 Gas, Water and Multiutilities 4.58 Technology Hardware and Equipment 3.97 Food Producers 3.72 Nonlife Insurance 3.40 Life Insurance 3.16 Automobiles and Parts 2.82 Chemicals 1.61 Electronic and Electrical Equipment 1.32 General Industrials 1.32 Mobile Telecommunications 0.85 Media 0.82

100.99

113 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Poland 38.96 Japan 22.89 Germany 9.87 Switzerland 7.84 Portugal 4.65 Netherlands 4.48 Denmark 4.26 Norway 3.92 France 2.31 Spain 1.81

100.99

114 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 100.78% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the WIG20 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ASSECO POLAND SA 2.26 BANK HANDLOWY W WARSZAWIE SA 1.76 BANK PEKAO SA 10.81 BORYSZEW SA 0.34 BRE BANK SA 2.52 GLOBE TRADE CENTRE SA 0.67 JASTRZEBSKA SPOLKA WEGLOWA SA 2.51 KERNEL HOLDING SA 2.00 KGHM POLSKA MIEDZ SA 13.19 LOTOS 1.13 LUBELSKI WEGIEL BOGDANKA SA 2.77 PGE POLSKA GRUPA ENERGETYCZNA 9.24 PGNIG 4.51 POLSKI KONCERN NAFTOWY ORLEN S 7.73 POWSZECHNA KASA OSZCZEDNOSCI B 14.06 POWSZECHNY ZAKLAD UBEZPIECZEN 12.47 SYNTHOS SA 1.86 TAURON POLSKA ENERGIA SA 3.18 TELEKOM POLSKA 6.07 TVN S.A. 0.92

Total 100.00

115 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 Economic composition of the index (as a percentage of the index at June 30, 2012)

% Banks 29.15 Broadcasting & Entertainment 0.92 Coal 5.28 Commodity Chemicals 0.34 Conventional Electricity 12.42 Farming & Fishing 2.00 Fixed Line Telecommunications 6.07 Integrated Oil & Gas 13.37 Nonferrous Metals 13.19 Property & Casualty Insurance 12.47 Real Estate Holding & Development 0.67 Software 2.26 Specialty Chemicals 1.86

100.00

116 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 Schedule of Investments as at June 30, 2012 (expressed in PLN)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

PLN PLN %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 11 961 ABB LTD CHF 635 536 651 587 1.19 18 038 ACCOR SA EUR 1 770 372 1 885 417 3.44 4 643 ADIDAS AG - REG EUR 1 225 670 1 110 231 2.02 1 162 ALLIANZ SE - REG EUR 374 139 389 324 0.71 9 706 ANHEUSER-BUSCH INBEV NV EUR 2 279 754 2 519 850 4.59 319 ASTRAZENECA PLC SEK 43 664 47 597 0.09 672 BASF SE - REG EUR 161 456 155 679 0.28 6 457 BAYER AG EUR 1 433 750 1 552 745 2.83 26 009 CREDIT SUISSE GROUP AG - REG CHF 1 660 030 1 582 855 2.89 16 487 DAIMLER AG EUR 2 477 824 2 467 991 4.50 6 908 DEUTSCHE BANK AG - REG EUR 832 352 833 818 1.52 93 465 DEUTSCHE TELEKOM AG - REG EUR 3 262 258 3 425 625 6.25 33 667 E.ON AG EUR 2 212 913 2 423 970 4.42 106 706 FIAT SPA EUR 2 032 301 1 793 224 3.27 9 729 GDF SUEZ EUR 699 039 772 786 1.41 47 882 ING GROEP NV - CVA EUR 1 258 332 1 067 891 1.95 33 000 KGHM POLSKA MIEDZ SA PLN 4 728 900 4 785 000 8.72 4 362 KLEPIERRE EUR 476 149 478 475 0.87 2 464 LINDE AG EUR 1 269 234 1 279 918 2.33 3 896 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 1 707 608 1 834 013 3.34 78 414 NORDEA BANK AB SEK 2 109 078 2 252 033 4.11 23 266 POLSKI KONCERN NAFTOWY ORLEN S.A. PLN 819 661 870 381 1.59 224 444 POLSKIE GORNICTWO NAFTOWE I PLN 825 954 931 443 1.70 GAZOWNICTWO SA 112 500 POWSZECHNA KASA OSZCZEDNOSCI BANK PLN 3 668 725 3 892 500 7.10 POLSKI SA 2 461 POWSZECHNY ZAKLAD UBEZPIECZEN SA PLN 826 896 821 974 1.50 3 765 ROCHE HOLDING AG - GENUSSCHEIN CHF 2 133 697 2 171 826 3.96 735 SANOFI EUR 178 038 185 963 0.34 1 094 SAP AG EUR 214 381 215 657 0.39 3 633 SIEMENS AG - REG EUR 1 091 450 1 017 662 1.86 7 622 SWISS RE AG CHF 1 526 678 1 600 396 2.92 900 000 TAURON POLSKA ENERGIA SA PLN 4 279 587 4 113 000 7.50 241 000 TELEKOMUNIKACJA POLSKA SA PLN 3 953 819 3 752 370 6.84 40 000 TVN SA PLN 444 737 350 000 0.64

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

117 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 Schedule of Investments as at June 30, 2012 (cont.) (expressed in PLN)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

PLN PLN %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.) 1 044 UNIBAIL-RODAMCO SE EUR 608 369 641 567 1.17 2 379 VOLKSWAGEN AG - PFD EUR 1 255 726 1 255 412 2.29 1 256 WESFARMERS LTD - PPS AUD 131 864 135 601 0.25

Total Shares 54 609 941 55 265 781 100.78

Total investments 54 609 941 55 265 781 100.78

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

118 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Banks 15.60 Fixed Line Telecommunications 13.09 Automobiles and Parts 10.06 Electricity 8.91 Industrial Metals and Mining 8.73 Nonlife Insurance 8.47 Chemicals 5.45 Beverages 4.59 Gas, Water and Multiutilities 4.42 Pharmaceuticals and Biotechnology 4.39 Travel, Leisure and Catering 3.44 Oil and Gas Producers 3.29 Real Estate Investment Trusts 2.04 Personal Goods 2.02 Life Insurance 1.95 General Industrials 1.86 Electronic and Electrical Equipment 1.19 Media 0.64 Software and Computer Services 0.39 General Retailers 0.25

100.78

119 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Poland 35.59 Germany 32.75 Switzerland 10.95 France 7.23 Belgium 4.59 Sweden 4.11 Italy 3.27 Netherlands 1.95 Australia 0.25 United Kingdom 0.09

100.78

120 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 107.31% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P 500 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares 3M CO 0.50 ABBOTT LABORATORIES 0.82 ABERCROMBIE & FITCH CO A 0.02 ACCENTURE LTD 0.31 ACE (USD) 0.20 ADOBE SYSTEMS 0.13 ADV MICRO DEVICE 0.03 AETNA INC 0.11 AFLAC INC 0.16 AGILENT TECH A.N 0.11 AGL RESOURCES INC 0.04 AIR PRODUCTS & CHEMICALS 0.14 AIRGAS 0.05 AKAMAI TECHNOLOGIES 0.05 ALCOA INC 0.08 ALEXION PHARMACEUTICALS INC 0.15 ALLEGHENY TECHNOLOGIES 0.03 ALLERGAN INC 0.23 ALLSTATE CP 0.14 ALPHA NATURAL RESOURCES INC 0.02 ALTERA CORP 0.09 ALTRIA GROUP 0.57 AMAZON 0.67 AMER ELEC PWR 0.16 AMER EXPRESS CO 0.47 AMER INTL GROUP 0.17 AMEREN CORP 0.07 AMERICAN TOWER CORP A 0.22 AMERIPRISE FINANCIAL 0.09 AMERISOURCEBERGN 0.08 AMGEN INC 0.46 AMPHENOLCORP 0.07 ANADARKO PETROLEUM CORP 0.27 ANALOG DEVICES INC 0.09 AOL TIME WARNER 0.30 AON CORP 0.12 APACHE CORP 0.28

121 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares APARTMENT INVEST & MGMT 0.03 APOLLO GROUP 0.03 APPLE COMP INC 4.43 APPLIED MATL 0.12 ARCHER-DANIELS-MIDLAND CO 0.16 ASSURANT INC 0.02 AT&T INC 1.70 AUTODESK 0.06 AUTOMATIC DATA 0.22 AUTONATION 0.01 AUTOZONE INC 0.08 AVALONBAY COMMUNITIES 0.11 AVERY DENNISON CORP 0.02 AVON PRODUCTS INC 0.06 BAKER HUGHES INC 0.15 BALL CORP 0.05 BANK OF AMERICA CORP 0.72 BANK OF NEW YORK 0.21 BARD (C.R.) 0.07 BAXTER INTL INC 0.24 BB&T CORP 0.18 BEAM INC 0.08 BECTON DICKINSON 0.12 BED BATH BEYOND 0.12 BEMIS CO INC 0.03 BERKSHIRE HATHAWAY INC CL B 1.19 BEST BUY CO INC 0.05 BIG LOTS INC 0.02 BIOGEN INC 0.28 BLACKROCK INC 0.18 BLOCK (H&R) 0.04 BMC SOFTWARE 0.06 BOEING CO 0.45 BORG WARNER INC 0.06 BOSTON PROPERTIES 0.13 BOSTON SCIEN CP 0.07 BRISTOL MYERS SQ BMY.N 0.49 BROADCOM CORP 0.14 BROWN-FORMAN CORP/NYC 0.08 CABLEVISION SYSTEMS A 0.02 CABOT OIL & GAS CORP 0.07 CAMERON INTERNATIONAL 0.09 CAMPBELL SOUP CO 0.05 CAP ONE FINAN 0.26 CARDINAL HLTH 0.12 CAREFUSION CORP 0.05

122 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares CARMAX 0.05 CARNIVAL CORP 0.13 CATERPILLAR INC 0.45 CB RICHARD ELLIS GROUP 0.04 CBS CORP B 0.17 CELGENE CORP 0.23 CENTERPOINT 0.07 CENTURYTEL INC 0.20 CERNER CORP 0.10 CH ROBINSON WW 0.08 CHARTER ONE FINL 0.10 CHESAPEAKE ENERGY CORP 0.10 CHEVRON CORP 1.69 CHICAGO MERCANTILE EXCH (US) 0.15 CHIPOTLE MEXICAN GRILL INC 0.10 CHUBB CORP 0.16 CIGNA CORP 0.10 CINCINNATI FINL CORP 0.05 CINTAS CORP 0.04 CISCO SYSTEMS 0.75 CITIGROUP INC 0.65 CITRIX SYSTEMS 0.13 CLEVELAND CLIFFS INC 0.06 CLOROX CO 0.08 CMS ENERGY CORP 0.05 COACH 0.14 COCA COLA ENT 0.07 COCA-COLA CO/THE 1.43 COGNIZANTTECHSOLUTIONS 0.15 COLGATE PALMOLIV 0.40 COMCAST CORP A 0.70 COMERICA 0.05 COMPUTER ASSOC 0.08 COMPUTER SCIENCE 0.03 CONAGRA FOODS 0.09 CONOCOPHILLIPS 0.57 CONSOL EDISON 0.15 CONSOL ENERGY 0.06 CONSTELLATION BRANDS A 0.03 COOPER INDUSTRIES A 0.09 CORNING INC 0.16 COSTCO WHOLESALE CORP 0.33 COVENTRY HEALTH CARE 0.04 COVIDIEN LTD 0.21 CROWN CASTLE INT'L CORP 0.12 CSX CORP 0.19

123 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares CUMMINS INC 0.15 CVS CORPORATION 0.49 D.R. HORTON 0.04 DANAHER CORP 0.24 DARDEN REST 0.05 DAVITA 0.08 DEAN FOODS CORP 0.03 DEERE & CO 0.26 DELL COMPUTER 0.15 DENBURY RESOURCES 0.05 DENTSPLY INTERNATIONAL 0.04 DEVON ENERGY 0.19 DEVRY INC. 0.02 DIAMOND OFFSHORE DRILL. 0.03 DIRECTV 0.26 DISCOVER FINANCIAL SERVICES 0.15 DISCOVERY HOLDING A 0.11 DOLLAR TREE STORES INC. 0.10 DOMINION RES INC 0.25 DONNELLEY (RR) & SONS 0.02 DOVER CORP 0.08 DOW CHEMICAL CO 0.31 DR PEPPER SNAPPLE GROUP INC 0.08 DTE ENERGY 0.08 DU PONT CO 0.39 DUKE ENERGY 0.40 DUN & BRADSTREET CORP 0.03 E*TRADE FINANCIAL CORP/NYSE 0.02 EASTMAN CHEM 0.06 EATON CORP 0.11 EBAY INC 0.39 ECOLAB 0.16 EDISON INTL 0.12 EDWARDS LIFESCIENCES CORPORATION 0.10 ELECTRONIC ART 0.03 ELI LILLY 0.37 EMC CORP/MA 0.44 EMERSON ELECTRIC 0.28 ENTERGY CP 0.10 EOG RESOURCES 0.20 EQUIFAX INC 0.05 EQUITABLE RESOURCES 0.07 EQUITY RESIDENTIAL 0.15 ESTEE LAUDER COS A 0.10 EXELON CORP 0.26 EXPEDIA COMMON 0.04

124 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares EXPEDITORS INTL WASH. 0.07 EXPRESS SCRIPTS COMMON 0.37 EXXON MOBIL CORP 3.25 F5 NETWORKS INC 0.06 FAMILY DOLLAR STORES 0.06 FASTENAL CO 0.10 FED DEPT STRS 0.11 FEDERATED INVESTORS INC-CLB 0.02 FEDEX CORP 0.24 FIDELITY NATIONAL INFORMATION SERVICES INC 0.07 FIFTH THR BNCP 0.10 FIRST HORIZON NATIONAL 0.02 FIRST SOLAR INC 0.01 FIRSTENERGY 0.17 FISERV INC 0.08 FLIR SYSTEMS INC. 0.02 FLOWSERVE CORPORATION 0.05 FLUOR CORP 0.07 FMC CORP. 0.06 FMC TECHNOLOGIES 0.08 FORD MOTOR CO 0.30 FOREST LABS 0.08 FOSSIL INC 0.03 FPL GROUP 0.23 FRANKLIN RESOURCES 0.13 FRONTIER COMMUNICATIONS CORP 0.03 FRPRT-MCM GD 0.26 GAMESTOP CORP 0.02 GANNETT CO 0.03 GAP INC 0.07 GENERAL DYNAMICS 0.19 GENERAL ELECTRIC CO 1.79 GENERAL MILLS 0.20 GENUINE PARTS CO 0.08 GENWORTH FINANCIAL A 0.02 GILEAD SCI 0.31 GOLDM SACHS GRP 0.38 GOODRICH CORPORATION 0.13 GOODYEAR TIRE 0.02 GOOGLE INC 1.20 GRAINGER (WW) 0.09 H J HEINZ CO 0.14 HALLIBURTON CO 0.21 HANSEN NATURAL CORP 0.09 HARLEY-DAVIDSON 0.09 HARMAN INTERNATIONAL IND 0.02

125 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares HARRIS CORP 0.04 HARTFORD FINANCIAL SVCS 0.06 HASBRO INC 0.03 HCP INC 0.15 HEALTH CARE REIT INC 0.10 HELMERICH PAYNE 0.04 HERSHEY CO COMMON (THE) 0.09 HESS CORP 0.11 HEWLETT-PACKARD 0.32 HOME DEPOT INC 0.66 HONEYWELL INTL 0.35 HORMEL FOODS CORP 0.03 HOSPIRA 0.05 HOST HOTELS & RESORTS 0.09 HUDSON CITY BANCORP 0.03 HUMANA INC 0.10 HUNTINGTON BANCSHARES 0.04 ILLINOIS TOOL WK 0.20 INGERSOLL-RAND 0.10 INTEL CORP 1.09 INTERCONTINENTALEXCHANGE INC 0.08 INTERNATIONAL BUSINESS MACHINE 1.83 INTERPUBLIC GRP 0.04 INT'L FLAVORS FRAGRANCES 0.04 INTL GAME TECH 0.04 INTL PAPER CO 0.10 INTUIT INC 0.14 INTUITIVE SURG 0.18 INVESCO LTD 0.08 INVITROGEN CORP 0.06 IRON MOUNTAIN 0.05 J C PENNEY CO 0.03 JABIL CIRCUIT 0.03 JACOBS ENGINEERING GROUP 0.04 JDS UNIPHASE 0.02 JOHNSON & JOHNSON 1.51 JOHNSON CONTROLS 0.15 JOY GLOBAL INC 0.05 JPMORGAN CHASE & CO 1.10 JUNIPER NETWORKS 0.07 KELLOGG CO 0.10 KEYCORP 0.06 KIMBERLY-CLARK 0.27 KIMCO REALTY CORP 0.06 KINDER MORGAN INC/DELAWARE 0.13 KLA TENCOR 0.07

126 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares KOHL'S CORP 0.09 KRAFT FOODS 0.56 KROGER CO 0.11 L-3 COMMUNICATIONS HLDGS 0.06 LABORATORY CORP OF AMER 0.07 LAMRESEARCHCORP 0.06 LEGG MASON COMMON 0.03 LEGGETT & PLATT 0.02 LENNAR CORP A 0.04 LEUCADIA NATIONAL CORP 0.03 LEXMARK INTL 0.01 LIMITED BRANDS 0.08 LINCOLN NATL 0.05 LINEAR TECH 0.06 LOCKHEED MARTIN 0.19 LOEWS CORP 0.10 LORILLARD INC 0.14 LOWES COMPANIES 0.27 LSI LOGIC 0.03 M&T BANK CORP 0.08 MARATHON OIL CORP 0.15 MARATHON PETROLEUM CORP 0.12 MARRIOTT INT'L A 0.08 MARSH & MCLENNAN 0.14 MASCO CORP 0.04 MASTERCARD INC 0.37 MATTEL INC 0.09 MCCORMICK & CO N-VTG 0.06 MCDONALD'S CORP 0.73 MCGRAW-HILL COMPANIES INC 0.10 MCKESSON CORP 0.18 MEAD JOHNSON NUTRITION CO 0.13 MEADWESTVACO CORP 0.04 MEDTRONIC INC 0.33 MERCK & CO INC 1.03 METLIFE INC 0.27 MICROCHIP TECHNOLOGY 0.05 MICRON TECH 0.05 MICROSOFT CORP 1.86 MOLEX INC 0.03 MOLSON COORS BREWING CO. 0.05 MONSANTO CO 0.36 MOODY'S CORP 0.06 MORGAN STANLEY 0.18 MOSAIC CO/THE 0.13 MOTOROLA SOLUTIONS INC 0.11

127 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares MURPHY OIL CORP 0.08 MYLAN LABORATORIES INC 0.07 NABORS INDUSTRIES LTD 0.03 NASDAQ OMX GROUP/THE 0.02 NATIONAL OILWELL VARCO 0.22 NETFLIX.COM INC 0.03 NETWORK APPLIANCE 0.09 NEWELL RUBBERMD 0.04 NEWFIELD EXPLORATION CO 0.03 NEWMONT MINING HLDG 0.19 NEWS CORP A 0.38 NIKE INC CL B 0.26 NISOURCE INC 0.06 NOBLE CORP 0.07 NOBLE ENERGY 0.12 NOERDSTROM 0.06 NORFOLK SOUTHERN CORP 0.19 NORTH UTILITIES 0.10 NORTHERN TRUST CORP 0.09 NORTHROP GRUMMAN CORP 0.13 NRG ENERGY INC 0.03 NUCOR CORP 0.10 NVIDIA CORP 0.07 NYSE GROUP INC 0.05 OCCIDENTAL PETROLEUM 0.56 OMNICOM GROUP INC 0.11 ONEOK INC 0.07 ORACLE CORP 0.94 OREILLY AUTOMOTIVE INC 0.09 OWENS-ILLINOIS 0.03 PACCAR INC 0.11 PALL CORP 0.05 PARKER HANNIFIN CORP 0.09 PATTERSON COS 0.03 PAYCHEX INC 0.08 PEABODY ENERGY CORP. 0.05 PEOPLE'S BANK/BRIDGEPORT CT 0.03 PEPCO HOLDINGS 0.04 PEPSICO INC/NC 0.90 PERKINELMER 0.02 PERRIGO COMPANY 0.09 PFIZER INC 1.40 PG&E CORP 0.15 PHILIP MORRIS INTERNATIONAL IN 1.21 PHILLIPS 66 0.17 PINNACLE WEST CAPITAL 0.05

128 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares PIONEER NATURAL RES. 0.09 PITNEY BOWES INC 0.02 PLUM CREEK TIMBER COMMON 0.05 PNC FINL SVC 0.26 POLO RALPH LAUREN CORP A 0.07 PPG IND 0.13 PPL CORP 0.13 PRAXAIR 0.26 PRECISION CASTPARTS CORP 0.19 PRICE (T. ROWE) GROUP 0.13 PRICELINE.COM INC 0.27 PRINCIPAL FINL 0.06 PROCTER & GAMBLE CO/THE 1.36 PROGRESS CORP OH 0.10 PROLOGIS INC 0.12 PRUDENTIAL FINL 0.18 PUBLIC STORAGE 0.17 PUBLIC SV ENTERPRISE CO 0.13 PULTE HOMES 0.03 QEP RESOURCES INC 0.04 QUALCOMM INC 0.78 QUANTA SERVICES INC. 0.04 QUEST DIAG 0.08 RANGE RESOURCES CORP 0.08 RAYTHEON 0.15 RED HAT INC- 0.09 REGIONS FINANCIAL (NEW) 0.08 REPUBLIC SERVICES 0.07 REYNOLDS AMERICAN INC 0.12 ROB HALF INTL 0.03 ROCKWELL AUTOMATION 0.08 ROCKWELL COLLINS 0.06 ROPER INDUSTRIES 0.08 ROSS STORES 0.11 ROWAN CO INC 0.03 RYDER SYSTEM INC 0.02 SAFEWAY INC 0.04 SAIC INC 0.03 SALESFORCE.COM INC 0.16 SANDISK CORP/USD 0.07 SCANA CORP 0.05 SCHLUMBERGER LTD 0.70 SCHWAB (CHARLES) CORP 0.11 SCRIPPS NETWORKS INTERAC-W/I 0.04 SEAGATETECHNOLOGY 0.08 SEALED AIR CP 0.02

129 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SEARS HOLDINGS CORP 0.02 SEMPRA ENERGY 0.13 SHERWIN-WILLIAMS 0.09 SIGMA-ALDRICH 0.07 SIMON PROPERTY GROUP INC 0.38 SMUCKER (J.M.) CO 0.07 SNAP-ON INC 0.03 SOUTHERN CO 0.33 SOUTHWEST AIRLINES CO 0.06 SOUTHWESTERN ENERGY CO 0.09 SPECTRA ENERGY CORP 0.15 SPRINT NEXTEL SERIES 1 0.08 SPRINT PCS GROUP 0.01 ST JUDE MEDICAL 0.10 STANLEY WORKS 0.09 STAPLES INC 0.07 STARBUCKS CORP 0.33 STARWOOD HOTELS 0.09 STATE STREET CORP 0.18 STERICYCLE INC 0.06 STRYKER CORP 0.15 SUNOCO INC 0.04 SUNTRUST BANKS 0.11 SYMANTEC CORP 0.09 SYSCO CORP 0.14 TARGET CORP 0.31 TECO ENERGY INC 0.03 TENET HEALTHCR 0.02 TERADATA CORP 0.10 TERADYNE INC 0.02 TESORO CORP 0.03 TEXAS INSTRUMENT 0.27 TEXTRON 0.06 THE AES CORP 0.07 THERMO ELECTRON 0.16 TIFFANY & CO 0.05 TIME WARNER CABLE INC 0.21 TITANIUM METALS CORP 0.01 TJX CO INC 0.26 TORCHMARK CORP 0.04 TOTAL SYSTEM SERVICES INC 0.03 TRAVELERS COS INC/THE 0.20 TRIPADVISOR INC 0.04 TYCO ELECTRONICS LTD 0.11 TYCO INTL 0.20 TYSON FOODS A 0.04

130 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares UNION PACIFIC CORP 0.46 UNITED PARCEL B 0.61 UNITED TECHNOLOGIES CORP 0.56 UNITEDHEALTH GP 0.49 UNUMPROVIDENT CORP 0.04 URBAN OUTFITTER 0.02 US BANCORP 0.49 US STEEL CORP 0.02 USA EDUCTION INC 0.06 VALERO ENERGY CORP 0.11 VARIAN MEDICAL SYSTEMS 0.06 VENTAS INC 0.15 VERISIGN 0.06 VERIZON COMMUNICATIONS INC 1.02 VF CORP 0.09 VIACOM INC / 0.20 VISA INC 0.50 VORNADO REALTY TRUST 0.13 VULCAN MATERIALS CO 0.04 WALGREEN CO 0.21 WAL-MART STORES INC 0.98 WALT DISNEY CO/THE 0.70 WASHINGTON POST CO B 0.02 WASTE MANAGEMNT 0.13 WATERS CORP 0.06 WATSON PHARM 0.08 WELLPNT HLTH NET 0.17 WELLS FARGO & CO 1.44 WESTERN DIGITAL 0.06 WESTERN UNION CO 0.08 WEYERHAEUSER CO 0.10 WHIRLPOOL CORP 0.04 WHOLE FOODS MARKET 0.13 WILLIAMS COS 0.15 WINN-DIXIE STRS 0.05 WISCONSIN ENERGY CORP 0.07 WPS RESOURCES CORP 0.04 WPX ENERGY INC 0.03 WYNDHAM WORLDWIDE CORP 0.06 WYNN RESORTS 0.07 XCEL ENERGY 0.11 XEROX CORP 0.09 XILINX INC 0.07 XL CAPITAL 0.05 XYLEM INC 0.04 YAHOO INC 0.16

131 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares YUM! BRANDS INC 0.24 ZIMMER HLDGS 0.09 ZIONS BANCORP 0.03

Total 100.00

132 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Economic composition of the index (as a percentage of the index at June 30, 2012)

% Pharmaceuticals 6.23 Integrated Oil & Gas 6.14 Computer Hardware 5.59 Banks 5.48 Software 3.82 Diversified Industrials 3.20 Semiconductors 3.15 Broadcasting & Entertainment 3.11 Fixed Line Telecommunications 3.00 Conventional Electricity 2.74 Soft Drinks 2.56 Broadline Retailers 2.47 Exploration & Production 2.44 Computer Services 2.19 Tobacco 2.04 Consumer Finance 1.90 Food Products 1.75 Oil Equipment & Services 1.65 Health Care Providers 1.62 Biotechnology 1.51 Restaurants & Bars 1.45 Aerospace 1.45 Nondurable Household Products 1.44 Medical Equipment 1.43 Internet 1.40 Telecommunications Equipment 1.21 Commodity Chemicals 1.20 Reinsurance 1.19 Investment Services 1.09 Drug Retailers 1.07 Asset Managers 1.04 Commercial Vehicles & Trucks 1.02 Property & Casualty Insurance 1.01 Specialty REITs 0.94 Home Improvement Retailers 0.93 Delivery Services 0.92 Life Insurance 0.86 Railroads 0.84 Personal Products 0.83 Multiutilities 0.82 Defense 0.75 Specialty Retailers 0.73 Apparel Retailers 0.73 Specialty Chemicals 0.72 Industrial Machinery 0.66

133 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Economic composition of the index (cont.) (as a percentage of the index at June 30, 2012)

% Medical Supplies 0.60 Business Support Services 0.50 Electronic Equipment 0.49 Financial Administration 0.48 Specialized Consumer Services 0.48 Retail REITs 0.45 Food Retailers & Wholesalers 0.41 Automobiles 0.38 Industrial & Office REITs 0.38 Farming & Fishing 0.36 Travel & Tourism 0.34 Clothing & Accessories 0.34 Electrical Components & Equipment 0.33 Gas Distribution 0.32 Residential REITs 0.29 Auto Parts 0.29 Pipelines 0.28 Nonferrous Metals 0.27 Insurance Brokers 0.27 Footwear 0.26 Waste & Disposal Services 0.26 Hotels 0.23 Full Line Insurance 0.23 Mobile Telecommunications 0.22 Iron & Steel 0.21 Durable Household Products 0.20 Gold Mining 0.20 Distillers & Vintners 0.19 Industrial Suppliers 0.19 Building Materials & Fixtures 0.17 Publishing 0.17 Containers & Packaging 0.17 Toys 0.15 Heavy Construction 0.15 Media Agencies 0.15 Recreational Services 0.13 Coal 0.13 Home Construction 0.11 Gambling 0.10 Specialty Finance 0.10 Paper 0.10 Hotel & Lodging REITs 0.09 Trucking 0.08 Aluminum 0.08 Airlines 0.06

134 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Economic composition of the index (cont.) (as a percentage of the index at June 30, 2012)

% Brewers 0.05 Real Estate Services 0.04 Water 0.04 Real Estate Holding & Development 0.03 Business Training & Employment Agencies 0.03 Electronic Office Equipment 0.02 Furnishings 0.02 Tires 0.02 Consumer Electronics 0.02 Transportation Services 0.01 Renewable Energy Equipment 0.01

100.00

135 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 87 039 ALLIANZ SE - REG EUR 6 627 295 6 885 655 4.60 111 106 ANHEUSER-BUSCH INBEV NV EUR 5 983 058 6 810 798 4.55 98 614 BASF SE - REG EUR 5 825 984 5 394 186 3.60 89 811 BAYER AG EUR 4 579 330 5 099 469 3.41 69 175 BAYERISCHE MOTOREN WERKE AG EUR 4 052 272 3 938 133 2.63 177 972 CREDIT SUISSE GROUP AG - REG CHF 2 655 548 2 557 380 1.71 251 138 DAIMLER AG EUR 9 850 428 8 876 472 5.93 26 327 DANONE SA EUR 1 366 108 1 290 418 0.86 832 611 E.ON AG EUR 13 029 320 14 154 387 9.46 417 219 GDF SUEZ EUR 7 190 206 7 824 941 5.23 66 135 HEIDELBERGCEMENT AG EUR 2 303 482 2 497 588 1.67 31 694 HENKEL AG & CO KGAA - PFD EUR 1 789 760 1 659 815 1.11 76 770 HENNES & MAURITZ AB - B SEK 1 864 235 2 168 263 1.45 80 632 HOLCIM LTD - REG CHF 3 325 315 3 514 203 2.35 241 217 INFINEON TECHNOLOGIES AG - REG EUR 1 437 171 1 286 169 0.86 1 406 693 ING GROEP NV - CVA EUR 7 569 117 7 407 644 4.95 55 453 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 7 120 165 6 646 042 4.44 66 511 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 6 907 167 7 392 698 4.94 94 559 NESTLE SA CHF 4 366 404 4 451 827 2.97 31 850 ROCHE HOLDING AG - GENUSSCHEIN CHF 4 192 266 4 338 059 2.90 29 735 SAMPO OYJ - A EUR 605 405 607 189 0.41 102 087 SANOFI EUR 5 629 518 6 098 677 4.07 142 981 SAP AG EUR 6 817 334 6 655 051 4.45 83 801 SIEMENS AG - REG EUR 5 565 740 5 542 598 3.70 80 000 SOLVAY SA EUR 5 839 200 6 222 400 4.16 687 126 TELEFONICA SA EUR 6 737 270 7 125 497 4.76 225 454 UNILEVER NV EUR 5 683 695 5 948 604 3.97 163 186 VINCI SA EUR 5 304 361 6 002 797 4.01 44 813 VOLKSWAGEN AG - PFD EUR 6 003 414 5 583 700 3.73 55 482 WESFARMERS LTD - PPS AUD 1 376 425 1 414 331 0.94 1 045 ZURICH INSURANCE GROUP AG CHF 193 060 185 745 0.12

Total Shares 151 790 053 155 580 736 103.94

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

136 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Investment funds 5 000 UK EQUITY HOLDINGS EUR 5 038 320 5 047 500 3.37

Total Investment funds 5 038 320 5 047 500 3.37

Total investments 156 828 373 160 628 236 107.31

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

137 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Automobiles and Parts 12.28 Chemicals 11.17 Nonlife Insurance 10.07 Gas, Water and Multiutilities 9.46 General Industrials 8.14 Construction and Materials 8.03 Food Producers 7.81 Pharmaceuticals and Biotechnology 6.97 Electricity 5.23 Life Insurance 4.95 Fixed Line Telecommunications 4.76 Beverages 4.55 Software and Computer Services 4.45 Investment Fund 3.37 General Retailers 2.39 Banks 1.71 Personal Goods 1.11 Technology Hardware and Equipment 0.86

107.31

138 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 50.08 France 21.99 Switzerland 10.05 Netherlands 8.92 Belgium 8.71 Spain 4.76 Sweden 1.45 Australia 0.94 Finland 0.41

107.31

139 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 107.75% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P TSX 60 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AGNICO-EAGLE MINES 0.71 AGRIUM 1.35 ARC ENERGY TRUST 0.57 BANK MONTREAL 3.51 BANK OF NOVA SCOTIA 5.96 BARRICK GOLD CORP 3.93 BCE INC 3.16 BIOVAIL CORP 1.42 BOMBARDIER B 0.56 BROOKFIELD ASSET MAN A 1.75 CAMECO CORP 0.84 CANADIAN IMPERIAL BANK 2.89 CANADIAN NAT RESOURCES 2.91 CANADIAN NAT'L RAILWAY 3.74 CANADIAN OIL SANDS TRUST 0.90 CANADIAN TIRE CORP A 0.53 CENOVUS ENERGY INC 2.36 CP RAILWAY 1.09 ELDORADO GOLD CORP 0.89 ENBRIDGE 3.15 ENCANA CORP 1.50 ENERPLUS RESOURCES FUND 0.24 FIRST QUANTUM MINERALS 0.88 FORTIS (CAD) 0.60 GILDAN ACTIVEWEAR 0.34 GOLDCORP 3.09 HUSKY ENERGY 0.73 IAMGOLD CORP 0.45 IMPERIAL OIL 1.04 INMET MINING CORP 0.21 KINROSS GOLD CORP 0.98 LOBLAW 0.33 MAGNA INTERNATIONAL A 0.97 MANULIFE FINANCIAL CORP 1.95 METRO INC 0.50 NATIONAL BANK OF CANADA 1.18 NEXEN 0.85

140 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) Index composition at June 30, 2012 (cont.)

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares PENN WEST ENERGY TRUST 0.62 POTASH CORP OF SASKATCHEWAN IN 3.50 POWER CORP OF CANADA 0.79 RESEARCH IN MOTION 0.49 ROGERS COMMUNICATIONS B 1.54 ROYAL BANK OF CANADA 7.37 SAPUTO 0.55 SHAW COMMUNICATIONS B 0.70 SHOPPERS DRUG MART CORP 0.85 SILVER WHEATON CORP- 0.96 SNC-LAVALIN GROUP 0.58 SUN LIFE FINANCIAL 1.32 SUNCOR ENERGY INC 4.30 TALISMAN ENERGY 1.12 TECK COMINCO B 1.51 TELUS CORP VTG 1.95 THOMSON CORP 1.06 TIM HORTONS INC. 0.83 TORONTO-DOMINION BANK/THE 7.10 TRANSALTA CORP 0.39 TRANSCANADA CORP 2.98 WESTON (GEORGE) 0.27 YAMANA GOLD 1.16

Total 100.00

141 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) Economic composition of the index (as a percentage of the index at June 30, 2012)

% Banks 28.00 Gold Mining 11.22 Exploration & Production 11.08 Pipelines 6.13 Integrated Oil & Gas 6.07 Fixed Line Telecommunications 5.11 Specialty Chemicals 4.85 Railroads 4.83 Life Insurance 4.06 Nonferrous Metals 3.43 Asset Managers 1.75 Mobile Telecommunications 1.54 Pharmaceuticals 1.42 Food Retailers & Wholesalers 1.10 Publishing 1.06 Conventional Electricity 0.99 Auto Parts 0.97 Platinum & Precious Metals 0.96 Drug Retailers 0.85 Restaurants & Bars 0.83 Broadcasting & Entertainment 0.70 Heavy Construction 0.58 Aerospace 0.56 Food Products 0.55 Specialty Retailers 0.53 Telecommunications Equipment 0.49 Clothing & Accessories 0.34

100.00

142 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 19 641 ALLIANZ SE - REG EUR 1 435 918 1 553 799 6.59 14 523 ANHEUSER-BUSCH INBEV NV EUR 800 072 890 260 3.77 6 476 ASTRAZENECA PLC SEK 212 367 228 152 0.97 35 979 ATLANTIA SPA EUR 333 885 361 589 1.53 18 081 BASF SE - REG EUR 1 075 639 989 031 4.19 19 865 BAYER AG EUR 1 001 645 1 127 935 4.78 90 498 CREDIT SUISSE GROUP AG - REG CHF 1 333 734 1 300 417 5.51 22 915 DAIMLER AG EUR 843 770 809 931 3.43 18 749 DANONE SA EUR 972 886 918 982 3.90 75 193 DEUTSCHE POST AG - REG EUR 1 000 067 1 048 190 4.44 68 286 ENI SPA EUR 1 087 796 1 145 839 4.86 78 985 E.ON AG EUR 1 217 949 1 342 745 5.69 64 450 FIAT INDUSTRIAL SPA EUR 530 746 498 843 2.11 1 961 INDITEX SA EUR 132 426 159 880 0.68 235 873 ING GROEP NV - CVA EUR 1 502 920 1 242 107 5.27 8 343 LINDE AG EUR 997 823 1 023 269 4.34 6 928 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 872 483 830 321 3.52 10 166 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 1 045 573 1 129 951 4.79 10 464 NESTLE SA CHF 486 272 492 644 2.09 7 194 ROCHE HOLDING AG - GENUSSCHEIN CHF 974 839 979 843 4.15 39 804 RWE AG EUR 1 280 495 1 280 694 5.43 7 012 SANOFI EUR 385 860 418 897 1.78 23 487 SIEMENS AG - REG EUR 1 548 759 1 553 429 6.59 113 897 TELEFONICA SA EUR 1 007 647 1 181 112 5.01 10 617 UBS AG - REG CHF 97 326 97 671 0.41 7 441 UNIBAIL-RODAMCO SE EUR 1 021 277 1 079 689 4.58 354 021 UNICREDIT SPA EUR 849 650 1 054 983 4.47 2 077 UNILEVER NV EUR 53 213 54 802 0.23 1 096 VIVENDI SA EUR 14 478 16 034 0.07

Total Shares 24 117 515 24 811 039 105.18

Investment funds 600 UK EQUITY HOLDINGS EUR 600 386 605 700 2.57

Total Investment funds 600 386 605 700 2.57

Total investments 24 717 901 25 416 739 107.75

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

143 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Chemicals 13.30 Nonlife Insurance 11.37 Banks 10.40 General Industrials 10.11 Pharmaceuticals and Biotechnology 6.90 Food Producers 6.22 Industrial Transportation 5.98 Gas, Water and Multiutilities 5.69 Electricity 5.43 Life Insurance 5.27 Fixed Line Telecommunications 5.08 Oil and Gas Producers 4.86 Real Estate Investment Trusts 4.58 Beverages 3.77 Automobiles and Parts 3.43 Investment Fund 2.57 Industrial Engineering 2.11 General Retailers 0.68

107.75

144 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 50.28 France 16.40 Italy 12.98 Switzerland 12.17 Spain 5.68 Netherlands 5.50 Belgium 3.77 United Kingdom 0.97

107.75

145 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 102.12% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P ASX 200 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ABACUS PROPERTY GROUP 0.06 ACRUX LTD 0.07 ADELAIDE BRIGHTON LTD 0.16 AGL ENERGY LTD 0.82 ALACER GOLD CORP 0.04 ALUMINA 0.21 AMCOR 0.91 AMP LTD 1.14 ANSELL 0.18 APA GROUP 0.33 APN NEWS & MEDIA 0.03 AQUARIUS PLATINIUM LIMITED 0.03 AQUILA RESOURCES LTD 0.05 ARDENT LEISURE GROUP 0.04 ARISTOCRAT LEISURE 0.14 ASCIANO GROUP 0.43 ATLAS IRON LTD 0.16 AURORA OIL AND GAS LTD 0.13 AUSTRALAND PROPERTY GROUP 0.06 AUSTRALIA & NEW ZEALAND BANKIN 5.95 AUSTRALIAN INFRASTRUCT GRP 0.14 AUSTRALIAN STOCK EXCH. 0.53 AUSTRILL LTD 0.08 AWE LTD 0.07 BANK OF QUEENSLAND LIMITED 0.20 BATHURST RESOURCES LTD 0.02 BEACH ENERGY LTD 0.11 BEADELL RESOURCES LTD 0.04 BENDIGO BANK LTD 0.29 BHP BILLITON LTD 10.13 BILLABONG INTERNATIONAL 0.04 BLUESCOPE STEEL 0.09 BOART LONGYEAR GROUP 0.13 BORAL 0.24 BRADKEN LTD 0.09 BRAMBLES LTD 0.97 BUNNINGS WAREHOUSE PROPERTY TRUST 0.08 BURU ENERGY LTD 0.06

146 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Index composition at June 30, 2012 (cont.)

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares CABCHARGE AUSTRALIA LTD 0.06 CALTEX AUSTRALIA 0.18 CAMPBELL BROTHERS LTD 0.36 CARDNO LTD 0.11 CARSALES.COM.AU LTD 0.13 CENTRO RETAIL GROUP 0.27 CFS RETAIL PROP TRUST 0.47 CHALLENGER FINANCIAL SVC 0.18 CHARTER HALL GROUP 0.06 COALSPUR MINES LTD 0.03 COCA-COLA AMATIL 0.73 COCHLEAR 0.37 COMMONWEALTH BANK OF AUSTRALIA 8.56 COMMONWEALTH PPTY OFFICE 0.24 COMPUTERSHARE 0.39 CROWN LTD 0.37 CSL 2.05 CSR (AUD) 0.07 CUDECO LTD 0.04 DAVID JONES LIMITED 0.12 DB RREEF TRUST 0.47 DECMIL GROUP LTD 0.04 DISCOVERY METALS LTD 0.05 DOWNER EDI 0.13 DUET GROUP 0.19 DULUXGROUP LTD 0.11 ECHO ENTERTAINMENT GROUP LTD 0.32 EMECO HOLDINGS LTD 0.06 ENERGY WORLD CORP LTD 0.03 ENVESTRA LIMITED 0.06 EVOLUTION MINING LTD 0.07 FAIRFAX (JOHN) HOLDINGS 0.12 FKP PROPERTY GROUP 0.03 FLEETWOOD CORP LTD 0.05 FLETCHER BUILDING LTD/ 0.08 FLIGHT CENTRE LTD 0.11 FORTESCUE METALS GROUP LTD 0.85 G.U.D. HOLDINGS LIMITED 0.06 GINDALBIE METALS LTD 0.03 GOODMAN FIELDER 0.10 GPT GROUP 0.56 GRAINCORP LTD 0.19 GRYPHON MINERALS LTD 0.02 GWA INTERNATIONAL LIMITED 0.05 HARDIE (JAMES) IND 0.34 HARVEY NORMAN HOLDINGS 0.11

147 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Index composition at June 30, 2012 (cont.)

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares HASTINGS DIVERSIFIED UTILITIES FUND 0.11 HENDERSON GROUP PLC 0.09 ILUKA RESOURCES 0.47 IMDEX LTD 0.03 INCITEC PIVOT LTD 0.48 INDEPENDENCE GROUP NL 0.08 INDUSTREA LTD 0.05 ING OFFICE FUND 0.17 INSURANCE AUSTRALIA GRP. 0.75 INTEGRA MINING LTD 0.03 INTREPID MINES LTD 0.02 INVOCARE LTD 0.09 IOOF HOLDINGS LTD 0.11 IRESS MARKET TECHNOLOGY 0.06 JB HI-FI LTD 0.08 KAROON GAS AUSTRALIA LTD 0.06 KINGSGATE CONSOLIDATED LTD 0.07 LEIGHTON HOLDINGS 0.27 LEND LEASE 0.39 LINC ENERGY LTD 0.02 LYNAS CORPORATION LIMITED 0.14 M2 TELECOMMUNICATIONS GROUP LTD 0.05 MACMAHON HOLDINGS LIMITED 0.03 MACQUARIE ATLAS ROADS GROUP 0.06 MACQUARIE BANK 0.92 MACQUARIE COUNTRYWIDE TRUST 0.08 MACQUARIE GOODMAN GROUP 0.52 MEDUSA MINING LTD 0.09 MERMAID MARINE AUSTRALIA LTD 0.06 MESOBLAST LTD 0.10 METCASH LTD 0.30 MINERAL DEPOSITS LTD 0.04 MINERAL RESOURCES LTD 0.11 MIRABELA NICKEL LTD 0.02 MIRVAC GROUP 0.44 MONADELPHOUS GROUP LTD 0.19 MOUNT GIBSON IRON LTD 0.06 MYER HOLDINGS LTD 0.09 NATIONAL AUSTRALIA BANK LTD 5.40 NAVITAS LTD 0.09 NEWCREST MINING 1.72 NEWS CORP. 0.68 NRW HOLDINGS LTD 0.08 NUFARM LIMITED 0.09 OCEANAGOLD CORP 0.03 OIL SEARCH LIMITED 0.72

148 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Index composition at June 30, 2012 (cont.)

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ONESTEEL 0.10 ORICA 0.92 ORIGIN ENERGY 1.41 OXIANA LTD 0.25 PACIFIC BRANDS 0.05 PALADIN RESOURCES (AU) 0.10 PANAUST LTD 0.13 PANORAMIC RESOURCES LTD 0.01 PERPETUAL TRUSTEES AUST. 0.10 PERSEUS MINING LTD 0.11 PLATINUM ASSET MANAGEMENT LTD 0.09 PRIMARY HEALTH CARE LTD 0.14 QANTAS AIRWAYS 0.25 QBE INSURANCE GROUP 1.57 QR NATIONAL LTD 0.57 QUBE LOGISTICS HOLDINGS LTD 0.08 RAMELIUS RESOURCES LTD 0.02 RAMSAY HEALTH CARE LTD 0.30 REGIS RESOURCES LTD 0.15 REJECT SHOP LTD/THE 0.02 RESMED INC 0.25 RESOLUTE LIMITED 0.07 RIO TINTO LIMITED 2.47 SANDFIRE RESOURCES NL 0.07 SANTOS 1.09 SARACEN MINERAL HOLDINGS LTD 0.03 SEEK LTD 0.21 SENEX ENERGY LTD 0.07 SEVEN GROUP HOLDINGS LTD 0.08 SIGMA PHARMACEUTICALS LTD 0.07 SILVER LAKE RESOURCES LTD 0.06 SIMS GROUP LTD 0.16 SINGAPORE TELECOMM-CUFS 0.04 SMS MANAGEMENT & TECHNOLOGY LTD 0.03 SONIC HEALTHCARE 0.51 SOUTHERN CROSS MEDIA GROUP LTD 0.07 SP AUSNET 0.17 SPARK INFRASTRUCTURE GROUP 0.18 SPOTLESS GROUP LTD 0.07 ST BARBARA LTD 0.07 STOCKLAND 0.72 SUNCORP-METWAY 1.05 SUNDANCE RESOURCES LTD/AUSTRALIA 0.08 SUPER RETAIL GROUP LTD 0.10 SYDNEY AIRPORT 0.42 TABCORP HOLDINGS 0.22

149 Multi Units Luxembourg Société d’Investissement à Capital Variable MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Index composition at June 30, 2012 (cont.)

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares TATTERSALL'S LTD 0.36 TELECOM CORP OF NEW ZEALAND LIMITED 0.07 TELSTRA CORP 4.71 TEN NETWORK HOLDINGS LIMITED 0.04 TOLL HOLDINGS 0.27 TPG TELECOM LTD 0.05 TRANSFIELD SERVICES LTD 0.09 TRANSPACIFIC INDUSTRIES GROUP LTD 0.07 TRANSURBAN GROUP 0.86 TREASURY WINE ESTATES LTD 0.29 TROY RESOURCES LTD 0.03 UGL LTD 0.21 VIRGIN BLUE HOLDINGS LTD 0.05 WESFARMERS 3.55 WEST AUSTRALIAN NEWSPAPERS 0.07 WESTERN AREAS NL 0.06 WESTFIELD GROUP 2.05 WESTFIELD RETAIL TRUST 0.84 WESTPAC BANKING CORP 6.59 WHITEHAVEN COAL LTD 0.25 WOODSIDE PETROLEUM 1.99 WOOLWORTHS LTD 3.39 WORLEYPARSONS 0.52 WOTIF.COM HOLDINGS LTD 0.05

Total 100.00

150 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Economic composition of the index (as a percentage of the index at June 30, 2012)

% Banks 27.01 General Mining 14.45 Fixed Line Telecommunications 4.88 Exploration & Production 4.51 Retail REITs 4.35 Food Retailers & Wholesalers 3.68 Home Improvement Retailers 3.55 Gold Mining 2.52 Multiutilities 2.42 Transportation Services 2.26 Pharmaceuticals 2.12 Containers & Packaging 1.88 Investment Services 1.84 Reinsurance 1.56 Specialty Chemicals 1.49 Gambling 1.41 Specialty Finance 1.34 Iron & Steel 1.28 Residential REITs 1.22 Life Insurance 1.14 Diversified REITs 1.10 Building Materials & Fixtures 1.06 Health Care Providers 0.95 Heavy Construction 0.91 Broadcasting & Entertainment 0.86 Property & Casualty Insurance 0.75 Soft Drinks 0.73 Oil Equipment & Services 0.69 Medical Equipment 0.63 Railroads 0.56 Pipelines 0.44 Industrial & Office REITs 0.41 Real Estate Services 0.39 Business Support Services 0.39 Conventional Electricity 0.38 Nondurable Household Products 0.36 Broadline Retailers 0.35 Airlines 0.30 Distillers & Vintners 0.29 Asset Managers 0.28 Coal 0.28 Nonferrous Metals 0.23 Publishing 0.22 Business Training & Employment Agencies 0.21 Aluminum 0.21 Farming & Fishing 0.19

151 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Economic composition of the index (cont.) (as a percentage of the index at June 30, 2012)

% Medical Supplies 0.18 Specialty Retailers 0.18 Specialized Consumer Services 0.18 Travel & Tourism 0.15 Media Agencies 0.13 Computer Services 0.10 Food Products 0.10 Biotechnology 0.09 Clothing & Accessories 0.09 Industrial Machinery 0.09 Drug Retailers 0.07 Waste & Disposal Services 0.06 Gas Distribution 0.06 Marine Transportation 0.06 Durable Household Products 0.06 Financial Administration 0.06 Commercial Vehicles & Trucks 0.06 Recreational Products 0.06 Specialty REITs 0.04 Mobile Telecommunications 0.04 Platinum & Precious Metals 0.03 Real Estate Holding & Development 0.03

100.00

152 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 8 360 ADIDAS AG - REG EUR 486 434 472 006 2.06 13 842 ALLIANZ SE - REG EUR 1 045 348 1 095 041 4.78 17 954 ANHEUSER-BUSCH INBEV NV EUR 987 667 1 100 580 4.80 113 437 ATLANTIA SPA EUR 1 036 247 1 140 042 4.97 18 838 BASF SE - REG EUR 1 100 178 1 030 439 4.49 16 506 BAYER AG EUR 823 368 937 211 4.09 115 753 CREDIT SUISSE GROUP AG - REG CHF 1 821 594 1 663 320 7.25 25 025 DAIMLER AG EUR 1 016 307 884 509 3.86 7 647 DEUTSCHE BOERSE AG EUR 306 224 325 227 1.42 13 455 DEUTSCHE POST AG - REG EUR 178 952 187 563 0.82 59 550 ENI SPA EUR 949 408 999 249 4.36 48 096 E.ON AG EUR 741 640 817 632 3.57 92 415 GDF SUEZ EUR 1 563 208 1 733 243 7.56 7 987 INDITEX SA EUR 539 362 651 180 2.84 7 960 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 1 014 900 954 006 4.16 4 671 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 493 258 519 182 2.26 18 266 NOVARTIS AG - REG CHF 798 439 804 455 3.51 8 088 ROCHE HOLDING AG - GENUSSCHEIN CHF 1 084 146 1 101 608 4.80 18 243 ROYAL DUTCH SHELL PLC - A EUR 451 423 485 355 2.12 31 733 RWE AG EUR 1 018 994 1 021 009 4.45 19 252 SAMPO OYJ - A EUR 391 971 393 126 1.71 5 562 SANOFI EUR 306 800 332 274 1.45 27 659 SIEMENS AG - REG EUR 1 830 152 1 829 365 7.98 111 708 TELEFONICA SA EUR 988 281 1 158 412 5.05 6 919 UNIBAIL-RODAMCO SE EUR 956 249 1 003 947 4.38 539 VOLKSWAGEN AG - PFD EUR 67 078 67 159 0.29 8 038 WESFARMERS LTD - PPS AUD 199 411 204 902 0.89

Total Shares 22 197 039 22 912 042 99.92

Investment funds 500 UK EQUITY HOLDINGS EUR 500 827 504 750 2.20

Total Investment funds 500 827 504 750 2.20

Total investments 22 697 866 23 416 792 102.12

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

153 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

General Industrials 12.15 Electricity 12.01 Pharmaceuticals and Biotechnology 9.76 Nonlife Insurance 8.75 Chemicals 8.58 Banks 7.25 Oil and Gas Producers 6.47 Industrial Transportation 5.79 Fixed Line Telecommunications 5.05 Beverages 4.80 Real Estate Investment Trusts 4.38 Automobiles and Parts 4.15 General Retailers 3.73 Gas, Water and Multiutilities 3.57 Investment Fund 2.20 Personal Goods 2.06 Financial Services 1.42

102.12

154 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 40.06 France 19.75 Switzerland 15.57 Italy 9.33 Spain 7.89 Belgium 4.80 United Kingdom 2.12 Finland 1.71 Australia 0.89

102.12

155 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 103.94% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI WORLD UTILITIES TR index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AGL ENERGY LTD 0.93 ALLIANT ENERGY CORP 0.57 AMER ELEC PWR 2.17 AMEREN CORP 0.92 AMERICAN WATER WORKS CO INC 0.68 APA GROUP 0.37 CALPINE CORP 0.58 CANADIAN UTILITIES LTD 0.42 CENTERPOINT 0.94 CENTRICA 2.91 CHUBU ELEC PWR 1.18 CHUGOKU ELE PWR 0.55 CKI HOLDINGS 0.33 CLP HOLDINGS LTD 1.72 CMS ENERGY CORP 0.68 CONSOL EDISON 2.05 CONTACT ENERGY 0.16 DOMINION RES INC 3.47 DTE ENERGY 1.13 DUKE ENERGY 3.47 E.ON AG 4.38 EDF 0.60 EDISON INTL 1.61 EDP ENERGIAS DE PORTUGAL 0.51 ELECTRIC POWER D 0.34 ENAGAS 0.37 ENEL GREEN POWER SPA 0.31 ENEL SPA 2.39 ENTERGY CP 1.35 EXELON CORP 3.61 FIRSTENERGY 2.32 FORTIS (CAD) 0.67 FORTUM 0.95 FPL GROUP 3.07 GAS NATURAL SDG - E 0.50 GDF SUEZ 3.32 GRUPO ACCIONA 0.15

156 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares HK & CHINA GAS 1.24 HOKKAIDO ELE PWR 0.27 HOKURIKU ELE PWR 0.29 HONG KONG ELECTRIC HOLDINGS LTD 1.17 IBERDROLA SA 2.07 KANSAI ELE PWR 1.01 KYUSHU ELE PWR 0.57 MDU RESOURCES GROUP INC 0.44 NATIONAL GRID 4.26 NISOURCE INC 0.79 NORTH UTILITIES 1.37 NRG ENERGY INC 0.45 ONEOK INC 0.94 OSAKA GAS 0.89 PEPCO HOLDINGS 0.50 PG&E CORP 2.11 PINNACLE WEST CAPITAL 0.64 PPL CORP 1.82 PROGRESS ENERGY 2.00 PUBLIC SV ENTERPRISE CO 1.85 RED ELECTRICA DE ESPANA 0.53 RWE AG 2.25 RWE VORZUG 0.16 SCANA CORP 0.67 SCOTTISH & SOUTHERN ENERG 2.31 SEMPRA ENERGY 1.77 SEVERN TRENT PLC 0.69 SHIKOKU ELE PWR 0.41 SNAM RETE GAS 0.81 SOUTHERN CO 4.50 SP AUSNET 0.20 SUEZ ENVIRONNEMENT SA 0.34 TERNA-TRASMISSIONE ELETTRICITA RETE NAZIONALE SPA 0.53 THE AES CORP 0.94 TOHO GAS 0.29 TOHOKU ELE PWR 0.51 TOKYO ELECTRIC POWER CO INC/TH 0.32 TOKYO GAS CO LTD 1.42 TRANSALTA CORP 0.43 UNITED UTILITIES GROUP PLC 0.81 VEOLIA ENVIRONNEMENT SA 0.48 VERBUND AG 0.18 WISCONSIN ENERGY CORP 1.03 WPS RESOURCES CORP 0.50 XCEL ENERGY 1.56

Total 100.00 157 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Conventional Electricity 59.72 Multiutilities 25.02 Gas Distribution 10.15 Water 3.00 Alternative Electricity 1.15 Building Materials & Fixtures 0.44 Pipelines 0.37 Heavy Construction 0.15

100.00

158 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 3 511 ALLIANZ SE - REG EUR 254 972 277 756 9.12 2 407 ANHEUSER-BUSCH INBEV NV EUR 134 563 147 549 4.85 3 863 ASSICURAZIONI GENERALI SPA EUR 33 048 41 180 1.35 635 ASTRAZENECA PLC SEK 20 929 22 371 0.73 2 259 BASF SE - REG EUR 122 272 123 567 4.06 422 BAYER AG EUR 22 056 23 961 0.79 3 510 CREDIT SUISSE GROUP AG - REG CHF 51 729 50 437 1.66 8 230 DAIMLER AG EUR 316 368 290 890 9.56 1 574 DANONE SA EUR 81 517 77 150 2.53 1 736 DEUTSCHE BOERSE AG EUR 69 518 73 832 2.43 6 717 ENI SPA EUR 107 002 112 711 3.70 7 165 E.ON AG EUR 109 839 121 805 4.00 711 FANUC CORP JPY 98 108 90 931 2.99 371 FAST RETAILING CO LTD JPY 62 389 58 183 1.91 1 291 GDF SUEZ EUR 22 980 24 213 0.80 17 400 ING GROEP NV - CVA EUR 111 630 91 628 3.01 23 KDDI CORP JPY 111 135 116 525 3.83 721 NINTENDO CO LTD JPY 80 095 65 864 2.16 68 NOVARTIS AG - REG CHF 2 972 2 995 0.10 327 ROCHE HOLDING AG - GENUSSCHEIN CHF 44 311 44 538 1.46 880 RWE AG EUR 28 695 28 314 0.93 4 832 SANDVIK AB SEK 51 543 48 736 1.60 983 SANOFI EUR 54 065 58 724 1.93 4 290 SAP AG EUR 193 262 199 679 6.56 3 950 SIEMENS AG - REG EUR 267 044 261 253 8.58 6 783 SOFTBANK CORP JPY 169 472 197 814 6.50 12 487 TELEFONICA SA EUR 122 795 129 490 4.25 263 UNIBAIL-RODAMCO SE EUR 36 005 38 161 1.25 1 517 UNILEVER NV EUR 38 244 40 026 1.31 671 VOLKSWAGEN AG - PFD EUR 84 680 83 607 2.75 285 WESFARMERS LTD - PPS AUD 7 070 7 265 0.24 631 ZURICH INSURANCE GROUP AG CHF 117 305 112 158 3.68

Total Shares 3 027 613 3 063 313 100.62

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

159 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Investment funds 100 UK EQUITY HOLDINGS EUR 100 127 100 950 3.32

Total Investment funds 100 127 100 950 3.32

Total investments 3 127 740 3 164 263 103.94

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

160 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Nonlife Insurance 14.15 Automobiles and Parts 12.29 General Industrials 8.58 Fixed Line Telecommunications 8.08 Software and Computer Services 6.56 Mobile Telecommunications 6.50 Beverages 4.85 Chemicals 4.85 Industrial Engineering 4.59 Pharmaceuticals and Biotechnology 4.23 Gas, Water and Multiutilities 4.00 Food Producers 3.85 Oil and Gas Producers 3.70 Investment Fund 3.32 Life Insurance 3.01 Financial Services 2.43 Leisure Goods 2.16 General Retailers 2.15 Electricity 1.73 Banks 1.66 Real Estate Investment Trusts 1.25

103.94

161 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 48.78 Japan 17.39 France 9.83 Switzerland 6.90 Italy 5.05 Belgium 4.85 Netherlands 4.32 Spain 4.25 Sweden 1.60 United Kingdom 0.73 Australia 0.24

103.94

162 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 103.13% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI WORLD MATERIALS TR index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ACERINOX 0.07 AGNICO-EAGLE MINES 0.43 AGRIUM 0.88 AIR LIQUIDE SA 2.24 AIR PRODUCTS & CHEMICALS 1.07 AIR WATER 0.11 AIRGAS 0.34 AKZO NOBEL NV 0.69 ALBEMARLE CORP 0.33 ALCOA INC 0.59 ALLEGHENY TECHNOLOGIES 0.20 ALUMINA 0.12 AMCOR 0.55 ANGLO AMERICAN PLC/ 2.73 ANTOFAGASTA 0.42 ARCELOR MITTAL 0.90 ARKEMA SA 0.25 ASAHI KASEI 0.43 BALL CORP 0.38 BARRICK GOLD CORP 2.36 BASF SE 4.00 BHP BILLITON LTD 6.52 BHP BILLITON PLC 3.75 BOLIDEN 0.24 BORAL 0.14 CENTERRA GOLD INC. 0.07 CHARTER ONE FINL 0.80 CLEVELAND CLIFFS INC 0.44 CONCORD EFS 0.34 CRH PLC 0.87 CRODA INTERNATIONAL PLC 0.30 CROWN HOLDINGS INC 0.32 DAICEL CHEM INDS 0.11 DAIDO STEEL 0.11 DENKI KAGAKU KGY 0.10 DOW CHEMICAL CO 2.34 DU PONT CO 2.96

163 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares EASTMAN CHEM 0.43 ECOLAB 1.25 ELDORADO GOLD CORP 0.52 EURASIAN NATURAL RESOURCES CORP 0.11 EVRAZ PLC 0.09 FIRST QUANTUM MINERALS 0.53 FLETCHER BUILDING 0.20 FMC CORP. 0.47 FORTESCUE METALS GROUP LTD 0.44 FRANCO-NEVADA CORP 0.39 FRESNILLO PLC 0.26 FRPRT-MCM GD 2.03 GIVAUDAN N 0.51 GLENCORE INTERNATIONAL PLC 0.40 GOLDCORP 1.91 HARDIE (JAMES) IND 0.22 HEIDELBERGCEMENT AG 0.42 HITACHI CHEMICAL 0.10 HITACHI METALS 0.12 HOLCIM LTD 0.80 HOLMEN B 0.09 IAMGOLD CORP 0.28 ILUKA RESOURCES 0.30 IMERYS 0.11 INCITEC PIVOT LTD 0.30 INMET MINING CORP 0.13 INT'L FLAVORS FRAGRANCES 0.28 INTL PAPER CO 0.75 ISRAEL CHEMICALS LTD 0.30 ISRAEL CORP LTD/THE 0.08 IVANHOE MINES 0.25 JFE HOLDINGS 0.48 JOHNSON MATTHEY 0.47 JSR 0.19 K + S AG 0.49 KANEKA CORP 0.10 KANSAI PAINT 0.15 KAZAKHMYS PLC 0.15 KINROSS GOLD CORP 0.58 KOBE STEEL 0.19 KONINKLIJKE DSM NV 0.48 KURARAY 0.28 LAFARGE 0.52 LANXESS 0.33 LINDE AG 1.67 LONMIN 0.12 164 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares LYNAS CORPORATION LIMITED 0.09 LYONDELLBASELL INDUSTRIES NV 0.80 MARTIN MARIETTA MATRLS 0.23 MARUICHI STL TBE 0.06 MEADWESTVACO CORP 0.31 MITSUB CHEM HLDG 0.37 MITSUB GAS CHEM 0.14 MITSUBISHI MATL 0.20 MITSUI CHEMICALS 0.14 MONSANTO CO 2.78 MOSAIC CO/THE 1.02 NEW GOLD INC. 0.28 NEWCREST MINING 1.11 NEWMONT MINING HLDG 1.51 NIP STEEL CORP 0.72 NIPPON UNIPAC 0.10 NISSHIN STEEL 0.06 NITTO DENKO CORP 0.44 NORSK HYDRO 0.26 NOVOZYMES A/S 0.40 NUCOR CORP 0.75 OJI PAPER 0.19 ORICA 0.58 OSISKO MINING CORP 0.17 OWENS-ILLINOIS 0.19 OXIANA LTD 0.16 PAN AMERICAN SILVER CORP 0.16 POTASH CORP OF SASKATCHEWAN IN 2.35 PPG IND 1.01 PRAXAIR 2.04 RANDGOLD RESOURCES LTD/LFW 0.49 REXAM 0.36 RIO TINTO LIMITED 1.58 RIO TINTO PLC 4.00 ROCK-TENN COMPANY -CL A 0.24 SALZGITTER 0.10 SEALED AIR CP 0.18 SHERWIN-WILLIAMS 0.74 SHIN-ETSU CHEM 1.41 SHOWA DENKO 0.17 SIGMA-ALDRICH 0.56 SIKA FINANZ AG-BEARER 0.26 SILVER WHEATON CORP- 0.60 SIMS GROUP LTD 0.10 SOLVAY 0.37 SSAB SVENSKT STAL AB SER 0.08

165 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares STORA ENSO OYJ 0.21 SUMITOMO CHEM 0.29 SUMITOMO MTL IND 0.34 SUMITOMO MTL MIN 0.37 SVENSKA CELLULOSA AB 0.54 SYNGENTA AG 2.03 TAIHEIYO CEMENT 0.16 TAIYO NPN SANSO 0.09 TECK COMINCO B 1.12 TEIJIN 0.18 THYSSENKRUPP AG 0.39 TORAY INDUSTRIES 0.63 TOSOH CORP 0.09 TOYO SEIKAN 0.11 UBE INDUSTRIES 0.15 UMICORE 0.33 UPM-KYMMENE 0.37 US STEEL CORP 0.20 VEDANTA RESOURCES 0.10 VOESTALPINE AG 0.18 VULCAN MATERIALS CO 0.32 WACKER CHEMIE AG 0.07 WALTER ENERGY INC 0.17 XSTRATA PLC 1.63 YAMANA GOLD 0.72 YAMATO KOGYO 0.07 YARA INTERNATIONAL 0.51

Total 100.00

166 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% General Mining 22.47 Commodity Chemicals 21.38 Specialty Chemicals 19.52 Gold Mining 10.27 Iron & Steel 5.71 Building Materials & Fixtures 4.87 Nonferrous Metals 4.42 Farming & Fishing 2.78 Containers & Packaging 2.65 Paper 1.72 Platinum & Precious Metals 1.14 Aluminum 0.97 Diversified Industrials 0.60 Personal Products 0.54 Biotechnology 0.40 Specialty Finance 0.39 Coal 0.17

100.00

167 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 6 402 ALLIANZ SE - REG EUR 463 091 506 462 3.42 3 848 ANHEUSER-BUSCH INBEV NV EUR 215 103 235 882 1.60 1 556 ASTRAZENECA PLC SEK 51 308 54 818 0.37 12 992 BASF SE - REG EUR 716 465 710 662 4.81 8 283 BAYER AG EUR 431 954 470 309 3.18 33 970 CREDIT SUISSE GROUP AG - REG CHF 539 395 488 134 3.30 40 930 DAIMLER AG EUR 1 437 533 1 446 671 9.78 35 456 DEUTSCHE BOERSE AG EUR 1 418 543 1 507 944 10.20 38 358 E.ON AG EUR 575 714 652 086 4.41 1 348 FANUC CORP JPY 182 532 172 398 1.17 1 266 FAST RETAILING CO LTD JPY 207 500 198 544 1.34 86 641 ING GROEP NV - CVA EUR 512 682 456 252 3.09 75 KDDI CORP JPY 362 398 379 972 2.57 4 501 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 535 169 539 445 3.65 4 352 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 469 146 483 725 3.27 346 288 NEC CORP JPY 563 222 420 644 2.84 6 541 NOVARTIS AG - REG CHF 285 919 288 073 1.95 370 ROCHE HOLDING AG - GENUSSCHEIN CHF 49 664 50 395 0.34 23 674 ROYAL DUTCH SHELL PLC - A EUR 585 813 629 847 4.26 19 267 RWE AG EUR 616 833 619 916 4.19 6 690 SANDVIK AB SEK 71 363 67 477 0.46 8 773 SANOFI EUR 475 487 524 099 3.54 28 799 SAP AG EUR 1 308 826 1 340 449 9.06 18 625 SEVEN & I HOLDINGS CO LTD JPY 397 695 440 897 2.98 12 833 SHIN-ETSU CHEMICAL CO LTD JPY 544 840 552 570 3.74 7 093 SIEMENS AG - REG EUR 493 092 469 131 3.17 17 360 SOFTBANK CORP JPY 475 601 506 274 3.42 34 298 TELEFONICA SA EUR 337 392 355 670 2.41 1 258 UNIBAIL-RODAMCO SE EUR 176 812 182 536 1.23 285 VOLKSWAGEN AG - PFD EUR 38 667 35 511 0.24 2 368 WESFARMERS LTD - PPS AUD 58 747 60 364 0.41

Total Shares 14 598 506 14 847 157 100.40

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

168 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Investment funds 400 UK EQUITY HOLDINGS EUR 400 240 403 800 2.73

Total Investment funds 400 240 403 800 2.73

Total investments 14 998 746 15 250 957 103.13

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

169 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Chemicals 11.73 Financial Services 10.21 Automobiles and Parts 10.02 Software and Computer Services 9.06 General Industrials 6.82 Nonlife Insurance 6.70 Pharmaceuticals and Biotechnology 6.20 Fixed Line Telecommunications 4.97 General Retailers 4.73 Gas, Water and Multiutilities 4.41 Oil and Gas Producers 4.26 Electricity 4.19 Mobile Telecommunications 3.42 Banks 3.30 Life Insurance 3.09 Technology Hardware and Equipment 2.84 Investment Fund 2.73 Industrial Engineering 1.62 Beverages 1.60 Real Estate Investment Trusts 1.23

103.13

170 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 55.73 Japan 18.05 France 11.16 Switzerland 5.59 United Kingdom 4.63 Netherlands 3.09 Spain 2.41 Belgium 1.60 Sweden 0.46 Australia 0.41

103.13

171 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR Index composition at June 30, 2012 At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 100.81% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI WORLD TELECOMMUNICATION SERVICES index TR. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AT&T INC 21.31 BCE INC 1.06 BELGACOM 0.44 BELL ALIANT INC 0.19 BEZEQ ISRAELI TELECOMMUNICATION CORP LTD 0.20 BT GROUP 2.60 CENTURYTEL INC 2.47 CROWN CASTLE INT'L CORP 1.68 DEUTSCHE TELEKOM /ETR 3.11 ELISA CORPORATION 0.29 FRANCE TELECOM SA 2.46 FRONTIER COMMUNICATIONS CORP 0.38 ILIAD SA 0.33 INMARSAT 0.35 KDDI CORP 1.74 KONINKLIJKE KPN NV 1.38 LEVEL 3 COMMS 0.33 MILLICOM INTERNATIONAL CELLULAR SA/SUE 0.60 MOBISTAR 0.10 NII HOLDINGS B 0.18 NTT 2.04 NTT DOCOMO 2.56 PCCW 0.15 PORTUGAL TELECOM 0.28 ROGERS COMMUNICATIONS B 1.43 SBA COMMUNICATIONS CORP 0.67 SINGAPORE TELECOM 2.09 SOFTBANK CORP 3.31 SPRINT NEXTEL SERIES 1 0.99 SPRINT PCS GROUP 0.19 STARHUB LTD 0.16 SWISSCOM N 0.95 TDC A/S 0.35 TELE2 B 0.50 TELECOM CORP NEW ZEALAND 0.37 TELECOM ITALIA SPA 0.94 TELECOM ITALIA RNC 0.49

172 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR Index composition at June 30, 2012 (cont.)

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares TELEFONICA SA 5.45 TELEKOM AUSTRIA 0.33 TELENOR 1.21 TELIASONERA 1.40 TELSTRA CORP 1.66 TELUS CORP N-VTG 0.88 TELUS CORP VTG 0.35 TESSENDERLO CHEMIE-PARTS SOC. 0.25 VERIZON COMMUNICATIONS INC 12.70 VIVENDI SA 2.41 VODAFONE GROUP PLC 14.12 WINN-DIXIE STRS 0.57

Total 100.00

173 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Fixed Line Telecommunications 60.63 Mobile Telecommunications 36.38 Broadcasting & Entertainment 2.66 Internet 0.33

100.00

174 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 5 000 AIR LIQUIDE SA EUR 427 700 450 250 3.88 3 760 ALLIANZ SE - REG EUR 279 765 297 454 2.57 4 974 ANHEUSER-BUSCH INBEV NV EUR 275 769 304 906 2.63 3 946 ASTELLAS PHARMA INC JPY 125 940 135 031 1.17 1 042 ASTRAZENECA PLC SEK 34 213 36 710 0.32 19 720 ATLANTIA SPA EUR 183 554 198 186 1.71 1 977 BASF SE - REG EUR 112 345 108 142 0.93 3 739 BAYER AG EUR 201 297 212 300 1.83 6 988 BAYERISCHE MOTOREN WERKE AG EUR 399 294 397 827 3.43 5 000 CASINO GUICHARD PERRACHON SA EUR 334 950 346 550 2.99 17 125 CREDIT SUISSE GROUP AG - REG CHF 274 115 246 079 2.12 7 171 DAIMLER AG EUR 269 296 253 459 2.19 9 239 DANONE SA EUR 441 058 452 850 3.91 27 981 DEUTSCHE BANK AG - REG EUR 787 945 797 459 6.89 14 563 DEUTSCHE BOERSE AG EUR 584 944 619 364 5.34 8 824 ENI SPA EUR 141 008 148 067 1.28 15 840 E.ON AG EUR 243 479 269 280 2.32 1 358 FANUC CORP JPY 186 880 173 677 1.50 206 FAST RETAILING CO LTD JPY 33 797 32 307 0.28 8 519 GDF SUEZ EUR 144 823 159 774 1.38 16 365 ING GROEP NV - CVA EUR 103 408 86 178 0.74 2 743 LINDE AG EUR 331 629 336 429 2.90 1 618 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 191 329 193 917 1.67 53 467 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 188 915 199 595 1.72 986 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 100 572 109 594 0.95 1 007 NINTENDO CO LTD JPY 111 910 91 991 0.79 2 406 NOVARTIS AG - REG CHF 105 175 105 963 0.91 691 ROCHE HOLDING AG - GENUSSCHEIN CHF 92 389 94 116 0.81 12 459 RWE AG EUR 381 403 400 868 3.46 7 527 SANOFI EUR 429 087 449 663 3.88 17 981 SAP AG EUR 836 152 836 925 7.23 2 453 SEVEN & I HOLDINGS CO LTD JPY 52 355 58 068 0.50 11 316 SIEMENS AG - REG EUR 765 171 748 440 6.46 28 145 SOFTBANK CORP JPY 769 797 820 800 7.09 5 000 SOLVAY SA EUR 360 150 388 900 3.36

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

175 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.) 1 294 SWISSCOM AG - REG CHF 395 742 410 667 3.54 10 117 THYSSENKRUPP AG EUR 187 417 129 852 1.12 1 503 UNIBAIL-RODAMCO SE EUR 206 150 218 085 1.88 9 534 VIVENDI SA EUR 125 134 139 482 1.20 1 211 VOLKSWAGEN AG - PFD EUR 149 559 150 891 1.30 1 878 WESFARMERS LTD - PPS AUD 46 633 47 873 0.41

Total Shares 11 412 249 11 657 969 100.59

Investment funds 25 UK EQUITY HOLDINGS EUR 25 015 25 238 0.22

Total Investment funds 25 015 25 238 0.22

Total investments 11 437 264 11 683 207 100.81

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

176 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Chemicals 12.92 Banks 10.73 General Industrials 8.13 Software and Computer Services 7.22 Pharmaceuticals and Biotechnology 7.09 Mobile Telecommunications 7.08 Automobiles and Parts 6.92 Financial Services 5.34 Electricity 4.84 Fixed Line Telecommunications 4.75 Food Producers 3.91 Nonlife Insurance 3.51 Food and Drug Retailers 2.99 Beverages 2.63 Gas, Water and Multiutilities 2.32 Real Estate Investment Trusts 1.88 Industrial Transportation 1.71 Industrial Engineering 1.50 Oil and Gas Producers 1.28 General Retailers 1.19 Industrial Metals and Mining 1.12 Leisure Goods 0.79 Life Insurance 0.74 Investment Fund 0.22

100.81

177 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR Geographical classification of investments (as a percentage of net assets at June 30, 2012) %

Germany 48.91 France 21.02 Japan 13.04 Switzerland 7.39 Belgium 5.99 Italy 2.99 Netherlands 0.74 Australia 0.41 United Kingdom 0.32

100.81

178 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 100.50% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI WORLD INFORMATION TECHNOLOGY TR index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ACCENTURE LTD 1.31 ACTIVISION 0.18 ADOBE SYSTEMS 0.54 ADV MICRO DEVICE 0.11 ADVANTEST 0.08 AKAMAI TECHNOLOGIES 0.19 ALCATEL-LUCENT 0.13 ALLIANCE DATA SYSTEMS 0.23 ALTERA CORP 0.37 AMADEUS IT HOLDING SA 0.22 AMPHENOLCORP 0.30 ANALOG DEVICES INC 0.38 ANSYS INC 0.20 APPLE COMP INC 18.29 APPLIED MATL 0.50 ARM 0.37 ARROW ELECTRONICS 0.12 ASM PACIFIC TECHNOLOGY 0.08 ASML HOLDING NV 0.72 ATOS ORIGIN 0.11 AUTODESK 0.27 AUTOMATIC DATA 0.92 AVAGO TECHNOLOGIES LTD 0.28 AVNET 0.15 BMC SOFTWARE 0.24 BROADCOM CORP 0.56 BROTHER INDS 0.09 CANON INC 1.51 CAP GEMINI 0.18 CGI GROUP A 0.18 CISCO SYSTEMS 3.11 CITIZEN WATCH 0.05 CITRIX SYSTEMS 0.52 COGNIZANTTECHSOLUTIONS 0.61 COMPUTER ASSOC 0.31 COMPUTER SCIENCE 0.13 COMPUTERSHARE 0.11

179 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares CORNING INC 0.66 CREE INC 0.09 DASSAULT SYSTEM 0.19 DELL COMPUTER 0.64 DENA CO LTD 0.09 DOLBY LABORATORIES INC 0.07 EBAY INC 1.63 ELECTRONIC ART 0.14 EMC CORP/MA 1.77 EQUINIX INC 0.28 F5 NETWORKS INC 0.26 FACEBOOK INC 0.47 FIDELITY NATIONAL INFORMATION SERVICES INC 0.27 FISERV INC 0.34 FLEXTRONICS 0.14 FLIR SYSTEMS INC. 0.10 FOXCONN INTERNATIONAL 0.03 FUJI PHOTO FILM 0.29 FUJITSU LTD 0.30 GEMALTO NV 0.19 GOOGLE INC 5.03 GREE INC 0.06 HAMAMATSU PHOTO 0.08 HARRIS CORP 0.16 HEWLETT-PACKARD 1.33 HEXAGON AB-B SHS 0.14 HIROSE ELECTRIC 0.10 HITACHI HIGH TEC 0.05 HITACHI LTD 0.93 HOYA CORP 0.32 IBIDEN 0.07 INFINEON TECHNOLOGIES AG 0.25 INTEL CORP 4.47 INTERNATIONAL BUSINESS MACHINE 7.23 INTUIT INC 0.56 ITOCHU TECHNO 0.04 JUNIPER NETWORKS 0.29 KEYENCE 0.38 KLA TENCOR 0.28 KONAMI CORP 0.08 KONICA CORP 0.13 KYOCERA CORP 0.44 LAMRESEARCHCORP 0.26 LINEAR TECH 0.24 LINKEDIN CORP 0.15 LSI LOGIC 0.12 180 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares MARVELL TECHNOLOGY GROUP 0.19 MASTERCARD INC 1.58 MAXIM INTEGRTD 0.25 MICROCHIP TECHNOLOGY 0.21 MICRON TECH 0.21 MICROSOFT CORP 7.76 MOTOROLA SOLUTIONS INC 0.44 MURATA MANUFACTURING CO LTD 0.35 NEC CORPORATION 0.13 NETWORK APPLIANCE 0.38 NEXON CO LTD 0.07 NICE SYSTEMS LTD 0.07 NINTENDO CO. LTD. 0.41 NIP ELEC GLASS 0.07 NOKIA OYJ 0.26 NOMURA RESEARCH 0.07 NTT DATA 0.13 NUANCE COMMUNICATIONS INC 0.20 NVIDIA CORP 0.28 OMRON CORP 0.14 OPEN TEXT CORP 0.10 ORACLE CORP 4.01 ORACLE CORP JPN 0.05 OTSUKA 0.04 PAYCHEX INC 0.34 QUALCOMM INC 3.16 RACKSPACE HOSTING INC 0.16 RED HAT INC- 0.37 RESEARCH IN MOTION 0.12 RICOH CO LTD 0.18 ROHM CO 0.12 SAGE GRP 0.19 SAIC INC 0.11 SALESFORCE.COM INC 0.60 SANDISK CORP/USD 0.30 SAP AG 1.82 SEAGATETECHNOLOGY 0.34 SEIKO EPSON 0.04 SHIMADZU CORP 0.07 SQUARE ENIX 0.03 STMICROELECTRON. 0.12 SUMCO 0.03 SYMANTEC CORP 0.36 SYNOPSYS INC 0.14 TDK CORPORATION 0.17 TELEFONAKTIEBOLAGET LM ERICSSO 0.92 181 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares TERADATA CORP 0.40 TEXAS INSTRUMENT 1.10 TOKYO ELECTRON 0.27 TOSHIBA CORP 0.51 TOTAL SYSTEM SERVICES INC 0.13 TREND MICRO INC 0.10 TRIMBLE NAVIGATION LTD 0.19 TYCO ELECTRONICS LTD 0.46 UNITED INTERNET AG-REG SHARE 0.06 VERIFONE SYSTEMS INC 0.12 VERISIGN 0.23 VISA INC 2.18 VMWARE INC 0.25 WESTERN DIGITAL 0.24 WESTERN UNION CO 0.35 XEROX CORP 0.35 XILINX INC 0.29 YAHOO INC 0.61 YAHOO JAPAN 0.16 YASKAWA ELEC 0.05 YOKOGAWA ELEC 0.07

Total 100.00

182 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Computer Hardware 23.56 Software 18.81 Semiconductors 15.74 Computer Services 9.76 Internet 6.67 Telecommunications Equipment 6.45 Consumer Finance 4.11 Financial Administration 2.44 Electronic Equipment 2.44 Electrical Components & Equipment 2.38 Electronic Office Equipment 2.20 Specialized Consumer Services 1.79 Business Support Services 1.66 Toys 0.88 Diversified Industrials 0.51 Business Training & Employment Agencies 0.15 Industrial Machinery 0.12 Investment Services 0.11 Defense 0.10 Broadcasting & Entertainment 0.07 Clothing & Accessories 0.05

100.00

183 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR Schedule of Investments as at June 30, 2012 (expressed in EUR) Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 4 500 AIR LIQUIDE SA EUR 384 930 405 225 3.23 10 688 ALLIANZ SE - REG EUR 784 708 845 527 6.74 5 106 ANHEUSER-BUSCH INBEV NV EUR 282 831 312 998 2.50 3 045 ARKEMA SA EUR 154 503 156 970 1.25 2 605 ASTRAZENECA PLC SEK 85 426 91 775 0.73 7 723 BASF SE - REG EUR 442 451 422 448 3.37 4 400 BAYER AG EUR 221 337 249 832 1.99 6 723 BAYERISCHE MOTOREN WERKE AG EUR 415 280 382 740 3.05 6 210 CARLSBERG A/S - B DKK 415 777 385 246 3.07 5 000 CASINO GUICHARD PERRACHON SA EUR 334 950 346 550 2.76 18 983 CREDIT SUISSE GROUP AG - REG CHF 290 210 272 777 2.17 22 131 DAIMLER AG EUR 841 010 782 219 6.24 8 234 DANONE SA EUR 427 345 403 590 3.22 7 939 DEUTSCHE BOERSE AG EUR 305 016 337 646 2.69 46 532 E.ON AG EUR 725 702 791 044 6.31 943 FANUC CORP JPY 130 133 120 602 0.96 988 FAST RETAILING CO LTD JPY 161 221 154 946 1.24 25 885 GDF SUEZ EUR 440 045 485 473 3.87 96 893 ING GROEP NV - CVA EUR 456 366 510 239 4.07 3 247 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 340 901 360 904 2.88 39 468 NOMURA HOLDINGS INC JPY 130 575 114 595 0.91 360 NOVARTIS AG - REG CHF 15 736 15 855 0.13 423 ROCHE HOLDING AG - GENUSSCHEIN CHF 56 778 57 614 0.46 13 705 RWE AG EUR 407 450 440 958 3.52 8 017 SANOFI EUR 446 490 478 936 3.82 15 743 SAP AG EUR 720 006 732 758 5.84 20 361 SEVEN & I HOLDINGS CO LTD JPY 434 269 481 992 3.84 6 308 SIEMENS AG - REG EUR 436 968 417 211 3.33 5 500 SOLVAY SA EUR 396 165 427 790 3.41 8 568 TNT EXPRESS NV EUR 78 766 79 160 0.63 597 UNIBAIL-RODAMCO SE EUR 81 816 86 625 0.69 15 721 UNILEVER NV EUR 396 326 414 799 3.31 50 233 VIVENDI SA EUR 666 422 734 908 5.86

Total Shares 11 907 909 12 301 952 98.09

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

184 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Investment funds 300 UK EQUITY HOLDINGS EUR 300 606 302 850 2.41

Total Investment funds 300 606 302 850 2.41

Total investments 12 208 515 12 604 802 100.50

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

185 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Chemicals 13.25 Nonlife Insurance 9.62 Automobiles and Parts 9.29 Electricity 7.39 Food Producers 6.52 Gas, Water and Multiutilities 6.31 Fixed Line Telecommunications 5.86 Software and Computer Services 5.84 Beverages 5.57 Pharmaceuticals and Biotechnology 5.14 General Retailers 5.08 Life Insurance 4.07 Financial Services 3.61 General Industrials 3.33 Food and Drug Retailers 2.76 Investment Fund 2.41 Banks 2.17 Industrial Engineering 0.96 Real Estate Investment Trusts 0.69 Industrial Transportation 0.63

100.50

186 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR Geographical classification of investments (as a percentage of net assets at June 30, 2012) %

Germany 45.95 France 27.12 Netherlands 8.01 Japan 6.95 Belgium 5.91 Denmark 3.07 Switzerland 2.76 United Kingdom 0.73

100.50

187 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 101.74% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI WORLD HEALTH CARE index TR. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ABBOTT LABORATORIES 4.03 ACTELION N 0.18 AETNA INC 0.54 AGILENT TECH A.N 0.54 ALEXION PHARMACEUTICALS INC 0.74 ALFRESA HOLDINGS 0.09 ALLERGAN INC 1.12 AMERISOURCEBERGN 0.4 AMGEN INC 2.3 ASTELLAS PHARMA INC (EX YAMANOUCHI PHARM) 0.77 ASTRAZENECA PLC 2.27 BARD (C.R.) 0.34 BAXTER INTL INC 1.19 BAYER AG 2.37 BECTON DICKINSON 0.63 BIOGEN INC 1.3 BIOVAIL CORP 0.52 BOSTON SCIEN CP 0.33 BRISTOL MYERS SQ BMY.N 2.42 CARDINAL HLTH 0.58 CAREFUSION CORP 0.23 CELESIO AG 0.06 CELGENE CORP 1.12 CERNER CORP 0.47 CHUGAI PHARMACEUTICAL 0.17 CIGNA CORP 0.5 COCHLEAR 0.15 COLOPLAST B 0.16 COVENTRY HEALTH CARE 0.18 COVIDIEN LTD 1.03 CSL 0.83 DAIICHI SANKYO CO LTD 0.45 DAINPN SUMI PHAR 0.06 DAVITA 0.37 DENTSPLY INTERNATIONAL 0.21 EDWARDS LIFESCIENCES CORPORATION 0.47 EISAI 0.44

188 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ELAN CORP 0.29 ELEKTA B 0.17 ELI LILLY 1.78 ESSILOR INTERNAT 0.75 EXPRESS SCRIPTS COMMON 1.78 FOREST LABS 0.37 FRESENIUS MEDICAL CARE AG & CO 0.59 FRESENIUS SE & CO KGAA 0.51 GETINGE AB B 0.2 GILEAD SCI 1.55 GLAXOSMITHKLINE PLC 4.56 GRIFOLS SA 0.15 HCA HOLDINGS INC 0.21 HENRY SCHEIN INC 0.28 HISAMITSU PHARM 0.12 HOLOGIC INC 0.19 HOSPIRA 0.23 HUMANA INC 0.51 ILLUMINA INC 0.2 INTUITIVE SURG 0.87 INVITROGEN CORP 0.32 JOHNSON & JOHNSON 7.38 KYOWA HAKKO KOGY 0.11 LABORATORY CORP OF AMER 0.36 LONZA 0.09 MCKESSON CORP 0.92 MEDICEO PAL HLDG 0.08 MEDTRONIC INC 1.63 MERCK & CO INC 5.06 MERCK KGAA 0.26 MIRACA HOLDINGS 0.09 MYLAN LABORATORIES INC 0.36 NOVARTIS AG 5.12 NOVO NORDISK B 2.35 OLYMPUS CORP 0.14 OMNICARE 0.14 ONO PHARM 0.21 ORION OYJ-CLASS B 0.07 OTSUKA HOLDINGS CO LTD 0.44 PATTERSON COS 0.12 PERRIGO COMPANY 0.42 PFIZER INC 6.9 PHONAK 0.19 QIAGEN NV 0.16 QUEST DIAG 0.38 RAMSAY HEALTH CARE LTD 0.12 189 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares REGEGERON PHARMACEUTICAL 0.33 ROCHE HOLDING AG 4.83 SANOFI-AVENTIS SA 3.64 SANTEN PHARMACEUTICAL CO 0.12 SHIONOGI & CO 0.16 SHIRE PHARM GRP 0.64 SMITH & NEPHEW 0.36 SONIC HEALTHCARE 0.19 ST JUDE MEDICAL 0.51 STRAUMANN 0.05 STRYKER CORP 0.67 SUZUKEN 0.09 SXC HEALTH SOLUTIONS CORP* 0.25 SYSMEX 0.11 TAISHO PHARMACEUTICAL HOLDINGS CO LTD 0.12 TAKEDA PHARMACEUTICAL 1.42 TANABE SEIYAKU 0.13 TERUMO CORP 0.25 TEVA PHARMACEUTICAL INDUSTRIES LTD 1.46 THERMO ELECTRON 0.76 TSUMURA & CO 0.06 UCB 0.22 UNITEDHEALTH GP 2.43 VARIAN MEDICAL SYSTEMS 0.27 VERTEX PHARMACEUTICALS 0.47 WARNER CHILCOTT LTD 0.12 WATERS CORP 0.28 WATSON PHARM 0.37 WELLPNT HLTH NET 0.85 WILLIAM DEMANT HOLDING 0.09 ZIMMER HLDGS 0.46

Total 100.00

190 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Pharmaceuticals 62.77 Health Care Providers 9.52 Biotechnology 8.90 Medical Equipment 8.68 Medical Supplies 4.40 Specialty Chemicals 2.37 Drug Retailers 2.10 Software 0.72 Electronic Equipment 0.54

100.00

191 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 40 340 ALLIANZ SE - REG EUR 2 963 350 3 191 298 8.25 44 704 ANHEUSER-BUSCH INBEV NV EUR 2 480 679 2 740 355 7.08 1 566 ASTELLAS PHARMA INC JPY 49 248 53 588 0.14 56 470 BASF SE - REG EUR 3 231 952 3 088 909 7.99 30 766 BAYER AG EUR 1 594 533 1 746 893 4.51 94 721 CREDIT SUISSE GROUP AG - REG CHF 1 482 723 1 361 099 3.51 60 583 DAIMLER AG EUR 2 286 199 2 141 306 5.53 6 356 DANONE SA EUR 329 813 311 539 0.80 86 805 E.ON AG EUR 1 357 630 1 475 685 3.81 8 931 FANUC CORP JPY 1 258 516 1 142 201 2.95 5 072 FAST RETAILING CO LTD JPY 825 541 795 431 2.05 216 755 FIAT INDUSTRIAL SPA EUR 1 784 977 1 677 684 4.33 95 532 FIAT SPA EUR 429 894 379 071 0.98 79 439 GDF SUEZ EUR 1 359 598 1 489 878 3.85 12 297 HENKEL AG & CO KGAA - PFD EUR 694 412 643 994 1.66 95 055 ING GROEP NV - CVA EUR 596 880 500 560 1.29 202 KDDI CORP JPY 976 059 1 023 390 2.64 13 916 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 1 786 814 1 667 833 4.31 5 879 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 602 010 653 451 1.69 12 969 NINTENDO CO LTD JPY 1 440 707 1 184 734 3.06 513 713 NIPPON STEEL CORP JPY 997 719 908 126 2.34 10 979 NOMURA HOLDINGS INC JPY 36 323 31 877 0.08 3 165 ROCHE HOLDING AG - GENUSSCHEIN CHF 412 488 431 082 1.11 26 298 RWE AG EUR 807 475 846 138 2.18 5 369 SAP AG EUR 238 088 249 900 0.65 15 309 SIEMENS AG - REG EUR 1 009 222 1 012 537 2.61 46 399 SOFTBANK CORP JPY 1 085 873 1 353 146 3.49 171 SYNGENTA AG - REG CHF 43 891 46 026 0.12 272 121 TOKYO GAS CO LTD JPY 972 757 1 093 778 2.82 18 109 UNIBAIL-RODAMCO SE EUR 2 484 374 2 627 616 6.78 17 271 VIVENDI SA EUR 223 919 252 675 0.65 6 587 VOLKSWAGEN AG - PFD EUR 850 556 820 740 2.12 6 989 WESFARMERS LTD - PPS AUD 173 387 178 162 0.46 5 475 ZURICH INSURANCE GROUP AG CHF 1 011 484 973 161 2.51

Total Shares 37 879 091 38 093 863 98.35

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

192 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Investment funds

1 300 UK EQUITY HOLDINGS EUR 1 309 653 1 312 350 3.39

Total Investment funds 1 309 653 1 312 350 3.39

Total investments 39 188 744 39 406 213 101.74

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

193 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR Economic classification of investments (as a percentage of net assets at June 30, 2012) %

Chemicals 12.61 Nonlife Insurance 12.45 Automobiles and Parts 8.64 Industrial Engineering 7.28 Beverages 7.08 General Industrials 6.92 Real Estate Investment Trusts 6.78 Gas, Water and Multiutilities 6.63 Electricity 6.03 Banks 3.51 Mobile Telecommunications 3.49 Investment Fund 3.39 Fixed Line Telecommunications 3.29 Leisure Goods 3.06 General Retailers 2.51 Industrial Metals and Mining 2.34 Personal Goods 1.66 Life Insurance 1.29 Pharmaceuticals and Biotechnology 1.25 Food Producers 0.80 Software and Computer Services 0.65 Financial Services 0.08

101.74

194 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TR Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 40.97 France 19.78 Japan 19.59 Switzerland 7.26 Belgium 7.08 Italy 5.31 Netherlands 1.29 Australia 0.46

101.74

195 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 102.78% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI WORLD INDUSTRIALS index TR. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares 3M CO 2.30 ABB LTD 1.39 ABERTIS INFRAESTRUCTURAS 0.19 ACS 0.12 ADECCO (CHF) 0.23 ADP 0.09 AGCO CORP 0.17 AGGREKO 0.34 ALFA LAVAL 0.22 ALSTOM SA 0.25 AMADA 0.08 AMETEK INC 0.31 ANA 0.09 ANDRITZ 0.15 AP MOLLER - MAERSK A/S 0.13 AP MOLLER MAERSK A/S 0.34 ASAHI GLASS CO LTD 0.26 ASCIANO GROUP 0.17 ASSA ABLOY AB 0.36 ATLAS COPCO AB 0.56 ATLAS COPCO B 0.29 AUCKLAND INT'L AIRPORT 0.07 AUTOSTRADE 0.16 AVERY DENNISON CORP 0.11 BABCOCK INTERNATIONAL GROUP 0.19 BAE SYSTEMS 0.57 BALFOUR BEATTY 0.12 BIC 0.11 BOEING CO 2.04 BOMBARDIER B 0.22 BOUYGUES SA 0.20 BRAMBLES LTD 0.38 BRENNTAG AG 0.20 BUNZL 0.21 BUREAU VERITAS SA 0.19 CAE 0.10 CAMPBELL BROTHERS LTD 0.15

196 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares CANADIAN NAT'L RAILWAY 1.45 CAPITA GRP 0.26 CATERPILLAR INC 2.14 CATHAY PAC AIR 0.07 CENTRAL JAPAN RY 0.46 CH ROBINSON WW 0.37 CHIYODA CORP 0.07 CIE DE ST-GOBAIN 0.58 CINTAS CORP 0.18 CINTRA CONCESIONES DE INF 0.18 COBHAM 0.15 COMFORTDELGRO 0.09 COOPER INDUSTRIES A 0.42 COSCO CORP SINGAPORE 0.03 CP RAILWAY 0.49 CSX CORP 0.91 CUMMINS INC 0.69 DAI NIPPON PRINT 0.17 DAIKIN INDS 0.25 DANAHER CORP 1.19 DEERE & CO 1.20 DELEK GROUP LTD 0.03 DELTA AIR LINES 0.09 DEUTSCHE POST AG 0.58 DOVER CORP 0.38 DSV 'B' 0.15 DT LUFTHANSA AG 0.10 DUN & BRADSTREET CORP 0.13 EAST JAPAN RAILWAY CO 0.83 EATON CORP 0.49 EDENRED 0.19 ELBIT SYSTEMS LTD-- 0.03 EMERSON ELECTRIC 1.33 EQUIFAX INC 0.22 EUROPEAN AERONAUTIC DEFENCE AND SPACE CO (PA) 0.57 EXPEDITORS INTL WASH. 0.32 EXPERIAN GROUP LTD 0.55 FANUC LTD 1.21 FASTENAL CO 0.44 FEDEX CORP 1.06 FIAT INDUSTRIAL SPA 0.33 FINMECCANICA 0.06 FINNING INT'L 0.15 FLOWSERVE CORPORATION 0.24 FLUOR CORP 0.32 FRAPORT 0.08 197 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares FRASER AND NEAVE 0.20 FUJI ELECTRIC 0.05 FURUKAWA ELEC 0.06 GEA GROUP 0.18 GEBERIT AG 0.29 GENERAL DYNAMICS 0.78 GENERAL ELECTRIC CO 8.56 GOODRICH CORPORATION 0.62 GRAINGER (WW) 0.44 GROUP 4 SECURICOR 0.24 GROUPE EUROTUNNEL SA 0.18 GS YUASA CORP 0.06 HANKYU HOLDINGS 0.22 HERTZ GLOBAL HOLDINGS INC 0.13 HINO MOTORS 0.07 HITACHI CONST 0.08 HOCHTIEF 0.06 HONEYWELL INTL 1.60 HOPEWELL HOLDINGS 0.06 HUNT (JB)TRANSPRT SVCS INC 0.22 HUTCHISON 0.71 HUTCHISON PORT HOLDINGS TRUST 0.14 IHS INC 0.23 ILLINOIS TOOL WK 0.89 IMI 0.16 INGERSOLL-RAND 0.49 INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA 0.09 INTERTEK GROUP 0.26 INVENSYS 0.11 IRON MOUNTAIN 0.16 ISHI-HAR HVY IND 0.11 ITOCHU CORP 0.61 JACOBS ENGINEERING GROUP 0.19 JGC CORPORATION 0.23 JOY GLOBAL INC 0.24 JPN STEEL WORKS 0.07 JS GROUP 0.22 JTEKT 0.09 KAJIMA CORP 0.10 KAMIGUMI 0.07 KANSAS CITY SOUTHERN INDS 0.30 KAWASAKI HVY IND 0.15 KAWASAKI KISEN 0.06 KBR INC 0.14 KEIHIN E EXPR RY 0.17 KEIO ELEC RAIL 0.16 198 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares KEISEI ELE RY 0.09 KEPPEL CORP 0.45 KINDEN CORP (OS) 0.03 KINTETSU 0.25 KOMATSU 0.85 KONE OYJ B 0.37 KONINKLIJKE BOSKALIS WESTMINSTER NV 0.09 KONINKLIJKE PHILIPS ELECTRONIC 0.77 KONINKLIJKE VOPAK NV 0.18 KUBOTA CORP 0.39 KUEHNE & NAGEL 0.22 KURITA WATER INDUSTRIES LTD 0.10 L-3 COMMUNICATIONS HLDGS 0.28 LEGRAND SA 0.31 LEIGHTON HOLDINGS 0.10 LOCKHEED MARTIN 0.93 MABUCHI MOTOR 0.04 MAKITA CORP 0.15 MAN AG 0.17 MANPOWER 0.11 MARUBENI 0.42 MASCO CORP 0.19 MEGGITT PLC 0.18 METSO 0.17 MITSUB LOGISTICS 0.05 MITSUBISHI CORP 1.09 MITSUBISHI ELEC 0.62 MITSUBISHI HVY 0.48 MITSUI & CO LTD 0.99 MITSUI OSK LINES 0.15 MTR CORPORATION 0.19 NABTESCO CORP 0.09 NEPTUNE ORIENT LINES 0.03 NGK INSULATORS 0.11 NIDEC CORP (OSAKA) 0.32 NIELSEN HOLDINGS NV 0.13 NIPPON EXPRESS 0.14 NIPPON YUSEN 0.16 NOBLE GROUP 0.13 NORFOLK SOUTHERN CORP 0.92 NORTHROP GRUMMAN CORP 0.59 NSK 0.11 NTN CORP 0.05 NWS HOLDINGS LTD 0.08 OBAYASHI CORP 0.11 ODAKYU ELEC RAIL 0.24 199 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ORIENT OVERSEAS INTL 0.04 ORKLA A 0.22 PACCAR INC 0.52 PALL CORP 0.25 PARKER HANNIFIN CORP 0.45 PENTAIR 0.15 PITNEY BOWES INC 0.12 PRECISION CASTPARTS CORP 0.93 PRYSMIAN SPA 0.12 QANTAS AIRWAYS 0.05 QR NATIONAL LTD 0.23 QUANTA SERVICES INC. 0.19 RANDSTAD 0.14 RAYTHEON 0.75 REPUBLIC SERVICES 0.32 REXEL SA 0.07 RITCHIE BROS. AUCTIONEER 0.08 ROB HALF INTL 0.15 ROCKWELL AUTOMATION 0.37 ROCKWELL COLLINS 0.27 ROLLS ROYCE 0.98 ROPER INDUSTRIES 0.37 RYANAIR HOLDINGS PLC 0.04 SAFRAN SA 0.33 SANDVIK AB 0.50 SCANIA B 0.21 SCHINDLER HOLDING AG 0.09 SCHINDLER P 0.21 SCHNEIDER ELECTRIC SA 1.12 SECOM 0.37 SECURITAS AB 0.09 SEMBCORP INDUSTRIES 0.15 SEMBCORP MARINE 0.12 SENSATA TECHNOLOGIES HOLDING NV 0.09 SERCO GRP 0.16 SGS N 0.40 SHIMIZU CORP 0.08 SIEMENS AG 2.68 SINGAPORE AIRLINES 0.17 SINGAPORE TECH ENGR. 0.15 SKANSKA B 0.23 SKF AB -B- 0.30 SMC CORPORATION 0.36 SMITHS GROUP PLC 0.24 SNC-LAVALIN GROUP 0.22 SOJITZ 0.08 200 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SOUTHWEST AIRLINES CO 0.07 SPX CORP 0.13 STANLEY WORKS 0.40 STERICYCLE INC 0.30 SULZER R 0.11 SUMITOMO CORP 0.61 SUMITOMO ELEC 0.36 SUMITOMO HVY IND 0.10 SYDNEY AIRPORT 0.04 TAISEI CORP 0.11 TEXTRON 0.27 THALES EX TH-CSF 0.12 THK 0.09 TNT EXPRESS NV 0.15 TOBU RAILWAY 0.21 TOKYU CORP 0.21 TOLL HOLDINGS 0.11 TOPPAN PRINTING 0.14 TOTO 0.08 TOYOTA TSUSHO CORP 0.16 TRANSDIGM GROUP INC 0.25 TRANSURBAN GROUP 0.30 TYCO INTL 0.95 UAL CORP 0.08 UNION PACIFIC CORP 2.22 UNITED PARCEL B 2.21 UNITED TECHNOLOGIES CORP 2.54 URS CORP 0.11 USHIO INC 0.05 VALLOUREC 0.16 VERISK ANALYTICS INC 0.27 VINCI SA 0.82 VOLVO AB 0.62 WARTSILA 0.21 WASTE MANAGEMNT 0.57 WEIR GRP 0.20 WEST JAPAN RY 0.27 WOLSELEY 0.41 XYLEM INC 0.18 YAMATO TRANSPORT 0.23 YANGZIJIANG SHIPBUILDING HOLDINGS LTD 0.06 ZARDOYA OTIS 0.07 ZODIAC 0.13

Total 100.00 201 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Diversified Industrials 20.22 Industrial Machinery 12.74 Aerospace 9.73 Commercial Vehicles & Trucks 8.13 Railroads 6.70 Industrial Suppliers 5.02 Delivery Services 4.56 Business Support Services 4.12 Defense 4.12 Travel & Tourism 3.52 Heavy Construction 3.48 Electrical Components & Equipment 2.68 Electronic Equipment 2.10 Building Materials & Fixtures 1.98 Transportation Services 1.47 Marine Transportation 1.31 Waste & Disposal Services 1.19 Trucking 0.87 Airlines 0.85 Oil Equipment & Services 0.73 Business Training & Employment Agencies 0.63 Auto Parts 0.62 Durable Household Products 0.55 Publishing 0.54 Containers & Packaging 0.38 Specialty Chemicals 0.31 Nondurable Household Products 0.26 Specialty Finance 0.24 Financial Administration 0.19 Water 0.18 Iron & Steel 0.16 Media Agencies 0.13 Electronic Office Equipment 0.12 Software 0.11 Real Estate Holding & Development 0.06

100.00

202 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 2 641 ADIDAS AG - REG EUR 152 465 149 111 2.50 1 717 AKZO NOBEL NV - CVA EUR 67 590 63 598 1.07 3 117 ALLIANZ SE - REG EUR 224 393 246 586 4.14 6 297 ANHEUSER-BUSCH INBEV NV EUR 358 707 386 006 6.46 4 326 ASTELLAS PHARMA INC JPY 136 505 148 034 2.48 487 ASTRAZENECA PLC SEK 15 990 17 157 0.29 4 916 BASF SE - REG EUR 282 473 268 905 4.51 7 388 BAYER AG EUR 377 606 419 491 7.03 1 872 BAYERISCHE MOTOREN WERKE AG EUR 108 707 106 573 1.79 19 553 CREDIT SUISSE GROUP AG - REG CHF 308 892 280 968 4.71 6 645 DAIMLER AG EUR 235 200 234 868 3.94 10 971 ENI SPA EUR 174 768 184 093 3.09 14 861 E.ON AG EUR 229 157 252 637 4.24 923 FANUC CORP JPY 123 199 118 044 1.98 701 FAST RETAILING CO LTD JPY 113 563 109 936 1.84 70 048 FIAT SPA EUR 315 216 277 950 4.66 8 712 GDF SUEZ EUR 148 932 163 394 2.74 19 122 ING GROEP NV - CVA EUR 129 456 100 696 1.69 30 KDDI CORP JPY 145 016 151 989 2.55 16 819 MITSUBISHI CORP JPY 278 939 265 098 4.45 3 833 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 406 083 426 038 7.14 168 871 NEC CORP JPY 236 506 205 132 3.44 1 298 NOVARTIS AG - REG CHF 56 740 57 165 0.96 1 513 ROCHE HOLDING AG - GENUSSCHEIN CHF 204 761 206 075 3.46 3 424 RWE AG EUR 112 461 110 167 1.85 4 945 SANOFI EUR 285 524 295 414 4.96 896 SHIN-ETSU CHEMICAL CO LTD JPY 38 101 38 580 0.65 2 078 SIEMENS AG - REG EUR 143 775 137 439 2.31 31 368 TNT EXPRESS NV EUR 288 366 289 809 4.86 530 UNIBAIL-RODAMCO SE EUR 72 557 76 903 1.29 2 199 VOLKSWAGEN AG - PFD EUR 275 078 273 995 4.60 1 588 WESFARMERS LTD - PPS AUD 39 432 40 481 0.68

Total Shares 6 086 158 6 102 332 102.36

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

203 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Investment funds 25 UK EQUITY HOLDINGS EUR 25 031 25 238 0.42

Total Investment funds 25 031 25 238 0.42

Total investments 6 111 189 6 127 570 102.78

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

204 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Automobiles and Parts 14.99 Chemicals 13.26 Pharmaceuticals and Biotechnology 12.14 Nonlife Insurance 11.28 Beverages 6.47 Industrial Transportation 4.86 Banks 4.71 Electricity 4.59 Support Services 4.45 Gas, Water and Multiutilities 4.24 Technology Hardware and Equipment 3.44 Oil and Gas Producers 3.09 Fixed Line Telecommunications 2.55 General Retailers 2.52 Personal Goods 2.50 General Industrials 2.31 Industrial Engineering 1.98 Life Insurance 1.69 Real Estate Investment Trusts 1.29 Investment Fund 0.42

102.78

205 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TR Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 44.04 Japan 17.39 France 9.41 Switzerland 9.13 Italy 7.75 Netherlands 7.62 Belgium 6.47 Australia 0.68 United Kingdom 0.29

102.78

206 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 103.39% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI WORLD ENERGY TR index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AKER KVAERNER 0.09 ALPHA NATURAL RESOURCES INC 0.08 AMEC 0.21 ANADARKO PETROLEUM CORP 1.32 APACHE CORP 1.35 ARC ENERGY TRUST 0.26 ATHABASCA OIL SANDS CORP 0.14 BAKER HUGHES INC 0.72 BAYTEX ENERGY CORP 0.20 BG GROUP PLC 2.78 BONAVISTA ENERGY TRUST 0.09 BP PLC 5.04 CABOT OIL & GAS CORP 0.33 CALTEX AUSTRALIA 0.08 CAMECO CORP 0.35 CAMERON INTERNATIONAL 0.42 CANADIAN NAT RESOURCES 1.18 CANADIAN OIL SANDS TRUST 0.38 CENOVUS ENERGY INC 0.96 CHESAPEAKE ENERGY CORP 0.49 CHEVRON CORP 8.36 CIMAREX ENERGY CO 0.19 COBALT INTERNATIONAL ENERGY INC 0.17 CONCHO RESOURCES INC/MIDLAND TX 0.34 CONOCOPHILLIPS 2.72 CONSOL ENERGY 0.27 CONTINENTAL RESOURCES INC/OK 0.12 CORE LABORATORIES NV 0.22 COSMO OIL 0.06 CRESCENT POINT ENERGY TRUST 0.44 DENBURY RESOURCES 0.24 DEVON ENERGY 0.89 DIAMOND OFFSHORE DRILL. 0.17 ENBRIDGE 1.19 ENCANA CORP 0.61 ENERGEN CORP 0.13 ENERPLUS RESOURCES FUND 0.10

207 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ENI SPA 2.05 EOG RESOURCES 0.97 EQUITABLE RESOURCES 0.32 EXXON MOBIL CORP 16.17 FMC TECHNOLOGIES 0.38 FUGRO 0.17 GALP ENERGIA 0.12 GEOPHYSIQUE 0.14 HALLIBURTON CO 1.05 HELMERICH PAYNE 0.19 HESS CORP 0.53 HOLLY CORP 0.28 HUSKY ENERGY 0.34 IDEMITSU KOSAN CO LTD 0.08 IMPERIAL OIL 0.50 INPEX HOLDINGS 0.49 JPN PETROLEUM EX 0.04 JX HOLDINGS INC 0.46 KINDER MORGAN INC/DELAWARE 0.62 KINDER MORGAN MANAGEMENT LLC 0.26 LUNDIN PETROLEUM 0.17 MARATHON OIL CORP 0.72 MARATHON PETROLEUM CORP 0.63 MEG ENERGY CORP 0.18 MURPHY OIL CORP 0.37 NABORS INDUSTRIES LTD 0.17 NATIONAL OILWELL VARCO 1.10 NESTLE OIL 0.06 NEWFIELD EXPLORATION CO 0.16 NEXEN 0.36 NOBLE CORP 0.33 NOBLE ENERGY 0.60 OCCIDENTAL PETROLEUM 2.79 OMV 0.19 ORIGIN ENERGY 0.55 PACIFIC RUBIALES ENERGY CORP 0.25 PEABODY ENERGY CORP. 0.27 PEMBINA PIPELINE CORP 0.29 PENGROWTH ENERGY CORP 0.13 PENN WEST ENERGY TRUST 0.25 PETROFAC LTD 0.23 PHILLIPS 66 0.84 PIONEER NATURAL RES. 0.41 PLAINS EXPLORATION & PRODUCTION CO 0.18 PRECISION DRILLING TRUST 0.06 PROEX ENERGY LTD 0.15

208 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares QEP RESOURCES INC 0.21 RANGE RESOURCES CORP 0.40 REPSOL YPF SA 0.51 ROWAN CO INC 0.16 ROYAL DUTCH SHELL PLC 4.95 ROYAL DUTCH SHELL B 3.72 SAIPEM SPA 0.47 SANTOS 0.41 SBM OFFSHORE 0.09 SCHLUMBERGER LTD 3.47 SEADRILL 0.50 SHOWA SHELL 0.05 SOUTHWESTERN ENERGY CO 0.45 SPECTRA ENERGY CORP 0.76 STATOIL 1.06 SUBSEA 7 SA 0.22 SUNCOR ENERGY INC 1.82 SUNOCO INC 0.20 SUPERIOR ENERGY SERVICES INC 0.13 TALISMAN ENERGY 0.47 TECHNIP SA 0.41 TENARIS 0.33 TONENGENERAL 0.10 TOTAL SA 3.83 TOURMALINE OIL CORP 0.13 TRANSCANADA CORP 1.18 TRANSOCEAN LTD 0.63 TULLOW OIL PLC 0.84 ULTRA PETROLEUM CORP 0.14 VALERO ENERGY CORP 0.54 VERMILION ENERGY INC 0.17 WEATHERFORD INT'L 0.38 WHITEHAVEN COAL LTD 0.08 WHITING PETROLEUM CORP 0.19 WILLIAMS COS 0.68 WOODSIDE PETROLEUM 0.82 WORLEYPARSONS 0.21

Total 100.00

209 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Integrated Oil & Gas 57.91 Exploration & Production 22.86 Oil Equipment & Services 12.32 Pipelines 3.94 Gas Distribution 1.05 Coal 0.70 Multiutilities 0.54 Nonferrous Metals 0.35 Iron & Steel 0.33

100.00

210 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 25 922 AKZO NOBEL NV - CVA EUR 940 450 960 151 3.19 28 608 ANHEUSER-BUSCH INBEV NV EUR 1 585 557 1 753 670 5.83 2 751 ASTELLAS PHARMA INC JPY 91 789 94 138 0.31 22 110 BASF SE - REG EUR 1 268 347 1 209 417 4.02 28 674 BAYER AG EUR 1 501 018 1 628 110 5.41 76 459 CREDIT SUISSE GROUP AG - REG CHF 1 214 804 1 098 682 3.65 33 816 DAIMLER AG EUR 1 374 973 1 195 227 3.97 9 322 DANONE SA EUR 483 719 456 918 1.52 30 898 DEUTSCHE TELEKOM AG - REG EUR 241 004 267 391 0.89 22 117 ENI SPA EUR 353 430 371 123 1.23 99 924 E.ON AG EUR 1 543 826 1 698 708 5.64 9 150 FANUC CORP JPY 1 262 692 1 170 209 3.89 53 450 GDF SUEZ EUR 878 718 1 002 455 3.33 102 344 ING GROEP NV - CVA EUR 694 651 538 944 1.79 11 628 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 1 482 570 1 393 616 4.63 25 893 MITSUBISHI CORP JPY 407 932 408 120 1.36 5 525 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 573 771 614 104 2.04 6 526 NINTENDO CO LTD JPY 724 963 596 158 1.98 20 834 RWE AG EUR 680 855 670 334 2.23 27 834 SANOFI EUR 1 535 323 1 662 803 5.52 29 986 SAP AG EUR 1 329 729 1 395 698 4.64 33 639 SEVEN & I HOLDINGS CO LTD JPY 718 285 796 313 2.65 32 245 SHIN-ETSU CHEMICAL CO LTD JPY 1 332 201 1 388 422 4.61 31 909 SIEMENS AG - REG EUR 2 123 738 2 110 460 7.00 3 837 TAKEDA PHARMACEUTICAL CO LTD JPY 128 399 136 985 0.46 91 111 THYSSENKRUPP AG EUR 1 687 831 1 169 410 3.89 9 922 UNIBAIL-RODAMCO SE EUR 1 358 322 1 439 682 4.78 17 739 UNILEVER NV EUR 445 958 468 044 1.55 75 267 VIVENDI SA EUR 984 439 1 101 156 3.66 10 553 VOLKSWAGEN AG - PFD EUR 1 383 442 1 314 904 4.37

Total Shares 30 332 736 30 111 352 100.04

Investment funds 1 000 UK EQUITY HOLDINGS EUR 1 001 261 1 009 500 3.35

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

211 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Investment funds (cont.)

Total Investment funds 1 001 261 1 009 500 3.35

Total investments 31 333 997 31 120 852 103.39

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

212 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Chemicals 17.22 General Industrials 11.64 Automobiles and Parts 8.34 Pharmaceuticals and Biotechnology 6.29 Beverages 5.83 Gas, Water and Multiutilities 5.64 Electricity 5.56 Real Estate Investment Trusts 4.78 Software and Computer Services 4.64 Fixed Line Telecommunications 4.55 Industrial Engineering 3.89 Industrial Metals and Mining 3.89 Banks 3.65 Investment Fund 3.35 Food Producers 3.07 General Retailers 2.65 Nonlife Insurance 2.04 Leisure Goods 1.98 Life Insurance 1.79 Support Services 1.36 Oil and Gas Producers 1.23

103.39

213 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 44.09 France 26.80 Japan 15.25 Netherlands 6.54 Belgium 5.83 Switzerland 3.65 Italy 1.23

103.39

214 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 103.59% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI WORLD FINANCIALS TR index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares 3I GROUP PLC 0.07 ABERDEEN ASSET MANAGEMENT PLC 0.08 ACE (USD) 0.57 ADMIRAL GROUP PLC 0.09 AEGON NV 0.18 AEON CREDIT 0.03 AEON MALL 0.03 AFFILIATED MANAGERS GROUP INC 0.13 AFLAC INC 0.45 AIA GROUP LTD 0.80 ALLEGHANY CORP 0.10 ALLIANZ SE 1.04 ALLSTATE CP 0.40 AMER EXPRESS CO 1.39 AMER INTL GROUP 0.44 AMERICAN CAPITAL AGENCY CORP 0.23 AMERICAN TOWER CORP A 0.63 AMERIPRISE FINANCIAL 0.27 AMP LTD 0.26 ANNALY CAPITAL MANAGEMENT INC 0.37 AON CORP 0.33 AOZORA BANK LTD 0.03 ARCH CAPITAL GROUP LTD 0.12 ASCENDAS REAL ESTATE INV 0.07 ASSICURAZIONI GENERALI SPA 0.36 ASSURANT INC 0.07 AUSTRALIA & NEW ZEALAND BANKIN 1.38 AUSTRALIAN STOCK EXCH. 0.12 AVALONBAY COMMUNITIES 0.31 AVIVA 0.28 AXA SA 0.54 AXIS CAPITAL HOLDINGS 0.09 B M.PASCHI SIENA 0.04 BALOISE HOLDING 0.07 BANCHE POP UNITE 0.06 BANCO BILBAO VIZCAYA ARGENTARI 0.77 BANCO POPOLARE SPA 0.05

215 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares BANCO POPULAR ESPANOL 0.05 BANCO SABADELL 0.09 BANCO SANTANDER SA 1.41 BANK HAPOALIM BM/ILS 0.07 BANK LEUMI LE-ISRAEL BM 0.07 BANK MONTREAL 0.81 BANK OF AMERICA CORP 2.00 BANK OF E ASIA 0.11 BANK OF KYOTO 0.05 BANK OF NEW YORK 0.60 BANK OF NOVA SCOTIA 1.30 BANK OF YOKOHAMA 0.13 BANKIA SAU 0.02 BANQUE CANTONALE VAUDOISE-BR 0.04 BARCLAYS 0.68 BB&T CORP 0.49 BCO ESPIRITO SANTO E R 0.03 BENDIGO BANK LTD 0.07 BERKLEY (W.R.) CORP 0.10 BERKSHIRE HATHAWAY INC CL B 1.73 BLACKROCK INC 0.51 BNP PARIBAS 0.85 BOC HONG KONG 0.26 BOSTON PROPERTIES 0.37 BRITISH LAND CO PLC 0.16 BROOKFIELD ASSET MAN A 0.42 BROOKFIELD PROPERTIES 0.11 CANADIAN IMPERIAL BANK 0.65 CAP ONE FINAN 0.62 CAPITALAND LIMITED 0.13 CAPITAMALL TRUST 0.08 CAPITAMALLS ASIA LTD 0.04 CB RICHARD ELLIS GROUP 0.12 CENTRO RETAIL GROUP 0.06 CFS RETAIL PROP TRUST 0.09 CHEUNG KONG HOLDINGS LTD 0.39 CHIBA BANK 0.10 CHICAGO MERCANTILE EXCH (US) 0.39 CHUBB CORP 0.45 CHUGOKU BANK 0.05 CI FINANCIAL INCOME FUND 0.08 CINCINNATI FINL CORP 0.13 CIT GROUP INC 0.16 CITIGROUP INC 1.83 CITY DEVELOPMENTS 0.10 CNP ASSURANCE 0.04 216 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares COMERICA 0.14 COMMERZBANK AG 0.14 COMMONWEALTH BANK OF AUSTRALIA 1.96 CORIO NV 0.06 CORPORACION MAPFRE SA 0.04 CREDIT AGRICOLE 0.10 CREDIT SAISON 0.08 CRITERIA CAIXACORP SA 0.06 CS GROUP N 0.48 DAI-ICHI LIFE INSURANCE CO 0.22 DAITO TR CONST 0.16 DAIWA HOUSE IND 0.16 DAIWA SEC GROUP 0.14 DANSKE BK 0.21 DB RREEF TRUST 0.10 DBS GROUP HOLDINGS 0.45 DELTA LLOYD NV 0.03 DEUTSCHE BANK AG 0.77 DEUTSCHE BOERSE AG (2) 0.24 DIAMOND LEASE 0.05 DIGITAL REALTY TRUST INC 0.21 DISCOVER FINANCIAL SERVICES 0.42 DNB NOR ASA 0.22 DUKE REALTY INVESTMENTS INC 0.09 EATON VANCE CORP 0.07 EQUITY RESIDENTIAL 0.43 ERSTE BANK AUSTRIA 0.09 EURAZEO 0.03 EVEREST RE GROUP 0.13 FAIRFAX FINANCIAL HLDGS 0.18 FEDERAL REALTY INV TRUST 0.15 FIDELITY NAT'L FINANCIAL 0.09 FIFTH THR BNCP 0.28 FIRST PACIFIC CO LTD 0.05 FIRST REPUBLIC BANK/SAN FRANCISCO CA 0.07 FONCIERE DES REGIONS 0.04 FORENINGSSPARBANKEN 0.30 FORTIS 0.10 FRANKLIN RESOURCES 0.38 FUKUOKA FINANCIAL GROUP INC 0.07 GECINA 0.04 GENERAL GROWTH PROPERTIES 0.17 GENWORTH FINANCIAL A 0.06 GJENSIDIGE FORSIKRING ASA 0.05 GLOBAL LOGISTIC PROPERTIES LTD 0.08 GOLDM SACHS GRP 1.03 217 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares GPT GROUP 0.11 GREAT WEST LIFECO 0.14 GROUPE BRUXELLES LAMBERT SA 0.12 GUNMA BANK 0.04 H&R REAL ESTATE INVESTMENT 0.05 HACHIJUNI BANK 0.05 HAMMERSON PLC 0.11 HANG LUNG GROUP LTD 0.12 HANG LUNG PROPERTIES LTD 0.17 HANG SENG BANK 0.24 HANNOVER RUECK 0.08 HARTFORD FINANCIAL SVCS 0.17 HCP INC 0.41 HEALTH CARE REIT INC 0.28 HENDERSON LAND 0.12 HKEX 0.33 HOST HOTELS & RESORTS 0.26 HSBC HOLDINGS PLC 3.61 HUDSON CITY BANCORP 0.07 HYSAN DEVELOPMENT 0.05 ICADE (EX ICADE EMGP) 0.04 ICAP PLC 0.07 IGM FINANCIAL 0.09 IMMOFINANZ AG 0.07 INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC 0.05 INDUSTRIVARDEN AB-C SHS 0.03 ING CANADA INC 0.18 ING GROEP NV 0.58 INSURANCE AUSTRALIA GRP. 0.17 INTERCONTINENTALEXCHANGE INC 0.23 INTESA 0.02 INTESA SANPAOLO SPA 0.33 INVESCO LTD 0.23 INVESTEC 0.07 INVESTOR AB 0.20 ISTITUTO FINANZIARIO INDUSTRIALE SPA 0.03 IYO BANK 0.05 JAPAN PRIME REALTY INVT 0.04 JAPAN REAL ESTATE INV CORP 0.11 JAPAN RETAIL FUND INV CORP 0.07 JOYO BANK 0.07 JPMORGAN CHASE & CO 3.10 JULIUS BAER GROUP LTD (EX GAM) 0.17 JULIUS BAER I (EX GAM HOLDING LTD.) 0.05 KBC GROEP NV 0.08 KEPPEL LAND 0.04 218 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares KERRY PROPERTIES 0.07 KEYCORP 0.17 KIMCO REALTY CORP 0.18 KINNEVIK INVESTMENT AB 0.09 KLEPIERRE 0.07 LAND SECURITIES GROUP PLC 0.21 LEGAL & GENERAL 0.27 LEGG MASON COMMON 0.08 LEND LEASE 0.09 LEUCADIA NATIONAL CORP 0.10 LIBERTY INTL 0.06 LIBERTY PROPERTY TRUST 0.10 LINCOLN NATL 0.15 LINK REIT 0.21 LLOYDS TSB GRP 0.46 LOEWS CORP 0.30 LONDON STOCK EXCHANGE 0.06 M&T BANK CORP 0.21 MACQUARIE BANK 0.20 MACQUARIE GOODMAN GROUP 0.13 MAN GROUP PLC 0.05 MANULIFE FINANCIAL CORP 0.45 MARSH & MCLENNAN 0.40 MEDIOBANCA 0.05 METLIFE INC 0.60 MILLEA HOLDINGS 0.41 MIRVAC GROUP 0.10 MITSUBISHI ESTATE CO LTD 0.51 MITSUBISHI UFJ FINANCIAL GROUP 1.38 MITSUI FUDOSAN 0.37 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INC 0.20 MITSUI TRUST HLD 0.21 MIZRAHI TEFAHOT BANK LTD 0.02 MIZUHO FINANCIAL 0.87 MOODY'S CORP 0.17 MORGAN STANLEY 0.49 MUENCHENER RUECKVERSICHERUNGS 0.58 NASDAQ OMX GROUP/THE 0.07 NATEXIS BQ POP 0.06 NATIONAL AUSTRALIA BANK LTD 1.23 NATIONAL BANK OF CANADA 0.26 NEW WORLD DEVELOPMENT CO LTD 0.10 NEW YORK COMMUN. BANCORP 0.13 NIPPON BUILDING FUND INC 0.13 NISHI-NP CITY BK 0.04 NKSJ HOLDINGS INC 0.18 219 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares NOMURA HOLDINGS 0.30 NOMURA OFFICE REIT 0.03 NOMURA REAL ESTATE HOLDINGS 0.04 NORDEA 0.52 NORTHERN TRUST CORP 0.23 NTT URBAN DEV 0.02 NYSE GROUP INC 0.15 OCBC BANK 0.41 OKO PANKKI A 0.04 OLD MUTUAL 0.26 ONEX CORP 0.08 ORIX 0.22 PARGESA 0.04 PARTNERRE 0.11 PARTNERS GROUP HOLDING AG 0.05 PEOPLE'S BANK/BRIDGEPORT CT 0.10 PLUM CREEK TIMBER COMMON 0.15 PNC FINL SVC 0.74 POWER CORP OF CANADA 0.19 POWER FINANCIAL CORP 0.14 PRICE (T. ROWE) GROUP 0.36 PRINCIPAL FINL 0.18 PROGRESS CORP OH 0.28 PROLOGIS INC 0.35 PRUDENTIAL 0.67 PRUDENTIAL FINL 0.52 PUBLIC STORAGE 0.48 QBE INSURANCE GROUP 0.36 RAIFFEISEN INTERNATIONAL 0.04 RATOS AB 0.04 RAYONIER INC 0.13 REGENCY CENTERS CORP 0.10 REGIONS FINANCIAL (NEW) 0.22 REI-U.TO 0.08 RENAISSANCERE HOLDINGS 0.09 RESOLUTION LTD 0.10 RESONA HOLDINGS 0.18 ROYAL BANK OF CANADA 1.68 ROYAL BANK OF SCOTLAND 0.16 RSA INSURANCE GROUP PLC 0.14 SAMPO OYJ 0.25 SBI HOLDINGS 0.04 SCHRODERS PLC/ORD LN GBP 0.05 SCHWAB (CHARLES) CORP 0.32 SCOR S.A. 0.09 SEI INVESTMENTS COMPANY 0.06 220 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SEVEN BANK 0.03 SHINSEI BANK 0.04 SHIZUOKA BANK 0.13 SHOEI 0.03 SIMON PROPERTY GROUP INC 1.06 SINGAPORE EXCHANGE 0.10 SINO LAND CO LTD 0.10 SKANDINAVISKA ENSKILDA BK 0.21 SL GREEN REALTY CORP 0.16 SLOUGH ESTATES PLC 0.06 SOCIÉTÉ GENERALE 0.37 SONY FINANCIAL HOLDINGS INC 0.06 STANDARD CHARTERED 1.18 STANDARD LIFE PLC 0.20 STATE STREET CORP 0.50 STOCKLAND 0.17 SUMITOMO MITSUI FINANCIAL GROU 1.00 SUMITOMO RE&DEV 0.20 SUN HUNG KAI PROPERTIES LTD 0.42 SUN LIFE FINANCIAL 0.29 SUNCORP-METWAY 0.24 SUNTRUST BANKS 0.30 SURUGA BANK 0.04 SVENSKA HANDELSBANKEN AB 0.37 SWIRE PACIFIC LTD 0.18 SWISS LIFE HOLDING 0.06 SWISS PRIME SITE-REG 0.09 SWISS RE LTD 0.51 T&D HOLDINGS 0.14 TD AMERITRADE HOLDING CORP 0.09 THE MACERICH COMPANY 0.18 TOKYU LAND CORP 0.05 TORCHMARK CORP 0.12 TORONTO-DOMINION BANK/THE 1.61 TRAVELERS COS INC/THE 0.57 TRYGVESTA 0.03 TSX GROUP 0.08 UBS AG 0.97 UNIBAIL-RODAMCO SE 0.39 UNICREDIT SPA 0.35 UNITED DOMINION REALTY 0.16 UNITED OVERSEAS BANK 0.43 UNITED OVERSEAS LAND 0.04 UNUMPROVIDENT CORP 0.13 US BANCORP 1.40 USA EDUCTION INC 0.18 221 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares VENTAS INC 0.42 VORNADO REALTY TRUST 0.32 WELLS FARGO & CO 3.82 WENDEL 0.05 WESTFIELD GROUP 0.49 WESTFIELD RETAIL TRUST 0.19 WESTPAC BANKING CORP 1.51 WEYERHAEUSER CO 0.27 WHARF HOLDINGS LTD 0.19 WHEELOCK 0.08 WIENER STAEDTISCHE 0.03 WILLIS GROUP HOLDING LIMITED 0.15 WING HANG BANK (HKD) 0.04 XL CAPITAL 0.15 YAMAGUCHI FINANCIAL GROUP INC 0.04 ZURICH FINANCIAL SERVICES AG 0.76

Total 100.00

222 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Banks 49.68 Life Insurance 7.80 Property & Casualty Insurance 4.83 Investment Services 4.78 Retail REITs 4.07 Asset Managers 4.03 Real Estate Holding & Development 3.86 Reinsurance 3.68 Full Line Insurance 3.67 Specialty REITs 2.76 Consumer Finance 2.73 Industrial & Office REITs 2.42 Specialty Finance 1.55 Residential REITs 1.16 Insurance Brokers 0.96 Mortgage REITs 0.60 Diversified Industrials 0.26 Hotel & Lodging REITs 0.26 Diversified REITs 0.23 Real Estate Services 0.21 Home Construction 0.16 Heavy Construction 0.16 Mortgage Finance 0.09 Food Products 0.05

100.00

223 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 4 883 ANHEUSER-BUSCH INBEV NV EUR 270 652 299 328 5.00 839 ARKEMA SA EUR 42 571 43 250 0.72 15 483 ASTELLAS PHARMA INC JPY 495 101 529 824 8.85 3 521 BASF SE - REG EUR 201 041 192 599 3.21 2 983 BAYER AG EUR 157 022 169 375 2.83 2 488 CIE GENERALE D’OPTIQUE ESSILOR EUR 181 450 182 370 3.04 INTERNATIONAL SA 9 388 CREDIT SUISSE GROUP AG - REG CHF 148 440 134 901 2.25 5 784 DAIMLER AG EUR 232 441 204 435 3.41 13 489 ENI SPA EUR 214 880 226 345 3.78 12 916 E.ON AG EUR 200 010 219 572 3.66 881 FANUC CORP JPY 120 570 112 673 1.88 709 FAST RETAILING CO LTD JPY 117 772 111 191 1.86 16 801 GDF SUEZ EUR 287 549 315 103 5.26 40 307 ING GROEP NV - CVA EUR 257 006 212 257 3.54 50 KDDI CORP JPY 241 687 253 314 4.23 4 218 KYOCERA CORP JPY 279 325 284 512 4.75 855 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 101 104 102 472 1.71 7 707 MITSUBISHI CORP JPY 127 849 121 476 2.03 2 209 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 230 620 245 530 4.10 617 NOVARTIS AG - REG CHF 26 970 27 173 0.45 10 858 ROYAL DUTCH SHELL PLC - A EUR 268 681 288 877 4.82 8 804 RWE AG EUR 281 860 283 269 4.73 1 015 SANOFI EUR 55 520 60 636 1.01 6 415 SHIN-ETSU CHEMICAL CO LTD JPY 272 356 276 220 4.61 2 058 SIEMENS AG - REG EUR 139 148 136 116 2.27 560 SOFTBANK CORP JPY 15 342 16 331 0.27 7 086 TAKEDA PHARMACEUTICAL CO LTD JPY 229 529 252 978 4.22 921 UNIBAIL-RODAMCO SE EUR 128 432 133 637 2.23 8 518 VINCI SA EUR 276 878 313 335 5.23 25 230 VIVENDI SA EUR 334 885 369 115 6.17 505 VOLKSWAGEN AG - PFD EUR 63 731 62 923 1.05

Total Shares 6 000 422 6 181 137 103.17

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

224 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Investment funds 25 UK EQUITY HOLDINGS EUR 25 053 25 238 0.42

Total Investment funds 25 053 25 238 0.42

Total investments 6 025 475 6 206 375 103.59

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

225 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Pharmaceuticals and Biotechnology 14.54 Chemicals 11.37 Fixed Line Telecommunications 10.39 Electricity 9.99 Oil and Gas Producers 8.60 Construction and Materials 5.23 Beverages 5.00 Electronic and Electrical Equipment 4.75 Automobiles and Parts 4.46 Nonlife Insurance 4.10 General Industrials 3.98 Gas, Water and Multiutilities 3.66 Life Insurance 3.54 Health Care Equipment and Services 3.04 Banks 2.25 Real Estate Investment Trusts 2.23 Support Services 2.03 Industrial Engineering 1.88 General Retailers 1.86 Investment Fund 0.42 Mobile Telecommunications 0.27

103.59

226 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR Geographical classification of investments (as a percentage of net assets at June 30, 2012) %

Japan 32.68 France 25.79 Germany 25.27 Belgium 5.00 United Kingdom 4.82 Italy 3.78 Netherlands 3.54 Switzerland 2.71

103.59

227 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 105.62% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI WORLD CONSUMER DISCRETIONARY TR index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ABC MART 0.04 ABERCROMBIE & FITCH CO A 0.11 Accor SA 0.18 ADIDAS SALOMON 0.59 ADVANCE AUTO PARTS 0.20 AISIN SEIKI 0.25 AMAZON 3.26 AOL TIME WARNER 1.46 APOLLO GROUP 0.16 ASICS 0.07 AUTOGRILL 0.04 AUTOLIV INC 0.19 AUTOZONE INC 0.50 Axel Springer AG 0.07 BAYERISCHE MOTOREN WERKE AG 0.94 BED BATH BEYOND 0.59 BENESSE CORP 0.12 BEST BUY CO INC 0.25 BLOCK (H&R) 0.18 BMW ACTION PREF. 0.10 BORG WARNER INC 0.28 BRIDGESTONE CORP 0.58 BRITISH SKY BROADCASTING GROUP 0.48 BURBERRY 0.36 CABLEVISION SYSTEMS A 0.10 CANADIAN TIRE CORP A 0.21 CARMAX 0.23 CARNIVAL CORP 0.60 CARNIVAL PLC 0.24 CASIO COMPUTER 0.06 CBS CORP B 0.78 CHARTER COMMUNICATIONS INC 0.11 CHIPOTLE MEXICAN GRILL INC 0.47 CHRISTIAN DIOR 0.29 COACH 0.66 COMCAST A SPECIAL (NEW) 0.74 COMCAST CORP A 2.63

228 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares COMPASS GROUP PLC 0.78 CONTINENTAL AG 0.26 CROWN LTD 0.14 D.R. HORTON 0.21 DAIHATSU MOTOR 0.13 DAIMLER AG 1.59 DARDEN REST 0.26 DELPHI AUTOMOTIVE PLC 0.10 DENSO 0.64 DENTSU INC 0.21 DICK'S SPORTING GOODS INC 0.18 DIRECTV 1.30 DISCOVERY COMMUNICATIONS INC 0.22 DISCOVERY HOLDING A 0.30 DOLLAR GENERAL CORP 0.46 DOLLAR TREE STORES INC. 0.50 ECHO ENTERTAINMENT GROUP LTD 0.13 ECHOSTAR COMMUNI. A 0.23 ELECTROLUX AB 0.19 EUTELSAT COMMUNICATIONS 0.16 EXPEDIA COMMON 0.18 FAIRFAX (JOHN) HOLDINGS 0.05 FAMILY DOLLAR STORES 0.26 FAST RETAILING CO LTD 0.41 FED DEPT STRS 0.56 FIAT SPA (MILAN) 0.17 FORD MOTOR CO 1.33 FOSSIL INC 0.16 FUJI HEAVY INDS 0.18 GALAXY ENTERTAINMENT GROUP LTD 0.14 GAMESTOP CORP 0.10 GAP INC 0.34 GARMIN 0.18 GENERAL MOTORS CO 0.61 GENTING INTERNATIONAL PLC 0.27 GENUINE PARTS CO 0.37 GILDAN ACTIVEWEAR 0.13 GKN 0.17 GOODYEAR TIRE 0.11 HAKUHODO DY HLDG 0.06 HARLEY-DAVIDSON 0.41 HARVEY NORMAN HOLDINGS 0.04 HASBRO INC 0.15 HENNES & MAURITZ AB 1.33 HOME DEPOT INC 3.20 HONDA MOTOR CO LTD 2.20 229 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares HUGO BOSS AG 0.10 HUSQVARNA AB 0.07 INDITEX SA 0.89 INTERCONTINENTAL HOTELS G 0.27 INTERPUBLIC GRP 0.19 INTL GAME TECH 0.18 ISETAN MITSUKOSHI HOLDINGS LTD 0.15 ISUZU MOTORS 0.25 ITV PLC 0.17 J C DECAUX SA 0.06 J C PENNEY CO 0.15 J FRONT RETAILING CO LTD 0.09 JARDINE CYCLE & CARRIAGE 0.15 JOHNSON CONTROLS 0.74 JUPITER TELECOMMUNICATIONS CO 0.08 KABEL DEUTSCHLAND HOLDING AG 0.22 KINGFISHER 0.42 KOHL'S CORP 0.43 KOITO MFG 0.05 LAGARDERE 0.13 LAS VEGAS SANDS CORP 0.69 LEGGETT & PLATT 0.12 LI & FUNG 0.43 LIBERTY GLOBAL A 0.27 LIBERTY GLOBAL C 0.23 LIBERTY INTERACTIVE A 0.38 LIBERTY MEDIA CORP - LIBERTY C 0.37 LIFESTYLE INTERNATIONAL HOLDINGS LTD 0.04 LIMITED BRANDS 0.42 LOWES COMPANIES 1.38 LULULEMON ATHLETICA INC 0.24 LUXOTTICA 0.16 LVMH MOET HENNESSY LOUIS VUITT 1.51 MAGNA INTERNATIONAL A 0.34 MARKS & SP. 0.32 MARRIOTT INT'L A 0.41 MARUI 0.07 MATSUSHITA E IND 0.70 MATTEL INC 0.43 MAZDA MOTOR 0.14 MCDONALDS COMPANY (JAPAN) 0.07 MCDONALD'S CORP 3.54 MCGRAW-HILL COMPANIES INC 0.44 MEDIASET 0.05 MGM CHINA HOLDINGS LTD 0.06 MGM MIRAGE 0.16 230 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares MICHELIN 0.46 MITSUBISHI MOTOR 0.15 MODERN TIMES GROUP B 0.08 MOHAWK INDUSTRIES 0.16 N O K CORP 0.09 NAMCO BANDAI HLD 0.09 NETFLIX.COM INC 0.14 NEWELL RUBBERMD 0.21 NEWS CORP A 1.47 NEWS CORP B 0.39 NEXT 0.33 NGK SPARK PLUG 0.09 NHK SPRING 0.07 NIKE INC CL B 1.27 NIKON CORP 0.40 NISSAN MOTOR CO 0.91 NITORI CO 0.13 NOERDSTROM 0.32 NOKIAN RENKAAT 0.16 OMNICOM GROUP INC 0.52 OPAP SA 0.05 OREILLY AUTOMOTIVE INC 0.42 ORIENTAL LAND 0.22 PEARSON PLC 0.64 PETSMART 0.30 PEUGEOT SA 0.09 PHILLIPS-VAN HEUSEN CORP 0.21 PINAULT-PR RED 0.43 PIRELLI & C 0.10 POLO RALPH LAUREN CORP A 0.34 PORSCHE PREF 0.30 PRICELINE.COM INC 1.30 PROSIEBENSAT.1 MEDI.PREF 0.08 PUBLICIS GROUPE SA 0.26 RAKUTEN 0.29 REED ELSEVIER NV 0.31 REED ELSEVIER PLC 0.38 RENAULT SA 0.30 RICHEMONT AG 1.12 RINNAI 0.09 ROSS STORES 0.56 ROYAL CARIBBEAN CRUISES 0.14 SANDS CHINA LTD 0.30 SANKYO 0.09 SANRIO 0.06 SCRIPPS NETWORKS INTERAC-W/I 0.21 231 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SEARS HOLDINGS CORP 0.09 SEGA SAMMY HOLDINGS INC 0.16 SEKISUI CHEMICAL 0.16 SEKISUI HOUSE 0.20 SES SA 0.26 SHANGRI-LA ASIA 0.12 SHARP CORP/JAPAN 0.20 SHAW COMMUNICATIONS B 0.28 SHIMAMURA CO LTD 0.10 SHIMANO 0.19 SINGAPORE PRESS HLDG 0.19 SIRIUS SATELLITE RADIO 0.27 SJM HOLDINGS LTD 0.14 SKY CITY ENTERTAINMENT 0.06 SODEXO 0.29 SONY CORP 0.55 STANLEY ELEC 0.09 STAPLES INC 0.36 STARBUCKS CORP 1.58 STARWOOD HOTELS 0.41 SUMITOMO RUBBER 0.09 SUZUKI MOTOR 0.29 SWATCH GROUP I 0.48 SWATCH GROUP N 0.12 TABCORP HOLDINGS 0.08 TAKASHIMAYA 0.08 TARGET CORP 1.45 TATTERSALL'S LTD 0.14 THOMSON CORP 0.42 TIFFANY & CO 0.26 TIM HORTONS INC. 0.33 TIME WARNER CABLE INC 1.01 TJX CO INC 1.27 TOHO 0.08 TOLL BROTHERS 0.18 TOYODA GOSEI 0.06 TOYOTA BOSHOKU 0.03 TOYOTA INDUSTRI 0.18 TOYOTA MOTOR CORP 4.33 TRACTOR SUPPLY COMPANY 0.23 TRW AUTOMOTIVE HOLDINGS CORP 0.15 TUI TRAVEL PLC 0.05 ULTA SALON COSMETICS & FRAGRANCE INC 0.22 URBAN OUTFITTER 0.13 USS 0.09 VF CORP 0.46 232 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares VIACOM INC / 0.90 VIRGIN MEDIA INC 0.25 VOLKSWAGEN AG 1.08 WALT DISNEY CO/THE 3.24 WASHINGTON POST CO B 0.07 WHIRLPOOL CORP 0.18 WHITBREAD 0.22 WOLTERS KLUWER NV 0.19 WPP PLC 0.60 WYNDHAM WORLDWIDE CORP 0.30 WYNN MACAU LTD 0.14 WYNN RESORTS 0.33 YAMADA DENKI 0.17 YAMAHA CORP 0.06 YAMAHA MOTOR 0.10 YUE YUEN IND 0.09 YUM! BRANDS INC 1.16

Total 100.00

233 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Broadcasting & Entertainment 18.53 Automobiles 15.36 Restaurants & Bars 8.73 Clothing & Accessories 6.75 Broadline Retailers 6.72 Apparel Retailers 6.65 Specialty Retailers 5.82 Home Improvement Retailers 5.13 Auto Parts 3.89 Publishing 2.88 Gambling 2.84 Footwear 2.06 Media Agencies 1.90 Tires 1.77 Hotels 1.69 Travel & Tourism 1.53 Consumer Electronics 1.51 Recreational Services 1.48 Toys 0.84 Durable Household Products 0.80 Specialized Consumer Services 0.76 Home Construction 0.74 Recreational Products 0.66 Furnishings 0.28 Fixed Line Telecommunications 0.25 Commercial Vehicles & Trucks 0.25 Telecommunications Equipment 0.18

100.00

234 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 3 795 ALLIANZ SE - REG EUR 274 652 300 222 4.55 434 ANHEUSER-BUSCH INBEV NV EUR 24 256 26 604 0.40 5 910 ARKEMA SA EUR 299 873 304 661 4.61 17 854 ASTELLAS PHARMA INC JPY 561 992 610 958 9.26 978 BASF SE - REG EUR 54 595 53 497 0.81 7 277 BAYER AG EUR 379 967 413 187 6.26 5 272 BAYERISCHE MOTOREN WERKE AG EUR 322 119 300 135 4.54 11 886 CREDIT SUISSE GROUP AG - REG CHF 180 979 170 797 2.59 4 078 DAIMLER AG EUR 164 070 144 137 2.18 99 DANONE SA EUR 5 137 4 852 0.07 11 085 DEUTSCHE BANK AG - REG EUR 312 154 315 923 4.78 6 080 DEUTSCHE BOERSE AG EUR 246 422 258 582 3.91 21 418 E.ON AG EUR 316 558 364 106 5.51 69 FANUC CORP JPY 9 477 8 825 0.13 17 356 FIAT INDUSTRIAL SPA EUR 131 732 134 335 2.03 35 568 FIAT SPA EUR 160 056 141 134 2.14 5 859 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 309 648 327 108 4.95 50 177 ING GROEP NV - CVA EUR 263 705 264 232 4.00 4 465 KYOCERA CORP JPY 295 682 301 172 4.56 731 LINDE AG EUR 87 428 89 657 1.36 2 029 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 239 929 243 176 3.68 6 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 623 667 0.01 145 972 NEC CORP JPY 211 440 177 316 2.68 493 NOVARTIS AG - REG CHF 21 550 21 712 0.33 2 093 ROCHE HOLDING AG - GENUSSCHEIN CHF 261 451 285 072 4.32 5 178 SANOFI EUR 283 892 309 334 4.68 2 265 SAP AG EUR 103 950 105 424 1.60 318 SHIN-ETSU CHEMICAL CO LTD JPY 13 501 13 693 0.21 4 699 SIEMENS AG - REG EUR 312 949 310 792 4.71 34 SYNGENTA AG - REG CHF 8 727 9 151 0.14 436 074 TELECOM ITALIA SPA EUR 298 493 340 356 5.15 99 UNIBAIL-RODAMCO SE EUR 13 571 14 365 0.22 17 943 VIVENDI SA EUR 236 232 262 506 3.97 2 527 VOLKSWAGEN AG - PFD EUR 312 716 314 864 4.77 327 WESFARMERS LTD - PPS AUD 8 112 8 336 0.13

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

235 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.)

Total Shares 6 727 638 6 950 888 105.24

Investment funds 25 UK EQUITY HOLDINGS EUR 25 038 25 238 0.38

Total Investment funds 25 038 25 238 0.38

Total investments 6 752 676 6 976 126 105.62

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

236 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Pharmaceuticals and Biotechnology 18.58 Automobiles and Parts 13.63 Chemicals 13.38 Fixed Line Telecommunications 9.13 General Industrials 8.39 Banks 7.37 Gas, Water and Multiutilities 5.51 Health Care Equipment and Services 4.95 Electronic and Electrical Equipment 4.56 Nonlife Insurance 4.56 Life Insurance 4.00 Financial Services 3.91 Technology Hardware and Equipment 2.68 Industrial Engineering 2.17 Software and Computer Services 1.60 Beverages 0.40 Investment Fund 0.38 Real Estate Investment Trusts 0.22 General Retailers 0.13 Food Producers 0.07

105.62

237 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 49.95 France 17.62 Japan 16.83 Italy 9.32 Switzerland 7.37 Netherlands 4.00 Belgium 0.40 Australia 0.13

105.62

238 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 99.64% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI WORLD CONSUMER STAPLES TR index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AEON CO LTD 0.29 AJINOMOTO 0.34 ALIMENTATION COUCHE-T. B 0.20 ALTRIA GROUP 2.71 ANHEUSER-BUSCH INBEV NV 2.40 ARCHER-DANIELS-MIDLAND CO 0.75 ARYZTA AG 0.17 ASAHI BREWERIES 0.32 ASSOCIATED BRIT FOODS 0.27 AVON PRODUCTS INC 0.27 BARRY CALLEBAUT-AG. 0.06 BEAM INC 0.34 BEIERSDORF 0.25 BRITISH AMERICAN TOBACCO PLC 3.84 BROWN-FORMAN CORP/NYC 0.30 BUNGE 0.35 CAMPBELL SOUP CO 0.25 CARLSBERG 'B' 0.32 CARREFOUR SA 0.41 CASINO 0.19 CHURCH & DWIGHT CO INC 0.30 CLOROX CO 0.34 COCA COLA ENT 0.33 COCA COLA HELLENIC BOTTLING CO 0.14 COCA-COLA AMATIL 0.30 COCA-COLA CO/THE 6.11 COCA-COLA WEST H 0.04 COLGATE PALMOLIV 1.92 COLRUYT 0.13 CONAGRA FOODS 0.41 CONSTELLATION BRANDS A 0.18 COSTCO WHOLESALE CORP 1.59 CVS CORPORATION 2.34 DANONE 1.38 DE MASTER BLENDERS 1753 NV 0.26 DELHAIZE GROUP SA 0.14 DIAGEO PLC 2.47

239 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA 0.11 DR PEPPER SNAPPLE GROUP INC 0.36 EMPIRE CO LTD 0.06 ENERGIZER HOLDINGS INC 0.19 ESTEE LAUDER COS A 0.49 FAMILYMART 0.10 GENERAL MILLS 0.95 GOLDEN AGRI-RESOURCES LTD 0.14 GREEN MOUNTAIN COFFEE ROASTERS INC 0.11 H J HEINZ CO 0.67 HANSEN NATURAL CORP 0.40 HEINEKEN HLDG 0.17 HEINEKEN NV 0.46 HENKEL 0.28 HENKEL KGAA VZ 0.45 HERBALIFE LTD 0.22 HERSHEY CO COMMON (THE) 0.43 HORMEL FOODS CORP 0.17 IMPERIAL TOBACCO GROUP PLC 1.48 JAPAN TOBACCO 1.02 JERONIMO MARTINS SGPS 0.14 KAO CORPORATION 0.56 KELLOGG CO 0.47 KERRY GRP A 0.25 KESKO 0.06 KIKKOMAN CORP 0.08 KIMBERLY-CLARK 1.27 KIRIN BREWERY 0.39 KONINKLIJKE AHOLD NV 0.50 KRAFT FOODS 2.49 KROGER CO 0.49 L OREAL 1.08 LAWSON 0.16 LINDT & SPRUENGLI 0.15 LINDT & SPRUENGLI AG 0.11 LOBLAW 0.14 LORILLARD INC 0.67 MCCORMICK & CO N-VTG 0.28 MEAD JOHNSON NUTRITION CO 0.63 MEIJI HOLDINGS CO LTD 0.11 METCASH LTD 0.10 METRO AG 0.14 METRO INC 0.20 MOLSON COORS BREWING CO. 0.24 MORRISON (WILLIAM) SUPERM 0.38 NESTLE SA 7.57 240 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares NIP MEAT PACKERS 0.09 NISSHIN GROUP 0.08 NISSIN FOOD 0.09 OLAM INTERNATIONAL 0.09 PEPSICO INC/NC 4.26 PERNOD-RICARD SA 0.87 PHILIP MORRIS INTERNATIONAL IN 5.77 PROCTER & GAMBLE CO/THE 6.48 RALCORP HOLDINGS INC 0.14 RECKITT BENCKISER GROUP PLC 1.34 REMY COINTREAU 0.09 REYNOLDS AMERICAN INC 0.60 SABMILLER 1.47 SAFEWAY INC 0.19 SAINSBURY (J) 0.22 SAPUTO 0.21 SEVEN & I HOLDINGS CO LTD 0.87 SHISEIDO 0.22 SHOPPERS DRUG MART CORP 0.33 SMUCKER (J.M.) CO 0.33 SUEDZUCKER AG 0.09 SWEDISH MATCH 0.33 SYSCO CORP 0.67 TATE & LYLE PLC 0.18 TESCO PLC 1.50 TOYO SUISAN 0.09 TYSON FOODS A 0.22 UNI-CHARM 0.25 UNILEVER NV 2.09 UNILEVER PLC 1.66 VITERRA INC 0.19 WALGREEN CO 0.99 WAL-MART STORES INC 5.04 WESFARMERS 1.18 WESTON (GEORGE) 0.11 WHOLE FOODS MARKET 0.63 WILMAR INTERNATIONAL LTD 0.21 WOOLWORTHS LTD 1.29 YAKULT HONSHA 0.15 YAMAZAKI BAKING 0.06

Total 100.00

241 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Food Products 24.73 Tobacco 16.42 Soft Drinks 11.94 Nondurable Household Products 9.38 Food Retailers & Wholesalers 8.28 Broadline Retailers 7.78 Personal Products 6.30 Brewers 5.77 Distillers & Vintners 4.26 Drug Retailers 3.66 Home Improvement Retailers 1.18

100.00

242 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR Schedule of Investments as at June 30, 2012 (expressed in EUR) Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 6 000 AIR LIQUIDE SA EUR 513 240 540 300 3.13 4 899 ALLIANZ SE - REG EUR 366 998 387 560 2.25 4 271 ANHEUSER-BUSCH INBEV NV EUR 235 791 261 812 1.52 2 406 ASTELLAS PHARMA INC JPY 80 278 82 333 0.48 2 641 ASTRAZENECA PLC SEK 86 606 93 043 0.54 4 971 BASF SE - REG EUR 285 634 271 914 1.58 9 508 BAYER AG EUR 496 487 539 864 3.13 2 872 BAYERISCHE MOTOREN WERKE AG EUR 172 426 163 503 0.95 16 477 CREDIT SUISSE GROUP AG - REG CHF 242 833 236 767 1.37 15 293 DAIMLER AG EUR 528 153 540 531 3.13 45 585 DEUTSCHE BANK AG - REG EUR 1 283 674 1 299 173 7.53 17 900 DEUTSCHE BOERSE AG EUR 716 000 761 287 4.41 26 980 ENI SPA EUR 429 791 452 724 2.62 33 600 E.ON AG EUR 525 504 571 200 3.31 2 142 FANUC CORP JPY 293 798 273 944 1.59 1 066 FAST RETAILING CO LTD JPY 177 639 167 178 0.97 21 808 FIAT INDUSTRIAL SPA EUR 165 523 168 794 0.98 24 784 GDF SUEZ EUR 407 449 464 824 2.69 72 237 INFINEON TECHNOLOGIES AG - REG EUR 454 082 385 168 2.23 56 223 ING GROEP NV - CVA EUR 359 914 296 070 1.72 44 KDDI CORP JPY 212 685 222 917 1.29 1 177 LINDE AG EUR 142 299 144 359 0.84 4 864 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 567 629 582 950 3.38 75 386 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 265 939 281 420 1.63 265 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 27 030 29 455 0.17 3 347 NOVARTIS AG - REG CHF 146 303 147 406 0.85 1 737 ROCHE HOLDING AG - GENUSSCHEIN CHF 237 703 236 584 1.37 13 777 RWE AG EUR 445 524 443 275 2.57 23 219 SANOFI EUR 1 295 149 1 387 102 8.03 29 383 SAP AG EUR 1 348 342 1 367 631 7.91 15 493 SIEMENS AG - REG EUR 1 040 234 1 024 707 5.94 8 000 SOLVAY SA EUR 576 240 622 240 3.61 2 319 SWISSCOM AG - REG CHF 709 246 735 964 4.26 19 698 THYSSENKRUPP AG EUR 364 905 252 824 1.46 1 166 UNIBAIL-RODAMCO SE EUR 160 762 169 187 0.98

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

243 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.) 20 507 UNILEVER NV EUR 515 546 541 077 3.14 2 951 VOLKSWAGEN AG - PFD EUR 372 416 367 695 2.13 2 251 WESFARMERS LTD - PPS AUD 55 844 57 382 0.33 2 383 ZURICH INSURANCE GROUP AG CHF 440 250 423 570 2.45

Total Shares 16 745 866 16 995 734 98.47

Investment funds 200 UK EQUITY HOLDINGS EUR 200 404 201 900 1.17

Total Investment funds 200 404 201 900 1.17

Total investments 16 946 270 17 197 634 99.64

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

244 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Chemicals 12.27 Pharmaceuticals and Biotechnology 11.28 Banks 10.53 General Industrials 9.31 Software and Computer Services 7.92 Automobiles and Parts 6.21 Fixed Line Telecommunications 5.56 Electricity 5.26 Nonlife Insurance 4.87 Financial Services 4.41 Gas, Water and Multiutilities 3.31 Food Producers 3.14 Oil and Gas Producers 2.62 Industrial Engineering 2.57 Technology Hardware and Equipment 2.23 Life Insurance 1.72 Beverages 1.52 Industrial Metals and Mining 1.46 General Retailers 1.30 Investment Fund 1.17 Real Estate Investment Trusts 0.98

99.64

245 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TR Geographical classification of investments (as a percentage of net assets at June 30, 2012) %

Germany 49.53 France 19.39 Switzerland 10.32 Japan 5.96 Belgium 5.12 Netherlands 4.85 Italy 3.60 United Kingdom 0.54 Australia 0.33

99.64

246 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 99.70% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the EURO STOXX 50 TR index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AIR LIQUIDE SA 2.10 ALLIANZ SE 2.67 ANHEUSER-BUSCH INBEV NV 3.40 ARCELOR MITTAL 0.84 ASML HOLDING NV 1.25 ASSICURAZIONI GENERALI SPA 1.06 AXA SA 1.47 BANCO BILBAO VIZCAYA ARGENTARI 2.16 BANCO SANTANDER SA 3.65 BASF SE 3.75 BAYER AG 3.50 BAYERISCHE MOTOREN WERKE AG 1.37 BNP PARIBAS 2.26 CARREFOUR SA 0.62 CIE DE ST-GOBAIN 0.95 CRH PLC 0.82 DAIMLER AG 2.35 DANONE 2.24 DEUTSCHE BANK AG 1.98 DEUTSCHE TELEKOM /ETR 1.92 E.ON AG 2.54 ENEL SPA 1.21 ENI SPA 3.32 ESSILOR INTERNAT 1.17 FRANCE TELECOM SA 1.48 GDF SUEZ 1.92 IBERDROLA SA 1.06 INDITEX SA 1.29 ING GROEP NV 1.52 INTESA SANPAOLO SPA 1.17 KONINKLIJKE PHILIPS ELECTRONIC 1.07 L OREAL 1.64 LVMH MOET HENNESSY LOUIS VUITT 2.39 MUENCHENER RUECKVERSICHERUNGS 1.33 NOKIA OYJ 0.45 REPSOL YPF SA 0.71 RWE AG 1.18

247 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR Index composition at June 30, 2012 (cont.)

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SANOFI-AVENTIS SA 5.37 SAP AG 3.21 SCHNEIDER ELECTRIC SA 1.79 SIEMENS AG 4.35 SOCIÉTÉ GENERALE 1.07 TOTAL SA 5.88 TELEFONICA SA 3.08 UNIBAIL-RODAMCO SE 0.99 UNICREDIT SPA 1.20 UNILEVER NV 3.06 VINCI SA 1.46 VIVENDI SA 1.39 VOLKSWAGEN AG 1.34

Total 100.00

248 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Banks 13.49 Integrated Oil & Gas 9.91 Commodity Chemicals 5.85 Multiutilities 5.63 Diversified Industrials 5.42 Pharmaceuticals 5.37 Food Products 5.30 Full Line Insurance 5.20 Automobiles 5.06 Fixed Line Telecommunications 4.56 Specialty Chemicals 3.50 Brewers 3.40 Software 3.21 Clothing & Accessories 2.39 Conventional Electricity 2.27 Mobile Telecommunications 1.92 Electrical Components & Equipment 1.79 Building Materials & Fixtures 1.77 Personal Products 1.64 Life Insurance 1.52 Heavy Construction 1.46 Broadcasting & Entertainment 1.39 Reinsurance 1.34 Apparel Retailers 1.29 Semiconductors 1.26 Medical Supplies 1.17 Retail REITs 0.99 Iron & Steel 0.83 Food Retailers & Wholesalers 0.62 Telecommunications Equipment 0.45

100.00

249 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 5 804 ALLIANZ SE - REG EUR 427 504 459 154 4.78 13 875 ANHEUSER-BUSCH INBEV NV EUR 759 976 850 538 8.86 524 ASTELLAS PHARMA INC JPY 16 479 17 931 0.19 2 393 ASTRAZENECA PLC SEK 82 507 84 306 0.88 44 564 BANCO POPOLARE SC EUR 53 833 47 149 0.49 6 022 BASF SE - REG EUR 356 448 329 403 3.43 5 451 BAYER AG EUR 279 686 309 508 3.23 1 147 CREDIT SUISSE GROUP AG - REG CHF 18 213 16 482 0.17 24 372 DAIMLER AG EUR 936 442 861 428 8.98 414 DEUTSCHE BOERSE AG EUR 15 906 17 607 0.18 16 215 ENI SPA EUR 258 305 272 088 2.84 12 722 E.ON AG EUR 192 758 216 274 2.25 2 240 FANUC CORP JPY 294 632 286 477 2.99 1 798 FAST RETAILING CO LTD JPY 295 157 281 976 2.94 38 074 FIAT SPA EUR 171 333 151 078 1.57 26 686 GDF SUEZ EUR 454 062 500 496 5.22 13 263 HEIDELBERGCEMENT AG EUR 461 950 500 877 5.22 88 228 ING GROEP NV - CVA EUR 543 126 464 609 4.84 1 653 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 210 758 198 112 2.06 114 607 MEDIOBANCA SPA EUR 568 451 398 145 4.15 3 164 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 334 118 351 679 3.66 88 366 NEC CORP JPY 124 471 107 340 1.12 17 650 NOMURA HOLDINGS INC JPY 58 393 51 247 0.53 6 373 NOVARTIS AG - REG CHF 278 575 280 674 2.92 9 076 RWE AG EUR 290 568 292 020 3.04 9 491 SANDVIK AB SEK 101 241 95 728 1.00 2 469 SANOFI EUR 134 814 147 498 1.54 7 822 SAP AG EUR 346 867 364 075 3.79 3 555 SIEMENS AG - REG EUR 246 221 235 128 2.45 32 587 TELEFONICA SA EUR 317 691 337 927 3.52 12 391 UNILEVER NV EUR 311 510 326 937 3.41 33 823 VIVENDI SA EUR 446 802 494 830 5.16 1 760 VOLKSWAGEN AG - PFD EUR 237 466 219 296 2.29

Total Shares 9 626 263 9 568 017 99.70

Total investments 9 626 263 9 568 017 99.70

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

250 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Automobiles and Parts 12.83 Beverages 8.86 Fixed Line Telecommunications 8.68 Nonlife Insurance 8.45 Electricity 8.26 Chemicals 6.66 Pharmaceuticals and Biotechnology 5.53 Construction and Materials 5.22 Life Insurance 4.84 Banks 4.81 General Industrials 4.51 Industrial Engineering 3.98 Software and Computer Services 3.79 Food Producers 3.41 General Retailers 2.94 Oil and Gas Producers 2.84 Gas, Water and Multiutilities 2.25 Technology Hardware and Equipment 1.12 Financial Services 0.72

99.70

251 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 43.31 France 13.97 Italy 9.05 Belgium 8.86 Netherlands 8.25 Japan 7.76 Spain 3.52 Switzerland 3.10 Sweden 1.00 United Kingdom 0.88

99.70

252 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD Index composition at June 30, 2012 At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 111.17% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P GSCI® Inverse Agriculture & Livestock 1 Month Forward Capped Component Index Total Return. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares COCOA 1.15 COFFEE 3.61 CORN 22.64 COTTON 4.62 FEEDER CATTLE 2.55 KANSAS WHEAT 4.60 LEAN HOGS 7.34 LIVE CATTLE 13.99 SOYBEANS 13.94 SUGAR 8.80 WHEAT 16.76

Total 100.00

253 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD Economic composition of the index (as a percentage of the index at June 30, 2012)

% Agricultural 60.50 Livestock 39.50

100.00

254 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD Schedule of Investments as at June 30, 2012 (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 1 328 ALLIANZ SE - REG EUR 123 272 133 324 3.89 2 516 ANHEUSER-BUSCH INBEV NV EUR 173 662 195 728 5.72 1 514 ASSICURAZIONI GENERALI SPA EUR 16 240 20 482 0.60 2 172 ASTELLAS PHARMA INC JPY 86 806 94 322 2.76 10 435 ATLANTIA SPA EUR 121 280 133 087 3.89 63 122 BANCO POPOLARE SC EUR 121 098 84 751 2.48 1 997 BASF SE - REG EUR 140 090 138 626 4.05 2 329 BAYER AG EUR 152 180 167 820 4.90 10 021 CREDIT SUISSE GROUP AG - REG CHF 197 892 182 740 5.34 1 772 DAIMLER AG EUR 91 024 79 482 2.32 399 DANONE SA EUR 26 363 24 819 0.72 764 DEUTSCHE BANK AG - REG EUR 27 723 27 632 0.81 7 458 ENI SPA EUR 148 115 158 816 4.64 4 418 E.ON AG EUR 82 184 95 313 2.78 795 FANUC CORP JPY 144 191 129 029 3.77 87 FAST RETAILING CO LTD JPY 19 819 17 315 0.51 3 140 GDF SUEZ EUR 69 095 74 735 2.18 4 628 ING GROEP NV - CVA EUR 27 429 30 928 0.90 19 KDDI CORP JPY 121 304 122 158 3.57 8 383 KONINKLIJKE AHOLD NV EUR 101 250 103 980 3.04 806 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 117 909 122 589 3.58 58 117 MAZDA MOTOR CORP JPY 99 375 77 936 2.28 11 146 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 49 260 52 803 1.54 83 997 NEC CORP JPY 174 774 129 485 3.78 991 ROCHE HOLDING AG - GENUSSCHEIN CHF 176 219 171 293 5.00 1 461 SANOFI EUR 99 759 110 763 3.24 3 125 SAP AG EUR 177 433 184 587 5.39 984 SHIN-ETSU CHEMICAL CO LTD JPY 52 743 53 769 1.57 156 SIEMENS AG - REG EUR 13 867 13 094 0.38 5 198 SOFTBANK CORP JPY 166 562 192 376 5.62 6 324 STORA ENSO OYJ - R EUR 36 317 38 843 1.13 901 UNIBAIL-RODAMCO SE EUR 154 587 165 909 4.85 788 VINCI SA EUR 32 207 36 785 1.07 11 007 VIVENDI SA EUR 185 545 204 359 5.97 569 VOLKSWAGEN AG - PFD EUR 94 671 89 972 2.63

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

255 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD Schedule of Investments as at June 30, 2012 (cont.) (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.) 648 ZURICH INSURANCE GROUP AG CHF 158 324 146 169 4.27

Total Shares 3 780 569 3 805 819 111.17

Total investments 3 780 569 3 805 819 111.17

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

256 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Pharmaceuticals and Biotechnology 11.00 Chemicals 10.53 Banks 10.16 Fixed Line Telecommunications 9.54 Nonlife Insurance 8.76 Automobiles and Parts 7.23 Beverages 5.72 Mobile Telecommunications 5.62 Software and Computer Services 5.39 Real Estate Investment Trusts 4.85 Oil and Gas Producers 4.64 General Industrials 3.96 Industrial Transportation 3.89 Technology Hardware and Equipment 3.78 Industrial Engineering 3.77 Food and Drug Retailers 3.04 Gas, Water and Multiutilities 2.78 Electricity 2.18 Forestry and Paper 1.13 Construction and Materials 1.07 Life Insurance 0.90 Food Producers 0.72 General Retailers 0.51

111.17

257 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 27.17 Japan 25.39 France 21.61 Switzerland 14.61 Italy 11.60 Belgium 5.72 Netherlands 3.94 Finland 1.13

111.17

258 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 105.84% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P GSCI® Agriculture & Livestock 3 Month Forward Capped Component Index Total Return. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares COCOA 1.14 COFFEE 3.63 CORN 22.59 COTTON 4.57 FEEDER CATTLE 2.56 KANSAS WHEAT 4.68 LEAN HOGS 7.02 LIVE CATTLE 14.16 SOYBEANS 13.77 SUGAR 8.9 WHEAT 16.98

Total 100.00

259 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD Economic composition of the index (as a percentage of the index at June 30, 2012)

% Agricultural 60.35 Livestock 39.65

100.00

260 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD Schedule of Investments as at June 30, 2012 (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 2 981 ALLIANZ SE - REG EUR 286 387 299 276 3.43 2 997 ANHEUSER-BUSCH INBEV NV EUR 206 863 233 145 2.67 2 991 ASTELLAS PHARMA INC JPY 118 485 129 889 1.49 5 130 BASF SE - REG EUR 387 008 356 109 4.08 2 385 BAYER AG EUR 163 096 171 855 1.97 19 040 CREDIT SUISSE GROUP AG - REG CHF 379 059 347 208 3.97 14 081 DAIMLER AG EUR 694 257 631 597 7.22 4 675 DANONE SA EUR 304 057 290 797 3.33 2 811 DEUTSCHE BANK AG - REG EUR 102 001 101 668 1.16 9 665 ENI SPA EUR 191 946 205 813 2.36 20 369 E.ON AG EUR 401 496 439 438 5.03 2 154 FANUC CORP JPY 387 543 349 596 4.00 54 396 FIAT SPA EUR 321 448 273 916 3.14 22 520 GDF SUEZ EUR 487 695 535 999 6.14 6 160 HEIDELBERGCEMENT AG EUR 267 569 295 222 3.38 2 581 INDITEX SA EUR 226 496 267 045 3.06 21 955 ING GROEP NV - CVA EUR 130 124 146 721 1.68 650 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 95 406 98 862 1.13 138 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 18 141 19 466 0.22 2 120 ROCHE HOLDING AG - GENUSSCHEIN CHF 376 977 366 438 4.19 10 184 RWE AG EUR 437 384 415 830 4.76 3 582 SANOFI EUR 252 077 271 562 3.11 2 802 SHIN-ETSU CHEMICAL CO LTD JPY 150 190 153 111 1.75 4 996 SIEMENS AG - REG EUR 421 912 419 339 4.80 66 079 STORA ENSO OYJ - R EUR 379 469 405 871 4.65 9 181 TAKEDA PHARMACEUTICAL CO LTD JPY 379 915 415 958 4.76 27 019 TELEFONICA SA EUR 341 012 355 571 4.07 2 685 UNIBAIL-RODAMCO SE EUR 460 059 494 414 5.66 7 053 UNILEVER NV EUR 222 196 236 162 2.70 5 569 VINCI SA EUR 227 615 259 972 2.98 818 VIVENDI SA EUR 13 786 15 187 0.17 1 536 VOLKSWAGEN AG - PFD EUR 255 563 242 878 2.78

Total Shares 9 087 232 9 245 915 105.84

Total investments 9 087 232 9 245 915 105.84

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

261 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD Economic classification of investments (as a percentage of net assets at June 30, 2012) %

Pharmaceuticals and Biotechnology 13.54 Automobiles and Parts 13.14 Electricity 10.90 Chemicals 7.80 Construction and Materials 6.36 Food Producers 6.03 General Industrials 5.93 Real Estate Investment Trusts 5.66 Banks 5.14 Gas, Water and Multiutilities 5.03 Forestry and Paper 4.65 Fixed Line Telecommunications 4.24 Industrial Engineering 4.00 Nonlife Insurance 3.65 General Retailers 3.06 Beverages 2.67 Oil and Gas Producers 2.36 Life Insurance 1.68

105.84

262 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD Geographical classification of investments (as a percentage of net assets at June 30, 2012) %

Germany 38.84 France 22.51 Japan 12.00 Switzerland 8.17 Spain 7.13 Italy 5.49 Finland 4.65 Netherlands 4.38 Belgium 2.67

105.84

263 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 111.13% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P GSCI® Inverse Industrial Metals 1 Month Forward Capped Component Index Total Return. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ALUMINIUM LME 16.84 COPPER LME 32.07 LEAD LME 14.16 NICKEL LME 16.85 ZINC LME 20.08

Total 100.00

264 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD Economic composition of the index (as a percentage of the index at June 30, 2012)

% Base 100.00

100.00

265 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD Schedule of Investments as at June 30, 2012 (expressed in USD) Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 11 294 AEON CO LTD JPY 141 529 140 414 4.23 1 587 ALLIANZ SE - REG EUR 150 814 159 326 4.80 2 069 ANHEUSER-BUSCH INBEV NV EUR 142 809 160 953 4.85 1 503 ASTELLAS PHARMA INC JPY 60 383 65 270 1.97 341 BASF SE - REG EUR 24 440 23 671 0.71 2 867 BAYER AG EUR 190 160 206 586 6.22 7 480 CREDIT SUISSE GROUP AG - REG CHF 149 623 136 403 4.11 4 552 DAIMLER AG EUR 235 262 204 178 6.15 3 624 DANONE SA EUR 239 451 225 422 6.79 1 743 DEUTSCHE BANK AG - REG EUR 63 247 63 041 1.90 5 550 DEUTSCHE TELEKOM AG - REG EUR 58 934 60 952 1.84 3 539 ENI SPA EUR 70 284 75 362 2.27 7 718 E.ON AG EUR 147 267 166 507 5.01 462 FANUC CORP JPY 80 475 74 983 2.26 6 336 GDF SUEZ EUR 140 110 150 803 4.54 21 202 ING GROEP NV - CVA EUR 148 755 141 689 4.27 1 701 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 261 723 258 716 7.78 83 832 MAZDA MOTOR CORP JPY 143 345 112 420 3.39 1 145 MITSUBISHI CORP JPY 23 539 22 903 0.69 10 038 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 44 363 47 554 1.43 70 983 NEC CORP JPY 147 696 109 424 3.30 1 193 ROCHE HOLDING AG - GENUSSCHEIN CHF 197 520 206 208 6.21 1 008 SANOFI EUR 68 549 76 420 2.30 474 SAP AG EUR 26 913 27 998 0.84 1 327 SHIN-ETSU CHEMICAL CO LTD JPY 71 128 72 512 2.18 2 861 SIEMENS AG - REG EUR 256 991 240 138 7.23 24 053 STORA ENSO OYJ - R EUR 149 845 147 738 4.45 714 UNIBAIL-RODAMCO SE EUR 122 358 131 475 3.96 1 281 UNILEVER NV EUR 40 020 42 893 1.29 4 640 VIVENDI SA EUR 78 580 86 147 2.59 330 VOLKSWAGEN AG - PFD EUR 56 386 52 181 1.57

Total Shares 3 732 499 3 690 287 111.13

Total investments 3 732 499 3 690 287 111.13

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

266 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

General Industrials 15.01 Automobiles and Parts 11.10 Pharmaceuticals and Biotechnology 10.48 Chemicals 9.12 Food Producers 8.08 Banks 7.44 Gas, Water and Multiutilities 5.01 Beverages 4.85 Nonlife Insurance 4.80 Electricity 4.54 Forestry and Paper 4.45 Fixed Line Telecommunications 4.43 Life Insurance 4.27 General Retailers 4.23 Real Estate Investment Trusts 3.96 Technology Hardware and Equipment 3.30 Oil and Gas Producers 2.27 Industrial Engineering 2.26 Software and Computer Services 0.84 Support Services 0.69

111.13

267 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD Geographical classification of investments (as a percentage of net assets at June 30, 2012) %

Germany 36.27 France 27.97 Japan 19.44 Switzerland 10.32 Netherlands 5.56 Belgium 4.85 Finland 4.45 Italy 2.27

111.13

268 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 103.48% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P GSCI® Industrial Metals 3 Month Forward Capped Component Index Total Return. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ALUMINIUM LME 16.86 COPPER LME 32.06 LEAD LME 14.20 NICKEL LME 16.86 ZINC LME 20.02

Total 100.00

269 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD Economic composition of the index (as a percentage of the index at June 30, 2012)

% Basic Materials 22.77 Financials 17.04 Consumer Goods 16.83 Industrials 15.01 Utilities 8.75 Technology 8.40 Telecommunications 5.10 Health Care 4.73 Consumer Services 1.53

100.00

270 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD Schedule of Investments as at June 30, 2012 (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 29 780 AEON CO LTD JPY 373 185 370 244 4.12 1 127 ALLIANZ SE - REG EUR 103 940 113 145 1.26 6 617 ANHEUSER-BUSCH INBEV NV EUR 456 727 514 754 5.73 10 360 ASTELLAS PHARMA INC JPY 410 401 449 898 5.00 4 663 BASF SE - REG EUR 351 777 323 692 3.60 5 305 BAYER AG EUR 354 073 382 261 4.25 4 533 CIE GENERALE D’OPTIQUE ESSILOR EUR 415 686 421 666 4.69 INTERNATIONAL SA 20 209 CREDIT SUISSE GROUP AG - REG CHF 402 332 368 525 4.10 10 698 DAIMLER AG EUR 487 631 479 853 5.33 4 725 DEUTSCHE BANK AG - REG EUR 171 403 170 893 1.90 25 285 DEUTSCHE POST AG - REG EUR 423 242 447 306 4.97 21 514 ENI SPA EUR 427 267 458 133 5.09 2 847 EUROPEAN AERONAUTIC DEFENCE AND SPACE EUR 93 762 100 947 1.12 CO NV 2 162 FANUC CORP JPY 392 127 350 895 3.90 65 161 ING GROEP NV - CVA EUR 457 174 435 459 4.84 2 691 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 414 958 409 289 4.55 238 268 NEC CORP JPY 495 768 367 301 4.08 2 062 ROCHE HOLDING AG - GENUSSCHEIN CHF 341 396 356 413 3.96 2 071 RWE AG EUR 88 946 84 562 0.94 5 008 SANOFI EUR 343 628 379 672 4.22 1 482 SAP AG EUR 84 146 87 539 0.97 9 443 SECOM CO LTD JPY 448 208 431 379 4.80 4 592 SHIN-ETSU CHEMICAL CO LTD JPY 246 135 250 923 2.79 3 238 SIEMENS AG - REG EUR 284 572 271 781 3.02 53 648 STORA ENSO OYJ - R EUR 308 082 329 517 3.66 11 572 TELEFONICA SA EUR 142 669 152 288 1.69 1 427 UNIBAIL-RODAMCO SE EUR 248 809 262 767 2.92 21 964 VIVENDI SA EUR 370 166 407 788 4.53 823 VOLKSWAGEN AG - PFD EUR 140 622 130 136 1.45

Total Shares 9 278 832 9 309 026 103.48

Total investments 9 278 832 9 309 026 103.48

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

271 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD Economic classification of investments (as a percentage of net assets at June 30, 2012) %

Pharmaceuticals and Biotechnology 13.18 Chemicals 10.64 General Industrials 7.57 Automobiles and Parts 6.78 Fixed Line Telecommunications 6.23 Banks 6.00 Beverages 5.72 Oil and Gas Producers 5.09 Industrial Transportation 4.97 Life Insurance 4.84 Support Services 4.80 Health Care Equipment and Services 4.69 General Retailers 4.12 Technology Hardware and Equipment 4.08 Industrial Engineering 3.90 Forestry and Paper 3.66 Real Estate Investment Trusts 2.92 Nonlife Insurance 1.26 Aerospace and Defense 1.12 Software and Computer Services 0.97 Electricity 0.94

103.48

272 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD Geographical classification of investments (as a percentage of net assets at June 30, 2012) %

Germany 27.70 Japan 24.69 France 20.91 Switzerland 8.06 Netherlands 5.96 Belgium 5.72 Italy 5.09 Finland 3.66 Spain 1.69

103.48

273 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 111.91% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P GSCI® Aggregate Inverse 1-month forward Index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares Aluminium LME 5.60 Brent Crude Oil 4.93 Cocoa 0.42 Coffee 1.31 Copper LME 10.82 Corn 8.18 Cotton 1.67 Crude Oil WTI 9.54 Feeder Cattle 0.92 Gasoil 5.13 Gold 6.08 Heating Oil 4.49 Kansas Wheat 1.66 Lead LME 2.11 Lean Hogs 2.65 Live Cattle 5.06 Natural Gas 1.90 Nickel LME 3.26 RBOB Gasoline 4.36 Silver 2.65 Soybeans 5.04 Sugar 3.18 Wheat 6.05 Zinc LME 2.99

Total 100.00

274 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD Economic composition of the index (as a percentage of the index at June 30, 2012)

% Agricultural 42.47 Base 17.23 Energy 17.87 Livestock 12.23 Precious 9.04

100.00

275 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD Schedule of Investments as at June 30, 2012 (expressed in USD) Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 2 721 AKZO NOBEL NV - CVA EUR 139 771 127 902 4.18 371 ALLIANZ SE - REG EUR 32 605 37 246 1.22 2 021 ANHEUSER-BUSCH INBEV NV EUR 145 125 157 219 5.14 402 BAYER AG EUR 26 947 28 967 0.95 634 BAYERISCHE MOTOREN WERKE AG EUR 48 720 45 805 1.50 10 592 CREDIT SUISSE GROUP AG - REG CHF 202 661 193 152 6.31 4 235 DAIMLER AG EUR 226 536 189 959 6.21 330 DENSO CORP JPY 10 533 11 138 0.36 1 642 DEUTSCHE BANK AG - REG EUR 59 582 59 388 1.94 845 DEUTSCHE POST AG - REG EUR 13 695 14 949 0.49 6 063 ENI SPA EUR 121 444 129 110 4.22 487 E.ON AG EUR 9 394 10 506 0.34 985 EUROPEAN AERONAUTIC DEFENCE AND SPACE EUR 32 440 34 925 1.14 CO NV 184 FANUC CORP JPY 31 154 29 863 0.98 369 FAST RETAILING CO LTD JPY 84 060 73 439 2.40 4 711 GDF SUEZ EUR 103 665 112 127 3.66 3 538 ING GROEP NV - CVA EUR 28 221 23 644 0.77 3 340 K+S AG - REG EUR 146 925 152 591 4.99 322 KYOCERA CORP JPY 26 678 27 563 0.90 928 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 147 620 141 145 4.61 7 065 MITSUBISHI CORP JPY 146 690 141 318 4.62 13 748 NISSAN MOTOR CO LTD JPY 141 690 128 882 4.21 637 ROCHE HOLDING AG - GENUSSCHEIN CHF 114 512 110 104 3.60 526 RWE AG EUR 21 872 21 477 0.70 1 960 SANOFI EUR 132 828 148 594 4.86 2 522 SAP AG EUR 144 589 148 969 4.87 171 SHIN-ETSU CHEMICAL CO LTD JPY 9 166 9 344 0.31 2 517 SIEMENS AG - REG EUR 223 469 211 264 6.90 3 902 SOFTBANK CORP JPY 127 623 144 412 4.72 11 906 TELEFONICA SA EUR 146 787 156 684 5.12 18 390 TOKYO TATEMONO CO LTD JPY 75 145 68 453 2.24 2 829 TOYOTA MOTOR CORP JPY 116 447 113 103 3.70 90 TREND MICRO INC JPY 2 584 2 638 0.09 699 UNIBAIL-RODAMCO SE EUR 119 606 128 713 4.21

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

276 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD Schedule of Investments as at June 30, 2012 (cont.) (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.) 8 610 VIVENDI SA EUR 145 813 159 855 5.22 237 VOLKSWAGEN AG - PFD EUR 39 433 37 475 1.22 408 ZURICH INSURANCE GROUP AG CHF 88 832 92 032 3.01

Total Shares 3 434 862 3 423 955 111.91

Total investments 3 434 862 3 423 955 111.91

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

277 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD Economic classification of investments (as a percentage of net assets at June 30, 2012) %

Automobiles and Parts 13.50 General Industrials 11.51 Chemicals 10.42 Fixed Line Telecommunications 10.35 Software and Computer Services 8.65 Pharmaceuticals and Biotechnology 8.46 Banks 8.25 Beverages 5.14 Mobile Telecommunications 4.72 Support Services 4.62 Electricity 4.37 Nonlife Insurance 4.23 Oil and Gas Producers 4.22 Real Estate Investment Trusts 4.21 General Retailers 2.40 Real Estate Investment and Services 2.24 Aerospace and Defense 1.14 Industrial Engineering 0.98 Electronic and Electrical Equipment 0.90 Life Insurance 0.77 Industrial Transportation 0.49 Gas, Water and Multiutilities 0.34

111.91

278 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 31.33 Japan 24.52 France 22.57 Switzerland 12.92 Netherlands 6.09 Belgium 5.14 Spain 5.12 Italy 4.22

111.91

279 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 103.33% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P GSCI® Aggregate 3 month forward Index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ALUMINIUM LME 5.53 BRENT CRUDE OIL 4.92 COCOA 0.42 COFFEE 1.35 COPPER LME 10.63 CORN 8.38 COTTON 1.70 CRUDE OIL WTI 9.42 FEEDER CATTLE 0.95 GASOIL 5.03 GOLD 5.99 HEATING OIL 4.45 KANSAS WHEAT 1.73 LEAD LME 2.10 LEAN HOGS 2.60 LIVE CATTLE 5.25 NATURAL GAS 2.05 NICKEL LME 3.23 RBOB GASOLINE 3.99 SILVER 2.62 SOYBEANS 5.11 SUGAR 3.30 WHEAT 6.30 ZINC LME 2.95

Total 100.00

280 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD Economic composition of the index (as a percentage of the index at June 30, 2012)

% Basic Materials 22.61 Financials 17.04 Consumer Goods 16.83 Industrials 15.01 Utilities 8.75 Technology 8.40 Telecommunications 5.10 Health Care 4.73 Consumer Services 1.53

100.00

281 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD Schedule of Investments as at June 30, 2012 (expressed in USD) Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 2 541 AKZO NOBEL NV - CVA EUR 130 525 119 441 1.34 3 413 ALLIANZ SE - REG EUR 329 942 342 647 3.85 1 435 ANHEUSER-BUSCH INBEV NV EUR 107 558 111 633 1.25 14 640 ATLANTIA SPA EUR 170 152 186 718 2.10 2 225 BAYERISCHE MOTOREN WERKE AG EUR 170 982 160 750 1.81 2 698 CIE FINANCIERE RICHEMONT SA CHF 170 069 147 799 1.66 27 556 CREDIT SUISSE GROUP AG - REG CHF 524 272 502 502 5.66 11 018 DAIMLER AG EUR 528 047 494 207 5.55 6 302 DANONE SA EUR 409 875 392 000 4.40 4 977 DEUTSCHE BANK AG - REG EUR 176 770 180 008 2.02 24 623 DEUTSCHE POST AG - REG EUR 400 439 435 594 4.89 38 742 DEUTSCHE TELEKOM AG - REG EUR 395 486 425 479 4.78 4 308 ENI SPA EUR 85 557 91 737 1.03 21 267 E.ON AG EUR 410 238 458 810 5.16 3 013 EUROPEAN AERONAUTIC DEFENCE AND SPACE EUR 99 229 106 833 1.20 CO NV 465 FANUC CORP JPY 83 592 75 470 0.85 1 284 FAST RETAILING CO LTD JPY 296 043 255 545 2.87 21 486 FIAT INDUSTRIAL SPA EUR 214 692 211 045 2.37 63 526 ING GROEP NV - CVA EUR 445 703 424 533 4.77 3 957 KYOCERA CORP JPY 327 840 338 718 3.81 2 439 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 387 001 370 961 4.17 1 706 MEDIOBANCA SPA EUR 10 364 7 521 0.08 66 503 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 310 262 315 054 3.54 1 422 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 192 641 200 580 2.25 10 726 RWE AG EUR 407 151 437 960 4.92 3 663 SANOFI EUR 249 681 277 703 3.12 5 341 SAP AG EUR 303 254 315 482 3.55 4 111 SIEMENS AG - REG EUR 351 548 345 057 3.88 61 832 STORA ENSO OYJ - R EUR 355 080 379 785 4.27 26 168 TELEFONICA SA EUR 328 442 344 372 3.87 113 681 TERNA RETE ELETTRICA NAZIONALE SPA EUR 370 307 410 295 4.61 97 TREND MICRO INC JPY 2 785 2 844 0.03 1 774 UNIBAIL-RODAMCO SE EUR 303 991 326 663 3.67

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

282 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD Schedule of Investments as at June 30, 2012 (cont.) (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.)

Total Shares 9 049 518 9 195 746 103.33

Total investments 9 049 518 9 195 746 103.33

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

283 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Banks 11.30 Electricity 9.53 Fixed Line Telecommunications 8.65 General Industrials 8.05 Automobiles and Parts 7.36 Industrial Transportation 6.99 Nonlife Insurance 6.10 Gas, Water and Multiutilities 5.16 Life Insurance 4.77 Food Producers 4.40 Forestry and Paper 4.27 Electronic and Electrical Equipment 3.81 Real Estate Investment Trusts 3.67 Software and Computer Services 3.58 Industrial Engineering 3.22 Pharmaceuticals and Biotechnology 3.12 General Retailers 2.87 Personal Goods 1.66 Chemicals 1.34 Beverages 1.25 Aerospace and Defense 1.20 Oil and Gas Producers 1.03

103.33

284 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 42.66 France 15.36 Japan 11.10 Italy 10.20 Netherlands 7.31 Switzerland 7.31 Finland 4.27 Spain 3.87 Belgium 1.25

103.33

285 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 103.20% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the SGI Commodities Curve Momentum Beta+ TR TM Index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ALUMINIUM LME 4.37 BRENT CRUDE OIL 1.76 COCOA 6.20 COFFEE 1.11 COPPER LME 3.28 CORN 10.00 COTTON 5.15 CRUDE OIL WTI 2.49 FEEDER CATTLE 5.12 GASOIL 2.08 GOLD 6.90 HEATING OIL 6.06 KANSAS WHEAT 0.81 LEAD LME 6.14 LEAN HOGS 7.68 LIVE CATTLE 1.40 NICKEL LME 6.88 RBOB GASOLINE 2.80 SILVER 7.08 SOYBEANS 3.96 SUGAR 4.52 WHEAT 0.41 ZINC LME 3.80

Total 100.00

286 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Basic Materials 22.61 Financials 17.04 Consumer Goods 16.83 Industrials 15.01 Utilities 8.75 Technology 8.40 Telecommunications 5.10 Health Care 4.73 Consumer Services 1.53

100.00

287 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR Schedule of Investments as at June 30, 2012 (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 14 277 ADIDAS AG - REG EUR 1 002 235 1 022 955 4.66 3 733 ALLIANZ SE - REG EUR 349 954 374 773 1.71 13 521 ANHEUSER-BUSCH INBEV NV EUR 921 264 1 051 836 4.80 6 769 ARKEMA SA EUR 429 186 442 825 2.02 11 968 BASF SE - REG EUR 866 951 830 783 3.79 3 185 BAYER AG EUR 212 450 229 500 1.05 1 117 BAYERISCHE MOTOREN WERKE AG EUR 79 202 80 700 0.37 14 076 CREDIT SUISSE GROUP AG - REG CHF 273 119 256 686 1.17 30 497 DAIMLER AG EUR 1 535 463 1 367 929 6.23 1 131 DENSO CORP JPY 36 099 38 172 0.17 1 915 DEUTSCHE BANK AG - REG EUR 69 488 69 262 0.32 3 768 DEUTSCHE POST AG - REG EUR 63 072 66 658 0.30 7 132 EISAI CO LTD JPY 277 175 311 952 1.42 50 932 ENI SPA EUR 1 017 204 1 084 580 4.94 6 822 E.ON AG EUR 136 033 147 177 0.67 1 467 FANUC CORP JPY 248 386 238 096 1.09 2 542 FAST RETAILING CO LTD JPY 547 689 505 915 2.31 14 865 FIAT INDUSTRIAL SPA EUR 148 533 146 011 0.67 24 709 GDF SUEZ EUR 543 717 588 100 2.68 187 507 ING GROEP NV - CVA EUR 1 485 443 1 253 075 5.71 1 942 KABEL DEUTSCHLAND HOLDING AG EUR 110 777 121 068 0.55 52 064 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 960 732 1 028 738 4.69 1 221 KYOCERA CORP JPY 101 161 104 517 0.48 345 677 MAZDA MOTOR CORP JPY 581 039 463 560 2.11 1 706 MEDIOBANCA SPA EUR 10 364 7 521 0.03 53 632 MITSUBISHI CORP JPY 1 113 560 1 072 774 4.89 24 424 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 113 947 115 707 0.53 132 228 NISSAN MOTOR CO LTD JPY 1 362 773 1 239 585 5.65 90 221 PIONEER CORP JPY 421 532 315 474 1.44 2 477 ROCHE HOLDING AG - GENUSSCHEIN CHF 445 283 428 145 1.95 9 537 RWE AG EUR 410 905 389 412 1.78 14 141 SANOFI EUR 1 011 689 1 072 072 4.89 14 847 SAP AG EUR 820 618 876 982 4.00 174 740 SAPPORO HOLDINGS LTD JPY 651 084 560 639 2.56 10 864 SIEMENS AG - REG EUR 941 714 911 869 4.16

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

288 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.) 19 421 SOFTBANK CORP JPY 629 678 718 764 3.28 1 963 THYSSENKRUPP AG EUR 38 966 31 974 0.15 5 441 TOYOTA MOTOR CORP JPY 223 962 217 531 0.99 94 TREND MICRO INC JPY 2 699 2 756 0.01 6 829 UNIBAIL-RODAMCO SE EUR 1 170 470 1 257 485 5.73 63 774 VIVENDI SA EUR 1 034 004 1 184 041 5.40 255 VOLKSWAGEN AG - PFD EUR 42 427 40 322 0.18 1 626 ZURICH INSURANCE GROUP AG CHF 354 022 366 775 1.67

Total Shares 22 796 069 22 634 696 103.20

Total investments 22 796 069 22 634 696 103.20

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

289 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Automobiles and Parts 14.74 Pharmaceuticals and Biotechnology 8.26 Beverages 7.35 Chemicals 6.85 Real Estate Investment Trusts 5.73 Life Insurance 5.71 Fixed Line Telecommunications 5.40 Electronic and Electrical Equipment 5.17 Software and Computer Services 5.00 Oil and Gas Producers 4.94 Support Services 4.89 Personal Goods 4.66 Electricity 4.46 General Industrials 4.16 Nonlife Insurance 3.38 Mobile Telecommunications 3.28 General Retailers 2.31 Banks 2.05 Leisure Goods 1.99 Industrial Engineering 1.75 Gas, Water and Multiutilities 0.67 Industrial Transportation 0.30 Industrial Metals and Mining 0.15

103.20

290 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 29.93 Japan 26.92 France 20.72 Netherlands 10.40 Italy 5.64 Belgium 4.80 Switzerland 4.79

103.20

291 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR Index composition at June 30, 2012 At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 103.31% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the SGI Commodities Optimix TR TM Index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index.

Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ALUMINIUM LME 6.57 BRENT CRUDE OIL 7.77 COCOA 0.41 COFFEE 1.30 COPPER LME 10.62 CORN 8.31 COTTON 1.64 CRUDE OIL WTI 13.71 FEEDER CATTLE 0.92 GASOIL 3.42 GOLD 9.90 HEATING OIL 2.23 KANSAS WHEAT 1.68 LEAD LME 1.18 LEAN HOGS 2.97 LIVE CATTLE 5.07 NATURAL GAS 1.14 NICKEL LME 1.82 RBOB GASOLINE 1.98 SILVER 1.48 SOYBEANS 4.93 SUGAR 3.19 WHEAT 6.09 ZINC LME 1.67

Total 100.00

292 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR Economic composition of the index (as a percentage of the index at June 30, 2012)

% Basic Materials 22.61 Financials 17.04 Consumer Goods 16.83 Industrials 15.01 Utilities 8.75 Technology 8.40 Telecommunications 5.10 Health Care 4.73 Consumer Services 1.53

100.00

293 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR Schedule of Investments as at June 30, 2012 (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 13 881 ADIDAS AG - REG EUR 998 242 994 581 4.45 9 784 ALLIANZ SE - REG EUR 917 820 982 260 4.39 8 493 ANHEUSER-BUSCH INBEV NV EUR 609 871 660 694 2.95 3 504 BASF SE - REG EUR 261 641 243 237 1.09 12 331 BAYER AG EUR 782 756 888 531 3.97 5 535 BAYERISCHE MOTOREN WERKE AG EUR 399 960 399 887 1.79 69 346 CREDIT SUISSE GROUP AG - REG CHF 1 321 572 1 264 573 5.67 20 967 DAIMLER AG EUR 1 114 922 940 466 4.21 6 263 DANONE SA EUR 401 830 389 574 1.74 2 559 DEUTSCHE BANK AG - REG EUR 92 857 92 554 0.41 13 833 DEUTSCHE BOERSE AG EUR 664 968 746 604 3.34 2 866 DEUTSCHE TELEKOM AG - REG EUR 27 946 31 475 0.14 2 376 DISTRIBUIDORA INTERNACIONAL DE EUR 11 039 11 187 0.05 ALIMENTACION SA 50 975 ENI SPA EUR 1 012 360 1 085 495 4.85 2 458 FANUC CORP JPY 441 871 398 936 1.78 975 FAST RETAILING CO LTD JPY 222 110 194 047 0.87 64 804 FIAT INDUSTRIAL SPA EUR 647 532 636 534 2.85 87 351 GAS NATURAL SDG SA EUR 995 024 1 120 167 5.01 51 138 GDF SUEZ EUR 1 091 312 1 217 137 5.44 852 HEIDELBERGCEMENT AG EUR 37 877 40 833 0.18 1 420 INDITEX SA EUR 124 612 146 921 0.66 98 092 ING GROEP NV - CVA EUR 769 383 655 531 2.93 8 561 KYOCERA CORP JPY 709 284 732 819 3.28 2 642 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 439 562 401 837 1.80 1 706 MEDIOBANCA SPA EUR 10 364 7 521 0.03 25 028 RWE AG EUR 1 078 339 1 021 935 4.57 10 596 SANOFI EUR 726 916 803 315 3.59 29 913 SAP AG EUR 1 717 344 1 766 900 7.91 34 128 SEVEN & I HOLDINGS CO LTD JPY 995 221 1 025 251 4.58 7 427 SIEMENS AG - REG EUR 620 962 623 385 2.79 10 107 SWISS LIFE HOLDING AG - REG CHF 902 583 950 906 4.25 77 114 TELEFONICA SA EUR 950 724 1 014 824 4.54 19 811 THYSSENKRUPP AG EUR 393 258 322 687 1.44 81 TREND MICRO INC JPY 2 326 2 374 0.01

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

294 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR Schedule of Investments as at June 30, 2012 (cont.) (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.) 43 873 VIVENDI SA EUR 743 002 814 555 3.64 2 988 VOLKSWAGEN AG - PFD EUR 490 085 472 473 2.11

Total Shares 22 727 475 23 102 006 103.31

Total investments 22 727 475 23 102 006 103.31

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

295 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR Economic classification of investments (as a percentage of net assets at June 30, 2012)

%

Electricity 10.02 Fixed Line Telecommunications 8.33 Automobiles and Parts 8.12 Software and Computer Services 7.91 Life Insurance 7.18 General Retailers 6.11 Banks 6.10 Chemicals 5.06 Gas, Water and Multiutilities 5.01 Oil and Gas Producers 4.85 Industrial Engineering 4.63 General Industrials 4.58 Personal Goods 4.45 Nonlife Insurance 4.39 Pharmaceuticals and Biotechnology 3.59 Financial Services 3.34 Electronic and Electrical Equipment 3.28 Beverages 2.95 Food Producers 1.74 Industrial Metals and Mining 1.44 Construction and Materials 0.18 Food and Drug Retailers 0.05

103.31

296 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 42.80 France 16.22 Japan 10.52 Spain 10.25 Switzerland 9.91 Italy 7.73 Belgium 2.95 Netherlands 2.93

103.31

297 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 105.06% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the Euro iStoxx 50 Equal Risk Index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AIR LIQUIDE SA 2.60 ALLIANZ SE 1.43 ANHEUSER-BUSCH INBEV NV 4.16 ARCELOR MITTAL 1.19 ASSICURAZIONI GENERALI SPA 2.00 AXA SA 1.14 BANCO BILBAO VIZCAYA ARGENTARI 1.49 BANCO SANTANDER SA 1.72 BASF SE 1.66 BAYER AG 2.07 BAYERISCHE MOTOREN WERKE AG 1.48 BNP PARIBAS 1.05 CARREFOUR SA 1.58 CIE DE ST-GOBAIN 1.24 CRH PLC 1.55 DAIMLER AG 1.42 DANONE 3.24 DEUTSCHE BANK AG 1.10 DEUTSCHE BOERSE AG (2) 2.53 DEUTSCHE TELEKOM /ETR 2.75 E.ON AG 1.76 ENEL SPA 1.94 ENI SPA 2.09 FRANCE TELECOM SA 2.22 GDF SUEZ 1.93 IBERDROLA SA 2.03 INDITEX SA 3.68 ING GROEP NV 0.97 INTESA SANPAOLO SPA 0.95 KONINKLIJKE PHILIPS ELECTRONIC 1.99 L OREAL 3.26 LVMH MOET HENNESSY LOUIS VUITT 1.95 MUENCHENER RUECKVERSICHERUNGS 2.00 NOKIA OYJ 1.37 REPSOL YPF SA 1.86 RWE AG 1.61 SANOFI-AVENTIS SA 2.81

298 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SAP AG 2.94 SCHNEIDER ELECTRIC SA 1.24 SIEMENS AG 2.09 SOCIÉTÉ GENERALE 0.87 TELECOM ITALIA SPA 2.14 TELEFONICA SA 2.14 TOTAL SA 2.42 UNIBAIL-RODAMCO SE 2.29 UNICREDIT SPA 1.00 UNILEVER NV 5.64 VINCI SA 1.75 VIVENDI SA 2.22 VOLKSWAGEN AG 1.44

Total 100.00

299 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK Economic composition of the index (as a percentage of the index at June 30, 2012)

% Food Products 8.87 Banks 8.18 Fixed Line Telecommunications 6.50 Integrated Oil & Gas 6.37 Multiutilities 5.30 Full Line Insurance 4.57 Automobiles 4.34 Commodity Chemicals 4.26 Brewers 4.16 Diversified Industrials 4.09 Conventional Electricity 3.97 Apparel Retailers 3.68 Personal Products 3.26 Software 2.94 Pharmaceuticals 2.81 Building Materials & Fixtures 2.79 Mobile Telecommunications 2.75 Investment Services 2.53 Retail REITs 2.29 Broadcasting & Entertainment 2.22 Specialty Chemicals 2.07 Reinsurance 2.00 Clothing & Accessories 1.95 Heavy Construction 1.75 Food Retailers & Wholesalers 1.58 Telecommunications Equipment 1.37 Electrical Components & Equipment 1.24 Iron & Steel 1.19 Life Insurance 0.97

100.00

300 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK Schedule of Investments as at June 30, 2012 (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 2 909 ADIDAS AG - REG EUR 165 054 164 242 1.03 1 849 ALLIANZ SE - REG EUR 138 250 146 274 0.92 4 292 ANHEUSER-BUSCH INBEV NV EUR 232 559 263 100 1.65 28 257 ASSICURAZIONI GENERALI SPA EUR 241 739 301 220 1.89 18 027 ATLANTIA SPA EUR 165 957 181 171 1.14 1 876 BASF SE - REG EUR 109 408 102 617 0.65 3 993 BAYER AG EUR 206 228 226 723 1.43 3 783 BAYERISCHE MOTOREN WERKE AG EUR 233 676 215 366 1.35 15 174 CREDIT SUISSE GROUP AG - REG CHF 244 603 218 044 1.37 6 256 DAIMLER AG EUR 232 661 221 118 1.39 25 894 DEUTSCHE BANK AG - REG EUR 710 531 737 979 4.64 5 399 DEUTSCHE BOERSE AG EUR 207 430 229 619 1.44 14 392 DEUTSCHE POST AG - REG EUR 188 679 200 624 1.26 15 381 ENI SPA EUR 241 943 258 093 1.62 15 533 E.ON AG EUR 235 403 264 061 1.66 73 435 FRANCE TELECOM SA EUR 716 505 761 888 4.79 14 567 GDF SUEZ EUR 235 985 273 204 1.72 40 600 HEIDELBERGCEMENT AG EUR 1 414 098 1 533 259 9.64 6 319 HENKEL AG & CO KGAA - PFD EUR 319 489 330 926 2.08 34 815 ING GROEP NV - CVA EUR 161 193 183 336 1.15 38 911 KONINKLIJKE DSM NV EUR 1 482 704 1 509 748 9.49 5 696 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 602 637 633 110 3.98 5 150 NESTLE SA CHF 239 315 242 461 1.52 624 NOVARTIS AG - REG CHF 27 277 27 482 0.17 7 870 RWE AG EUR 233 975 253 217 1.59 26 042 SAFRAN SA EUR 718 499 760 426 4.78 3 737 SANDVIK AB SEK 39 900 37 692 0.24 2 877 SANOFI EUR 164 117 171 872 1.08 4 753 SAP AG EUR 216 285 221 228 1.39 22 914 SIEMENS AG - REG EUR 1 457 515 1 515 533 9.53 2 713 SOLVAY SA EUR 232 748 211 017 1.33 20 268 STORA ENSO OYJ - R EUR 92 503 98 097 0.62 789 SYNGENTA AG - REG CHF 202 507 212 366 1.34 19 187 TELEFONICA SA EUR 188 129 198 969 1.25 271 220 TERNA RETE ELETTRICA NAZIONALE SPA EUR 708 427 771 350 4.85

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

301 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK Schedule of Investments as at June 30, 2012 (cont.) (expressed in EUR)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

EUR EUR %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.) 580 877 UNICREDIT SPA EUR 1 394 105 1 731 014 10.89 25 236 VALLOUREC SA EUR 710 141 811 842 5.10 18 168 VIVENDI SA EUR 240 999 265 798 1.67 1 734 VOLKSWAGEN AG - PFD EUR 224 466 216 056 1.36 398 WESFARMERS LTD - PPS AUD 9 883 10 146 0.06

Total Shares 15 587 523 16 712 288 105.06

Total investments 15 587 523 16 712 288 105.06

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

302 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK Economic classification of investments (as a percentage of net assets at June 30, 2012) %

Banks 16.90 Chemicals 14.23 Construction and Materials 9.65 General Industrials 9.53 Electricity 8.16 Fixed Line Telecommunications 7.71 Nonlife Insurance 6.79 Industrial Metals and Mining 5.10 Aerospace and Defense 4.78 Automobiles and Parts 4.10 Personal Goods 3.11 Industrial Transportation 2.40 Gas, Water and Multiutilities 1.66 Beverages 1.65 Oil and Gas Producers 1.62 Food Producers 1.52 Financial Services 1.44 Software and Computer Services 1.39 Pharmaceuticals and Biotechnology 1.25 Life Insurance 1.15 Forestry and Paper 0.62 Industrial Engineering 0.24 General Retailers 0.06

105.06

303 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK Geographical classification of investments (as a percentage of net assets at June 30, 2012) %

Germany 45.34 Italy 20.39 France 19.14 Netherlands 10.64 Switzerland 4.40 Belgium 2.98 Spain 1.25 Finland 0.62 Sweden 0.24 Australia 0.06

105.06

304 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012

At June 30, 2012, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 104.29% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI World Risk Weighted Index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares 3I GROUP PLC 0.04 3M CO 0.09 ABB LTD 0.05 ABBOTT LABORATORIES 0.23 ABC MART 0.05 ABERCROMBIE & FITCH CO A 0.01 ABERDEEN ASSET MANAGEMENT PLC 0.05 ABERTIS INFRAESTRUCTURAS 0.05 ACCENTURE LTD 0.06 ACCOR SA 0.03 ACE (USD) 0.09 ACERINOX 0.05 ACS 0.06 ACTELION N 0.04 ACTIVISION 0.06 ADECCO (CHF) 0.04 ADIDAS SALOMON 0.05 ADMIRAL GROUP PLC 0.05 ADOBE SYSTEMS 0.05 ADP 0.08 ADV MICRO DEVICE 0.01 ADVANCE AUTO PARTS 0.05 ADVANTEST 0.02 AEGON NV 0.02 AEON CO LTD 0.07 AEON CREDIT 0.05 AEON MALL 0.04 AETNA INC 0.04 AFFILIATED MANAGERS GROUP INC 0.03 AFLAC INC 0.03 AGCO CORP 0.03 AGGREKO 0.04 AGILENT TECH A.N 0.03 AGL ENERGY LTD 0.16 AGNICO-EAGLE MINES 0.03 AGRIUM 0.04 AIA GROUP LTD 0.03

305 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AIR LIQUIDE SA 0.10 AIR PRODUCTS & CHEMICALS 0.07 AIR WATER 0.09 AIRGAS 0.04 AISIN SEIKI 0.04 AJINOMOTO 0.11 AKAMAI TECHNOLOGIES 0.02 AKER KVAERNER 0.02 AKZO NOBEL NV 0.05 ALBEMARLE CORP 0.03 ALCATEL-LUCENT 0.01 ALCOA INC 0.02 ALEXION PHARMACEUTICALS INC 0.07 ALFA LAVAL 0.05 ALFRESA HOLDINGS 0.09 ALIMENTATION COUCHE-T. B 0.06 ALLEGHANY CORP 0.14 ALLEGHENY TECHNOLOGIES 0.01 ALLERGAN INC 0.11 ALLIANCE DATA SYSTEMS 0.04 ALLIANT ENERGY CORP 0.13 ALLIANZ SE 0.04 ALLSTATE CP 0.08 ALPHA NATURAL RESOURCES INC 0.01 ALSTOM SA 0.03 ALTERA CORP 0.04 ALTRIA GROUP 0.22 ALUMINA 0.02 AMADA 0.03 AMADEUS IT HOLDING SA 0.06 AMAZON 0.03 AMCOR 0.10 AMEC 0.05 AMER ELEC PWR 0.15 AMER EXPRESS CO 0.04 AMER INTL GROUP 0.01 AMEREN CORP 0.13 AMERICAN CAPITAL AGENCY CORP 0.07 AMERICAN TOWER CORP A 0.09 AMERICAN WATER WORKS CO INC 0.13 AMERIPRISE FINANCIAL 0.04 AMERISOURCEBERGN 0.12 AMETEK INC 0.05 AMGEN INC 0.10 AMP LTD 0.06 AMPHENOLCORP 0.05 306 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ANA 0.07 ANADARKO PETROLEUM CORP 0.03 ANALOG DEVICES INC 0.06 ANDRITZ 0.05 ANGLO AMERICAN PLC/ 0.03 ANHEUSER-BUSCH INBEV NV 0.10 ANNALY CAPITAL MANAGEMENT INC 0.12 ANSYS INC 0.05 ANTOFAGASTA 0.02 AOL TIME WARNER 0.07 AON CORP 0.11 AOZORA BANK LTD 0.03 AP MOLLER - MAERSK A/S 0.04 AP MOLLER MAERSK A/S 0.04 APA GROUP 0.09 APACHE CORP 0.04 APOLLO GROUP 0.03 APPLE COMP INC 0.05 APPLIED MATL 0.05 ARC ENERGY TRUST 0.06 ARCELOR MITTAL 0.02 ARCH CAPITAL GROUP LTD 0.19 ARCHER-DANIELS-MIDLAND CO 0.06 ARKEMA SA 0.02 ARM 0.03 ARROW ELECTRONICS 0.03 ARYZTA AG 0.08 ASAHI BREWERIES 0.12 ASAHI GLASS CO LTD 0.04 ASAHI KASEI 0.08 ASCENDAS REAL ESTATE INV 0.08 ASCIANO GROUP 0.05 ASICS 0.05 ASM PACIFIC TECHNOLOGY 0.03 ASML HOLDING NV 0.05 ASSA ABLOY AB 0.06 ASSICURAZIONI GENERALI SPA 0.05 ASSOCIATED BRIT FOODS 0.14 ASSURANT INC 0.06 ASTELLAS PHARMA INC (EX YAMANOUCHI PHARM) 0.15 ASTRAZENECA PLC 0.14 AT&T INC 0.17 ATHABASCA OIL SANDS CORP 0.03 ATLAS COPCO AB 0.04 ATLAS COPCO B 0.04 ATOS ORIGIN 0.04 307 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares AUCKLAND INT'L AIRPORT 0.16 AUSTRALIA & NEW ZEALAND BANKIN 0.07 AUSTRALIAN STOCK EXCH. 0.10 AUTODESK 0.02 AUTOGRILL 0.05 AUTOLIV INC 0.03 AUTOMATIC DATA 0.13 AUTOSTRADE 0.05 AUTOZONE INC 0.15 AVAGO TECHNOLOGIES LTD 0.03 AVALONBAY COMMUNITIES 0.04 AVERY DENNISON CORP 0.04 AVIVA 0.03 AVNET 0.04 AVON PRODUCTS INC 0.03 AXA SA 0.02 AXEL SPRINGER AG 0.06 AXIS CAPITAL HOLDINGS 0.09 B M.PASCHI SIENA 0.02 BABCOCK INTERNATIONAL GROUP 0.08 BAE SYSTEMS 0.08 BAKER HUGHES INC 0.02 BALFOUR BEATTY 0.06 BALL CORP 0.10 BALOISE HOLDING 0.06 BANCHE POP UNITE 0.03 BANCO BILBAO VIZCAYA ARGENTARI 0.03 BANCO POPOLARE SPA 0.02 BANCO POPULAR ESPANOL 0.02 BANCO SABADELL 0.03 BANCO SANTANDER SA 0.03 BANK HAPOALIM BM/ILS 0.05 BANK LEUMI LE-ISRAEL BM 0.04 BANK MONTREAL 0.12 BANK OF AMERICA CORP 0.03 BANK OF E ASIA 0.05 BANK OF KYOTO 0.10 BANK OF NEW YORK 0.04 BANK OF NOVA SCOTIA 0.13 BANK OF YOKOHAMA 0.08 BANKIA SAU 0.02 BANQUE CANTONALE VAUDOISE-BR 0.08 BARCLAYS 0.01 BARD (C.R.) 0.13 BARRICK GOLD CORP 0.04 BARRY CALLEBAUT-AG. 0.11 308 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares BASF SE 0.04 BAXTER INTL INC 0.08 BAYER AG 0.06 BAYERISCHE MOTOREN WERKE AG 0.03 BAYTEX ENERGY CORP 0.05 BB&T CORP 0.04 BCE INC 0.27 BCO ESPIRITO SANTO E R 0.02 BEAM INC 0.06 BECTON DICKINSON 0.13 BED BATH BEYOND 0.05 BEIERSDORF 0.11 BELGACOM 0.12 BELL ALIANT INC 0.14 BENDIGO BANK LTD 0.07 BENESSE CORP 0.09 BERKLEY (W.R.) CORP 0.11 BERKSHIRE HATHAWAY INC CL B 0.09 BEST BUY CO INC 0.04 BEZEQ ISRAELI TELECOMMUNICATION CORP LTD 0.06 BG GROUP PLC 0.05 BHP BILLITON LTD 0.07 BHP BILLITON PLC 0.04 BIC 0.11 BIOGEN INC 0.06 BIOVAIL CORP 0.02 BLACKROCK INC 0.05 BLOCK (H&R) 0.04 BMC SOFTWARE 0.05 BMW ACTION PREF. 0.04 BNP PARIBAS 0.02 BOC HONG KONG 0.04 BOEING CO 0.04 BOLIDEN 0.02 BOMBARDIER B 0.04 BONAVISTA ENERGY TRUST 0.05 BORAL 0.03 BORG WARNER INC 0.02 BOSTON PROPERTIES 0.04 BOSTON SCIEN CP 0.04 BOUYGUES SA 0.04 BP PLC 0.05 BRAMBLES LTD 0.07 BRENNTAG AG 0.03 BRIDGESTONE CORP 0.06 BRISTOL MYERS SQ BMY.N 0.13 309 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares BRITISH AMERICAN TOBACCO PLC 0.16 BRITISH LAND CO PLC 0.06 BRITISH SKY BROADCASTING GROUP 0.08 BROADCOM CORP 0.04 BROOKFIELD ASSET MAN A 0.09 BROOKFIELD PROPERTIES 0.05 BROTHER INDS 0.04 BROWN-FORMAN CORP/NYC 0.13 BT GROUP 0.05 BUNGE 0.04 BUNZL 0.11 BURBERRY 0.03 BUREAU VERITAS SA 0.10 CABLEVISION SYSTEMS A 0.04 CABOT OIL & GAS CORP 0.02 CAE 0.09 CALPINE CORP 0.04 CALTEX AUSTRALIA 0.03 CAMECO CORP 0.04 CAMERON INTERNATIONAL 0.02 CAMPBELL BROTHERS LTD 0.05 CAMPBELL SOUP CO 0.19 CANADIAN IMPERIAL BANK 0.12 CANADIAN NAT RESOURCES 0.04 CANADIAN NAT'L RAILWAY 0.12 CANADIAN OIL SANDS TRUST 0.04 CANADIAN TIRE CORP A 0.10 CANADIAN UTILITIES LTD 0.14 CANON INC 0.06 CAP GEMINI 0.04 CAP ONE FINAN 0.03 CAPITA GRP 0.09 CAPITALAND LIMITED 0.05 CAPITAMALL TRUST 0.08 CAPITAMALLS ASIA LTD 0.05 CARDINAL HLTH 0.08 CAREFUSION CORP 0.02 CARLSBERG 'B' 0.04 CARMAX 0.02 CARNIVAL CORP 0.05 CARNIVAL PLC 0.05 CARREFOUR SA 0.04 CASINO 0.09 CASIO COMPUTER 0.04 CATERPILLAR INC 0.03 CATHAY PAC AIR 0.05 310 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares CB RICHARD ELLIS GROUP 0.02 CBS CORP B 0.02 CELESIO AG 0.04 CELGENE CORP 0.06 CENOVUS ENERGY INC 0.03 CENTERPOINT 0.12 CENTERRA GOLD INC. 0.01 CENTRAL JAPAN RY 0.11 CENTRICA 0.11 CENTRO RETAIL GROUP 0.05 CENTURYTEL INC 0.12 CERNER CORP 0.05 CFS RETAIL PROP TRUST 0.14 CGI GROUP A 0.09 CH ROBINSON WW 0.08 CHARTER COMMUNICATIONS INC 0.02 CHARTER ONE FINL 0.03 CHESAPEAKE ENERGY CORP 0.03 CHEUNG KONG HOLDINGS LTD 0.05 CHEVRON CORP 0.08 CHIBA BANK 0.08 CHICAGO MERCANTILE EXCH (US) 0.05 CHIPOTLE MEXICAN GRILL INC 0.04 CHIYODA CORP 0.03 CHRISTIAN DIOR 0.05 CHUBB CORP 0.13 CHUBU ELEC PWR 0.06 CHUGAI PHARMACEUTICAL 0.13 CHUGOKU BANK 0.11 CHUGOKU ELE PWR 0.08 CHURCH & DWIGHT CO INC 0.14 CI FINANCIAL INCOME FUND 0.11 CIE DE ST-GOBAIN 0.03 CIGNA CORP 0.04 CIMAREX ENERGY CO 0.02 CINCINNATI FINL CORP 0.12 CINTAS CORP 0.06 CINTRA CONCESIONES DE INF 0.04 CISCO SYSTEMS 0.05 CIT GROUP INC 0.03 CITIGROUP INC 0.02 CITIZEN WATCH 0.04 CITRIX SYSTEMS 0.03 CITY DEVELOPMENTS 0.05 CKI HOLDINGS 0.12 CLEVELAND CLIFFS INC 0.01 311 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares CLOROX CO 0.16 CLP HOLDINGS LTD 0.30 CMS ENERGY CORP 0.13 CNP ASSURANCE 0.04 COACH 0.03 COBALT INTERNATIONAL ENERGY INC 0.02 COBHAM 0.07 COCA COLA ENT 0.05 COCA COLA HELLENIC BOTTLING CO 0.04 COCA-COLA AMATIL 0.19 COCA-COLA CO/THE 0.19 COCA-COLA WEST H 0.09 COCHLEAR 0.05 COGNIZANTTECHSOLUTIONS 0.04 COLGATE PALMOLIV 0.19 COLOPLAST B 0.08 COLRUYT 0.14 COMCAST A SPECIAL (NEW) 0.06 COMCAST CORP A 0.06 COMERICA 0.03 COMFORTDELGRO 0.13 COMMERZBANK AG 0.02 COMMONWEALTH BANK OF AUSTRALIA 0.10 COMPASS GROUP PLC 0.09 COMPUTER ASSOC 0.06 COMPUTER SCIENCE 0.03 COMPUTERSHARE 0.07 CONAGRA FOODS 0.15 CONCHO RESOURCES INC/MIDLAND TX 0.02 CONCORD EFS 0.02 CONOCOPHILLIPS 0.07 CONSOL EDISON 0.26 CONSOL ENERGY 0.02 CONSTELLATION BRANDS A 0.07 CONTACT ENERGY 0.16 CONTINENTAL AG 0.02 CONTINENTAL RESOURCES INC/OK 0.02 COOPER INDUSTRIES A 0.05 CORE LABORATORIES NV 0.04 CORIO NV 0.05 CORNING INC 0.03 CORPORACION MAPFRE SA 0.03 COSCO CORP SINGAPORE 0.02 COSMO OIL 0.04 COSTCO WHOLESALE CORP 0.15 COVENTRY HEALTH CARE 0.04 312 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares COVIDIEN LTD 0.08 CP RAILWAY 0.06 CREDIT AGRICOLE 0.02 CREDIT SAISON 0.03 CREE INC 0.01 CRESCENT POINT ENERGY TRUST 0.08 CRH PLC 0.03 CRITERIA CAIXACORP SA 0.06 CRODA INTERNATIONAL PLC 0.06 CROWN CASTLE INT'L CORP 0.07 CROWN HOLDINGS INC 0.08 CROWN LTD 0.09 CS GROUP N 0.03 CSL 0.10 CSX CORP 0.04 CUMMINS INC 0.02 CVS CORPORATION 0.09 D.R. HORTON 0.03 DAI NIPPON PRINT 0.08 DAICEL CHEM INDS 0.05 DAIDO STEEL 0.03 DAIHATSU MOTOR 0.05 DAI-ICHI LIFE INSURANCE CO 0.04 DAIICHI SANKYO CO LTD 0.10 DAIKIN INDS 0.04 DAIMLER AG 0.03 DAINPN SUMI PHAR 0.08 DAITO TR CONST 0.08 DAIWA HOUSE IND 0.07 DAIWA SEC GROUP 0.04 DANAHER CORP 0.07 DANONE 0.10 DANSKE BK 0.03 DARDEN REST 0.06 DASSAULT SYSTEM 0.08 DAVITA 0.11 DB RREEF TRUST 0.06 DBS GROUP HOLDINGS 0.09 DE MASTER BLENDERS 1753 NV 0.07 DEERE & CO 0.04 DELEK GROUP LTD 0.02 DELHAIZE GROUP SA 0.07 DELL COMPUTER 0.03 DELPHI AUTOMOTIVE PLC 0.02 DELTA AIR LINES 0.02 DELTA LLOYD NV 0.03 313 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares DENA CO LTD 0.02 DENBURY RESOURCES 0.02 DENKI KAGAKU KGY 0.04 DENSO 0.05 DENTSPLY INTERNATIONAL 0.07 DENTSU INC 0.06 DEUTSCHE BANK AG 0.02 DEUTSCHE BOERSE AG (2) 0.04 DEUTSCHE POST AG 0.05 DEUTSCHE TELEKOM /ETR 0.08 DEVON ENERGY 0.03 DIAGEO PLC 0.16 DIAMOND LEASE 0.04 DIAMOND OFFSHORE DRILL. 0.04 DICK'S SPORTING GOODS INC 0.03 DIGITAL REALTY TRUST INC 0.08 DIRECTV 0.09 DISCOVER FINANCIAL SERVICES 0.04 DISCOVERY COMMUNICATIONS INC 0.05 DISCOVERY HOLDING A 0.06 DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA 0.04 DNB NOR ASA 0.03 DOLBY LABORATORIES INC 0.03 DOLLAR GENERAL CORP 0.03 DOLLAR TREE STORES INC. 0.09 DOMINION RES INC 0.18 DOVER CORP 0.04 DOW CHEMICAL CO 0.02 DR PEPPER SNAPPLE GROUP INC 0.08 DSV 'B' 0.05 DT LUFTHANSA AG 0.04 DTE ENERGY 0.15 DU PONT CO 0.05 DUKE ENERGY 0.24 DUKE REALTY INVESTMENTS INC 0.03 DUN & BRADSTREET CORP 0.09 E.ON AG 0.05 EAST JAPAN RAILWAY CO 0.10 EASTMAN CHEM 0.04 EATON CORP 0.03 EATON VANCE CORP 0.04 EBAY INC 0.04 ECHO ENTERTAINMENT GROUP LTD 0.05 ECHOSTAR COMMUNI. A 0.03 ECOLAB 0.12 EDENRED 0.03 314 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares EDF 0.06 EDISON INTL 0.13 EDP ENERGIAS DE PORTUGAL 0.07 EDWARDS LIFESCIENCES CORPORATION 0.06 EISAI 0.15 ELAN CORP 0.02 ELBIT SYSTEMS LTD-- 0.07 ELDORADO GOLD CORP 0.03 ELECTRIC POWER D 0.08 ELECTROLUX AB 0.03 ELECTRONIC ART 0.03 ELEKTA B 0.04 ELI LILLY 0.17 ELISA CORPORATION 0.08 EMC CORP/MA 0.05 EMERSON ELECTRIC 0.05 EMPIRE CO LTD 0.15 ENAGAS 0.08 ENBRIDGE 0.18 ENCANA CORP 0.05 ENEL GREEN POWER SPA 0.05 ENEL SPA 0.05 ENERGEN CORP 0.04 ENERGIZER HOLDINGS INC 0.06 ENERPLUS RESOURCES FUND 0.06 ENI SPA 0.07 ENTERGY CP 0.13 EOG RESOURCES 0.03 EQUIFAX INC 0.09 EQUINIX INC 0.04 EQUITABLE RESOURCES 0.04 EQUITY RESIDENTIAL 0.04 ERSTE BANK AUSTRIA 0.02 ESSILOR INTERNAT 0.18 ESTEE LAUDER COS A 0.04 EURASIAN NATURAL RESOURCES CORP 0.02 EURAZEO 0.03 EUROPEAN AERONAUTIC DEFENCE AND SPACE CO (PA) 0.04 EUTELSAT COMMUNICATIONS 0.11 EVEREST RE GROUP 0.11 EVRAZ PLC 0.02 EXELON CORP 0.11 EXPEDIA COMMON 0.03 EXPEDITORS INTL WASH. 0.05 EXPERIAN GROUP LTD 0.09 EXPRESS SCRIPTS COMMON 0.05 315 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares EXXON MOBIL CORP 0.10 F5 NETWORKS INC 0.02 FACEBOOK INC 0.02 FAIRFAX (JOHN) HOLDINGS 0.04 FAIRFAX FINANCIAL HLDGS 0.10 FAMILY DOLLAR STORES 0.05 FAMILYMART 0.14 FANUC LTD 0.04 FAST RETAILING CO LTD 0.03 FASTENAL CO 0.04 FED DEPT STRS 0.03 FEDERAL REALTY INV TRUST 0.08 FEDEX CORP 0.06 FIAT INDUSTRIAL SPA 0.03 FIAT SPA (MILAN) 0.02 FIDELITY NATIONAL INFORMATION SERVICES INC 0.08 FIDELITY NAT'L FINANCIAL 0.08 FIFTH THR BNCP 0.03 FINMECCANICA 0.03 FINNING INT'L 0.03 FIRST PACIFIC CO LTD 0.04 FIRST QUANTUM MINERALS 0.01 FIRST REPUBLIC BANK/SAN FRANCISCO CA 0.03 FIRSTENERGY 0.10 FISERV INC 0.10 FLETCHER BUILDING 0.08 FLEXTRONICS 0.02 FLIR SYSTEMS INC. 0.04 FLOWSERVE CORPORATION 0.03 FLUOR CORP 0.03 FMC CORP. 0.05 FMC TECHNOLOGIES 0.03 FONCIERE DES REGIONS 0.04 FORD MOTOR CO 0.02 FORENINGSSPARBANKEN 0.02 FOREST LABS 0.11 FORTESCUE METALS GROUP LTD 0.02 FORTIS 0.02 FORTIS (CAD) 0.15 FORTUM 0.08 FOSSIL INC 0.01 FOXCONN INTERNATIONAL 0.02 FPL GROUP 0.13 FRANCE TELECOM SA 0.09 FRANCO-NEVADA CORP 0.05 FRANKLIN RESOURCES 0.04 316 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares FRAPORT 0.05 FRASER AND NEAVE 0.08 FRESENIUS MEDICAL CARE AG & CO 0.13 FRESENIUS SE & CO KGAA 0.08 FRESNILLO PLC 0.02 FRONTIER COMMUNICATIONS CORP 0.05 FRPRT-MCM GD 0.02 FUGRO 0.04 FUJI ELECTRIC 0.03 FUJI HEAVY INDS 0.03 FUJI PHOTO FILM 0.05 FUJITSU LTD 0.05 FUKUOKA FINANCIAL GROUP INC 0.05 FURUKAWA ELEC 0.03 GALAXY ENTERTAINMENT GROUP LTD 0.02 GALP ENERGIA 0.05 GAMESTOP CORP 0.03 GAP INC 0.04 GARMIN 0.03 GAS NATURAL SDG - E 0.06 GDF SUEZ 0.06 GEA GROUP 0.03 GEBERIT AG 0.08 GECINA 0.03 GEMALTO NV 0.06 GENERAL DYNAMICS 0.08 GENERAL ELECTRIC CO 0.05 GENERAL GROWTH PROPERTIES 0.03 GENERAL MILLS 0.21 GENERAL MOTORS CO 0.02 GENTING INTERNATIONAL PLC 0.03 GENUINE PARTS CO 0.09 GENWORTH FINANCIAL A 0.01 GEOPHYSIQUE 0.02 GETINGE AB B 0.05 GILDAN ACTIVEWEAR 0.03 GILEAD SCI 0.06 GIVAUDAN N 0.12 GJENSIDIGE FORSIKRING ASA 0.03 GKN 0.02 GLAXOSMITHKLINE PLC 0.13 GLENCORE INTERNATIONAL PLC 0.02 GLOBAL LOGISTIC PROPERTIES LTD 0.05 GOLDCORP 0.04 GOLDEN AGRI-RESOURCES LTD 0.03 GOLDM SACHS GRP 0.04 317 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares GOODRICH CORPORATION 0.05 GOODYEAR TIRE 0.02 GOOGLE INC 0.05 GPT GROUP 0.08 GRAINGER (WW) 0.08 GREAT WEST LIFECO 0.09 GREE INC 0.02 GREEN MOUNTAIN COFFEE ROASTERS INC 0.01 GRIFOLS SA 0.05 GROUP 4 SECURICOR 0.09 GROUPE BRUXELLES LAMBERT SA 0.09 GROUPE EUROTUNNEL SA 0.03 GRUPO ACCIONA 0.05 GS YUASA CORP 0.03 GUNMA BANK 0.09 H J HEINZ CO 0.20 H&R REAL ESTATE INVESTMENT 0.08 HACHIJUNI BANK 0.09 HAKUHODO DY HLDG 0.09 HALLIBURTON CO 0.02 HAMAMATSU PHOTO 0.06 HAMMERSON PLC 0.05 HANG LUNG GROUP LTD 0.04 HANG LUNG PROPERTIES LTD 0.03 HANG SENG BANK 0.09 HANKYU HOLDINGS 0.16 HANNOVER RUECK 0.06 HANSEN NATURAL CORP 0.05 HARDIE (JAMES) IND 0.04 HARLEY-DAVIDSON 0.02 HARRIS CORP 0.06 HARTFORD FINANCIAL SVCS 0.02 HARVEY NORMAN HOLDINGS 0.04 HASBRO INC 0.07 HCA HOLDINGS INC 0.02 HCP INC 0.05 HEALTH CARE REIT INC 0.08 HEIDELBERGCEMENT AG 0.02 HEINEKEN HLDG 0.11 HEINEKEN NV 0.10 HELMERICH PAYNE 0.02 HENDERSON LAND 0.04 HENKEL 0.08 HENKEL KGAA VZ 0.07 HENNES & MAURITZ AB 0.08 HENRY SCHEIN INC 0.10 318 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares HERBALIFE LTD 0.03 HERSHEY CO COMMON (THE) 0.13 HERTZ GLOBAL HOLDINGS INC 0.02 HESS CORP 0.03 HEWLETT-PACKARD 0.04 HEXAGON AB-B SHS 0.02 HINO MOTORS 0.03 HIROSE ELECTRIC 0.08 HISAMITSU PHARM 0.14 HITACHI CHEMICAL 0.04 HITACHI CONST 0.03 HITACHI HIGH TEC 0.04 HITACHI LTD 0.04 HITACHI METALS 0.03 HK & CHINA GAS 0.12 HKEX 0.04 HOCHTIEF 0.03 HOKKAIDO ELE PWR 0.08 HOKURIKU ELE PWR 0.07 HOLCIM LTD 0.04 HOLLY CORP 0.02 HOLMEN B 0.07 HOLOGIC INC 0.04 HOME DEPOT INC 0.08 HONDA MOTOR CO LTD 0.05 HONEYWELL INTL 0.05 HONG KONG ELECTRIC HOLDINGS LTD 0.17 HOPEWELL HOLDINGS 0.10 HORMEL FOODS CORP 0.23 HOSPIRA 0.06 HOST HOTELS & RESORTS 0.03 HOYA CORP 0.06 HSBC HOLDINGS PLC 0.07 HUDSON CITY BANCORP 0.05 HUGO BOSS AG 0.03 HUMANA INC 0.06 HUNT (JB)TRANSPRT SVCS INC 0.06 HUSKY ENERGY 0.08 HUSQVARNA AB 0.04 HUTCHISON 0.04 HUTCHISON PORT HOLDINGS TRUST 0.04 HYSAN DEVELOPMENT 0.03 IAMGOLD CORP 0.03 IBERDROLA SA 0.06 IBIDEN 0.03 ICADE (EX ICADE EMGP) 0.04 319 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ICAP PLC 0.03 IDEMITSU KOSAN CO LTD 0.04 IGM FINANCIAL 0.12 IHS INC 0.11 ILIAD SA 0.08 ILLINOIS TOOL WK 0.05 ILLUMINA INC 0.01 ILUKA RESOURCES 0.02 IMERYS 0.04 IMI 0.03 IMMOFINANZ AG 0.03 IMPERIAL OIL 0.09 IMPERIAL TOBACCO GROUP PLC 0.12 INCITEC PIVOT LTD 0.03 INDITEX SA 0.09 INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC 0.05 INDUSTRIVARDEN AB-C SHS 0.04 INFINEON TECHNOLOGIES AG 0.02 ING CANADA INC 0.15 ING GROEP NV 0.02 INGERSOLL-RAND 0.03 INMARSAT 0.05 INMET MINING CORP 0.02 INPEX HOLDINGS 0.04 INSURANCE AUSTRALIA GRP. 0.09 INTEL CORP 0.06 INTERCONTINENTAL HOTELS G 0.05 INTERCONTINENTALEXCHANGE INC 0.05 INTERNATIONAL BUSINESS MACHINE 0.10 INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA 0.03 INTERPUBLIC GRP 0.02 INTERTEK GROUP 0.08 INTESA 0.02 INTESA SANPAOLO SPA 0.02 INT'L FLAVORS FRAGRANCES 0.08 INTL GAME TECH 0.03 INTL PAPER CO 0.03 INTUIT INC 0.08 INTUITIVE SURG 0.03 INVENSYS 0.03 INVESCO LTD 0.03 INVESTEC 0.05 INVESTOR AB 0.09 INVITROGEN CORP 0.06 IRON MOUNTAIN 0.06 ISETAN MITSUKOSHI HOLDINGS LTD 0.05 320 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares ISHI-HAR HVY IND 0.03 ISRAEL CHEMICALS LTD 0.04 ISRAEL CORP LTD/THE 0.03 ISTITUTO FINANZIARIO INDUSTRIALE SPA 0.03 ISUZU MOTORS 0.03 ITOCHU CORP 0.04 ITOCHU TECHNO 0.06 ITV PLC 0.02 IVANHOE MINES 0.02 IYO BANK 0.10 J C DECAUX SA 0.03 J C PENNEY CO 0.02 J FRONT RETAILING CO LTD 0.04 JACOBS ENGINEERING GROUP 0.03 JAPAN PRIME REALTY INVT 0.05 JAPAN REAL ESTATE INV CORP 0.11 JAPAN RETAIL FUND INV CORP 0.05 JAPAN TOBACCO 0.05 JARDINE CYCLE & CARRIAGE 0.04 JERONIMO MARTINS SGPS 0.05 JFE HOLDINGS 0.03 JGC CORPORATION 0.04 JOHNSON & JOHNSON 0.36 JOHNSON CONTROLS 0.03 JOHNSON MATTHEY 0.05 JOY GLOBAL INC 0.01 JOYO BANK 0.11 JPMORGAN CHASE & CO 0.04 JPN PETROLEUM EX 0.05 JPN STEEL WORKS 0.03 JS GROUP 0.06 JSR 0.04 JTEKT 0.02 JULIUS BAER GROUP LTD (EX GAM) 0.04 JULIUS BAER I (EX GAM HOLDING LTD.) 0.06 JUNIPER NETWORKS 0.02 JUPITER TELECOMMUNICATIONS CO 0.06 JX HOLDINGS INC 0.04 K + S AG 0.04 KABEL DEUTSCHLAND HOLDING AG 0.02 KAJIMA CORP 0.06 KAMIGUMI 0.15 KANEKA CORP 0.07 KANSAI ELE PWR 0.05 KANSAI PAINT 0.08 KANSAS CITY SOUTHERN INDS 0.02 321 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares KAO CORPORATION 0.16 KAWASAKI HVY IND 0.03 KAWASAKI KISEN 0.03 KAZAKHMYS PLC 0.02 KBC GROEP NV 0.01 KBR INC 0.02 KDDI CORP 0.07 KEIHIN E EXPR RY 0.17 KEIO ELEC RAIL 0.12 KEISEI ELE RY 0.08 KELLOGG CO 0.21 KEPPEL CORP 0.06 KEPPEL LAND 0.04 KERRY GRP A 0.09 KERRY PROPERTIES 0.04 KESKO 0.04 KEYCORP 0.03 KEYENCE 0.08 KIKKOMAN CORP 0.10 KIMBERLY-CLARK 0.28 KIMCO REALTY CORP 0.03 KINDEN CORP (OS) 0.08 KINDER MORGAN INC/DELAWARE 0.02 KINDER MORGAN MANAGEMENT LLC 0.14 KINGFISHER 0.06 KINNEVIK INVESTMENT AB 0.07 KINROSS GOLD CORP 0.03 KINTETSU 0.12 KIRIN BREWERY 0.08 KLA TENCOR 0.03 KLEPIERRE 0.04 KOBE STEEL 0.03 KOHL'S CORP 0.06 KOITO MFG 0.03 KOMATSU 0.03 KONAMI CORP 0.04 KONE OYJ B 0.07 KONICA CORP 0.04 KONINKLIJKE AHOLD NV 0.13 KONINKLIJKE BOSKALIS WESTMINSTER NV 0.03 KONINKLIJKE DSM NV 0.06 KONINKLIJKE KPN NV 0.04 KONINKLIJKE PHILIPS ELECTRONIC 0.04 KONINKLIJKE VOPAK NV 0.08 KRAFT FOODS 0.17 KROGER CO 0.10 322 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares KUBOTA CORP 0.05 KUEHNE & NAGEL 0.06 KURARAY 0.07 KURITA WATER INDUSTRIES LTD 0.06 KYOCERA CORP 0.06 KYOWA HAKKO KOGY 0.11 KYUSHU ELE PWR 0.07 L OREAL 0.09 L-3 COMMUNICATIONS HLDGS 0.08 LABORATORY CORP OF AMER 0.13 LAFARGE 0.04 LAGARDERE 0.04 LAMRESEARCHCORP 0.06 LAND SECURITIES GROUP PLC 0.05 LANXESS 0.02 LAS VEGAS SANDS CORP 0.01 LAWSON 0.17 LEGAL & GENERAL 0.03 LEGG MASON COMMON 0.03 LEGGETT & PLATT 0.04 LEGRAND SA 0.06 LEIGHTON HOLDINGS 0.03 LEND LEASE 0.05 LEUCADIA NATIONAL CORP 0.03 LEVEL 3 COMMS 0.01 LI & FUNG 0.02 LIBERTY GLOBAL A 0.04 LIBERTY GLOBAL C 0.04 LIBERTY INTERACTIVE A 0.03 LIBERTY INTL 0.04 LIBERTY MEDIA CORP - LIBERTY C 0.03 LIBERTY PROPERTY TRUST 0.04 LIFESTYLE INTERNATIONAL HOLDINGS LTD 0.04 LIMITED BRANDS 0.03 LINCOLN NATL 0.02 LINDE AG 0.09 LINDT & SPRUENGLI 0.11 LINDT & SPRUENGLI AG 0.08 LINEAR TECH 0.06 LINK REIT 0.13 LINKEDIN CORP 0.02 LLOYDS TSB GRP 0.02 LOBLAW 0.14 LOCKHEED MARTIN 0.12 LOEWS CORP 0.10 LONDON STOCK EXCHANGE 0.04 323 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares LONMIN 0.03 LONZA 0.04 LORILLARD INC 0.09 LOWES COMPANIES 0.07 LSI LOGIC 0.02 LULULEMON ATHLETICA INC 0.01 LUNDIN PETROLEUM 0.02 LUXOTTICA 0.08 LVMH MOET HENNESSY LOUIS VUITT 0.05 LYNAS CORPORATION LIMITED 0.01 LYONDELLBASELL INDUSTRIES NV 0.02 M&T BANK CORP 0.05 MABUCHI MOTOR 0.09 MACQUARIE BANK 0.04 MACQUARIE GOODMAN GROUP 0.02 MAGNA INTERNATIONAL A 0.03 MAKITA CORP 0.03 MAN AG 0.03 MAN GROUP PLC 0.02 MANPOWER 0.02 MANULIFE FINANCIAL CORP 0.03 MARATHON OIL CORP 0.04 MARATHON PETROLEUM CORP 0.02 MARKS & SP. 0.07 MARRIOTT INT'L A 0.04 MARSH & MCLENNAN 0.09 MARTIN MARIETTA MATRLS 0.06 MARUBENI 0.04 MARUI 0.04 MARUICHI STL TBE 0.08 MARVELL TECHNOLOGY GROUP 0.02 MASCO CORP 0.02 MASTERCARD INC 0.04 MATSUSHITA E IND 0.05 MATTEL INC 0.08 MAXIM INTEGRTD 0.05 MAZDA MOTOR 0.02 MCCORMICK & CO N-VTG 0.22 MCDONALDS COMPANY (JAPAN) 0.29 MCDONALD'S CORP 0.20 MCGRAW-HILL COMPANIES INC 0.04 MCKESSON CORP 0.10 MDU RESOURCES GROUP INC 0.07 MEAD JOHNSON NUTRITION CO 0.07 MEADWESTVACO CORP 0.05 MEDIASET 0.03 324 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares MEDICEO PAL HLDG 0.10 MEDIOBANCA 0.04 MEDTRONIC INC 0.09 MEG ENERGY CORP 0.03 MEGGITT PLC 0.05 MEIJI HOLDINGS CO LTD 0.12 MERCK & CO INC 0.10 MERCK KGAA 0.06 METCASH LTD 0.15 METLIFE INC 0.03 METRO AG 0.04 METRO INC 0.14 METSO 0.02 MGM CHINA HOLDINGS LTD 0.02 MGM MIRAGE 0.01 MICHELIN 0.03 MICROCHIP TECHNOLOGY 0.06 MICRON TECH 0.02 MICROSOFT CORP 0.08 MILLEA HOLDINGS 0.06 MILLICOM INTERNATIONAL CELLULAR SA/SUE 0.05 MIRACA HOLDINGS 0.10 MIRVAC GROUP 0.04 MITSUB CHEM HLDG 0.04 MITSUB GAS CHEM 0.03 MITSUB LOGISTICS 0.05 MITSUBISHI CORP 0.04 MITSUBISHI ELEC 0.04 MITSUBISHI ESTATE CO LTD 0.05 MITSUBISHI HVY 0.05 MITSUBISHI MATL 0.04 MITSUBISHI MOTOR 0.04 MITSUBISHI UFJ FINANCIAL GROUP 0.05 MITSUI & CO LTD 0.04 MITSUI CHEMICALS 0.03 MITSUI FUDOSAN 0.04 MITSUI OSK LINES 0.03 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INC 0.05 MITSUI TRUST HLD 0.04 MIZRAHI TEFAHOT BANK LTD 0.05 MIZUHO FINANCIAL 0.04 MOBISTAR 0.06 MODERN TIMES GROUP B 0.03 MOHAWK INDUSTRIES 0.02 MOLSON COORS BREWING CO. 0.09 MONSANTO CO 0.04 325 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares MOODY'S CORP 0.03 MORGAN STANLEY 0.03 MORRISON (WILLIAM) SUPERM 0.13 MOSAIC CO/THE 0.02 MOTOROLA SOLUTIONS INC 0.04 MTR CORPORATION 0.10 MUENCHENER RUECKVERSICHERUNGS 0.07 MURATA MANUFACTURING CO LTD 0.05 MURPHY OIL CORP 0.04 MYLAN LABORATORIES INC 0.05 N O K CORP 0.03 NABORS INDUSTRIES LTD 0.01 NABTESCO CORP 0.03 NAMCO BANDAI HLD 0.10 NASDAQ OMX GROUP/THE 0.04 NATEXIS BQ POP 0.01 NATIONAL AUSTRALIA BANK LTD 0.06 NATIONAL BANK OF CANADA 0.11 NATIONAL GRID 0.15 NATIONAL OILWELL VARCO 0.02 NEC CORPORATION 0.04 NEPTUNE ORIENT LINES 0.03 NESTLE OIL 0.03 NESTLE SA 0.17 NETFLIX.COM INC 0.01 NETWORK APPLIANCE 0.03 NEW GOLD INC. 0.02 NEW WORLD DEVELOPMENT CO LTD 0.03 NEW YORK COMMUN. BANCORP 0.06 NEWCREST MINING 0.04 NEWELL RUBBERMD 0.04 NEWFIELD EXPLORATION CO 0.02 NEWMONT MINING HLDG 0.05 NEWS CORP A 0.04 NEWS CORP B 0.05 NEXEN 0.04 NEXON CO LTD 0.03 NEXT 0.08 NGK INSULATORS 0.04 NGK SPARK PLUG 0.05 NHK SPRING 0.03 NICE SYSTEMS LTD 0.06 NIDEC CORP (OSAKA) 0.05 NIELSEN HOLDINGS NV 0.02 NII HOLDINGS B 0.02 NIKE INC CL B 0.06 326 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares NIKON CORP 0.04 NINTENDO CO. LTD. 0.03 NIP ELEC GLASS 0.03 NIP MEAT PACKERS 0.09 NIP STEEL CORP 0.04 NIPPON BUILDING FUND INC 0.10 NIPPON EXPRESS 0.06 NIPPON UNIPAC 0.05 NIPPON YUSEN 0.03 NISHI-NP CITY BK 0.06 NISOURCE INC 0.11 NISSAN MOTOR CO 0.04 NISSHIN GROUP 0.11 NISSHIN STEEL 0.03 NISSIN FOOD 0.19 NITORI CO 0.13 NITTO DENKO CORP 0.03 NKSJ HOLDINGS INC 0.05 NOBLE CORP 0.03 NOBLE ENERGY 0.04 NOBLE GROUP 0.02 NOERDSTROM 0.03 NOKIA OYJ 0.02 NOKIAN RENKAAT 0.02 NOMURA HOLDINGS 0.02 NOMURA OFFICE REIT 0.07 NOMURA REAL ESTATE HOLDINGS 0.04 NOMURA RESEARCH 0.06 NORDEA 0.05 NORFOLK SOUTHERN CORP 0.05 NORSK HYDRO 0.03 NORTH UTILITIES 0.17 NORTHERN TRUST CORP 0.07 NORTHROP GRUMMAN CORP 0.08 NOVARTIS AG 0.12 NOVO NORDISK B 0.08 NOVOZYMES A/S 0.08 NRG ENERGY INC 0.05 NSK 0.03 NTN CORP 0.03 NTT 0.15 NTT DATA 0.05 NTT DOCOMO 0.21 NTT URBAN DEV 0.03 NUANCE COMMUNICATIONS INC 0.03 NUCOR CORP 0.04 327 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares NVIDIA CORP 0.02 NWS HOLDINGS LTD 0.04 NYSE GROUP INC 0.03 OBAYASHI CORP 0.07 OCBC BANK 0.12 OCCIDENTAL PETROLEUM 0.04 ODAKYU ELEC RAIL 0.16 OJI PAPER 0.09 OKO PANKKI A 0.03 OLAM INTERNATIONAL 0.04 OLD MUTUAL 0.04 OLYMPUS CORP 0.01 OMNICARE 0.05 OMNICOM GROUP INC 0.06 OMRON CORP 0.04 OMV 0.05 ONEOK INC 0.08 ONEX CORP 0.08 ONO PHARM 0.17 OPAP SA 0.03 OPEN TEXT CORP 0.04 ORACLE CORP 0.06 ORACLE CORP JPN 0.11 OREILLY AUTOMOTIVE INC 0.07 ORICA 0.08 ORIENT OVERSEAS INTL 0.02 ORIENTAL LAND 0.15 ORIGIN ENERGY 0.10 ORION OYJ-CLASS B 0.08 ORIX 0.03 ORKLA A 0.07 OSAKA GAS 0.21 OSISKO MINING CORP 0.03 OTSUKA 0.05 OTSUKA HOLDINGS CO LTD 0.06 OWENS-ILLINOIS 0.03 OXIANA LTD 0.03 PACCAR INC 0.04 PACIFIC RUBIALES ENERGY CORP 0.02 PALL CORP 0.04 PAN AMERICAN SILVER CORP 0.03 PARGESA 0.06 PARKER HANNIFIN CORP 0.03 PARTNERRE 0.10 PARTNERS GROUP HOLDING AG 0.08 PATTERSON COS 0.09 328 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares PAYCHEX INC 0.13 PCCW 0.05 PEABODY ENERGY CORP. 0.02 PEARSON PLC 0.10 PEMBINA PIPELINE CORP 0.12 PENGROWTH ENERGY CORP 0.08 PENN WEST ENERGY TRUST 0.05 PENTAIR 0.04 PEOPLE'S BANK/BRIDGEPORT CT 0.10 PEPCO HOLDINGS 0.13 PEPSICO INC/NC 0.22 PERNOD-RICARD SA 0.10 PERRIGO COMPANY 0.07 PETROFAC LTD 0.03 PETSMART 0.08 PEUGEOT SA 0.02 PFIZER INC 0.10 PG&E CORP 0.17 PHILIP MORRIS INTERNATIONAL IN 0.11 PHILLIPS 66 0.02 PHILLIPS-VAN HEUSEN CORP 0.03 PHONAK 0.03 PINAULT-PR RED 0.04 PINNACLE WEST CAPITAL 0.15 PIONEER NATURAL RES. 0.02 PIRELLI & C 0.03 PITNEY BOWES INC 0.06 PLAINS EXPLORATION & PRODUCTION CO 0.02 PLUM CREEK TIMBER COMMON 0.06 PNC FINL SVC 0.03 POLO RALPH LAUREN CORP A 0.03 PORSCHE PREF 0.02 PORTUGAL TELECOM 0.05 POTASH CORP OF SASKATCHEWAN IN 0.03 POWER CORP OF CANADA 0.09 POWER FINANCIAL CORP 0.09 PPG IND 0.06 PPL CORP 0.11 PRAXAIR 0.10 PRECISION CASTPARTS CORP 0.05 PRECISION DRILLING TRUST 0.02 PRICE (T. ROWE) GROUP 0.04 PRICELINE.COM INC 0.03 PRINCIPAL FINL 0.03 PROCTER & GAMBLE CO/THE 0.19 PROEX ENERGY LTD 0.06 329 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares PROGRESS CORP OH 0.09 PROGRESS ENERGY 0.23 PROLOGIS INC 0.03 PROSIEBENSAT.1 MEDI.PREF 0.01 PRUDENTIAL 0.04 PRUDENTIAL FINL 0.03 PRYSMIAN SPA 0.04 PUBLIC STORAGE 0.08 PUBLIC SV ENTERPRISE CO 0.11 PUBLICIS GROUPE SA 0.07 QANTAS AIRWAYS 0.03 QBE INSURANCE GROUP 0.05 QEP RESOURCES INC 0.02 QIAGEN NV 0.07 QR NATIONAL LTD 0.03 QUALCOMM INC 0.05 QUANTA SERVICES INC. 0.04 QUEST DIAG 0.09 RACKSPACE HOSTING INC 0.02 RAIFFEISEN INTERNATIONAL 0.02 RAKUTEN 0.06 RALCORP HOLDINGS INC 0.08 RAMSAY HEALTH CARE LTD 0.09 RANDGOLD RESOURCES LTD/LFW 0.04 RANDSTAD 0.03 RANGE RESOURCES CORP 0.02 RATOS AB 0.05 RAYONIER INC 0.07 RAYTHEON 0.12 RECKITT BENCKISER GROUP PLC 0.13 RED ELECTRICA DE ESPANA 0.08 RED HAT INC- 0.03 REED ELSEVIER NV 0.10 REED ELSEVIER PLC 0.09 REGEGERON PHARMACEUTICAL 0.02 REGENCY CENTERS CORP 0.04 REGIONS FINANCIAL (NEW) 0.02 REI-U.TO 0.14 REMY COINTREAU 0.06 RENAISSANCERE HOLDINGS 0.12 RENAULT SA 0.02 REPSOL YPF SA 0.04 REPUBLIC SERVICES 0.08 RESEARCH IN MOTION 0.02 RESOLUTION LTD 0.04 RESONA HOLDINGS 0.04 330 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares REXAM 0.06 REXEL SA 0.03 REYNOLDS AMERICAN INC 0.17 RICHEMONT AG 0.03 RICOH CO LTD 0.05 RINNAI 0.10 RIO TINTO LIMITED 0.04 RIO TINTO PLC 0.03 RITCHIE BROS. AUCTIONEER 0.05 ROB HALF INTL 0.03 ROCHE HOLDING AG 0.11 ROCK-TENN COMPANY -CL A 0.03 ROCKWELL AUTOMATION 0.03 ROCKWELL COLLINS 0.06 ROGERS COMMUNICATIONS B 0.11 ROHM CO 0.07 ROLLS ROYCE 0.06 ROPER INDUSTRIES 0.07 ROSS STORES 0.10 ROWAN CO INC 0.03 ROYAL BANK OF CANADA 0.10 ROYAL BANK OF SCOTLAND 0.02 ROYAL CARIBBEAN CRUISES 0.02 ROYAL DUTCH SHELL PLC 0.09 ROYAL DUTCH SHELL B 0.09 RSA INSURANCE GROUP PLC 0.10 RWE AG 0.05 RWE VORZUG 0.05 RYANAIR HOLDINGS PLC 0.05 SABMILLER 0.08 SAFEWAY INC 0.06 SAFRAN SA 0.03 SAGE GRP 0.08 SAIC INC 0.10 SAINSBURY (J) 0.11 SAIPEM SPA 0.05 SALESFORCE.COM INC 0.02 SALZGITTER 0.03 SAMPO OYJ 0.06 SANDISK CORP/USD 0.02 SANDS CHINA LTD 0.02 SANDVIK AB 0.03 SANKYO 0.11 SANOFI-AVENTIS SA 0.09 SANRIO 0.03 SANTEN PHARMACEUTICAL CO 0.11 331 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SANTOS 0.05 SAP AG 0.08 SAPUTO 0.08 SBA COMMUNICATIONS CORP 0.07 SBI HOLDINGS 0.02 SBM OFFSHORE 0.03 SCANA CORP 0.16 SCANIA B 0.04 SCHINDLER HOLDING AG 0.08 SCHINDLER P 0.08 SCHLUMBERGER LTD 0.03 SCHNEIDER ELECTRIC SA 0.03 SCHRODERS PLC/ORD LN GBP 0.04 SCHWAB (CHARLES) CORP 0.04 SCOR S.A. 0.07 SCOTTISH & SOUTHERN ENERG 0.21 SCRIPPS NETWORKS INTERAC-W/I 0.06 SEADRILL 0.05 SEAGATETECHNOLOGY 0.01 SEALED AIR CP 0.04 SEARS HOLDINGS CORP 0.01 SECOM 0.12 SECURITAS AB 0.06 SEGA SAMMY HOLDINGS INC 0.06 SEI INVESTMENTS COMPANY 0.06 SEIKO EPSON 0.03 SEKISUI CHEMICAL 0.07 SEKISUI HOUSE 0.08 SEMBCORP INDUSTRIES 0.07 SEMBCORP MARINE 0.04 SEMPRA ENERGY 0.14 SENSATA TECHNOLOGIES HOLDING NV 0.02 SERCO GRP 0.09 SES SA 0.11 SEVEN & I HOLDINGS CO LTD 0.10 SEVEN BANK 0.06 SEVERN TRENT PLC 0.12 SGS N 0.10 SHANGRI-LA ASIA 0.04 SHARP CORP/JAPAN 0.03 SHAW COMMUNICATIONS B 0.17 SHERWIN-WILLIAMS 0.11 SHIKOKU ELE PWR 0.07 SHIMADZU CORP 0.05 SHIMAMURA CO LTD 0.08 SHIMANO 0.08 332 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SHIMIZU CORP 0.07 SHIN-ETSU CHEM 0.06 SHINSEI BANK 0.02 SHIONOGI & CO 0.07 SHIRE PHARM GRP 0.09 SHISEIDO 0.09 SHIZUOKA BANK 0.10 SHOEI 0.11 SHOPPERS DRUG MART CORP 0.13 SHOWA DENKO 0.04 SHOWA SHELL 0.05 SIEMENS AG 0.05 SIGMA-ALDRICH 0.07 SIKA FINANZ AG-BEARER 0.05 SILVER WHEATON CORP- 0.02 SIMON PROPERTY GROUP INC 0.05 SIMS GROUP LTD 0.02 SINGAPORE AIRLINES 0.10 SINGAPORE EXCHANGE 0.07 SINGAPORE PRESS HLDG 0.17 SINGAPORE TECH ENGR. 0.12 SINGAPORE TELECOM 0.12 SINO LAND CO LTD 0.03 SIRIUS SATELLITE RADIO 0.02 SJM HOLDINGS LTD 0.02 SKANDINAVISKA ENSKILDA BK 0.03 SKANSKA B 0.06 SKF AB -B- 0.04 SKY CITY ENTERTAINMENT 0.10 SL GREEN REALTY CORP 0.02 SLOUGH ESTATES PLC 0.04 SMC CORPORATION 0.05 SMITH & NEPHEW 0.08 SMITHS GROUP PLC 0.06 SMUCKER (J.M.) CO 0.11 SNAM RETE GAS 0.15 SNC-LAVALIN GROUP 0.06 SOCIÉTÉ GENERALE 0.01 SODEXO 0.12 SOFTBANK CORP 0.06 SOJITZ 0.04 SOLVAY 0.04 SONIC HEALTHCARE 0.07 SONY CORP 0.03 SONY FINANCIAL HOLDINGS INC 0.04 SOUTHERN CO 0.25 333 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SOUTHWEST AIRLINES CO 0.05 SOUTHWESTERN ENERGY CO 0.03 SP AUSNET 0.08 SPECTRA ENERGY CORP 0.09 SPRINT NEXTEL SERIES 1 0.02 SPRINT PCS GROUP 0.01 SPX CORP 0.03 SQUARE ENIX 0.04 SSAB SVENSKT STAL AB SER 0.02 ST JUDE MEDICAL 0.06 STANDARD CHARTERED 0.05 STANDARD LIFE PLC 0.06 STANLEY ELEC 0.05 STANLEY WORKS 0.04 STAPLES INC 0.05 STARBUCKS CORP 0.05 STARHUB LTD 0.14 STARWOOD HOTELS 0.02 STATE STREET CORP 0.04 STATOIL 0.08 STERICYCLE INC 0.12 STMICROELECTRON. 0.03 STOCKLAND 0.06 STORA ENSO OYJ 0.03 STRAUMANN 0.04 STRYKER CORP 0.08 SUBSEA 7 SA 0.03 SUEDZUCKER AG 0.08 SUEZ ENVIRONNEMENT SA 0.06 SULZER R 0.03 SUMCO 0.02 SUMITOMO CHEM 0.03 SUMITOMO CORP 0.05 SUMITOMO ELEC 0.05 SUMITOMO HVY IND 0.03 SUMITOMO MITSUI FINANCIAL GROU 0.05 SUMITOMO MTL IND 0.04 SUMITOMO MTL MIN 0.04 SUMITOMO RE&DEV 0.03 SUMITOMO RUBBER 0.06 SUN HUNG KAI PROPERTIES LTD 0.05 SUN LIFE FINANCIAL 0.05 SUNCOR ENERGY INC 0.04 SUNCORP-METWAY 0.07 SUNOCO INC 0.03 SUNTRUST BANKS 0.02 334 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares SUPERIOR ENERGY SERVICES INC 0.02 SURUGA BANK 0.07 SUZUKEN 0.11 SUZUKI MOTOR 0.05 SVENSKA CELLULOSA AB 0.08 SVENSKA HANDELSBANKEN AB 0.07 SWATCH GROUP I 0.04 SWATCH GROUP N 0.04 SWEDISH MATCH 0.16 SWIRE PACIFIC LTD 0.05 SWISS LIFE HOLDING 0.03 SWISS PRIME SITE-REG 0.21 SWISS RE LTD 0.04 SWISSCOM N 0.22 SXC HEALTH SOLUTIONS CORP* 0.03 SYDNEY AIRPORT 0.07 SYMANTEC CORP 0.05 SYNGENTA AG 0.07 SYNOPSYS INC 0.11 SYSCO CORP 0.11 SYSMEX 0.07 T&D HOLDINGS 0.03 TABCORP HOLDINGS 0.12 TAIHEIYO CEMENT 0.02 TAISEI CORP 0.06 TAISHO PHARMACEUTICAL HOLDINGS CO LTD 0.09 TAIYO NPN SANSO 0.06 TAKASHIMAYA 0.05 TAKEDA PHARMACEUTICAL 0.20 TALISMAN ENERGY 0.05 TANABE SEIYAKU 0.10 TARGET CORP 0.10 TATE & LYLE PLC 0.07 TATTERSALL'S LTD 0.14 TD AMERITRADE HOLDING CORP 0.05 TDC A/S 0.03 TDK CORPORATION 0.03 TECHNIP SA 0.03 TECK COMINCO B 0.02 TEIJIN 0.04 TELE2 B 0.06 TELECOM CORP NEW ZEALAND 0.07 TELECOM ITALIA SPA 0.05 TELECOM ITALIA RNC 0.05 TELEFONAKTIEBOLAGET LM ERICSSO 0.05 TELEFONICA SA 0.08 335 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares TELEKOM AUSTRIA 0.07 TELENOR 0.06 TELIASONERA 0.09 TELSTRA CORP 0.11 TELUS CORP N-VTG 0.14 TELUS CORP VTG 0.15 TENARIS 0.04 TERADATA CORP 0.04 TERNA-TRASMISSIONE ELETTRICITA RETE NAZIONALE SPA 0.11 TERUMO CORP 0.08 TESCO PLC 0.10 TESSENDERLO CHEMIE-PARTS SOC. 0.07 TEVA PHARMACEUTICAL INDUSTRIES LTD 0.09 TEXAS INSTRUMENT 0.06 TEXTRON 0.02 THALES EX TH-CSF 0.08 THE AES CORP 0.04 THE MACERICH COMPANY 0.02 THERMO ELECTRON 0.07 THK 0.03 THOMSON CORP 0.14 THYSSENKRUPP AG 0.02 TIFFANY & CO 0.02 TIM HORTONS INC. 0.05 TIME WARNER CABLE INC 0.06 TJX CO INC 0.10 TNT EXPRESS NV 0.03 TOBU RAILWAY 0.10 TOHO 0.11 TOHO GAS 0.11 TOHOKU ELE PWR 0.03 TOKYO ELECTRIC POWER CO INC/TH 0.01 TOKYO ELECTRON 0.03 TOKYO GAS CO LTD 0.19 TOKYU CORP 0.12 TOKYU LAND CORP 0.03 TOLL BROTHERS 0.04 TOLL HOLDINGS 0.04 TONENGENERAL 0.11 TOPPAN PRINTING 0.08 TORAY INDUSTRIES 0.07 TORCHMARK CORP 0.06 TORONTO-DOMINION BANK/THE 0.10 TOSHIBA CORP 0.03 TOSOH CORP 0.03 TOTAL SA 0.08 336 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares TOTAL SYSTEM SERVICES INC 0.08 TOTO 0.06 TOURMALINE OIL CORP 0.03 TOYO SEIKAN 0.05 TOYO SUISAN 0.09 TOYODA GOSEI 0.04 TOYOTA BOSHOKU 0.03 TOYOTA INDUSTRI 0.06 TOYOTA MOTOR CORP 0.06 TOYOTA TSUSHO CORP 0.05 TRACTOR SUPPLY COMPANY 0.04 TRANSALTA CORP 0.14 TRANSCANADA CORP 0.19 TRANSDIGM GROUP INC 0.07 TRANSOCEAN LTD 0.04 TRANSURBAN GROUP 0.09 TRAVELERS COS INC/THE 0.09 TREND MICRO INC 0.05 TRIMBLE NAVIGATION LTD 0.03 TRW AUTOMOTIVE HOLDINGS CORP 0.01 TRYGVESTA 0.08 TSUMURA & CO 0.14 TSX GROUP 0.10 TUI TRAVEL PLC 0.03 TULLOW OIL PLC 0.03 TYCO ELECTRONICS LTD 0.04 TYCO INTL 0.07 TYSON FOODS A 0.06 UAL CORP 0.01 UBE INDUSTRIES 0.03 UBS AG 0.03 UCB 0.06 ULTA SALON COSMETICS & FRAGRANCE INC 0.02 ULTRA PETROLEUM CORP 0.03 UMICORE 0.03 UNIBAIL-RODAMCO SE 0.07 UNI-CHARM 0.15 UNICREDIT SPA 0.02 UNILEVER NV 0.14 UNILEVER PLC 0.14 UNION PACIFIC CORP 0.05 UNITED DOMINION REALTY 0.03 UNITED INTERNET AG-REG SHARE 0.03 UNITED OVERSEAS BANK 0.09 UNITED OVERSEAS LAND 0.07 UNITED PARCEL B 0.10 337 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares UNITED TECHNOLOGIES CORP 0.07 UNITED UTILITIES GROUP PLC 0.14 UNITEDHEALTH GP 0.05 UNUMPROVIDENT CORP 0.05 UPM-KYMMENE 0.03 URBAN OUTFITTER 0.04 URS CORP 0.04 US BANCORP 0.05 US STEEL CORP 0.01 USA EDUCTION INC 0.03 USHIO INC 0.05 USS 0.10 VALERO ENERGY CORP 0.03 VALLOUREC 0.02 VARIAN MEDICAL SYSTEMS 0.06 VEDANTA RESOURCES 0.02 VENTAS INC 0.07 VEOLIA ENVIRONNEMENT SA 0.03 VERBUND AG 0.05 VERIFONE SYSTEMS INC 0.01 VERISIGN 0.06 VERISK ANALYTICS INC 0.02 VERIZON COMMUNICATIONS INC 0.16 VERMILION ENERGY INC 0.08 VERTEX PHARMACEUTICALS 0.01 VF CORP 0.05 VIACOM INC / 0.05 VINCI SA 0.05 VIRGIN MEDIA INC 0.04 VISA INC 0.05 VITERRA INC 0.03 VIVENDI SA 0.06 VMWARE INC 0.03 VODAFONE GROUP PLC 0.13 VOESTALPINE AG 0.03 VOLKSWAGEN AG 0.02 VOLKSWAGEN AG 0.02 VOLVO AB 0.03 VORNADO REALTY TRUST 0.04 VULCAN MATERIALS CO 0.03 WACKER CHEMIE AG 0.02 WALGREEN CO 0.06 WAL-MART STORES INC 0.21 WALT DISNEY CO/THE 0.06 WALTER ENERGY INC 0.01 WARNER CHILCOTT LTD 0.02 338 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares WARTSILA 0.03 WASHINGTON POST CO B 0.06 WASTE MANAGEMNT 0.10 WATERS CORP 0.05 WATSON PHARM 0.09 WEATHERFORD INT'L 0.02 WEIR GRP 0.02 WELLPNT HLTH NET 0.05 WELLS FARGO & CO 0.04 WENDEL 0.02 WESFARMERS 0.09 WEST JAPAN RY 0.18 WESTERN DIGITAL 0.02 WESTERN UNION CO 0.06 WESTFIELD GROUP 0.10 WESTFIELD RETAIL TRUST 0.05 WESTON (GEORGE) 0.14 WESTPAC BANKING CORP 0.06 WEYERHAEUSER CO 0.04 WHARF HOLDINGS LTD 0.03 WHEELOCK 0.04 WHIRLPOOL CORP 0.02 WHITBREAD 0.06 WHITEHAVEN COAL LTD 0.03 WHITING PETROLEUM CORP 0.02 WHOLE FOODS MARKET 0.04 WIENER STAEDTISCHE 0.05 WILLIAM DEMANT HOLDING 0.06 WILLIAMS COS 0.03 WILLIS GROUP HOLDING LIMITED 0.09 WILMAR INTERNATIONAL LTD 0.05 WING HANG BANK (HKD) 0.04 WINN-DIXIE STRS 0.09 WISCONSIN ENERGY CORP 0.24 WOLSELEY 0.03 WOLTERS KLUWER NV 0.09 WOODSIDE PETROLEUM 0.07 WOOLWORTHS LTD 0.19 WORLEYPARSONS 0.04 WPP PLC 0.06 WPS RESOURCES CORP 0.11 WYNDHAM WORLDWIDE CORP 0.03 WYNN MACAU LTD 0.02 WYNN RESORTS 0.02 XCEL ENERGY 0.21 XEROX CORP 0.04 339 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Index composition at June 30, 2012 (cont.) Description Weight in the index Transferable securities admitted to an official stock exchange or dealt in on another regulated market % Shares XILINX INC 0.05 XL CAPITAL 0.05 XSTRATA PLC 0.02 XYLEM INC 0.02 YAHOO INC 0.03 YAHOO JAPAN 0.06 YAKULT HONSHA 0.08 YAMADA DENKI 0.04 YAMAGUCHI FINANCIAL GROUP INC 0.07 YAMAHA CORP 0.06 YAMAHA MOTOR 0.03 YAMANA GOLD 0.04 YAMATO KOGYO 0.04 YAMATO TRANSPORT 0.08 YAMAZAKI BAKING 0.11 YANGZIJIANG SHIPBUILDING HOLDINGS LTD 0.03 YARA INTERNATIONAL 0.03 YASKAWA ELEC 0.03 YOKOGAWA ELEC 0.03 YUE YUEN IND 0.04 YUM! BRANDS INC 0.09 ZARDOYA OTIS 0.09 ZIMMER HLDGS 0.07 ZODIAC 0.05 ZURICH FINANCIAL SERVICES AG 0.07

Total 100.00

340 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Economic composition of the index (as a percentage of the index at June 30, 2012) % Conventional Electricity 5.48 Pharmaceuticals 5.01 Banks 4.97 Food Products 4.75 Fixed Line Telecommunications 2.71 Food Retailers & Wholesalers 2.57 Exploration & Production 1.99 Specialty Chemicals 1.97 Broadcasting & Entertainment 1.93 Multiutilities 1.88 Property & Casualty Insurance 1.85 Industrial Machinery 1.77 Travel & Tourism 1.77 Real Estate Holding & Development 1.51 Mobile Telecommunications 1.48 Integrated Oil & Gas 1.46 Gas Distribution 1.42 Business Support Services 1.42 Retail REITs 1.38 Software 1.36 Life Insurance 1.35 Personal Products 1.22 Publishing 1.19 Semiconductors 1.17 Medical Equipment 1.13 Specialty Retailers 1.12 Commodity Chemicals 1.11 Broadline Retailers 1.08 Tobacco 1.08 Heavy Construction 1.08 Restaurants & Bars 1.07 Asset Managers 1.05 Health Care Providers 1.04 Investment Services 1.03 Diversified Industrials 1.02 Medical Supplies 0.99 Industrial & Office REITs 0.99 Building Materials & Fixtures 0.99 Nondurable Household Products 0.98 Oil Equipment & Services 0.96 Electrical Components & Equipment 0.94 Soft Drinks 0.91 Aerospace 0.90 Transportation Services 0.88 Specialty Finance 0.88 Gambling 0.80 Computer Services 0.80

341 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Economic composition of the index (cont.) (as a percentage of the index at June 30, 2012) % Auto Parts 0.80 Defense 0.78 Apparel Retailers 0.77 Iron & Steel 0.74 Biotechnology 0.72 Brewers 0.72 Reinsurance 0.70 Drug Retailers 0.66 Financial Administration 0.66 Automobiles 0.65 Pipelines 0.65 Electronic Equipment 0.65 Commercial Vehicles & Trucks 0.62 Clothing & Accessories 0.61 Containers & Packaging 0.60 Distillers & Vintners 0.58 Full Line Insurance 0.55 Specialty REITs 0.54 Water 0.50 Toys 0.49 General Mining 0.46 Airlines 0.44 Home Improvement Retailers 0.43 Telecommunications Equipment 0.42 Media Agencies 0.42 Railroads 0.41 Gold Mining 0.40 Delivery Services 0.38 Industrial Suppliers 0.37 Consumer Finance 0.37 Computer Hardware 0.36 Durable Household Products 0.35 Marine Transportation 0.35 Insurance Brokers 0.34 Alternative Electricity 0.33 Internet 0.31 Waste & Disposal Services 0.30 Paper 0.30 Electronic Office Equipment 0.29 Specialized Consumer Services 0.29 Recreational Services 0.29 Home Construction 0.28 Footwear 0.26 Trucking 0.25 Tires 0.24 Hotels 0.21 Residential REITs 0.21

342 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Economic composition of the index (cont.) (as a percentage of the index at June 30, 2012) % Mortgage REITs 0.19 Recreational Products 0.17 Nonferrous Metals 0.16 Consumer Electronics 0.16 Business Training & Employment Agencies 0.14 Farming & Fishing 0.10 Platinum & Precious Metals 0.10 Coal 0.08 Diversified REITs 0.08 Aluminum 0.08 Mortgage Finance 0.08 Real Estate Services 0.07 Furnishings 0.07 Hotel & Lodging REITs 0.03

100.00

343 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Schedule of Investments as at June 30, 2012 (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market

Shares 14 131 ADIDAS AG - REG EUR 991 331 1 012 493 5.17 1 397 ALLIANZ SE - REG EUR 134 124 140 251 0.71 70 000 ALSTRIA OFFICE REIT-AG EUR 712 793 741 760 3.78 5 202 ANHEUSER-BUSCH INBEV NV EUR 354 992 404 678 2.06 15 000 ASTRAZENECA PLC SEK 653 360 670 636 3.42 35 000 AUSTRALIA & NEW ZEALAND BANKING GROUP AUD 756 215 790 357 4.03 LTD 4 168 BASF SE - REG EUR 291 457 289 330 1.47 3 482 BAYER AG EUR 223 150 250 901 1.28 10 000 CIE GENERALE DES ETABLISSEMENTS MICHELIN EUR 605 750 653 307 3.33 250 000 CITYCON OYJ EUR 667 468 707 495 3.61 200 000 CREDIT AGRICOLE SA EUR 793 013 880 975 4.49 10 691 DAIMLER AG EUR 493 815 479 540 2.44 5 834 DANONE SA EUR 385 429 362 889 1.85 543 DENSO CORP JPY 17 305 18 327 0.09 5 496 DEUTSCHE BANK AG - REG EUR 188 136 198 779 1.01 23 715 DEUTSCHE POST AG - REG EUR 396 402 419 532 2.14 7 961 DEUTSCHE TELEKOM AG - REG EUR 84 560 87 431 0.45 12 175 E.ON AG EUR 235 253 262 662 1.34 10 000 FONCIERE DES REGIONS EUR 665 605 718 790 3.66 75 000 GAGFAH SA EUR 678 768 717 267 3.66 11 418 GDF SUEZ EUR 235 839 271 760 1.39 10 832 ING GROEP NV - CVA EUR 64 885 72 388 0.37 6 860 K+S AG - REG EUR 302 005 313 405 1.60 10 000 LANXESS AG EUR 578 989 630 972 3.22 1 523 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 233 407 231 642 1.18 40 000 MERCIALYS SA EUR 709 565 745 694 3.80 378 MUENCHENER RUECKVERSICHERUNGS AG - REG EUR 49 569 53 319 0.27 600 000 PALADIN ENERGY LTD AUD 705 465 768 780 3.92 554 ROCHE HOLDING AG - GENUSSCHEIN CHF 88 115 95 758 0.49 7 524 ROYAL DUTCH SHELL PLC - A EUR 235 702 254 033 1.29 11 217 RWE AG EUR 425 189 458 009 2.33 378 SANOFI EUR 26 007 28 657 0.15 3 115 SIEMENS AG - REG EUR 261 124 261 457 1.33 2 988 SOFTBANK CORP JPY 95 660 110 585 0.56

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

344 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Schedule of Investments as at June 30, 2012 (cont.) (expressed in USD)

Nominal value/ Quotation Quantity Description Currency Cost Market value % of net assets

USD USD %

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market (cont.)

Shares (cont.) 12 126 SOLVAY SA EUR 1 127 014 1 196 917 6.11 16 361 STORA ENSO OYJ - R EUR 93 765 100 493 0.51 15 719 THYSSENKRUPP AG EUR 309 279 256 035 1.31 692 UNIBAIL-RODAMCO SE EUR 120 812 127 424 0.65 430 UNILEVER NV EUR 13 483 14 398 0.07 15 000 VASTNED RETAIL NV EUR 542 977 585 064 2.98 14 240 VIVENDI SA EUR 240 839 264 383 1.35 1 418 VOLKSWAGEN AG - PFD EUR 234 039 224 219 1.14 90 000 WALLENSTAM AB - B SEK 821 621 874 260 4.46 1 912 WESFARMERS LTD - PPS AUD 60 316 61 854 0.32 80 000 WESTFIELD GROUP AUD 762 948 779 030 3.97 30 000 WESTPAC BANKING CORP AUD 627 683 649 772 3.31 50 000 WIHLBORGS FASTIGHETER AB SEK 626 128 671 867 3.42 20 000 WOOLWORTHS LTD AUD 539 450 549 421 2.80

Total Shares 19 460 801 20 458 996 104.29

Total investments 19 460 801 20 458 996 104.29

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

345 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Economic classification of investments (as a percentage of net assets at June 30, 2012) %

Real Estate Investment Trusts 18.86 Real Estate Investment and Services 15.15 Chemicals 13.67 Banks 12.85 Automobiles and Parts 7.01 Industrial Metals and Mining 5.22 Personal Goods 5.16 Pharmaceuticals and Biotechnology 4.05 Electricity 3.72 Food and Drug Retailers 2.80 General Industrials 2.51 Industrial Transportation 2.14 Beverages 2.06 Food Producers 1.92 Fixed Line Telecommunications 1.79 Gas, Water and Multiutilities 1.34 Oil and Gas Producers 1.29 Nonlife Insurance 0.99 Mobile Telecommunications 0.56 Forestry and Paper 0.51 Life Insurance 0.37 General Retailers 0.32

104.29

346 Multi Units Luxembourg Société d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED Geographical classification of investments (as a percentage of net assets at June 30, 2012)

%

Germany 30.99 France 21.85 Australia 18.35 Belgium 8.16 Sweden 7.88 United Kingdom 4.71 Finland 4.12 Luxembourg 3.66 Netherlands 3.42 Japan 0.66 Switzerland 0.49

104.29

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