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Luxembourg B 115.129

Audited annual report

Société d’Investissement à Capital Variable

December 31, 2012as at

Multi Units Luxembourg

No subscription can be received on the basis of these financial statements. Subscriptions may only beaccepted on the basis of the current prospectus accompanied by an application form, the latest availableannual report of the fund and the latest semi-annual report if published thereafter.

Multi Units LuxembourgSociété 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

Report of the Board of Directors 10

Audit Report 42

Statement of Net Assets at December 31, 2012 44

Statements of Operations and Changes in Net Assets for the year ended December 31, 2012 55

Statistical information 68

Notes to the financial statements at December 31, 2012 79

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXIndex composition at December 31, 2012 99Economic composition of the index 100Schedule of Investments as at December 31, 2012 101Economic classification of investments 103Geographical classification of investments 104

MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAXIndex composition at December 31, 2012 105Economic composition of the index 106Schedule of Investments as at December 31, 2012 107Economic classification of investments 109Geographical classification of investments 110

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered CallIndex composition at December 31, 2012 111Economic composition of the index 112Schedule of Investments as at December 31, 2012 113Economic classification of investments 114Geographical classification of investments 115


Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective PutIndex composition at December 31, 2012 116Economic composition of the index 117Schedule of Investments as at December 31, 2012 118Economic classification of investments 119Geographical classification of investments 120

MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20Index composition at December 31, 2012 121Economic composition of the index 122Schedule of Investments as at December 31, 2012 123Economic classification of investments 125Geographical classification of investments 126

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500Index composition at December 31, 2012 127Economic composition of the index 139Schedule of Investments as at December 31, 2012 142Economic classification of investments 143Geographical classification of investments 144

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60)Index composition at December 31, 2012 145Economic composition of the index 147Schedule of Investments as at December 31, 2012 148Economic classification of investments 149Geographical classification of investments 150

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200)Index composition at December 31, 2012 151Economic composition of the index 156Schedule of Investments as at December 31, 2012 158Economic classification of investments 159Geographical classification of investments 160



MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TRIndex composition at December 31, 2012 161Economic composition of the index 164Schedule of Investments as at December 31, 2012 165Economic classification of investments 167Geographical classification of investments 168

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TRIndex composition at December 31, 2012 169Economic composition of the index 173Schedule of Investments as at December 31, 2012 174Economic classification of investments 176Geographical classification of investments 177

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD TELECOMMUNICATIONSERVICES TRIndex composition at December 31, 2012 178Economic composition of the index 180Schedule of Investments as at December 31, 2012 181Economic classification of investments 182Geographical classification of investments 183

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATIONTECHNOLOGY TRIndex composition at December 31, 2012 184Economic composition of the index 188Schedule of Investments as at December 31, 2012 189Economic classification of investments 190Geographical classification of investments 191

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTH CARE TRIndex composition at December 31, 2012 192Economic composition of the index 195Schedule of Investments as at December 31, 2012 196Economic classification of investments 197Geographical classification of investments 198



MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INDUSTRIALS TRIndex composition at December 31, 2012 199Economic composition of the index 206Schedule of Investments as at December 31, 2012 207Economic classification of investments 209Geographical classification of investments 210

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TRIndex composition at December 31, 2012 211Economic composition of the index 214Schedule of Investments as at December 31, 2012 215Economic classification of investments 216Geographical classification of investments 217

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TRIndex composition at December 31, 2012 218Economic composition of the index 226Schedule of Investments as at December 31, 2012 227Economic classification of investments 228Geographical classification of investments 229

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMERDISCRETIONARY TRIndex composition at December 31, 2012 230Economic composition of the index 236Schedule of Investments as at December 31, 2012 237Economic classification of investments 239Geographical classification of investments 240

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER STAPLES TRIndex composition at December 31, 2012 241Economic composition of the index 245Schedule of Investments as at December 31, 2012 246Economic classification of investments 247Geographical classification of investments 248



MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TRIndex composition at December 31, 2012 249Economic composition of the index 251Schedule of Investments as at December 31, 2012 252Economic classification of investments 253Geographical classification of investments 254

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE &LIVESTOCK 1 MONTH FORWARDIndex composition at December 31, 2012 255Economic composition of the index 256Schedule of Investments as at December 31, 2012 257Economic classification of investments 258Geographical classification of investments 259

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE &LIVESTOCK 3 MONTH FORWARDIndex composition at December 31, 2012 260Economic composition of the index 261Schedule of Investments as at December 31, 2012 262Economic classification of investments 263Geographical classification of investments 264

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIALMETALS 1 MONTH FORWARDIndex composition at December 31, 2012 265Economic composition of the index 266Schedule of Investments as at December 31, 2012 267Economic classification of investments 268Geographical classification of investments 269

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3MONTH FORWARDIndex composition at December 31, 2012 270Economic composition of the index 271Schedule of Investments as at December 31, 2012 272Economic classification of investments 273Geographical classification of investments 274



MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1MONTH FORWARDIndex composition at December 31, 2012 275Economic composition of the index 276Schedule of Investments as at December 31, 2012 277Economic classification of investments 278Geographical classification of investments 279

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTHFORWARDIndex composition at December 31, 2012 280Economic composition of the index 281Schedule of Investments as at December 31, 2012 282Economic classification of investments 283Geographical classification of investments 284

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUMTRIndex composition at December 31, 2012 285Economic composition of the index 286Schedule of Investments as at December 31, 2012 287Economic classification of investments 288Geographical classification of investments 289

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TRIndex composition at December 31, 2012 290Economic composition of the index 291Schedule of Investments as at December 31, 2012 292Economic classification of investments 294Geographical classification of investments 295

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUALRISKIndex composition at December 31, 2012 296Economic composition of the index 298Schedule of Investments as at December 31, 2012 299Economic classification of investments 301Geographical classification of investments 302



MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTEDIndex composition at December 31, 2012 303Economic composition of the index 340Schedule of Investments as at December 31, 2012 343Economic classification of investments 344Geographical classification of investments 345

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 VIX FUTURES ENHANCEDROLL Index composition at December 31, 2012 346Schedule of Investments as at December 31, 2012 347Economic classification of investments 348Geographical classification of investments 349

MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTRIndex composition at December 31, 2012 350Economic composition of the index 352Schedule of Investments as at December 31, 2012 353Economic classification of investments 355Geographical classification of investments 356

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ACWI GOLDIndex composition at December 31, 2012 357Economic composition of the index 358Schedule of Investments as at December 31, 2012 359Economic classification of investments 361Geographical classification of investments 362


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:

Until July 31, 2012:- Mr Christophe ARNOULD, Managing Director, Lyxor Asset Management Luxembourg S.A., 18, boulevard Royal, L - 2449 Luxembourg

As from July 31, 2012:- Mr Stéphane AIDAN, Executive Director, Lyxor Asset Management Luxembourg S.A., 18 boulevardRoyal, L - 2449 Luxembourg

- Mr Patrick VINCENT, Responsible for corporate functions (of SGBT), Société Générale Bank and TrustS.A., 11, avenue Emile Reuter, L-2420 Luxembourg

Registered Office16, boulevard Royal, L - 2449 Luxembourg

Management CompanyLyxor Asset Management Luxembourg S.A., 18, boulevard Royal, L - 2449 Luxembourg

Investment ManagerLyxor International Asset Management, 17, cours Valmy, F - 92800 Puteaux

PromoterSociété Générale, 29, boulevard Haussmann, F - 75009 Paris

Custodian Bank and Paying AgentSociété Générale Bank & Trust S.A., 11, avenue Emile Reuter, L - 2420 Luxembourg

Administrative, Corporate and Domiciliary AgentSociété Générale Securities Services Luxembourg, 16, boulevard Royal, L - 2449 Luxembourg

Registrar AgentEuropean Fund Services S.A., 18, boulevard Royal, L - 2449 Luxembourg

AuditorPricewaterhouseCoopers, Société coopérative, 400, Route d’Esch, L - 1471 Luxembourg

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General information on the Fund

MULTI UNITS LUXEMBOURG (the “Fund”) has been incorporated on March 29, 2006 underLuxembourg laws as a “Société d'Investissement à Capital Variable” (“SICAV”) for an unlimitedperiod of time. The Fund is governed by the provisions of Part I of the Luxembourg Law of December17, 2010 relating to undertakings for collective investment.

The Articles of Incorporation were deposited with the Register of Commerce and Companies ofLuxembourg 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 numberB 115.129.

The “Fund” aims to provide investors with professionally managed Sub-Funds investing in a widerange of transferable securities and money market instruments in order to achieve an optimum returnfrom capital invested while reducing investment risk through diversification.

In addition, the Fund aims to provide investors with professionally managed index Sub-Funds whoseobjective is to replicate the composition of a certain financial index recognised by the Luxembourgsupervisory authority.

At December 31, 2012, thirty-two 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 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 TELECOMMUNICATIONSERVICES TR- MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD INFORMATIONTECHNOLOGY 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 CONSUMERDISCRETIONARY TR

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General information on the Fund (cont.)

- 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 & LIVESTOCK3 MONTH FORWARD-MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS1 MONTH FORWARD-MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTHFORWARD-MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTHFORWARD-MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTHFORWARD- 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-MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 VIX FUTURES ENHANCED ROLL-MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTR -MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ACWI GOLD

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF DAX is to track theevolution of the DAX® (the “DAX Index”).

The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversifiedportfolio of shares issued in one or more European Union member states the remainder of the assetsbeing invested into equities and fixed or variable debt instruments and entering into a total return swapagreement to track the evolution of the DAX Index.

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX is to trackthe 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 diversifiedportfolio of shares issued in one or more European Union member states, the remainder of the assetsbeing invested into equities and fixed or variable debt instruments and entering into a total return swapagreement to track the evolution of the LevDAX Index.

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The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® CoveredCall 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 diversifiedportfolio of shares issued in one or more European Union member states, the remainder of the assetsbeing invested into equities and fixed or variable debt instruments and entering into a total return swapagreement 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 ProtectivePut Index”).

The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversifiedportfolio of shares issued in one or more European Union member states, the remainder of the assetsbeing invested into equities and fixed or variable debt instruments and entering into a total return swapagreement to track the evolution of the DAXplus Protective Put Index.

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 is to trackthe evolution of the WIG20 (the “WIG20 Index”) denominated in Zloty (PLN).

The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn 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 trackthe evolution of the S&P 500® Total Return (the “Index”) denominated in US dollars (USD).

The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversifiedportfolio of shares issued in one or more European Union member states and entering into a swapagreement 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 transferablesecurities (including both equities and fixed or variable debt intruments) and entering into a swapagreement 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 transferablesecurities (including both equities and fixed or variable debt intruments) and entering into a swapagreement to track the evolution of the Index.

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The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDUTILITIES 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 transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a swapagreement (the “Swap”) to track the evolution of the Index.

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDMATERIALS 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 transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a swapagreement (the “Swap") to track the evolution of the Index.

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDTELECOMMUNICATION SERVICES TR is to track the evolution of the MSCI WorldTelecommunication Services Index - Net Total Return (the “Index”) denominated in US dollars (USD).


The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDINFORMATION TECHNOLOGY TR is to track the evolution of the MSCI World InformationTechnology Index - Net Total Return (the “Index") denominated in US dollars (USD).


The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDHEALTH 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 objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDINDUSTRIALS TR is to track the evolution of the MSCI World Industrials Index - Net Total Return(the “Index”) denominated in US dollars (USD).


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The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDENERGY TR is to track the evolution of the MSCI World Energy Index - Net Total Return (the “Index”)denominated in US dollars (USD).


The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDFINANCIALS TR is to track the evolution of the MSCI World Financials Index - Net Total Return (the“Index”) denominated in US dollars (USD).


The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDCONSUMER DISCRETIONARY TR is to track the evolution of the MSCI World ConsumerDiscretionary Index - Net Total Return (the “Index”) denominated in US dollars (USD).


The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDCONSUMER STAPLES TR is to track the evolution of the MSCI World Consumer Staples Index - NetTotal Return (the “Index”) denominated in US dollars (USD).


The objective of the Sub-FundMULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TRis 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 portfolioof shares issued in one or more European Union member states and entering into a total return swapagreement (the “Swap”) to track the evolution of the Index.

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSEAGRICULTURE & 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 transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a total returnswap agreement (the “Swap”) to track the evolution of the Index.

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The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCIAGRICULTURE & 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 transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement (the “Swap”) to track the evolution of the Index.

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCIINVERSE INDUSTRIAL METALS 1 MONTH FORWARD is to track the evolution of the S&PGSCI® 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 transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement (the “Swap”) to track the evolution of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCIINDUSTRIAL 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”) denominatedin US dollars (USD).The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement (the “Swap”) to track the evolution of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCIAGGREGATE INVERSE 1 MONTH FORWARD is to track the unlevered performance of the S&PGSCI® 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 transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement (the “Swap”) to track the evolution of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCIAGGREGATE 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 transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement (the “Swap”) to track the evolution of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF BROADCOMMODITIES MOMENTUM TR is to track the unleveraged performance of the SGI CommoditiesCurve 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 transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement to track the evolution of the Index.

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The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF BROADCOMMODITIES OPTIMIX TR is to track the unlevered performance of the SGI CommoditiesOptimix TR TM (the “Index”) denominated in US dollars (USD).The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement to track the evolution of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EUROiSTOXX 50 EQUAL RISK is to track both the upward and the downward evolution of the Euro iStoxx50 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 diversifiedportfolio of shares issued in one or more European Union member states, and entering into a totalreturn swap agreement to track the evolution of the Index.The objective of the sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISKWEIGHTED is to track both the upward and the downward evolution of the “MSCI World RiskWeighted Index” (the “Index”) denominated in USD.The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement to track the evolution of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 VIXFUTURES ENHANCED ROLL is to track both the upward and the downward evolution of the “S&P500 VIX Futures Enhanced Roll Index” (the “Index”) denominated in US Dollars.The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement to track the evolution of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBALQUALITY INCOME NTR is to track the unlevered performance of the “SG Global Quality IncomeNTR” index (the “Index”) denominated in Euro (EUR).The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement to track the evolution of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG -LYXOR ETF MSCI ACWI GOLDis to track both the upward and the downward evolution of the “MSCI ACWI Gold with EM DR 18%Group Entity Capped Index” (the “Index”) denominated in USD.The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments), and entering into a totalreturn swap agreement to track the evolution of the Index.

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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 of April at 10 a.m. (Luxembourg time) or, if any such dayis 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 addressat least 8 days prior to such meeting. According to the requirements of the Luxembourg Law, if bearershares are issued, the notices will be published, in the Mémorial and in a Luxembourg newspaper, inaddition 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 ateach of the registered offices of the Fund and the Administrative Agent within four, respectively twomonths following the relevant accounting period, and the latest Annual Report shall be available at leastfifteen 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 year ended December 31, 2012 is available, free of charge,at the registered office of the Fund.

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Report of the Board of Directors

Explanation of the NAV performance

LYXOR ETF DAX

MANAGEMENT REPORT from January 1, 2012 to December 28, 2012ISIN Code: LU0252633754

56.93

Investment objective

The objective of the Sub-Fund is to track the evolution of the DAX® (the “Index”).The DAX® reflects the German blue chip segment comprising the largest and most actively traded German companies that are listed at the Frankfurt Stock Exchange (FWB®). Its 30 component issues have been admitted to the Prime Standard Segment. The DAX® was conceived as the successor to the ‘Börsen-Zeitung Index’, with a historical time series dating back until 1959.

Specific events

:

:

:

Net Asset Value/Share as of launch date :

57.6028

74.1637

28.75%

30.27%

Closing price as of Initial price as of

Performance since

Evolution of NAV/Share since inception

:January 1, 2012

DAX® Index

Performance since launch date

33.72% 7 612.39 5 692.86

Index evolution since inception

Performance

May 31, 2006

Net Asset Value/Share as of January 1, 2012

Net Asset Value/Share as of December 28, 2012

December 28, 2012

None.

As of December 28, 2012, the Net Asset Value/Share of LYXOR ETF DAX is EUR 74.1637 a 28.75% increase for the relevant accounting period (January 1, 2012 to December 28, 2012). Since inception, the performance is up 30.27%.

The sub-fund tracks the evolution of the DAX® Index expressed in EUR which returns a performance of +29.06% over the accounting period.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the DAX® Index.

According to the Fund offering documentation, upon proposition of the investment advisor, the manager has contracted forward financial instruments directly with Société Générale without proceeding to a competitive bid between several counterparties.

0

10

20

30

40

50

60

70

80

90

01/06/2006 10/01/2007 17/08/2007 26/03/2008 29/10/2008 08/06/2009 11/01/2010 12/08/2010 15/03/2011 14/10/2011 18/05/2012 17/12/2012

11


Report of the Board of Directors (cont.)

Performance since


:January 1, 2012

December 28, 2012 June 27, 2006

Performance since first listing date


Performance Closing price as of Initial price as of

:

LevDAX® INDEX 14.66% 5 542.93 4 834.22


32.3190:Net Asset Value/Share as of

Net Asset Value/Share as of first listing date (28/06/2006) : 48.34


The objective of the Sub-Fund is to track the evolution of the LevDAX® (the “Index”).The LevDAX® gives a leveraged exposure to the DAX®. The DAX® reflects the German blue chip segment comprising the largest and most actively traded German companies that are listed at the Frankfurt Stock Exchange (FWB®). Its 30 component issues have been admitted to the Prime Standard Segment.

January 1, 2012

51.3276

58.82%

6.18%

:

Specific events


LYXOR ETF LevDAX


None.

As of December 28, 2012, the Net Asset Value/Share of LYXOR ETF LevDAX is EUR 51.3276, a 58.82% increase for the relevant accounting period (January 1, 2012 to December 28, 2012). Since first listing date, the performance is up 6.18%.

The sub-fund tracks the evolution of the LevDAX® Index expressed in EUR which returns a performance of +60.32% over the accounting period.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the LevDAX® Index.


0

10

20

30

40

50

60

70

80

90

100

01-juin-06 12-juil-07 20-août-08 22-sept-09 22-oct-10 21-nov-11 18-déc-12

12



: 48,12


The objective of the Sub-Fund is to track the evolution of the DAXplus® Covered Call (the “Index”).With the DAXplus® Covered Call index, Deutsche Börse reflects the so-called ‘covered call’ option strategy. This strategy – which is also referred to as ‘buy-write’ – involves the purchase of an underlying instrument and the simultaneous sale of a call option on that instrument.The index is based on the DAX®, plus a (short) DAX® call option traded at Eurex®.The DAX® reflects the German blue chip segment comprising the largest and most actively traded German companies that are listed at the Frankfurt Stock Exchange (FWB®). Its 30 component issues have been admitted to the Prime Standard Segment. The DAX® was conceived as the successor to the ‘Börsen-Zeitung Index’, with a historical time series dating back until 1959.


56,1721

Specific events


LYXOR ETF DAXplus® Covered Call


65,2731

:Net Asset Value/Share as of January 1, 2012

Net Asset Value/Share as of December 28, 2012 :

Net Asset Value/Share as of launch date

35,65%:



Performance since :January 1, 2012

December 28, 2012

16,20%

May 31, 2006


Performance

42,53% 685,87 481,20DAXplus® Covered Call INDEX

None.

As of December 28, 2012, the Net Asset Value/Share of LYXOR ETF DAXplus® Covered Call is EUR 65.2731, a 16.20% increase for the relevant accounting period (January 1, 2012 to December 28, 2012). Since inception, the performance is up 35.65%.

The sub-fund tracks the evolution of the DAXplus® Covered Call Index expressed in EUR which returns a performance of +16.92% over the accounting period.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the DAXplus® Covered Call Index.


0

10

20

30

40

50

60

70

01-juin-06 09-janv-08 10-août-09 03-mars-11 21-sept-12

13




LYXOR ETF DAXplus® Protective Put


January 1, 2012





December 28, 2012 May 2, 2007


17.44% 490.04 417.27


DAXplus® Protective Put

Performance

41.73

25.97%

12.85%

:

:

37.3809

47.0903


The objective of the Sub-Fund is to track the evolution of the DAXplus® Protective Put (the “Index”).The DAXplus® Protective Put index, provided by Deutsche Börse, is based upon a traditional hedging strategy which involves the purchase of an underlying instrument and the simultaneous purchase of a put option on that instrument.The index is based on the DAX®, plus a DAX® put option traded on Eurex®.The DAX® reflects the German blue chip segment comprising the largest and most actively traded German companies that are listed at the Frankfurt Stock Exchange (FWB®). Its 30 component issues have been admitted to the Prime Standard Segment. The DAX® was conceived as the successor to the ‘Börsen-Zeitung Index’, with a historical time series dating back until 1959.

Specific events

:

:

Performance since


None.

As of December 28, 2012, the Net Asset Value/Share of LYXOR ETF DAXplus® Protective Put is EUR 47.0903, a 25.97% increase for the relevant accounting period (January 1, 2012 to December 28, 2012). Since inception, the performance is up 12.85%.

The sub-fund tracks the evolution of the DAXplus® Protective Put Index expressed in EUR which returns a performance of 26.67% over the accounting period.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the DAXplus® Protective Put Index.


25

30

35

40

45

50

03-mai-07 16-sept-08 26-janv-10 31-mai-11 28-sept-12

14



ISIN Code: LU0459113907

The objective of the Sub-Fund is to track the evolution of the WIG20 Index representative of the Polish equity market, increased by dividends, if any paid by the stocks composing the index ("Benchmark Index").The WIG20 Index is based on the value of portfolio with shares in 20 major and most liquid companies in the Warsaw Stock Exchange ("WSE") Main List.

LYXOR ETF WIG 20

MANAGEMENT REPORT from January 1, 2012 to December 28, 2012

221.52



WIG20 Index

271.2369

:January 1, 2012


26.85%

22.44%

A

December 28, 2012 February 10, 2010

32.08% 2 925.74 2 215.15

:

:

Performance since

:


Specific events


Performance (included cumulated dividends)

Closing price as of (included cumulated

dividends)Initial price as of



213.8297


None.

As of December 28, 2012, the Net Asset Value/Share of LYXOR ETF WIG 20 is PLN 271.2369 a 26.85% increase for the relevant accounting period (January 1, 2012 to December 31, 2012) and no dividend was paid by the fund over this period. Since inception, the performance is up 22.44% (up 29.90% dividend reinvested).

The sub-fund tracks the evolution of the WIG20 Index expressed in PLN which returns a performance of 27.68% over the accounting period.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the WIG20 Index.


200

210

220

230

240

250

260

270

280

290

300

10-févr-10 18-mai-10 19-août-10 23-nov-10 25-févr-11 02-juin-11 06-sept-11 09-déc-11 14-mars-12 21-juin-12 24-sept-12

15



25.53%

23.56%

LYXOR ETF S&P 500



ISIN Code (Class D-USD) :LU0496786574ISIN Code (Class D-EUR) :LU0496786657

Specific events

15.87% 1 351.71 1 166.59S&P 500 Index PR

Initial price as of

December 31, 2012


April 5, 2011 March 26, 2010

:

Performance Class D-EUR since January 1, 2012

Performance Class D-USD since January 1, 2012

Performance Class D-EUR since launch date

Performance Class D-USD since launch date

11.93%

:

:

:

: The objective of the Sub-Fund is to track the evolution of the S&P 500 Index.The S&P 500 is a free-float capitalization-weighted index, published since 1957, of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock market companies (the NYSE Euronext and the NASDAQ OMX).

Net Asset Value/Share Class D-EUR as of launch date

Net Asset Value/Share Class D-EUR as of

Net Asset Value/Share Class D-USD as of

8.7100

11.6700

9.7684

Net Asset Value/Share Class D-USD as of launch date :

:


12.6808

10.9338

Net Asset Value/Share Class D-USD as of 14.4189

:

:

:December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

Performance Closing price as of

13.71%

Performance(included cumulated dividends)

Closing price as of (included cumulated

dividends)Initial price as of



S&P 500 Index TR 9.69% 2 316.52 2 111.88

April 6, 2011

None.

As of December 31, 2012, the Class D-EUR Net Asset Value/Share of LYXOR ETF S&P 500 is EUR 10.9338, a 11.93% increase for the relevant accounting period (January 1, 2012 to December 31, 2012) and a 13.66% increase dividend reinvested. Since inception, the performance is up 25.53% (up 29.07% dividend reinvested). .

As of December 31, 2012, the Class D-USD Net Asset Value/Share of LYXOR ETF S&P 500 is USD 14.4189, a 13.71% increase for the relevant accounting period (January 1, 2012 to December 31, 2012)and a 15.43% increase dividend reinvested. Since inception, the performance is up 23.56% (up 26.98% dividend reinvested).

The sub-fund tracks the evolution of the S&P 500 Index expressed in USD which returns a performance of +15.22% over the accounting period. As Class D-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the S&P 500 Index.


7.5

8

8.5

9

9.5

10

10.5

11

11.5

12

26-mars-10 16-juil-10 03-nov-10 24-févr-11 15-juin-11 04-oct-11 25-janv-12 16-mai-12 05-sept-12 27-déc-12

16



S&P/TSX 60 Index Net TR -2.99% 1 550.08 1 597.88

LU0496786731


ISIN Code (Class D-USD) :ISIN Code (Class D-EUR) :

December 31, 2012 June 6, 2011


12.80%

LU0496786814

Performance

LYXOR ETF CANADA (S&P TSX 60)



June 3, 2011 March 26, 2010

791.65 701.81S&P/TSX 60 Index PR


Performance(included cumulated dividends)

Closing price as of(included cumulated dividends)

Initial price as of

:

:



The objective of the Sub-Fund is to track the evolution of the S&P/TSX 60 Index.The S&P/TSX 60 measures the performance of 60 stocks of the leading companiesin leading industries, covering approximately 73% of Canada’s equity marketcapitalization.



50.9400


55.0470

7.2714Net Asset Value/Share Class D-USD as of



:

Performance since launch date Class D-EUR

:

:

6.62%

Specific events


January 1, 2012

January 1, 2012

December 31, 2012

8.06%

52.0038

6.7560

:

:

5.85%

7.63%

Net Asset Value/Share Class D-USD as of launch date :

December 31, 2012

6.8200

:

Performance since launch date Class D-USD :None.

As of December 31, 2012, the Class D-EUR Net Asset Value/Share of LYXOR ETF CANADA (S&P/TSX 60) is EUR 55.047, a 5.85% increase for the relevant accounting period (January 1, 2012 to December 31, 2012) and a 7.93% increase dividend reinvested. Since inception, the performance is up 8.06% (up 12.12% dividend reinvested).

As of December 31, 2012, the Class D-USD Net Asset Value/Share of LYXOR ETF CANADA (S&P/TSX 60) is USD 7.2714, a 7.63% increase for the relevant accounting period (January 1, 2012 to December 31, 2012) and a 9.62% increase dividend reinvested. Since inception, the performance is up 6.62% (up 10.54% dividend reinvested).

The sub-fund tracks the evolution of the S&P/TSX 60 Index expressed in CAD which returns a performance of +7.25% over the accounting period. As Class shares are not denominated in the index currency, their Net Asset Values are exposed to foreign currency risk. .

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the S&P /TSX 60 Index.


45

47

49

51

53

55

57

59

61

63

26-mars-10 17-août-10 07-janv-11 30-mai-11 19-oct-11 09-mars-12 31-juil-12 19-déc-12

17



LYXOR ETF AUSTRALIA (S&P ASX 200)

MANAGEMENT REPORT from January 1, 2012 to December 31, 2012ISIN Code (Class D-EUR) : LU0496786905

June 3, 2011 March 26, 2010


ISIN Code (Class D-USD) : LU0496787036

Initial price as of

December 31, 2012


4 773.52 4 896.89S&P/ASX 200 PR

:

:

:

December 31, 2012


:




Initial price as of



The objective of the Sub-Fund is to track the evolution of the S&P/ASX 200 Index.The S&P/ASX 200 measures the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalization. The index is float-adjusted, covering approximately 80% of Australian equity market capitalization.



33.040

22.140


:

:

:

21.3529

38.0257

25.0867Net Asset Value/Share Class D-USD as of

:

:

:

Specific events


January 1, 2012

January 1, 2012

December 31, 2012

15.09%

13.31%

15.62%

17.49%

32.8888

-2.52%

Net Asset Value/Share Class D-USD as of launch date


Performance (included cumulated dividends)

Closing price as of (included cumulated dividends)

32 932.60

June 6, 2011

S&P/ASX 200 Net TR 9.08% 35 923.80

None.

As of December 31, 2012, the Class D-EUR Net Asset Value/Share of LYXOR ETF AUSTRALIA (S&P/ASX 200) is EUR 38.0257, a 15.62% increase for the relevant accounting period (January 1, 2012 to December 31, 2012) and a 19.11% increase dividend reinvested. Since inception, the performance is up 15.09%(up 22.15% dividend reinvested).

As of December 31, 2012, the Class D-USD Net Asset Value/Share of LYXOR ETF AUSTRALIA (S&P/ASX 200) is USD 25.0867, a 17.49% increase for the relevant accounting period (January 1, 2012 to December 31, 2012)and a 20.97% increase dividend reinvested. Since inception, the performance is up 13.31%(up 20.13% dividend reinvested).

The sub-fund tracks the evolution of the S&P/ASX 200 Index expressed in AUD which returns a performance of +19.88% over the accounting period. As Class shares are not denominated in the index currency, their Net Asset Values are exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the S&P /ASX 200 Index.


27

29

31

33

35

37

39

41

26-mars-

10

14-mai-10

30-juin-10

13-août-

10

28-sept-

10

11-nov-10

29-déc-10

15-févr-11

31-mars-

11

19-mai-11

05-juil-11

18-août-

11

03-oct-11

16-nov-11

04-janv-12

20-févr-12

04-avr-12

24-mai-12

10-juil-12

23-août-

12

08-oct-12

21-nov-12

18



ISIN Code (Class C-USD) :

LYXOR ETF WORLD UTILITIES TR

MANAGEMENT REPORT from January 1, 2012 to December 31, 2012LU0533034558ISIN Code (Class C-EUR) :LU0533034632


December 31, 2012 August 12, 2010

3.11% 155.78 151.08MSCI World Utilities TR Index

1.98%

-0.10%

The objective of the Sub-Fund is to track the evolution of the MSCI World Utilities Index - Net Total Return denominated in US Dollars.The Index is a free float-adjusted market capitalization index that is designed to measure the performance of the investable universe composed of listed utility companies worldwide (classified according to the Global Industry Classification Standard (GICS®)). It is designed to cover large and mid cap securities. As of 20 April 2010, the Index was composed of 93 constituents in 24 countries.

December 31, 2012

Performance Class C-EUR since

December 31, 2012

January 1, 2012

:

:

:


Performance Class C-EUR since launch date

Performance Class C-USD since launch date

Specific events

-0.64%

Net Asset Value/Share Class C-EUR as of launch date

:

:

Net Asset Value/Share Class C-USD as of launch date :


:

: 1.46%Performance Class C-USD since


117.6215

151.0789

116.9758

151.8521

January 1, 2012

Initial price as of


154.0728

116.8634

Net Asset Value/Share Class C-EUR as of

Net Asset Value/Share Class C-USD as of

January 1, 2012

January 1, 2012



:

:

None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD UTILIES TR is EUR 116.8634 a 0.10% decrease for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is down 0.64%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD UTILITIES TR is USD 154.0728, a 1.46% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 1.98%.

The sub-fund tracks the evolution of the MSCI WORLD UTILITES TR Index expressed in USD which returns a performance of +1.82% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI WORLD UTILITIES TR Index.


95

100

105

110

115

120

125

130

12-août-10

30-sept-10

18-nov-10

06-janv-11

24-févr-11

14-avr-11

02-juin-11

21-juil-11

08-sept-11

27-oct-11

15-déc-11

02-févr-12

22-mars-

12

11-mai-12

29-juin-12

17-août-12

05-oct-12

23-nov-12

19



:


Specific events

January 1, 2012

The objective of the Sub-Fund is to track the evolution of the MSCI World Materials Index - Net Total Return denominated in US Dollars.The Index is a free float-adjusted market capitalization index that is designed to measure the performance of the investable universe composed of listed material companies worldwide (classified according to the Global Industry Classification Standard (GICS®)). It is designed to cover large and mid cap securities. As of 20 April 2010, the Index was composed of 158 constituents in 24 countries.


December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012



302.4799

229.4295

:

:

:

:Net Asset Value/Share Class C-USD as of





January 1, 2012Performance Class C-EUR since

:

:

11.95%

10.93%

:

:Performance Class C-USD since

16.16% 305.78 263.23MSCI World Materials TR Index





LU0533033824ISIN Code (Class C-EUR) :

14.91%

9.23%

204.9336

263.2270

210.0424

272.6665


ISIN Code (Class C-USD) : LU0533034046

LYXOR ETF WORLD MATERIALS TR


None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD MATERIALS TR is EUR 229.4295, a 9.23% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 11.95%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD MATERIALS TR is USD 302.4799, a 10.93% increase for for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 14.91%.

The sub-fund tracks the evolution of the MSCI WORLD MATERIALS TR Index expressed in USD which returns a performance of +11.30% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI WORLD MATERIALS TR Index.


180

190

200

210

220

230

240

250

260

270

12-août-10 16-nov-10 18-févr-11 25-mai-11 29-août-11 01-déc-11 06-mars-12 11-juin-12 13-sept-12 18-déc-12

20



:

:




December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

Specific events

6.02%

84.8294

:

:

:

:

Performance Class C-USD since





Net Asset Value/Share Class C-USD as of launch date



18.77% 85.74 72.19MSCI World Telecommunication services TR Index


January 1, 2012 :Performance Class C-EUR since

:

:

17.51%

4.39%


:January 1, 2012



14.49%

56.2008

72.1899

61.6384

80.0159

64.3427

The objective of the Sub-Fund is to track the evolution of the MSCI World Telecommunication Services Index - Net Total Return denominated in US Dollars.The Index is a free float-adjusted market capitalization index that is designed to measure the performance of the investable universe composed of listed telecommunication service companies worldwide (classified according to the Global Industry Classification Standard (GICS®)). It is designed to cover large and mid cap securities. As of 20 April 2010, the Index was composed of 48 constituents in 24 countries.



LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR


None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR is EUR 64.3427, a 4.39% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 14.49%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TR is USD 84.8294, a 6.02% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 17.51%.

The sub-fund tracks the evolution of the MSCI WORLD TELECOMMUNICATION SERVICES TR Index expressed in USD which returns a performance of 6.38% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI WORLD TELECOMMUNICATION SERVICES TR Index.


50

55

60

65

70


21



:

:




December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

Specific events

12.91%

104.2709

:

:

:

:









32.06% 105.42 79.83MSCI World Information Technology TR Index



:

:

30.62%

11.17%


:January 1, 2012



27.26%

62.1455

79.8259

71.1392

92.3493

79.0889

The objective of the Sub-Fund is to track the evolution of the MSCI World Information Technology Index - Net Total Return denominated in US Dollars.The Index is a free float-adjusted market capitalization index that is designed to measure the performance of the investable universe composed of listed information technology companies worldwide (classified according to the Global Industry Classification Standard (GICS®)). It is designed to cover large and mid cap securities. As of 20 April 2010, the Index was composed of 148 constituents in 24 countries.



LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR


None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR is EUR 79.0889, a 11.17% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 27.26%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TR is USD 104.2709, a 12.91% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 30.62%.

The sub-fund tracks the evolution of the MSCI WORLD INFORMATION TECHNOLOGY TR Index expressed in USD which returns a performance of +13.31% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI WORLD INFORMATION TECHNOLOGY TR Index.


55

60

65

70

75

80

85

90


22









December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

:

:


Specific events

17.16%:



The objective of the Sub-Fund is to track the evolution of the MSCI World Health Care Index - Net Total Return denominated in US Dollars.The Index is a free float-adjusted market capitalization index that is designed to measure the performance of the investable universe composed of listed health care companies worldwide (classified according to the Global Industry Classification Standard (GICS®)). It is designed to cover large and mid cap securities. As of 20 April 2010, the Index was composed of 119 constituents in 24 countries.

:

:

:

:

:

:

:

86.3873

111.1459

41.72% 157.52 111.15MSCI World Health Care TR Index



102.5237

133.0912


36.90%

155.9249

118.2683




40.29%

15.36%Performance Class C-EUR since


January 1, 2012

January 1, 2012


LYXOR ETF MSCI WORLD HEALTH CARE TR


None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD HEALTH CARE TR is EUR 118.2683, a 15.36% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 36.90%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD HEALTH CARE TR is USD 155.9249, a 17.16% increase for for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 40.29%.

The sub-fund tracks the evolution of the MSCI WORLD HEALTH CARE TR Index expressed in USD which returns a performance of 17.53% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI WORLD HEALTH CARE TR Index.


80

85

90

95

100

105

110

115

120

125

19-août-10 23-nov-10 25-févr-11 01-juin-11 05-sept-11 08-déc-11 13-mars-12 18-juin-12 20-sept-12 26-déc-12

23






LYXOR ETF MSCI WORLD INDUSTRIALS TR



27.79% 195.12 152.69MSCI World Industrials TR Index


26.41%

13.87%




118.6763

152.6889

128.5754

166.9101

:




:

:

:

:


December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012


Specific events


15.64%

193.0203

146.4050


Performance Class C-EUR since launch date : 23.36%


January 1, 2012

January 1, 2012

The objective of the Sub-Fund is to track the evolution of the MSCI World Industrials Index - Net Total Return denominated in US Dollars.The Index is a free float-adjusted market capitalization index that is designed to measure the performance of the investable universe composed of listed industrial companies worldwide (classified according to the Global Industry Classification Standard (GICS®)). It is designed to cover large and mid cap securities. As of 20 April 2010, the Index was composed of 262 constituents in 24 countries.


:

:

:None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD INDUSTRIALS TR is EUR 146.405, a 13.87% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 23.36%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD INDUSTRIALS TR is USD 193.0203, a 15.64% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 26.41%.

The sub-fund tracks the evolution of the MSCI WORLD INDUSTRIALS TR Index expressed in USD which returns a performance of +16.02% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI WORLD INDUSTRIALS TR Index.


80

90

100

110

120

130

140

150


24



:

:




December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

Specific events

1.30%

314.0697

:

:

:

:









27.93% 318.38 248.88MSCI World Energy TR Index



:

:

26.19%

-0.26%


:January 1, 2012



23.15%

193.4392

248.8790

238.8391

310.0490

238.2203

The objective of the Sub-Fund is to track the evolution of the MSCI World Energy Index - Net Total Return denominated in US Dollars.The Index is a free float-adjusted market capitalization index that is designed to measure the performance of the investable universe composed of listed energy companies worldwide (classified according to the Global Industry Classification Standard (GICS®)). It is designed to cover large and mid cap securities. As of 20 April 2010, the Index was composed of 115 constituents in 24 countries.



LYXOR ETF MSCI WORLD ENERGY TR


None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD ENERGY TR is EUR 238.2203, a 0.26% decrease for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 23.15%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD ENERGY TR is USD 314.0697, a 1.30% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 26.19%.

The sub-fund tracks the evolution of the MSCI WORLD ENERGY TR Index expressed in USD which returns a performance of +1.87% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI WORLD ENERGY TR Index.


110

130

150

170

190

210

230

250

270


25






LYXOR ETF MSCI WORLD FINANCIALS TR



18.38% 113.29 95.70MSCI World Financials TR Index


17.10%

26.99%




75.6133

95.7000

66.9348

86.8914

:




:

:

:

:


December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012


Specific events


28.97%

112.0665

85.0019


Performance Class C-EUR since launch date : 12.42%


January 1, 2012

January 1, 2012

The objective of the Sub-Fund is to track the evolution of the MSCI World Financials Index - Net Total Return denominated in US Dollars.The Index is a free float-adjusted market capitalization index that is designed to measure the performance of the investable universe composed of listed financials companies worldwide (classified according to the Global Industry Classification Standard (GICS®)). It is designed to cover large and mid cap securities. As of 20 April 2010, the Index was composed of 338 constituents in 24 countries.


:

:

:None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD FINANCIALS TR is EUR 85.0019 a 26.99% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 12.42%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD FINANCIALS TR is USD 112.0665, a 28.97% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 17.10%.

The sub-fund tracks the evolution of the MSCI WORLD FINANCIALS TR Index expressed in USD which returns a performance of +29.36% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI WORLD FINANCIALS TR Index.


50

55

60

65

70

75

80

85

90

23-août-10 25-nov-10 01-mars-11 03-juin-11 07-sept-11 12-déc-11 15-mars-12 20-juin-12 24-sept-12 28-déc-12

26






LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR




January 1, 2012 :

:January 1, 2012

38.60%

44.38%

22.02%



45.87% 158.43 108.61MSCI World Consumer Discretionary TR Index




85.8096

108.6050

97.4709

126.5319




23.92%

156.8010

118.9328

:

:

:

:

:

:


Specific events



The objective of the Sub-Fund is to track the evolution of the MSCI World Consumer Discretionary Index - Net Total Return denominated in US Dollars.The Index is a free float-adjusted market capitalization index that is designed to measure the performance of the investable universe composed of listed consumer discretionary companies worldwide (classified according to the Global Industry Classification Standard (GICS®)). It is designed to cover large and mid cap securities. As of 20 April 2010, the Index was composed of 239 constituents in 24 countries.


December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012


:

None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR is EUR 118.9328, a 22.02% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 38.60%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TR is USD 156.801, a 23.92% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 44.38%.

The sub-fund tracks the evolution of the MSCI WORLD CONSUMER DISCRETIONARY TR Index expressed in USD which returns a performance of +24.31% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI WORLD CONSUMER DISCRETIONARY TR Index.


80

90

100

110

120


27



:

:




December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

Specific events

12.98%

207.6241

:

:

:

:









38.10% 209.73 151.87MSCI World Consumer Staples TR Index



:

:

36.71%

11.25%


:January 1, 2012



31.24%

119.9936

151.8700

141.5595

183.7655

157.4819

The objective of the Sub-Fund is to track the evolution of the MSCI World Consumer Staples Index - Net Total Return denominated in US Dollars.The Index is a free float-adjusted market capitalization index that is designed to measure the performance of the investable universe composed of listed consumer staples companies worldwide (classified according to the Global Industry Classification Standard (GICS®)). It is designed to cover large and mid cap securities. As of 20 April 2010, the Index was composed of 125 constituents in 24 countries.



LYXOR ETF MSCI WORLD CONSUMER STAPLES TR


None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD CONSUMER STAPLES TR is EUR 157.4819, a 11.25% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 31.24%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD CONSUMER STAPLES TR is USD 207.6241, a 12.98% increase for the relevant accounting period ( January 1, 2012 to December 31, 2012 ). Since inception, the performance is up 36.71%.

The sub-fund tracks the evolution of the MSCI WORLD CONSUMER STAPLES TR Index expressed in USD which returns a performance of +13.36% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI WORLD CONSUMER STAPLES TR Index.


110

120

130

140

150

160

170


28



4 629.72 4 420.99


EURO STOXX 50® Net Return 4.72%

January 1, 2012


: 44.2099Net Asset Value/Share as of launch date


Performance since



The objective of the Sub-Fund is to track the evolution of the EURO STOXX 50® Net Return denominated in Euro (EUR).The Index is calculated net dividends reinvested. It is composed of the stocks of 50 market sector leading euro-zone companies. These values are selected for their market capitalization, liquidity and sector representation. The index seeks to comply with a weighting by country and economic sector reflecting the maximum economic structure of the Euro zone.

46.5422

18.37%

5.28%:Performance since launch date


39.3209:

Specific events


:

:

ISIN Code: LU0533031968

LYXOR ETF EURO STOXX 50 TR



None.

As of December 31, 2012, the Net Asset Value/Share of LYXOR ETF EURO STOXX 50 TR is EUR 46.5422, a 18.37% increase for the relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 5.28%.

The sub-fund tracks the evolution of the EURO STOXX 50 TR Index expressed in EUR which returns a performance of +18.06% over the accounting period.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the EURO STOXX 50 TR Index.


33

35

37

39

41

43

45

47

49

51

12-août-10 29-oct-10 17-janv-11 05-avr-11 24-juin-11 12-sept-11 29-nov-11 16-févr-12 09-mai-12 26-juil-12 12-oct-12

29



Class C-EURS&P GSCI® Inverse Agriculture & Livestock 1 Month Forward Capped Component Index Total Return

-1.50% 127.88 129.83


December 31, 2012 October 25, 2011

ISIN Code (Class C-EUR) :ISIN Code (Class C-USD) : LU0692027484

LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD



LU0692027138


Class C-USD

-2.15% 127.88 130.69S&P GSCI® Inverse Agriculture & Livestock 1 Month Forward Capped Component Index Total Return










-2.87%

-7.88%:

:

:

:

:

100.00

100.00

111.9502

103.1290:

3.13%

103.8215


Specific events


January 1, 2012

The objective of the Sub-Fund is to track the evolution of the S&P GSCI® InverseAgriculture & Livestock 1 Month Forward Capped Component Index Total Returndenominated in US dollars(USD).The Index represents the total return obtained through an unlevered investmentin specific components of the S&P GSCI® Inverse Agriculture & Livestock 1-MonthForward Index while seeking a diversified exposure via the S&P GSCI® CappedComponent 35/20 methodology.:

:


97.1328



December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

-6.44%January 1, 2012

:

:None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD is EUR 103.129, a 7.88% decrease for this relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is 3.13% up.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD is USD 97.1328 a 6.44% decrease for this relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is 2.87% down.

The sub-fund tracks the evolution of the S&P GSCI® Inverse Agriculture & Livestock 1 Month Forward Capped Component Index Total Return expressed in USD which returns a performance of -5.83% over the accounting period .As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the the S&P GSCI® Inverse Agriculture & Livestock 1 Month Forward Capped Component Index .


80

85

90

95

100

105

110

115

20-oct-11 13-déc-11 07-févr-12 30-mars-12 24-mai-12 18-juil-12 10-sept-12 31-oct-12 24-déc-12

30





December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

0.31%January 1, 2012

:

:

Specific events


January 1, 2012

The objective of the Sub-Fund is to track the evolution of the S&P GSCI® Agriculture & Livestock 3 Month Forward Capped Component Index Total Return denominated in US dollars (USD). The Index represents the total return obtained through an unlevered investmentin specific components of the S&P GSCI® Agriculture & Livestock 3-Month Forwardindex while seeking a diversified exposure via the S&P GSCI® Capped Component35/20 methodology.

:

:


96.3514

:

1.04%

96.0524

-1.23%:

:

:

:

:

100.00

100.00

102.2975

101.0398



-3.65%Performance Class C-USD since launch date









Class C-USD

-2.99% 199.16 205.30S&P GSCI® Agriculture & Livestock 3 Month Forward Capped Component IndexTotal Return

LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD



LU0692028375ISIN Code (Class C-EUR) :ISIN Code (Class C-USD) : LU0692028615



S&P GSCI® Agriculture & Livestock 3 Month Forward Capped Component IndexTotal Return

-3.55% 199.16 206.49

Class C-EUR

None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD is EUR 101.0398, a 1.23% decrease for this relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is 1.04% up.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD is USD 96.3514 a 0.31% increase for this relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is 3.65% down.

The sub-fund tracks the evolution of the S&P GSCI® Agriculture & Livestock 3Month Forward Capped Component IndexTotal Return expressed in USD which returns a performance of +0.93% over the accounting period .As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the the S&P GSCI® Agriculture & Livestock 3 Month Forward Capped Component IndexTotal Return .


80

85

90

95

100

105

110


31



Class C-EURthe S&P GSCI® Inverse Industrial Metals 1 Month Forward Capped Component Index Total Return

-5.23% 32.42 34.21




December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

-6.27%January 1, 2012

:

:

Specific events


January 1, 2012

The objective of the Sub-Fund is to track the evolution of the S&P GSCI® InverseIndustrial Metals 1 Month Forward Capped Component Index Total Return denominated in US dollars (USD). The Index represents the total return obtained through an unlevered investmentin specific components of the S&P GSCI® Inverse Industrial Metals 1-Month Forward Capped Component Index Total Return index while seeking a diversified exposure via the S&P GSCI® Capped Component 35/20 methodology.:

:


99.2222:

91.5065


Net Asset Value/Share Class C-USD as of :


Performance Class C-EUR since launch date -0.78%

85.7732

100.00

100.00

107.5058

:

:

:


-14.23%

-7.71%:





Initial price as of




Class C-USD

-13.59% 32.42 37.52the S&P GSCI® Inverse Industrial Metals 1 Month Forward Capped Component Index Total Return

LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD




None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD is EUR 99.2222 a 7.71% decrease for this relevant accounting period (January 1, 2012 to December 31, 2012). Since inception the performance is down 0.78% .

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD is USD 85.7732 a 6.27% decrease for this relevant accounting period (January 1, 2012 to December 31, 2012). Since inception the performance is down14.23% .

The sub-fund tracks the evolution of the S&P GSCI® Inverse Industrial Metals 1 Month Forward Capped Component Index Total Return expressed in USD which returns a performance of -5.65% over the accounting period.As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the the S&P GSCI® Inverse Industrial Metals 1 Month Forward Capped Component Index Total Return.


75

80

85

90

95

100

105


32



Class C-EUR

S&P GSCI® Industrial Metals 3 Month F 0.25% 410.98 409.94




LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD



LU0692030603


Class C-USD 9.27% 410.98 376.11S&P GSCI® Industrial Metals 3 Month F










8.53%Performance Class C-USD since launch date

100.00

100.00

105.0511

105.0264

:

:

:

:

5.03%

106.8905

-0.02%: Specific events


January 1, 2012

The objective of the Sub-Fund is to track the evolution of the S&P GSCI® Industrial Metals 3 Month Forward Capped Component Index Total Return denominated in USdollars (USD). The Index represents the total return obtained through an unlevered investmentin specific components of the S&P GSCI® Industrial Metals 3-Month Forward Capped Component Index Total Return index while seeking a diversified exposure via the S&P GSCI® Capped Component 35/20 methodology.

:

:


108.5323

:



December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

1.54%January 1, 2012

:

:None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD is EUR 105.0264 a 0.02% decrease for this relevant accounting period (January 1, 2012 to December 31, 2012). Since inception , the performance is 5.03% up.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD is USD 108.5323 a 1.54% increase for this relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is 8.53% up.

The sub-fund tracks the evolution of the S&P GSCI® Industrial Metals 3 Month Forward Capped Component Index Total Return expressed in USD which returns a performance of +2.16% over the accounting period . As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the the S&P GSCI® Industrial Metals 3 Month Forward Capped Component Index Total Return .


80

85

90

95

100

105

110

115

120

125


33





December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

-5.09%January 1, 2012

:

:

Specific events


January 1, 2012

The objective of the Sub-Fund is to trackthe unlevered performance of the S&P GSCI® Inverse 1-Month Forward Capped Sector Equal Weight Composite Index Total Return denominated in US dollars (USD). The Index reflects the inverse return available through an unlevered investment in the specific commodities of the S&P GSCI 1-Month Forward Index, employing the S&P GSCI Capped 35/20 methodology.

:

:


93.5704

:

-6.95%

98.5841

-6.54%:

:

:

:

:

100.00

100.00

99.5600

93.0452



-6.43%Performance Class C-USD since launch date








December 31, 2012 December 20, 2011

-5.81% 29.51 31.33S&P GSCI® Inverse 1-Month Forward Capped Sector Equal Weight Composite Index Total Return

LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD




On February 22, 2012 , corporate action on the index (parity of 1.914122)

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD is EUR 93.0452, a 6.54% decrease for this relevant accounting period (January 1, 2012 to December 31, 2012).

Since inception, the performance is 6.95�� down .

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD is USD 93.5704 a 5.09% decrease for this relevant accounting period ( January 1, 2012 to December 31, 2012). Since inception, the performance is 6.43% down.

The sub-fund tracks the evolution of the S&P GSCI® Inverse 1-Month Forward Capped Sector Equal Weight Composite Index Total Return expressed in USD which returns a performance of -4.47% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the S&P GSCI® Inverse 1-Month Forward Capped Sector Equal Weight Composite Index Total Return .


80

85

90

95

100

105

110

115

20-déc-11 13-févr-12 04-avr-12 29-mai-12 19-juil-12 10-sept-12 30-oct-12 20-déc-12

34




LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD



LU0721447083


3.22% 526.97 510.52S&P GSCI 3 Month Forward Capped Sector Equal Weight Total Return Composite Index



Initial price as of




2.61%

-0.31%:

100.00

100.00

102.3469

:

:

:

Performance Class C-EUR since launch date 2.03%

102.6089

:

101.3438





Specific events


January 1, 2012

The objective of the Sub-Fund is to track the unlevered performance of theS&P GSCI® 3 Month Forward Capped Sector Equal Weight Composite Index Total Return denominated in US dollars (USD). The Index reflects tthe total return available through an unlevered investment in thespecific commodities of the S&P GSCI 3- Month Forward Index, employing the S&PGSCI Capped 35/20 methodology.

:

:


102.0329



December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

1.25%January 1, 2012

:

:None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD is EUR 102.0329, a 0.31% decrease for this relevant accounting period (January 1, 2012 to December 31, 2012).Since inception, the performance is up 2.03%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD is USD 102.6089 a 1.25% increase for this relevant accounting period (January 1, 2012 to December 31, 2012).Since inception, the performance is up 2.61%.

The sub-fund tracks the evolution of the S&P GSCI® 3 Month Forward Capped Sector Equal Weight Composite Index Total Return expressed in USD which returns a performance of 1.84% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the S&P GSCI® 3 Month Forward Capped Sector Equal Weight Composite Index Total Return .


85

90

95

100

105

110

115

20-déc-11 13-févr-12 04-avr-12 29-mai-12 19-juil-12 10-sept-12 30-oct-12 20-déc-12

35





December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

-1.04%January 1, 2012

:

:


Specific events


January 1, 2012

The objective of the Sub-Fund is to track the unleveraged performance of theSGI Commodities Curve Momentum Beta+ TR TM denominated in USdollars (USD).The Index reflects the total return available through an unlevered investment overweighting commodities in Backwardation and underweighting those being in Contango.

:

:


99.9820

99.4208:

-0.58%

-0.02%

-2.56%:

:




:

:

:

100.00

100.00

102.0360

101.0359








0.58% 119.02 118.33SGI Commodities Curve Momentum Beta+ TR Index

LYXOR ETF BROAD COMMODITIES MOMENTUM TR




None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF BROAD COMMODITIES MOMENTUM TR is EUR 99.4208, a 2.56% decrease for this relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is down 0.58%.

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF BROAD COMMODITIES MOMENTUM TR is USD 99.982, a 1.04% decrease for this relevant accounting period ( January 1, 2012 to December 31, 2012 ). Since inception, the performance is down 0.02%.

The sub-fund tracks the evolution of the SGI Commodities Curve Momentum Beta+ TR TM expressed in USD which returns a performance of -0.46% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the SGI Commodities Curve Momentum Beta+ TR TM.


85

90

95

100

105

110

115

20-déc-11 22-mars-12 22-juin-12 21-sept-12 20-déc-12

36





December 31, 2012

January 1, 2012

January 1, 2012

December 31, 2012

2.54%January 1, 2012

:

:

Specific events


January 1, 2012

The objective of the Sub-Fund is to track the unlevered performance of the SGICommodities Optimix TR TM denominated in US dollars (USD). The Index reflects the total return from an investment in a selection of commoditiesfutures contracts constructed pursuant to a systematic long-only strategy with apredefined rolling methodology applied on each contract. The weights of the contracts are the same as the weights of the S&P GSCI Index Sector Equal Weight including a cap per sector in order to comply with the 20/35 diversification rule.:

:


104.0360

:

3.45%

101.4548

0.97%:

:

:

:

:

100.00

100.00

102.4590

103.4520












4.66% 99.33 94.91SGI Commodities Optimix TR Index

LYXOR ETF BROAD COMMODITIES OPTIMIX TR




None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF BROAD COMMODITIES OPTIMIX TR is EUR 103.452 a 0.97% increase for this relevant accounting period (January 1, 2012 to December 31, 2012). Since inception, the performance is up 3.45%

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF BROAD COMMODITIES OPTIMIX TR is USD 104.036 a 2.54% increase for this relevant accounting period ( (January 1, 2012 to December 31, 2012). Since inception, the performance is up 4.04%.

The sub-fund tracks the evolution of the SGI Commodities Optimix TR TM expressed in USD which returns a performance of +3.15% over the accounting period. As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the SGI Commodities Optimix TR TM .


85

90

95

100

105

110

115

20-déc-11 05-mars-12 16-mai-12 27-juil-12 08-oct-12 18-déc-12

37



Net Asset Value/Share as of May 21, 2012


December 31, 2012


22.93% 1 173.93 954.98


Performance

May 21, 2012

May 21, 2012

Euro iStoxx 50 Equal Risk Index

:

:


Performance since


:

Net Asset Value/Share as of launch date : 100.00


The objective of the Sub-Fund is to track tboth the upward and the downwardevolution of the Euro iStoxx 50 Equal Risk (the “Index”) denominated in EUR. The Index provides an exposure to the performance of an optimized allocation across the Eurostoxx 50® index, its parent index (“Parent Index”) where weights aredetermined in order to make the risk contribution of each component of the Indexequal. This allocation is reviewed on a monthly basis according to the equal-riskcontribution ("ERC") methodology.

100.00

122.9009

22.90%

22.90%

:

Specific events


LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK

MANAGEMENT REPORT from May 21, 2012 to December 31, 2012ISIN Code: LU0776635921

None.

As of December 31, 2012, the Net Asset Value/Share of LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK is EUR 122.9009 a 22.90% increase for the first relevant accounting period (May 21, 2012 to December 31, 2012).

The sub-fund tracks the evolution of the Euro iStoxx 50 Equal Risk Index expressed in EUR which returns a performance of +22.93% over the accounting period.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the Euro iStoxx 50 Equal Risk Index.


90

95

100

105

110

115

120

125

21-mai-12 03-juil-12 15-août-12 27-sept-12 09-nov-12 24-déc-12

38



MSCI World Risk Weighted Index 12.98% 1 173.42 1 038.59

Class C-USD


December 31, 2012 May 21, 2012



December 31, 2012

May 21, 2012

May 21, 2012

December 31, 2012

12.69%May 21, 2012

:

:

Specific events


May 21, 2012

The objective of the Sub-Fund iis to track both the upward and the downward evolution of the “MSCI World Risk Weighted Index” (the “Index”) denominated in USD. The Index is based on and provides an exposure to the performance of the MSCI World® Index, its parent index ("Parent Index"), which includes large and mid cap stocks across 24 developed market countries. The MSCI World Risk Weighted Index reweights each security of the Parent Index so that stocks with lower risk are given higher weights.

:

:


112.6875

:

9.13%

100.00

9.13%:

:

:

:

:

100.00

100.00

100.00

109.1318











December 31, 2012 May 21, 2012

Class C-EUR12.98% 1 173.42 1 038.59MSCI World Risk Weighted Index

LYXOR ETF MSCI WORLD Risk Weighted

MANAGEMENT REPORT from May 21, 2012 to December 31, 2012



None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI WORLD Risk Weighted is EUR 109.1318 a 9.13% increase for the first relevant accounting period (from May 21, 2012 to December 31, 2012).

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI WORLD Risk Weighted is USD 112.6875 a 12.69% increase for the first relevant accounting period (from May 21, 2012 to December 31, 2012).

The sub-fund tracks the evolution of the MSCI World Risk Weighted Index expressed in USD which returns a performance of +12.98% over the accounting period . As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI World Risk Weighted Index .According to the Fund offering documentation, upon proposition of the investment advisor, the manager has contracted forward financial instruments directly with Société Générale without proceeding to a competitive bid between several counterparties.

95

100

105

110

115

21-mai-12 08-juin-12 28-juin-12 18-juil-12 07-août-12 27-août-12 14-sept-12 04-oct-12 24-oct-12 13-nov-12 03-déc-12 21-déc-12

39




LYXOR ETF S&P 500 VIX Futures Enhanced Roll

MANAGEMENT REPORT from September 25, 2012 to December 31, 2012


LU0832435464

December 31, 2012 September 25, 2012

Class C-EUR-15.50% 125.27 148.24S&P 500 VIX Futures Enhanced Roll Index



Initial price as of




-15.67%

-17.09%:



66.7889

86.5751

66.7889

:

:

:

Performance Class C-EUR since launch date -17.09%

73.0053Net Asset Value/Share Class C-USD as of




September 25, 2012

The objective of the Sub-Fund is to track both the upward and the downwardevolution of the “S&P 500 VIX Futures Enhanced Roll Index” (the “Index”) denominated in US Dollars. The Index provides exposure, both positive and negative, to the movement of the futures contracts market, as listed on the Chicago CBOE pertaining to the implicit volatility of the S&P 500 index.It also provides exposure to the US money market, given the absence of financing to implement the strategy. :

:


55.3742:

86.5751


December 31, 2012

September 25, 2012

September 25, 2012

December 31, 2012

-15.67%September 25, 2012

:

:

Specific events



S&P 500 VIX Futures Enhanced Roll Index -15.50% 125.27 148.24

Class C-USD

None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF S&P 500 VIX Futures Enhanced Roll is EUR 55.3742 a 17.09% decrease for the first relevant accounting period (from September 25, 2012 to December 31, 2012).

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF S&P 500 VIX Futures Enhanced Roll is USD 73.0053 a 15.67% decrease for the first relevant accounting period (from September 25, 2012 to December 31, 2012).

The sub-fund tracks the evolution of the S&P 500 VIX Futures Enhanced Roll Index expressed in USD which returns a performance of -15.50% over the accounting period . As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the S&P 500 VIX Futures Enhanced Roll Index.


65

70

75

80

85

90

95

100

105

20-nov-12 12-déc-12 12-nov-12 05-déc-12 28-déc-12

40



SG Global Quality Income NTR index -0.26% 1 068.88 1 071.65

Class D-GBP


December 31, 2012 November 27, 2012

ISIN Code (Class D-EUR) :

ISIN Code (Class C-GBP) : LU0855692520ISIN Code (Class D-USD) : LU0832436603

LYXOR ETF SG GLOBAL QUALITY INCOME NTR

MANAGEMENT REPORT from September 25, 2012 to December 31, 2012


LU0832436512


Class D-EUR-1.26% 1 068.88 1 082.54SG Global Quality Income NTR index



Net Asset Value/Share Class C-GBP as of launch date


100.0000

100.0000

100.0000

100.0000


Initial price as of


Net Asset Value/Share Class C-GBP as of

Performance Class D-EUR since

:

:

:

:

Net Asset Value/Share Class C-GBP as of


The objective of the Sub-Fund is to track the unlevered performance of the “SGGlobal Quality Income NTR” index (the "Index") denominated in Euro (EUR). The Index is composed of companies with attractive and sustainable dividends and is designed by Société Générale Research, according to a proprietary methodology.

:

:

100.2336

98.6196

-1.38%

:

Performance Class C-GBP since launch date

:

:

September 25, 2012

Specific events


Performance Class C-GBP since


December 31, 2012

December 31, 2012 : 100.3048

Performance Class D-USD since September 25, 2012

December 31, 2012

0.23%November 27, 2012

:

:



-1.38%

0.30%

Initial price as of


SG Global Quality Income NTR index -1.26% 1 068.88 1 082.54

Net Asset Value/Share Class D-USD as of launch date

Class D-USD


September 25, 2012

November 27, 2012

Net Asset Value/Share Class D-USD as of September 25, 2012 : 100.0000

: 0.30%

: 100.0000

0.23%

None.

As of December 31, 2012, the Class D-EUR Net Asset Value/Share of LYXOR ETF SG GLOBAL QUALITY INCOME NTR is EUR 98.6196 a 1.38% decrease for the first relevant accounting period (from September 25, 2012 to December 31, 2012).

As of December 31, 2012, the Class D-USD Net Asset Value/Share of LYXOR ETF SG GLOBAL QUALITY INCOME NTR is USD 100.3048 a 0.30% increase for the first relevant accounting period (from September 25, 2012 to December 31, 2012).

As of December 31, 2012, the Class C-GBP Net Asset Value/Share of LYXOR ETF SG GLOBAL QUALITY INCOME NTR is GBP 100.2336 a 0.23% increase for the first relevant accounting period (from November 25, 2012 to December 31, 2012).

The sub-fund tracks the evolution of the SG Global Quality Income NTR index expressed in EUR which returns a performance of -1.26% over the accounting period for Class D-EUR and Class D-USD, and a performance of -0.26% over the accounting period for Class C-GBP . As Class D-USD and Class C-GBP are not denominated in the index currency, their Net Asset Value are exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the SG Global Quality Income NTR index.


96

97

98

99

100

101

102

25-sept-12 12-oct-12 31-oct-12 19-nov-12 06-déc-12 26-déc-12

41





LYXOR ETF MSCI ACWI GOLD

MANAGEMENT REPORT from November 20, 2012 to December 31, 2012

Class C-EUR

-2,88% 1 268,18 1 305,74MSCI ACWI Gold with EM DR 18% Group Entity Capped Index









-2,93%Performance Class C-USD since launch date

-5,74%

:

100,00

100,00

100,00

94,2599

100,00

:

:

:

:

-5,74%: Specific events


November 20, 2012

The objective of the Sub-Fund iis to track both the upward and the downward evolution of the “MSCI ACWI Gold with EM DR 18% Group Entity Capped Index” denominated in USD. The Index provides exposure, both positive and negative, to the movement of the equity performance of companies in both emerging and developped markets that obtain the majority of their revenues from gold mining activity.

:

:


97,0687

:



December 31, 2012

November 20, 2012

November 20, 2012

December 31, 2012

-2,93%November 20, 2012 :





Class C-USDMSCI ACWI Gold with EM DR 18% Group Entity Capped Index

-2,88% 1 268,18 1 305,74

None.

As of December 31, 2012, the Class C-EUR Net Asset Value/Share of LYXOR ETF MSCI ACWI GOLD is EUR 94.2599 a 5.74% decrease for the first relevant accounting period (from November 20, 2012 to December 31, 2012).

As of December 31, 2012, the Class C-USD Net Asset Value/Share of LYXOR ETF MSCI ACWI GOLD is USD 97.0687 a 2.93% decrease for the first relevant accounting period (from November 20, 2012 to December 31, 2012).

The sub-fund tracks the evolution of the MSCI ACWI Gold with EM DR 18% Group Entity Capped Index expressed in USD which returns a performance of -2.88% over the accounting period . As Class C-EUR is not denominated in the index currency, its Net Asset Value is exposed to foreign currency risk.

According to a method of synthetic indexed management, the index tracking is obtained through an equity linked swap. This OTC contract allows the exchange of the equity basket against the performance of the MSCI ACWI Gold with EM DR 18% Group Entity Capped Index .


86

88

90

92

94

96

98

100

102

20-nov-12 23-nov-12 28-nov-12 03-déc-12 06-déc-12 11-déc-12 14-déc-12 19-déc-12 24-déc-12 28-déc-12

Luxembourg, March 22, 2013 The Board of Directors

42

We have audited the accompanying financial statements of Multi Units Luxembourg and of each ofits Sub-Funds, which comprise the statement of net assets and the schedule of investments as atDecember 31, 2012 and the statement of operations and changes in net assets for the year then ended,and a summary of significant accounting policies and other explanatory notes to the financialstatements.Responsibility of the Board of Directors of the SICAV for the financial statementsThe Board of Directors of the SICAV is responsible for the preparation and fair presentation of thesefinancial statements in accordance with Luxembourg legal and regulatory requirements relating to thepreparation of the financial statements and for such internal control as the Board of Directors of theSICAV determines is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.Responsibility of the “Réviseur d’entreprises agréé”Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with International Standards on Auditing as adopted forLuxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the judgment of the “Réviseurd’entreprises agréé”, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprisesagréé” considers internal control relevant to the entity’s preparation and fair presentation of thefinancial statements in order to design audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Anaudit also includes evaluating the appropriateness of accounting policies used and the reasonablenessof accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overallpresentation of the financial statements.

PricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit Report

To the Shareholders of Multi Units Luxembourg

pwcWe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of MultiUnits Luxembourg and of each of its Sub-Funds as of December 31,2012, and of the results of theiroperations and changes in their net assets for the year then ended in accordance with Luxembourglegal and regulatory requirements relating to the preparation ofthe financial statements.

Other matters

Supplementary information included in the annual report has been reviewed in the context of ourmandate but has not been subject to specific audit procedures carried out in accordance with thestandards described above. Consequently, we express no opinion on such information. However, wehave no observation to make concerning such information in the context of the financial statements

taken as a whole.

PricewaterhouseCoopers, Soci6t6 coop6rativeRepresented by

Luxembourg, Mar ch 22, 20 13

43

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


44

Statement of Net Assets at December 31, 2012(expressed in the Sub-Fund’s currency)

MULTI UNITSLUXEMBOURG -

LYXOR ETFDAXplus®

Covered Call


LYXOR ETFLevDAX

MULTI UNITSLUXEMBOURG -LYXOR ETF DAXSub-Funds

EUREUREURNotesASSETS

2.2Securities portfolio at market valueSecurities portfolio at costUnrealised profit/(loss) on the securities portfolioCash at bankReceivable for securities soldReceivable on swaps and options

2.3, 8Swap at market value

LIABILITIESCash due to bank and brokersPayable for securities purchased

3Investment management fees payable2.3, 8Swap at market value

TOTAL NET ASSETS

11 442 604277 160 817667 323 26310 868 214259 257 690651 873 522

574 39017 903 12715 449 741--11

599 9071 797 30911 077 565100 3576 507 0347 054 637

---

12 142 868285 465 160685 455 476

5--700 2648 304 34318 132 2023 44982 69975 103

184 1097 130 7246 412 083

887 82715 517 76624 619 388

11 255 041269 947 394660 836 088



45


LYXOR ETF S&P 500


LYXOR ETFWIG20


LYXOR ETFDAXplus®

Protective PutSub-Funds

Statement of Net Assets at December 31, 2012 (cont.)(expressed in the Sub-Fund’s currency)

EURPLNEURNotesASSETSSecurities portfolio at market valueSecurities portfolio at costUnrealised profit/(loss) on the securities portfolioCash at bankReceivable for securities soldReceivable on swaps and optionsSwap at market value

LIABILITIESCash due to bank and brokersPayable for securities purchasedInvestment management fees payableSwap at market value

TOTAL NET ASSETS

2.2

2.3, 8

32.3, 8

220 909 13466 515 41214 304 397206 054 78962 709 21313 054 59514 854 3453 806 1991 249 802

----1 729 441--1 257 385110 236---

220 909 13469 502 23814 414 633

----2 986 825110 236

35 75222 0684 2883 584 7311 125 240241 204

3 620 4834 134 133355 728

217 288 65165 368 10514 058 905



46


LYXOR ETF MSCI WORLDUTILITIES TR


LYXOR ETFAUSTRALIA

(S&P ASX 200)


LYXOR ETFCANADA

(S&P TSX 60)Sub-Funds


EUREUREURNotesASSETSSecurities portfolio at market valueSecurities portfolio at costUnrealised profit/(loss) on the securities portfolioCash at bankReceivable for securities soldReceivable on swaps and optionsSwap at market value


TOTAL NET ASSETS

2.2

2.3, 8

32.3, 8

15 039 01724 429 52631 511 69914 829 07423 022 27629 597 407

209 9431 407 2501 914 292----------67 834-

15 039 01724 497 36031 511 699

------

4 7337 73210 376309 483-726 277

314 2167 732736 653

14 724 80124 489 62830 775 046



47


LYXOR ETF MSCI WORLDINFORMATIONTECHNOLOGY

TR


LYXOR ETF MSCI WORLDTELECOM-

MUNICATIONSERVICES TR


LYXOR ETF MSCI WORLD

MATERIALS TRSub-Funds




TOTAL NET ASSETS

2.2

2.3, 8

32.3, 8

11 784 58814 818 13725 154 25310 999 17013 900 29723 734 742

785 418917 8401 419 511------------

11 784 58814 818 13725 154 253

------

3 8154 9538 413154 692336 065459 220

158 507341 018467 633

11 626 08114 477 11924 686 620



48




LYXOR ETF MSCI WORLD INDUSTRIALS

TR

MULTI UNITSLUXEMBOURG -LYXOR ETF MSCIWORLD HEALTH

CARE TRSub-Funds




TOTAL NET ASSETS

2.2

2.3, 8

32.3, 8

25 056 27831 424 64326 450 28322 920 75230 465 44725 328 6532 135 526959 1961 121 630

------------

25 056 27831 424 64326 450 283

------

8 1509 8978 802606 721611 131777 250

614 871621 028786 052

24 441 40730 803 61525 664 231



49


LYXOR ETF MSCI WORLDCONSUMERSTAPLES TR


LYXOR ETF MSCI WORLDCONSUMER

DISCRETIONARYTR


LYXOR ETF MSCI WORLDFINANCIALS

TRSub-Funds




TOTAL NET ASSETS

2.2

2.3, 8

32.3, 8

11 357 6489 037 00319 424 16210 797 5078 690 90519 170 721

560 141346 098253 441------------

11 357 6489 037 00319 424 162

------

3 8142 9106 336267 108114 131377 389

270 922117 041383 725

11 086 7268 919 96219 040 437



50


LYXOR ETF S&P GSCI

AGRICULTURE &LIVESTOCK 3 MONTHFORWARD

MULTI UNITSLUXEMBOURG -LYXOR ETF S&PGSCI INVERSEAGRICULTURE & LIVESTOCK

1 MONTHFORWARD


LYXOR ETF EURO

STOXX 50 TRSub-Funds


USDUSDEURNotesASSETSSecurities portfolio at market valueSecurities portfolio at costUnrealised profit/(loss) on the securities portfolioCash at bankReceivable for securities soldReceivable on swaps and optionsSwap at market value


TOTAL NET ASSETS

2.2

2.3, 8

32.3, 8

9 203 0621 982 5318 312 3501 912 421

890 71270 110--------

9 203 0621 982 531

----

2 679330363 52427 426

366 20327 756

8 836 8591 954 775

3 484 2873 185 806

298 481----

3 484 287

--

1 104157 563

158 667

3 325 620



51


LYXOR ETF S&P GSCI

AGGREGATEINVERSE 1 MONTHFORWARD


LYXOR ETF S&P GSCI

INDUSTRIALMETALS 3 MONTHFORWARD

MULTI UNITSLUXEMBOURG -LYXOR ETF S&PGSCI INVERSEINDUSTRIAL

METALS1 MONTHFORWARDSub-Funds


USDUSDUSDNotesASSETSSecurities portfolio at market valueSecurities portfolio at costUnrealised profit/(loss) on the securities portfolioCash at bankReceivable for securities soldReceivable on swaps and optionsSwap at market value


TOTAL NET ASSETS

2.2

2.3, 8

32.3, 8

2 952 07810 135 0643 171 2172 772 9379 456 1962 907 237

179 141678 868263 980------------

2 952 07810 135 0643 171 217

------

9592 8661 026104 611526 876124 921

105 570529 742125 947

2 846 5089 605 3223 045 270



52


LYXOR ETFBROAD

COMMODITIESOPTIMIX TR


LYXOR ETFBROAD

COMMODITIESMOMENTUM TR


LYXOR ETF S&P GSCI

AGGREGATE 3 MONTHFORWARDSub-Funds


USDUSDUSDNotesASSETSSecurities portfolio at market valueSecurities portfolio at costUnrealised profit/(loss) on the securities portfolioCash at bankReceivable for securities soldReceivable on swaps and optionsSwap at market value


TOTAL NET ASSETS

2.2

2.3, 8

32.3, 8

31 243 46124 028 9989 754 52829 385 20822 265 7398 948 3691 858 2531 763 259806 159

------------

31 243 46124 028 9989 754 528

------

8 9026 8002 8041 356 3521 307 173348 540

1 365 2541 313 973351 344

29 878 20722 715 0259 403 184



53


LYXOR ETF S&P 500 VIXFUTURES

ENHANCEDROLL

MULTI UNITSLUXEMBOURG -LYXOR ETF MSCI

WORLD RISKWEIGHTED


LYXOR ETF SMARTIX EURO

iSTOXX 50EQUAL RISKSub-Funds


USDUSDEURNotesASSETSSecurities portfolio at market valueSecurities portfolio at costUnrealised profit/(loss) on the securities portfolioCash at bankReceivable for securities soldReceivable on swaps and optionsSwap at market value


TOTAL NET ASSETS

2.2

2.3, 8

32.3, 8

5 468 13721 937 10220 707 5305 302 34619 341 40419 226 796

165 7912 595 6981 480 734------

224 100-----

5 692 23721 937 10220 707 530

---224 100--2 4858 1554 187

526 839371 188847 459

753 424379 343851 646

4 938 81321 557 75919 855 884



54

Combined


LYXOR ETF MSCI ACWI

GOLD

MULTI UNITSLUXEMBOURG -LYXOR ETF SG

GLOBALQUALITY

INCOME NTRSub-Funds


EURUSDEURNotesASSETSSecurities portfolio at market valueSecurities portfolio at costUnrealised profit/(loss) on the securities portfolioCash at bankReceivable for securities soldReceivable on swaps and optionsSwap at market value


TOTAL NET ASSETS

2.2

2.3, 8

32.3, 8

66 284 159141 207 69465 826 992139 531 343

457 1671 676 351------

131 276-

66 415 435141 207 694

----

13 09651 641-1 323 616

13 0961 375 257

66 402 339139 832 437

1 759 167 5611 685 393 133

73 774 42811

13 898 63214 250 403167 406

1 787 484 013

528 149 035381 378

28 701 349

57 231 767

1 730 252 246



55

for the year ended December 31, 2012Statements of Operations and Changes in Net Assets

(expressed in the Sub-Fund’s currency)


LYXOR ETFDAXplus®

Covered Call


LYXOR ETFLevDAX


EUREUREURNotes12 213 510302 467 649713 066 009Net assets at the beginning of the year

INCOME-2 00712 862Bank interest---Dividends, net

-2 00712 862

EXPENSES---Interest and bank charges

52 2701 050 1401 043 3763Investment management fees

52 2701 050 1401 043 376(52 270)(1 048 133)(1 030 514)Net investment gain/(loss)

Net realised gain/(loss)1 274 64043 796 044107 313 1302.5- on sales of investments

--2 932- on foreign exchange(110 808)88 781 50832 203 4422.4- on swaps

1 163 832132 577 552139 519 504Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

876 20511 940 82019 153 354- on investments(36 043)(13 142 298)20 303 805- on swaps

840 162(1 201 478)39 457 159Net change in unrealisedappreciation/(depreciation)

1 951 724130 327 941177 946 149Increase/(decrease) in net assets as a result of operations

Movements in capital4 047 558128 304 270120 758 176Subscriptions(6 957 751)(291 152 466)(350 934 246)Redemptions

(2 910 193)(162 848 196)(230 176 070)---10Dividends paid---Reevaluation of the opening assets

11 255 041269 947 394660 836 088Net assets at the end of the year



56


LYXOR ETF FTSE 250*


LYXOR ETF FTSE 100*


LYXOR ETFDAXplus®

Protective PutSub-Funds

GBPGBPEURNotes608 211671 86511 571 347Net assets at the beginning of the year

INCOME---Bank interest---Dividends, net

---

EXPENSES--1Interest and bank charges

1 1791 01649 8113Investment management fees

1 1791 01649 812(1 179)(1 016)(49 812)Net investment gain/(loss)


Statements of Operations and Changes in Net Assets for the year ended December 31, 2012 (cont.)

Net realised gain/(loss)(6 473)4 526967 9852.5- on sales of investments

-(1)-- on foreign exchange66 85714 032867 8922.4- on swaps

60 38418 5571 835 877Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

8 4979 2191 195 022- on investments8 2274 811(105 696)- on swaps

16 72414 0301 089 326Net change in unrealisedappreciation/(depreciation)

75 92931 5712 875 391Increase/(decrease) in net assets as a result of operations

Movements in capital--9 793 743Subscriptions

(684 140)(703 436)(10 181 576)Redemptions

---10Dividends paid---Reevaluation of the opening assets --14 058 905Net assets at the end of the year

(684 140)(703 436)(387 833)

* These Sub-Funds have been liquidated as at August 1, 2012



57


LYXOR ETFWIG20


LYXOR ETF MSCI ASIA APEX 50*

MULTI UNITSLUXEMBOURG -LYXOR ETF FTSE

ALL SHARE*Sub-Funds

PLNUSDGBPNotes45 973 397376 33212 354 274Net assets at the beginning of the year

INCOME---Bank interest

2 704 69052 638-Dividends, net

2 704 69052 638-



252 6674 1045 1632 452 02348 534(5 163)Net investment gain/(loss)



Net realised gain/(loss)(851 299)(169 623)620 2302.5- on sales of investments11 006(716)-- on foreign exchange

8 740 267113 184(222 301)2.4- on swaps

7 899 974(57 155)397 929Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

3 746 1082 502264 527- on investments654 2459 912146 758- on swaps


14 752 3503 793804 051Increase/(decrease) in net assets as a result of operations

Movements in capital45 689 6571 281 063-Subscriptions(41 047 299)(1 661 188)(13 158 325)Redemptions

---10Dividends paid---Reevaluation of the opening assets

65 368 105--Net assets at the end of the year* These Sub-Funds have been liquidated as at August 1, 2012

4 642 358(380 125)(13 158 325)



58


LYXOR ETFAUSTRALIA

(S&P ASX 200)


LYXOR ETFCANADA

(S&P TSX 60)


LYXOR ETF S&P 500Sub-Funds



---







--413- on foreign exchange23 759(1 237 191)(16 859 079)2.4- on swaps

2 955 002207 063(2 873 182)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

777 6641 557 05315 490 236- on investments495 192400 2592 681 745- on swaps

1 272 8561 957 31218 171 981Net change in unrealisedappreciation/(depreciation)

4 135 3872 056 22714 977 720Increase/(decrease) in net assets as a result of operations


(906 362)(44 291)102 898 205(693 326)(466 390)(2 859 334)10Dividends paid

---Reevaluation of the opening assets 24 489 62830 775 046217 288 651Net assets at the end of the year



59






MATERIALS TR


LYXOR ETF MSCI WORLDUTILITIES TRSub-Funds



---






Net realised gain/(loss)2 056 881749 0741 475 9162.5- on sales of investments

---- on foreign exchange(2 865 484)(821 840)(1 827 599)2.4- on swaps

(808 603)(72 766)(351 683)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

784 4391 831 88860 291- on investments(207 665)(108 011)(106 845)- on swaps

576 7741 723 877(46 554)Net change in unrealisedappreciation/(depreciation)

(285 464)1 578 997(423 711)Increase/(decrease) in net assets as a result of operations


9 831 5048 719 7178 363 914---10Dividends paid---Reevaluation of the opening assets




60



TR


LYXOR ETF MSCI WORLDHEALTH CARE

TR



TRSub-Funds



---






Net realised gain/(loss)674 1704 008 805(1 680 327)2.5- on sales of investments

---- on foreign exchange633 593830 635756 5162.4- on swaps

1 307 7634 839 440(923 811)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

833 9721 043 905650 706- on investments(418 999)(1 605 449)324 150- on swaps

414 973(561 544)974 856Net change in unrealisedappreciation/(depreciation)

1 672 3614 154 458(5 589)Increase/(decrease) in net assets as a result of operations






61



DISCRETIONARYTR



TR


LYXOR ETF MSCI WORLD ENERGY TRSub-Funds



---






Net realised gain/(loss)(436 044)500 9903 423 6242.5- on sales of investments

---- on foreign exchange1 565 2571 843 862(6 359 329)2.4- on swaps

1 129 2132 344 852(2 935 705)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

245 010161 1271 532 060- on investments74 433(191 321)1 266 769- on swaps

319 443(30 194)2 798 829Net change in unrealisedappreciation/(depreciation)

1 409 9612 269 369(260 792)Increase/(decrease) in net assets as a result of operations


2 344 04111 081 605(28 200 670)---10Dividends paid---Reevaluation of the opening assets




62


1 MONTHFORWARD


LYXOR ETF EURO

STOXX 50 TR


LYXOR ETF MSCI WORLDCONSUMERSTAPLES TRSub-Funds

USDEUREURNotes5 215 99315 000 9397 927 335Net assets at the beginning of the year


---







---- on foreign exchange(2 107 418)(104 696)(1 731 862)2.4- on swaps

(478 296)1 833 097744 701Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

203 384(139 479)355 474- on investments12 056(113 391)61 594- on swaps

215 440(252 870)417 068Net change in unrealisedappreciation/(depreciation)

(283 313)1 557 6911 105 753Increase/(decrease) in net assets as a result of operations

Movements in capital7 224 323219 93727 599 918Subscriptions(8 831 383)(14 823 792)(25 546 280)Redemptions

(1 607 060)(14 603 855)2 053 638---10Dividends paid---Reevaluation of the opening assets




63


LYXOR ETF S&P GSCI



METALS1 MONTHFORWARD


LYXOR ETF S&P GSCI

AGRICULTURE &LIVESTOCK 3 MONTHFORWARDSub-Funds

USDUSDUSDNotes10 713 3854 598 4369 628 131Net assets at the beginning of the year


---







---- on foreign exchange(224 633)(2 254 853)(4 177 135)2.4- on swaps

1 415 372(1 148 071)(564 831)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

484 310175 099697 107- on investments(812 856)241 087(242 422)- on swaps

(328 546)416 186454 685Net change in unrealisedappreciation/(depreciation)

1 042 527(750 376)(150 877)Increase/(decrease) in net assets as a result of operations


(2 150 590)(802 790)(640 395)---10Dividends paid---Reevaluation of the opening assets




64


LYXOR ETFBROAD



LYXOR ETF S&P GSCI

AGGREGATE 3 MONTHFORWARD


LYXOR ETF S&P GSCI

AGGREGATEINVERSE 1 MONTHFORWARDSub-Funds

USDUSDUSDNotes233 494234 206227 828Net assets at the beginning of the year

INCOME10--Bank interest---Dividends, net

10--






Net realised gain/(loss)(1 827 621)(701 754)(61 035)2.5- on sales of investments

---- on foreign exchange(807 887)(311 108)45 9072.4- on swaps

(2 635 508)(1 012 862)(15 128)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

1 763 226806 093179 108- on investments(1 305 521)(347 572)(97 295)- on swaps

457 705458 52181 813Net change in unrealisedappreciation/(depreciation)

(2 244 415)(581 515)57 051Increase/(decrease) in net assets as a result of operations

Movements in capital24 725 9469 750 4932 561 629Subscriptions

---Redemptions





65


WORLD RISKWEIGHTED



iSTOXX 50EQUAL RISK


LYXOR ETFBROAD

COMMODITIESOPTIMIX TRSub-Funds

USDEURUSDNotes--234 462Net assets at the beginning of the year


---






Net realised gain/(loss)2 493 7402 793 717(1 100 539)2.5- on sales of investments

--(2 949)- on foreign exchange(2 398 629)236 938(826 813)2.4- on swaps

95 1113 030 655(1 930 301)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

2 595 6981 480 7341 858 335- on investments(371 188)(847 459)(1 355 648)- on swaps


2 269 7513 638 919(1 501 635)Increase/(decrease) in net assets as a result of operations


---Redemptions





66


LYXOR ETF MSCI ACWI

GOLD


GLOBALQUALITY

INCOME NTR



ENHANCEDROLL

USDEURNotes---

------

--

---16 26098 4443

16 26098 4448 381(16 260)(98 444)(8 381)



Sub-Funds

Net assets at the beginning of the yearINCOMEBank interestDividends, net

EXPENSESInterest and bank chargesInvestment management fees

Net investment gain/(loss)

Net realised gain/(loss)1 281 157466 13678 5612.5- on sales of investments

-6-- on foreign exchange(1 525 952)(2 103 668)(627 124)2.4- on swaps

(244 795)(1 637 526)(548 563)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

457 1661 676 351165 791- on investments131 276(1 323 616)(526 839)- on swaps

588 442352 735(361 048)Net change in unrealisedappreciation/(depreciation)

327 387(1 383 235)(917 992)Increase/(decrease) in net assets as a result of operations


---Redemptions



USD

8 381



67

Notes Combined

1 385 371 099

14 877702 791

717 668

163 3 868 113

3 868 129(3 150 461)



Sub-Funds

Net assets at the beginning of the yearINCOMEBank interestDividends, net

EXPENSESInterest and bank chargesInvestment management fees

Net investment gain/(loss)

Net realised gain/(loss)196 767 3432.5- on sales of investments

3 267- on foreign exchange84 234 4232.4- on swaps

281 005 033Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

69 893 518- on investments4 220 121- on swaps

74 113 639Net change in unrealisedappreciation/(depreciation)

351 968 211Increase/(decrease) in net assets as a result of operations

Movements in capital1 099 494 516Subscriptions(1 103 631 314)Redemptions

(4 136 798)(4 019 050)10Dividends paid1 068 784Reevaluation of the opening assets

1 730 252 246Net assets at the end of the year

EUR

68


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


LYXOR ETFDAXplus®

Protective Put


LYXOR ETFDAXplus®

Covered Call


LYXOR ETFLevDAX


EUREUREUREUR

at December 31, 2010Number of shares outstanding

668 552267 4306 549 74411 607 731Class A


309 552217 4309 358 79712 379 000Class A


298 552172 4305 259 2978 910 500Class A

27 423 05216 359 065322 670 437786 668 037Total Net Asset Value at December 31, 2010



at December 31, 2010Net asset value per share

41.018561.171349.264567.7710Class A


37.380956.172132.319057.6028Class A


47.090365.273151.327674.1637Class A

69




LYXOR ETF MSCI ASIA APEX 50*


LYXORETF FTSE

ALL SHARE*


LYXOR ETF FTSE 250*


LYXOR ETFFTSE 100*Sub-Funds

USDGBPGBPGBP



100 0001 800 000400 0002 850 000Class A


5 0004 300 00060 000120 000Class A


----Class A


376 33212 354 274608 211671 865Total Net Asset Value at December 31, 2011

----Total Net Asset Value at December 31, 2012


88.68343.080411.61125.9363Class A


75.26632.873010.13685.5988Class A


----Class A

70




LYXOR ETFAUSTRALIA

(S&P ASX 200) (4)


LYXOR ETFCANADA

(S&P TSX 60) (4)


LYXOR ETF S&P 500 (3)


LYXOR ETFWIG20 (1) (2)Sub-Funds

EUREUREURPLN

(1) Class A-PLN changed into Class D-PLN as at June 30, 2011(2) Class D-PLN changes into Class PLN as at October 10, 2012.(3) Class A changed into D-EUR and Class B into Class D-USD as at April 6, 2011(4) Class A changed into D-EUR and Class B into Class D-USD as at June 6, 2011


550 000400 00015 200 000900 000Class A1 000 0003 750 0007 700 000-Class B


596 000477 0004 441 000-Class D-EUR---215 000Class PLN

143 000850 0006 028 674-Class D-USD


610 000524 00010 911 000-Class D-EUR---241 000Class PLN

68 000350 0008 959 674-Class D-USD





36.869558.22679.4378279.2861Class AUSD 24.7321USD 7.8063USD 12.6608-Class B


32.888852.00389.7684-Class D-EUR

USD 21.3529USD 6.7560USD 12.6808-Class D-USD---213.8297Class PLN

71




LYXOR ETFAUSTRALIA

(S&P ASX 200) (4)


LYXOR ETFCANADA

(S&P TSX 60) (4)


LYXOR ETF S&P 500 (3)


LYXOR ETFWIG20 (1) (2)Sub-Funds

EUREUREURPLN


38.025755.047010.9338-Class D-EUR---271.2369Class PLN

USD 25.0867USD 7.2714USD 14.4189-Class D-USD

(1) Class A-PLN changed into Class D-PLN as at June 30, 2011(2) Class D-PLN changes into Class PLN as at October 10, 2012.(3) Class A changed into D-EUR and Class B into Class D-USD as at April 6, 2011(4) Class A changed into D-EUR and Class B into Class D-USD as at June 6, 2011

72





TR






MATERIALS TR


LYXOR ETF MSCI WORLDUTILITIES TRSub-Funds

EUREUREUREUR


230 000270 00070 000125 000Class C-EUR178 000198 00048 00098 000Class C-USD









70.969659.4772254.9316117.6368Class C-EURUSD 95.2149USD 79.7963USD 342.0230USD 157.8247Class C-USD





73





TR





TR

MULTI UNITSLUXEMBOURG -LYXOR ETF MSCIWORLD HEALTH

CARE TRSub-Funds

EUREUREUREUR
















74




1 MONTHFORWARD


LYXOR ETF EURO

STOXX 50 TR


LYXOR ETF MSCI WORLDCONSUMERSTAPLES TR



DISCRETIONARYTRSub-Funds


-2 633 000125 000170 000Class C-EUR--98 000133 000Class C-USD


100381 50033 00021 000Class C-EUR50 100-23 00032 000Class C-USD


10 10042 00054 50055 000Class C-EUR20 100-15 90020 000Class C-USD

-120 221 50128 263 69230 156 795Total Net Asset Value at December 31, 2010




-45.6595126.739799.5248Class C-EUR--USD 170.0376USD 133.5253Class C-USD


EUR 111.950239.3209141.559597.4709Class C-EUR103.8215-USD 183.7655USD 126.5319Class C-USD


EUR 103.129046.5422157.4819118.9328Class C-EUR97.1328-USD 207.6241USD 156.8010Class C-USD

USDEUREUREUR

75




LYXOR ETF S&P GSCI

AGGREGATEINVERSE 1 MONTHFORWARD


LYXOR ETF S&P GSCI



METALS1 MONTHFORWARD


LYXOR ETF S&P GSCI

AGRICULTURE &LIVESTOCK 3 MONTHFORWARDSub-Funds

USDUSDUSDUSD


----Class A----Class D-USD


1 000100100100Class C-EUR1 000100 10050 100100 100Class C-USD




227 82810 713 3854 598 4369 628 131Total Net Asset Value at December 31, 2011





EUR 99.5600EUR 105.0511EUR 107.5058EUR 102.2975Class C-EUR98.5841106.890591.506596.0524Class C-USD


EUR 93.0452EUR 105.0264EUR 99.2222EUR 101.0398Class C-EUR93.5704108.532385.773296.3514Class C-USD

76





iSTOXX 50EQUAL RISK


LYXOR ETFBROAD

COMMODITIESOPTIMIX TR


LYXOR ETFBROAD



LYXOR ETF S&P GSCI

AGGREGATE 3 MONTHFORWARDSub-Funds

EURUSDUSDUSD




-1 0001 0001 000Class C-EUR-1 0001 0001 000Class C-USD


161 56081 00081 00031 000Class C-EUR-181 000121 00051 000Class C-USD


-234 462233 494234 206Total Net Asset Value at December 31, 2011





-EUR 102.4590EUR 102.0360EUR 102.3469Class C-EUR-101.4548101.0359101.3438Class C-USD


122.9009EUR 103.4520EUR 99.4208EUR 102.0329Class C-EUR-104.036099.9820102.6089Class C-USD

77




LYXOR ETF MSCI ACWI

GOLD


GLOBALQUALITY

INCOME NTR



ENHANCEDROLL


WORLD RISKWEIGHTEDSub-Funds

USDEURUSDUSD


----Class C-EUR----Class D-EUR----Class C-USD----Class D-USD----Class C-GBP




300 000-38 120142 000Class C-EUR-795 000--Class D-EUR

300 000-29 53010 000Class C-USD-645 000--Class D-USD-100 000--Class C-GBP






78



USDEURUSDUSD


LYXOR ETF MSCI ACWI

GOLD


GLOBALQUALITY

INCOME NTR



ENHANCEDROLL


WORLD RISKWEIGHTEDSub-Funds




EUR 94.2599-EUR 55.3742EUR 109.1318Class C-EUR-98.6196--Class D-EUR

97.0687-73.0053112.6875Class C-USD-USD 100.3048--Class D-USD-GBP 100.2336--Class C-GBP

79


Notes to the financial statements at December 31, 2012

Note 1 - ActivityMULTI UNITS LUXEMBOURG (the “Fund”) was incorporated on March 29, 2006 underLuxembourg laws as a “Société d’Investissement à Capital Variable” (“SICAV”) for an unlimitedperiod of time. The Fund is governed by the Provisions of Part I of the Luxembourg law of December17, 2010 relating to undertakings for collective investment.At December 31, 2012 thirty-two 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 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 TELECOMMUNICATIONSERVICES 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 & LIVESTOCK3 MONTH FORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS1 MONTH FORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTHFORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTHFORWARD· 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

80


Notes to the financial statements at December 31, 2012 (cont.)

Note 1 - Activity (cont.)· MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISK· MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 VIX FUTURES ENHANCED ROLL· MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTR· MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ACWI GOLDBy Circular Resolution dated May 9, 2012, the Board of Directors decided to change the name of theSub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 ERC toMULTI 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 theliquidation 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

By Circular Resolution dated July 2, 2012, the Board of Directors decided to launch the Sub-FundMULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED (First NAV:May 21, 2012) and the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EUROiSTOXX 50 EQUAL RISK (First NAV: May 21, 2012).By Circular Resolution dated July 20, 2012, the Board of Directors decided to cancel the plannedliquidation of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR.By Circular Resolution dated September 18, 2012, the Board of Directors decided to launch:- the C-EUR and C-USD shares classes within the Sub-Fund MULTI UNITS LUXEMBOURG -LYXOR ETF S&P 500 VIX FUTURES ENHANCED ROLL (First NAV: September 25, 2012).- the D-EUR and D-USD shares classes within the Sub-Fund MULTI UNITS LUXEMBOURG -LYXOR SG GLOBAL QUALITY INCOME NTR (First NAV: September 25, 2012).By Circular Resolution dated October 10, 2012, the Board of Directors decided:- to change the initial minimum subcription and the additional minimum subscription of the followingSub-Funds: MULTI UNITS LUXEMBOURG - LYXOR ETF DAX, MULTI UNITSLUXEMBOURG - LYXOR ETF LevDAX, MULTI UNITS LUXEMBOURG - LYXOR ETFDAXplus® Covered Call and MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus®Protective Put.- to change the additional minimum subscription of the following Sub-Funds: MULTI UNITSLUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK1 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 and MULTIUNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTHFORWARD.

81



Note 1 - Activity (cont.)- to change the denomination of the share class D-PLN of the Sub-Fund MULTI UNITSLUXEMBOURG - LYXOR ETF WIG 20 into class PLN.By Circular Resolution dated October 20, 2012, the Board of Directors decided to reduce themanagement fee of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX50 TR from 0.25% to 0.20%.

By Circular Resolution dated November 12, 2012, the Board of Directors decided:- to launch the C-EUR and C-USD shares classes within the Sub-Fund MULTI UNITSLUXEMBOURG - LYXOR ETF MSCI ACWI GOLD (First NAV: November 20, 2012).- to launch the C-GBP share class within the Sub-Fund MULTI UNITS LUXEMBOURG - LYXORETF SG GLOBAL QUALITY INCOME (First NAV: November 27, 2012).- to reduce the maximum of the management fees of the Sub-Fund MULTI UNITS LUXEMBOURG- LYXOR ETF S&P 500 VIX FUTURES ENHANCED ROLL from 0.60% to 0.50% as fromNovember 10, 2012.Within each Sub-Fund, the Fund may create different Classes of Shares which are entitled to regulardividend payments (“Distribution Shares”) or with earnings reinvested (“Capitalisation Shares”), orwhich differ also by the targeted investors, their reference currencies, by the management fees or thesubscription / redemption fees.

Capitalisation and distribution shares have been issued during the year ended December 31, 2012. The amounts invested in the several Classes of Shares of one Sub-Fund are themselves invested in acommon underlying portfolio of investments within the Sub-Fund, although the Net Asset Value pershare of each Class of Shares may differ as a result of either the distribution policy, the “taxed’abonnement” and/or the management fees and/or the subscription and redemption fees for eachClass.

82



Note 1 - Activity (cont.)

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533033667 CapitalisationINFORMATION TECHNOLOGY TR Class C-USD LU0533033741 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533033238 CapitalisationHEALTH CARE TR Class C-USD LU0533033311 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533033402 CapitalisationINDUSTRIALS TR Class C-USD LU0533033584 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR Class C-EUR LU0533032420 CapitalisationClass C-USD LU0533032776 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS Class C-EUR LU0533032859 CapitalisationTR Class C-USD LU0533033071 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER Class C-EUR LU0533032008 CapitalisationDISCRETIONARY TR Class C-USD LU0533032180 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER Class C-EUR LU0533032263 CapitalisationSTAPLES TR Class C-USD LU0533032347 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR Class C-EUR LU0533031968 CapitalisationMULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE Class C-EUR LU0692027138 CapitalisationAGRICULTURE & 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 CapitalisationINDUSTRIAL METALS 1 MONTH FORWARD Class C-USD LU0692029852 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL Class C-EUR LU0692030603 CapitalisationMETALS 3 MONTH FORWARD Class C-USD LU0692031080 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE Class C-EUR LU0721446606 CapitalisationINVERSE 1 MONTH FORWARD Class C-USD LU0721446861 Capitalisation

Sub-Fund Classes ofshares ISIN Code Distribution

CapitalisationMULTI UNITS LUXEMBOURG - LYXOR ETF DAX Class A LU0252633754 CapitalisationMULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX Class A LU0252634307 CapitalisationMULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call Class A LU0252635023 CapitalisationMULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put Class A LU0288030280 CapitalisationMULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 Class PLN LU0459113907 DistributionMULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 Class D-EUR LU0496786574 Distribution

Class D-USD LU0496786657 Distribution

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) Class D-EUR LU0496786731 DistributionClass D-USD LU0496786814 Distribution

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) Class D-EUR LU0496786905 DistributionClass D-USD LU0496787036 Distribution

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533034558 CapitalisationUTILITIES TR Class C-USD LU0533034632 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533033824 CapitalisationMATERIALS TR Class C-USD LU0533034046 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD Class C-EUR LU0533034129 CapitalisationTELECOMMUNICATION SERVICES TR Class C -USD LU0533034392 Capitalisation

83



Note 1 - Activity (cont.)

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 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

The following Sub-Funds are listed in NYSE Euronext Paris Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF DAX· MULTI UNITS LUXEMBOURG - LYXOR ETF Lev DAX· MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500· MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60)

Sub-Fund Classes ofshares ISIN Code Distribution

CapitalisationMULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE Class C-EUR LU0721447083 Capitalisation3 MONTH FORWARD Class C-USD LU0721447240 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES Class C-EUR LU0721447596 CapitalisationMOMENTUM TR Class C-USD LU0721447752 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES Class C-EUR LU0721447919 CapitalisationOPTIMIX TR Class C-USD LU0721448131 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50 Class C-EUR LU0776635921 CapitalisationEQUAL RISK

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK Class C-EUR LU0776636812 CapitalisationWEIGHTED Class C-USD LU0776637893 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 VIX FUTURES Class C-EUR LU0832435464 CapitalisationENHANCED ROLL Class C-USD LU0832435621 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY Class D-EUR LU0832436512 DistributionINCOME NTR Class D-USD LU0832436603 Distribution

Class C-GBP LU0855692520 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ACWI GOLD Class C-EUR LU0854423687 CapitalisationClass C-USD LU 0854423927 Capitalisation

84



Note 1 - Activity (cont.)· 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 SMARTIX EURO iSTOXX 50 EQUAL RISK· MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK WEIGHTED· MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTR· MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ACWI GOLD

The following Sub-Funds are listed in Deutsche Boerse Frankfurt Stock Exchange:· MULTI UNITS LUXEMBOURG - LYXOR ETF DAX· 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 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 S&P GSCI INVERSE AGRICULTURE & LIVESTOCK1 MONTH FORWARD

85



Note 1 - Activity (cont.)· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTHFORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 VIX FUTURES ENHANCED ROLL· MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTR· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1MONTH FORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTHFORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTHFORWARD· 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 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 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

The following Sub-Funds are listed in Warsaw Stock Exchange:· MULTI UNITS LUXEMBOURG - LYXOR ETF DAX· MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500

86



Note 1 - Activity (cont.)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 Lev 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 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

The following Sub-Funds are listed in London Stock Exchange:· 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 & LIVESTOCK1 MONTH FORWARD

87



Note 1 - Activity (cont.)· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTHFORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS1MONTH FORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTHFORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTHFORWARD· 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 SG GLOBAL QUALITY INCOME NTR

The following Sub-Funds are listed in Luxembourg Stock Exchange:· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK1 MONTH FORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTHFORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS1MONTH FORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTHFORWARD· MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTHFORWARD· 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· MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTR

The following Sub-Fund is listed in NYSE Euronext Amsterdam Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 VIX FUTURES ENHANCED ROLL

Note 2 - Principal accounting policies

2.1 Presentation of financial statementsThe financial statements are prepared in accordance with Luxembourg regulations relating toundertakings for collective investment.

2.2 Valuation of investment in securities2.2.1 Securities listed on a recognised stock exchange or dealt in on any other regulated market thatoperates regularly, is recognised and is open to the public, are valued at their last available closing

88



Note 2 - Principal accounting policies (cont.)

2.2 Valuation of investment in securities (cont.)prices, or, in the event that there should be several such markets, on the basis of their last availableclosing 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 ofDirectors, truly reflect the fair market value of such securities, the value is defined by the Board ofDirectors 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 marketare valued on the basis of the probable sales proceeds determined prudently and in good faith by theBoard of Directors;2.2.4 Money market instruments not listed or traded on a stock exchange or not dealt in on anotherregulated 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 theinstrument based on the net acquisition cost, is gradually adjusted to the repurchase price thereof. Inthe event of the material changes in market conditions, the valuation basis of the investment is adjustedto the new market yields;2.2.6 Investments in open-ended UCIs are valued on the basis of the last available net asset valueof 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 faithpursuant to procedures established by the Board of Directors.

2.3 Valuation of total return swapsSwaps linked to indexes or financial instruments are valued at their market value based on theapplicable index or financial instrument, in accordance with the procedure laid down by the Board ofDirectors.

2.4 Net realised gains or losses on performance swapsThe realised on swaps in the statement of operations and changes in net assets includes the balanceson swaps paid or received by the Fund in the context of the increase / decrease of the composition ofthe securities basket, or paid / received in the context of subscriptions / redemptions at the Fund’slevel.

2.5 Net realised gains or losses resulting from investmentsThe realised gains or losses resulting from the sales of investments are calculated on an average costbasis.

2.6 Foreign exchange translationThe accounts of each Sub-Fund are maintained in the reference currency of the Sub-Fund and thefinancial statements are expressed in that currency.The acquisition cost of securities expressed in a currency other than the reference currency is translatedinto the reference currency at the exchange rates prevailing on the date of purchase.

89



Note 2 - Principal accounting policies (cont.)

2.6 Foreign exchange translation (cont.)Income and expenses expressed in other currencies than the reference currency are converted atexchange rates ruling at the transaction date.Assets and liabilities expressed in other currencies than the reference currency are converted atexchange rates ruling at the year-end. The realised or unrealised gains and losses on foreign exchangeare recognised in the statement of operations and changes in net assets in determining the increase ordecrease in net assets.

2.7 Combined financial statementsThe combined statement of net assets and combined statement of operations and changes in net assetsrepresent the total of the statements of net assets and statements of operations and changes in net assetsof the individual Sub-Funds, converted in Euro, based on exchange rates applicable at year-end.

2.8 IncomeDividends 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 expensesThe formation expenses of the Fund are borne by the Management Company.

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

Shares Class A EUR

Class A GBP

Class A USD

ClassPLN

Class D-EUR

Class D-USD

Class C-EUR

Class C-GBP

Class CUSD

- 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 FTSEALL 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 WORLDTELECOMMUNICATION SERVICES TR - - - - - - 0.40% - 0.40%


90



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

Following an Investment Management Delegation Agreement, Lyxor International Asset Managementwas appointed by the Management Company as Investment Manager of the Sub-Funds.An investment management fee is paid to the Investment Manager by the Management Company outof its management fee, after deduction of all fixed charges borne by the Management Company onbehalf of the Sub-Funds.

Note 4 - Administrative, Corporate and Domiciliary Agent feesAs Administrative, Corporate and Domiciliary Agent, Société Générale Securities ServicesLuxembourg is entitled to receive fees and commissions for its services rendered to the Sub-Funds.Such fees are payable by the Management Company.

Shares Class A EUR

Class A GBP

Class A USD

ClassPLN

Class D-EUR

Class D-USD

Class C-EUR

Class C-GBP

Class CUSD

- LYXOR ETF MSCI WORLDINFORMATION 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%- LYXOR ETF MSCI WORLD FINANCIALS TR - - - - - - 0.40% - 0.40%- LYXOR ETF MSCI WORLDCONSUMER DISCRETIONARY TR - - - - - - 0.40% - 0.40%

- LYXOR ETF MSCI WORLDCONSUMER STAPLES TR - - - - - - 0.40% - 0.40%

- LYXOR ETF EURO STOXX 50 TR - - - - - - 0.20%* - -- 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 INDUSTRIALMETALS 1 MONTH FORWARD - - - - - - 0.40% - 0.40%

- LYXOR ETF S&P GSCI INDUSTRIALMETALS 3 MONTH FORWARD - - - - - - 0.35% - 0.35%

- LYXOR ETF S&P GSCI AGGREGATEINVERSE 1 MONTH FORWARD - - - - - - 0.40% - 0.40%

- LYXOR ETF S&P GSCI AGGREGATE3 MONTH FORWARD - - - - - - 0.35% - 0.35%

- LYXOR ETF BROAD COMMODITIES MOMENTUM TR - - - - - - 0.35% - 0.35%

- LYXOR ETF BROAD COMMODITIESOPTIMIX TR - - - - - - 0.35% - 0.35%

- LYXOR ETF SMARTIX EURO iSTOXX50 EQUAL RISK - - - - - - 0.25% - -

- LYXOR ETF MSCI WORLD RISK WEIGHTED - - - - - - 0.45% - 0.45%- LYXOR ETF S&P 500 VIX FUTURESENHANCED ROLL - - - - - - 0.60% - 0.60%

- LYXOR ETF GLOBAL QUALITY INCOME NTR - - - - 0.45% 0.45% - 0.45% -- LYXOR ETF MSCI ACWI GOLD - - - - - - 0.50% - 0.50%

* The management fee of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR has been reduce from 0.25% to 0.20% as at October 20, 2012.

91



Note 5 - Custodian and Paying Agent feesAs Custodian and Paying Agent, Société Générale Bank & Trust is entitled to receive a fee for itsservices rendered to the Sub-Funds. Such fee is payable by the Management Company.

Note 6 - Registrar Agent feesAs Registrar Agent, European Fund Services S.A. is entitled to receive fees and commissions for itsservices rendered to the Sub-Funds according to the market practices in Luxembourg. Such fees arepayable by the Management Company.

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 isregulated, 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 Fund described in the Prospectus complywith the conditions required by the article 175 e) of the Law of december 17, 2010, the Board ofDirectors decided, by a Circular Resolution dated December 31, 2010, that all Sub-Funds and theirclasses 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 waspaid upon incorporation.Investment income from dividends and interest received by the Fund may be subject to withholdingtaxes at varying rates. Such withholding taxes are usually not recoverable.

Note 8 - Total return swap agreementsThe Total Return Swaps entered into by the Sub-Funds (except: MULTI UNITS LUXEMBOURG -LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD,MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK3 MONTH FORWARD, MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSEINDUSTRIAL METALS 1 MONTH FORWARD, MULTI UNITS LUXEMBOURG - LYXOR ETFS&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD, MULTI UNITS LUXEMBOURG -LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD, MULTI UNITSLUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD, MULTI UNITSLUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR and MULTI UNITSLUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR) are governed by theMaster Index Swap Confirmation Agreement dated as of 2 April 2012, signed between SociétéGénérale and Lyxor International Asset Management on behalf of the Sub-Funds.

92



Note 8 - Total return swap agreements (cont.)The Total Return Swaps entered into by the remaining Sub-Funds (MULTI UNITS LUXEMBOURG- LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTH FORWARD,MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK3 MONTH FORWARD, MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSEINDUSTRIAL METALS 1 MONTH FORWARD, MULTI UNITS LUXEMBOURG - LYXOR ETFS&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD, MULTI UNITS LUXEMBOURG -LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD, MULTI UNITSLUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD, MULTI UNITSLUXEMBOURG - LYXOR ETF BROAD COMMODITIES MOMENTUM TR and MULTI UNITSLUXEMBOURG - LYXOR ETF BROAD COMMODITIES OPTIMIX TR) are governed by theMaster Commodities Index Swap Confirmation Agreement dated as of 8 June 2012, signed betweenSociété Générale and Lyxor International Asset Management on behalf of the Sub-Funds.The terms and conditions of the swap transaction are detailed for each swap transaction in appendicesto these Master Agreement.Under the Master Agreement, the Sub-Fund pays to Société Générale an amount reflecting theperformance of the basket of securities (including dividends) held by the Sub-Fund, and receives anamount 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 betweenthe basket of securities held by the Sub-Fund and the index components, (ii) the difference betweenthe index components dividend level in the index methodology and their market price, and (iii) pricingparameters linked to the index replication.

8.1 LYXOR ETF DAX The index underlying this Swap Agreement is the DAX Index.

8.2 LYXOR ETF LevDAX The index underlying this Swap Agreement is the LevDAX Index.

8.3 LYXOR ETF DAXplus® Covered Call The index underlying this Swap Agreement is the DAXplus® Covered Call Index.

8.4 LYXOR ETF DAXplus® Protective PutThe index underlying this Swap Agreement is the DAXplus® Protective Put Index.

8.5 LYXOR ETF WIG20The index underlying this Swap Agreement is the WIG20 Index.

8.6 LYXOR ETF S&P 500Until April 6, 2011, the index underlying this Swap Agreement was the S&P 500 Index. SinceApril 6, 2011, the index underlying this Swap Agreement is the S&P 500 TR Index.

Note 8 - Total return swap agreements (cont.)

8.7 LYXOR ETF CANADA (S&P TSX 60)Until June 6, 2011, the index underlying this Swap Agreement was the S&P TSX 60 Index. SinceJune 6, 2011, the index underlying this Swap Agreement is the S&P TSX 60 TR Index.

8.8 LYXOR ETF AUSTRALIA (S&P ASX 200) Until June 6, 2011, the index underlying this Swap Agreement was the S&P ASX 200 Index. SinceJune 6, 2011, the index underlying this Swap Agreement is the S&P ASX 200 TR Index.

8.9 LYXOR ETF MSCI WORLD UTILITIES TRThe index underlying this Swap Agreement is the MSCI World Utilities TR Index.

8.10 LYXOR ETF MSCI WORLD MATERIALS TRThe index underlying this Swap Agreement is the MSCI World Materials TR Index.

8.11 LYXOR ETF MSCI WORLD TELECOMMUNICATION SERVICES TRThe index underlying this Swap Agreement is the MSCI World Telecommunication Services TR Index.

8.12 LYXOR ETF MSCI WORLD INFORMATION TECHNOLOGY TRThe index underlying this Swap Agreement is the MSCI World Information Technology TR Index.

8.13 LYXOR ETF MSCI WORLD HEALTH CARE TRThe index underlying this Swap Agreement is the MSCI World Health Care TR Index.

8.14 LYXOR ETF MSCI WORLD INDUSTRIALS TRThe index underlying this Swap Agreement is the MSCI World Industrials TR Index.

8.15 LYXOR ETF MSCI WORLD ENERGY TRThe index underlying this Swap Agreement is the MSCI World Energy TR Index.

8.16 LYXOR ETF MSCI WORLD FINANCIALS TRThe index underlying this Swap Agreement is the MSCI World Financials TR Index.

8.17 LYXOR ETF MSCI WORLD CONSUMER DISCRETIONARY TRThe index underlying this Swap Agreement is the MSCI World Consumer Discretionary TR Index.

8.18 LYXOR ETF MSCI WORLD CONSUMER STAPLES TRThe index underlying this Swap Agreement is the MSCI World Consumer Staples TR Index.

8.19 LYXOR ETF EURO STOXX 50 TRThe index underlying this Swap Agreement is the EURO STOXX 50 TR Index.

8.20 LYXOR ETF S&P GSCI INVERSE AGRICULTURE & LIVESTOCK 1 MONTHFORWARD

The index underlying this Swap Agreement is the S&P GSCI® Inverse Agriculture & Livestock1 Month Forward Capped Component Index Total Return.

93



94



Note 8 - Total return swap agreements (cont.)

8.21 LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARDThe index underlying this Swap Agreement is the S&P GSCI® Agriculture & Livestock 3 MonthForward Capped Component Index Total Return.

8.22 LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARDThe index underlying this Swap Agreement is the S&P GSCI® Inverse Industrial Metals 1 MonthForward Capped Component Index Total Return.

8.23 LYXOR ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARDThe index underlying this Swap Agreement is the S&P GSCI® Industrial Metals 3 Month ForwardCapped Component Index Total Return.

8.24 LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD The index underlying this Swap Agreement is the S&P GSCI® Inverse 1-Month Forward CappedSector Equal Weight Composite Index Total Return.

8.25 LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARDThe index underlying this Swap Agreement is the S&P GSCI 3 Month Forward Capped Sector EqualWeight Composite Index Total Return.

8.26 LYXOR ETF BROAD COMMODITIES MOMENTUM TRThe index underlying this Swap Agreement is the SGI Commodities Curve Momentum Beta+TRTMIndex.

8.27 LYXOR ETF BROAD COMMODITIES OPTIMIX TRThe index underlying this Swap Agreement is the SGI Commodities Optimix TRTM Index.

8.28 LYXOR ETF SMARTIX EURO iSTOXX 50 EQUAL RISKThe index underlying this Swap Agreement is the Eurostoxx 50® Equal Risk Index.

8.29 LYXOR ETF MSCI WORLD RISK WEIGHTEDThe index underlying this Swap Agreement is the MSCI World Risk Weighted Index.

8.30 LYXOR ETF S&P 500 VIX FUTURES ENHANCED ROLLThe index underlying this Swap Agreement is the S&P 500 VIX Futures Enhanced Roll Index.

8.31 LYXOR ETF SG GLOBAL QUALITY INCOME NTRThe index underlying this Swap Agreement is the SG Global Quality Income NTR index.

8.32 LYXOR ETF MSCI ACWI GOLDThe index underlying this Swap Agreement is the MSCI ACWI Gold with EM DR 18% Group EntityCapped Index.

95



Note 9 - Exchange ratesThe following exchange rates have been used for the preparation of these financial statements.

Note 10 - Dividend distribution

By a circular resolution dated June 27, 2012, the Board of Directors decided the payment of interimdividends to the shareholders of the following Sub-Funds of the Fund:

·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 ofJuly 16, 2012 with a record date of July 10, 2012. The ex-dividend date was July 11, 2012.

By a circular resolution dated December 03, 2012 the Board of Directors decided the payment ofinterim dividends to the shareholders of the following Sub-Funds of the Fund:

·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 ofDecember 17, 2012 with a record date of December 11, 2012. The ex-dividend date wasDecember 12, 2012.

PLN4.08031 EUR =AUD1.26991 EUR =USD1.31841 EUR =GBP0.81111 EUR =

Name of the Sub-Fund Currency Payment dateAmount of the interim dividend per Share

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60)D-EUR EUR 16/07/2012 1.04

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60)D-USD USD 16/07/2012 0.12

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX200) D-EUR EUR 16/07/2012 0.60

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX200) D-USD USD 16/07/2012 0.36

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 D-EUR EUR 16/07/2012 0.10

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 D-USD USD 16/07/2012 0.12

Name of the Sub-Fund Currency Payment dateAmount of the interim dividend per Share

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) D-EUR EUR 17/12/2012 0.50

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA(S&P ASX 200) D-USD USD 17/12/2012 0.32

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 D-EUR EUR 17/12/2012 0.07

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 D-USD USD 17/12/2012 0.09

96



Note 11 - Transaction costsFor the year ended December 31, 2012, the Fund did not incur any transaction costs relating to thepurchase or sale of transferable securities, derivatives or other eligible assets.

97



Note 12 - Operating and management expensesThe expenses rates as at December 31, 2012 are the following:

Base Sub-Fund Ratep.a.

ShareClasses

Operating and Net asset MULTI UNITS LUXEMBOURG - LYXOR ETF DAX 0.15% Class Amanagement MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX 0.40% Class Aexpenses MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call 0.40% Class A

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put 0.40% Class AMULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100* 0.25% Class AMULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250* 0.30% Class AMULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE* 0.35% Class AMULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50* 0.50% Class AMULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 0.45% Class PLNMULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 0.20% Class D-EUR

0.20% Class D-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) 0.40% Class D-EUR0.40% Class D-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) 0.40% Class D-EUR0.40% Class D-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD 0.40% Class C-EURUTILITIES TR 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD 0.40% Class C-EURMATERIALS TR 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD 0.40% Class C-EURTELECOMMUNICATION SERVICES TR 0.40% Class C -USD

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD 0.40% Class C-EURINFORMATION TECHNOLOGY TR 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD 0.40% Class C-EURHEALTH CARE TR 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD 0.40% Class C-EURINDUSTRIALS TR 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR 0.40% Class C-EUR0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD 0.40% Class C-EURFINANCIALS TR 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER 0.40% Class C-EURDISCRETIONARY TR 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMER 0.40% Class C-EURSTAPLES TR 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR 0.25% Class C-EURMULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE 0.40% Class C-EURAGRICULTURE & LIVESTOCK 1 MONTH FORWARD 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE 0.35% Class C-EUR& LIVESTOCK 3 MONTH FORWARD 0.35% Class C-USD


98



Base Sub-Fund Ratep.a.

ShareClasses

Operating and Net asset MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE 0.40% Class C-EURmanagement INDUSTRIAL METALS 1 MONTH FORWARD 0.40% Class C-USD

expenses MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIAL 0.35% Class C-EURMETALS 3 MONTH FORWARD 0.35% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 0.40% Class C-EURINVERSE 1 MONTH FORWARD 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 0.35% Class C-EUR3 MONTH FORWARD 0.35% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES 0.35% Class C-EURMOMENTUM TR 0.35% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIES 0.35% Class C-EUROPTIMIX TR 0.35% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 0.25% Class C-EUR50 EQUAL RISK

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISK 0.45% Class C-EURWEIGHTED 0.45% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 VIX FUTURES 0.60% Class C-EURENHANCED ROLL 0.60% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY 0.45% Class D-EURINCOME NTR 0.45% Class D-USD

0.45% Class C-GBP

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ACWI GOLD 0.50% Class C-EUR0.50% Class C-USD

Note 12 - Operating and management expenses (cont.)

Note 13 - Global Risk ManagementIn terms of risk management, the Board of Directors of the Management Company choose thecommitment approach in order to determine the global risk.

Note 14 - Subsequent event By Circular Resolution dated February 25, 2013, the Board of Directors decided to proceed to theliquidation of the following Sub-Funds on the basis of the net asset value dated April 5, 2013: - 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 & LIVESTOCK3 MONTH FORWARD, - MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS1 MONTH FORWARD,- MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTHFORWARD.

99


Index composition at December 31, 2012

Description Weight in the index

Transferable securities admitted to an official stock exchange or dealt in on another regulated market %Shares

ADIDAS SALOMON 2.13ALLIANZ SE 7.18BASF SE 9.88BAYER AG 8.99BAYERISCHE MOTOREN WERKE AG 3.54BEIERSDORF 0.92COMMERZBANK AG 0.95CONTINENTAL AG 1.33DAIMLER AG 6.16DEUTSCHE BANK AG 4.61DEUTSCHE BOERSE AG (2) 1.30DEUTSCHE POST AG 2.26DEUTSCHE TELEKOM /ETR 3.82DT LUFTHANSA AG 0.99E.ON AG 4.06FRESENIUS MEDICAL CARE AG & CO 1.65FRESENIUS SE & CO KGAA 1.71HEIDELBERGCEMENT AG 0.97HENKEL KGAA VZ 1.64INFINEON TECHNOLOGIES AG 1.00K + S AG 0.91LANXESS 0.83LINDE AG 3.70MERCK KGAA 0.98MUENCHENER RUECKVERSICHERUNGS 3.26RWE AG 2.31SAP AG 8.29SIEMENS AG 9.86THYSSENKRUPP AG 1.03VOLKSWAGEN AG 3.74

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 100.98%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe DAX index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF DAX

100



%

Commodity Chemicals 14.41Automobiles 13.45Diversified Industrials 10.89Specialty Chemicals 9.90Software 8.29Full Line Insurance 7.18Multiutilities 6.37Banks 5.56Mobile Telecommunications 3.82Health Care Providers 3.35Reinsurance 3.26Delivery Services 2.26Footwear 2.13Nondurable Household Products 1.64Tires 1.33Investment Services 1.30Semiconductors 1.00Airlines 0.99Pharmaceuticals 0.98Building Materials & Fixtures 0.97Personal Products 0.92

100.00

Economic composition of the index(as a percentage of the index at December 31, 2012)

101


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

Shares

1.409 265 2819 357 480EURADIDAS AG - REG137 6100.614 036 7314 205 092JPYAJINOMOTO CO INC402 0002.5216 682 00114 395 319EURAKZO NOBEL NV - CVA336 7726.3541 932 15738 064 817EURALLIANZ SE - REG400 1164.4029 100 97029 443 364EURANHEUSER-BUSCH INBEV NV442 5330.261 689 9561 619 241EURANSALDO STS SPA239 7100.13832 481844 650EURASML HOLDING NV17 3859.4062 197 69559 930 123EURBASF SE - REG874 1775.1333 926 68832 535 677EURBAYER AG471 9251.9612 964 98511 280 291EURBAYERISCHE MOTOREN WERKE AG177 7730.181 168 7461 223 968USDCOCA-COLA CO42 9580.523 434 2293 454 176EURDAIMLER AG83 1131.117 366 4307 993 793EURDE MASTER BLENDERS 1753 NV847 7881.8111 953 76612 122 566EURDEUTSCHE BANK AG - REG362 7851.8111 949 22811 450 656EURDEUTSCHE POST AG - REG719 8332.2915 110 31915 209 212EURDEUTSCHE TELEKOM AG - REG1 758 0360.10653 955516 358EURDRILLISCH AG58 6772.7518 194 20218 132 202EURENAGAS SA1 127 2743.3121 862 93622 085 885EURENEL SPA6 967 1564.8131 758 64430 701 338EURENI SPA1 731 6601.067 029 5576 932 928EURE.ON AG498 9042.0113 254 91113 466 845EUREUROPEAN AERONAUTIC DEFENCE AND SPACE

CO NV450 924

0.302 005 4401 824 535JPYFAST RETAILING CO LTD10 4520.352 345 0632 374 246EURFERROVIAL SA208 4503.5623 540 93723 485 160EURGERRESHEIMER AG587 1290.0160 03760 024EURHEIDELBERGCEMENT AG1 3100.231 532 0481 501 469CHFHOLCIM LTD - REG27 6494.0226 560 96523 341 276EURING GROEP NV - CVA3 799 8520.674 439 6044 539 477USDINTEL CORP290 0000.342 247 0612 323 652USDINTERNATIONAL BUSINESS MACHINES CORP15 6503.0320 014 26019 898 986EURKONINKLIJKE PHILIPS ELECTRONICS NV1 009 2920.007 2607 365EURLINDE AG550.614 031 6413 604 113JPYMITSUBISHI UFJ FINANCIAL GROUP INC995 4590.13828 421828 662EURMTU AERO ENGINES HOLDING AG12 041

Société d’Investissement à Capital VariableMulti Units Luxembourg

(expressed in EUR)Schedule of Investments as at December 31, 2012


Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

102


Shares (cont.)

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

3.1220 597 74420 477 326EURMUENCHENER RUECKVERSICHERUNGS AG - REG151 4540.714 693 6154 614 183JPYNIKON CORP211 5030.181 174 9071 466 970JPYNINTENDO CO LTD14 5841.519 951 48310 906 404JPYNTT DOCOMO INC9 1350.392 549 0292 408 758EURREED ELSEVIER NV229 9533.1220 642 77520 426 914EURROYAL DUTCH SHELL PLC - A792 4290.05316 543317 868EURSALZGITTER AG8 0290.593 927 6143 477 868EURSAP AG64 7164.6230 545 84929 180 148EURSIEMENS AG - REG371 6040.332 178 5641 874 625EURSOLVAY SA19 9960.533 481 0283 624 570JPYTAKEDA PHARMACEUTICAL CO LTD102 7846.4342 486 70143 536 609EURTELEFONICA SA4 177 6504.2928 347 26028 588 272EURUNILEVER NV985 1350.634 170 6784 060 445EURVOLKSWAGEN AG - PFD24 227

93.67619 042 395603 715 906Total Shares

Investment funds

7.3148 280 86848 157 616EURUK EQUITY HOLDINGS47 800

7.3148 280 86848 157 616Total Investment funds

100.98667 323 263651 873 522Total investments



Schedule of Investments as at December 31, 2012 (cont.)(expressed in EUR)

Nominalvalue/


EUR EUR %

103


17.39Chemicals9.46Nonlife Insurance8.18General Industrials7.93Oil and Gas Producers7.31Investment Fund6.43Fixed Line Telecommunications5.70Beverages4.90Food Producers4.02Life Insurance3.89Mobile Telecommunications3.82Gas, Water and Multiutilities3.31Electricity3.11Automobiles and Parts3.03Electronic and Electrical Equipment2.42Banks2.13Aerospace and Defense2.06Industrial Transportation1.40Personal Goods0.93Software and Computer Services0.89Leisure Goods0.80Technology Hardware and Equipment0.60Construction and Materials0.53Pharmaceuticals and Biotechnology0.39Media0.30General Retailers0.05Industrial Metals and Mining

100.98

(as a percentage of net assets at December 31, 2012)Economic classification of investments


%

104

44.55Germany17.49Netherlands9.54Spain8.37Italy7.31France4.73Belgium4.45Japan3.12United Kingdom1.19United States of America0.23Switzerland

100.98


(as a percentage of net assets at December 31, 2012)Geographical classification of investments


%

105



At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 102.67%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe LevDAX index. The LevDAX index is calculated on the basis of the DAX index, with a leveragefactor of 2.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX




Total 100.00

106




%


100.00

107



Shares

1.443 877 8713 251 814EURADIDAS AG - REG57 5952.526 791 8485 505 132EURAGEAS304 9095.3614 475 39512 408 756EURALLIANZ SE - REG138 1240.862 322 8622 316 765EURAMADEUS IT HOLDING SA - A121 9354.5612 302 31511 686 683EURANHEUSER-BUSCH INBEV NV187 0793.7210 038 89910 094 455EURASML HOLDING NV209 6464.7512 813 11911 328 273EURBASF SE - REG180 0868.9524 185 59321 929 019EURBAYER AG336 4254.6812 620 75510 283 983EURBAYERISCHE MOTOREN WERKE AG173 0532.897 790 3848 225 225EURDE MASTER BLENDERS 1753 NV896 5804.0010 793 3669 612 660EURDEUTSCHE BANK AG - REG327 5680.461 242 6331 060 984EURDEUTSCHE BOERSE AG26 8913.268 799 1238 844 306EURDEUTSCHE TELEKOM AG - REG1 023 7490.13339 707361 863JPYEISAI CO LTD10 7410.912 467 9992 295 520EURENEL SPA786 4884.2511 484 44913 611 819EURE.ON AG815 0780.381 017 906923 080EUREXOR SPA53 5740.641 716 4011 572 097JPYFUJI HEAVY INDUSTRIES LTD181 5723.148 467 4278 141 473EURING GROEP NV - CVA1 211 3630.922 473 0012 647 525JPYKONAMI CORP145 7000.20549 710526 217EURKONINKLIJKE AHOLD NV54 1323.058 225 9607 074 852EURKONINKLIJKE PHILIPS ELECTRONICS NV414 8241.443 894 7923 913 971EURLINDE AG29 5060.962 604 0662 194 009EURMERCK KGAA26 0852.396 442 3204 826 759EURMUENCHENER RUECKVERSICHERUNGS AG - REG47 3700.411 101 8711 045 212EURREED ELSEVIER NV99 4021.634 402 7894 358 845EURROYAL DUTCH SHELL PLC - A169 0131.975 307 7075 514 844EURRWE AG169 9014.7712 880 17810 468 757EURSAP AG212 2296.1116 519 65215 980 063EURSIEMENS AG - REG200 9698.7923 764 17823 798 056EURTELEFONICA SA2 336 6940.33893 746847 443EURUNICREDIT SPA241 1622.637 102 3326 988 793EURUNILEVER NV246 8233.559 572 4017 794 585EURVOLKSWAGEN AG - PFD55 605




Nominalvalue/


EUR EUR %

96.05259 282 755241 433 838Total Shares

108



Investment funds







Nominalvalue/


EUR EUR %

109


15.15Chemicals8.86Automobiles and Parts8.80Fixed Line Telecommunications7.75Nonlife Insurance7.44Beverages6.62Investment Fund6.12General Industrials5.65Life Insurance4.77Software and Computer Services4.33Banks4.25Gas, Water and Multiutilities3.72Technology Hardware and Equipment3.26Mobile Telecommunications3.05Electronic and Electrical Equipment2.88Electricity2.63Food Producers1.63Oil and Gas Producers1.44Personal Goods1.09Pharmaceuticals and Biotechnology0.92Leisure Goods0.86Support Services0.84Financial Services0.41Media0.20Food and Drug Retailers

102.67



%

110


58.36Germany16.03Netherlands9.66Spain7.07Belgium6.62France1.68Japan1.63United Kingdom1.62Italy

102.67



%

111



At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 101.67%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe DAXplus® Covered Call index. The DAXplus® Covered Call index is composed of the DAXindex 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 stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call




Total 100.00

112




%


100.00

113



Shares

4.82542 445477 185EURALLIANZ SE - REG5 1764.62520 096477 955EURANHEUSER-BUSCH INBEV NV7 9090.7078 62779 777EURASML HOLDING NV1 6421.03116 364110 012EURASSICURAZIONI GENERALI SPA8 4694.96556 820480 067EURBASF SE - REG7 8264.69528 320466 550EURBAYER AG7 3490.5663 52252 452EURBAYERISCHE MOTOREN WERKE AG8714.43498 980478 270EURDAIMLER AG12 0764.58515 733471 528EURDEUTSCHE BANK AG - REG15 6522.49280 402248 485EURDEUTSCHE BOERSE AG6 0683.93442 456386 216EURDEUTSCHE POST AG - REG26 6544.86546 358512 758EURDEUTSCHE TELEKOM AG - REG63 5672.99336 704328 993EURENI SPA18 3594.84545 072624 203EURE.ON AG38 6850.7483 77673 787EUREUROPEAN AERONAUTIC DEFENCE AND SPACE

CO NV2 850

1.31147 055151 478EURGALP ENERGIA SGPS SA - B12 6394.16467 697472 403EURINDITEX SA4 4822.60292 224292 475EURING GROEP NV - CVA41 8063.91440 511432 801EURKABEL DEUTSCHLAND HOLDING AG7 7872.96333 200325 540EURMUENCHENER RUECKVERSICHERUNGS AG - REG2 4504.66525 038520 336EURROYAL DUTCH SHELL PLC - A20 1554.84544 919558 425EURRWE AG17 4438.36940 208845 016EURSAP AG15 4924.67525 094503 722EURSIEMENS AG - REG6 3884.43499 113493 711EURTELEFONICA SA49 0772.11237 510228 794EURUNICREDIT SPA64 0884.87546 869538 127EURUNILEVER NV19 0052.55287 491237 148EURVOLKSWAGEN AG - PFD1 670

101.6711 442 60410 868 214Total Shares





Nominalvalue/


EUR EUR %

114


9.65Chemicals8.97Oil and Gas Producers8.82Nonlife Insurance8.35Software and Computer Services7.55Automobiles and Parts6.69Banks4.86Food Producers4.85Mobile Telecommunications4.84Electricity4.84Gas, Water and Multiutilities4.67General Industrials4.62Beverages4.43Fixed Line Telecommunications4.16General Retailers3.93Industrial Transportation3.91Media2.60Life Insurance2.49Financial Services0.74Aerospace and Defense0.70Technology Hardware and Equipment

101.67



%

115


67.45Germany8.90Netherlands8.59Spain6.14Italy4.66United Kingdom4.62Belgium1.31Portugal

101.67



%

116



At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 101.75%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe DAXplus® Protective Put index. The DAXplus® Protective Put index is composed of theDAX®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 stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put




Total 100.00

117




%


100.00

118



Shares

4.24595 669545 594EURADIDAS AG - REG8 8477.471 050 514859 083EURALLIANZ SE - REG10 0243.58503 985419 255EURANHEUSER-BUSCH INBEV NV7 6644.48630 318517 330EURBASF SE - REG8 8599.321 308 4691 173 581EURBAYER AG18 2014.63650 609501 050EURBAYERISCHE MOTOREN WERKE AG8 9212.93412 622376 748EURDAIMLER AG9 9862.90407 163414 703EURDEUTSCHE BANK AG - REG12 3577.731 087 182962 021EURDEUTSCHE BOERSE AG23 5270.97135 888118 615EURDEUTSCHE POST AG - REG8 1864.44624 143592 655EURDEUTSCHE TELEKOM AG - REG72 6177.561 063 442997 698EURENEL SPA338 8923.18446 991571 509EURE.ON AG31 7242.02283 598271 391EURFRESENIUS SE & CO KGAA3 2561.38193 987190 435EURINDITEX SA1 8593.75526 950517 728EURKABEL DEUTSCHLAND HOLDING AG9 3150.6489 928157 159EURKONINKLIJKE KPN NV24 5372.31324 324303 685EURLINDE AG2 4570.4969 08853 645EURMUENCHENER RUECKVERSICHERUNGS AG - REG5082.94413 101408 978EURROYAL DUTCH SHELL PLC - A15 8583.33468 475482 388EURRWE AG14 9961.99280 206229 544EURSAP AG4 6172.45344 582331 365EURSIEMENS AG - REG4 1926.93974 011954 629EURTELEFONICA SA95 7734.59645 945423 890EURUNICREDIT SPA174 2970.97136 768139 976EURUNILEVER NV4 7534.53636 439539 940EURVOLKSWAGEN AG - PFD3 697

101.7514 304 39713 054 595Total Shares





Nominalvalue/


EUR EUR %

119

16.10Chemicals12.09Automobiles and Parts10.90Electricity7.96Nonlife Insurance7.73Financial Services7.57Fixed Line Telecommunications7.49Banks4.44Mobile Telecommunications4.24Personal Goods3.75Media3.58Beverages3.18Gas, Water and Multiutilities2.94Oil and Gas Producers2.45General Industrials2.02Health Care Equipment and Services1.99Software and Computer Services1.38General Retailers0.97Food Producers0.97Industrial Transportation

101.75




%

120

73.15Germany12.16Italy8.31Spain3.58Belgium2.94United Kingdom1.61Netherlands

101.75




%

121





ASSECO POLAND SA 1.78BANK HANDLOWY W WARSZAWIE SA 1.87BANK PEKAO SA 10.42BORYSZEW SA 0.34BRE BANK SA 2.39GLOBE TRADE CENTRE SA 1.34JASTRZEBSKA SPOLKA WEGLOWA SA 1.99KERNEL HOLDING SA 1.88KGHM POLSKA MIEDZ SA 14.82LOTOS 1.48LUBELSKI WEGIEL BOGDANKA SA 2.68PGE POLSKA GRUPA ENERGETYCZNA 7.53PGNIG 4.84POLSKI KONCERN NAFTOWY ORLEN S 9.16POWSZECHNA KASA OSZCZEDNOSCI B 13.78POWSZECHNY ZAKLAD UBEZPIECZEN 13.93SYNTHOS SA 1.54TAURON POLSKA ENERGIA SA 2.80TELEKOM POLSKA 4.55TVN S.A. 0.90

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 101.76%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe WIG20 index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20

122



%

Banks 28.45Integrated Oil & Gas 15.48Nonferrous Metals 14.82Property & Casualty Insurance 13.93Conventional Electricity 10.32Coal 4.67Fixed Line Telecommunications 4.55Farming & Fishing 1.88Software 1.78Specialty Chemicals 1.54Real Estate Holding & Development 1.34Broadcasting & Entertainment 0.90Commodity Chemicals 0.34

100.00


123



Shares

1.16757 519635 536CHFABB LTD11 9611.951 274 8681 225 670EURADIDAS AG - REG4 6432.081 359 0841 165 959EURALLIANZ SE - REG3 1804.813 141 6803 191 847EURANHEUSER-BUSCH INBEV NV11 7152.901 896 6081 831 539EURASSICURAZIONI GENERALI SPA33 8480.002 0403 080PLNATM GRUPA SA2 0000.86564 935487 392EURBASF SE - REG1 9470.57374 677378 564EURBAYER AG1 2785.693 721 4793 464 479EURDAIMLER AG22 0855.623 674 8443 721 048EURDEUTSCHE BANK AG - REG27 3482.771 811 9371 640 414EURDEUTSCHE BOERSE AG9 6152.671 747 4491 607 017EURDEUTSCHE POST AG - REG25 8131.581 030 0521 010 406EURDEUTSCHE TELEKOM AG - REG29 3870.26170 074167 152CHFDUFRY GROUP - REG4210.0531 46031 760PLNENEA SA2 0003.882 533 3672 405 247EURENI SPA33 8723.742 441 7812 798 034EURE.ON AG42 4950.1067 13061 833EUREUROPEAN AERONAUTIC DEFENCE AND SPACE

CO NV560

0.44289 800236 000PLNGRUPA KETY SA2 0000.68443 423444 198EURINDITEX SA1 0422.091 364 9201 258 332EURING GROEP NV - CVA47 8821.45950 000716 500PLNKGHM POLSKA MIEDZ SA5 0000.24154 288136 859EURKONINKLIJKE BOSKALIS WESTMINSTER NV1 1192.031 326 3941 269 234EURLINDE AG2 4643.001 958 9231 548 067EURMUENCHENER RUECKVERSICHERUNGS AG - REG3 5321.641 071 294979 390SEKNORDEA BANK AB36 4131.39910 500969 355PLNPGE SA50 0001.761 151 667819 661PLNPOLSKI KONCERN NAFTOWY ORLEN S.A.23 2661.791 169 353825 954PLNPOLSKIE GORNICTWO NAFTOWE I

GAZOWNICTWO SA224 444

3.092 017 6551 783 131PLNPOWSZECHNA KASA OSZCZEDNOSCI BANKPOLSKI SA

54 679

9.356 118 0005 023 237PLNPOWSZECHNY ZAKLAD UBEZPIECZEN SA14 0001.791 167 8001 104 375EURREED ELSEVIER NV25 8330.70458 614460 400EURROYAL DUTCH SHELL PLC - A4 317


(expressed in PLN)Schedule of Investments as at December 31, 2012


Nominalvalue/


PLN PLN %

124


Shares (cont.)


3.192 082 0962 345 458EURRWE AG16 3430.35227 506268 800EURSAIPEM SPA1 9046.244 076 3233 759 214EURSAP AG16 4702.381 557 7671 507 520EURSIEMENS AG - REG4 6475.453 562 5003 566 324PLNTAURON POLSKA ENERGIA SA750 0007.504 907 5275 165 788EURTELEFONICA SA118 3270.75489 200656 236PLNTELEKOMUNIKACJA POLSKA SA40 0000.0849 60055 592PLNTVN SA5 0000.67436 532450 037EURUNILEVER NV3 7203.021 972 7461 532 574EURVOLKSWAGEN AG - PFD2 810

101.7666 515 41262 709 213Total Shares




Schedule of Investments as at December 31, 2012 (cont.)(expressed in PLN)

Nominalvalue/


PLN PLN %

125

17.33Nonlife Insurance10.34Banks10.07Electricity8.70Automobiles and Parts8.26Fixed Line Telecommunications8.13Oil and Gas Producers6.24Software and Computer Services4.81Beverages3.74Gas, Water and Multiutilities3.47Chemicals2.77Financial Services2.67Industrial Transportation2.38General Industrials2.09Life Insurance1.95Personal Goods1.90Industrial Metals and Mining1.87Media1.58Mobile Telecommunications1.16Electronic and Electrical Equipment0.94General Retailers0.67Food Producers0.35Oil Equipment, Services and Distribution0.24Construction and Materials0.10Aerospace and Defense

101.76




%

126

47.38Germany25.61Poland8.19Spain7.13Italy4.88Netherlands4.81Belgium1.64Sweden1.16Switzerland0.70United Kingdom0.26Bermuda

101.76




%

127





3M CO 0.47ABBOTT LABORATORIES 0.81ABERCROMBIE & FITCH CO A 0.03ACCENTURE LTD 0.33ACE (USD) 0.21ADOBE SYSTEMS 0.15ADT CORP/THE 0.08ADV MICRO DEVICE 0.01AETNA INC 0.12AFLAC INC 0.20AGILENT TECH A.N 0.11AGL RESOURCES INC 0.04AIR PRODUCTS & CHEMICALS 0.14AIRGAS 0.05AKAMAI TECHNOLOGIES 0.06ALCOA INC 0.07ALEXION PHARMACEUTICALS INC 0.14ALLEGHENY TECHNOLOGIES 0.02ALLERGAN INC 0.22ALLSTATE CP 0.15ALTERA CORP 0.09ALTRIA GROUP 0.50AMAZON 0.71AMER ELEC PWR 0.16AMER EXPRESS CO 0.44AMER INTL GROUP 0.41AMEREN CORP 0.06AMERICAN TOWER CORP A 0.24AMERIPRISE FINANCIAL 0.10AMERISOURCEBERGN 0.08AMGEN INC 0.52AMPHENOLCORP 0.08ANADARKO PETROLEUM CORP 0.29ANALOG DEVICES INC 0.10AOL TIME WARNER 0.35AON CORP 0.14

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 101.67%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P 500 index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500

128


Index composition at December 31, 2012 (cont.)



APACHE CORP 0.24APARTMENT INVEST & MGMT 0.03APOLLO GROUP 0.02APPLE COMP INC 3.85APPLIED MATL 0.11ARCHER-DANIELS-MIDLAND CO 0.14ASSURANT INC 0.02AT&T INC 1.51AUTODESK 0.06AUTOMATIC DATA 0.22AUTONATION 0.01AUTOZONE INC 0.10AVALONBAY COMMUNITIES 0.12AVERY DENNISON CORP 0.03AVON PRODUCTS INC 0.05BAKER HUGHES INC 0.14BALL CORP 0.05BANK OF AMERICA CORP 0.98BANK OF NEW YORK 0.24BARD (C.R.) 0.06BAXTER INTL INC 0.29BB&T CORP 0.16BEAM INC 0.08BECTON DICKINSON 0.12BED BATH BEYOND 0.10BEMIS CO INC 0.03BERKSHIRE HATHAWAY INC CL B 1.29BEST BUY CO INC 0.02BIG LOTS INC 0.01BIOGEN INC 0.28BLACKROCK INC 0.20BLOCK (H&R) 0.04BMC SOFTWARE 0.05BOEING CO 0.40BORG WARNER INC 0.07BOSTON PROPERTIES 0.13BOSTON SCIEN CP 0.06BRISTOL MYERS SQ BMY.N 0.42BROADCOM CORP 0.13BROWN-FORMAN CORP/NYC 0.08CABLEVISION SYSTEMS A 0.03CABOT OIL & GAS CORP 0.08CAMERON INTERNATIONAL 0.11CAMPBELL SOUP CO 0.05


129





CAP ONE FINAN 0.27CARDINAL HLTH 0.11CAREFUSION CORP 0.05CARMAX 0.07CARNIVAL CORP 0.13CATERPILLAR INC 0.45CB RICHARD ELLIS GROUP 0.05CBS CORP B 0.17CELGENE CORP 0.26CENTERPOINT 0.06CENTURYTEL INC 0.19CERNER CORP 0.09CH ROBINSON WW 0.08CHARTER ONE FINL 0.10CHESAPEAKE ENERGY CORP 0.07CHEVRON CORP 1.66CHICAGO MERCANTILE EXCH (US) 0.12CHIPOTLE MEXICAN GRILL INC 0.07CHUBB CORP 0.16CIGNA CORP 0.12CINCINNATI FINL CORP 0.05CINTAS CORP 0.03CISCO SYSTEMS 0.82CITIGROUP INC 0.91CITRIX SYSTEMS 0.10CLEVELAND CLIFFS INC 0.04CLOROX CO 0.08CMS ENERGY CORP 0.05COACH 0.12COCA COLA ENT 0.07COCA-COLA CO/THE 1.11COGNIZANTTECHSOLUTIONS 0.17COLGATE PALMOLIV 0.37COMCAST CORP A 0.77COMERICA 0.05COMPUTER ASSOC 0.06COMPUTER SCIENCE 0.05CONAGRA FOODS 0.09CONOCOPHILLIPS 0.55CONSOL EDISON 0.13CONSOL ENERGY 0.06CONSTELLATION BRANDS A 0.04CORNING INC 0.15COSTCO WHOLESALE CORP 0.33


130





COVENTRY HEALTH CARE 0.05COVIDIEN LTD 0.21CROWN CASTLE INT'L CORP 0.17CSX CORP 0.16CUMMINS INC 0.15CVS CORPORATION 0.48D.R. HORTON 0.04DANAHER CORP 0.26DARDEN REST 0.05DAVITA 0.07DEAN FOODS CORP 0.02DEERE & CO 0.26DELL COMPUTER 0.12DELPHI AUTOMOTIVE PLC 0.09DENBURY RESOURCES 0.05DENTSPLY INTERNATIONAL 0.04DEVON ENERGY 0.15DIAMOND OFFSHORE DRILL. 0.04DIRECTV 0.24DISCOVER FINANCIAL SERVICES 0.15DISCOVERY HOLDING A 0.12DOLLAR GENERAL CORP 0.09DOLLAR TREE STORES INC. 0.07DOMINION RES INC 0.23DOVER CORP 0.09DOW CHEMICAL CO 0.30DR PEPPER SNAPPLE GROUP INC 0.07DTE ENERGY 0.08DU PONT CO 0.33DUKE ENERGY 0.35DUN & BRADSTREET CORP 0.03E*TRADE FINANCIAL CORP/NYSE 0.02EASTMAN CHEM 0.08EATON CORP 0.20EBAY INC 0.46ECOLAB 0.15EDISON INTL 0.12EDWARDS LIFESCIENCES CORPORATION 0.08ELECTRONIC ART 0.03ELI LILLY 0.40EMC CORP/MA 0.42EMERSON ELECTRIC 0.30ENSCO PLC 0.11ENTERGY CP 0.09


131





EOG RESOURCES 0.26EQUIFAX INC 0.05EQUITABLE RESOURCES 0.07EQUITY RESIDENTIAL 0.14ESTEE LAUDER COS A 0.11EXELON CORP 0.20EXPEDIA COMMON 0.04EXPEDITORS INTL WASH. 0.07EXPRESS SCRIPTS COMMON 0.34EXXON MOBIL CORP 3.10F5 NETWORKS INC 0.06FAMILY DOLLAR STORES 0.05FASTENAL CO 0.10FED DEPT STRS 0.12FEDERATED INVESTORS INC-CLB 0.01FEDEX CORP 0.21FIDELITY NATIONAL INFORMATION SERVICES INC 0.07FIFTH THR BNCP 0.11FIRST HORIZON NATIONAL 0.02FIRST SOLAR INC 0.01FIRSTENERGY 0.14FISERV INC 0.08FLIR SYSTEMS INC. 0.03FLOWSERVE CORPORATION 0.06FLUOR CORP 0.08FMC CORP. 0.06FMC TECHNOLOGIES 0.08FORD MOTOR CO 0.39FOREST LABS 0.07FOSSIL INC 0.04FPL GROUP 0.23FRANKLIN RESOURCES 0.14FRONTIER COMMUNICATIONS CORP 0.03FRPRT-MCM GD 0.25GAMESTOP CORP 0.02GANNETT CO 0.03GAP INC 0.07GARMIN 0.03GENERAL DYNAMICS 0.18GENERAL ELECTRIC CO 1.71GENERAL MILLS 0.21GENUINE PARTS CO 0.08GENWORTH FINANCIAL A 0.03GILEAD SCI 0.44


132





GOLDM SACHS GRP 0.44GOODYEAR TIRE 0.03GOOGLE INC 1.49GRAINGER (WW) 0.09H J HEINZ CO 0.15HALLIBURTON CO 0.25HANSEN NATURAL CORP 0.06HARLEY-DAVIDSON 0.09HARMAN INTERNATIONAL IND 0.02HARRIS CORP 0.04HARTFORD FINANCIAL SVCS 0.08HASBRO INC 0.03HCP INC 0.16HEALTH CARE REIT INC 0.13HELMERICH PAYNE 0.05HERSHEY CO COMMON (THE) 0.09HESS CORP 0.12HEWLETT-PACKARD 0.21HOME DEPOT INC 0.72HONEYWELL INTL 0.39HORMEL FOODS CORP 0.03HOSPIRA 0.04HOST HOTELS & RESORTS 0.09HUDSON CITY BANCORP 0.03HUMANA INC 0.09HUNTINGTON BANCSHARES 0.04ILLINOIS TOOL WK 0.20INGERSOLL-RAND 0.10INTEL CORP 0.80INTERCONTINENTALEXCHANGE INC 0.07INTERNATIONAL BUSINESS MACHINE 1.61INTERPUBLIC GRP 0.04INT'L FLAVORS FRAGRANCES 0.04INTL GAME TECH 0.03INTL PAPER CO 0.14INTUIT INC 0.13INTUITIVE SURG 0.15INVESCO LTD 0.09INVITROGEN CORP 0.07IRON MOUNTAIN 0.04J C PENNEY CO 0.02JABIL CIRCUIT 0.03JACOBS ENGINEERING GROUP 0.04JDS UNIPHASE 0.02


133





JOHNSON & JOHNSON 1.54JOHNSON CONTROLS 0.16JOY GLOBAL INC 0.05JPMORGAN CHASE & CO 1.31JUNIPER NETWORKS 0.08KELLOGG CO 0.11KEYCORP 0.06KIMBERLY-CLARK 0.26KIMCO REALTY CORP 0.06KINDER MORGAN INC/DELAWARE 0.17KLA TENCOR 0.06KOHL'S CORP 0.07KRAFT FOODS 0.36KRAFT FOODS GROUP INC 0.21KROGER CO 0.11L-3 COMMUNICATIONS HLDGS 0.06LABORATORY CORP OF AMER 0.06LAMRESEARCHCORP 0.05LEGG MASON COMMON 0.02LEGGETT & PLATT 0.03LENNAR CORP A 0.05LEUCADIA NATIONAL CORP 0.04LIMITED BRANDS 0.09LINCOLN NATL 0.06LINEAR TECH 0.06LOCKHEED MARTIN 0.20LOEWS CORP 0.10LORILLARD INC 0.12LOWES COMPANIES 0.31LSI LOGIC 0.03LYONDELLBASELL INDUSTRIES NV 0.17M&T BANK CORP 0.09MARATHON OIL CORP 0.17MARATHON PETROLEUM CORP 0.17MARRIOTT INT'L A 0.07MARSH & MCLENNAN 0.15MASCO CORP 0.05MASTERCARD INC 0.41MATTEL INC 0.10MCCORMICK & CO N-VTG 0.07MCDONALD'S CORP 0.70MCGRAW-HILL COMPANIES INC 0.12MCKESSON CORP 0.18MEAD JOHNSON NUTRITION CO 0.11


134





MEADWESTVACO CORP 0.04MEDTRONIC INC 0.33MERCK & CO INC 0.99METLIFE INC 0.28MICROCHIP TECHNOLOGY 0.05MICRON TECH 0.05MICROSOFT CORP 1.61MOLEX INC 0.03MOLSON COORS BREWING CO. 0.05MONSANTO CO 0.40MOODY'S CORP 0.08MORGAN STANLEY 0.21MOSAIC CO/THE 0.12MOTOROLA SOLUTIONS INC 0.12MURPHY OIL CORP 0.09MYLAN LABORATORIES INC 0.09NABORS INDUSTRIES LTD 0.03NASDAQ OMX GROUP/THE 0.02NATIONAL OILWELL VARCO 0.22NETFLIX.COM INC 0.04NETWORK APPLIANCE 0.09NEWELL RUBBERMD 0.05NEWFIELD EXPLORATION CO 0.03NEWMONT MINING HLDG 0.18NEWS CORP A 0.40NIKE INC CL B 0.30NISOURCE INC 0.06NOBLE CORP 0.07NOBLE ENERGY 0.14NOERDSTROM 0.06NORFOLK SOUTHERN CORP 0.15NORTH UTILITIES 0.10NORTHERN TRUST CORP 0.09NORTHROP GRUMMAN CORP 0.13NRG ENERGY INC 0.06NUCOR CORP 0.11NVIDIA CORP 0.06NYSE GROUP INC 0.06OCCIDENTAL PETROLEUM 0.49OMNICOM GROUP INC 0.10ONEOK INC 0.07ORACLE CORP 0.99OREILLY AUTOMOTIVE INC 0.08OWENS-ILLINOIS 0.03


135





PACCAR INC 0.13PALL CORP 0.05PARKER HANNIFIN CORP 0.10PATTERSON COS 0.02PAYCHEX INC 0.08PEABODY ENERGY CORP. 0.05PENTAIR 0.08PEOPLE'S BANK/BRIDGEPORT CT 0.03PEPCO HOLDINGS 0.04PEPSICO INC/NC 0.84PERKINELMER 0.03PERRIGO COMPANY 0.07PETSMART 0.06PFIZER INC 1.46PG&E CORP 0.14PHILIP MORRIS INTERNATIONAL IN 1.10PHILLIPS 66 0.25PINNACLE WEST CAPITAL 0.04PIONEER NATURAL RES. 0.10PITNEY BOWES INC 0.02PLUM CREEK TIMBER COMMON 0.06PNC FINL SVC 0.24POLO RALPH LAUREN CORP A 0.07PPG IND 0.16PPL CORP 0.13PRAXAIR 0.26PRECISION CASTPARTS CORP 0.22PRICE (T. ROWE) GROUP 0.13PRICELINE.COM INC 0.24PRINCIPAL FINL 0.06PROCTER & GAMBLE CO/THE 1.47PROGRESS CORP OH 0.09PROLOGIS INC 0.13PRUDENTIAL FINL 0.19PUBLIC STORAGE 0.17PUBLIC SV ENTERPRISE CO 0.12PULTE HOMES 0.05QEP RESOURCES INC 0.04QUALCOMM INC 0.82QUANTA SERVICES INC. 0.05QUEST DIAG 0.07RANGE RESOURCES CORP 0.08RAYTHEON 0.15RED HAT INC- 0.08


136





REGIONS FINANCIAL (NEW) 0.08REPUBLIC SERVICES 0.07REYNOLDS AMERICAN INC 0.11ROB HALF INTL 0.04ROCKWELL AUTOMATION 0.09ROCKWELL COLLINS 0.06ROPER INDUSTRIES 0.09ROSS STORES 0.09ROWAN CO INC 0.03RYDER SYSTEM INC 0.02SAFEWAY INC 0.03SAIC INC 0.03SALESFORCE.COM INC 0.17SANDISK CORP/USD 0.08SCANA CORP 0.05SCHLUMBERGER LTD 0.72SCHWAB (CHARLES) CORP 0.12SCRIPPS NETWORKS INTERAC-W/I 0.04SEAGATETECHNOLOGY 0.08SEALED AIR CP 0.03SEMPRA ENERGY 0.13SHERWIN-WILLIAMS 0.10SIGMA-ALDRICH 0.07SIMON PROPERTY GROUP INC 0.39SMUCKER (J.M.) CO 0.07SNAP-ON INC 0.04SOUTHERN CO 0.30SOUTHWEST AIRLINES CO 0.06SOUTHWESTERN ENERGY CO 0.09SPECTRA ENERGY CORP 0.14SPRINT NEXTEL SERIES 1 0.13SPRINT PCS GROUP 0.02ST JUDE MEDICAL 0.09STANLEY WORKS 0.10STAPLES INC 0.06STARBUCKS CORP 0.31STARWOOD HOTELS 0.09STATE STREET CORP 0.17STERICYCLE INC 0.06STRYKER CORP 0.13SUNTRUST BANKS 0.12SYMANTEC CORP 0.10SYSCO CORP 0.15TARGET CORP 0.30


137





TECO ENERGY INC 0.03TENET HEALTHCR 0.03TERADATA CORP 0.08TERADYNE INC 0.02TESORO CORP 0.05TEXAS INSTRUMENT 0.27TEXTRON 0.05THE AES CORP 0.05THERMO ELECTRON 0.18TIFFANY & CO 0.05TIME WARNER CABLE INC 0.23TJX CO INC 0.24TORCHMARK CORP 0.04TOTAL SYSTEM SERVICES INC 0.03TRAVELERS COS INC/THE 0.22TRIPADVISOR INC 0.04TYCO ELECTRONICS LTD 0.12TYCO INTL 0.11TYSON FOODS A 0.04UNION PACIFIC CORP 0.46UNITED PARCEL B 0.42UNITED TECHNOLOGIES CORP 0.54UNITEDHEALTH GP 0.44UNUMPROVIDENT CORP 0.05URBAN OUTFITTER 0.03US BANCORP 0.48US STEEL CORP 0.03USA EDUCTION INC 0.06VALERO ENERGY CORP 0.15VARIAN MEDICAL SYSTEMS 0.06VENTAS INC 0.15VERISIGN 0.05VERIZON COMMUNICATIONS INC 0.98VF CORP 0.10VIACOM INC / 0.19VISA INC 0.62VORNADO REALTY TRUST 0.11VULCAN MATERIALS CO 0.05WALGREEN CO 0.25WAL-MART STORES INC 0.90WALT DISNEY CO/THE 0.70WASHINGTON POST CO B 0.01WASTE MANAGEMNT 0.12WATERS CORP 0.06


138





WATSON PHARM 0.09WELLPNT HLTH NET 0.15WELLS FARGO & CO 1.32WESTERN DIGITAL 0.07WESTERN UNION CO 0.06WEYERHAEUSER CO 0.12WHIRLPOOL CORP 0.06WHOLE FOODS MARKET 0.12WILLIAMS COS 0.17WINN-DIXIE STRS 0.04WISCONSIN ENERGY CORP 0.07WPS RESOURCES CORP 0.03WPX ENERGY INC 0.02WYNDHAM WORLDWIDE CORP 0.06WYNN RESORTS 0.07XCEL ENERGY 0.10XEROX CORP 0.07XILINX INC 0.07XL CAPITAL 0.06XYLEM INC 0.04YAHOO INC 0.16YUM! BRANDS INC 0.23ZIMMER HLDGS 0.09ZIONS BANCORP 0.03

Total 100.00


139



%

Pharmaceuticals 6.14Integrated Oil & Gas 6.11Banks 6.07Computer Hardware 4.82Software 3.58Broadcasting & Entertainment 3.24Diversified Industrials 3.13Semiconductors 2.89Fixed Line Telecommunications 2.75Conventional Electricity 2.53Broadline Retailers 2.40Exploration & Production 2.40Soft Drinks 2.15Consumer Finance 2.01Computer Services 1.98Oil Equipment & Services 1.84Tobacco 1.83Food Products 1.75Biotechnology 1.71Internet 1.71Health Care Providers 1.54Nondurable Household Products 1.54Medical Equipment 1.41Restaurants & Bars 1.37Telecommunications Equipment 1.34Commodity Chemicals 1.33Reinsurance 1.29Aerospace 1.28Investment Services 1.17Drug Retailers 1.10Asset Managers 1.10Commercial Vehicles & Trucks 1.04Home Improvement Retailers 1.04Property & Casualty Insurance 1.04Specialty REITs 1.02Life Insurance 0.92Specialty Retailers 0.83Personal Products 0.79Industrial Machinery 0.78Railroads 0.78Multiutilities 0.75Defense 0.74Specialty Chemicals 0.74Apparel Retailers 0.69Delivery Services 0.69


140


Economic composition of the index (cont.)(as a percentage of the index at December 31, 2012)

%

Medical Supplies 0.62Business Support Services 0.56Electronic Equipment 0.53Specialized Consumer Services 0.52Automobiles 0.48Financial Administration 0.48Full Line Insurance 0.48Retail REITs 0.45Food Retailers & Wholesalers 0.41Auto Parts 0.40Farming & Fishing 0.40Industrial & Office REITs 0.37Pipelines 0.35Clothing & Accessories 0.34Mobile Telecommunications 0.32Travel & Tourism 0.32Gas Distribution 0.31Footwear 0.30Residential REITs 0.30Insurance Brokers 0.29Electrical Components & Equipment 0.26Nonferrous Metals 0.25Waste & Disposal Services 0.25Durable Household Products 0.24Hotels 0.22Building Materials & Fixtures 0.20Iron & Steel 0.20Distillers & Vintners 0.19Industrial Suppliers 0.19Publishing 0.19Containers & Packaging 0.18Gold Mining 0.18Heavy Construction 0.16Toys 0.16Home Construction 0.14Media Agencies 0.14Paper 0.14Recreational Services 0.13Specialty Finance 0.13Coal 0.11Gambling 0.10Hotel & Lodging REITs 0.09Trucking 0.08Aluminum 0.07Airlines 0.06


141



%

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

100.00


142



Shares

3.788 207 7266 932 611EURALLIANZ SE - REG78 3184.189 091 6458 302 974EURANHEUSER-BUSCH INBEV NV138 2976.4213 951 94613 642 988EURBASF SE - REG196 0926.3013 685 48411 445 590EURBAYER AG190 3672.575 589 7204 510 855EURBAYERISCHE MOTOREN WERKE AG76 6454.7510 327 68310 778 081EURDEUTSCHE BANK AG - REG313 4350.43924 847849 694EURDEUTSCHE BOERSE AG20 0144.008 688 8238 972 142EURDEUTSCHE TELEKOM AG - REG1 010 9165.1511 195 0729 229 317EURENEL SPA3 567 5823.968 602 9098 472 129EURENI SPA469 0794.269 265 52810 360 161EURE.ON AG657 5960.972 112 0962 126 464EURGALP ENERGIA SGPS SA - B179 6003.186 914 0486 883 775EURINDITEX SA65 5362.545 518 2074 785 655EURING GROEP NV - CVA781 5054.058 791 5846 713 279EURMUENCHENER RUECKVERSICHERUNGS AG - REG64 6442.204 783 0194 500 785EURREED ELSEVIER NV427 6281.623 514 9893 489 954EURROYAL DUTCH SHELL PLC - A135 3224.549 863 84310 679 478EURRWE AG315 7444.9110 659 2279 760 687EURSAP AG175 6344.439 627 6759 210 040EURSIEMENS AG - REG117 1254.038 748 0005 839 200EURSOLVAY SA80 0006.8814 919 82114 753 994EURTELEFONICA SA1 464 1632.284 962 9274 180 858EURUNICREDIT SPA1 339 1603.708 040 6978 125 747EURUNILEVER NV278 8523.998 679 6317 270 004EURVOLKSWAGEN AG - PFD50 419

95.12206 667 147191 816 462Total Shares

Investment funds







Nominalvalue/


EUR EUR %

143

16.75Chemicals9.69Electricity7.82Nonlife Insurance7.04Banks6.87Fixed Line Telecommunications6.57Automobiles and Parts6.55Investment Fund6.55Oil and Gas Producers4.91Software and Computer Services4.43General Industrials4.26Gas, Water and Multiutilities4.18Beverages4.00Mobile Telecommunications3.70Food Producers3.18General Retailers2.54Life Insurance2.20Media0.43Financial Services

101.67




%

144

54.43Germany11.40Italy10.05Spain8.44Netherlands8.21Belgium6.55France1.62United Kingdom0.97Portugal

101.67




%

145





AGNICO-EAGLE MINES 0.79AGRIUM 1.33ARC ENERGY TRUST 0.67BARRICK GOLD CORP 3.08BROOKFIELD ASSET MAN A 1.84BOMBARDIER B 0.51BCE INC 2.99BANK MONTREAL 3.60BANK OF NOVA SCOTIA 6.18CAMECO CORP 0.69CANADIAN IMPERIAL BANK 2.96CANADIAN NAT RESOURCES 2.82CANADIAN NAT'L RAILWAY 3.52CANADIAN OIL SANDS TRUST 0.81CP RAILWAY 1.36CRESCENT POINT ENERGY TRUST 1.26CANADIAN TIRE CORP A 0.51CENOVUS ENERGY INC 2.26ENCANA CORP 1.31ELDORADO GOLD CORP 0.81ENBRIDGE 3.09ENERPLUS RESOURCES FUND 0.22FIRST QUANTUM MINERALS 0.92FORTIS (CAD) 0.59GOLDCORP 2.61GILDAN ACTIVEWEAR 0.36HUSKY ENERGY 0.78IAMGOLD CORP 0.38IMPERIAL OIL 0.98KINROSS GOLD CORP 0.97LOBLAW 0.39MANULIFE FINANCIAL CORP 2.21MAGNA INTERNATIONAL A 1.05METRO INC 0.56NATIONAL BANK OF CANADA 1.13NEXEN 1.29

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 102.39%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P TSX 60 index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60)

146





POTASH CORP OF SASKATCHEWAN IN 3.11POWER CORP OF CANADA 0.79PENN WEST ENERGY TRUST 0.46ROGERS COMMUNICATIONS B 1.50RESEARCH IN MOTION 0.44ROYAL BANK OF CANADA 7.84SAPUTO 0.58SHOPPERS DRUG MART CORP 0.79SHAW COMMUNICATIONS B 0.76SUN LIFE FINANCIAL 1.42SILVER WHEATON CORP- 1.11SNC-LAVALIN GROUP 0.55SUNCOR ENERGY INC 4.48TELUS CORP VTG 1.94TRANSALTA CORP 0.35TECK COMINCO B 1.53TORONTO-DOMINION BANK 6.91TIM HORTONS INC. 0.68TALISMAN ENERGY 1.03THOMSON CORP 0.96TRANSCANADA CORP 2.98BIOVAIL CORP 1.52WESTON (GEORGE) 0.30YAMANA GOLD 1.14

Total 100.00


147



%

Banks 28.65Exploration & Production 12.13Gold Mining 9.77Integrated Oil & Gas 6.24Pipelines 6.07Fixed Line Telecommunications 4.93Railroads 4.88Specialty Chemicals 4.43Life Insurance 4.42Nonferrous Metals 3.14Asset Managers 1.84Pharmaceuticals 1.52Mobile Telecommunications 1.50Food Retailers & Wholesalers 1.25Platinum & Precious Metals 1.11Auto Parts 1.05Publishing 0.96Conventional Electricity 0.93Drug Retailers 0.79Broadcasting & Entertainment 0.76Restaurants & Bars 0.68Food Products 0.58Heavy Construction 0.55Specialty Retailers 0.51Aerospace 0.51Telecommunications Equipment 0.44Clothing & Accessories 0.36

100.00


148



Shares

2.09641 924556 149EURADIDAS AG - REG9 5342.37730 456642 767EURALLIANZ SE - REG6 9703.04935 414862 590EURANHEUSER-BUSCH INBEV NV14 2294.501 386 0021 170 582EURBASF SE - REG19 4805.761 771 7291 513 107EURBAYER AG24 6453.491 073 5111 106 395EURDEUTSCHE BANK AG - REG32 5803.811 172 8101 027 002EURDEUTSCHE BOERSE AG25 3804.061 248 2041 000 067EURDEUTSCHE POST AG - REG75 1933.741 150 2601 147 665EURDEUTSCHE TELEKOM AG - REG133 8294.581 410 9141 321 648EURENEL SPA449 6222.67820 715791 628EURENI SPA44 7504.251 308 9891 493 933EURE.ON AG92 9023.891 196 5681 219 462EURGALP ENERGIA SGPS SA - B101 7496.411 973 0611 942 707EURINDITEX SA18 7024.891 505 6881 415 988EURING GROEP NV - CVA213 2400.94290 528293 210EURINTESA SANPAOLO SPA223 4833.581 101 276997 823EURLINDE AG8 3434.301 324 6401 001 759EURMUENCHENER RUECKVERSICHERUNGS AG - REG9 7403.421 053 1941 084 547EURRWE AG33 7134.471 376 9951 209 795EURSAP AG22 6891.26387 573364 060EURSIEMENS AG - REG4 7154.651 430 1671 431 066EURTELEFONICA SA140 3504.061 249 3441 166 414EURUNICREDIT SPA337 1146.141 889 5591 883 332EURUNILEVER NV65 5303.781 163 0451 040 311EURVOLKSWAGEN AG - PFD6 756

96.1529 592 56627 684 007Total Shares

Investment funds







Nominalvalue/


EUR EUR %

149

13.83Chemicals8.49Banks8.01Electricity6.68Nonlife Insurance6.55Oil and Gas Producers6.41General Retailers6.24Investment Fund6.14Food Producers4.89Life Insurance4.65Fixed Line Telecommunications4.47Software and Computer Services4.25Gas, Water and Multiutilities4.06Industrial Transportation3.81Financial Services3.78Automobiles and Parts3.74Mobile Telecommunications3.04Beverages2.09Personal Goods1.26General Industrials

102.39




%

150

54.87Germany12.26Italy11.06Spain11.03Netherlands6.24France3.89Portugal3.04Belgium

102.39




%

151





ABACUS PROPERTY GROUP 0.05ACRUX LTD 0.04ADELAIDE BRIGHTON LTD 0.12AGL ENERGY LTD 0.75ALACER GOLD CORP 0.03ALUMINA 0.20AMCOR 0.86AMP LTD 1.26ANSELL 0.18APA GROUP 0.40AQUILA RESOURCES LTD 0.04ARDENT LEISURE GROUP 0.05ARISTOCRAT LEISURE 0.14ASCIANO GROUP 0.40ATLAS IRON LTD 0.13AURORA OIL AND GAS LTD 0.14AUSTRALAND PROPERTY GROUP 0.07AUSTRALIA & NEW ZEALAND BANKIN 6.00AUSTRALIAN INFRASTRUCT GRP 0.17AUSTRALIAN STOCK EXCH. 0.49AUSTRILL LTD 0.06AWE LTD 0.06BANK OF QUEENSLAND LIMITED 0.20BATHURST RESOURCES LTD 0.02BEACH ENERGY LTD 0.16BEADELL RESOURCES LTD 0.06BENDIGO BANK LTD 0.30BHP BILLITON LTD 10.64BILLABONG INTERNATIONAL 0.03BLUESCOPE STEEL 0.16BOART LONGYEAR GROUP 0.08BORAL 0.29BRADKEN LTD 0.08BRAMBLES LTD 1.04BREVILLE GROUP LTD 0.06BUNNINGS WAREHOUSE PROPERTY TRUST 0.08

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 99.75%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P ASX 200 index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200)

152




BURU ENERGY LTD 0.04CABCHARGE AUSTRALIA LTD 0.04CALTEX AUSTRALIA 0.23CAMPBELL BROTHERS LTD 0.32CARDNO LTD 0.09CARSALES.COM.AU LTD 0.14CENTRO RETAIL GROUP 0.28CFS RETAIL PROP TRUST 0.40CHALLENGER FINANCIAL SVC 0.17CHARTER HALL GROUP 0.06COALSPUR MINES LTD 0.03COCA-COLA AMATIL 0.63COCHLEAR 0.40COMMONWEALTH BANK OF AUSTRALIA 8.84COMMONWEALTH PPTY OFFICE 0.21COMPUTERSHARE 0.41CROWN LTD 0.35CSL 2.41CSR (AUD) 0.09CUDECO LTD 0.06DAVID JONES LIMITED 0.11DB RREEF TRUST 0.43DECMIL GROUP LTD 0.03DISCOVERY METALS LTD 0.06DOWNER EDI 0.15DRILLSEARCH ENERGY LTD 0.05DUET GROUP 0.19DULUXGROUP LTD 0.12ECHO ENTERTAINMENT GROUP LTD 0.21EMECO HOLDINGS LTD 0.03ENERGY WORLD CORP LTD 0.02ENVESTRA LIMITED 0.07EVOLUTION MINING LTD 0.07FAIRFAX (JOHN) HOLDINGS 0.09FKP PROPERTY GROUP 0.02FLEETWOOD CORP LTD 0.04FLETCHER BUILDING LTD/ 0.11FLEXIGROUP LTD 0.06FLIGHT CENTRE LTD 0.13FORTESCUE METALS GROUP LTD 0.70G.U.D. HOLDINGS LIMITED 0.05GINDALBIE METALS LTD 0.02GOODMAN FIELDER 0.09GPT GROUP 0.53



153




GRAINCORP LTD 0.25GRYPHON MINERALS LTD 0.02GWA INTERNATIONAL LIMITED 0.06HARDIE (JAMES) IND 0.35HARVEY NORMAN HOLDINGS 0.10HENDERSON GROUP PLC 0.11IINET LTD 0.04ILUKA RESOURCES 0.33IMDEX LTD 0.03INCITEC PIVOT LTD 0.47INDEPENDENCE GROUP NL 0.10ING OFFICE FUND 0.16INSURANCE AUSTRALIA GRP. 0.86INVOCARE LTD 0.08IOOF HOLDINGS LTD 0.13IRESS MARKET TECHNOLOGY 0.07JB HI-FI LTD 0.09KAROON GAS AUSTRALIA LTD 0.08KINGSGATE CONSOLIDATED LTD 0.06LEIGHTON HOLDINGS 0.26LEND LEASE 0.43LYNAS CORPORATION LIMITED 0.10M2 TELECOMMUNICATIONS GROUP LTD 0.05MACQUARIE ATLAS ROADS GROUP 0.06MACQUARIE BANK 1.07MACQUARIE COUNTRYWIDE TRUST 0.09MACQUARIE GOODMAN GROUP 0.58MAVERICK DRILLING & EXPLORATION LTD 0.02MCMILLAN SHAKESPEARE LTD 0.07MEDUSA MINING LTD 0.09MERMAID MARINE AUSTRALIA LTD 0.07MESOBLAST LTD 0.07METCASH LTD 0.26MINERAL DEPOSITS LTD 0.03MINERAL RESOURCES LTD 0.12MIRABELA NICKEL LTD 0.03MIRVAC GROUP 0.44MONADELPHOUS GROUP LTD 0.19MOUNT GIBSON IRON LTD 0.05MYER HOLDINGS LTD 0.11NATIONAL AUSTRALIA BANK LTD 5.08NAVITAS LTD 0.10NEWCREST MINING 1.52NEWS CORP. 0.66



154




NORTHERN STAR RESOURCES LTD 0.04NRW HOLDINGS LTD 0.05NUFARM LIMITED 0.09OCEANAGOLD CORP 0.03OIL SEARCH LIMITED 0.68ONESTEEL 0.10ORICA 0.81ORIGIN ENERGY 1.12OXIANA LTD 0.19PACIFIC BRANDS 0.05PALADIN RESOURCES (AU) 0.07PANAUST LTD 0.14PERPETUAL TRUSTEES AUST. 0.12PERSEUS MINING LTD 0.09PLATINUM ASSET MANAGEMENT LTD 0.09PRIMARY HEALTH CARE LTD 0.17QANTAS AIRWAYS 0.30QBE INSURANCE GROUP 1.15QR NATIONAL LTD 0.59QUBE LOGISTICS HOLDINGS LTD 0.09RAMSAY HEALTH CARE LTD 0.31REGIS RESOURCES LTD 0.19REJECT SHOP LTD/THE 0.03RESMED INC 0.28RESOLUTE LIMITED 0.09RIO TINTO LIMITED 2.56SAI GLOBAL LTD 0.08SANDFIRE RESOURCES NL 0.07SANTOS 0.93SARACEN MINERAL HOLDINGS LTD 0.02SEEK LTD 0.20SENEX ENERGY LTD 0.06SEVEN GROUP HOLDINGS LTD 0.07SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP 0.08SIGMA PHARMACEUTICALS LTD 0.07SILVER LAKE RESOURCES LTD 0.11SIMS GROUP LTD 0.14SINGAPORE TELECOMM-CUFS 0.03SIRTEX MEDICAL LTD 0.05SKILLED GROUP LTD 0.05SMS MANAGEMENT & TECHNOLOGY LTD 0.03SONIC HEALTHCARE 0.46SOUTHERN CROSS MEDIA GROUP LTD 0.05SP AUSNET 0.16



155




SPARK INFRASTRUCTURE GROUP 0.18ST BARBARA LTD 0.06STOCKLAND 0.70SUNCORP-METWAY 1.17SUNDANCE RESOURCES LTD/AUSTRALIA 0.07SUPER RETAIL GROUP LTD 0.11SYDNEY AIRPORT 0.44TABCORP HOLDINGS 0.20TATTERSALL'S LTD 0.36TELECOM CORP OF NEW ZEALAND LIMITED 0.06TELSTRA CORP 4.82TEN NETWORK HOLDINGS LIMITED 0.04TOLL HOLDINGS 0.27TPG TELECOM LTD 0.07TRANSFIELD SERVICES LTD 0.08TRANSPACIFIC INDUSTRIES GROUP LTD 0.06TRANSURBAN GROUP 0.79TREASURY WINE ESTATES LTD 0.27TROY RESOURCES LTD 0.02UGL LTD 0.16VIRGIN BLUE HOLDINGS LTD 0.04WESFARMERS 3.77WEST AUSTRALIAN NEWSPAPERS 0.08WESTERN AREAS NL 0.06WESTFIELD GROUP 1.93WESTFIELD RETAIL TRUST 0.76WESTPAC BANKING CORP 7.19WHITEHAVEN COAL LTD 0.19WOODSIDE PETROLEUM 1.88WOOLWORTHS LTD 3.23WORLEYPARSONS 0.43WOTIF.COM HOLDINGS LTD 0.06

Total 100.00



156



%

BANKS 27.65GENERAL MINING 14.79FIXED LINE TELECOMMUNICATIONS 5.00EXPLORATION & PRODUCTION 4.34RETAIL REITS 4.15HOME IMPROVEMENT RETAILERS 3.77FOOD RETAILERS & WHOLESALERS 3.48PHARMACEUTICALS 2.45GOLD MINING 2.29TRANSPORTATION SERVICES 2.22MULTIUTILITIES 2.06INVESTMENT SERVICES 1.96CONTAINERS & PACKAGING 1.90SPECIALTY FINANCE 1.60SPECIALTY CHEMICALS 1.36GAMBLING 1.26LIFE INSURANCE 1.26RESIDENTIAL REITS 1.21IRON & STEEL 1.16REINSURANCE 1.15BUILDING MATERIALS & FIXTURES 1.14DIVERSIFIED REITS 1.13HEALTH CARE PROVIDERS 0.94PROPERTY & CASUALTY INSURANCE 0.86BROADCASTING & ENTERTAINMENT 0.83HEAVY CONSTRUCTION 0.83MEDICAL EQUIPMENT 0.68SOFT DRINKS 0.63RAILROADS 0.59OIL EQUIPMENT & SERVICES 0.54REAL ESTATE SERVICES 0.43PIPELINES 0.40INDUSTRIAL & OFFICE REITS 0.37BROADLINE RETAILERS 0.36CONVENTIONAL ELECTRICITY 0.36AIRLINES 0.33ASSET MANAGERS 0.32NONDURABLE HOUSEHOLD PRODUCTS 0.32BUSINESS SUPPORT SERVICES 0.30DISTILLERS & VINTNERS 0.27BUSINESS TRAINING & EMPLOYMENT AGENCIES 0.25FARMING & FISHING 0.25MEDICAL SUPPLIES 0.24NONFERROUS METALS 0.22COAL 0.21ALUMINUM 0.20


157



%

SPECIALTY RETAILERS 0.20SPECIALIZED CONSUMER SERVICES 0.19TRAVEL & TOURISM 0.19PUBLISHING 0.17MEDIA AGENCIES 0.14DURABLE HOUSEHOLD PRODUCTS 0.11COMPUTER SERVICES 0.10FOOD PRODUCTS 0.09CLOTHING & ACCESSORIES 0.08INDUSTRIAL MACHINERY 0.08BIOTECHNOLOGY 0.07DRUG RETAILERS 0.07GAS DISTRIBUTION 0.07MARINE TRANSPORTATION 0.07WASTE & DISPOSAL SERVICES 0.06SPECIALTY REITS 0.05FINANCIAL ADMINISTRATION 0.04INTERNET 0.04RECREATIONAL PRODUCTS 0.04COMMERCIAL VEHICLES & TRUCKS 0.03MOBILE TELECOMMUNICATIONS 0.03REAL ESTATE HOLDING & DEVELOPMENT 0.02

100.00


158



Shares

2.30562 879486 434EURADIDAS AG - REG8 3602.09511 379441 269EURAKZO NOBEL NV - CVA10 2805.231 280 132984 239EURALLIANZ SE - REG12 2154.711 153 4081 028 865EURANHEUSER-BUSCH INBEV NV17 5453.56871 267876 340EURASSICURAZIONI GENERALI SPA63 4115.551 361 3131 240 662EURBASF SE - REG19 1333.79926 950861 833EURBAYER AG12 8944.631 133 0771 108 951EURDAIMLER AG27 4222.26553 890557 067EURDEUTSCHE BANK AG - REG16 8103.80929 745853 247EURDEUTSCHE BOERSE AG20 1200.91223 353178 952EURDEUTSCHE POST AG - REG13 4553.28803 512839 826EURDEUTSCHE TELEKOM AG - REG93 4863.53863 612849 155EURENI SPA47 0894.971 216 7561 220 442EURE.ON AG86 3561.95477 282445 614EURINDITEX SA4 5245.221 278 6131 011 337EURING GROEP NV - CVA181 0812.59633 135638 979EURINTESA SANPAOLO SPA487 0271.87456 972448 975EURKABEL DEUTSCHLAND HOLDING AG8 0780.52127 103121 911EURKONINKLIJKE AHOLD NV12 5411.28312 670254 835EURKONINKLIJKE PHILIPS ELECTRONICS NV15 7163.53865 232721 120EURMUENCHENER RUECKVERSICHERUNGS AG - REG6 3623.81933 015938 695CHFNOVARTIS AG - REG19 5993.70905 077842 001EURPORSCHE AUTOMOBIL HOLDING SE - PFD14 6693.62887 4351 005 163EURRWE AG28 4070.2767 30278 466EURSAIPEM SPA2 2973.52862 951776 456EURSAP AG14 2193.55870 416855 655EURSIEMENS AG - REG10 5896.321 551 1421 576 122EURTELEFONICA SA152 2220.3892 78967 078EURVOLKSWAGEN AG - PFD539

92.7422 712 40721 309 689Total Shares

Investment funds





Nominalvalue/


EUR EUR %



159

12.32Nonlife Insurance11.43Chemicals8.70Automobiles and Parts7.01Investment Fund6.33Fixed Line Telecommunications5.22Life Insurance4.97Gas, Water and Multiutilities4.85Banks4.71Beverages3.81Pharmaceuticals and Biotechnology3.80Financial Services3.62Electricity3.55General Industrials3.53Oil and Gas Producers3.52Software and Computer Services3.28Mobile Telecommunications2.30Personal Goods1.95General Retailers1.87Media1.28Electronic and Electrical Equipment0.91Industrial Transportation0.52Food and Drug Retailers0.27Oil Equipment, Services and Distribution

99.75




%

160

56.90Germany9.94Italy9.10Netherlands8.28Spain7.01France4.71Belgium3.81Switzerland

99.75




%

161





AGL ENERGY LTD 0.98ALLIANT ENERGY CORP 0.55AMER ELEC PWR 2.33AMEREN CORP 0.84AMERICAN WATER WORKS CO INC 0.74APA GROUP 0.53CALPINE CORP 0.62CANADIAN UTILITIES LTD 0.46CENTERPOINT 0.88CENTRICA 3.17CHUBU ELEC PWR 0.97CHUGOKU ELE PWR 0.52CKI HOLDINGS 0.34CLP HOLDINGS LTD 1.67CMS ENERGY CORP 0.73CONSOL EDISON 1.83CONTACT ENERGY 0.18DOMINION RES INC 3.34DTE ENERGY 1.16DUKE ENERGY 5.06E.ON AG 3.77EDF 0.50EDISON INTL 1.58EDP ENERGIAS DE PORTUGAL 0.65ELECTRIC POWER D 0.31ENAGAS 0.46ENEL GREEN POWER SPA 0.37ENEL SPA 3.07ENTERGY CP 1.27EXELON CORP 2.86FIRSTENERGY 1.97FORTIS (CAD) 0.74FORTUM 0.93FPL GROUP 3.13GAS NATURAL SDG - E 0.71GDF SUEZ 2.95

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 102.13%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD UTILITIES TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD UTILITIES TR

162





GRUPO ACCIONA 0.22HK & CHINA GAS 1.60HOKKAIDO ELE PWR 0.25HOKURIKU ELE PWR 0.22HONG KONG ELECTRIC HOLDINGS LTD 1.33IBERDROLA SA 2.49KANSAI ELE PWR 0.89KYUSHU ELE PWR 0.55MDU RESOURCES GROUP INC 0.43NATIONAL GRID 4.63NISOURCE INC 0.80NORTH UTILITIES 1.38NRG ENERGY INC 0.83OGE ENERGY CORP 0.63ONEOK INC 0.94OSAKA GAS 0.77PEPCO HOLDINGS 0.51PG&E CORP 1.93PINNACLE WEST CAPITAL 0.63PPL CORP 1.87PUBLIC SV ENTERPRISE CO 1.74RED ELECTRICA DE ESPANA 0.60RWE AG 2.27RWE VORZUG 0.17SCANA CORP 0.64SCOTTISH & SOUTHERN ENERG 2.45SEMPRA ENERGY 1.83SEVERN TRENT PLC 0.69SHIKOKU ELE PWR 0.30SNAM RETE GAS 0.88SOUTHERN CO 4.22SP AUSNET 0.22SUEZ ENVIRONNEMENT SA 0.38TERNA-TRASMISSIONE ELETTRICITA RETE NAZIONALE SPA 0.59THE AES CORP 0.77TOHO GAS 0.25TOHOKU ELE PWR 0.47TOKYO ELECTRIC POWER CO INC/TH 0.39TOKYO GAS CO LTD 1.26TRANSALTA CORP 0.43UNITED UTILITIES GROUP PLC 0.84VEOLIA ENVIRONNEMENT SA 0.46VERBUND AG 0.19


163




WISCONSIN ENERGY CORP 0.96WPS RESOURCES CORP 0.46XCEL ENERGY 1.47

Total 100.00



164



%

Conventional Electricity 56.92Multiutilities 25.95Gas Distribution 10.83Water 3.11Alternative Electricity 1.38Pipelines 1.16Building Materials & Fixtures 0.43Heavy Construction 0.22

100.00


165



Shares

0.74108 869111 596JPYAEON CO LTD12 5744.46657 306568 432EURALLIANZ SE - REG6 2723.48512 838518 611EURANHEUSER-BUSCH INBEV NV7 8010.0812 50914 032JPYASTELLAS PHARMA INC3681.93283 746243 872EURBASF SE - REG3 9888.861 303 4371 284 503EURBAYER AG18 1316.35934 671790 235EURBAYERISCHE MOTOREN WERKE AG12 8162.20323 742308 200EURDAIMLER AG7 8355.61826 457890 919EURDE MASTER BLENDERS 1753 NV94 7883.97583 907530 558EURDEUTSCHE BANK AG - REG17 7213.35493 985457 448EURDEUTSCHE BOERSE AG10 6908.221 210 8691 136 378EURDEUTSCHE POST AG - REG72 9441.70250 854267 869EURDEUTSCHE TELEKOM AG - REG29 1861.16170 599169 948EURENI SPA9 3024.18614 831655 050EURE.ON AG43 6361.16170 379156 296JPYFANUC CORP1 2200.3652 87849 712JPYFAST RETAILING CO LTD2763.21472 693475 909EURGALP ENERGIA SGPS SA - B40 1950.83122 861111 630EURING GROEP NV - CVA17 4006.52959 535968 392EURINTESA SANPAOLO SPA738 1040.2028 90829 346EURLINDE AG2191.14167 960160 550EURMUENCHENER RUECKVERSICHERUNGS AG - REG1 2350.3957 99980 095JPYNINTENDO CO LTD7213.09455 198519 106EURRWE AG14 5712.52371 026472 077EURSAIPEM SPA12 6634.18614 911580 062EURSAP AG10 1320.1928 54031 951JPYSEVEN & I HOLDINGS CO LTD1 3354.47658 504627 734EURSIEMENS AG - REG8 0111.59234 296233 664CHFSWISSCOM AG - REG7182.98439 136494 429EURTELECOM ITALIA SPA642 9514.14609 545619 218EURTELEFONICA SA59 8183.28483 214473 959EURTHYSSENKRUPP AG27 2080.1420 34219 596EURUNICREDIT SPA5 4892.61383 938390 930EURUNILEVER NV13 3150.78115 51384 680EURVOLKSWAGEN AG - PFD671




Nominalvalue/


EUR EUR %

100.0714 735 99614 526 987Total Shares

166



Investment funds

2.06303 021302 087EURUK EQUITY HOLDINGS300

2.06303 021302 087Total Investment funds





Nominalvalue/


EUR EUR %

167

10.99Chemicals10.62Banks9.33Automobiles and Parts9.10Beverages8.71Fixed Line Telecommunications8.22Industrial Transportation5.60Nonlife Insurance4.47General Industrials4.37Oil and Gas Producers4.18Gas, Water and Multiutilities4.18Software and Computer Services3.35Financial Services3.28Industrial Metals and Mining3.09Electricity2.61Food Producers2.52Oil Equipment, Services and Distribution2.06Investment Fund1.70Mobile Telecommunications1.29General Retailers1.16Industrial Engineering0.83Life Insurance0.39Leisure Goods0.08Pharmaceuticals and Biotechnology

102.13




%

168

62.35Germany13.32Italy9.05Netherlands4.14Spain3.48Belgium3.21Portugal2.93Japan2.06France1.59Switzerland

102.13




%

169





AGNICO-EAGLE MINES 0.50AGRIUM 0.83AIR LIQUIDE SA 2.19AIR PRODUCTS & CHEMICALS 0.99AIR WATER 0.11AIRGAS 0.33AKZO NOBEL NV 0.87ALBEMARLE CORP 0.31ALCOA INC 0.52ALLEGHENY TECHNOLOGIES 0.17ALUMINA 0.13AMCOR 0.57ANGLO AMERICAN PLC/ 2.39ANTOFAGASTA 0.47ARCELOR MITTAL 0.89ARKEMA SA 0.36ASAHI KASEI 0.41BALL CORP 0.37BARRICK GOLD CORP 1.96BASF SE 4.82BHP BILLITON LTD 6.95BHP BILLITON PLC 4.09BOLIDEN 0.29BORAL 0.19CENTERRA GOLD INC. 0.09CHARTER ONE FINL 0.71CLEVELAND CLIFFS INC 0.31CONCORD EFS 0.40CRH PLC 0.81CRODA INTERNATIONAL PLC 0.29CROWN HOLDINGS INC 0.31DAICEL CHEM INDS 0.11DAIDO STEEL 0.08DENKI KAGAKU KGY 0.09DOW CHEMICAL CO 2.17DU PONT CO 2.34

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 101.89%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD MATERIALS TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD MATERIALS TR

170





EASTMAN CHEM 0.58ECOLAB 1.18ELDORADO GOLD CORP 0.49EMS-CHEMIE HOLDING AG 0.11EURASIAN NATURAL RESOURCES CORP 0.07EVRAZ PLC 0.08FIRST QUANTUM MINERALS 0.59FLETCHER BUILDING 0.26FMC CORP. 0.45FORTESCUE METALS GROUP LTD 0.38FRANCO-NEVADA CORP 0.46FRESNILLO PLC 0.30FRPRT-MCM GD 1.82GIVAUDAN N 0.49GLENCORE INTERNATIONAL PLC 1.22GOLDCORP 1.66HARDIE (JAMES) IND 0.23HEIDELBERGCEMENT AG 0.48HITACHI CHEMICAL 0.09HITACHI METALS 0.08HOLCIM LTD 0.94IAMGOLD CORP 0.24ILUKA RESOURCES 0.22IMERYS 0.12INCITEC PIVOT LTD 0.31INMET MINING CORP 0.22INT'L FLAVORS FRAGRANCES 0.30INTL PAPER CO 0.93ISRAEL CHEMICALS LTD 0.30ISRAEL CORP LTD/THE 0.08IVANHOE MINES 0.17JFE HOLDINGS 0.51JOHNSON MATTHEY PLC 0.44JSR 0.19K + S AG 0.44KANEKA CORP 0.08KANSAI PAINT 0.13KAZAKHMYS PLC 0.15KINROSS GOLD CORP 0.62KOBE STEEL 0.18KONINKLIJKE DSM NV 0.52KURARAY 0.25LAFARGE 0.66


171





LANXESS 0.41LINDE AG 1.80LYONDELLBASELL INDUSTRIES NV 1.01MARTIN MARIETTA MATRLS 0.24MARUICHI STL TBE 0.06MEADWESTVACO CORP 0.31MITSUB CHEM HLDG 0.37MITSUB GAS CHEM 0.13MITSUBISHI MATL 0.21MITSUI CHEMICALS 0.13MONSANTO CO 2.82MOSAIC CO/THE 0.98NEW GOLD INC. 0.29NEWCREST MINING 0.99NEWMONT MINING HLDG 1.29NIP STEEL CORP 1.03NIPPON UNIPAC 0.08NITTO DENKO CORP 0.45NORSK HYDRO 0.26NOVOZYMES A/S 0.38NUCOR CORP 0.77OJI PAPER 0.15ORICA 0.53OSISKO MINING CORP 0.17OWENS-ILLINOIS 0.19OXIANA LTD 0.12PAN AMERICAN SILVER CORP 0.16POTASH CORP OF SASKATCHEWAN IN 1.95PPG IND 1.16PRAXAIR 1.83RANDGOLD RESOURCES LTD/LFW 0.47REXAM 0.35RIO TINTO LIMITED 1.67RIO TINTO PLC 4.28ROCK-TENN COMPANY -CL A 0.28SALZGITTER 0.11SEALED AIR CP 0.18SHERWIN-WILLIAMS 0.75SHIN-ETSU CHEM 1.39SHOWA DENKO 0.12SIGMA-ALDRICH 0.50SIKA FINANZ AG-BEARER 0.28SILVER WHEATON CORP- 0.71


172





SIMS GROUP LTD 0.09SOLVAY 0.48STORA ENSO OYJ 0.21SUMITOMO CHEM 0.26SUMITOMO MTL MIN 0.41SYNGENTA AG 2.09TAIHEIYO CEMENT 0.17TAIYO NPN SANSO 0.08TECK COMINCO B 1.17TEIJIN 0.13THYSSENKRUPP AG 0.51TORAY INDUSTRIES 0.50TOYO SEIKAN 0.11UBE INDUSTRIES 0.13UMICORE 0.35UPM-KYMMENE 0.34US STEEL CORP 0.19VEDANTA RESOURCES 0.11VOESTALPINE AG 0.22VULCAN MATERIALS CO 0.38XSTRATA PLC 2.02YAMANA GOLD 0.72YAMATO KOGYO 0.07YARA INTERNATIONAL 0.51

Total 100.00


173



%

General Mining 24.33Commodity Chemicals 21.37Specialty Chemicals 19.18Gold Mining 9.31Building Materials & Fixtures 5.39Iron & Steel 5.22Nonferrous Metals 4.37Farming & Fishing 2.82Containers & Packaging 2.65Paper 1.71Platinum & Precious Metals 1.17Aluminum 0.91Diversified Industrials 0.72Specialty Finance 0.46Biotechnology 0.38

100.00


174



Shares

1.63403 578413 689JPYAEON CO LTD46 6125.221 288 2021 147 854EURALLIANZ SE - REG12 2922.52622 459620 825EURAMADEUS IT HOLDING SA - A32 6750.68166 914168 309EURANHEUSER-BUSCH INBEV NV2 5390.3995 349106 953JPYASTELLAS PHARMA INC2 8053.74924 381716 466EURBASF SE - REG12 9927.971 968 7801 782 323EURBAYER AG27 3864.601 136 5411 058 621EURBAYERISCHE MOTOREN WERKE AG15 5841.79442 419456 946EURDELTA LLOYD NV35 8670.88217 371221 734EURDEUTSCHE BANK AG - REG6 5972.65653 640571 059EURDEUTSCHE BOERSE AG14 1454.751 173 7071 143 139EURDEUTSCHE TELEKOM AG - REG136 5572.90714 752660 542EURENEL SPA227 7734.421 090 0931 088 260EURENI SPA59 4383.38833 452894 733EURE.ON AG59 1525.541 367 7781 236 250JPYFANUC CORP9 7940.87215 535192 062JPYFAST RETAILING CO LTD1 1250.2561 08558 740EURINDITEX SA5794.421 092 238998 451EURING GROEP NV - CVA154 6862.04504 240511 880EURLINDE AG3 8204.661 149 608980 130EURMUENCHENER RUECKVERSICHERUNGS AG - REG8 4532.23549 830563 222JPYNEC CORP346 2883.56877 934741 944EUROBRASCON HUARTE LAIN SA39 9970.52128 274119 667EURPORSCHE AUTOMOBIL HOLDING SE - PFD2 0790.58142 866135 905EURREED ELSEVIER NV12 7732.44601 901616 833EURRWE AG19 2676.271 550 5691 372 218EURSAP AG25 5492.81694 316770 337JPYSEVEN & I HOLDINGS CO LTD32 4782.58635 899600 485EURSIEMENS AG - REG7 7364.621 141 0761 225 110EURTELEFONICA SA111 9801.19294 578300 861EURUNILEVER NV10 2163.24798 776647 131EURVOLKSWAGEN AG - PFD4 640

95.3423 538 14122 122 679Total Shares




Nominalvalue/


EUR EUR %

175



Investment funds







Nominalvalue/


EUR EUR %

176

13.75Chemicals11.66Nonlife Insurance8.36Automobiles and Parts6.55Investment Fund6.28Software and Computer Services5.57General Retailers5.54Industrial Engineering5.33Electricity4.75Mobile Telecommunications4.62Fixed Line Telecommunications4.42Life Insurance4.42Oil and Gas Producers3.56Construction and Materials3.38Gas, Water and Multiutilities2.65Financial Services2.58General Industrials2.52Support Services2.23Technology Hardware and Equipment1.19Food Producers0.88Banks0.68Beverages0.58Media0.39Pharmaceuticals and Biotechnology

101.89




%

177

54.94Germany13.47Japan10.95Spain7.99Netherlands7.31Italy6.55France0.68Belgium

101.89




%

178





AT&T INC 19.86BCE INC 1.12BELGACOM 0.45BELL ALIANT INC 0.20BEZEQ ISRAELI TELECOMMUNICATION CORP LTD 0.22BT GROUP 3.02CENTURYTEL INC 2.49CROWN CASTLE INT'L CORP 2.16DEUTSCHE TELEKOM /ETR 3.25ELISA CORPORATION 0.32FRANCE TELECOM SA 2.08FRONTIER COMMUNICATIONS CORP 0.44HKT TRUST / HKT LTD 0.22ILIAD SA 0.40INMARSAT 0.43KDDI CORP 1.94KONINKLIJKE KPN NV 0.50LEVEL 3 COMMS 0.36MILLICOM INTERNATIONAL CELLULAR SA/SUE 0.56NTT 1.87NTT DOCOMO 2.24PCCW 0.18PORTUGAL TELECOM 0.32ROGERS COMMUNICATIONS B 1.77SBA COMMUNICATIONS CORP 0.88SINGAPORE TELECOM 2.20SOFTBANK CORP 3.51SPRINT NEXTEL SERIES 1 1.74SPRINT PCS GROUP 0.31STARHUB LTD 0.19SWISSCOM N 1.02TDC A/S 0.36TELE2 B 0.58TELECOM CORP NEW ZEALAND 0.36TELECOM ITALIA SPA 0.86TELECOM ITALIA RNC 0.48

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 102.36%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD TELECOMMUNICATION SERVICES index TR.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDTELECOMMUNICATION SERVICES TR

179





TELEFONICA SA 5.62TELEKOM AUSTRIA 0.17TELENOR 1.45TELIASONERA 1.50TELSTRA CORP 2.02TELUS CORP N-VTG 1.00TESSENDERLO CHEMIE-PARTS SOC. 0.27VERIZON COMMUNICATIONS INC 12.59VIVENDI SA 2.97VODAFONE GROUP PLC 12.61WINN-DIXIE STRS 0.50ZIGGO NV 0.40

Total 100.00


180



%

Fixed Line Telecommunications 59.04Mobile Telecommunications 37.32Broadcasting & Entertainment 3.24Internet 0.40

100.00


181



Shares0.2232 04932 368EURADIDAS AG - REG4764.25615 595560 426EURALLIANZ SE - REG5 8745.27762 715744 992EURANHEUSER-BUSCH INBEV NV11 6026.12886 316745 525EURBASF SE - REG12 4573.47501 936504 564EURBAYER AG6 9821.57226 739197 117EURBAYERISCHE MOTOREN WERKE AG3 1094.07588 810551 041EURDAIMLER AG14 2502.72393 541424 324EURDE MASTER BLENDERS 1753 NV45 1364.41638 373529 425EURDEUTSCHE BANK AG - REG19 3744.65672 956584 944EURDEUTSCHE BOERSE AG14 5635.81841 570712 800EURDEUTSCHE POST AG - REG50 6974.67676 220746 871EURDEUTSCHE TELEKOM AG - REG78 6762.70391 033354 945JPYFANUC CORP2 8005.43786 463731 534JPYFAST RETAILING CO LTD4 1050.2739 77038 726EURKONINKLIJKE AHOLD NV3 9240.78112 606109 946EURKONINKLIJKE PHILIPS ELECTRONICS NV5 6602.50362 076331 629EURLINDE AG2 7430.93134 096100 572EURMUENCHENER RUECKVERSICHERUNGS AG - REG9860.5681 005111 910JPYNINTENDO CO LTD1 0070.5984 86398 656JPYNIPPON TELEGRAPH & TELEPHONE CORP2 6653.22466 407463 085EURROYAL DUTCH SHELL PLC - A17 9564.15601 276620 408EURRWE AG19 2478.481 226 8481 144 479EURSAP AG20 2151.50216 731239 163JPYSEVEN & I HOLDINGS CO LTD10 1384.37633 187610 604EURSIEMENS AG - REG7 7033.78546 750360 150EURSOLVAY SA5 0003.69533 564489 087EURUNICREDIT SPA143 9734.46645 818644 495EURUNILEVER NV22 3970.057 7475 857EURVOLKSWAGEN AG - PFD45

94.6913 707 06012 789 643Total Shares

Investment funds




Nominalvalue/


EUR EUR %




182

15.88Chemicals8.47Software and Computer Services8.10Banks7.99Beverages7.67Investment Fund6.93General Retailers5.81Industrial Transportation5.69Automobiles and Parts5.18Nonlife Insurance4.67Mobile Telecommunications4.65Financial Services4.46Food Producers4.37General Industrials4.15Electricity3.22Oil and Gas Producers2.70Industrial Engineering0.78Electronic and Electrical Equipment0.59Fixed Line Telecommunications0.56Leisure Goods0.27Food and Drug Retailers0.22Personal Goods

102.36



%


183

59.72Germany10.78Japan9.05Belgium8.23Netherlands7.67France3.69Italy3.22United Kingdom

102.36



%


184





ACCENTURE LTD 1.39ACTIVISION 0.16ADOBE SYSTEMS 0.61ADVANTEST 0.08AKAMAI TECHNOLOGIES 0.24ALLIANCE DATA SYSTEMS 0.24ALTERA CORP 0.36AMADEUS IT HOLDING SA 0.26AMPHENOLCORP 0.34ANALOG DEVICES INC 0.41ANSYS INC 0.20APPLE COMP INC 16.41APPLIED MATL 0.46ARM 0.57ARROW ELECTRONICS 0.14ASM PACIFIC TECHNOLOGY 0.08ASML HOLDING NV 0.65ATOS ORIGIN 0.13AUTODESK 0.26AUTOMATIC DATA 0.91AVAGO TECHNOLOGIES LTD 0.26AVNET 0.14BMC SOFTWARE 0.21BROADCOM CORP 0.55BROTHER INDS 0.08CANON INC 1.44CAP GEMINI 0.21CGI GROUP A 0.15CISCO SYSTEMS 3.46CITIZEN WATCH 0.05CITRIX SYSTEMS 0.40COGNIZANTTECHSOLUTIONS 0.73COMPUTER ASSOC 0.24COMPUTER SCIENCE 0.20COMPUTERSHARE 0.14CORNING INC 0.62

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 101.36%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD INFORMATION TECHNOLOGY TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDINFORMATION TECHNOLOGY TR

185





CREE INC 0.12DASSAULT SYSTEM 0.23DELL COMPUTER 0.49DENA CO LTD 0.11DOLBY LABORATORIES INC 0.05EBAY INC 1.94ELECTRONIC ART 0.15EMC CORP/MA 1.74EQUINIX INC 0.33F5 NETWORKS INC 0.25FACEBOOK INC 0.87FIDELITY NATIONAL INFORMATION SERVICES INC 0.27FISERV INC 0.35FLEXTRONICS 0.14FLIR SYSTEMS INC. 0.11FUJI PHOTO FILM 0.30FUJITSU LTD 0.25GEMALTO NV 0.23GOOGLE INC 6.10GREE INC 0.05HAMAMATSU PHOTO 0.08HARRIS CORP 0.18HEWLETT-PACKARD 0.92HEXAGON AB-B SHS 0.19HIROSE ELECTRIC 0.12HITACHI HIGH TEC 0.04HITACHI LTD 0.89HOYA CORP 0.28IBIDEN 0.06INFINEON TECHNOLOGIES AG 0.29INTEL CORP 3.39INTERNATIONAL BUSINESS MACHINE 6.83INTUIT INC 0.55ITOCHU TECHNO 0.03JUNIPER NETWORKS 0.34KEYENCE 0.41KLA TENCOR 0.26KONAMI CORP 0.07KONICA CORP 0.11KYOCERA CORP 0.45LAMRESEARCHCORP 0.22LINEAR TECH 0.26LINKEDIN CORP 0.30LSI LOGIC 0.13


186





MARVELL TECHNOLOGY GROUP 0.11MASTERCARD INC 1.74MAXIM INTEGRTD 0.28MELLANOX TECHNOLOGIES LTD 0.07MICROCHIP TECHNOLOGY 0.21MICRON TECH 0.21MICROSOFT CORP 6.62MOTOROLA SOLUTIONS INC 0.47MURATA MANUFACTURING CO LTD 0.39NEC CORPORATION 0.18NETWORK APPLIANCE 0.40NEXON CO LTD 0.04NICE SYSTEMS LTD 0.06NINTENDO CO. LTD. 0.37NIP ELEC GLASS 0.07NOKIA OYJ 0.47NOMURA RESEARCH 0.07NTT DATA 0.13NUANCE COMMUNICATIONS INC 0.18NVIDIA CORP 0.25OMRON CORP 0.16OPEN TEXT CORP 0.11ORACLE CORP 4.27ORACLE CORP JPN 0.05OTSUKA 0.04PAYCHEX INC 0.33QUALCOMM INC 3.47RACKSPACE HOSTING INC 0.26RED HAT INC- 0.34RESEARCH IN MOTION 0.18RICOH CO LTD 0.22ROHM CO 0.10SAGE GRP 0.19SAIC INC 0.10SALESFORCE.COM INC 0.73SANDISK CORP/USD 0.35SAP AG 2.42SEAGATETECHNOLOGY 0.36SHIMADZU CORP 0.05SQUARE ENIX 0.03STMICROELECTRON. 0.15SUMCO 0.04SYMANTEC CORP 0.43SYNOPSYS INC 0.16


187





TDK CORPORATION 0.15TELEFONAKTIEBOLAGET LM ERICSSO 1.00TERADATA CORP 0.34TEXAS INSTRUMENT 1.16TOKYO ELECTRON 0.26TOSHIBA CORP 0.52TOTAL SYSTEM SERVICES INC 0.11TREND MICRO INC 0.10TRIMBLE NAVIGATION LTD 0.25TYCO ELECTRONICS LTD 0.52UNITED INTERNET AG-REG SHARE 0.07VERIFONE SYSTEMS INC 0.11VERISIGN 0.20VISA INC 2.63VMWARE INC 0.25WESTERN DIGITAL 0.31WESTERN UNION CO 0.27XEROX CORP 0.29XILINX INC 0.31YAHOO INC 0.74YAHOO JAPAN 0.15YASKAWA ELEC 0.07YOKOGAWA ELEC 0.07

Total 100.00


188



%

Computer Hardware 21.17Software 18.59Semiconductors 15.09Computer Services 9.49Internet 8.43Telecommunications Equipment 7.04Consumer Finance 4.63Electronic Equipment 2.57Electrical Components & Equipment 2.51Financial Administration 2.47Electronic Office Equipment 2.15Specialized Consumer Services 2.10Business Support Services 1.68Toys 0.79Diversified Industrials 0.52Business Training & Employment Agencies 0.30Investment Services 0.14Industrial Machinery 0.12Defense 0.11Broadcasting & Entertainment 0.05Clothing & Accessories 0.05

100.00


189



Shares6.08707 032675 220EURADIDAS AG - REG10 5011.49172 815157 285EURALLIANZ SE - REG1 6494.58533 020518 203EURANHEUSER-BUSCH INBEV NV8 1081.56181 292173 997EURATLANTIA SPA13 2626.79790 549677 479EURBASF SE - REG11 1115.07589 139565 674EURBAYER AG8 1954.83561 853470 336EURBAYERISCHE MOTOREN WERKE AG7 7043.36391 215405 857EURDEUTSCHE BANK AG - REG11 8733.16366 861305 016EURDEUTSCHE BOERSE AG7 9390.6171 27877 430EURDEUTSCHE TELEKOM AG - REG8 2931.57182 468168 629EURENEL SPA58 1480.4249 35348 090EURENI SPA2 6915.42629 569790 402EURE.ON AG44 6821.60185 461168 824JPYFANUC CORP1 3284.00464 789435 048JPYFAST RETAILING CO LTD2 4262.81326 148297 871EURING GROEP NV - CVA46 1902.01234 240228 092EURKONINKLIJKE AHOLD NV23 1123.65424 644430 756EURLINDE AG3 2174.53526 456417 372EURMUENCHENER RUECKVERSICHERUNGS AG - REG3 8711.63189 150219 771JPYNIPPON TELEGRAPH & TELEPHONE CORP5 9401.83212 579211 065EURROYAL DUTCH SHELL PLC - A8 1843.68428 144407 450EURRWE AG13 7056.42746 184700 470EURSAP AG12 2950.87100 84295 027JPYSHIN-ETSU CHEMICAL CO LTD2 1983.86448 483435 355EURSIEMENS AG - REG5 4564.09475 126312 970EURSOLVAY SA4 3452.97345 751267 883CHFSWISS LIFE HOLDING AG - REG3 4374.14480 746447 097EURUNICREDIT SPA129 7210.2832 95833 170EURUNILEVER NV1 1433.71431 408354 098EURVOLKSWAGEN AG - PFD2 506

97.0211 279 55310 495 937Total Shares

Investment funds4.34505 035503 233EURUK EQUITY HOLDINGS500



Nominalvalue/


EUR EUR %




190

20.48Chemicals8.54Automobiles and Parts7.50Banks6.42Software and Computer Services6.08Personal Goods6.01Nonlife Insurance5.78Life Insurance5.42Gas, Water and Multiutilities5.25Electricity4.58Beverages4.34Investment Fund4.00General Retailers3.86General Industrials3.16Financial Services2.25Oil and Gas Producers2.01Food and Drug Retailers1.63Fixed Line Telecommunications1.60Industrial Engineering1.56Industrial Transportation0.61Mobile Telecommunications0.28Food Producers

101.36



%


191

62.67Germany8.67Belgium8.09Japan7.69Italy5.10Netherlands4.34France2.97Switzerland1.83United Kingdom

101.36



%


192





ABBOTT LABORATORIES 3.82ACTELION N 0.19AETNA INC 0.58AGILENT TECH A.N 0.53ALEXION PHARMACEUTICALS INC 0.67ALFRESA HOLDINGS 0.06ALLERGAN INC 1.05AMERISOURCEBERGN 0.40AMGEN INC 2.47ASTELLAS PHARMA INC (EX YAMANOUCHI PHARM) 0.74ASTRAZENECA PLC 2.19BARD (C.R.) 0.29BAXTER INTL INC 1.36BAYER AG 2.91BECTON DICKINSON 0.58BIOGEN INC 1.22BIOVAIL CORP 0.64BOSTON SCIEN CP 0.30BRISTOL MYERS SQ BMY.N 2.03CARDINAL HLTH 0.52CAREFUSION CORP 0.24CELESIO AG 0.05CELGENE CORP 1.26CERNER CORP 0.42CHUGAI PHARMACEUTICAL 0.16CIGNA CORP 0.57COCHLEAR 0.17COLOPLAST B 0.21COVENTRY HEALTH CARE 0.22COVIDIEN LTD 1.03CSL 1.05DAIICHI SANKYO CO LTD 0.38DAINPN SUMI PHAR 0.07DAVITA 0.41DENTSPLY INTERNATIONAL 0.21EDWARDS LIFESCIENCES CORPORATION 0.39

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 103.06%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD HEALTH CARE index TR.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD HEALTHCARE TR

193





EISAI 0.39ELAN CORP 0.19ELEKTA B 0.21ELI LILLY 1.91ESSILOR INTERNAT 0.75EXPRESS SCRIPTS COMMON 1.63FOREST LABS 0.35FRESENIUS MEDICAL CARE AG & CO 0.54FRESENIUS SE & CO KGAA 0.53GETINGE AB B 0.25GILEAD SCI 2.07GLAXOSMITHKLINE PLC 4.01GRIFOLS SA 0.19HCA HOLDINGS INC 0.25HENRY SCHEIN INC 0.26HISAMITSU PHARM 0.11HOLOGIC INC 0.20HOSPIRA 0.19HUMANA INC 0.41ILLUMINA INC 0.25INTUITIVE SURG 0.73INVITROGEN CORP 0.32JOHNSON & JOHNSON 7.18KYOWA HAKKO KOGY 0.09LABORATORY CORP OF AMER 0.31LONZA 0.11MCKESSON CORP 0.85MEDICEO PAL HLDG 0.06MEDTRONIC INC 1.56MERCK & CO INC 4.63MERCK KGAA 0.32MIRACA HOLDINGS 0.08MYLAN LABORATORIES INC 0.41NOVARTIS-REGISTERED 5.37NOVO NORDISK B 2.45OLYMPUS CORP 0.16OMNICARE 0.15ONO PHARM 0.16ORION OYJ-CLASS B 0.11OTSUKA HOLDINGS CO LTD 0.38PATTERSON COS 0.11PERRIGO COMPANY 0.34PFIZER INC 6.99PHONAK 0.20


194





QIAGEN NV 0.16QUEST DIAG 0.34RAMSAY HEALTH CARE LTD 0.14REGEGERON PHARMACEUTICAL 0.48RESMED INC 1 0.22ROCHE HOLDING AG 5.25SANOFI-AVENTIS SA 4.17SANTEN PHARMACEUTICAL CO 0.11SHIONOGI & CO 0.18SHIRE PHARM GRP 0.64SMITH & NEPHEW 0.37SO-NET M3 INC 0.04SONIC HEALTHCARE 0.19ST JUDE MEDICAL 0.42STRYKER CORP 0.62SUZUKEN 0.07SXC HEALTH SOLUTIONS CORP 0.36SYSMEX 0.12TAISHO PHARMACEUTICAL HOLDINGS CO LTD 0.09TAKEDA PHARMACEUTICAL 1.31TANABE SEIYAKU 0.11TERUMO CORP 0.22TEVA PHARMACEUTICAL INDUSTRIES LTD 1.30THERMO ELECTRON 0.87TSUMURA & CO 0.07UCB 0.23UNITEDHEALTH GP 2.08VARIAN MEDICAL SYSTEMS 0.29VERTEX PHARMACEUTICALS 0.34WARNER CHILCOTT LTD 0.10WATERS CORP 0.28WATSON PHARM 0.41WELLPNT HLTH NET 0.74WILLIAM DEMANT HOLDING 0.08ZIMMER HLDGS 0.43

Total 100.00


195



%

Pharmaceuticals 61.95Biotechnology 9.73Health Care Providers 8.94Medical Equipment 8.79Medical Supplies 4.35Specialty Chemicals 2.91Drug Retailers 1.98Software 0.78Electronic Equipment 0.53Publishing 0.04

100.00


196



Shares2.24575 739581 468EURADIDAS AG - REG8 5512.03521 590452 964EURALLIANZ SE - REG4 9777.161 839 2731 863 709EURANHEUSER-BUSCH INBEV NV27 9783.76963 798864 117EURBASF SE - REG13 5463.901 001 068794 620EURBAYER AG13 9254.101 051 140859 880EURBAYERISCHE MOTOREN WERKE AG14 4134.141 061 263975 478EURDAIMLER AG25 6843.84984 2821 016 804EURDEUTSCHE BANK AG - REG29 8721.41362 202360 938EURDEUTSCHE TELEKOM AG - REG42 1410.59151 122147 496EURENI SPA8 2402.17555 879552 723EURE.ON AG39 4524.791 228 2621 077 956EUREUROPEAN AERONAUTIC DEFENCE AND SPACE

CO NV41 636

5.511 417 9311 303 979JPYFAST RETAILING CO LTD7 4013.74959 322846 835EURING GROEP NV - CVA135 8621.45372 532359 284EURKONINKLIJKE AHOLD NV36 7574.781 226 5841 050 219EURMUENCHENER RUECKVERSICHERUNGS AG - REG9 0194.061 043 2501 440 706JPYNINTENDO CO LTD12 9693.69946 351997 719JPYNIPPON STEEL CORP513 7132.06529 189525 420EURROYAL DUTCH SHELL PLC - A20 3733.20821 550807 475EURRWE AG26 2983.68944 222937 132EURSAIPEM SPA32 2263.11799 409698 217EURSAP AG13 1723.58917 9311 010 489JPYSEVEN & I HOLDINGS CO LTD42 9384.951 271 3531 198 043JPYSHIN-ETSU CHEMICAL CO LTD27 7113.81976 783918 043EURSIEMENS AG - REG11 8831.86477 599494 612JPYTAKEDA PHARMACEUTICAL CO LTD14 1230.3691 64688 283EURUNICREDIT SPA24 7290.85217 099218 492EURUNILEVER NV7 5294.761 222 781968 476EURVOLKSWAGEN AG - PFD7 103

95.5824 531 15023 411 577Total Shares

Investment funds7.481 919 1331 917 076EURUK EQUITY HOLDINGS1 900



Nominalvalue/


EUR EUR %




197

12.99Automobiles and Parts12.61Chemicals9.10General Retailers7.48Investment Fund7.17Beverages6.81Nonlife Insurance4.79Aerospace and Defense4.19Banks4.06Leisure Goods3.81General Industrials3.74Life Insurance3.69Industrial Metals and Mining3.68Oil Equipment, Services and Distribution3.20Electricity3.11Software and Computer Services2.65Oil and Gas Producers2.24Personal Goods2.17Gas, Water and Multiutilities1.86Pharmaceuticals and Biotechnology1.45Food and Drug Retailers1.41Mobile Telecommunications0.85Food Producers

103.06



%


198

47.23Germany23.67Japan10.82Netherlands7.48France7.17Belgium4.63Italy2.06United Kingdom

103.06



%


199





3M CO 2.17ABB LTD VX 1.60ABERTIS INFRAESTRUCTURAS 0.21ACS 0.13ADECCO (CHF) 0.25ADP 0.08ADT CORP/THE 0.38AGCO CORP 0.17AGGREKO 0.27ALFA LAVAL 0.25ALSTOM SA 0.29AMADA 0.08AMETEK INC 0.32ANA 0.09ANDRITZ 0.17AP MOLLER - MAERSK A/S 0.14AP MOLLER MAERSK A/S 0.35ASAHI GLASS CO LTD 0.26ASCIANO GROUP 0.17ASSA ABLOY AB 0.44ATLAS COPCO AB 0.66ATLAS COPCO B 0.34AUCKLAND INT'L AIRPORT 0.07AUTOSTRADE 0.21AVERY DENNISON CORP 0.13BABCOCK INTERNATIONAL GROUP 0.20BAE SYSTEMS 0.63BALFOUR BEATTY 0.11BIC 0.12BOEING CO 1.92BOMBARDIER B 0.19BOUYGUES SA 0.20BRAMBLES LTD 0.43BRENNTAG AG 0.24BUNZL 0.19BUREAU VERITAS SA 0.22

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 102.02%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD INDUSTRIALS index TR.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLDINDUSTRIALS TR

200





CAE 0.09CAMPBELL BROTHERS LTD 0.14CANADIAN NAT'L RAILWAY 1.40CAPITA GRP 0.29CATERPILLAR INC 2.08CATHAY PAC AIR 0.08CENTRAL JAPAN RY 0.42CH ROBINSON WW 0.36CHIYODA CORP 0.08CIE DE ST-GOBAIN 0.60CINTAS CORP 0.17CINTRA CONCESIONES DE INF 0.21COBHAM 0.14COMFORTDELGRO 0.10CP RAILWAY 0.62CSX CORP 0.73CUMMINS INC 0.70DAI NIPPON PRINT 0.16DAIKIN INDS 0.28DANAHER CORP 1.18DEERE & CO 1.14DELTA AIR LINES 0.09DEUTSCHE POST AG 0.71DOVER CORP 0.43DSV 'B' 0.17DT LUFTHANSA AG 0.15DUN & BRADSTREET CORP 0.13EAST JAPAN RAILWAY CO 0.78EATON CORP 0.89EDENRED 0.19EMERSON ELECTRIC 1.37EQUIFAX INC 0.23EUROPEAN AERONAUTIC DEFENCE AND SPACE CO (PA) 0.57EXPEDITORS INTL WASH. 0.30EXPERIAN GROUP LTD 0.57FANUC LTD 1.26FASTENAL CO 0.47FEDEX CORP 0.97FIAT INDUSTRIAL SPA 0.33FINMECCANICA 0.08FINNING INT'L 0.15FLOWSERVE CORPORATION 0.27FLUOR CORP 0.35FRAPORT 0.08


201





FRASER AND NEAVE 0.26FUJI ELECTRIC 0.05FURUKAWA ELEC 0.05GEA GROUP 0.20GEBERIT AG 0.29GENERAL DYNAMICS 0.74GENERAL ELECTRIC CO 7.91GRAINGER (WW) 0.43GROUP 4 SECURICOR 0.21GROUPE EUROTUNNEL SA 0.15GS YUASA CORP 0.05HANKYU HOLDINGS 0.21HERTZ GLOBAL HOLDINGS INC 0.18HINO MOTORS 0.08HITACHI CONST 0.08HOCHTIEF 0.06HONEYWELL INTL 1.68HOPEWELL HOLDINGS 0.09HUNT (JB)TRANSPRT SVCS INC 0.20HUTCHISON 0.79HUTCHISON PORT HOLDINGS TRUST 0.15IHS INC 0.19ILLINOIS TOOL WK 0.91IMI 0.20INGERSOLL-RAND 0.53INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA 0.10INTERTEK GROUP 0.29INVENSYS 0.15IRON MOUNTAIN 0.16ISHI-HAR HVY IND 0.12ITOCHU CORP 0.56JACOBS ENGINEERING GROUP 0.20JAPAN AIR LINES 0.09JGC CORPORATION 0.23JOY GLOBAL INC 0.24JPN STEEL WORKS 0.07JS GROUP 0.21JTEKT 0.07KAJIMA CORP 0.10KAMIGUMI 0.07KANSAS CITY SOUTHERN INDS 0.33KAWASAKI HVY IND 0.14KBR INC 0.16KEIHIN E EXPR RY 0.15


202





KEIO ELEC RAIL 0.15KEISEI ELE RY 0.08KEPPEL CORP 0.46KINDEN CORP (OS) 0.03KINTETSU 0.24KOMATSU 0.84KONE OYJ B 0.41KONINKLIJKE BOSKALIS WESTMINSTER NV 0.12KONINKLIJKE PHILIPS ELECTRONIC 0.97KONINKLIJKE VOPAK NV 0.18KUBOTA CORP 0.44KUEHNE & NAGEL 0.23KURITA WATER INDUSTRIES LTD 0.09L-3 COMMUNICATIONS HLDGS 0.26LEGRAND SA 0.35LEIGHTON HOLDINGS 0.10LOCKHEED MARTIN 0.91MABUCHI MOTOR 0.04MAKITA CORP 0.18MAN AG 0.16MANPOWER 0.12MARUBENI 0.42MASCO CORP 0.21MEGGITT PLC 0.17MELROSE PLC 0.16METSO 0.19MITSUB LOGISTICS 0.06MITSUBISHI CORP 0.95MITSUBISHI ELEC 0.58MITSUBISHI HVY 0.52MITSUI & CO LTD 0.92MITSUI OSK LINES 0.11MTR CORPORATION 0.20NABTESCO CORP 0.08NGK INSULATORS 0.11NIDEC CORP (OSAKA) 0.22NIELSEN HOLDINGS NV 0.14NIPPON EXPRESS 0.12NIPPON YUSEN 0.13NOBLE GROUP 0.13NORFOLK SOUTHERN CORP 0.70NORTHROP GRUMMAN CORP 0.57NSK 0.11NWS HOLDINGS LTD 0.09


203





OBAYASHI CORP 0.13ODAKYU ELEC RAIL 0.23ORIENT OVERSEAS INTL 0.05ORKLA A 0.24PACCAR INC 0.54PALL CORP 0.25PARK24 0.05PARKER HANNIFIN CORP 0.45PENTAIR 0.37PITNEY BOWES INC 0.08PRECISION CASTPARTS CORP 0.98PRYSMIAN SPA 0.14QANTAS AIRWAYS 0.06QR NATIONAL LTD 0.25QUANTA SERVICES INC. 0.20RANDSTAD 0.16RAYTHEON 0.68REPUBLIC SERVICES 0.32REXEL SA 0.08RITCHIE BROS. AUCTIONEER 0.07ROB HALF INTL 0.15ROCKWELL AUTOMATION 0.42ROCKWELL COLLINS 0.28ROLLS ROYCE 0.95ROPER INDUSTRIES 0.39RYANAIR HOLDINGS PLC 0.04SAFRAN SA 0.35SANDVIK AB 0.57SCANIA B 0.24SCHINDLER HOLDING AG 0.11SCHINDLER P 0.25SCHNEIDER ELECTRIC SA 1.35SECOM 0.37SECURITAS AB 0.10SEMBCORP INDUSTRIES 0.15SEMBCORP MARINE 0.11SENSATA TECHNOLOGIES HOLDING NV 0.11SERCO GRP 0.15SGS N 0.43SHIMIZU CORP 0.08SIEMENS AG 3.17SINGAPORE AIRLINES 0.17SINGAPORE TECH ENGR. 0.17SKANSKA B 0.22


204





SKF AB -B- 0.35SMC CORPORATION 0.35SMITHS GROUP PLC 0.27SNC-LAVALIN GROUP 0.22SOJITZ 0.07SOUTHWEST AIRLINES CO 0.07SPX CORP 0.13STANLEY WORKS 0.42STERICYCLE INC 0.28SULZER R 0.13SUMITOMO CORP 0.51SUMITOMO ELEC 0.31SUMITOMO HVY IND 0.09SYDNEY AIRPORT 0.02TAISEI CORP 0.12TEXTRON 0.25THALES EX TH-CSF 0.11THK 0.08TNT EXPRESS NV 0.13TOBU RAILWAY 0.19TOKYU CORP 0.23TOLL HOLDINGS 0.11TOPPAN PRINTING 0.12TOTO 0.07TOYOTA TSUSHO CORP 0.18TRANSDIGM GROUP INC 0.24TRANSURBAN GROUP 0.30TYCO INTL 0.48UAL CORP 0.07UNION PACIFIC CORP 2.12UNITED PARCEL B 1.91UNITED TECHNOLOGIES CORP 2.53USHIO INC 0.04VALLOUREC 0.19VERISK ANALYTICS INC 0.26VINCI SA 0.78VOLVO AB 0.68WARTSILA 0.26WASTE MANAGEMNT 0.53WEIR GRP 0.23WEST JAPAN RY 0.24WOLSELEY 0.46XYLEM INC 0.18YAMATO TRANSPORT 0.20


205





YANGZIJIANG SHIPBUILDING HOLDINGS LTD 0.05ZARDOYA OTIS 0.08ZODIAC 0.13

Total 100.00


206



%

Diversified Industrials 20.31Industrial Machinery 14.17Aerospace 8.96Commercial Vehicles & Trucks 8.13Railroads 6.31Industrial Suppliers 4.71Business Support Services 4.38Delivery Services 4.21Defense 3.98Heavy Construction 3.60Travel & Tourism 3.40Electrical Components & Equipment 2.44Electronic Equipment 2.20Building Materials & Fixtures 2.09Transportation Services 1.53Marine Transportation 1.20Waste & Disposal Services 1.14Airlines 1.00Trucking 0.86Oil Equipment & Services 0.72Business Training & Employment Agencies 0.68Durable Household Products 0.60Auto Parts 0.54Publishing 0.47Containers & Packaging 0.43Specialty Chemicals 0.37Nondurable Household Products 0.26Specialty Finance 0.23Financial Administration 0.19Iron & Steel 0.18Water 0.18Software 0.15Media Agencies 0.14Real Estate Holding & Development 0.09Electronic Office Equipment 0.08Specialized Consumer Services 0.05

100.00


207



Shares

0.87267 367236 348EURADIDAS AG - REG3 9714.421 361 7991 210 677EURAEGON NV283 5315.331 643 0541 424 661EURALLIANZ SE - REG15 6788.552 633 4792 671 772EURANHEUSER-BUSCH INBEV NV40 0590.83255 527224 357EURANSALDO STS SPA36 2450.77237 894229 064EURASSICURAZIONI GENERALI SPA17 3145.041 551 0701 469 924EURBASF SE - REG21 8004.961 527 0151 391 989EURBAYER AG21 2413.23996 224848 841EURBAYERISCHE MOTOREN WERKE AG13 6601.22375 227326 072EURDAIMLER AG9 0813.981 224 9151 320 198EURDE MASTER BLENDERS 1753 NV140 4880.2885 73685 805EURDEUTSCHE BANK AG - REG2 6023.06942 037857 537EURDEUTSCHE BOERSE AG20 3864.091 260 0891 186 713EURDEUTSCHE POST AG - REG75 9092.05631 286634 753EURDEUTSCHE TELEKOM AG - REG73 4480.95292 396311 090EURE.ON AG20 7521.16355 980327 256JPYFANUC CORP2 5490.81250 978227 173JPYFAST RETAILING CO LTD1 3103.19983 555931 255EURING GROEP NV - CVA139 2940.2577 64478 361EURINTESA SANPAOLO SPA59 7260.0928 94628 186EURKONINKLIJKE AHOLD NV2 8564.201 292 2401 115 294EURKONINKLIJKE DSM NV28 2210.90277 232474 861EURKONINKLIJKE KPN NV74 6052.78857 076869 413EURLINDE AG6 4930.99303 688243 958EURMUENCHENER RUECKVERSICHERUNGS AG - REG2 2330.87268 130236 506JPYNEC CORP168 8711.65509 130478 632EURREED ELSEVIER NV45 5191.67515 585575 994EURRWE AG16 5042.20677 182861 615EURSAIPEM SPA23 1128.902 741 6112 696 511EURSAP AG45 1740.038 8299 876JPYSEVEN & I HOLDINGS CO LTD4132.64811 692764 887JPYSHIN-ETSU CHEMICAL CO LTD17 6923.671 131 4831 070 709EURSIEMENS AG - REG13 7650.36110 354105 805CHFSWISS LIFE HOLDING AG - REG1 0973.781 165 2801 160 265CHFSWISSCOM AG - REG3 571



Nominalvalue/


EUR EUR %


208


Shares (cont.)


2.49765 691862 104EURTELECOM ITALIA SPA1 121 0713.481 072 4601 069 783EURUNILEVER NV37 1931.03318 650231 546EURVOLKSWAGEN AG - PFD1 851

96.7729 808 53128 849 791Total Shares

Investment funds






Nominalvalue/


EUR EUR %


209

19.61Chemicals12.53Beverages11.51Nonlife Insurance8.90Software and Computer Services7.17Fixed Line Telecommunications5.49Automobiles and Parts5.25Investment Fund4.92Industrial Transportation3.67General Industrials3.55Life Insurance3.48Food Producers3.06Financial Services2.20Oil Equipment, Services and Distribution2.05Mobile Telecommunications1.67Electricity1.65Media1.16Industrial Engineering0.95Gas, Water and Multiutilities0.87Personal Goods0.87Technology Hardware and Equipment0.84General Retailers0.53Banks0.09Food and Drug Retailers

102.02



%


210

50.13Germany21.91Netherlands8.55Belgium6.54Italy5.50Japan5.25France4.14Switzerland

102.02



%


211





AKER KVAERNER 0.13AMEC 0.19ANADARKO PETROLEUM CORP 1.41APACHE CORP 1.17ARC ENERGY TRUST 0.27ATHABASCA OIL SANDS CORP 0.13BAKER HUGHES INC 0.68BAYTEX ENERGY CORP 0.20BG GROUP PLC 2.12BONAVISTA ENERGY TRUST 0.09BP PLC 4.99CABOT OIL & GAS CORP 0.40CALTEX AUSTRALIA 0.10CAMECO CORP 0.30CAMERON INTERNATIONAL 0.53CANADIAN NAT RESOURCES 1.20CANADIAN OIL SANDS TRUST 0.37CENOVUS ENERGY INC 0.96CHESAPEAKE ENERGY CORP 0.42CHEVRON CORP 8.05CIMAREX ENERGY CO 0.19COBALT INTERNATIONAL ENERGY INC 0.17CONCHO RESOURCES INC/MIDLAND TX 0.30CONOCOPHILLIPS 2.54CONSOL ENERGY 0.28CONTINENTAL RESOURCES INC/OK 0.13CORE LABORATORIES NV 0.20COSMO OIL 0.05CRESCENT POINT ENERGY TRUST 0.50DELEK GROUP LTD 0.04DENBURY RESOURCES 0.24DEVON ENERGY 0.76DIAMOND OFFSHORE DRILL. 0.18ENBRIDGE 1.24ENCANA CORP 0.55ENERGEN CORP 0.12

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 102.52%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD ENERGY TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD ENERGY TR

212





ENERPLUS RESOURCES FUND 0.10ENI SPA 2.33ENSCO PLC 0.52EOG RESOURCES 1.24EQUITABLE RESOURCES 0.33EXXON MOBIL CORP 15.16FMC TECHNOLOGIES 0.39FUGRO 0.15GALP ENERGIA 0.16GEOPHYSIQUE 0.18HALLIBURTON CO 1.22HELMERICH PAYNE 0.22HESS CORP 0.62HOLLY CORP 0.34HUSKY ENERGY 0.39IDEMITSU KOSAN CO LTD 0.07IMPERIAL OIL 0.48INPEX HOLDINGS 0.44JPN PETROLEUM EX 0.04JX HOLDINGS INC 0.48KINDER MORGAN INC/DELAWARE 0.87KINDER MORGAN MANAGEMENT LLC 0.29LUNDIN PETROLEUM 0.19MARATHON OIL CORP 0.82MARATHON PETROLEUM CORP 0.81MEG ENERGY CORP 0.17MURPHY OIL CORP 0.42NABORS INDUSTRIES LTD 0.16NATIONAL OILWELL VARCO 1.11NESTLE OIL 0.06NEWFIELD EXPLORATION CO 0.14NEXEN 0.54NOBLE CORP 0.33NOBLE ENERGY 0.69OCCIDENTAL PETROLEUM 2.36OCEANEERING INTL INC 0.22OMV 0.20ORIGIN ENERGY 0.50PACIFIC RUBIALES ENERGY CORP 0.26PEABODY ENERGY CORP. 0.27PEMBINA PIPELINE CORP 0.31PENGROWTH ENERGY CORP 0.09PENN WEST ENERGY TRUST 0.19PETROFAC LTD 0.26


213





PHILLIPS 66 1.20PIONEER NATURAL RES. 0.47PLAINS EXPLORATION & PRODUCTION CO 0.23QEP RESOURCES INC 0.20RANGE RESOURCES CORP 0.39REPSOL YPF SA 0.63ROWAN CO INC 0.15ROYAL DUTCH SHELL PLC 4.86ROYAL DUTCH SHELL B 3.53SAIPEM SPA 0.39SANTOS 0.42SCHLUMBERGER LTD 3.49SEADRILL 0.49SHOWA SHELL 0.04SOUTHWESTERN ENERGY CO 0.44SPECTRA ENERGY CORP 0.68STATOIL 1.06SUBSEA 7 SA 0.25SUNCOR ENERGY INC 1.93SUPERIOR ENERGY SERVICES INC 0.12TALISMAN ENERGY 0.44TECHNIP SA 0.44TENARIS 0.37TONENGENERAL 0.09TOTAL SA 4.16TOURMALINE OIL CORP 0.16TRANSCANADA CORP 1.26TRANSOCEAN LTD 0.60TULLOW OIL PLC 0.71ULTRA PETROLEUM CORP 0.11VALERO ENERGY CORP 0.71VERMILION ENERGY INC 0.19WEATHERFORD INT'L 0.32WHITEHAVEN COAL LTD 0.06WHITING PETROLEUM CORP 0.19WILLIAMS COS 0.84WOODSIDE PETROLEUM 0.88WORLEYPARSONS 0.19

Total 100.00


214



%

Integrated Oil & Gas 57.12Exploration & Production 22.45Oil Equipment & Services 13.12Pipelines 4.50Gas Distribution 0.99Coal 0.61Multiutilities 0.50Iron & Steel 0.37Nonferrous Metals 0.30Specialty Finance 0.04

100.00


215



Shares

4.781 167 814973 080EURAKZO NOBEL NV - CVA23 4764.431 081 641829 053EURALLIANZ SE - REG10 3213.67896 233895 158EURANHEUSER-BUSCH INBEV NV13 6334.231 033 311861 805EURBASF SE - REG14 5236.291 537 9431 353 822EURBAYER AG21 3931.78435 830369 537EURBAYERISCHE MOTOREN WERKE AG5 9764.391 071 7991 022 994EURDAIMLER AG25 9393.00732 457789 750EURDE MASTER BLENDERS 1753 NV84 0073.97971 333802 651EURDEUTSCHE BANK AG - REG29 4794.991 219 5021 031 435EURDEUTSCHE POST AG - REG73 4644.481 096 0601 059 891EURDEUTSCHE TELEKOM AG - REG127 5231.57383 975353 140EURENEL SPA122 3633.92957 458925 095EURENI SPA52 2062.28557 964615 175EURE.ON AG39 6002.57627 888567 288JPYFANUC CORP4 4962.28556 559529 789JPYFAST RETAILING CO LTD2 9052.96722 651694 651EURING GROEP NV - CVA102 3443.07751 400573 771EURMUENCHENER RUECKVERSICHERUNGS AG - REG5 5255.291 291 920844 905JPYNEC CORP813 6632.15524 963724 963JPYNINTENDO CO LTD6 5260.3893 27692 343EURROYAL DUTCH SHELL PLC - A3 5914.471 092 3381 171 244EURRWE AG34 9666.841 674 5581 554 563EURSAP AG27 5924.701 149 4851 101 360EURSIEMENS AG - REG13 9841.18288 310276 321CHFSWISS LIFE HOLDING AG - REG2 8661.33325 017336 594JPYTAKEDA PHARMACEUTICAL CO LTD9 6110.2253 08541 654EURUNICREDIT SPA14 3243.86943 382718 399EURVOLKSWAGEN AG - PFD5 480

95.0823 238 15221 110 431Total Shares

Investment funds






Nominalvalue/


EUR EUR %


216

15.30Chemicals10.03Automobiles and Parts7.50Nonlife Insurance7.44Investment Fund6.85Software and Computer Services6.66Beverages6.04Electricity5.29Technology Hardware and Equipment4.99Industrial Transportation4.70General Industrials4.48Mobile Telecommunications4.30Oil and Gas Producers4.19Banks4.14Life Insurance2.57Industrial Engineering2.28Gas, Water and Multiutilities2.28General Retailers2.15Leisure Goods1.33Pharmaceuticals and Biotechnology

102.52




%

217

59.80Germany13.61Japan10.73Netherlands7.44France5.71Italy3.67Belgium1.18Switzerland0.38United Kingdom

102.52




%

218





3I GROUP PLC 0.07ABERDEEN ASSET MANAGEMENT PLC 0.10ACE (USD) 0.52ACOM 0.02ADMIRAL GROUP PLC 0.07AEGON NV 0.21AEON CREDIT 0.03AEON MALL 0.03AFFILIATED MANAGERS GROUP INC 0.13AFLAC INC 0.48AIA GROUP LTD 0.81ALLEGHANY CORP 0.08ALLIANZ SE 1.21ALLSTATE CP 0.37AMER EXPRESS CO 1.13AMER INTL GROUP 0.95AMERICAN CAPITAL AGENCY CORP 0.19AMERICAN TOWER CORP A 0.59AMERIPRISE FINANCIAL 0.25AMP LTD 0.28ANNALY CAPITAL MANAGEMENT INC 0.26AON CORP 0.33AOZORA BANK LTD 0.03ARCH CAPITAL GROUP LTD 0.12ASCENDAS REAL ESTATE INV 0.07ASSICURAZIONI GENERALI SPA 0.41ASSURANT INC 0.05AUSTRALIA & NEW ZEALAND BANKIN 1.36AUSTRALIAN STOCK EXCH. 0.11AVALONBAY COMMUNITIES 0.29AVIVA 0.34AXA SA 0.60AXIS CAPITAL HOLDINGS 0.08B M.PASCHI SIENA 0.04BALOISE HOLDING 0.08BANCHE POP UNITE 0.08

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 102.02%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD FINANCIALS TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD FINANCIALS TR

219





BANCO BILBAO VIZCAYA ARGENTARI 0.96BANCO POPOLARE SPA 0.06BANCO POPULAR ESPANOL 0.08BANCO SABADELL 0.14BANCO SANTANDER SA 1.60BANK HAPOALIM BM/ILS 0.09BANK LEUMI LE-ISRAEL BM 0.08BANK MONTREAL 0.76BANK OF AMERICA CORP 2.41BANK OF E ASIA 0.09BANK OF KYOTO 0.05BANK OF NEW YORK 0.58BANK OF NOVA SCOTIA 1.27BANK OF YOKOHAMA 0.11BANKIA SAU 0.01BANQUE CANTONALE VAUDOISE-BR 0.03BARCLAYS 0.95BB&T CORP 0.39BCO ESPIRITO SANTO E R 0.05BENDIGO BANK LTD 0.07BERKLEY (W.R.) CORP 0.08BERKSHIRE HATHAWAY INC CL B 1.59BLACKROCK INC 0.53BNP PARIBAS 1.08BOC HONG KONG 0.22BOSTON PROPERTIES 0.31BRITISH LAND CO PLC 0.15BROOKFIELD ASSET MAN A 0.39BROOKFIELD PROPERTIES 0.09CAMDEN PROPERTY TRUST 0.11CANADIAN IMPERIAL BANK 0.63CAP ONE FINAN 0.65CAPITACOMMERCIAL TRUST 0.05CAPITALAND LIMITED 0.15CAPITAMALL TRUST 0.08CAPITAMALLS ASIA LTD 0.04CB RICHARD ELLIS GROUP 0.12CENTRO RETAIL GROUP 0.06CFS RETAIL PROP TRUST 0.08CHEUNG KONG HOLDINGS LTD 0.41CHIBA BANK 0.08CHICAGO MERCANTILE EXCH (US) 0.31CHUBB CORP 0.39CHUGOKU BANK 0.05


220





CI FINANCIAL INCOME FUND 0.08CINCINNATI FINL CORP 0.12CIT GROUP INC 0.14CITIGROUP INC 2.23CITY DEVELOPMENTS 0.10CNP ASSURANCE 0.05COMERICA 0.11COMMERZBANK AG 0.14COMMONWEALTH BANK OF AUSTRALIA 1.98CORIO NV 0.06CORPORACION MAPFRE SA 0.05CREDIT AGRICOLE 0.15CREDIT SAISON 0.08CRITERIA CAIXACORP SA 0.05CS GROUP N 0.59DAI-ICHI LIFE INSURANCE CO 0.23DAITO TR CONST 0.13DAIWA HOUSE IND 0.17DAIWA SEC GROUP 0.18DANSKE BK 0.21DB RREEF TRUST 0.09DBS GROUP HOLDINGS 0.43DELTA LLOYD NV 0.04DEUTSCHE BANK AG 0.78DEUTSCHE BOERSE AG (2) 0.23DIAMOND LEASE 0.05DIGITAL REALTY TRUST INC 0.16DISCOVER FINANCIAL SERVICES 0.38DNB NOR ASA 0.24DUKE REALTY INVESTMENTS INC 0.07EATON VANCE CORP 0.07EQUITY RESIDENTIAL 0.35ERSTE BANK AUSTRIA 0.13EURAZEO 0.03EVEREST RE GROUP 0.11FEDERAL REALTY INV TRUST 0.13FIDELITY NAT'L FINANCIAL 0.09FIFTH THR BNCP 0.27FIRST PACIFIC CO LTD 0.04FIRST REPUBLIC BANK/SAN FRANCISCO CA 0.06FONCIERE DES REGIONS 0.04FORENINGSSPARBANKEN 0.30FORTIS 0.13FRANKLIN RESOURCES 0.36


221





FUKUOKA FINANCIAL GROUP INC 0.06GECINA 0.05GENERAL GROWTH PROPERTIES 0.16GJENSIDIGE FORSIKRING ASA 0.05GLOBAL LOGISTIC PROPERTIES LTD 0.09GOLDM SACHS GRP 1.12GPT GROUP 0.10GREAT WEST LIFECO 0.13GROUPE BRUXELLES LAMBERT SA 0.12GUNMA BANK 0.04H&R REAL ESTATE INVESTMENT 0.04HACHIJUNI BANK 0.04HAMMERSON PLC 0.11HANG LUNG PROPERTIES LTD 0.17HANG SENG BANK 0.23HANNOVER RUECK 0.09HARGREAVES LANSDOWN PLC 0.05HARTFORD FINANCIAL SVCS 0.18HCP INC 0.39HEALTH CARE REIT INC 0.30HENDERSON LAND 0.13HIROSHIMA BANK 0.04HKEX 0.36HOST HOTELS & RESORTS 0.22HSBC HOLDINGS PLC 3.77HUDSON CITY BANCORP 0.07HYSAN DEVELOPMENT 0.06ICADE (EX ICADE EMGP) 0.04ICAP PLC 0.05IGM FINANCIAL 0.08IMMOFINANZ AG 0.07INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC 0.05INDUSTRIVARDEN AB-C SHS 0.04ING CANADA INC 0.16ING GROEP NV 0.69INSURANCE AUSTRALIA GRP. 0.19INTERCONTINENTALEXCHANGE INC 0.17INTESA 0.03INTESA SANPAOLO SPA 0.33INVESCO LTD 0.22INVESTEC 0.07INVESTOR AB 0.23ISTITUTO FINANZIARIO INDUSTRIALE SPA 0.03IYO BANK 0.04


222





JAPAN PRIME REALTY INVT 0.04JAPAN REAL ESTATE INV CORP 0.11JAPAN RETAIL FUND INV CORP 0.07JOYO BANK 0.06JPMORGAN CHASE & CO 3.21JULIUS BAER GROUP LTD (EX GAM) 0.15KBC GROEP NV 0.16KEPPEL LAND 0.05KERRY PROPERTIES 0.07KEYCORP 0.15KIMCO REALTY CORP 0.15KINNEVIK INVESTMENT AB 0.08KLEPIERRE 0.08LAND SECURITIES GROUP PLC 0.20LEGAL & GENERAL 0.27LEGG MASON COMMON 0.06LEND LEASE 0.10LEUCADIA NATIONAL CORP 0.10LIBERTY INTL 0.06LIBERTY PROPERTY TRUST 0.08LINCOLN NATL 0.14LINK REIT 0.22LLOYDS TSB GRP 0.63LOEWS CORP 0.25LONDON STOCK EXCHANGE 0.06M&T BANK CORP 0.22MACQUARIE BANK 0.23MACQUARIE GOODMAN GROUP 0.15MANULIFE FINANCIAL CORP 0.47MARSH & MCLENNAN 0.36MEDIOBANCA 0.06METLIFE INC 0.54MILLEA HOLDINGS 0.37MIRVAC GROUP 0.10MITSUBISHI ESTATE CO LTD 0.57MITSUBISHI UFJ FINANCIAL GROUP 1.31MITSUI FUDOSAN 0.39MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INC 0.19MITSUI TRUST HLD 0.21MIZRAHI TEFAHOT BANK LTD 0.02MIZUHO FINANCIAL 0.80MOODY'S CORP 0.19MORGAN STANLEY 0.55MUENCHENER RUECKVERSICHERUNGS 0.62


223





NASDAQ OMX GROUP/THE 0.06NATIONAL AUSTRALIA BANK LTD 1.14NATIONAL BANK OF CANADA 0.24NATIXIS (FR) 0.06NEW WORLD DEVELOPMENT CO LTD 0.11NEW YORK COMMUN. BANCORP 0.11NIPPON BUILDING FUND INC 0.12NISHI-NP CITY BK 0.03NKSJ HOLDINGS INC 0.15NOMURA HOLDINGS 0.41NOMURA OFFICE REIT 0.03NOMURA REAL ESTATE HOLDINGS 0.03NORDEA 0.48NORTHERN TRUST CORP 0.21NTT URBAN DEV 0.02NYSE GROUP INC 0.15OCBC BANK 0.40OKO PANKKI A 0.04OLD MUTUAL 0.27ONEX CORP 0.07ORIX 0.23PARGESA 0.04PARTNERRE 0.10PARTNERS GROUP HOLDING AG 0.08PEOPLE'S BANK/BRIDGEPORT CT 0.08PLUM CREEK TIMBER COMMON 0.14PNC FINL SVC 0.59POWER CORP OF CANADA 0.17POWER FINANCIAL CORP 0.13PRICE (T. ROWE) GROUP 0.32PRINCIPAL FINL 0.16PROGRESS CORP OH 0.23PROLOGIS INC 0.32PRUDENTIAL 0.69PRUDENTIAL FINL 0.48PUBLIC STORAGE 0.41QBE INSURANCE GROUP 0.26RAIFFEISEN INTERNATIONAL 0.04RATOS AB 0.04RAYONIER INC 0.12REALTY INCOME CORP 0.10REGENCY CENTERS CORP 0.08REGIONS FINANCIAL (NEW) 0.19REI-U.TO 0.08


224





RENAISSANCERE HOLDINGS 0.08RESOLUTION LTD 0.11RESONA HOLDINGS 0.16ROYAL BANK OF CANADA 1.67ROYAL BANK OF SCOTLAND 0.21RSA INSURANCE GROUP PLC 0.14SAMPO OYJ 0.26SBI HOLDINGS 0.04SCHRODERS PLC/ORD LN GBP 0.06SCHWAB (CHARLES) CORP 0.30SCOR S.A. 0.08SEI INVESTMENTS COMPANY 0.06SEVEN BANK 0.03SHINSEI BANK 0.06SHIZUOKA BANK 0.10SHOEI 0.03SIMON PROPERTY GROUP INC 0.92SINGAPORE EXCHANGE 0.09SINO LAND CO LTD 0.10SKANDINAVISKA ENSKILDA BK 0.23SL GREEN REALTY CORP 0.13SLOUGH ESTATES PLC 0.06SOCIÉTÉ GENERALE 0.50SONY FINANCIAL HOLDINGS INC 0.06STANDARD CHARTERED 1.18STANDARD LIFE PLC 0.24STATE STREET CORP 0.43STOCKLAND 0.16SUMITOMO MITSUI FINANCIAL GROU 0.93SUMITOMO RE&DEV 0.23SUN HUNG KAI PROPERTIES LTD 0.45SUN LIFE FINANCIAL 0.30SUNCORP-METWAY 0.26SUNTRUST BANKS 0.29SURUGA BANK 0.04SVENSKA HANDELSBANKEN AB 0.34SWIRE PACIFIC LTD 0.16SWIRE PROPERTIES LTD 0.08SWISS LIFE HOLDING 0.08SWISS PRIME SITE-REG 0.09SWISS RE LTD 0.49T&D HOLDINGS 0.13TD AMERITRADE HOLDING CORP 0.07THE MACERICH COMPANY 0.15


225





TOKYU LAND CORP 0.06TORCHMARK CORP 0.09TORONTO-DOMINION BANK/THE 1.48TRAVELERS COS INC/THE 0.53TRYGVESTA 0.04UBS AG 1.09UNIBAIL-RODAMCO SE 0.42UNICREDIT SPA 0.38UNITED DOMINION REALTY 0.11UNITED OVERSEAS BANK 0.40UNITED OVERSEAS LAND 0.04UNUMPROVIDENT CORP 0.11US BANCORP 1.16USA EDUCTION INC 0.15VENTAS INC 0.37VORNADO REALTY TRUST 0.26WELLS FARGO & CO 3.30WENDEL 0.06WESTFIELD GROUP 0.45WESTFIELD RETAIL TRUST 0.18WESTPAC BANKING CORP 1.60WEYERHAEUSER CO 0.29WHARF HOLDINGS LTD 0.23WHEELOCK 0.09WIENER STAEDTISCHE 0.04WILLIS GROUP HOLDING LIMITED 0.11WING HANG BANK (HKD) 0.04XL CAPITAL 0.15YAMAGUCHI FINANCIAL GROUP INC 0.04ZURICH FINANCIAL SERVICES AG 0.75

Total 100.00


226



%

Banks 50.64Life Insurance 7.96Investment Services 4.80Full Line Insurance 4.50Property & Casualty Insurance 4.25Real Estate Holding & Development 4.09Retail REITs 3.89Asset Managers 3.82Reinsurance 3.42Specialty REITs 2.61Consumer Finance 2.44Industrial & Office REITs 2.19Specialty Finance 1.60Residential REITs 1.12Insurance Brokers 0.87Mortgage REITs 0.45Diversified Industrials 0.24Diversified REITs 0.24Hotel & Lodging REITs 0.22Real Estate Services 0.22Home Construction 0.17Heavy Construction 0.13Mortgage Finance 0.09Food Products 0.04

100.00


227



Shares2.62499 387466 612EURADIDAS AG - REG7 4173.02575 562472 747EURALLIANZ SE - REG5 4924.89931 404954 604EURANHEUSER-BUSCH INBEV NV14 1683.98758 032625 847EURBASF SE - REG10 6544.71896 037793 391EURBAYER AG12 4644.74902 728761 231EURBAYERISCHE MOTOREN WERKE AG12 3784.45846 833911 421EURDE MASTER BLENDERS 1753 NV97 1250.1121 68122 711EURDEUTSCHE BANK AG - REG6585.361 020 501957 410EURDEUTSCHE BOERSE AG22 0845.611 067 3261 047 534EURDEUTSCHE TELEKOM AG - REG124 1804.42842 448830 505EURENI SPA45 9351.80341 781404 509EURE.ON AG24 2573.64692 967634 979JPYFANUC CORP4 9624.94941 456877 656JPYFAST RETAILING CO LTD4 9141.44273 755274 352EURFRESENIUS SE & CO KGAA3 1434.53862 332810 000EURING GROEP NV - CVA122 1260.2546 86447 296EURINTESA SANPAOLO SPA36 0490.98186 829181 925EURKONINKLIJKE AHOLD NV18 4343.22613 1211 050 194EURKONINKLIJKE KPN NV164 9951.94369 648293 710EURMUENCHENER RUECKVERSICHERUNGS AG - REG2 7184.62880 562946 930EURRWE AG28 1873.29626 903622 196EURSAIPEM SPA21 3963.46659 128716 502JPYSEVEN & I HOLDINGS CO LTD30 8324.91933 959880 104JPYSHIN-ETSU CHEMICAL CO LTD20 3573.92746 642648 660EURSOLVAY SA6 8280.5298 543102 053JPYTAKEDA PHARMACEUTICAL CO LTD2 9142.19416 864503 837EURTELECOM ITALIA SPA610 3424.57869 835854 481EURUNICREDIT SPA234 7100.4686 93663 731EURVOLKSWAGEN AG - PFD505

94.5918 010 06417 757 128Total Shares

Investment funds7.431 414 0981 413 593EURUK EQUITY HOLDINGS1 400




Nominalvalue/


EUR EUR %



228

17.51Chemicals9.34Beverages8.41General Retailers7.43Investment Fund5.61Mobile Telecommunications5.41Fixed Line Telecommunications5.36Financial Services5.20Automobiles and Parts4.96Nonlife Insurance4.93Banks4.62Electricity4.53Life Insurance4.42Oil and Gas Producers3.64Industrial Engineering3.29Oil Equipment, Services and Distribution2.62Personal Goods1.80Gas, Water and Multiutilities1.44Health Care Equipment and Services0.98Food and Drug Retailers0.52Pharmaceuticals and Biotechnology

102.02




%

229

40.41Germany17.47Japan14.72Italy13.18Netherlands8.81Belgium7.43France

102.02




%

230





ABC MART 0.04ACCOR SA 0.18ADIDAS SALOMON 0.65ADVANCE AUTO PARTS 0.19AISIN SEIKI 0.21AMAZON 3.18AOL TIME WARNER 1.59ASICS 0.08AUTOLIV INC 0.22AUTOZONE INC 0.42AXEL SPRINGER AG 0.06BAYERISCHE MOTOREN WERKE AG 1.11BED BATH BEYOND 0.45BENESSE HOLDINGS INC 0.10BEST BUY CO INC 0.12BLOCK (H&R) 0.18BMW ACTION PREF. 0.12BORG WARNER INC 0.29BRIDGESTONE CORP 0.59BRITISH SKY BROADCASTING GROUP 0.47BURBERRY 0.31CABLEVISION SYSTEMS A 0.10CANADIAN TIRE CORP A 0.19CARMAX 0.30CARNIVAL CORP 0.58CARNIVAL PLC 0.24CASIO COMPUTER 0.07CBS CORP B 0.79CHARTER COMMUNICATIONS INC 0.11CHIPOTLE MEXICAN GRILL INC 0.33CHRISTIAN DIOR 0.32COACH 0.55COMCAST A SPECIAL (NEW) 0.73COMCAST CORP A 2.76COMPASS GROUP PLC 0.77CONTINENTAL AG 0.44

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 101.31%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD CONSUMER DISCRETIONARY TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMERDISCRETIONARY TR

231





CROWN LTD 0.16D.R. HORTON 0.20DAIHATSU MOTOR 0.13DAIMLER AG 1.73DARDEN REST 0.20DELPHI AUTOMOTIVE PLC 0.41DENSO 0.58DENTSU INC 0.17DICK'S SPORTING GOODS INC 0.15DIRECTV 1.10DISCOVERY COMMUNICATIONS INC 0.19DISCOVERY HOLDING A 0.32DOLLAR GENERAL CORP 0.41DOLLAR TREE STORES INC. 0.33DOLLARAMA INC 0.15DON QUIJOTE 0.07ECHO ENTERTAINMENT GROUP LTD 0.09ECHOSTAR COMMUNI. A 0.27ELECTROLUX AB 0.22EUTELSAT COMMUNICATIONS 0.15EXPEDIA COMMON 0.21FAMILY DOLLAR STORES 0.22FAST RETAILING CO LTD 0.47FED DEPT STRS 0.55FIAT SPA (MILAN) 0.15FLIGHT CENTRE LTD 0.05FORD MOTOR CO 1.61FOSSIL INC 0.17FUJI HEAVY INDS 0.26GALAXY ENTERTAINMENT GROUP LTD 0.29GAMESTOP CORP 0.11GAP INC 0.34GARMIN 0.17GENERAL MOTORS CO 0.79GENTING INTERNATIONAL PLC 0.24GENUINE PARTS CO 0.34GILDAN ACTIVEWEAR 0.15GKN 0.21GOODYEAR TIRE 0.12HAKUHODO DY HLDG 0.05HARLEY-DAVIDSON 0.39HARVEY NORMAN HOLDINGS 0.04HASBRO INC 0.15HENNES & MAURITZ AB 1.15


232





HOME DEPOT INC 3.26HONDA MOTOR CO LTD 2.07HUGO BOSS AG 0.09HUSQVARNA AB 0.09INDITEX SA 1.06INTERCONTINENTAL HOTELS G 0.26INTERPUBLIC GRP 0.17INTL GAME TECH 0.13ISETAN MITSUKOSHI HOLDINGS LTD 0.12ISUZU MOTORS 0.25ITV PLC 0.22J C DECAUX SA 0.06J C PENNEY CO 0.11J FRONT RETAILING CO LTD 0.09JARDINE CYCLE & CARRIAGE 0.15JOHNSON CONTROLS 0.73JUPITER TELECOMMUNICATIONS CO 0.09KABEL DEUTSCHLAND HOLDING AG 0.23KINGFISHER 0.38KOHL'S CORP 0.33KOITO MFG 0.05LAGARDERE 0.14LAS VEGAS SANDS CORP 0.66LEGGETT & PLATT 0.13LENNAR CORP A 0.22LI & FUNG 0.36LIBERTY GLOBAL A 0.30LIBERTY GLOBAL C 0.23LIBERTY INTERACTIVE A 0.35LIBERTY MEDIA CORP - LIBERTY C 0.42LIMITED BRANDS 0.40LKQ CORP 0.22LOWES COMPANIES 1.46LULULEMON ATHLETICA INC 0.27LUXOTTICA 0.24LVMH MOET HENNESSY LOUIS VUITT 1.63MAGNA INTERNATIONAL A 0.39MARKS & SP. 0.35MARRIOTT INT'L A 0.34MARUI 0.06MATSUSHITA E IND 0.47MATTEL INC 0.44MAZDA MOTOR 0.19MCDONALDS COMPANY (JAPAN) 0.06


233





MCDONALD'S CORP 3.11MCGRAW-HILL COMPANIES INC 0.48MGM CHINA HOLDINGS LTD 0.06MGM MIRAGE 0.15MICHELIN 0.60MITSUBISHI MOTOR 0.14MOHAWK INDUSTRIES 0.19N O K CORP 0.06NAMCO BANDAI HLD 0.08NETFLIX.COM INC 0.17NEWELL RUBBERMD 0.22NEWS CORP A 1.40NEWS CORP B 0.40NEXT 0.35NGK SPARK PLUG 0.08NHK SPRING 0.05NIKE INC CL B 1.31NIKON CORP 0.35NISSAN MOTOR CO 0.82NITORI CO 0.09NOERDSTROM 0.30NOKIAN RENKAAT 0.16OMNICOM GROUP INC 0.46OPAP SA 0.06OREILLY AUTOMOTIVE INC 0.37ORIENTAL LAND 0.21PEARSON PLC 0.55PETSMART 0.26PEUGEOT SA 0.06PHILLIPS-VAN HEUSEN CORP 0.27PINAULT-PR RED 0.49PIRELLI & C 0.09POLARIS INDUSTRIES INC 0.19POLO RALPH LAUREN CORP A 0.32PORSCHE PREF 0.44PRICELINE.COM INC 1.08PROSIEBENSAT.1 MEDI.PREF 0.09PUBLICIS GROUPE SA 0.37PULTE HOMES 0.22RAKUTEN 0.20REED ELSEVIER NV 0.35REED ELSEVIER PLC 0.45RENAULT SA 0.36RICHEMONT AG 1.42


234





RINNAI 0.08ROSS STORES 0.43ROYAL CARIBBEAN CRUISES 0.17SANDS CHINA LTD 0.37SANKYO 0.07SANRIO 0.05SCRIPPS NETWORKS INTERAC-W/I 0.17SEARS HOLDINGS CORP 0.05SEGA SAMMY HOLDINGS INC 0.12SEKISUI CHEMICAL 0.13SEKISUI HOUSE 0.21SES SA 0.30SHANGRI-LA ASIA 0.11SHARP CORP/JAPAN 0.12SHAW COMMUNICATIONS B 0.30SHIMAMURA CO LTD 0.08SHIMANO 0.17SINGAPORE PRESS HLDG 0.19SIRIUS SATELLITE RADIO 0.39SJM HOLDINGS LTD 0.16SKY CITY ENTERTAINMENT 0.06SODEXO 0.28SONY CORP 0.39STANLEY ELEC 0.07STAPLES INC 0.27STARBUCKS CORP 1.43STARWOOD HOTELS 0.39SUMITOMO RUBBER 0.07SUZUKI MOTOR 0.33SWATCH GROUP I 0.54SWATCH GROUP N 0.13TABCORP HOLDINGS 0.08TAKASHIMAYA 0.07TARGET CORP 1.29TATTERSALL'S LTD 0.15THOMSON CORP 0.38TIFFANY & CO 0.25TIM HORTONS INC. 0.27TIME WARNER CABLE INC 1.04TJX CO INC 1.09TOHO 0.07TOLL BROTHERS 0.17TOYODA GOSEI 0.05TOYOTA BOSHOKU 0.03


235





TOYOTA INDUSTRI 0.18TOYOTA MOTOR CORP 4.40TRACTOR SUPPLY COMPANY 0.22TRW AUTOMOTIVE HOLDINGS CORP 0.19TUI TRAVEL PLC 0.07ULTA SALON COSMETICS & FRAGRANCE INC 0.21UNDER ARMOUR INC 0.13URBAN OUTFITTER 0.16USS 0.08VF CORP 0.46VIACOM INC / 0.85VIRGIN MEDIA INC 0.33VOLKSWAGEN AG 1.15VOLKSWAGEN AG 0.22WALT DISNEY CO/THE 2.97WHIRLPOOL CORP 0.28WHITBREAD 0.25WOLTERS KLUWER NV 0.22WPP PLC 0.64WYNDHAM WORLDWIDE CORP 0.26WYNN MACAU LTD 0.15WYNN RESORTS 0.32YAMADA DENKI 0.12YAMAHA CORP 0.06YAMAHA MOTOR 0.11YUE YUEN IND 0.09YUM! BRANDS INC 1.06

Total 100.00


236



%

Broadcasting & Entertainment 18.41Automobiles 16.64Restaurants & Bars 7.75Clothing & Accessories 7.37Broadline Retailers 6.47Apparel Retailers 6.16Home Improvement Retailers 5.19Specialty Retailers 5.12Auto Parts 4.36Gambling 2.95Publishing 2.81Footwear 2.17Tires 2.07Media Agencies 1.92Hotels 1.55Recreational Services 1.44Travel & Tourism 1.42Home Construction 1.14Consumer Electronics 1.05Durable Household Products 0.93Toys 0.78Recreational Products 0.76Specialized Consumer Services 0.47Fixed Line Telecommunications 0.33Furnishings 0.32Commercial Vehicles & Trucks 0.25Telecommunications Equipment 0.17

100.00


237



Shares

3.28292 347287 701EURADIDAS AG - REG4 3424.18373 193327 974EURALLIANZ SE - REG3 5617.32652 994661 056EURANHEUSER-BUSCH INBEV NV9 9331.40124 471117 676EURASSICURAZIONI GENERALI SPA9 0593.07273 429234 774EURBASF SE - REG3 8434.67416 459418 976EURBAYER AG5 7934.17371 578331 930EURBAYERISCHE MOTOREN WERKE AG5 0951.69151 107145 058EURDAIMLER AG3 6575.12456 522471 665EURDEUTSCHE BANK AG - REG13 8551.62144 129126 413EURDEUTSCHE BOERSE AG3 1190.7163 28562 453EURDEUTSCHE TELEKOM AG - REG7 3632.94262 663243 746EURENEL SPA83 7043.74333 553327 634EURE.ON AG23 6732.11188 417169 894EUREUROPEAN AERONAUTIC DEFENCE AND SPACE

CO NV6 387

0.9988 12280 932JPYFANUC CORP6311.68149 821137 167JPYFAST RETAILING CO LTD7821.51134 803160 056EURFIAT SPA35 5680.8374 15573 218SEKHENNES & MAURITZ AB - B2 8331.87167 240163 671EURING GROEP NV - CVA23 6851.18105 07296 131EURLINDE AG7960.9786 76882 783EURMUENCHENER RUECKVERSICHERUNGS AG - REG6382.60231 772211 440JPYNEC CORP145 9720.3329 80127 801EURPORSCHE AUTOMOBIL HOLDING SE - PFD4830.9484 23783 433EURROYAL DUTCH SHELL PLC - A3 2437.21643 388658 731EURRWE AG20 5952.49221 822202 146EURSAP AG3 6550.5044 72349 232JPYSEVEN & I HOLDINGS CO LTD2 0921.12100 15494 379JPYSHIN-ETSU CHEMICAL CO LTD2 1838.17727 881696 613EURSIEMENS AG - REG8 8550.8676 35359 157CHFSWISS LIFE HOLDING AG - REG7591.83163 334163 693EURTELECOM ITALIA SPA239 1421.61143 601128 545SEKTELEFONAKTIEBOLAGET LM ERICSSON - B18 9193.34298 140293 664JPYTOKYO ELECTRON LTD8 6374.37389 452374 968EURUNICREDIT SPA105 087



Nominalvalue/


EUR EUR %


238


Shares (cont.)


7.54672 893670 677EURUNILEVER NV23 3362.22198 317154 745EURVOLKSWAGEN AG - PFD1 152

100.188 935 9968 590 132Total Shares

Investment funds






Nominalvalue/


EUR EUR %


239

10.17Electricity10.03Chemicals9.93Automobiles and Parts9.48Banks8.16General Industrials7.55Technology Hardware and Equipment7.54Food Producers7.32Beverages6.55Nonlife Insurance3.74Gas, Water and Multiutilities3.28Personal Goods3.01General Retailers2.73Life Insurance2.49Software and Computer Services2.11Aerospace and Defense1.83Fixed Line Telecommunications1.62Financial Services1.13Investment Fund0.99Industrial Engineering0.94Oil and Gas Producers0.71Mobile Telecommunications

101.31



%


240

54.81Germany12.05Italy11.53Netherlands10.23Japan7.32Belgium2.44Sweden1.13France0.94United Kingdom0.86Switzerland

101.31



%


241





AEON CO LTD 0.25AJINOMOTO 0.31ALIMENTATION COUCHE-T. B 0.23ALTRIA GROUP 2.35ANHEUSER-BUSCH INBEV NV 2.58ARCHER-DANIELS-MIDLAND CO 0.66ARYZTA AG 0.16ASAHI BREWERIES 0.30ASSOCIATED BRIT FOODS 0.33AVON PRODUCTS INC 0.23BARRY CALLEBAUT-AG. 0.06BEAM INC 0.32BEIERSDORF 0.30BRITISH AMERICAN TOBACCO PLC 3.63BROWN-FORMAN CORP/NYC 0.28BUNGE 0.39CALBEE INC 0.04CAMPBELL SOUP CO 0.24CARLSBERG 'B' 0.39CARREFOUR SA 0.57CASINO 0.20CHURCH & DWIGHT CO INC 0.27CLOROX CO 0.33COCA COLA ENT 0.34COCA COLA HELLENIC BOTTLING CO 0.17COCA-COLA AMATIL 0.29COCA-COLA CO 5.42COCA-COLA WEST H 0.03COLGATE PALMOLIV 1.82COLRUYT 0.14CONAGRA FOODS 0.44CONSTELLATION BRANDS A 0.20COSTCO WHOLESALE CORP 1.57CVS CORPORATION 2.26DANONE 1.40DE MASTER BLENDERS 1753 NV 0.25

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 102.44%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD CONSUMER STAPLES TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD CONSUMERSTAPLES TR

242





DELHAIZE GROUP SA 0.15DIAGEO PLC 2.68DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA 0.14DR PEPPER SNAPPLE GROUP INC 0.34EMPIRE CO LTD 0.07ENERGIZER HOLDINGS INC 0.19ESTEE LAUDER COS A 0.52FAMILYMART 0.09GENERAL MILLS 0.96GOLDEN AGRI-RESOURCES LTD 0.14GREEN MOUNTAIN COFFEE ROASTERS INC 0.20H J HEINZ CO 0.68HANSEN NATURAL CORP 0.29HEINEKEN HLDG 0.20HEINEKEN NV 0.56HENKEL 0.33HENKEL KGAA VZ 0.54HERBALIFE LTD 0.14HERSHEY CO COMMON (THE) 0.42HORMEL FOODS CORP 0.17IMPERIAL TOBACCO GROUP PLC 1.41JAPAN TOBACCO 0.93JERONIMO MARTINS SGPS 0.16KAO CORPORATION 0.50KELLOGG CO 0.51KERRY GRP A 0.29KESKO 0.08KIKKOMAN CORP 0.09KIMBERLY-CLARK 1.23KIRIN BREWERY 0.37KONINKLIJKE AHOLD NV 0.50KRAFT FOODS 1.58KRAFT FOODS GROUP INC 0.94KROGER CO 0.50L OREAL 1.23LAWSON 0.15LINDT & SPRUENGLI 0.14LINDT & SPRUENGLI AG 0.10LOBLAW 0.17LORILLARD INC 0.56MCCORMICK & CO N-VTG 0.28MEAD JOHNSON NUTRITION CO 0.49MEIJI HOLDINGS CO LTD 0.10METCASH LTD 0.11


243





METRO AG 0.13METRO INC 0.23MOLSON COORS BREWING CO. 0.23MORRISON (WILLIAM) SUPERM 0.36NESTLE SA 7.73NIP MEAT PACKERS 0.09NISSHIN GROUP 0.09NISSIN FOOD 0.08OLAM INTERNATIONAL 0.07PEPSICO INC/NC 3.92PERNOD-RICARD SA 0.90PHILIP MORRIS INTERNATIONAL IN 5.19PROCTER & GAMBLE CO/THE 6.89RALCORP HOLDINGS INC 0.18RECKITT BENCKISER GROUP PLC 1.51REMY COINTREAU 0.09REYNOLDS AMERICAN INC 0.52SABMILLER 1.62SAFEWAY INC 0.16SAINSBURY (J) 0.25SAPUTO 0.24SEVEN & I HOLDINGS CO LTD 0.78SHISEIDO 0.19SHOPPERS DRUG MART CORP 0.33SMUCKER (J.M.) CO 0.35SUEDZUCKER AG 0.12SVENSKA CELLULOSA AB 0.46SWEDISH MATCH 0.25SYSCO CORP 0.68TATE & LYLE PLC 0.21TESCO PLC 1.62TOYO SUISAN 0.09TREASURY WINE ESTATES LTD 0.12TYSON FOODS A 0.21UNI-CHARM 0.22UNILEVER NV 2.28UNILEVER PLC 1.82WALGREEN CO 1.22WAL-MART STORES INC 4.67WESFARMERS 1.42WESTON (GEORGE) 0.13WHOLE FOODS MARKET 0.59WILMAR INTERNATIONAL LTD 0.19WOOLWORTHS LTD 1.38


244





YAKULT HONSHA 0.16YAMAZAKI BAKING 0.05

Total 100.00


245



%

Food Products 25.35Tobacco 14.84Soft Drinks 10.81Nondurable Household Products 10.06Food Retailers & Wholesalers 8.77Broadline Retailers 7.28Personal Products 6.70Brewers 6.24Distillers & Vintners 4.59Drug Retailers 3.81Home Improvement Retailers 1.42Farming & Fishing 0.14

100.00


246



Shares

3.81422 832427 040EURADIDAS AG - REG6 2806.22689 164598 002EURALLIANZ SE - REG6 5766.76748 515761 366EURANHEUSER-BUSCH INBEV NV11 3862.20244 272245 035EURASML HOLDING NV5 0893.80421 208341 740EURBASF SE - REG5 9204.00443 777428 911EURBAYER AG6 1734.21467 288430 992EURDAIMLER AG11 3091.67185 619187 812EURDE MASTER BLENDERS 1753 NV21 2893.30365 613312 463EURDEUTSCHE BANK AG - REG11 0965.19575 777498 400EURDEUTSCHE BOERSE AG12 4603.37373 951363 074EURDEUTSCHE TELEKOM AG - REG43 5082.72302 005286 020EURENI SPA16 4673.90432 507542 125EURE.ON AG30 6963.90432 371385 657JPYFANUC CORP3 0962.76305 772278 943JPYFAST RETAILING CO LTD1 5963.58396 991359 914EURING GROEP NV - CVA56 2231.25138 938237 981EURKONINKLIJKE KPN NV37 3892.83313 344279 764EURMUENCHENER RUECKVERSICHERUNGS AG - REG2 3043.67406 432462 608EURRWE AG13 0100.2527 63027 422EURSAIPEM SPA9436.84757 532694 244EURSAP AG12 4823.78418 738394 592JPYSHIN-ETSU CHEMICAL CO LTD9 1276.04669 437634 557EURSIEMENS AG - REG8 1442.14237 741208 737JPYSOFTBANK CORP8 6310.1314 06814 569JPYTAKEDA PHARMACEUTICAL CO LTD4161.54171 132134 283EURUNICREDIT SPA46 1771.62179 930182 499EURUNILEVER NV6 2404.58508 015372 416EURVOLKSWAGEN AG - PFD2 951

96.0610 650 59910 091 166Total Shares

Investment funds





Nominalvalue/


EUR EUR %



247

11.58Chemicals9.04Nonlife Insurance8.80Automobiles and Parts8.43Beverages6.83Software and Computer Services6.38Investment Fund6.04General Industrials5.52Mobile Telecommunications5.19Financial Services4.84Banks3.90Gas, Water and Multiutilities3.90Industrial Engineering3.81Personal Goods3.67Electricity3.58Life Insurance2.76General Retailers2.72Oil and Gas Producers2.20Technology Hardware and Equipment1.62Food Producers1.25Fixed Line Telecommunications0.25Oil Equipment, Services and Distribution0.13Pharmaceuticals and Biotechnology

102.44



%


248

61.75Germany12.71Japan10.33Netherlands6.75Belgium6.38France4.52Italy

102.44



%


249



At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 101.42%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe EURO STOXX 50 TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR



AIR LIQUIDE SA 1.87ALLIANZ SE 3.02ANHEUSER-BUSCH INBEV NV 3.12ARCELOR MITTAL 0.76ASML HOLDING NV 1.09ASSICURAZIONI GENERALI SPA 1.17AXA SA 1.70BANCO BILBAO VIZCAYA ARGENTARI 2.40BANCO SANTANDER SA 3.95BASF SE 4.17BAYER AG 3.79BAYERISCHE MOTOREN WERKE AG 1.49BNP PARIBAS 2.85CARREFOUR SA 0.73CIE DE ST-GOBAIN 0.91CRH PLC 0.70DAIMLER AG 2.59DANONE 1.90DEUTSCHE BANK AG 1.96DEUTSCHE TELEKOM /ETR 1.63E.ON AG 1.80ENEL SPA 1.27ENI SPA 3.13ESSILOR INTERNAT 1.02FRANCE TELECOM SA 1.02GDF SUEZ 1.40IBERDROLA SA 1.22INDITEX SA 1.41ING GROEP NV 1.72INTESA SANPAOLO SPA 1.16KONINKLIJKE PHILIPS ELECTRONIC 1.21L OREAL 1.59LVMH MOET HENNESSY LOUIS VUITT 2.35MUENCHENER RUECKVERSICHERUNGS 1.39NOKIA OYJ 0.70REPSOL YPF SA 0.77

250






RWE AG 0.97SANOFI-AVENTIS SA 5.43SAP AG 3.57SCHNEIDER ELECTRIC SA 1.91SIEMENS AG 4.36SOCIÉTÉ GENERALE 1.39TELEFONICA SA 2.58TOTAL SA 5.50UNIBAIL-RODAMCO SE 1.09UNICREDIT SPA 1.28UNILEVER NV 2.88VINCI SA 1.15VIVENDI SA 1.36VOLKSWAGEN AG 1.58

Total 100.00

251




%

Banks 14.97Integrated Oil & Gas 9.40Commodity Chemicals 6.04Full Line Insurance 5.89Automobiles 5.66Diversified Industrials 5.57Pharmaceuticals 5.43Food Products 4.79Multiutilities 4.17Specialty Chemicals 3.79Fixed Line Telecommunications 3.60Software 3.57Brewers 3.12Conventional Electricity 2.49Clothing & Accessories 2.35Electrical Components & Equipment 1.91Life Insurance 1.72Mobile Telecommunications 1.63Building Materials & Fixtures 1.61Personal Products 1.59Apparel Retailers 1.41Reinsurance 1.39Broadcasting & Entertainment 1.36Heavy Construction 1.15Semiconductors 1.09Retail REITs 1.09Medical Supplies 1.02Iron & Steel 0.76Food Retailers & Wholesalers 0.73Telecommunications Equipment 0.70

100.00

252



Shares

1.3125 51822 096EURADIDAS AG - REG3794.7192 01468 950EURALLIANZ SE - REG8784.3985 79796 238JPYASTELLAS PHARMA INC2 5242.8756 06253 833EURBANCO POPOLARE SC44 5649.28181 576165 013EURBASF SE - REG2 5524.3585 11880 184EURBAYER AG1 1846.28122 668103 789EURBAYERISCHE MOTOREN WERKE AG1 6825.31103 87896 551EURDAIMLER AG2 5144.6290 25091 796EURDEUTSCHE BANK AG - REG2 7394.2783 55284 320EURDEUTSCHE TELEKOM AG - REG9 7217.55147 763156 797EURE.ON AG10 4874.0879 74373 649JPYFANUC CORP5713.2663 79859 301JPYFAST RETAILING CO LTD3331.0320 04519 544EURINDITEX SA1902.7854 27654 777EURINTESA SANPAOLO SPA41 7510.6813 25123 964EURKONINKLIJKE KPN NV3 5665.32104 04080 784EURMUENCHENER RUECKVERSICHERUNGS AG - REG7650.8416 36514 518JPYNEC CORP10 3073.6471 06870 356EURROYAL DUTCH SHELL PLC - A2 7364.3685 19189 871EURRWE AG2 7274.6390 596105 623EURSAIPEM SPA3 0923.7673 55666 951EURSAP AG1 2121.9037 07234 908EURSIEMENS AG - REG4512.1441 79143 688EURTELECOM ITALIA SPA61 1883.7573 26673 712EURTELEFONICA SA7 1900.346 6756 412EURUNICREDIT SPA1 8013.4567 44566 835EURUNILEVER NV2 3390.5210 1577 961EURVOLKSWAGEN AG - PFD59

101.421 982 5311 912 421Total Shares





Nominalvalue/


EUR EUR %

253

13.64Chemicals12.11Automobiles and Parts10.60Banks10.03Nonlife Insurance7.56Gas, Water and Multiutilities6.56Fixed Line Telecommunications4.63Oil Equipment, Services and Distribution4.39Pharmaceuticals and Biotechnology4.36Electricity4.29General Retailers4.27Mobile Telecommunications4.08Industrial Engineering3.76Software and Computer Services3.64Oil and Gas Producers3.45Food Producers1.90General Industrials1.31Personal Goods0.84Technology Hardware and Equipment

101.42




%

254

63.55Germany12.76Italy12.57Japan4.77Spain4.13Netherlands3.64United Kingdom

101.42




%

255





COCOA 1.13COFFEE 3.12CORN 23.91COTTON 4.86FEEDER CATTLE 2.57KANSAS WHEAT 4.25LEAN HOGS 8.00LIVE CATTLE 15.50SOYBEANS 13.90SUGAR #11 8.17WHEAT 14.59

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 104.77%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P GSCI® Inverse Agriculture & Livestock 1 Month Forward Capped Component Index TotalReturn.As a consequence, the investor is exposed to the performance of the following basket composing thebenchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSEAGRICULTURE & LIVESTOCK 1 MONTH FORWARD

256



%

Agricultural 73.93Livestock 26.07

100.00


257



Shares

3.53117 351108 332EURADIDAS AG - REG1 3223.79126 010107 366EURALLIANZ SE - REG9125.08169 096145 653EURANHEUSER-BUSCH INBEV NV1 9513.15104 691121 098EURBANCO POPOLARE SC63 1224.03133 952100 175EURBASF SE - REG1 4285.48182 546140 527EURBAYER AG1 9261.9564 71053 298EURBAYERISCHE MOTOREN WERKE AG6735.62187 126166 483EURDAIMLER AG3 4353.16105 04185 376EURDEUTSCHE BANK AG - REG2 4183.69122 821108 555EURDEUTSCHE BOERSE AG2 0164.08135 777115 060EURDEUTSCHE POST AG - REG6 2042.3979 43578 419EURDEUTSCHE TELEKOM AG - REG7 0103.57118 818120 336EURENI SPA4 9144.88162 208172 334EURE.ON AG8 7322.5885 80075 978JPYFANUC CORP4663.76125 031113 617JPYFAST RETAILING CO LTD4951.3043 08327 429EURING GROEP NV - CVA4 6283.63120 650122 253EURINTESA SANPAOLO SPA70 3943.37112 014101 250EURKONINKLIJKE AHOLD NV8 3832.3176 72178 037EURKONINKLIJKE PHILIPS ELECTRONICS NV2 9253.59119 236120 200EURMUENCHENER RUECKVERSICHERUNGS AG - REG6655.29175 834174 774JPYNEC CORP83 9972.6688 51092 098EURRWE AG2 1493.90129 782111 447EURSAP AG1 6221.4949 53350 461JPYTAKEDA PHARMACEUTICAL CO LTD1 1115.37178 612179 124EURTELEFONICA SA13 2955.13170 594152 744JPYTOYOTA MOTOR CORP3 6831.1337 58335 897EURUNICREDIT SPA7 6920.9832 58032 814EURUNILEVER NV8573.88129 14294 671EURVOLKSWAGEN AG - PFD569

104.773 484 2873 185 806Total Shares



(expressed in USD)Schedule of Investments as at December 31, 2012

Nominalvalue/


USD USD %


258

11.46Automobiles and Parts11.06Banks9.52Chemicals9.03Software and Computer Services7.37Nonlife Insurance5.37Fixed Line Telecommunications5.29Technology Hardware and Equipment5.08Beverages4.88Gas, Water and Multiutilities4.08Industrial Transportation3.76General Retailers3.69Financial Services3.57Oil and Gas Producers3.53Personal Goods3.37Food and Drug Retailers2.66Electricity2.58Industrial Engineering2.39Mobile Telecommunications2.31Electronic and Electrical Equipment1.49Pharmaceuticals and Biotechnology1.30Life Insurance0.98Food Producers

104.77



%


259

56.64Germany18.25Japan11.48Italy7.95Netherlands5.37Spain5.08Belgium

104.77



%


260





COCOA 1.13COFFEE 3.16CORN 23.84COTTON 4.89FEEDER CATTLE 2.60KANSAS WHEAT 4.26LEAN HOGS 8.79LIVE CATTLE 14.81SOYBEANS 13.73SUGAR #11 8.16WHEAT 14.63

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 104.14%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe 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 composing thebenchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE &LIVESTOCK 3 MONTH FORWARD

261



%

Agricultural 73.80Livestock 26.20

100.00


262



Shares

4.34383 921384 548EURADIDAS AG - REG4 3255.05446 626365 023EURAKZO NOBEL NV - CVA6 8102.36208 911167 277EURALLIANZ SE - REG1 5123.69325 799315 514EURANHEUSER-BUSCH INBEV NV3 7594.09361 146294 630EURBASF SE - REG3 8503.60318 270286 916EURBAYER AG3 3584.62407 973366 610EURDAIMLER AG7 4894.90432 936416 517EURDEUTSCHE BANK AG - REG9 9664.47394 966327 004EURDEUTSCHE BOERSE AG6 4830.8575 50375 522EURDEUTSCHE TELEKOM AG - REG6 6630.4236 83725 506EURENEL SPA8 9042.52222 596206 005EURENI SPA9 2067.32646 044748 678EURE.ON AG34 7780.9886 72176 447JPYFANUC CORP4714.00353 623328 470JPYFAST RETAILING CO LTD1 4004.21372 201267 569EURHEIDELBERGCEMENT AG6 1604.32382 106305 622EURING GROEP NV - CVA41 0463.67324 195328 503EURINTESA SANPAOLO SPA189 1543.64321 470326 980EURKONINKLIJKE PHILIPS ELECTRONICS NV12 2562.99264 176228 092EURLINDE AG1 5183.90344 619282 386EURMUENCHENER RUECKVERSICHERUNGS AG - REG1 9225.19458 391376 134EUROBRASCON HUARTE LAIN SA15 8403.67324 676341 584EURRWE AG7 8831.46129 408125 923EURSAIPEM SPA3 3505.52487 522385 666EURSAP AG6 0930.6658 73353 698JPYSHIN-ETSU CHEMICAL CO LTD9712.58227 997220 120EURTELEFONICA SA16 9711.1197 73490 553JPYTOYOTA MOTOR CORP2 1103.08271 967269 652EURUNILEVER NV7 1544.93435 995325 201EURVOLKSWAGEN AG - PFD1 921

104.149 203 0628 312 350Total Shares




Nominalvalue/


USD USD %


263

16.41Chemicals9.55Automobiles and Parts9.40Construction and Materials8.57Banks7.31Gas, Water and Multiutilities6.62Software and Computer Services6.26Nonlife Insurance4.47Financial Services4.34Personal Goods4.32Life Insurance4.09Electricity4.00General Retailers3.69Beverages3.64Electronic and Electrical Equipment3.08Food Producers2.58Fixed Line Telecommunications2.52Oil and Gas Producers1.46Oil Equipment, Services and Distribution0.98Industrial Engineering0.85Mobile Telecommunications

104.14



%


264

61.77Germany16.09Netherlands8.07Italy7.77Spain6.75Japan3.69Belgium

104.14



%


265





ALUMINIUM LME 17.15 COPPER LME 31.46 LEAD LME 14.69 NICKEL LME 18.59 ZINC LME 18.11

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 104.14%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe 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 composing thebenchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSEINDUSTRIAL METALS 1 MONTH FORWARD

266



%

Industrial Metals 100.00

100.00


267



Shares

4.39133 747109 433EURALLIANZ SE - REG9688.71265 215259 080EURANHEUSER-BUSCH INBEV NV3 0603.62110 126103 042EURBASF SE - REG1 1745.83177 428135 755EURBAYER AG1 8721.0331 24925 912EURBAYERISCHE MOTOREN WERKE AG3253.90118 867112 408EURDAIMLER AG2 1829.14278 198271 219EURDEUTSCHE BANK AG - REG6 4043.31100 95085 470EURDEUTSCHE BOERSE AG1 6573.0191 67873 359EURDEUTSCHE POST AG - REG4 1892.0762 89158 934EURDEUTSCHE TELEKOM AG - REG5 5503.49106 37473 466EURENEL SPA25 7122.8987 91789 101EURENI SPA3 6363.83116 566145 403EURE.ON AG6 2754.38133 303117 752JPYFANUC CORP7242.2769 20963 129JPYFAST RETAILING CO LTD2742.2267 67857 723CHFHOLCIM LTD - REG9263.2398 33798 298EURINDITEX SA7073.90118 87989 595EURING GROEP NV - CVA12 7703.46105 31994 423EURKONINKLIJKE AHOLD NV7 8824.28130 335130 502EURKONINKLIJKE PHILIPS ELECTRONICS NV4 9692.1966 70052 882EURMUENCHENER RUECKVERSICHERUNGS AG - REG3724.88148 591147 696JPYNEC CORP70 9830.8425 53627 377EURRWE AG6204.63141 144122 680EURSAP AG1 7641.3540 97341 671JPYTAKEDA PHARMACEUTICAL CO LTD9191.5948 46055 213EURTELECOM ITALIA SPA53 8163.84116 934115 063EURTELEFONICA SA8 7042.7383 28277 242JPYTOYOTA MOTOR CORP1 7980.6720 43317 023EURUNICREDIT SPA4 1822.4674 89856 386EURVOLKSWAGEN AG - PFD330

104.143 171 2172 907 237Total Shares




Nominalvalue/


USD USD %


268

9.81Banks9.44Chemicals8.71Beverages7.39Automobiles and Parts7.37Software and Computer Services6.58Nonlife Insurance5.50General Retailers5.43Fixed Line Telecommunications4.88Technology Hardware and Equipment4.38Industrial Engineering4.33Electricity4.28Electronic and Electrical Equipment3.90Life Insurance3.83Gas, Water and Multiutilities3.46Food and Drug Retailers3.31Financial Services3.01Industrial Transportation2.89Oil and Gas Producers2.22Construction and Materials2.07Mobile Telecommunications1.35Pharmaceuticals and Biotechnology

104.14



%


269

50.25Germany15.61Japan11.64Netherlands8.71Belgium8.64Italy7.07Spain2.22Switzerland

104.14



%


270





ALUMINIUM LME 17.19 COPPER LME 31.47 LEAD LME 14.67 NICKEL LME 18.53 ZINC LME 18.14

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 105.52%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe 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 composing thebenchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INDUSTRIALMETALS 3 MONTH FORWARD

271



%

Industrial Metals 100.00

100.00


272



Shares

3.83367 854312 591EURADIDAS AG - REG4 1440.9793 12581 761EURALLIANZ SE - REG6746.72645 530634 866EURANHEUSER-BUSCH INBEV NV7 4484.71452 605366 448EURBASF SE - REG4 8258.67831 883725 815EURBAYER AG8 7773.61346 720291 740EURBAYERISCHE MOTOREN WERKE AG3 6064.52434 448387 062EURDAIMLER AG7 9753.88372 639339 490EURDEUTSCHE BANK AG - REG8 5781.19114 536110 450EURDEUTSCHE BOERSE AG1 8804.01384 746294 269EURDEUTSCHE POST AG - REG17 5803.90374 647369 262EURDEUTSCHE TELEKOM AG - REG33 0620.2524 28020 454EUREDP RENOVAVEIS SA4 6113.70355 656348 938EURENI SPA14 7093.10297 796395 183EURE.ON AG16 0312.08199 403176 532JPYFANUC CORP1 0834.21404 393360 161JPYFAST RETAILING CO LTD1 6010.5250 13742 394CHFHOLCIM LTD - REG6861.74167 188156 270EURINDITEX SA1 2023.99383 075300 167EURING GROEP NV - CVA41 1506.32606 861614 926EURINTESA SANPAOLO SPA354 0780.7066 79762 336EURKONINKLIJKE AHOLD NV4 9995.19498 774495 768JPYNEC CORP238 2682.59248 937281 417JPYPIONEER CORP100 5812.46236 000243 892EURRWE AG5 7303.97381 745348 535EURSAP AG4 7712.62251 195240 558CHFSWISS LIFE HOLDING AG - REG1 8942.44234 515238 907JPYTAKEDA PHARMACEUTICAL CO LTD5 2604.90470 718462 038EURTELEFONICA SA35 0381.55148 963126 916JPYTOYOTA MOTOR CORP3 2162.96284 326270 467EURUNICREDIT SPA58 1922.28218 782215 961EURUNILEVER NV5 7551.94186 790140 622EURVOLKSWAGEN AG - PFD823

105.5210 135 0649 456 196Total Shares



Nominalvalue/


USD USD %



273

13.37Chemicals13.16Banks10.08Automobiles and Parts6.72Beverages6.60Life Insurance5.95General Retailers5.53Software and Computer Services5.19Technology Hardware and Equipment4.90Fixed Line Telecommunications4.01Industrial Transportation3.90Mobile Telecommunications3.83Personal Goods3.70Oil and Gas Producers3.10Gas, Water and Multiutilities2.71Electricity2.59Leisure Goods2.44Pharmaceuticals and Biotechnology2.28Food Producers2.08Industrial Engineering1.19Financial Services0.97Nonlife Insurance0.70Food and Drug Retailers0.52Construction and Materials

105.52



%


274

50.77Germany18.06Japan12.98Italy6.96Netherlands6.72Belgium6.64Spain3.14Switzerland0.25Portugal

105.52



%


275





ALUMINIUM LME 5.75 BRENT CRUDE OIL 5.77 COCOA 0.38 COFFEE 1.04 COPPER LME 10.21 CORN 7.95 COTTON 1.62 CRUDE OIL WTI 11.00 FEEDER CATTLE 0.85 GASOIL 6.71 GOLD 5.44 HEATING OIL 4.31 KANSAS WHEAT 1.41 LEAD LME 2.50 LEAN HOGS 2.66 LIVE CATTLE 5.16 NATURAL GAS 2.02 NICKEL LME 3.16 RBOB GASOLINE 4.08 SILVER 2.71 SOYBEANS 4.62 SUGAR #11 2.72 WHEAT 4.85 ZINC LME 3.08

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 103.71%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P GSCI® Aggregate Inverse 1-month forward Index.As a consequence, the investor is exposed to the performance of the following basket composing thebenchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATEINVERSE 1 MONTH FORWARD

276



%

Energy 33.89Base 24.70Agricultural 24.59Livestock 8.67Precious 8.15

100.00


277



Shares

3.64103 62689 120EURALLIANZ SE - REG7503.58101 92698 900EURANHEUSER-BUSCH INBEV NV1 1765.54157 591131 729EURBASF SE - REG1 6803.80108 23986 864EURBAYER AG1 1423.0787 40173 132EURBAYERISCHE MOTOREN WERKE AG9097.87223 680203 614EURDAIMLER AG4 1064.34123 547111 187EURDEUTSCHE BANK AG - REG2 8445.78164 432151 973EURDEUTSCHE BOERSE AG2 6992.9684 21572 418EURDEUTSCHE POST AG - REG3 8483.81108 512104 199EURDEUTSCHE TELEKOM AG - REG9 5763.60102 376103 684EURENI SPA4 2343.5099 680124 868EURE.ON AG5 3663.91111 391102 420JPYFAST RETAILING CO LTD4411.0830 87828 862EURINDITEX SA2221.8853 61247 567EURING GROEP NV - CVA5 7593.65103 954105 336EURINTESA SANPAOLO SPA60 6534.60130 886133 129EURKONINKLIJKE PHILIPS ELECTRONICS NV4 9903.4999 33491 258EURMUENCHENER RUECKVERSICHERUNGS AG - REG5544.35123 829101 609EUROBRASCON HUARTE LAIN SA4 2793.94112 141109 867CHFPSP SWISS PROPERTY AG - REG1 1866.16175 456181 236EURRWE AG4 2606.17175 710159 080EURSAP AG2 1963.73106 229111 929JPYSEVEN & I HOLDINGS CO LTD3 7691.3538 38739 106JPYTAKEDA PHARMACEUTICAL CO LTD8614.45126 781127 079EURTELEFONICA SA9 4370.5816 40215 666EURUNICREDIT SPA3 3571.8953 79039 433EURVOLKSWAGEN AG - PFD2370.9928 07327 672EURZIGGO NV860

103.712 952 0782 772 937Total Shares




Nominalvalue/


USD USD %


278

12.82Automobiles and Parts9.34Chemicals8.73General Retailers8.57Banks7.13Nonlife Insurance6.17Software and Computer Services6.16Electricity5.78Financial Services5.44Fixed Line Telecommunications4.60Electronic and Electrical Equipment4.35Construction and Materials3.94Real Estate Investment and Services3.81Mobile Telecommunications3.60Oil and Gas Producers3.58Beverages3.50Gas, Water and Multiutilities2.96Industrial Transportation1.88Life Insurance1.35Pharmaceuticals and Biotechnology

103.71



%


279

62.02Germany9.89Spain8.99Japan7.82Italy7.47Netherlands3.94Switzerland3.58Belgium

103.71



%


280





ALUMINIUM LME 5.75 BRENT CRUDE OIL 5.76 COCOA 0.37 COFFEE 1.04 COPPER LME 10.16 CORN 7.88 COTTON 1.62 CRUDE OIL WTI 10.97 FEEDER CATTLE 0.86 GASOIL 6.70 GOLD 5.42 HEATING OIL 4.36 KANSAS WHEAT 1.41 LEAD LME 2.49 LEAN HOGS 2.91 LIVE CATTLE 4.89 NATURAL GAS 2.09 NICKEL LME 3.15 RBOB GASOLINE 4.31 SILVER 2.70 SOYBEANS 4.54 SUGAR #11 2.70 WHEAT 4.84 ZINC LME 3.08

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 103.74%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P GSCI® Aggregate 3 month forward Index.As a consequence, the investor is exposed to the performance of the following basket composing thebenchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE 3 MONTH FORWARD

281



%

Energy 34.19Base 24.63Agricultural 24.40Livestock 8.66Precious 8.12

100.00


282



Shares

2.54238 617234 280EURALLIANZ SE - REG1 7274.37410 997410 400EURANHEUSER-BUSCH INBEV NV4 7420.9589 70590 487EURASSICURAZIONI GENERALI SPA4 9524.37410 768378 633EURBASF SE - REG4 3799.11857 568804 066EURBAYER AG9 0484.27401 238322 655EURBAYERISCHE MOTOREN WERKE AG4 1737.64719 141653 683EURDAIMLER AG13 2012.28214 637213 779EURDE MASTER BLENDERS 1753 NV18 6724.35408 609381 885EURDEUTSCHE BANK AG - REG9 4064.06381 380311 965EURDEUTSCHE BOERSE AG6 2604.59431 690320 784EURDEUTSCHE POST AG - REG19 7252.13200 412180 542EURDEUTSCHE TELEKOM AG - REG17 6863.59337 158341 467EURENI SPA13 9444.39412 467423 712EURE.ON AG22 2040.8075 12164 122JPYFANUC CORP4084.61433 188394 960JPYFAST RETAILING CO LTD1 7153.93369 234350 655CHFHOLCIM LTD - REG5 0521.24116 141108 557EURINDITEX SA8354.64436 668302 550EURING GROEP NV - CVA46 9072.24210 571214 180EURKONINKLIJKE PHILIPS ELECTRONICS NV8 0284.37410 603349 258EURMUENCHENER RUECKVERSICHERUNGS AG - REG2 2903.33312 731312 392EURRWE AG7 5932.36221 499215 534EURSAIPEM SPA5 7345.46514 328404 896EURSAP AG6 4281.0093 85095 608JPYTAKEDA PHARMACEUTICAL CO LTD2 1056.07571 678593 771EURTELEFONICA SA42 5531.47138 376133 071EURUNICREDIT SPA28 3213.26306 219310 971EURUNILEVER NV8 0550.3229 93429 506EURZIGGO NV917

103.749 754 5288 948 369Total Shares




Nominalvalue/


USD USD %


283

13.48Chemicals11.90Automobiles and Parts7.86Nonlife Insurance6.65Beverages6.40Fixed Line Telecommunications5.84General Retailers5.82Banks5.47Software and Computer Services4.64Life Insurance4.59Industrial Transportation4.39Gas, Water and Multiutilities4.06Financial Services3.93Construction and Materials3.59Oil and Gas Producers3.33Electricity3.26Food Producers2.36Oil Equipment, Services and Distribution2.24Electronic and Electrical Equipment2.13Mobile Telecommunications1.00Pharmaceuticals and Biotechnology0.80Industrial Engineering

103.74



%


284

60.62Germany12.74Netherlands8.37Italy7.31Spain6.40Japan4.37Belgium3.93Switzerland

103.74



%


285





ALUMINIUM LME 3.26 BRENT CRUDE OIL 7.84 COCOA 6.35 COFFEE 0.36 COPPER LME 6.26 CORN 7.91 COTTON 1.51 CRUDE OIL WTI 3.78 FEEDER CATTLE 0.79 GASOIL 7.32 GOLD 5.04 HEATING OIL 6.60 KANSAS WHEAT 2.73 LEAD LME 5.02 LEAN HOGS 5.58 LIVE CATTLE 1.14 NICKEL LME 4.41 RBOB GASOLINE 8.22 SILVER 5.31 SOYBEANS 4.05 SUGAR #11 2.20 WHEAT 1.69 ZINC LME 2.63

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 105.78%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe SGI Commodities Curve Momentum Beta+ TRTM Index.As a consequence, the investor is exposed to the performance of the following basket composing thebenchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIESMOMENTUM TR

286



%

Energy 33.76Agricultural 26.80Base 21.58Precious 10.35Livestock 7.51

100.00


287



Shares

3.87878 092694 411EURADIDAS AG - REG9 8924.731 074 259887 792EURALLIANZ SE - REG7 7754.11934 060906 162EURANHEUSER-BUSCH INBEV NV10 7774.661 057 548816 678EURBASF SE - REG11 2746.281 428 9951 335 514EURBAYER AG15 0773.95896 800682 121EURBAYERISCHE MOTOREN WERKE AG9 3274.801 090 8881 012 031EURDAIMLER AG20 0252.73620 703618 220EURDE MASTER BLENDERS 1753 NV53 9974.06922 345760 353EURDEUTSCHE BANK AG - REG21 2320.3682 46463 072EURDEUTSCHE POST AG - REG3 7685.571 264 3631 197 896EURDEUTSCHE TELEKOM AG - REG111 5783.82868 348880 730EURENEL SPA209 8913.80862 892873 919EURENI SPA35 6874.06921 902959 777EURE.ON AG49 6280.50114 675104 555JPYFAST RETAILING CO LTD4544.731 074 2011 034 471EURINDITEX SA7 7235.431 232 5131 049 013EURING GROEP NV - CVA132 3974.33983 347691 799EURKONINKLIJKE PHILIPS ELECTRONICS NV37 4900.3783 01781 356EURMUENCHENER RUECKVERSICHERUNGS AG - REG4633.77855 436863 627CHFNESTLE SA13 1380.98223 296421 532JPYPIONEER CORP90 2213.41775 095827 055EURRWE AG18 8193.86876 533852 928EURSAIPEM SPA22 6913.82867 829606 960EURSAP AG10 8462.72617 941629 516JPYTAKEDA PHARMACEUTICAL CO LTD13 8604.931 119 9801 180 275EURTELEFONICA SA83 3662.21502 268466 608EURVOLKSWAGEN AG - PFD2 2130.3068 02967 057EURZIGGO NV2 084

98.1622 297 81920 565 428Total Shares

Investment funds





Nominalvalue/


USD USD %



288

10.95Automobiles and Parts10.95Chemicals7.62Investment Fund7.24Electricity6.84Beverages5.57Mobile Telecommunications5.43Life Insurance5.23Fixed Line Telecommunications5.23General Retailers5.09Nonlife Insurance4.33Electronic and Electrical Equipment4.06Banks4.06Gas, Water and Multiutilities3.87Personal Goods3.86Oil Equipment, Services and Distribution3.82Software and Computer Services3.80Oil and Gas Producers3.77Food Producers2.72Pharmaceuticals and Biotechnology0.98Leisure Goods0.36Industrial Transportation

105.78



%


289

52.14Germany12.79Netherlands11.48Italy9.66Spain7.62France4.21Japan4.11Belgium3.77Switzerland

105.78



%


290





ALUMINIUM LME 6.61BRENT CRUDE OIL 9.21COCOA 0.35COFFEE 0.99COPPER LME 10.32CORN 7.84COTTON 1.54CRUDE OIL WTI 14.98FEEDER CATTLE 0.82GASOIL 3.89GOLD 9.68HEATING OIL 2.54KANSAS WHEAT 1.65LEAD LME 1.41LEAN HOGS 2.50LIVE CATTLE 4.65NATURAL GAS 1.22NICKEL LME 1.77RBOB GASOLINE 2.24SILVER 1.52SOYBEANS 4.31SUGAR #11 2.56WHEAT 5.69ZINC LME 1.71

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 104.57%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe SGI Commodities Optimix TRTM Index.As a consequence, the investor is exposed to the performance of the following basket composing thebenchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF BROAD COMMODITIESOPTIMIX TR

291



%

Energy 34.08Agricultural 24.93Base 21.82Precious 11.20Livestock 7.97

100.00


292



Shares

1.69504 645408 833EURADIDAS AG - REG5 6853.571 067 765939 375EURALLIANZ SE - REG7 7284.391 312 4681 195 910EURANHEUSER-BUSCH INBEV NV15 1431.13338 808373 841JPYASTELLAS PHARMA INC7 5603.921 169 925931 264EURBASF SE - REG12 4728.212 455 0802 294 986EURBAYER AG25 9033.961 181 791999 696EURBAYERISCHE MOTOREN WERKE AG12 2911.10327 382312 386EURCONTINENTAL AG2 8354.321 292 2321 238 737EURDAIMLER AG23 7216.651 988 8281 625 379EURDEUTSCHE BANK AG - REG45 7821.07319 543288 803EURDEUTSCHE BOERSE AG5 2453.771 125 065941 355EURDEUTSCHE POST AG - REG51 4073.33995 950978 380EURDEUTSCHE TELEKOM AG - REG87 8913.581 068 4181 082 071EURENI SPA44 1873.27977 4271 187 855EURE.ON AG52 6170.53157 615143 706JPYFAST RETAILING CO LTD6240.1751 48037 877EURHEIDELBERGCEMENT AG8521.21362 750339 061EURINDITEX SA2 6083.06913 160769 383EURING GROEP NV - CVA98 0923.02903 687908 514EURKONINKLIJKE PHILIPS ELECTRONICS NV34 4530.85252 637237 480EURMUENCHENER RUECKVERSICHERUNGS AG - REG1 4092.49743 167513 993JPYNEC CORP355 0161.14339 427342 677CHFNESTLE SA5 2134.561 362 1531 117 717EUROBRASCON HUARTE LAIN SA47 0704.191 252 9031 314 365EURRWE AG30 4205.051 509 1621 987 675EURSAIPEM SPA39 0685.281 576 2691 347 507EURSAP AG19 7004.581 369 6871 423 793EURTELEFONICA SA101 9530.2678 14172 399JPYTOYOTA MOTOR CORP1 6873.581 069 2401 087 569EURUNILEVER NV28 1262.27678 164490 085EURVOLKSWAGEN AG - PFD2 9880.79234 642231 288EURZIGGO NV7 188

96.9928 979 61127 163 960Total Shares



Nominalvalue/


USD USD %


293


Investment funds





Schedule of Investments as at December 31, 2012 (cont.)(expressed in USD)

Nominalvalue/


USD USD %


294

12.13Chemicals11.65Automobiles and Parts7.58Investment Fund6.66Banks5.54Software and Computer Services5.37Fixed Line Telecommunications5.05Oil Equipment, Services and Distribution4.73Construction and Materials4.71Food Producers4.42Nonlife Insurance4.39Beverages4.19Electricity3.77Industrial Transportation3.58Oil and Gas Producers3.33Mobile Telecommunications3.27Gas, Water and Multiutilities3.06Life Insurance3.02Electronic and Electrical Equipment2.49Technology Hardware and Equipment1.74General Retailers1.69Personal Goods1.13Pharmaceuticals and Biotechnology1.07Financial Services

104.57



%


295

57.62Germany10.44Netherlands10.36Spain8.63Italy7.58France4.41Japan4.39Belgium1.14Switzerland

104.57



%


296



At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio 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 ofthe Euro iStoxx 50 Equal Risk Index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF SMARTIX EURO iSTOXX 50EQUAL RISK



AIR LIQUIDE SA 2.31ALLIANZ SE 1.81ANHEUSER-BUSCH INBEV NV 3.73ARCELOR MITTAL 1.27ASML HOLDING NV 2.66ASSICURAZIONI GENERALI SPA 1.42AXA SA 1.29BANCO BILBAO VIZCAYA ARGENTARI 1.26BANCO SANTANDER SA 1.28BASF SE 2.00BAYER AG 1.99BAYERISCHE MOTOREN WERKE AG 1.84BNP PARIBAS 1.03CARREFOUR SA 1.58CIE DE ST-GOBAIN 1.35CRH PLC 1.97DAIMLER AG 1.77DANONE 3.54DEUTSCHE BANK AG 1.12DEUTSCHE TELEKOM /ETR 2.92E.ON AG 2.16ENEL SPA 1.90ENI SPA 1.89ESSILOR INTERNAT 3.52FRANCE TELECOM SA 2.01GDF SUEZ 1.78IBERDROLA SA 1.56INDITEX SA 2.37ING GROEP NV 1.04INTESA SANPAOLO SPA 0.94KONINKLIJKE PHILIPS ELECTRONIC 2.52L OREAL 2.80LVMH MOET HENNESSY LOUIS VUITT 1.93MUENCHENER RUECKVERSICHERUNGS 2.27NOKIA OYJ 1.65REPSOL YPF SA 1.32

297






RWE AG 2.01SANOFI-AVENTIS SA 2.60SAP AG 3.18SCHNEIDER ELECTRIC SA 1.28SIEMENS AG 2.65SOCIÉTÉ GENERALE 0.93TELEFONICA SA 1.64TOTAL SA 2.26UNIBAIL-RODAMCO SE 2.38UNICREDIT SPA 0.90UNILEVER NV 4.50VINCI SA 1.62VIVENDI SA 2.26VOLKSWAGEN AG 1.97

Total 100.00

298




%

Food Products 8.04Banks 7.47Multiutilities 5.95Automobiles 5.57Integrated Oil & Gas 5.47Diversified Industrials 5.17Full Line Insurance 4.52Commodity Chemicals 4.31Brewers 3.73Fixed Line Telecommunications 3.65Medical Supplies 3.52Conventional Electricity 3.47Building Materials & Fixtures 3.33Software 3.18Mobile Telecommunications 2.92Personal Products 2.80Semiconductors 2.66Pharmaceuticals 2.60Retail REITs 2.38Apparel Retailers 2.37Reinsurance 2.27Broadcasting & Entertainment 2.26Specialty Chemicals 1.99Clothing & Accessories 1.93Telecommunications Equipment 1.65Heavy Construction 1.62Food Retailers & Wholesalers 1.58Electrical Components & Equipment 1.28Iron & Steel 1.27Life Insurance 1.04

100.00

299



Shares

0.99195 863165 054EURADIDAS AG - REG2 9095.091 011 415872 751EURAKZO NOBEL NV - CVA20 3324.56906 101709 803EURALLIANZ SE - REG8 6464.09811 823766 772EURANHEUSER-BUSCH INBEV NV12 3493.79752 210756 590EURASSICURAZIONI GENERALI SPA54 7464.67928 081748 459EURBASF SE - REG13 0449.341 851 7421 669 014EURBAYER AG25 7581.39275 894233 676EURBAYERISCHE MOTOREN WERKE AG3 7838.721 730 3571 597 407EURDAIMLER AG41 8772.78551 913471 102EURDEUTSCHE BANK AG - REG16 7501.63324 209276 079EURDEUTSCHE BOERSE AG7 0161.20238 907188 679EURDEUTSCHE POST AG - REG14 3926.561 303 3451 409 842EURDEUTSCHE TELEKOM AG - REG151 6404.08809 766802 115EURENI SPA44 1534.07808 428941 600EURE.ON AG57 3760.3365 96266 411EURGALP ENERGIA SGPS SA - B5 6092.05407 200309 465EURHEIDELBERGCEMENT AG8 8851.27251 934248 827EURINDITEX SA2 3881.55308 672207 384EURING GROEP NV - CVA43 7154.41876 100860 767EURKABEL DEUTSCHLAND HOLDING AG15 4873.90774 656602 637EURMUENCHENER RUECKVERSICHERUNGS AG - REG5 6963.43681 192686 222CHFNESTLE SA13 7930.3161 32760 768EURROYAL DUTCH SHELL PLC - A2 3612.93581 095592 869EURRWE AG18 6014.87966 610918 040EURSAP AG15 9274.07808 273780 345EURSIEMENS AG - REG9 8331.49296 667232 748EURSOLVAY SA2 7133.59713 494731 501EURTELEFONICA SA70 0190.2038 75030 406EURUNICREDIT SPA10 4561.84365 474279 613EURVOLKSWAGEN AG - PFD2 123

99.2019 697 46018 216 946Total Shares



Nominalvalue/


EUR EUR %


300


Investment funds






Nominalvalue/


EUR EUR %



301

20.60Chemicals12.26Nonlife Insurance11.94Automobiles and Parts6.56Mobile Telecommunications5.09Investment Fund4.87Software and Computer Services4.72Oil and Gas Producers4.41Media4.09Beverages4.07Gas, Water and Multiutilities4.07General Industrials3.59Fixed Line Telecommunications3.43Food Producers2.97Banks2.93Electricity2.05Construction and Materials1.63Financial Services1.55Life Insurance1.27General Retailers1.20Industrial Transportation0.99Personal Goods

104.29



%


302

69.98Germany8.06Italy6.65Netherlands5.58Belgium5.09France4.86Spain3.43Switzerland0.33Portugal0.31United Kingdom

104.29



%


303





3I GROUP PLC 0.043M CO 0.10ABB LTD VX 0.06ABBOTT LABORATORIES 0.21ABC MART 0.06ABERDEEN ASSET MANAGEMENT PLC 0.06ABERTIS INFRAESTRUCTURAS 0.05ACCENTURE LTD 0.06ACCOR SA 0.04ACE (USD) 0.09ACOM 0.01ACS 0.04ACTELION N 0.03ACTIVISION 0.07ADECCO (CHF) 0.03ADIDAS SALOMON 0.07ADMIRAL GROUP PLC 0.05ADOBE SYSTEMS 0.05ADP 0.09ADT CORP/THE 0.03ADVANCE AUTO PARTS 0.04ADVANTEST 0.02AEGON NV 0.03AEON CO LTD 0.09AEON CREDIT 0.05AEON MALL 0.04AETNA INC 0.05AFFILIATED MANAGERS GROUP INC 0.04AFLAC INC 0.04AGCO CORP 0.03AGGREKO 0.03AGILENT TECH A.N 0.04AGL ENERGY LTD 0.16AGNICO-EAGLE MINES 0.03AGRIUM 0.04AIA GROUP LTD 0.03

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 101.76%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI World Risk Weighted Index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI WORLD RISKWEIGHTED

304





AIR LIQUIDE SA 0.11AIR PRODUCTS & CHEMICALS 0.07AIR WATER 0.10AIRGAS 0.04AISIN SEIKI 0.04AJINOMOTO 0.12AKAMAI TECHNOLOGIES 0.02AKER KVAERNER 0.02AKZO NOBEL NV 0.06ALBEMARLE CORP 0.03ALCOA INC 0.03ALEXION PHARMACEUTICALS INC 0.05ALFA LAVAL 0.05ALFRESA HOLDINGS 0.07ALIMENTATION COUCHE-T. B 0.06ALLEGHANY CORP 0.13ALLEGHENY TECHNOLOGIES 0.02ALLERGAN INC 0.11ALLIANCE DATA SYSTEMS 0.05ALLIANT ENERGY CORP 0.12ALLIANZ SE 0.04ALLSTATE CP 0.08ALSTOM SA 0.03ALTERA CORP 0.04ALTRIA GROUP 0.18ALUMINA 0.02AMADA 0.03AMADEUS IT HOLDING SA 0.04AMAZON 0.04AMCOR 0.13AMEC 0.05AMER ELEC PWR 0.15AMER EXPRESS CO 0.05AMER INTL GROUP 0.03AMEREN CORP 0.13AMERICAN CAPITAL AGENCY CORP 0.08AMERICAN TOWER CORP A 0.10AMERICAN WATER WORKS CO INC 0.13AMERIPRISE FINANCIAL 0.04AMERISOURCEBERGN 0.11AMETEK INC 0.05AMGEN INC 0.10AMP LTD 0.07AMPHENOLCORP 0.05


305





ANA 0.06ANADARKO PETROLEUM CORP 0.03ANALOG DEVICES INC 0.05ANDRITZ 0.06ANGLO AMERICAN PLC/ 0.04ANHEUSER-BUSCH INBEV NV 0.09ANNALY CAPITAL MANAGEMENT INC 0.12ANSYS INC 0.06ANTOFAGASTA 0.02AOL TIME WARNER 0.06AON CORP 0.09AOZORA BANK LTD 0.03AP MOLLER - MAERSK A/S 0.04AP MOLLER MAERSK A/S 0.04APA GROUP 0.11APACHE CORP 0.04APPLE COMP INC 0.04APPLIED MATL 0.05ARC ENERGY TRUST 0.04ARCELOR MITTAL 0.03ARCH CAPITAL GROUP LTD 0.18ARCHER-DANIELS-MIDLAND CO 0.06ARKEMA SA 0.03ARM 0.03ARROW ELECTRONICS 0.03ARYZTA AG 0.07ASAHI BREWERIES 0.12ASAHI GLASS CO LTD 0.04ASAHI KASEI 0.07ASCENDAS REAL ESTATE INV 0.10ASCIANO GROUP 0.08ASICS 0.05ASM PACIFIC TECHNOLOGY 0.03ASML HOLDING NV 0.04ASSA ABLOY AB 0.06ASSICURAZIONI GENERALI SPA 0.04ASSOCIATED BRIT FOODS 0.14ASSURANT INC 0.06ASTELLAS PHARMA INC (EX YAMANOUCHI PHARM) 0.13ASTRAZENECA PLC 0.13AT&T INC 0.16ATHABASCA OIL SANDS CORP 0.02ATLAS COPCO AB 0.05ATLAS COPCO B 0.05


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ATOS ORIGIN 0.04AUCKLAND INT'L AIRPORT 0.12AUSTRALIA & NEW ZEALAND BANKIN 0.08AUSTRALIAN STOCK EXCH. 0.14AUTODESK 0.03AUTOLIV INC 0.04AUTOMATIC DATA 0.13AUTOSTRADE 0.05AUTOZONE INC 0.14AVAGO TECHNOLOGIES LTD 0.03AVALONBAY COMMUNITIES 0.06AVERY DENNISON CORP 0.04AVIVA 0.04AVNET 0.04AVON PRODUCTS INC 0.03AXA SA 0.02AXEL SPRINGER AG 0.06AXIS CAPITAL HOLDINGS 0.09B M.PASCHI SIENA 0.02BABCOCK INTERNATIONAL GROUP 0.08BAE SYSTEMS 0.09BAKER HUGHES INC 0.02BALFOUR BEATTY 0.05BALL CORP 0.10BALOISE HOLDING 0.06BANCHE POP UNITE 0.03BANCO BILBAO VIZCAYA ARGENTARI 0.02BANCO POPOLARE SPA 0.02BANCO POPULAR ESPANOL 0.02BANCO SABADELL 0.02BANCO SANTANDER SA 0.03BANK HAPOALIM BM/ILS 0.05BANK LEUMI LE-ISRAEL BM 0.05BANK MONTREAL 0.15BANK OF AMERICA CORP 0.03BANK OF E ASIA 0.06BANK OF KYOTO 0.09BANK OF NEW YORK 0.05BANK OF NOVA SCOTIA 0.17BANK OF YOKOHAMA 0.08BANKIA SAU 0.01BANQUE CANTONALE VAUDOISE-BR 0.09BARCLAYS 0.02BARD (C.R.) 0.10


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BARRICK GOLD CORP 0.04BARRY CALLEBAUT-AG. 0.11BASF SE 0.05BAXTER INTL INC 0.07BAYER AG 0.05BAYERISCHE MOTOREN WERKE AG 0.04BAYTEX ENERGY CORP 0.05BB&T CORP 0.04BCE INC 0.24BCO ESPIRITO SANTO E R 0.02BEAM INC 0.07BECTON DICKINSON 0.15BED BATH BEYOND 0.04BEIERSDORF 0.12BELGACOM 0.12BELL ALIANT INC 0.14BENDIGO BANK LTD 0.07BENESSE HOLDINGS INC 0.10BERKLEY (W.R.) CORP 0.11BERKSHIRE HATHAWAY INC CL B 0.10BEST BUY CO INC 0.03BEZEQ ISRAELI TELECOMMUNICATION CORP LTD 0.04BG GROUP PLC 0.04BHP BILLITON LTD 0.08BHP BILLITON PLC 0.04BIC 0.08BIOGEN INC 0.06BIOVAIL CORP 0.02BLACKROCK INC 0.05BLOCK (H&R) 0.04BMC SOFTWARE 0.05BMW ACTION PREF. 0.05BNP PARIBAS 0.02BOC HONG KONG 0.05BOEING CO 0.05BOLIDEN 0.03BOMBARDIER B 0.04BONAVISTA ENERGY TRUST 0.05BORAL 0.05BORG WARNER INC 0.03BOSTON PROPERTIES 0.06BOSTON SCIEN CP 0.05BOUYGUES SA 0.06BP PLC 0.04


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BRAMBLES LTD 0.08BRENNTAG AG 0.04BRIDGESTONE CORP 0.06BRISTOL MYERS SQ BMY.N 0.11BRITISH AMERICAN TOBACCO PLC 0.13BRITISH LAND CO PLC 0.09BRITISH SKY BROADCASTING GROUP 0.07BROADCOM CORP 0.04BROOKFIELD ASSET MAN A 0.11BROOKFIELD PROPERTIES 0.07BROTHER INDS 0.04BROWN-FORMAN CORP/NYC 0.10BT GROUP 0.06BUNGE 0.05BUNZL 0.10BURBERRY 0.03BUREAU VERITAS SA 0.12CABLEVISION SYSTEMS A 0.03CABOT OIL & GAS CORP 0.02CAE 0.10CALBEE INC 0.07CALPINE CORP 0.06CALTEX AUSTRALIA 0.03CAMDEN PROPERTY TRUST 0.05CAMECO CORP 0.03CAMERON INTERNATIONAL 0.03CAMPBELL BROTHERS LTD 0.06CAMPBELL SOUP CO 0.17CANADIAN IMPERIAL BANK 0.14CANADIAN NAT RESOURCES 0.04CANADIAN NAT'L RAILWAY 0.14CANADIAN OIL SANDS TRUST 0.04CANADIAN TIRE CORP A 0.11CANADIAN UTILITIES LTD 0.15CANON INC 0.06CAP GEMINI 0.04CAP ONE FINAN 0.03CAPITA GRP 0.08CAPITACOMMERCIAL TRUST 0.07CAPITALAND LIMITED 0.06CAPITAMALL TRUST 0.11CAPITAMALLS ASIA LTD 0.07CARDINAL HLTH 0.10CAREFUSION CORP 0.07


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CARLSBERG 'B' 0.04CARMAX 0.03CARNIVAL CORP 0.04CARNIVAL PLC 0.04CARREFOUR SA 0.04CASINO 0.09CASIO COMPUTER 0.05CATERPILLAR INC 0.04CATHAY PAC AIR 0.05CB RICHARD ELLIS GROUP 0.02CBS CORP B 0.04CELESIO AG 0.03CELGENE CORP 0.07CENOVUS ENERGY INC 0.03CENTERPOINT 0.10CENTERRA GOLD INC. 0.01CENTRAL JAPAN RY 0.11CENTRICA 0.14CENTRO RETAIL GROUP 0.07CENTURYTEL INC 0.12CERNER CORP 0.05CFS RETAIL PROP TRUST 0.15CGI GROUP A 0.06CH ROBINSON WW 0.08CHARTER COMMUNICATIONS INC 0.02CHARTER ONE FINL 0.02CHESAPEAKE ENERGY CORP 0.02CHEUNG KONG HOLDINGS LTD 0.05CHEVRON CORP 0.08CHIBA BANK 0.08CHICAGO MERCANTILE EXCH (US) 0.05CHIPOTLE MEXICAN GRILL INC 0.03CHIYODA CORP 0.03CHRISTIAN DIOR 0.06CHUBB CORP 0.13CHUBU ELEC PWR 0.03CHUGAI PHARMACEUTICAL 0.10CHUGOKU BANK 0.10CHUGOKU ELE PWR 0.04CHURCH & DWIGHT CO INC 0.11CI FINANCIAL INCOME FUND 0.12CIE DE ST-GOBAIN 0.03CIGNA CORP 0.05CIMAREX ENERGY CO 0.02


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CINCINNATI FINL CORP 0.11CINTAS CORP 0.06CINTRA CONCESIONES DE INF 0.04CISCO SYSTEMS 0.05CIT GROUP INC 0.04CITIGROUP INC 0.02CITIZEN WATCH 0.04CITRIX SYSTEMS 0.03CITY DEVELOPMENTS 0.06CKI HOLDINGS 0.13CLEVELAND CLIFFS INC 0.02CLOROX CO 0.14CLP HOLDINGS LTD 0.25CMS ENERGY CORP 0.13CNP ASSURANCE 0.03COACH 0.03COBALT INTERNATIONAL ENERGY INC 0.02COBHAM 0.06COCA COLA ENT 0.05COCA COLA HELLENIC BOTTLING CO 0.03COCA-COLA AMATIL 0.16COCA-COLA CO/THE 0.16COCA-COLA WEST H 0.09COCHLEAR 0.04COGNIZANTTECHSOLUTIONS 0.05COLGATE PALMOLIV 0.18COLOPLAST B 0.08COLRUYT 0.09COMCAST A SPECIAL (NEW) 0.06COMCAST CORP A 0.06COMERICA 0.04COMFORTDELGRO 0.15COMMERZBANK AG 0.02COMMONWEALTH BANK OF AUSTRALIA 0.11COMPASS GROUP PLC 0.09COMPUTER ASSOC 0.06COMPUTER SCIENCE 0.03COMPUTERSHARE 0.07CONAGRA FOODS 0.16CONCHO RESOURCES INC/MIDLAND TX 0.03CONCORD EFS 0.02CONOCOPHILLIPS 0.07CONSOL EDISON 0.23CONSOL ENERGY 0.02


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CONSTELLATION BRANDS A 0.03CONTACT ENERGY 0.15CONTINENTAL AG 0.03CONTINENTAL RESOURCES INC/OK 0.02CORE LABORATORIES NV 0.05CORIO NV 0.05CORNING INC 0.04CORPORACION MAPFRE SA 0.04COSMO OIL 0.04COSTCO WHOLESALE CORP 0.14COVENTRY HEALTH CARE 0.04COVIDIEN LTD 0.08CP RAILWAY 0.08CREDIT AGRICOLE 0.01CREDIT SAISON 0.03CREE INC 0.02CRESCENT POINT ENERGY TRUST 0.08CRH PLC 0.03CRITERIA CAIXACORP SA 0.03CRODA INTERNATIONAL PLC 0.06CROWN CASTLE INT'L CORP 0.09CROWN HOLDINGS INC 0.08CROWN LTD 0.11CS GROUP N 0.03CSL 0.09CSX CORP 0.04CUMMINS INC 0.02CVS CORPORATION 0.10D.R. HORTON 0.03DAI NIPPON PRINT 0.06DAICEL CHEM INDS 0.06DAIDO STEEL 0.04DAIHATSU MOTOR 0.06DAI-ICHI LIFE INSURANCE CO 0.05DAIICHI SANKYO CO LTD 0.10DAIKIN INDS 0.04DAIMLER AG 0.04DAINPN SUMI PHAR 0.08DAITO TR CONST 0.07DAIWA HOUSE IND 0.08DAIWA SEC GROUP 0.05DANAHER CORP 0.08DANONE 0.10DANSKE BK 0.03


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DARDEN REST 0.05DASSAULT SYSTEM 0.08DAVITA 0.08DB RREEF TRUST 0.09DBS GROUP HOLDINGS 0.11DE MASTER BLENDERS 1753 NV 0.06DEERE & CO 0.05DELEK GROUP LTD 0.03DELHAIZE GROUP SA 0.07DELL COMPUTER 0.04DELPHI AUTOMOTIVE PLC 0.03DELTA AIR LINES 0.02DELTA LLOYD NV 0.03DENA CO LTD 0.01DENBURY RESOURCES 0.02DENKI KAGAKU KGY 0.04DENSO 0.05DENTSPLY INTERNATIONAL 0.07DENTSU INC 0.06DEUTSCHE BANK AG 0.02DEUTSCHE BOERSE AG (2) 0.05DEUTSCHE POST AG 0.06DEUTSCHE TELEKOM /ETR 0.07DEVON ENERGY 0.04DIAGEO PLC 0.14DIAMOND LEASE 0.04DIAMOND OFFSHORE DRILL. 0.04DICK'S SPORTING GOODS INC 0.03DIGITAL REALTY TRUST INC 0.07DIRECTV 0.09DISCOVER FINANCIAL SERVICES 0.05DISCOVERY COMMUNICATIONS INC 0.05DISCOVERY HOLDING A 0.06DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA 0.03DNB NOR ASA 0.04DOLBY LABORATORIES INC 0.03DOLLAR GENERAL CORP 0.02DOLLAR TREE STORES INC. 0.07DOLLARAMA INC 0.05DOMINION RES INC 0.19DON QUIJOTE 0.06DOVER CORP 0.04DOW CHEMICAL CO 0.03DR PEPPER SNAPPLE GROUP INC 0.08


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DSV 'B' 0.06DT LUFTHANSA AG 0.05DTE ENERGY 0.15DU PONT CO 0.06DUKE ENERGY 0.21DUKE REALTY INVESTMENTS INC 0.04DUN & BRADSTREET CORP 0.08E.ON AG 0.04EAST JAPAN RAILWAY CO 0.10EASTMAN CHEM 0.04EATON CORP 0.07EATON VANCE CORP 0.04EBAY INC 0.04ECHO ENTERTAINMENT GROUP LTD 0.04ECHOSTAR COMMUNI. A 0.04ECOLAB 0.11EDENRED 0.03EDF 0.04EDISON INTL 0.13EDP ENERGIAS DE PORTUGAL 0.07EDWARDS LIFESCIENCES CORPORATION 0.04EISAI 0.14ELAN CORP 0.02ELDORADO GOLD CORP 0.02ELECTRIC POWER D 0.05ELECTROLUX AB 0.03ELECTRONIC ART 0.03ELEKTA B 0.05ELI LILLY 0.15ELISA CORPORATION 0.09EMC CORP/MA 0.05EMERSON ELECTRIC 0.06EMPIRE CO LTD 0.16EMS-CHEMIE HOLDING AG 0.09ENAGAS 0.07ENBRIDGE 0.18ENCANA CORP 0.04ENEL GREEN POWER SPA 0.04ENEL SPA 0.05ENERGEN CORP 0.04ENERGIZER HOLDINGS INC 0.05ENERPLUS RESOURCES FUND 0.05ENI SPA 0.06ENSCO PLC 0.02


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ENTERGY CP 0.12EOG RESOURCES 0.04EQUIFAX INC 0.08EQUINIX INC 0.03EQUITABLE RESOURCES 0.03EQUITY RESIDENTIAL 0.07ERSTE BANK AUSTRIA 0.02ESSILOR INTERNAT 0.18ESTEE LAUDER COS A 0.04EURASIAN NATURAL RESOURCES CORP 0.02EURAZEO 0.03EUROPEAN AERONAUTIC DEFENCE AND SPACE CO (PA) 0.04EUTELSAT COMMUNICATIONS 0.10EVEREST RE GROUP 0.11EVRAZ PLC 0.02EXELON CORP 0.11EXPEDIA COMMON 0.03EXPEDITORS INTL WASH. 0.05EXPERIAN GROUP LTD 0.09EXPRESS SCRIPTS COMMON 0.04EXXON MOBIL CORP 0.09F5 NETWORKS INC 0.02FACEBOOK INC 0.03FAMILY DOLLAR STORES 0.05FAMILYMART 0.13FANUC LTD 0.04FAST RETAILING CO LTD 0.04FASTENAL CO 0.05FED DEPT STRS 0.03FEDERAL REALTY INV TRUST 0.10FEDEX CORP 0.06FIAT INDUSTRIAL SPA 0.03FIAT SPA (MILAN) 0.02FIDELITY NATIONAL INFORMATION SERVICES INC 0.07FIDELITY NAT'L FINANCIAL 0.08FIFTH THR BNCP 0.03FINMECCANICA 0.02FINNING INT'L 0.04FIRST PACIFIC CO LTD 0.05FIRST QUANTUM MINERALS 0.01FIRST REPUBLIC BANK/SAN FRANCISCO CA 0.04FIRSTENERGY 0.10FISERV INC 0.10FLETCHER BUILDING 0.08


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FLEXTRONICS 0.03FLIGHT CENTRE LTD 0.04FLIR SYSTEMS INC. 0.05FLOWSERVE CORPORATION 0.03FLUOR CORP 0.03FMC CORP. 0.06FMC TECHNOLOGIES 0.03FONCIERE DES REGIONS 0.04FORD MOTOR CO 0.03FORENINGSSPARBANKEN 0.04FOREST LABS 0.11FORTESCUE METALS GROUP LTD 0.02FORTIS 0.02FORTIS (CAD) 0.15FORTUM 0.08FOSSIL INC 0.01FPL GROUP 0.14FRANCE TELECOM SA 0.08FRANCO-NEVADA CORP 0.05FRANKLIN RESOURCES 0.04FRAPORT 0.06FRASER AND NEAVE 0.06FRESENIUS MEDICAL CARE AG & CO 0.11FRESENIUS SE & CO KGAA 0.09FRESNILLO PLC 0.02FRONTIER COMMUNICATIONS CORP 0.03FRPRT-MCM GD 0.02FUGRO 0.04FUJI ELECTRIC 0.03FUJI HEAVY INDS 0.04FUJI PHOTO FILM 0.06FUJITSU LTD 0.05FUKUOKA FINANCIAL GROUP INC 0.06FURUKAWA ELEC 0.03GALAXY ENTERTAINMENT GROUP LTD 0.02GALP ENERGIA 0.05GAMESTOP CORP 0.03GAP INC 0.04GARMIN 0.05GAS NATURAL SDG - E 0.04GDF SUEZ 0.04GEA GROUP 0.03GEBERIT AG 0.09GECINA 0.04


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GEMALTO NV 0.05GENERAL DYNAMICS 0.09GENERAL ELECTRIC CO 0.06GENERAL GROWTH PROPERTIES 0.04GENERAL MILLS 0.22GENERAL MOTORS CO 0.03GENTING INTERNATIONAL PLC 0.04GENUINE PARTS CO 0.10GEOPHYSIQUE 0.02GETINGE AB B 0.06GILDAN ACTIVEWEAR 0.03GILEAD SCI 0.05GIVAUDAN N 0.13GJENSIDIGE FORSIKRING ASA 0.03GKN 0.03GLAXOSMITHKLINE PLC 0.13GLENCORE INTERNATIONAL PLC 0.02GLOBAL LOGISTIC PROPERTIES LTD 0.07GOLDCORP 0.03GOLDEN AGRI-RESOURCES LTD 0.04GOLDM SACHS GRP 0.04GOODYEAR TIRE 0.02GOOGLE INC 0.05GPT GROUP 0.13GRAINGER (WW) 0.07GREAT WEST LIFECO 0.11GREE INC 0.01GREEN MOUNTAIN COFFEE ROASTERS INC 0.01GRIFOLS SA 0.04GROUP 4 SECURICOR 0.07GROUPE BRUXELLES LAMBERT SA 0.09GROUPE EUROTUNNEL SA 0.05GRUPO ACCIONA 0.03GS YUASA CORP 0.03GUNMA BANK 0.07H J HEINZ CO 0.20H&R REAL ESTATE INVESTMENT 0.08HACHIJUNI BANK 0.08HAKUHODO DY HLDG 0.08HALLIBURTON CO 0.02HAMAMATSU PHOTO 0.07HAMMERSON PLC 0.07HANG LUNG PROPERTIES LTD 0.04HANG SENG BANK 0.13


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HANKYU HOLDINGS 0.12HANNOVER RUECK 0.07HANSEN NATURAL CORP 0.04HARDIE (JAMES) IND 0.05HARGREAVES LANSDOWN PLC 0.02HARLEY-DAVIDSON 0.03HARRIS CORP 0.05HARTFORD FINANCIAL SVCS 0.03HARVEY NORMAN HOLDINGS 0.05HASBRO INC 0.07HCA HOLDINGS INC 0.03HCP INC 0.06HEALTH CARE REIT INC 0.08HEIDELBERGCEMENT AG 0.03HEINEKEN HLDG 0.09HEINEKEN NV 0.09HELMERICH PAYNE 0.02HENDERSON LAND 0.04HENKEL 0.09HENKEL KGAA VZ 0.08HENNES & MAURITZ AB 0.07HENRY SCHEIN INC 0.09HERBALIFE LTD 0.02HERSHEY CO COMMON (THE) 0.12HERTZ GLOBAL HOLDINGS INC 0.02HESS CORP 0.03HEWLETT-PACKARD 0.04HEXAGON AB-B SHS 0.03HINO MOTORS 0.03HIROSE ELECTRIC 0.07HIROSHIMA BANK 0.07HISAMITSU PHARM 0.13HITACHI CHEMICAL 0.05HITACHI CONST 0.03HITACHI HIGH TEC 0.04HITACHI LTD 0.04HITACHI METALS 0.03HK & CHINA GAS 0.13HKEX 0.04HKT TRUST / HKT LTD 0.03HOCHTIEF 0.04HOKKAIDO ELE PWR 0.04HOKURIKU ELE PWR 0.03HOLCIM LTD 0.05


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HOLLY CORP 0.02HOLOGIC INC 0.04HOME DEPOT INC 0.06HONDA MOTOR CO LTD 0.05HONEYWELL INTL 0.06HONG KONG ELECTRIC HOLDINGS LTD 0.14HOPEWELL HOLDINGS 0.10HORMEL FOODS CORP 0.20HOSPIRA 0.06HOST HOTELS & RESORTS 0.03HOYA CORP 0.06HSBC HOLDINGS PLC 0.08HUDSON CITY BANCORP 0.04HUGO BOSS AG 0.03HUMANA INC 0.05HUNT (JB)TRANSPRT SVCS INC 0.06HUSKY ENERGY 0.08HUSQVARNA AB 0.04HUTCHISON 0.05HUTCHISON PORT HOLDINGS TRUST 0.04HYSAN DEVELOPMENT 0.04IAMGOLD CORP 0.02IBERDROLA SA 0.04IBIDEN 0.03ICADE (EX ICADE EMGP) 0.04ICAP PLC 0.03IDEMITSU KOSAN CO LTD 0.04IGM FINANCIAL 0.17IHS INC 0.06ILIAD SA 0.09ILLINOIS TOOL WK 0.06ILLUMINA INC 0.02ILUKA RESOURCES 0.02IMERYS 0.05IMI 0.03IMMOFINANZ AG 0.04IMPERIAL OIL 0.08IMPERIAL TOBACCO GROUP PLC 0.10INCITEC PIVOT LTD 0.04INDITEX SA 0.06INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC 0.05INDUSTRIVARDEN AB-C SHS 0.05INFINEON TECHNOLOGIES AG 0.03ING CANADA INC 0.15


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ING GROEP NV 0.02INGERSOLL-RAND 0.03INMARSAT 0.03INMET MINING CORP 0.03INPEX HOLDINGS 0.04INSURANCE AUSTRALIA GRP. 0.09INTEL CORP 0.06INTERCONTINENTAL HOTELS G 0.05INTERCONTINENTALEXCHANGE INC 0.05INTERNATIONAL BUSINESS MACHINE 0.11INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA 0.03INTERPUBLIC GRP 0.02INTERTEK GROUP 0.08INTESA 0.02INTESA SANPAOLO SPA 0.02INT'L FLAVORS FRAGRANCES 0.08INTL GAME TECH 0.03INTL PAPER CO 0.04INTUIT INC 0.07INTUITIVE SURG 0.04INVENSYS 0.04INVESCO LTD 0.03INVESTEC 0.04INVESTOR AB 0.10INVITROGEN CORP 0.05IRON MOUNTAIN 0.04ISETAN MITSUKOSHI HOLDINGS LTD 0.06ISHI-HAR HVY IND 0.03ISRAEL CHEMICALS LTD 0.04ISRAEL CORP LTD/THE 0.03ISTITUTO FINANZIARIO INDUSTRIALE SPA 0.03ISUZU MOTORS 0.03ITOCHU CORP 0.05ITOCHU TECHNO 0.05ITV PLC 0.04IVANHOE MINES 0.01IYO BANK 0.09J C DECAUX SA 0.04J C PENNEY CO 0.02J FRONT RETAILING CO LTD 0.04JACOBS ENGINEERING GROUP 0.04JAPAN AIR LINES 0.03JAPAN PRIME REALTY INVT 0.06JAPAN REAL ESTATE INV CORP 0.12


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JAPAN RETAIL FUND INV CORP 0.05JAPAN TOBACCO 0.05JARDINE CYCLE & CARRIAGE 0.04JERONIMO MARTINS SGPS 0.05JFE HOLDINGS 0.03JGC CORPORATION 0.04JOHNSON & JOHNSON 0.22JOHNSON CONTROLS 0.04JOHNSON MATTHEY PLC 0.05JOY GLOBAL INC 0.02JOYO BANK 0.09JPMORGAN CHASE & CO 0.04JPN PETROLEUM EX 0.04JPN STEEL WORKS 0.03JS GROUP 0.05JSR 0.04JTEKT 0.03JULIUS BAER GROUP LTD (EX GAM) 0.05JUNIPER NETWORKS 0.02JUPITER TELECOMMUNICATIONS CO 0.04JX HOLDINGS INC 0.04K + S AG 0.04KABEL DEUTSCHLAND HOLDING AG 0.03KAJIMA CORP 0.05KAMIGUMI 0.16KANEKA CORP 0.07KANSAI ELE PWR 0.03KANSAI PAINT 0.07KANSAS CITY SOUTHERN INDS 0.03KAO CORPORATION 0.14KAWASAKI HVY IND 0.03KAZAKHMYS PLC 0.02KBC GROEP NV 0.02KBR INC 0.02KDDI CORP 0.06KEIHIN E EXPR RY 0.14KEIO ELEC RAIL 0.11KEISEI ELE RY 0.08KELLOGG CO 0.19KEPPEL CORP 0.07KEPPEL LAND 0.05KERRY GRP A 0.10KERRY PROPERTIES 0.04KESKO 0.04


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KEYCORP 0.03KEYENCE 0.07KIKKOMAN CORP 0.11KIMBERLY-CLARK 0.26KIMCO REALTY CORP 0.04KINDEN CORP (OS) 0.08KINDER MORGAN INC/DELAWARE 0.02KINDER MORGAN MANAGEMENT LLC 0.13KINGFISHER 0.06KINNEVIK INVESTMENT AB 0.07KINROSS GOLD CORP 0.03KINTETSU 0.10KIRIN BREWERY 0.08KLA TENCOR 0.03KLEPIERRE 0.05KOBE STEEL 0.04KOHL'S CORP 0.05KOITO MFG 0.03KOMATSU 0.03KONAMI CORP 0.03KONE OYJ B 0.06KONICA CORP 0.04KONINKLIJKE AHOLD NV 0.13KONINKLIJKE BOSKALIS WESTMINSTER NV 0.04KONINKLIJKE DSM NV 0.07KONINKLIJKE KPN NV 0.05KONINKLIJKE PHILIPS ELECTRONIC 0.04KONINKLIJKE VOPAK NV 0.08KRAFT FOODS 0.17KRAFT FOODS GROUP INC 0.04KROGER CO 0.10KUBOTA CORP 0.05KUEHNE & NAGEL 0.06KURARAY 0.07KURITA WATER INDUSTRIES LTD 0.06KYOCERA CORP 0.06KYOWA HAKKO KOGY 0.10KYUSHU ELE PWR 0.03L OREAL 0.11L-3 COMMUNICATIONS HLDGS 0.07LABORATORY CORP OF AMER 0.11LAFARGE 0.03LAGARDERE 0.04LAMRESEARCHCORP 0.03


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LAND SECURITIES GROUP PLC 0.07LANXESS 0.03LAS VEGAS SANDS CORP 0.02LAWSON 0.13LEGAL & GENERAL 0.04LEGG MASON COMMON 0.03LEGGETT & PLATT 0.04LEGRAND SA 0.07LEIGHTON HOLDINGS 0.04LEND LEASE 0.06LENNAR CORP A 0.02LEUCADIA NATIONAL CORP 0.03LEVEL 3 COMMS 0.02LI & FUNG 0.02LIBERTY GLOBAL A 0.05LIBERTY GLOBAL C 0.05LIBERTY INTERACTIVE A 0.04LIBERTY INTL 0.06LIBERTY MEDIA CORP - LIBERTY C 0.04LIBERTY PROPERTY TRUST 0.06LIMITED BRANDS 0.04LINCOLN NATL 0.02LINDE AG 0.10LINDT & SPRUENGLI 0.14LINDT & SPRUENGLI AG 0.09LINEAR TECH 0.06LINK REIT 0.13LINKEDIN CORP 0.02LKQ CORP 0.05LLOYDS TSB GRP 0.02LOBLAW 0.17LOCKHEED MARTIN 0.14LOEWS CORP 0.10LONDON STOCK EXCHANGE 0.04LONZA 0.04LORILLARD INC 0.07LOWES COMPANIES 0.06LSI LOGIC 0.03LULULEMON ATHLETICA INC 0.02LUNDIN PETROLEUM 0.02LUXOTTICA 0.08LVMH MOET HENNESSY LOUIS VUITT 0.06LYONDELLBASELL INDUSTRIES NV 0.03M&T BANK CORP 0.05


323





MABUCHI MOTOR 0.08MACQUARIE BANK 0.04MACQUARIE GOODMAN GROUP 0.04MAGNA INTERNATIONAL A 0.04MAKITA CORP 0.04MAN AG 0.03MANPOWER 0.03MANULIFE FINANCIAL CORP 0.04MARATHON OIL CORP 0.04MARATHON PETROLEUM CORP 0.02MARKS & SP. 0.07MARRIOTT INT'L A 0.04MARSH & MCLENNAN 0.11MARTIN MARIETTA MATRLS 0.05MARUBENI 0.04MARUI 0.05MARUICHI STL TBE 0.08MARVELL TECHNOLOGY GROUP 0.02MASCO CORP 0.02MASTERCARD INC 0.04MATSUSHITA E IND 0.04MATTEL INC 0.09MAXIM INTEGRTD 0.05MAZDA MOTOR 0.03MCCORMICK & CO N-VTG 0.18MCDONALDS COMPANY (JAPAN) 0.25MCDONALD'S CORP 0.19MCGRAW-HILL COMPANIES INC 0.06MCKESSON CORP 0.10MDU RESOURCES GROUP INC 0.08MEAD JOHNSON NUTRITION CO 0.07MEADWESTVACO CORP 0.06MEDICEO PAL HLDG 0.08MEDIOBANCA 0.03MEDTRONIC INC 0.09MEG ENERGY CORP 0.03MEGGITT PLC 0.05MEIJI HOLDINGS CO LTD 0.11MELLANOX TECHNOLOGIES LTD 0.01MELROSE PLC 0.04MERCK & CO INC 0.10MERCK KGAA 0.06METCASH LTD 0.12METLIFE INC 0.03


324





METRO AG 0.04METRO INC 0.17METSO 0.02MGM CHINA HOLDINGS LTD 0.02MGM MIRAGE 0.02MICHELIN 0.03MICROCHIP TECHNOLOGY 0.06MICRON TECH 0.02MICROSOFT CORP 0.08MILLEA HOLDINGS 0.05MILLICOM INTERNATIONAL CELLULAR SA/SUE 0.06MIRACA HOLDINGS 0.09MIRVAC GROUP 0.07MITSUB CHEM HLDG 0.04MITSUB GAS CHEM 0.03MITSUB LOGISTICS 0.06MITSUBISHI CORP 0.04MITSUBISHI ELEC 0.04MITSUBISHI ESTATE CO LTD 0.05MITSUBISHI HVY 0.06MITSUBISHI MATL 0.04MITSUBISHI MOTOR 0.05MITSUBISHI UFJ FINANCIAL GROUP 0.06MITSUI & CO LTD 0.04MITSUI CHEMICALS 0.03MITSUI FUDOSAN 0.04MITSUI OSK LINES 0.03MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INC 0.05MITSUI TRUST HLD 0.05MIZRAHI TEFAHOT BANK LTD 0.06MIZUHO FINANCIAL 0.04MOHAWK INDUSTRIES 0.03MOLSON COORS BREWING CO. 0.09MONSANTO CO 0.04MOODY'S CORP 0.04MORGAN STANLEY 0.03MORRISON (WILLIAM) SUPERM 0.13MOSAIC CO/THE 0.03MOTOROLA SOLUTIONS INC 0.06MTR CORPORATION 0.15MUENCHENER RUECKVERSICHERUNGS 0.07MURATA MANUFACTURING CO LTD 0.05MURPHY OIL CORP 0.03MYLAN LABORATORIES INC 0.05


325





N O K CORP 0.03NABORS INDUSTRIES LTD 0.01NABTESCO CORP 0.04NAMCO BANDAI HLD 0.07NASDAQ OMX GROUP/THE 0.05NATIONAL AUSTRALIA BANK LTD 0.06NATIONAL BANK OF CANADA 0.13NATIONAL GRID 0.15NATIONAL OILWELL VARCO 0.02NATIXIS (FR) 0.02NEC CORPORATION 0.04NESTLE OIL 0.03NESTLE SA 0.18NETFLIX.COM INC 0.01NETWORK APPLIANCE 0.03NEW GOLD INC. 0.02NEW WORLD DEVELOPMENT CO LTD 0.03NEW YORK COMMUN. BANCORP 0.07NEWCREST MINING 0.04NEWELL RUBBERMD 0.04NEWFIELD EXPLORATION CO 0.02NEWMONT MINING HLDG 0.05NEWS CORP A 0.04NEWS CORP B 0.05NEXEN 0.02NEXON CO LTD 0.03NEXT 0.08NGK INSULATORS 0.04NGK SPARK PLUG 0.05NHK SPRING 0.03NICE SYSTEMS LTD 0.05NIDEC CORP (OSAKA) 0.04NIELSEN HOLDINGS NV 0.03NIKE INC CL B 0.07NIKON CORP 0.04NINTENDO CO. LTD. 0.02NIP ELEC GLASS 0.02NIP MEAT PACKERS 0.07NIP STEEL CORP 0.04NIPPON BUILDING FUND INC 0.10NIPPON EXPRESS 0.08NIPPON UNIPAC 0.04NIPPON YUSEN 0.03NISHI-NP CITY BK 0.06


326





NISOURCE INC 0.12NISSAN MOTOR CO 0.04NISSHIN GROUP 0.12NISSIN FOOD 0.24NITORI CO 0.10NITTO DENKO CORP 0.03NKSJ HOLDINGS INC 0.04NOBLE CORP 0.03NOBLE ENERGY 0.04NOBLE GROUP 0.03NOERDSTROM 0.04NOKIA OYJ 0.02NOKIAN RENKAAT 0.03NOMURA HOLDINGS 0.04NOMURA OFFICE REIT 0.07NOMURA REAL ESTATE HOLDINGS 0.04NOMURA RESEARCH 0.07NORDEA 0.05NORFOLK SOUTHERN CORP 0.05NORSK HYDRO 0.04NORTH UTILITIES 0.15NORTHERN TRUST CORP 0.07NORTHROP GRUMMAN CORP 0.08NOVARTIS-REGISTERED 0.12NOVO NORDISK B 0.07NOVOZYMES A/S 0.08NRG ENERGY INC 0.07NSK 0.03NTT 0.11NTT DATA 0.05NTT DOCOMO 0.17NTT URBAN DEV 0.04NUANCE COMMUNICATIONS INC 0.03NUCOR CORP 0.05NVIDIA CORP 0.02NWS HOLDINGS LTD 0.05NYSE GROUP INC 0.05OBAYASHI CORP 0.07OCBC BANK 0.13OCCIDENTAL PETROLEUM 0.04OCEANEERING INTL INC 0.03ODAKYU ELEC RAIL 0.15OGE ENERGY CORP 0.11OJI PAPER 0.06


327





OKO PANKKI A 0.04OLAM INTERNATIONAL 0.03OLD MUTUAL 0.05OLYMPUS CORP 0.01OMNICARE 0.05OMNICOM GROUP INC 0.06OMRON CORP 0.04OMV 0.05ONEOK INC 0.08ONEX CORP 0.10ONO PHARM 0.13OPAP SA 0.02OPEN TEXT CORP 0.04ORACLE CORP 0.06ORACLE CORP JPN 0.08OREILLY AUTOMOTIVE INC 0.07ORICA 0.09ORIENT OVERSEAS INTL 0.02ORIENTAL LAND 0.11ORIGIN ENERGY 0.10ORION OYJ-CLASS B 0.08ORIX 0.04ORKLA A 0.07OSAKA GAS 0.17OSISKO MINING CORP 0.02OTSUKA 0.05OTSUKA HOLDINGS CO LTD 0.05OWENS-ILLINOIS 0.03OXIANA LTD 0.02PACCAR INC 0.04PACIFIC RUBIALES ENERGY CORP 0.03PALL CORP 0.04PAN AMERICAN SILVER CORP 0.03PARGESA 0.06PARK24 0.06PARKER HANNIFIN CORP 0.04PARTNERRE 0.09PARTNERS GROUP HOLDING AG 0.08PATTERSON COS 0.09PAYCHEX INC 0.11PCCW 0.05PEABODY ENERGY CORP. 0.02PEARSON PLC 0.10PEMBINA PIPELINE CORP 0.13


328





PENGROWTH ENERGY CORP 0.05PENN WEST ENERGY TRUST 0.04PENTAIR 0.04PEOPLE'S BANK/BRIDGEPORT CT 0.09PEPCO HOLDINGS 0.15PEPSICO INC/NC 0.22PERNOD-RICARD SA 0.10PERRIGO COMPANY 0.06PETROFAC LTD 0.04PETSMART 0.07PEUGEOT SA 0.02PFIZER INC 0.11PG&E CORP 0.16PHILIP MORRIS INTERNATIONAL IN 0.10PHILLIPS 66 0.02PHILLIPS-VAN HEUSEN CORP 0.02PHONAK 0.04PINAULT-PR RED 0.05PINNACLE WEST CAPITAL 0.15PIONEER NATURAL RES. 0.02PIRELLI & C 0.03PITNEY BOWES INC 0.05PLAINS EXPLORATION & PRODUCTION CO 0.03PLUM CREEK TIMBER COMMON 0.08PNC FINL SVC 0.04POLARIS INDUSTRIES INC 0.04POLO RALPH LAUREN CORP A 0.03PORSCHE PREF 0.02PORTUGAL TELECOM 0.04POTASH CORP OF SASKATCHEWAN IN 0.03POWER CORP OF CANADA 0.10POWER FINANCIAL CORP 0.12PPG IND 0.07PPL CORP 0.13PRAXAIR 0.10PRECISION CASTPARTS CORP 0.06PRICE (T. ROWE) GROUP 0.05PRICELINE.COM INC 0.02PRINCIPAL FINL 0.03PROCTER & GAMBLE CO/THE 0.21PROGRESS CORP OH 0.08PROLOGIS INC 0.04PROSIEBENSAT.1 MEDI.PREF 0.02PRUDENTIAL 0.04


329





PRUDENTIAL FINL 0.04PRYSMIAN SPA 0.04PUBLIC STORAGE 0.08PUBLIC SV ENTERPRISE CO 0.10PUBLICIS GROUPE SA 0.08PULTE HOMES 0.02QANTAS AIRWAYS 0.03QBE INSURANCE GROUP 0.04QEP RESOURCES INC 0.02QIAGEN NV 0.07QR NATIONAL LTD 0.03QUALCOMM INC 0.05QUANTA SERVICES INC. 0.04QUEST DIAG 0.08RACKSPACE HOSTING INC 0.02RAIFFEISEN INTERNATIONAL 0.02RAKUTEN 0.05RALCORP HOLDINGS INC 0.09RAMSAY HEALTH CARE LTD 0.09RANDGOLD RESOURCES LTD/LFW 0.03RANDSTAD 0.03RANGE RESOURCES CORP 0.02RATOS AB 0.05RAYONIER INC 0.09RAYTHEON 0.11REALTY INCOME CORP 0.09RECKITT BENCKISER GROUP PLC 0.12RED ELECTRICA DE ESPANA 0.06RED HAT INC- 0.03REED ELSEVIER NV 0.11REED ELSEVIER PLC 0.10REGEGERON PHARMACEUTICAL 0.02REGENCY CENTERS CORP 0.05REGIONS FINANCIAL (NEW) 0.02REI-U.TO 0.16REMY COINTREAU 0.07RENAISSANCERE HOLDINGS 0.12RENAULT SA 0.03REPSOL YPF SA 0.03REPUBLIC SERVICES 0.09RESEARCH IN MOTION 0.02RESMED INC 1 0.06RESOLUTION LTD 0.04RESONA HOLDINGS 0.04


330





REXAM 0.08REXEL SA 0.04REYNOLDS AMERICAN INC 0.15RICHEMONT AG 0.04RICOH CO LTD 0.03RINNAI 0.09RIO TINTO LIMITED 0.05RIO TINTO PLC 0.03RITCHIE BROS. AUCTIONEER 0.04ROB HALF INTL 0.04ROCHE HOLDING AG 0.10ROCK-TENN COMPANY -CL A 0.03ROCKWELL AUTOMATION 0.03ROCKWELL COLLINS 0.08ROGERS COMMUNICATIONS B 0.12ROHM CO 0.07ROLLS ROYCE 0.06ROPER INDUSTRIES 0.07ROSS STORES 0.08ROWAN CO INC 0.03ROYAL BANK OF CANADA 0.11ROYAL BANK OF SCOTLAND 0.02ROYAL CARIBBEAN CRUISES 0.02ROYAL DUTCH SHELL PLC 0.09ROYAL DUTCH SHELL B 0.09RSA INSURANCE GROUP PLC 0.10RWE AG 0.04RWE VORZUG 0.04RYANAIR HOLDINGS PLC 0.06SABMILLER 0.09SAFEWAY INC 0.06SAFRAN SA 0.04SAGE GRP 0.07SAIC INC 0.07SAINSBURY (J) 0.11SAIPEM SPA 0.04SALESFORCE.COM INC 0.03SALZGITTER 0.04SAMPO OYJ 0.06SANDISK CORP/USD 0.02SANDS CHINA LTD 0.03SANDVIK AB 0.03SANKYO 0.10SANOFI-AVENTIS SA 0.10


331





SANRIO 0.02SANTEN PHARMACEUTICAL CO 0.08SANTOS 0.05SAP AG 0.09SAPUTO 0.11SBA COMMUNICATIONS CORP 0.08SBI HOLDINGS 0.02SCANA CORP 0.16SCANIA B 0.04SCHINDLER HOLDING AG 0.10SCHINDLER P 0.09SCHLUMBERGER LTD 0.03SCHNEIDER ELECTRIC SA 0.03SCHRODERS PLC/ORD LN GBP 0.04SCHWAB (CHARLES) CORP 0.04SCOR S.A. 0.07SCOTTISH & SOUTHERN ENERG 0.18SCRIPPS NETWORKS INTERAC-W/I 0.06SEADRILL 0.05SEAGATETECHNOLOGY 0.02SEALED AIR CP 0.05SEARS HOLDINGS CORP 0.01SECOM 0.11SECURITAS AB 0.06SEGA SAMMY HOLDINGS INC 0.05SEI INVESTMENTS COMPANY 0.05SEKISUI CHEMICAL 0.08SEKISUI HOUSE 0.09SEMBCORP INDUSTRIES 0.06SEMBCORP MARINE 0.04SEMPRA ENERGY 0.14SENSATA TECHNOLOGIES HOLDING NV 0.03SERCO GRP 0.08SES SA 0.11SEVEN & I HOLDINGS CO LTD 0.08SEVEN BANK 0.05SEVERN TRENT PLC 0.12SGS N 0.10SHANGRI-LA ASIA 0.05SHARP CORP/JAPAN 0.03SHAW COMMUNICATIONS B 0.19SHERWIN-WILLIAMS 0.09SHIKOKU ELE PWR 0.04SHIMADZU CORP 0.06


332





SHIMAMURA CO LTD 0.07SHIMANO 0.07SHIMIZU CORP 0.08SHIN-ETSU CHEM 0.06SHINSEI BANK 0.02SHIONOGI & CO 0.07SHIRE PHARM GRP 0.10SHISEIDO 0.08SHIZUOKA BANK 0.10SHOEI 0.02SHOPPERS DRUG MART CORP 0.13SHOWA DENKO 0.05SHOWA SHELL 0.04SIEMENS AG 0.06SIGMA-ALDRICH 0.07SIKA FINANZ AG-BEARER 0.06SILVER WHEATON CORP- 0.02SIMON PROPERTY GROUP INC 0.07SIMS GROUP LTD 0.03SINGAPORE AIRLINES 0.11SINGAPORE EXCHANGE 0.09SINGAPORE PRESS HLDG 0.21SINGAPORE TECH ENGR. 0.13SINGAPORE TELECOM 0.14SINO LAND CO LTD 0.03SIRIUS SATELLITE RADIO 0.02SJM HOLDINGS LTD 0.02SKANDINAVISKA ENSKILDA BK 0.04SKANSKA B 0.06SKF AB -B- 0.04SKY CITY ENTERTAINMENT 0.11SL GREEN REALTY CORP 0.03SLOUGH ESTATES PLC 0.06SMC CORPORATION 0.05SMITH & NEPHEW 0.08SMITHS GROUP PLC 0.07SMUCKER (J.M.) CO 0.12SNAM RETE GAS 0.11SNC-LAVALIN GROUP 0.05SOCIÉTÉ GENERALE 0.01SODEXO 0.12SOFTBANK CORP 0.04SOJITZ 0.05SOLVAY 0.05


333





SO-NET M3 INC 0.03SONIC HEALTHCARE 0.06SONY CORP 0.04SONY FINANCIAL HOLDINGS INC 0.04SOUTHERN CO 0.25SOUTHWEST AIRLINES CO 0.05SOUTHWESTERN ENERGY CO 0.02SP AUSNET 0.07SPECTRA ENERGY CORP 0.09SPRINT NEXTEL SERIES 1 0.02SPRINT PCS GROUP 0.01SPX CORP 0.03SQUARE ENIX 0.04ST JUDE MEDICAL 0.05STANDARD CHARTERED 0.04STANDARD LIFE PLC 0.05STANLEY ELEC 0.04STANLEY WORKS 0.04STAPLES INC 0.04STARBUCKS CORP 0.06STARHUB LTD 0.15STARWOOD HOTELS 0.03STATE STREET CORP 0.04STATOIL 0.08STERICYCLE INC 0.10STMICROELECTRON. 0.03STOCKLAND 0.08STORA ENSO OYJ 0.03STRYKER CORP 0.08SUBSEA 7 SA 0.04SUEDZUCKER AG 0.08SUEZ ENVIRONNEMENT SA 0.06SULZER R 0.04SUMCO 0.03SUMITOMO CHEM 0.03SUMITOMO CORP 0.05SUMITOMO ELEC 0.05SUMITOMO HVY IND 0.03SUMITOMO MITSUI FINANCIAL GROU 0.06SUMITOMO MTL MIN 0.04SUMITOMO RE&DEV 0.04SUMITOMO RUBBER 0.06SUN HUNG KAI PROPERTIES LTD 0.05SUN LIFE FINANCIAL 0.05


334





SUNCOR ENERGY INC 0.04SUNCORP-METWAY 0.09SUNTRUST BANKS 0.02SUPERIOR ENERGY SERVICES INC 0.02SURUGA BANK 0.06SUZUKEN 0.09SUZUKI MOTOR 0.06SVENSKA CELLULOSA AB 0.08SVENSKA HANDELSBANKEN AB 0.07SWATCH GROUP I 0.04SWATCH GROUP N 0.04SWEDISH MATCH 0.12SWIRE PACIFIC LTD 0.06SWIRE PROPERTIES LTD 0.03SWISS LIFE HOLDING 0.04SWISS PRIME SITE-REG 0.24SWISS RE LTD 0.05SWISSCOM N 0.20SXC HEALTH SOLUTIONS CORP* 0.02SYDNEY AIRPORT 0.08SYMANTEC CORP 0.05SYNGENTA AG 0.08SYNOPSYS INC 0.10SYSCO CORP 0.11SYSMEX 0.07T&D HOLDINGS 0.04TABCORP HOLDINGS 0.11TAIHEIYO CEMENT 0.03TAISEI CORP 0.07TAISHO PHARMACEUTICAL HOLDINGS CO LTD 0.07TAIYO NPN SANSO 0.05TAKASHIMAYA 0.05TAKEDA PHARMACEUTICAL 0.16TALISMAN ENERGY 0.04TANABE SEIYAKU 0.08TARGET CORP 0.10TATE & LYLE PLC 0.08TATTERSALL'S LTD 0.14TD AMERITRADE HOLDING CORP 0.05TDC A/S 0.09TDK CORPORATION 0.02TECHNIP SA 0.04TECK COMINCO B 0.02TEIJIN 0.04


335





TELE2 B 0.08TELECOM CORP NEW ZEALAND 0.06TELECOM ITALIA SPA 0.04TELECOM ITALIA RNC 0.04TELEFONAKTIEBOLAGET LM ERICSSO 0.05TELEFONICA SA 0.05TELEKOM AUSTRIA 0.06TELENOR 0.07TELIASONERA 0.10TELSTRA CORP 0.10TELUS CORP N-VTG 0.16TENARIS 0.04TERADATA CORP 0.03TERNA-TRASMISSIONE ELETTRICITA RETE NAZIONALE SPA 0.10TERUMO CORP 0.06TESCO PLC 0.10TESSENDERLO CHEMIE-PARTS SOC. 0.05TEVA PHARMACEUTICAL INDUSTRIES LTD 0.07TEXAS INSTRUMENT 0.06TEXTRON 0.02THALES EX TH-CSF 0.07THE AES CORP 0.04THE MACERICH COMPANY 0.04THERMO ELECTRON 0.07THK 0.03THOMSON CORP 0.15THYSSENKRUPP AG 0.03TIFFANY & CO 0.03TIM HORTONS INC. 0.16TIME WARNER CABLE INC 0.06TJX CO INC 0.09TNT EXPRESS NV 0.04TOBU RAILWAY 0.09TOHO 0.11TOHO GAS 0.08TOHOKU ELE PWR 0.02TOKYO ELECTRIC POWER CO INC/TH 0.01TOKYO ELECTRON 0.04TOKYO GAS CO LTD 0.13TOKYU CORP 0.12TOKYU LAND CORP 0.04TOLL BROTHERS 0.03TOLL HOLDINGS 0.04TONENGENERAL 0.09


336





TOPPAN PRINTING 0.07TORAY INDUSTRIES 0.08TORCHMARK CORP 0.09TORONTO-DOMINION BANK/THE 0.14TOSHIBA CORP 0.03TOTAL SA 0.08TOTAL SYSTEM SERVICES INC 0.07TOTO 0.06TOURMALINE OIL CORP 0.02TOYO SEIKAN 0.05TOYO SUISAN 0.09TOYODA GOSEI 0.03TOYOTA BOSHOKU 0.03TOYOTA INDUSTRI 0.06TOYOTA MOTOR CORP 0.06TOYOTA TSUSHO CORP 0.05TRACTOR SUPPLY COMPANY 0.04TRANSALTA CORP 0.11TRANSCANADA CORP 0.21TRANSDIGM GROUP INC 0.06TRANSOCEAN LTD 0.04TRANSURBAN GROUP 0.15TRAVELERS COS INC/THE 0.10TREASURY WINE ESTATES LTD 0.06TREND MICRO INC 0.05TRIMBLE NAVIGATION LTD 0.04TRW AUTOMOTIVE HOLDINGS CORP 0.02TRYGVESTA 0.08TSUMURA & CO 0.08TUI TRAVEL PLC 0.04TULLOW OIL PLC 0.03TYCO ELECTRONICS LTD 0.04TYCO INTL 0.07TYSON FOODS A 0.06UAL CORP 0.01UBE INDUSTRIES 0.04UBS AG 0.03UCB 0.06ULTA SALON COSMETICS & FRAGRANCE INC 0.02ULTRA PETROLEUM CORP 0.02UMICORE 0.04UNDER ARMOUR INC 0.02UNIBAIL-RODAMCO SE 0.07UNI-CHARM 0.13


337





UNICREDIT SPA 0.01UNILEVER NV 0.14UNILEVER PLC 0.14UNION PACIFIC CORP 0.06UNITED DOMINION REALTY 0.05UNITED INTERNET AG-REG SHARE 0.05UNITED OVERSEAS BANK 0.12UNITED OVERSEAS LAND 0.08UNITED PARCEL B 0.11UNITED TECHNOLOGIES CORP 0.08UNITED UTILITIES GROUP PLC 0.12UNITEDHEALTH GP 0.05UNUMPROVIDENT CORP 0.06UPM-KYMMENE 0.03URBAN OUTFITTER 0.04US BANCORP 0.06US STEEL CORP 0.02USA EDUCTION INC 0.04USHIO INC 0.06USS 0.10VALERO ENERGY CORP 0.03VALLOUREC 0.02VARIAN MEDICAL SYSTEMS 0.06VEDANTA RESOURCES 0.02VENTAS INC 0.07VEOLIA ENVIRONNEMENT SA 0.03VERBUND AG 0.05VERIFONE SYSTEMS INC 0.02VERISIGN 0.06VERISK ANALYTICS INC 0.11VERIZON COMMUNICATIONS INC 0.15VERMILION ENERGY INC 0.08VERTEX PHARMACEUTICALS 0.01VF CORP 0.05VIACOM INC / 0.05VINCI SA 0.05VIRGIN MEDIA INC 0.05VISA INC 0.05VIVENDI SA 0.05VMWARE INC 0.03VODAFONE GROUP PLC 0.11VOESTALPINE AG 0.03VOLKSWAGEN AG 0.03VOLKSWAGEN AG 0.04


338





VOLVO AB 0.03VORNADO REALTY TRUST 0.05VULCAN MATERIALS CO 0.03WALGREEN CO 0.06WAL-MART STORES INC 0.17WALT DISNEY CO/THE 0.07WARNER CHILCOTT LTD 0.03WARTSILA 0.03WASTE MANAGEMNT 0.12WATERS CORP 0.05WATSON PHARM 0.08WEATHERFORD INT'L 0.02WEIR GRP 0.02WELLPNT HLTH NET 0.05WELLS FARGO & CO 0.05WENDEL 0.03WESFARMERS 0.10WEST JAPAN RY 0.15WESTERN DIGITAL 0.02WESTERN UNION CO 0.04WESTFIELD GROUP 0.13WESTFIELD RETAIL TRUST 0.06WESTON (GEORGE) 0.16WESTPAC BANKING CORP 0.06WEYERHAEUSER CO 0.04WHARF HOLDINGS LTD 0.04WHEELOCK 0.03WHIRLPOOL CORP 0.02WHITBREAD 0.07WHITEHAVEN COAL LTD 0.03WHITING PETROLEUM CORP 0.02WHOLE FOODS MARKET 0.04WIENER STAEDTISCHE 0.05WILLIAM DEMANT HOLDING 0.07WILLIAMS COS 0.04WILLIS GROUP HOLDING LIMITED 0.08WILMAR INTERNATIONAL LTD 0.06WING HANG BANK (HKD) 0.05WINN-DIXIE STRS 0.08WISCONSIN ENERGY CORP 0.21WOLSELEY 0.03WOLTERS KLUWER NV 0.09WOODSIDE PETROLEUM 0.06WOOLWORTHS LTD 0.17


339





WORLEYPARSONS 0.04WPP PLC 0.07WPS RESOURCES CORP 0.10WYNDHAM WORLDWIDE CORP 0.03WYNN MACAU LTD 0.02WYNN RESORTS 0.02XCEL ENERGY 0.20XEROX CORP 0.04XILINX INC 0.05XL CAPITAL 0.05XSTRATA PLC 0.02XYLEM INC 0.03YAHOO INC 0.04YAHOO JAPAN 0.05YAKULT HONSHA 0.09YAMADA DENKI 0.03YAMAGUCHI FINANCIAL GROUP INC 0.07YAMAHA CORP 0.05YAMAHA MOTOR 0.03YAMANA GOLD 0.03YAMATO KOGYO 0.04YAMATO TRANSPORT 0.09YAMAZAKI BAKING 0.10YANGZIJIANG SHIPBUILDING HOLDINGS LTD 0.03YARA INTERNATIONAL 0.03YASKAWA ELEC 0.03YOKOGAWA ELEC 0.03YUE YUEN IND 0.05YUM! BRANDS INC 0.08ZARDOYA OTIS 0.09ZIGGO NV 0.05ZIMMER HLDGS 0.06ZODIAC 0.05ZURICH FINANCIAL SERVICES AG 0.07

Total 100.00


340



%

Banks 5.34Food Products 4.92Conventional Electricity 4.73Pharmaceuticals 4.39Fixed Line Telecommunications 2.50Food Retailers & Wholesalers 2.49Specialty Chemicals 2.13Industrial Machinery 1.92Broadcasting & Entertainment 1.90Multiutilities 1.78Retail REITs 1.78Exploration & Production 1.75Travel & Tourism 1.71Property & Casualty Insurance 1.69Real Estate Holding & Development 1.62Life Insurance 1.49Business Support Services 1.41Mobile Telecommunications 1.41Integrated Oil & Gas 1.38Gas Distribution 1.30Software 1.30Medical Equipment 1.22Industrial & Office REITs 1.21Commodity Chemicals 1.19Personal Products 1.17Diversified Industrials 1.16Publishing 1.16Semiconductors 1.14Asset Managers 1.12Restaurants & Bars 1.11Broadline Retailers 1.10Specialty Retailers 1.09Heavy Construction 1.08Investment Services 1.08Transportation Services 1.06Oil Equipment & Services 1.02Building Materials & Fixtures 1.01Health Care Providers 0.97Nondurable Household Products 0.95Specialty Finance 0.95Aerospace 0.93Auto Parts 0.91Medical Supplies 0.91Electrical Components & Equipment 0.90Tobacco 0.88


341



%

Soft Drinks 0.83Gambling 0.81Pipelines 0.79Automobiles 0.78Computer Services 0.74Defense 0.73Reinsurance 0.71Apparel Retailers 0.69Biotechnology 0.69Containers & Packaging 0.69Drug Retailers 0.69Electronic Equipment 0.69Brewers 0.68Iron & Steel 0.67Commercial Vehicles & Trucks 0.65Clothing & Accessories 0.64Financial Administration 0.62Full Line Insurance 0.60Specialty REITs 0.60Distillers & Vintners 0.57General Mining 0.51Airlines 0.50Railroads 0.49Water 0.49Toys 0.45Media Agencies 0.44Telecommunications Equipment 0.44Delivery Services 0.41Consumer Finance 0.40Industrial Suppliers 0.39Home Improvement Retailers 0.38Residential REITs 0.38Computer Hardware 0.35Gold Mining 0.34Home Construction 0.34Internet 0.34Durable Household Products 0.33Insurance Brokers 0.33Alternative Electricity 0.31Specialized Consumer Services 0.31Footwear 0.30Marine Transportation 0.30Waste & Disposal Services 0.30Trucking 0.28Electronic Office Equipment 0.27


342



%

Tires 0.26Recreational Services 0.25Hotels 0.24Mortgage REITs 0.20Paper 0.19Recreational Products 0.19Nonferrous Metals 0.16Business Training & Employment Agencies 0.15Consumer Electronics 0.15Diversified REITs 0.14Aluminum 0.09Real Estate Services 0.09Mortgage Finance 0.08Farming & Fishing 0.07Furnishings 0.07Platinum & Precious Metals 0.07Coal 0.06Hotel & Lodging REITs 0.03

100.00


343



Shares8.061 735 7671 568 565EURADIDAS AG - REG19 5544.761 025 762772 720EURALLIANZ SE - REG7 4244.06876 163768 882EURANHEUSER-BUSCH INBEV NV10 1090.1737 15240 925JPYASTELLAS PHARMA INC8299.492 042 7731 916 167EURBASF SE - REG21 7777.761 672 3891 476 528EURBAYER AG17 6454.28922 664776 296EURBAYERISCHE MOTOREN WERKE AG9 5964.61993 756895 086EURDAIMLER AG18 2420.3985 04184 348EURDE MASTER BLENDERS 1753 NV7 3984.11886 115728 422EURDEUTSCHE BANK AG - REG20 3981.41303 763265 742EURDEUTSCHE BOERSE AG4 9862.41519 013396 402EURDEUTSCHE POST AG - REG23 7154.14893 002866 050EURDEUTSCHE TELEKOM AG - REG78 8064.15894 4841 021 515EURE.ON AG48 1520.51110 345110 093EURGALP ENERGIA SGPS SA - B7 1174.61994 765702 346EURING GROEP NV - CVA106 8584.05873 704578 989EURLANXESS AG10 0000.4392 87975 005EURMUENCHENER RUECKVERSICHERUNGS AG - REG5181.84396 284400 006CHFNOVARTIS AG - REG6 3140.011 1591 275AUDPALADIN ENERGY LTD1 0844.45960 271939 087EURRWE AG23 3151.96423 272349 296EURSAP AG5 2903.64785 278506 255EURSOLVAY SA5 4474.29923 863978 855EURTELEFONICA SA68 7680.54116 912109 873EURUNICREDIT SPA23 9283.75808 944822 562EURUNILEVER NV21 2791.49321 833234 039EURVOLKSWAGEN AG - PFD1 4184.19902 519675 482SEKWALLENSTAM AB - B73 9920.64138 721111 338SEKWIHLBORGS FASTIGHETER AB8 891

96.2020 738 59318 172 149Total Shares

Investment funds5.561 198 5091 169 255EURUK EQUITY HOLDINGS900



Nominalvalue/


USD USD %




344

24.94Chemicals10.38Automobiles and Parts8.05Personal Goods5.56Investment Fund5.19Nonlife Insurance4.83Real Estate Investment and Services4.65Banks4.61Life Insurance4.46Beverages4.45Electricity4.29Fixed Line Telecommunications4.15Gas, Water and Multiutilities4.14Mobile Telecommunications3.75Food Producers2.41Industrial Transportation2.01Pharmaceuticals and Biotechnology1.96Software and Computer Services1.41Financial Services0.51Oil and Gas Producers0.01Industrial Metals and Mining

101.76



%


345

67.54Germany8.76Netherlands7.71Belgium5.56France4.83Sweden4.29Spain1.84Switzerland0.54Italy0.51Portugal0.17Japan0.01Australia

101.76



%


346




S&P 500 VIX MID-TERM ENHANCED (VXXIDN) MARCH 30.56S&P 500 VIX MID-TERM ENHANCED (VXXIDN) APRIL 50.00S&P 500 VIX MID-TERM ENHANCED (VXXIDN) MAY 19.44

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 110.72%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P 500 VIX Futures Enhanced Roll Index”.As a consequence, the investor is exposed to the performance of the following basket of futures onS&P500 composing the benchmark index.


MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 VIX FUTURESENHANCED ROLL

347



Shares

3.79186 945187 378EURADIDAS AG - REG2 1062.87141 899130 002EURALLIANZ SE - REG1 0277.52371 388373 604EURANHEUSER-BUSCH INBEV NV4 2854.55224 655224 100EURASML HOLDING NV3 5503.78186 764190 675EURBASF SE - REG1 9915.51271 923262 139EURBAYER AG2 8694.54224 416172 746EURBAYERISCHE MOTOREN WERKE AG2 3340.2512 31211 129EURDAIMLER AG2267.68379 242383 554EURDEUTSCHE BANK AG - REG8 7302.51124 162114 883EURDEUTSCHE BOERSE AG2 0384.81237 391213 183EURDEUTSCHE POST AG - REG10 8475.96294 170308 673EURDEUTSCHE TELEKOM AG - REG25 9604.64229 094232 519EURENEL SPA55 3750.4522 46322 367EURENI SPA9294.93243 553278 620EURE.ON AG13 1113.37166 641164 773EURGALP ENERGIA SGPS SA - B10 7483.04150 083130 341EURING GROEP NV - CVA16 1223.81188 077190 706EURINTESA SANPAOLO SPA109 7355.53273 312258 808EURKONINKLIJKE PHILIPS ELECTRONICS NV10 4204.36215 100214 152EURLINDE AG1 2363.94194 543171 493EURMUENCHENER RUECKVERSICHERUNGS AG - REG1 0854.25209 806229 897EURRWE AG5 0942.76136 263126 194EURSAP AG1 7033.97195 923159 027EURSOLVAY SA1 3594.38216 497216 181EURTELEFONICA SA16 1152.68132 296130 893EURUNILEVER NV3 4804.84239 219204 309EURVOLKSWAGEN AG - PFD1 054

110.725 468 1375 302 346Total Shares




Nominalvalue/


USD USD %


348

17.60Chemicals11.49Banks9.64Automobiles and Parts8.89Electricity7.52Beverages6.81Nonlife Insurance5.96Mobile Telecommunications5.53Electronic and Electrical Equipment4.93Gas, Water and Multiutilities4.81Industrial Transportation4.55Technology Hardware and Equipment4.38Fixed Line Telecommunications3.83Oil and Gas Producers3.79Personal Goods3.04Life Insurance2.76Software and Computer Services2.68Food Producers2.51Financial Services

110.72



%


349

66.78Germany15.80Netherlands11.49Belgium8.90Italy4.38Spain3.37Portugal

110.72



%


350





AGL ENERGY LTD 1.37AMCOR 1.38AMER ELEC PWR 1.29ASTRAZENECA PLC 1.34BCE INC 1.29BRAMBLES LTD 1.46BRISTOL MYERS SQ BMY.N 1.29BRITISH AMERICAN TOBACCO PLC 1.26CLP HOLDINGS LTD 1.32COCA-COLA AMATIL 1.31CONAGRA FOODS 1.42CONSOL EDISON 1.23CRESCENT POINT ENERGY TRUST 1.16CROWN LTD 1.56DAITO TR CONST 1.23DTE ENERGY 1.33DUKE ENERGY 1.31EISAI 1.26ELI LILLY 1.35EMS-CHEMIE HOLDING AG 1.49EXELON CORP 1.11GLAXOSMITHKLINE PLC 1.24H J HEINZ CO 1.36HENNES & MAURITZ AB 1.30IMPERIAL TOBACCO GROUP PLC 1.35ISRAEL CHEMICALS LTD 1.27KANGWON LAND 1.65KIMBERLY-CLARK 1.30LOCKHEED MARTIN 1.31LORILLARD INC 1.34MERCK & CO INC 1.19METCASH LTD 1.29MICROCHIP TECHNOLOGY 1.32NATIONAL GRID 1.37NTT DOCOMO 1.19ORIGIN ENERGY 1.35

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 100.98%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe SG Global Quality Income NTR” Index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITYINCOME NTR

351





PAYCHEX INC 1.27PEARSON PLC 1.27PHILIP MORRIS INTERNATIONAL IN 1.20PINNACLE WEST CAPITAL 1.28PUBLIC SV ENTERPRISE CO 1.27REYNOLDS AMERICAN INC 1.26ROCHE HOLDING AG 1.38ROYAL DUTCH SHELL PLC 1.34SAINSBURY (J) 1.33SCANA CORP 1.25SES SA 1.35SHAW COMMUNICATIONS B 1.49SHISEIDO 1.50SINGAPORE PRESS HLDG 1.37SINGAPORE TECH ENGR. 1.42SINGAPORE TELECOM 1.40SONIC HEALTHCARE 1.32SOUTHERN CO 1.25SOUTHERN COPPER CORP/ 1.50SWISSCOM N 1.39TAKEDA PHARMACEUTICAL 1.31TATTERSALL'S LTD 1.46TECO ENERGY INC 1.28TELE2 B 1.33TELENOR 1.37TELIASONERA 1.27TELSTRA CORP 1.50TESCO PLC 1.43THOMSON CORP 1.34TOTAL SA 1.39TRANSURBAN GROUP 1.36UNILEVER NV 1.41UNITED UTILITIES GROUP PLC 1.24VERIZON COMMUNICATIONS INC 1.22VODAFONE GROUP PLC 1.18WESFARMERS 1.45WOLTERS KLUWER NV 1.41WOOLWORTHS LTD 1.37XCEL ENERGY 1.28

Total 100.00


352



%

Conventional Electricity 12.62Pharmaceuticals 10.35Mobile Telecommunications 7.74Multiutilities 6.66Tobacco 6.41Food Retailers & Wholesalers 5.42Fixed Line Telecommunications 5.39Publishing 5.39Gambling 4.67Food Products 4.19Broadcasting & Entertainment 2.84Containers & Packaging 2.84Personal Products 2.80Specialty Chemicals 2.77Integrated Oil & Gas 2.72Nonferrous Metals 1.50Home Improvement Retailers 1.45Aerospace 1.42Transportation Services 1.36Health Care Providers 1.32Semiconductors 1.32Defense 1.31Soft Drinks 1.31Apparel Retailers 1.30Financial Administration 1.27Water 1.24Heavy Construction 1.23Exploration & Production 1.16

100.00


353



Shares1.381 922 7271 754 994EURAEGON NV400 3182.874 008 0043 339 668EURAKZO NOBEL NV - CVA80 5711.552 169 5701 974 743EURALLIANZ SE - REG20 7022.944 117 9544 142 010EURANHEUSER-BUSCH INBEV NV62 6407.7310 812 95110 323 438EURBASF SE - REG151 9743.815 333 5195 314 384EURBAYER AG74 1900.43599 047494 573EURBAYERISCHE MOTOREN WERKE AG8 2142.563 583 4713 588 683EURBEIERSDORF AG57 9103.384 726 6774 361 972EURDAIMLER AG114 3923.524 929 0235 190 224EURDEUTSCHE BANK AG - REG149 5910.14197 825185 576EURDEUTSCHE BOERSE AG4 2810.13180 525165 300EURDEUTSCHE POST AG - REG10 8757.2810 173 58410 184 523EURDEUTSCHE TELEKOM AG - REG1 183 6631.331 854 4261 772 874EURENEL SPA590 9585.908 244 9868 074 072EURENI SPA449 5634.285 982 2907 346 735EURE.ON AG424 5772.092 925 7762 938 541EURFRESENIUS SE & CO KGAA33 5910.781 084 4601 105 209EURGALP ENERGIA SGPS SA - B92 2163.825 336 8225 322 236EURHENKEL AG & CO KGAA - PFD85 8011.492 078 1392 019 045EURINDITEX SA19 6985.067 076 0406 960 056EURING GROEP NV - CVA1 002 1302.423 382 6033 323 406EURKABEL DEUTSCHLAND HOLDING AG59 7951.331 865 6611 776 382EURKONINKLIJKE AHOLD NV184 0811.452 030 6491 772 328EURKONINKLIJKE DSM NV44 3470.791 109 7051 777 141EURKONINKLIJKE KPN NV298 6294.376 116 8176 164 354EURKONINKLIJKE PHILIPS ELECTRONICS NV307 4550.12163 548166 026EURLINDE AG1 2392.543 551 7763 305 171EURMUENCHENER RUECKVERSICHERUNGS AG - REG26 1161.351 894 1461 779 837EURREED ELSEVIER NV169 3470.15211 963238 391EURRWE AG6 7857.7610 844 45410 493 669EURSAP AG178 6863.745 223 7284 943 861EURSIEMENS AG - REG63 5490.42588 740507 395EURSOLVAY SA5 3842.022 821 5502 847 532EURTELEFONICA SA276 8941.942 714 2892 677 669EURUNICREDIT SPA732 404



Nominalvalue/


EUR EUR %


2.753 850 4793 700 428EURVOLKSWAGEN AG - PFD22 367

95.62133 707 924132 032 446Total Shares

354



Investment funds






Nominalvalue/


EUR EUR %


355

16.40Chemicals7.76Software and Computer Services7.28Mobile Telecommunications6.67Oil and Gas Producers6.56Automobiles and Parts6.38Personal Goods5.47Banks5.47Nonlife Insurance5.36Investment Fund5.06Life Insurance4.37Electronic and Electrical Equipment4.28Gas, Water and Multiutilities3.77Media3.74General Industrials2.94Beverages2.81Fixed Line Telecommunications2.09Health Care Equipment and Services1.49General Retailers1.48Electricity1.33Food and Drug Retailers0.14Financial Services0.13Industrial Transportation

100.98



%


356

60.20Germany18.61Netherlands9.16Italy5.36France3.50Spain3.37Belgium0.78Portugal

100.98



%


357





AGNICO-EAGLE MINES 4.28ANGLOGOLD ASHANTI LTD/US 5.74BARRICK GOLD CORP 16.72CENTERRA GOLD INC. 0.74ELDORADO GOLD CORP 4.16FRANCO-NEVADA CORP 3.95GOLD FIELDS LIMITED ADR 4.35GOLDCORP 14.22HARMONY GOLD MNG - SPON ADR 1.68IAMGOLD CORP 2.06KINROSS GOLD CORP 5.28MINAS BUENAVENTURAS-SPON ADR 3.28NEW GOLD INC. 2.44NEWCREST MINING 8.42NEWMONT MINING HLDG 11.01OSISKO MINING CORP 1.49RANDGOLD RESOURCES LTD/LFW 4.03YAMANA GOLD 6.16

Total 100.00

At December 31, 2012, the Sub-Fund is invested, according to the investment policy, in a diversifiedportfolio of transferable securities listed on regulated markets from OECD member states for 99.82%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI ACWI Gold with EM DR 18% Group Entity Capped Index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ACWI GOLD

358




%

Gold Mining 94.56Specialty Finance 3.95General Mining 1.49

100.00

359



Shares

3.022 005 0991 910 073EURALLIANZ SE - REG14 5123.082 044 8432 095 711EURANHEUSER-BUSCH INBEV NV23 5933.202 122 0122 140 781EURASML HOLDING NV33 5327.985 308 1125 352 787EURASSICURAZIONI GENERALI SPA293 0263.011 995 6831 958 510EURBAYER AG21 0561.50997 854873 362EURBAYERISCHE MOTOREN WERKE AG10 3781.651 092 5541 089 045EURBEIERSDORF AG13 3923.702 455 5642 484 189EURBELGACOM SA83 8790.0636 70933 701USDCLIFFS NATURAL RESOURCES INC9520.1067 52970 020USDCORINTHIAN COLLEGES INC27 6761.751 163 1231 014 321EURDAIMLER AG21 3510.75497 522444 691JPYDAIWA HOUSE INDUSTRY CO LTD29 0863.722 472 6782 511 843EURDEUTSCHE BANK AG - REG56 9200.70465 932459 287CHFEMS-CHEMIE HOLDING AG1 9803.142 083 5092 110 183EURENEL SPA503 6116.594 372 8144 425 937EURE.ON AG235 3980.64427 211434 368USDEXXON MOBIL CORP4 9361.45961 110877 501JPYFANUC CORP5 2200.74488 846491 460EURFERROVIAL SA33 1063.242 153 9302 158 443EURHENKEL AG & CO KGAA - PFD26 2660.23153 701140 175CHFHOLCIM LTD - REG2 1031.39921 757884 898EURINDITEX SA6 6271.50993 7691 000 735EURING GROEP NV - CVA106 7511.24824 793836 321EURINTESA SANPAOLO SPA481 2320.1279 60578 484JPYKIKKOMAN CORP5 5961.721 140 4351 111 896EURKONINKLIJKE PHILIPS ELECTRONICS NV43 4798.075 365 3095 405 632EURLINDE AG30 8301.23815 826822 977EURMUENCHENER RUECKVERSICHERUNGS AG - REG4 5503.192 118 0792 139 221CHFNESTLE SA32 5300.49324 259339 130JPYNIPPON MEAT PACKERS INC23 4623.192 115 7322 135 603CHFNOVARTIS AG - REG33 7101.521 009 388876 355EUROBRASCON HUARTE LAIN SA34 8800.22145 862130 181JPYOJI PAPER CO LTD42 6080.16105 95997 184JPYPIONEER CORP42 8123.182 111 4682 146 470CHFROCHE HOLDING AG - GENUSSCHEIN10 504




Nominalvalue/


USD USD %

360


Shares (cont.)


8.085 373 2415 356 029EURSAP AG67 1540.0637 88038 722JPYSEVEN & I HOLDINGS CO LTD1 3440.55362 603331 358JPYSUMITOMO MITSUI FINANCIAL GROUP INC10 0653.162 097 9442 112 593EURTELECOM ITALIA SPA2 329 8391.13751 848761 924EURTELEFONICA SA55 9647.945 275 1795 263 563EURUNICREDIT SPA1 079 6541.43946 888881 328EURVOLKSWAGEN AG - PFD4 172

99.8266 284 15965 826 992Total Shares




Schedule of Investments as at December 31, 2012 (cont.)(expressed in USD)

Nominalvalue/


USD USD %

361

13.45Banks12.23Nonlife Insurance11.78Chemicals8.08Software and Computer Services7.99Fixed Line Telecommunications6.59Gas, Water and Multiutilities6.37Pharmaceuticals and Biotechnology4.89Personal Goods4.68Automobiles and Parts3.80Food Producers3.20Technology Hardware and Equipment3.14Electricity3.08Beverages2.49Construction and Materials1.72Electronic and Electrical Equipment1.55General Retailers1.50Life Insurance1.45Industrial Engineering0.75Real Estate Investment Trusts0.64Oil and Gas Producers0.22Forestry and Paper0.16Leisure Goods0.06Industrial Metals and Mining

99.82




%

362

43.29Germany23.48Italy10.49Switzerland6.78Belgium6.41Netherlands4.78Spain3.79Japan0.80United States of America

99.82




%

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