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Luxembourg B 115.129 Audited annual report Société d’Investissement à Capital Variable December 31, 2013 as at Multi Units Luxembourg No subscription can be received on the basis of these financial statements. Subscriptions may only be accepted on the basis of the current prospectus accompanied by an application form, the latest available annual report of the fund and the latest semi-annual report if published thereafter.
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Page 1: Mise en page 1 - Fundsquare

Luxembourg B 115.129

Audited annual report

Société d’Investissement à Capital Variable

December 31, 2013as 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.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Table of contents Page(s)

Management and Administration 1

General information on the Fund 3

Information to the Shareholders 10

Report of the Board of Directors 11

Audit Report 34

Statement of Net Assets at December 31, 2013 36

Statements of Operations and Changes in Net Assets for the year ended December 31, 2013 46

Statistical information 58

Notes to the financial statements at December 31, 2013 76

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAXIndex composition at December 31, 2013 97Economic composition of the index at December 31, 2013 98Schedule of Investments as at December 31, 2013 99Economic classification of investments 101Geographical classification of investments 102

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAXIndex composition at December 31, 2013 103Economic composition of the index at December 31, 2013 104Schedule of Investments as at December 31, 2013 105Economic classification of investments 107Geographical classification of investments 108

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20Index composition at December 31, 2013 109Economic composition of the index at December 31, 2013 110Schedule of Investments as at December 31, 2013 111Economic classification of investments 113Geographical classification of investments 114

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500Index composition at December 31, 2013 115Economic composition of the index at December 31, 2013 127Schedule of Investments as at December 31, 2013 130Economic classification of investments 132Geographical classification of investments 133

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60)Index composition at December 31, 2013 134Economic composition of the index at December 31, 2013 136Schedule of Investments as at December 31, 2013 137Economic classification of investments 139Geographical classification of investments 140

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200)Index composition at December 31, 2013 141Economic composition of the index at December 31, 2013 146Schedule of Investments as at December 31, 2013 148Economic classification of investments 149Geographical classification of investments 150

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TRIndex composition at December 31, 2013 151Economic composition of the index at December 31, 2013 153Schedule of Investments as at December 31, 2013 154Economic classification of investments 156Geographical classification of investments 157

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TRIndex composition at December 31, 2013 158Economic composition of the index at December 31, 2013 162Schedule of Investments as at December 31, 2013 163Economic classification of investments 165Geographical classification of investments 166

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TRIndex composition at December 31, 2013 167Economic composition of the index at December 31, 2013 169Schedule of Investments as at December 31, 2013 170Economic classification of investments 172Geographical classification of investments 173

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATIONTECHNOLOGY TRIndex composition at December 31, 2013 174Economic composition of the index at December 31, 2013 178Schedule of Investments as at December 31, 2013 179Economic classification of investments 181Geographical classification of investments 182

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARETRIndex composition at December 31, 2013 183Economic composition of the index at December 31, 2013 186Schedule of Investments as at December 31, 2013 187Economic classification of investments 189Geographical classification of investments 190

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TRIndex composition at December 31, 2013 191Economic composition of the index at December 31, 2013 198Schedule of Investments as at December 31, 2013 199Economic classification of investments 200Geographical classification of investments 201

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TRIndex composition at December 31, 2013 202Economic composition of the index at December 31, 2013 205Schedule of Investments as at December 31, 2013 206Economic classification of investments 207Geographical classification of investments 208

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TRIndex composition at December 31, 2013 209Economic composition of the index at December 31, 2013 218Schedule of Investments as at December 31, 2013 219Economic classification of investments 220Geographical classification of investments 221

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TRIndex composition at December 31, 2013 222Economic composition of the index at December 31, 2013 228Schedule of Investments as at December 31, 2013 229Economic classification of investments 231Geographical classification of investments 232

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TRIndex composition at December 31, 2013 233Economic composition of the index at December 31, 2013 237Schedule of Investments as at December 31, 2013 238Economic classification of investments 239Geographical classification of investments 240

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS3 MONTH FORWARDIndex composition at December 31, 2013 241Economic composition of the index at December 31, 2013 242Schedule of Investments as at December 31, 2013 243Economic classification of investments 244Geographical classification of investments 245

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE 3MONTH FORWARDIndex composition at December 31, 2013 246Economic composition of the index at December 31, 2013 247Schedule of Investments as at December 31, 2013 248Economic classification of investments 249Geographical classification of investments 250

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIESMOMENTUM TRIndex composition at December 31, 2013 251Economic composition of the index at December 31, 2013 252Schedule of Investments as at December 31, 2013 253Economic classification of investments 254Geographical classification of investments 255

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIESOPTIMIX TRIndex composition at December 31, 2013 256Economic composition of the index at December 31, 2013 257Schedule of Investments as at December 31, 2013 258Economic classification of investments 259Geographical classification of investments 260

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EURO iSTOXX 50EQUAL RISKIndex composition at December 31, 2013 261Economic composition of the index at December 31, 2013 263Schedule of Investments as at December 31, 2013 264Economic classification of investments 265Geographical classification of investments 266

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTEDIndex composition at December 31, 2013 267Economic composition of the index at December 31, 2013 305Schedule of Investments as at December 31, 2013 308Economic classification of investments 309Geographical classification of investments 310

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX FUTURESENHANCED ROLLIndex composition at December 31, 2013 311Schedule of Investments as at December 31, 2013 312Economic classification of investments 314Geographical classification of investments 315

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Table of contents (cont.) Page(s)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOMENTRIndex composition at December 31, 2013 316Economic composition of the index at December 31, 2013 318Schedule of Investments as at December 31, 2013 319Economic classification of investments 321Geographical classification of investments 322

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD Index composition at December 31, 2013 323Economic composition of the index at December 31, 2013 324Schedule of Investments as at December 31, 2013 325Economic classification of investments 327Geographical classification of investments 328

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG VIX FUTURESINDEXIndex composition at December 31, 2013 329Schedule of Investments as at December 31, 2013 330Economic classification of investments 331Geographical classification of investments 332

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURESINDEXIndex composition at December 31, 2013 333Schedule of Investments as at December 31, 2013 334Economic classification of investments 335Geographical classification of investments 336

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEAN QUALITYINCOME NTRIndex composition at December 31, 2013 337Economic composition of the index at December 31, 2013 339Schedule of Investments as at December 31, 2013 340Economic classification of investments 341Geographical classification of investments 342

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Management and Administration

Board of Directors

Chairman:As from April 9, 2013:- Mr Arnaud LLINAS, Head of Lyxor ETFs and Indexing, Lyxor Asset Management, 17, coursValmy, F-92987 Paris-La Défense

Until April 9, 2013:- Mrs Clarisse DJABBARI, Coordinator of the ETFs, Lyxor Asset Management, 17, cours Valmy, F-92987 Paris-La Défense

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

- Mr Stéphane AIDAN, Executive Manager, Lyxor Asset Management Luxembourg S.A., 18 boulevardRoyal, L-2449 Luxembourg

Registered OfficeFrom July 15, 2013:28-32, place de la gare, L-1616 Luxembourg

Until July 14, 2013:16, boulevard Royal, L-2449 Luxembourg

Management Company

Lyxor Asset Management Luxembourg S.A. (until January 22, 2014)

Until December 18, 2013:18, boulevard Royal, L-2449 Luxembourg

From December 19, 2013:15, boulevard Prince Henri, L-1724 Luxembourg

As from January 22, 2014Lyxor Asset Management S.A.S.17, cours ValmyF-92800 Puteaux, France

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Management and Administration (cont.)

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, From July 8, 2013:28-32, place de la gare, L-1616 Luxembourg

Until July 7, 2013:16, boulevard Royal, L-2449 Luxembourg

Registrar AgentEuropean Fund Services S.A., From June 29, 201328-32, place de la gare, L-1616 Luxembourg

Until June 28, 201318, boulevard Royal, L-2449 Luxembourg

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

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

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, 2013, twenty eight Sub-Funds are available to investors:- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60)- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200)- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATIONTECHNOLOGY TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TR

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

General information on the Fund (cont.)

- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS3 MONTH FORWARD- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE 3 MONTHFORWARD- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIESMOMENTUM TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIESOPTIMIX TR- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EURO iSTOXX 50 EQUALRISK- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTED- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX FUTURES ENHANCEDROLL- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOMENTR - MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG VIX FUTURESINDEX - MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURESINDEX- MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEAN QUALITY INCOMENTR

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX is totrack both the upward and the downward evolution of the DAX® (the “Index”).The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversifiedportfolio of shares issued by an issuer incorporated either in European Union member state or in acountry member state or country member of the European Economic Area, the remainder of the assetsbeing invested into equities and fixed or variable debt instruments and entering into a total return swapagreement (the “Swap”) to track both the upward and the downward evolution of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILYLevDAX is to track both the upward and the downward evolution of the LevDAX®(the “Index”).The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversifiedportfolio of shares issued by an issuer incorporated either in European Union member state or in acountry member of the European Economic Area, the remainder of the assets being invested intoequities and fixed or variable debt instruments and entering into a total return swap agreement (the“Swap”) to track both the upward and the downward evolution of the Index.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

General information on the Fund (cont.)

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20 is totrack both the upward and the downward evolution of the WIG20 index (the “Index”) denominated inZloty (PLN) increased by the revenues the Sub-Fund would receive, should it be the holder of thestocks of the Index.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 both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 isto track both the upward and the downward evolution of the S&P 500® Total Return (the “Index”)denominated in United States dollars (USD).The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversifiedportfolio of shares issued by an issuer incorporated either in European Union member state or in acountry member of the European Economic Area and entering into a total return swap agreement (the“Swap”) to track both the upward and the downward evolution of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60) is to track both the upward and the downward evolution of the S&P/TSX 60 Net TotalReturn Index denominated in Canadian dollars (CAD) (the “Index”).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 both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200) is to track both the upward and the downward evolution of the S&P/ASX 200 NetTotal Return Index denominated in Australian dollars (AUD) (the “Index”).The Sub-Fund seeks to achieve its objective by (i) 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 both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD UTILITIES TR is to track both the upward and the downward evolution of the MSCI WorldUtilities 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 totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD MATERIALS TR is to track both the upward and the downward evolution of the MSCIWorld Materials Index - Net Total Return (the “Index”) denominated in US dollars (USD).

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

General information on the Fund (cont.)

The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD TELECOMMUNICATION SERVICES TR is to track both the upward and the downwardevolution of the MSCI World Telecommunication Services Index - Net Total Return (the “Index”)denominated in US dollars (USD).The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD INFORMATION TECHNOLOGY TR is to track both the upward and the downwardevolution of the MSCI World Information Technology Index - Net Total Return (the “Index”)denominated in US dollars (USD).The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD HEALTH CARE TR is to track both the upward and the downward evolution of the MSCIWorld Health Care Index - Net Total Return (the “Index”) denominated in US dollars (USD).The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD INDUSTRIALS TR is to track both the upward and the downward evolution of the MSCIWorld Industrials Index - Net Total Return (the “Index”) denominated in US dollars (USD).The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD ENERGY TR is to track both the upward and the downward evolution of the MSCI WorldEnergy 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 totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

General information on the Fund (cont.)

The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD FINANCIALS TR is to track both the upward and the downward evolution of the MSCIWorld Financials Index - Net Total Return (the “Index”) denominated in US dollars (USD).The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD CONSUMER DISCRETIONARY TR is to track both the upward and the downwardevolution of the MSCI World Consumer Discretionary Index - Net Total Return (the “Index”)denominated in US dollars (USD).The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD CONSUMER STAPLES TR is to track both the upward and the downward evolution of theMSCI World Consumer Staples Index - Net Total Return (the “Index”) denominated in US dollars(USD).The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIINDUSTRIAL METALS 3 MONTH FORWARD is to track both the upward and the downwardevolution of the S&P GSCI® Industrial Metals 3 Month Forward Capped Component Index TotalReturn (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 both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS 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 unleveraged performance of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS 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).

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

General information on the Fund (cont.)

The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of 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 UCITS 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 unlevered performance of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIXEURO iSTOXX 50 EQUAL RISK is to track both the upward and the downward evolution of theEuro iStoxx 50 Equal Risk (the “Index”) denominated in EUR.The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversifiedportfolio of shares issued by an issuer incorporated either in European Union member state or in acountry member of the European Economic Area, and entering into a total return swap agreement (the“Swap”) to track both the upward and the downward evolution of the Index.The objective of the sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCIWORLD RISK WEIGHTED is to track both the upward and the downward evolution of the “MSCIWorld Risk Weighted 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 (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500VIX FUTURES ENHANCED ROLL is to track both the upward and the downward evolution of the“S&P 500 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 (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS 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 unlevered performance of the Index.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWIGOLD is to track both the upward and the downward evolution of the MSCI ACWI Gold with EMDR 18% Group Entity Capped Index (the “Index”) denominated in USD.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

General information on the Fund (cont.)

The Sub-Fund seeks to achieve its objective by investing in a diversified portfolio of transferablesecurities (including both equities and fixed or variable debt instruments) and entering into a totalreturn swap agreement (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMICLONG VIX FUTURES INDEX is to track both the upward and the downward evolution of theDynamic Long VIX Futures 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 (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMICSHORT VIX FUTURES INDEX is to track both the upward and the downward evolution of theDynamic Short VIX Futures 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 (the “Swap”) to track both the upward and the downward evolution of theIndex.The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SGEUROPEAN QUALITY INCOME NTR is to track the unlevered performance of the SG EuropeanQuality Income NTR 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 (the “Swap”) to track the unlevered performance of the Index.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Information to the Shareholders

The Annual General Meeting of the Shareholders is held at the registered office of the Fund inLuxembourg 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, 2013 is available, free of charge,at the registered office of the Fund.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAXThe net asset value of subfund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX hasevolved from 25.09% over the time period and established at 92.7724 EUR as of 30/12/2013, whichis a performance of 62.96% since inception.The fund tracks the performance of the index DAX (XETRA), in euro, representative of the largestand most actively traded German companies that are listed on the Frankfurt Stock Exchange.This index tracks a performance in EUR of 25.48% over the time period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations- Costs associated to local market access of the index tracked- Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure DAX (XETRA).Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 30/12/2013, tracking error is 0.038% for the subfund. Tracking error target for the period was0.050%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAXThe net asset value of subfund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILYLevDAX has evolved from 51.90% over the time period and established at 77.9657 EUR as of30/12/2013, which is a performance of 61.29% since inception.The fund tracks the performance of the index LEVDAX PF, in euro, representative of a x2 leveragestrategy on the Reinvested-dividend DAX (“DAX”), Germany main stock index, with dailyrebalancing.This index tracks a performance in EUR of 53.45% over the time period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX (cont.)When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure LEVDAX PF.Risk and return profile have been ranked in different categories 7 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 30/12/2013, tracking error is 0.096% for the subfund. Tracking error target for the period was0.150%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20The net asset value of the share Class-PLN from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF WIG 20 evolved from -3.16% over the period and established at 262.6765 PLN on30/12/2013, which is a performance of 25.79% since inception.The net asset value of the share C-EUR implemented during the period varies from 3.04% sinceinception (the 19/08/2013), and establishes at 103.0427 EUR as of 30/12/2013.The fund tracks the index performance of WSE WIG20 INDEX, in polish zloty (PLN), representativeof the Polish equity market.This index tracks a performance in PLN of -3.89% over the period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure WSE WIG20 INDEX.Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 30/12/2013, tracking error is 0.039% for the subfund. Tracking error target for the period was0.070%.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20 (cont.)The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500The net asset value of the share D-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF S&P 500 evolved from 26.22% over the period and established at 13.6118 EUR on31/12/2013, which is a performance of 62.92% since inception.The net asset value of the share D-USD varies from 31.91% over the period and establishes at 18.7590USD as of 31/12/2013, which is a performance of 67.54% since inception.The net asset value of the share Daily Hedged D-EUR implemented during the period varies from12.90% since inception (the 19/08/2013), and establishes at 112.2171 EUR as of 31/12/2013.The net asset value of the share Daily Hedged C-EUR implemented during the period varies from12.89% since inception (the 19/08/2013), and establishes at 112.8942 EUR as of 31/12/2013.The fund tracks the index performance of Standard and Poors 500 Net Total Return Index, in US dollar(USD), representative of 500 US stocks chosen for market size, liquidity, and industry grouprepresentation.This index tracks a performance in USD of 31.55% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR .The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure Standard and Poors 500 Net Total Return Index.Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.008% for the subfund. Tracking error target for the period was0.030%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60)The net asset value of the share D-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF CANADA (S&P/TSX 60) evolved from 0.73% over the period and established at 54.1244EUR on 31/12/2013, which is a performance of 13.02% since inception.The net asset value of the share D-USD varies from 5.27% over the period and establishes at 7.4769USD as of 31/12/2013, which is a performance of 16.33% since inception.The fund tracks the index performance of S&P/TSX 60 Index NTR, in canadian dollar (CAD),representative of the large-cap market segment of the Canadian equity market.This index tracks a performance in EUR of 0.77% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year CADdecreased 11.53% against EUR CAD decreased 6.71% against USD.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure S&P/TSX 60 Index NTR.Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.036% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200)The net asset value of the share D-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF AUSTRALIA (S&P/ASX 200) evolved from -1.50% over the period and established at36.4097 EUR on 31/12/2013, which is a performance of 20.29% since inception.The net asset value of the share D-USD varies from 2.94% over the period and establishes at 25.1116USD as of 31/12/2013, which is a performance of 23.65% since inception.The fund tracks the index performance of S&P/ASX 200 Net Total Return Index, in australian dollar(AUD), representative of the primary investable benchmark for the Australian equity market.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200) (cont.)This index tracks a performance in EUR of -1.16% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year AUDdecreased 21.29% against EUR AUD decreased 16.04% against USD.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure S&P/ASX 200 Net Total Return Index.Risk and return profile have been ranked in different categories 7 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.023% for the subfund. Tracking error target for the period was0.040%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TRThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD UTILITIES TR evolved from 7.39% over the period and established at125.4990 EUR on 31/12/2013, which is a performance of 6.70% since inception.The net asset value of the share C-USD varies from 12.24% over the period and establishes at 172.9313USD as of 31/12/2013, which is a performance of 14.46% since inception.The fund tracks the index performance of MSCI Daily TR World Net Utilities USD, in US dollar(USD), representative of utilities companies from the Developed World markets.This index tracks a performance in USD of 12.61% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR (cont.)When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI Daily TR World Net Utilities USD.Risk and return profile have been ranked in different categories 5 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.031% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TRThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD MATERIALS TR evolved from -1.37% over the period and establishedat 226.2868 EUR on 31/12/2013, which is a performance of 10.42% since inception.The net asset value of the share C-USD varies from 3.09% over the period and establishes at 311.8120USD as of 31/12/2013, which is a performance of 18.46% since inception.The fund tracks the index performance of MSCI Daily TR World Net Materials USD a, in US dollar(USD),representative of materials companies from the Developed World markets.This index tracks a performance in USD of 3.43% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI Daily TR World Net Materials USD a.Risk and return profile have been ranked in different categories 7 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR(cont.)As of 31/12/2013, tracking error is 0.030% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TRThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD TELECOMMUNICATION SERVICES TR evolved from 25.20% overthe period and established at 80.5540 EUR on 31/12/2013, which is a performance of 43.33% sinceinception.The net asset value of the share C-USD varies from 30.85% over the period and establishes at 110.9995USD as of 31/12/2013, which is a performance of 53.76% since inception.The fund tracks the index performance of MSCI Daily TR World Net Telecommunication ServicesSector USD, in US dollar (USD), representative of telecommunication services companies from theDeveloped World markets.This index tracks a performance in USD of 31.24% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI Daily TR World Net Telecommunication ServicesSector USD.Risk and return profile have been ranked in different categories 5 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.031% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TR (cont.)Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATIONTECHNOLOGY TRThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD INFORMATION TECHNOLOGY TR evolved from 22.80% over theperiod and established at 97.1175 EUR on 31/12/2013, which is a performance of 56.27% sinceinception.The net asset value of the share C-USD varies from 28.34% over the period and establishes at 133.8231USD as of 31/12/2013, which is a performance of 67.64% since inception.The fund tracks the index performance of MSCI Daily TR World Net Information Technology USD,in US dollar (USD), representative of information technology companies from the Developed Worldmarkets.This index tracks a performance in USD of 28.72% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI Daily TR World Net Information Technology USD.Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.033% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TRThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD HEALTH CARE TR evolved from 30.01% over the period andestablished at 153.7573 EUR on 31/12/2013, which is a performance of 77.99% since inception.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR(cont.)The net asset value of the share C-USD varies from 35.88% over the period and establishes at 211.8699USD as of 31/12/2013, which is a performance of 90.62% since inception.The fund tracks the index performance of MSCI Daily Total Return World Net Health Care USD, inUS dollar (USD), representative of healthcare companies from the Developed World markets.This index tracks a performance in USD of 36.27% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI Daily Total Return World Net Health Care USD.Risk and return profile have been ranked in different categories 5 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.027% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TRThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD INDUSTRIALS TR evolved from 26.04% over the period andestablished at 184.5227 EUR on 31/12/2013, which is a performance of 55.48% since inception.The net asset value of the share C-USD varies from 31.73% over the period and establishes at 254.2630USD as of 31/12/2013, which is a performance of 66.52% since inception.The fund tracks the index performance of MSCI Daily TR World Net Industrial USD, in US dollar(USD), representative of industrials companies from the Developed World markets.This index tracks a performance in USD of 32.10% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR(cont.)The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI Daily TR World Net Industrial USD.Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.030% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TRThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD ENERGY TR evolved from 12.42% over the period and established at267.8022 EUR on 31/12/2013, which is a performance of 38.44% since inception.The net asset value of the share C-USD varies from 17.50% over the period and establishes at 369.0181USD as of 31/12/2013, which is a performance of 48.27% since inception.The fund tracks the index performance of MSCI World Energy Sector Net TR USD, in US dollar(USD),representative of energy companies from the Developed World markets.This index tracks a performance in USD of 18.12% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI World Energy Sector Net TR USD.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR (cont.)Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.046% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TRThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD FINANCIALS TR evolved from 21.47% over the period and establishedat 103.2500 EUR on 31/12/2013, which is a performance of 36.55% since inception.The net asset value of the share C-USD varies from 26.95% over the period and establishes at 142.2733USD as of 31/12/2013, which is a performance of 48.67% since inception.The fund tracks the index performance of MSCI Daily TR World Net Financials USD, in US dollar(USD), representative of financials companies from the Developed World markets.This index tracks a performance in USD of 27.33% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI Daily TR World Net Financials USD.Risk and return profile have been ranked in different categories 7 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.028% for the subfund. Tracking error target for the period was0.070%.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR(cont.)The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TRThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD CONSUMER DISCRETIONARY TR evolved from 32.85% over theperiod and established at 157.9963 EUR on 31/12/2013, which is a performance of 84.12% sinceinception.The net asset value of the share C-USD varies from 38.85% over the period and establishes at 217.7112USD as of 31/12/2013, which is a performance of 100.46% since inception.The fund tracks the index performance of MSCI Daily TR World Net Consumer Discretionary USD,in US dollar (USD), representative of consumer discretionary companies from the Developed Worldmarkets.This index tracks a performance in USD of 39.24% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI Daily TR World Net Consumer Discretionary USD.Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.033% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TRThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD CONSUMER STAPLES TR evolved from 15.69% over the period andestablished at 182.1957 EUR on 31/12/2013, which is a performance of 51.84% since inception.The net asset value of the share C-USD varies from 20.92% over the period and establishes at 251.0566USD as of 31/12/2013, which is a performance of 65.31% since inception.The fund tracks the index performance of MSCI Daily TR World Net Consumer Staples USD, in USdollar (USD), representative of consumer staples companies from the Developed World markets.This index tracks a performance in USD of 21.28% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 4.52% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI Daily TR World Net Consumer Staples USD.Risk and return profile have been ranked in different categories 5 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.030% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS3 MONTH FORWARDThe net asset value of the share C-USD from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD evolved from -11.73% overthe period and established at 95.8063 USD on 31/12/2013, which is a performance of -4.19% sinceinception.The net asset value of the share C-EUR varies from -15.54% over the period and establishes at 88.7048EUR as of 31/12/2013, which is a performance of -11.30% since inception.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS3 MONTH FORWARD (cont.)The fund tracks the index performance of S&P GSCI Industrial Metals 3 Month Forward CappedCommodity Index Total Return, in US dollar (USD), representative of the total return obtained throughan unlevered position on 3-month maturity futures on industrial metals.This index tracks a performance in USD of -11.31% over the period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure S&P GSCI Industrial Metals 3 Month Forward CappedCommodity Index Total Return.Risk and return profile have been ranked in different categories 7 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.008% for the subfund. Tracking error target for the period was0.030%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE3 MONTH FORWARDThe net asset value of the share C-USD from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF S&P GSCI AGGREGATE 3 MONTH FORWARD evolved from -7.99% over the periodand established at 94.4111 USD on 31/12/2013, which is a performance of -5.59% since inception.The net asset value of the share C-EUR varies from -11.97% over the period and establishes at 89.8240EUR as of 31/12/2013, which is a performance of -10.18% since inception.The fund tracks the index performance of S&P GSCI 3 Month Forward Capped Sector Equal WeightComposite Index Total Return, in US dollar (USD), representative of the total return obtained throughan unlevered position on 3-month maturity futures on agriculture, livestock, energy and metalcommodities.This index tracks a performance in USD of -7.56% over the period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE3 MONTH FORWARD (cont.)

- Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure - Costs associated to local market access of the indextracked.Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.008% for the subfund. Tracking error target for the period was0.030%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIESMOMENTUM TRThe net asset value of the share C-USD from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF BROAD COMMODITIES MOMENTUM TR evolved from -5.91% over the period andestablished at 94.0748 USD on 31/12/2013, which is a performance of -5.93% since inception.The net asset value of the share C-EUR varies from -9.97% over the period and establishes at 89.5041EUR as of 31/12/2013, which is a performance of -10.50% since inception.The fund tracks the index performance of SGI Commodities Curve Momentum Beta+ TR, in US dollar(USD), representative of a systematic long only strategy a based on quantitative signals aiming atoutperforming commodities.This index tracks a performance in USD of -5.47% over the period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure SGI Commodities Curve Momentum Beta+ TR.Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIESMOMENTUM TR (cont.)Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.008% for the subfund. Tracking error target for the period was0.030%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIESOPTIMIX TRThe net asset value of the share C-USD from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF BROAD COMMODITIES OPTIMIX TR evolved from -9.19% over the period andestablished at 94.4754 USD on 31/12/2013, which is a performance of -5.52% since inception.The net asset value of the share C-EUR varies from -13.11% over the period and establishes at 89.8860EUR as of 31/12/2013, which is a performance of -10.11% since inception.The fund tracks the index performance of SGI Commodities Optimix TR, in US dollar (USD),representative of the total return obtained through an unlevered position on futures on agriculture,livestock, energy and metal commodities featuring a roll optimization.This index tracks a performance in USD of -8.76% over the period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure SGI Commodities Optimix TR.Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.008% for the subfund. Tracking error target for the period was0.030%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EURO iSTOXX 50 EQUALRISKThe net asset value of subfund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIXEURO iSTOXX 50 EQUAL RISK has evolved from 22.77% over the time period and established at150.8900 EUR as of 31/12/2013, which is a performance of 50.89% since inception.The fund tracks the performance of the index Euro iStoxx 50 Equal Risk, in euro, representative of theperformance of an optimised allocation accross of the Eurostoxx 50® where weights are determinedin order to make the risk contribution of each component of the equal.This index tracks a performance in EUR of 22.71% over the time period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure Euro iStoxx 50 Equal Risk.Risk and return profile have been ranked in different categories 6 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.002% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTEDThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI WORLD RISK WEIGHTED evolved from 17.46% over the period and establishedat 128.1818 EUR on 31/12/2013, which is a performance of 28.18% since inception.The net asset value of the share C-USD varies from 22.76% over the period and establishes at 138.3365USD as of 31/12/2013, which is a performance of 38.34% since inception.The fund tracks the index performance of MSCI World Risk Weighted Index, in US dollar (USD),representative of the performance of an optimised allocation accross of the MSCI World® whereweights are determined in order to make the risk contribution of each component of the equal.This index tracks a performance in USD of 23.25% over the period.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTED(cont.)The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI World Risk Weighted Index.Risk and return profile have been ranked in different categories 5 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.031% for the subfund. Tracking error target for the period was0.070%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX FUTURES ENHANCEDROLLThe net asset value of the share C-EUR from subfund Lyxor UCITS ETF S&P 500 VIX FuturesEnhanced Roll (Lux) evolved from -53.17% over the period and established at 25.9324 EUR on31/12/2013, which is a performance of -61.17% since inception.The net asset value of the share C-USD varies from -51.05% over the period and establishes at 35.7349USD as of 31/12/2013, which is a performance of -58.72% since inception.The fund tracks the index performance of S&P 500 VIX Futures Enhanced Roll Index TR, in USdollar (USD), representative of a strategy on the US equity market expected volatility through a basketof S&P500 VIX futures listed on the CBOE.This index tracks a performance in USD of -50.55% over the period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure S&P 500 VIX Futures Enhanced Roll Index TR.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX FUTURES ENHANCEDROLL (cont.)Risk and return profile have been ranked in different categories 7 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.183% for the subfund. Tracking error target for the period was0.250%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOMENTR The net asset value of the share D-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF SG GLOBAL QUALITY INCOME NTR evolved from 7.98% over the period andestablished at 102.6200 EUR on 31/12/2013, which is a performance of 6.49% since inception.The net asset value of the share D-USD varies from 12.84% over the period and establishes at 109.0931USD as of 31/12/2013, which is a performance of 13.19% since inception.The net asset value of the share D-GBP implemented during the period varies from 2.63% sinceinception (the 29/01/2013), and establishes at 98.9092 GBP as of 31/12/2013The net asset value of the share C-GBP varies from 10.75% over the period and establishes at 111.0072GBP as of 31/12/2013, which is a performance of 11.01% since inception.The fund tracks the index performance of SG Global Quality Income NTR, in euro (EUR),representative of a panel of high quality stocks from a worldwide investment universe that are likelyto distribute high level dividends.This index tracks a performance in EUR of 8.45% over the period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure SG Global Quality Income NTR.Risk and return profile have been ranked in different categories 5 in function of its exposure to theindex.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOMENTR (cont.)Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.023% for the subfund. Tracking error target for the period was0.050%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLDThe net asset value of the share C-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF MSCI ACWI GOLD evolved from -54.20% over the period and established at 43.1733EUR on 31/12/2013, which is a performance of -56.83% since inception.The net asset value of the share C-USD varies from -52.13% over the period and establishes at 46.4681USD as of 31/12/2013, which is a performance of -53.53% since inception.The fund tracks the index performance of MSCI ACWI GOLD with EM DR 18% Group EntityCapped Index, in US dollar (USD), representative of the equity gold mining sector performance oflarge and mi-cap securities listed in developped and emerging countries.This index tracks a performance in USD of -51.81% over the period.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure MSCI ACWI GOLD with EM DR 18% Group EntityCapped Index.Risk and return profile have been ranked in different categories 7 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.100% for the subfund. Tracking error target for the period was0.100%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG VIX FUTURESINDEX The net asset value of the share Class-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF DYNAMIC LONG VIX FUTURES INDEX evolved from -25.32% over the period andestablished at 74.6824 EUR on 31/12/2013, which is a performance of -25.32% since inception.The net asset value of the share Class-USD implemented during the period varies from -24.18% sinceinception (the 31/01/2013), and establishes at 75.8159 USD as of 31/12/2013The fund tracks the index performance of Dynamic Long VIX Futures Index, in US dollar (USD),representative of a strategy on the US equity market expected volatility, through a variable shortexposure to a basket of S&P500 VIX short term futures listed on the Chicago Board Options Exchange.The performance is increased by the cumulative performance of American Treasury interest rates (3-month T-Bills).This index tracks a performance in USD of -23.46% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 1.51% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure Dynamic Long VIX Futures Index.Risk and return profile have been ranked in different categories 5 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.0542% for the subfund since inception. Tracking error target fora complete period was 0.20%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURESINDEXThe net asset value of the share Class-EUR from subfund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF DYNAMIC SHORT VIX FUTURES INDEX evolved from 1.17% over the period andestablished at 101.1695 EUR on 31/12/2013, which is a performance of 1.17% since inception.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURESINDEX (cont.)The net asset value of the share Class-USD implemented during the period varies from 2.71% sinceinception (the 31/01/2013), and establishes at 102.7050 USD as of 31/12/2013The fund tracks the index performance of Dynamic Short VIX Futures, in US dollar (USD),representative of a strategy on the US equity market expected volatility through a basket of S&P500VIX futures listed on the Chicago Board Options Exchange. The performance of the is equal to theperformance of a long exposure to a basket of short-term (1 to 2 month maturities) and medium-term(3 to 5 month maturities) futures contracts on the VIX increased by the cumulative performance ofAmerican Treasury interest rates (3-month T-Bills). In order to optimise the performance of the index,the basket reduces the long exposure to VIX Futures contracts when there are carry costs to roll thefutures position and increases the long exposure to VIX Futures contracts when there are carry gainsto roll the futures position. In addition, the long exposure of the to VIX futures is further optimizedthrough a dynamic allocation between short term (1 to 2 month maturity) and midterm (3 to 5 monthmaturity) VIX future contracts.This index tracks a performance in USD of 3.26% over the period. The subfund having no quotationin index currency, is exposed to foreign exchange currency risk. Over the accounting year USDdecreased 1.51% against EUR.The spread between the yearly performance of the OPCVM and its index can be explained by:

- Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swapcontract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposureto the asset of subfund to an index exposure Dynamic Short VIX Futures.Risk and return profile have been ranked in different categories 7 in function of its exposure to theindex.Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsettingcounterparty risk. The change in the composition of the assets of the basket must respect specific rules,agreed by both parties.As of 31/12/2013, tracking error is 0.01% for the subfund since inception. Tracking error target for acomplete period was 0.20%.The spread between the targeted tracking error and the realized tracking error is not significant,meaning the good realization of the targeted tracking error defined at the beginning of the period.Index Linked Swap's counterpart is: Société Générale.

Page 40: Mise en page 1 - Fundsquare

Luxembourg, April 2, 2014 The Board of Directors

Stéphane Ai Director

Multi Units Luxembourg Societe d'thvestisscinent A Capital Variable

Report of the Board of Directors (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETIF SG EUROPEAN QUALITY INCOME

NTR

The net asset: value of the share D-EUR from subfund LYXOR UCITS TT' SG EUROPEAN QUALITY INCOME NTR, implemented during the period varies from 5.32% since inception (the 19/08/2013), and establishes at 105.3245 EUR as of 31/12/2013

The fund tracks the index performance of SO Europe Quality income N' 3"R Index, in euro (EUR).

This index tracks a performance in EUR of 5.49% over the period.

The spread between the yearly performance of the OPCVM and its index can be explained by: - Management fees as well as external fees required for the fund operations - Costs associated to local market access of the index tracked - Costs or gains associated to financial instruments used to implement the index replication.

When using a synthetic index replication, tracking is done through an index-linked swap. This swap contract negotiated over the counter in stocks, bonds, or indices enables to switch from an exposure to the asset of subfund to an index exposure SG Europe Quality Income NTR Index.

Risk and return profile have been ranked in different categories 6 in function of its exposure to the index.

Both parties, on a daily basis, adjust swap parameters in order to reset the market value, offsetting counterparty risk. The change in the composition of the assets of the basket must respect specific rules, agreed by both parties.

As of 31/12/2013, there is no tracking error computed because this part has been launched less than 6 months ago

Index Linked Swap's counterpart is: Societe GCnCrale.

Nate: The‘fipupes stated in this report are historical and not necessarily indicative o !inure performance.

33

Page 41: Mise en page 1 - Fundsquare

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, 2013 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

Page 42: Mise en page 1 - Fundsquare

pweWe 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, 2013, 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 of the 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 concernins such information in the context of the financial statementstaken as a whole.

PricewaterhouseCoopers, S oci6t6 coop6rativeRepresented by

Luxembourg, April 2, 2014

Laurent Mani

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36

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

Statement of Net Assets at December 31, 2013(expressed in the Sub-Fund’s currency)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF WIG20

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DAILYLevDAX

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF DAXSub-Funds

PLNEUREURNotesASSETS

67 490 570238 291 960676 106 9912.2Securities portfolio at market value64 835 793223 535 084640 129 162Securities portfolio at cost2 654 77714 756 87635 977 829Unrealised profit/(loss) on the securities portfolio

-29 941 389180 333Receivable for securities sold544 6281 172 7678 299 088Receivable on swaps

---2.3, 8Swap at market value

68 035 198269 406 116684 586 412

LIABILITIES---Cash due to bank and brokers

544 62831 114 1568 479 420Payable for securities purchased32 03771 87680 7073Investment management fees payable852 4616 872 4619 688 6152.3, 8Swap at market value

---Payable on swaps

1 429 12638 058 49318 248 742

66 606 072231 347 623666 337 670TOTAL NET ASSETS

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37

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF AUSTRALIA(S&P ASX 200)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF CANADA(S&P TSX 60)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P 500Sub-Funds

EUREUREURASSETS

23 951 05032 392 517305 837 687Securities portfolio at market value21 736 59129 481 206278 036 162Securities portfolio at cost2 214 4592 911 31127 801 525Unrealised profit/(loss) on the securities portfolio

---Receivable for securities sold---Receivable on swaps-259 950-Swap at market value

23 951 05032 652 467305 837 687

LIABILITIES---Cash due to bank and brokers---Payable for securities purchased

9 19310 61238 299Investment management fees payable55 580-14 002 080Swap at market value

---Payable on swaps

64 77310 61214 040 379

23 886 27732 641 855291 797 308TOTAL NET ASSETS

Statement of Net Assets at December 31, 2013 (cont.)(expressed in the Sub-Fund’s currency)

Notes

2.2

2.3, 8

32.3, 8

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38

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

TELECOM-MUNICATIONSERVICES TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

MATERIALS TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

UTILITIES TRSub-Funds

EUREUREURASSETS

22 700 67537 079 86432 951 364Securities portfolio at market value21 275 71235 024 55130 866 580Securities portfolio at cost1 424 9632 055 3132 084 784Unrealised profit/(loss) on the securities portfolio

---Receivable for securities sold---Receivable on swaps---Swap at market value

22 700 67537 079 86432 951 364

LIABILITIES---Cash due to bank and brokers---Payable for securities purchased

7 75112 38810 803Investment management fees payable540 551846 187812 815Swap at market value

---Payable on swaps

548 302858 575823 618

22 152 37336 221 28932 127 746TOTAL NET ASSETS

Statement of Net Assets at December 31, 2013 (cont.)(expressed in the Sub-Fund’s currency)

Notes

2.2

2.3, 8

32.3, 8

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39

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

INDUSTRIALS TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD HEALTH CARE TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

INFORMATIONTECHNOLOGY

TRSub-Funds

EUREUREURASSETS

92 235 32478 500 3528 970 001Securities portfolio at market value85 288 92574 694 1468 191 443Securities portfolio at cost6 946 3993 806 206778 558Unrealised profit/(loss) on the securities portfolio

-10 305 456-Receivable for securities sold---Receivable on swaps---Swap at market value

92 235 32488 805 8088 970 001

LIABILITIES---Cash due to bank and brokers---Payable for securities purchased

31 91428 3312 888Investment management fees payable4 020 0014 783 817326 274Swap at market value

-10 305 456-Payable on swaps

4 051 91515 117 604329 162

88 183 40973 688 2048 640 839TOTAL NET ASSETS

Statement of Net Assets at December 31, 2013 (cont.)(expressed in the Sub-Fund’s currency)

Notes

2.2

2.3, 8

32.3, 8

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40

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

CONSUMERDISCRETIONARY

TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

FINANCIALS TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

ENERGY TRSub-Funds

EUREUREURASSETS

20 940 14724 271 681Securities portfolio at market value19 171 57022 257 299Securities portfolio at cost1 768 5772 014 382Unrealised profit/(loss) on the securities portfolio

--Receivable for securities sold--Receivable on swaps-187 069Swap at market value

20 940 14724 458 750

LIABILITIES--Cash due to bank and brokers--Payable for securities purchased

7 6568 401Investment management fees payable488 985-Swap at market value

--Payable on swaps

496 6418 401

20 443 50624 450 349TOTAL NET ASSETS

Statement of Net Assets at December 31, 2013 (cont.)(expressed in the Sub-Fund’s currency)

Notes

2.2

2.3, 8

32.3, 8

26 238 39124 531 2531 707 138

---

26 238 391

--

8 764397 214

-

405 978

25 832 413

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41

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P GSCIAGGREGATE 3 MONTHFORWARD

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P GSCIINDUSTRIAL

METALS 3 MONTHFORWARD

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

CONSUMERSTAPLES TRSub-Funds

USDUSDEURASSETS

9 114 9439 169 94324 117 262Securities portfolio at market value8 252 3458 240 95422 024 246Securities portfolio at cost862 598928 9892 093 016Unrealised profit/(loss) on the securities portfolio

---Receivable for securities sold---Receivable on swaps---Swap at market value

9 114 9439 169 94324 117 262

LIABILITIES---Cash due to bank and brokers---Payable for securities purchased

2 6512 5608 123Investment management fees payable460 360688 334715 202Swap at market value

---Payable on swaps

463 011690 894723 325

8 651 9328 479 04923 393 937TOTAL NET ASSETS

Statement of Net Assets at December 31, 2013 (cont.)(expressed in the Sub-Fund’s currency)

Notes

2.2

2.3, 8

32.3, 8

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42

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF SMARTIXEURO iSTOXX 50 EQUAL RISK

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF BROAD

COMMODITIESOPTIMIX TR

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF BROAD

COMMODITIESMOMENTUM TRSub-Funds

EURUSDUSDASSETS

28 460 17529 163 20323 255 553Securities portfolio at market value26 334 09126 517 48120 755 750Securities portfolio at cost2 126 0842 645 7222 499 803Unrealised profit/(loss) on the securities portfolio552 190--Receivable for securities sold

---Receivable on swaps---Swap at market value

29 012 36529 163 20323 255 553

LIABILITIES--1Cash due to bank and brokers---Payable for securities purchased

7 0448 3306 558Investment management fees payable755 7492 022 2671 876 023Swap at market value552 190--Payable on swaps

1 314 9832 030 5971 882 582

27 697 38227 132 60621 372 971TOTAL NET ASSETS

Statement of Net Assets at December 31, 2013 (cont.)(expressed in the Sub-Fund’s currency)

Notes

2.2

2.3, 8

32.3, 8

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43

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF SG GLOBALQUALITY

INCOME NTR

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P 500 VIX FUTURESENHANCED

ROLL

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD RISKWEIGHTEDSub-Funds

EURUSDUSDASSETS

378 815 72159 664 34236 070 943Securities portfolio at market value349 753 08655 386 24932 317 894Securities portfolio at cost29 062 6354 278 0933 753 049Unrealised profit/(loss) on the securities portfolio

---Receivable for securities sold---Receivable on swaps---Swap at market value

378 815 72159 664 34236 070 943

LIABILITIES1--Cash due to bank and brokers---Payable for securities purchased

141 42936 07913 018Investment management fees payable16 022 3803 253 099821 271Swap at market value

---Payable on swaps

16 163 8103 289 178834 289

362 651 91156 375 16435 236 654TOTAL NET ASSETS

Statement of Net Assets at December 31, 2013 (cont.)(expressed in the Sub-Fund’s currency)

Notes

2.2

2.3, 8

32.3, 8

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44

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DYNAMICSHORT VIXFUTURES INDEX

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DYNAMIC

LONG VIXFUTURES INDEX

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCI ACWI GOLD Sub-Funds

USDUSDUSDASSETS

16 104 71515 630 58624 093 351Securities portfolio at market value14 304 75514 267 68122 178 605Securities portfolio at cost1 799 9601 362 9051 914 746Unrealised profit/(loss) on the securities portfolio

--228 623Receivable for securities sold---Receivable on swaps---Swap at market value

16 104 71515 630 58624 321 974

LIABILITIES---Cash due to bank and brokers---Payable for securities purchased

5 2659 57212 493Investment management fees payable1 131 739618 406545 007Swap at market value

--228 623Payable on swaps

1 137 004627 978786 123

14 967 71115 002 60823 535 851TOTAL NET ASSETS

Statement of Net Assets at December 31, 2013 (cont.)(expressed in the Sub-Fund’s currency)

Notes

2.2

2.3, 8

32.3, 8

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45

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

Combined

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF SGEUROPEANQUALITY

INCOME NTRSub-Funds

EUREURASSETS

54 064 850Securities portfolio at market value49 804 864Securities portfolio at cost4 259 986Unrealised profit/(loss) on the securities portfolio

-Receivable for securities sold-Receivable on swaps-Swap at market value

54 064 850

LIABILITIES-Cash due to bank and brokers-Payable for securities purchased

20 295Investment management fees payable1 382 290Swap at market value

-Payable on swaps

1 402 585

52 662 265TOTAL NET ASSETS

Statement of Net Assets at December 31, 2013 (cont.)(expressed in the Sub-Fund’s currency)

Notes

2.2

2.3, 8

32.3, 8

2 283 461 0372 124 484 902158 976 13541 145 2839 602 841447 019

2 334 656 180

239 724 562

584 23070 200 36411 023 561

121 532 719

2 213 123 461

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46

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

for the year ended December 31, 2013Statements of Operations and Changes in Net Assets

(expressed in the Sub-Fund’s currency)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DAILYLevDAX

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF DAXSub-Funds

MULTI UNITSLUXEMBOURG -

LYXOR ETFDAXplus®

Covered Call (1)

EXPENSES--11Interest and bank charges

19 612838 497934 4003Investment management fees

19 612838 497934 411(19 606)(838 497)7 313 441Net investment gain/(loss)

EUREUREURNotes11 255 041269 947 394660 836 088Net assets at the beginning of the year

INCOME6--Bank interest--8 247 8522.8Dividends, net

6-8 247 852

Net realised gain/(loss)866 64554 102 904135 458 8132.5- on sales of investments

--(60 949)- on foreign exchange and forward foreign exchange contracts(763 153)45 145 479(17 154 073)2.4- on swaps

103 49299 248 383118 243 791Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

(574 390)(3 146 251)20 528 089- on investments184 109258 263(3 276 532)- on swaps

(390 281)(2 887 988)17 251 557Net change in unrealisedappreciation/(depreciation)

(306 395)95 521 898142 808 789Increase/(decrease) in net assets as a result of operations

Movements in capital-150 308 941178 540 689Subscriptions

(10 948 646)(284 430 610)(315 847 896)Redemptions

(10 948 646)(134 121 669)(137 307 207)---10Dividends paid---Reevaluation of the opening assets as at December 31, 2012-231 347 623666 337 670Net assets at the end of the year

(1) This Sub-Fund has been liquidated as at June 21, 2013.

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47

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P 500

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF WIG20

MULTI UNITSLUXEMBOURG -

LYXOR ETFDAXplus®

Protective Put (1)Sub-Funds

EXPENSES---Interest and bank charges

410 551349 44928 553Investment management fees

410 551349 44928 553787 5241 958 738(28 553)Net investment gain/(loss)

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

EURPLNEURNotes217 288 65165 368 10514 058 905Net assets at the beginning of the year

INCOME---Bank interest

1 198 0752 308 187-Dividends, net

1 198 0752 308 187-

Net realised gain/(loss)55 276 93111 521 9861 629 147- on sales of investments(13 891)--- on foreign exchange and forward foreign exchange contracts

(6 798 488)(12 676 374)(773 925)- on swaps

48 464 552(1 154 388)855 222Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

12 947 181(1 151 422)(1 249 802)- on investments(10 417 349)272 779241 204- on swaps

2 529 832(878 643)(1 008 598)Net change in unrealisedappreciation/(depreciation)

51 781 908(74 293)(181 929)Increase/(decrease) in net assets as a result of operations

Movements in capital187 959 60358 072 1521 601 942Subscriptions

(161 512 822)(56 759 892)(15 478 918)Redemptions

26 446 7811 312 260(13 876 976)(3 720 032)--Dividends paid

---Reevaluation of the opening assets as at December 31, 2012291 797 30866 606 072-Net assets at the end of the year

3

2.8

2.5

2.4

10

(1) This Sub-Fund has been liquidated as at June 21, 2013.The accompanying notes form an integral part of these financial statements.

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48

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

UTILITIES TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF AUSTRALIA(S&P ASX 200)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF CANADA(S&P TSX 60)Sub-Funds

EXPENSES---Interest and bank charges

74 010106 374126 371Investment management fees

74 010106 374126 371(74 010)(106 374)(126 371)Net investment gain/(loss)

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

EUREUREURNotes14 724 80124 489 62830 775 046Net assets at the beginning of the year

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

---

Net realised gain/(loss)2 425 1024 903 3965 015 173- on sales of investments

-(21)-- on foreign exchange and forward foreign exchange contracts(4 014 093)(6 865 277)(6 777 181)- on swaps

(1 588 991)(1 961 902)(1 762 008)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

1 874 840807 209997 020- on investments(503 332)(123 415)986 227- on swaps

1 371 508683 7941 983 247Net change in unrealisedappreciation/(depreciation)

(291 493)(1 384 482)94 868Increase/(decrease) in net assets as a result of operations

Movements in capital45 928 50722 300 55926 793 325Subscriptions

(28 234 069)(20 757 605)(24 268 466)Redemptions

17 694 4381 542 9542 524 859-(761 823)(752 918)Dividends paid---Reevaluation of the opening assets as at December 31, 2012

32 127 74623 886 27732 641 855Net assets at the end of the year

3

2.8

2.5

2.4

10

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

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49

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

INFORMATIONTECHNOLOGY

TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

TELECOM-MUNICATIONSERVICES TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

MATERIALS TRSub-Funds

EXPENSES---Interest and bank charges

33 34856 84996 538Investment management fees

33 34856 84996 538(33 348)(56 849)(96 538)Net investment gain/(loss)

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

EUREUREURNotes11 626 08114 477 11924 686 620Net assets at the beginning of the year

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

---

Net realised gain/(loss)1 729 8742 619 2543 510 008- on sales of investments

---- on foreign exchange and forward foreign exchange contracts289 209(218 663)(3 977 658)- on swaps

2 019 0832 400 591(467 650)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

(6 860)507 123635 802- on investments(171 583)(204 487)(386 967)- on swaps

(178 443)302 636248 835Net change in unrealisedappreciation/(depreciation)

1 807 2922 646 378(315 353)Increase/(decrease) in net assets as a result of operations

Movements in capital9 758 72221 127 30743 825 719Subscriptions

(14 551 256)(16 098 431)(31 975 697)Redemptions

(4 792 534)5 028 87611 850 022---Dividends paid---Reevaluation of the opening assets as at December 31, 2012

8 640 83922 152 37336 221 289Net assets at the end of the year

3

2.8

2.5

2.4

10

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

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50

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

ENERGY TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

INDUSTRIALS TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD HEALTH CARE TRSub-Funds

EXPENSES---Interest and bank charges

102 145191 631307 527Investment management fees

102 145191 631307 527(102 145)(191 631)(307 527)Net investment gain/(loss)

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

EUREUREURNotes24 441 40730 803 61525 664 231Net assets at the beginning of the year

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

---

Net realised gain/(loss)5 551 5875 147 05015 198 192- on sales of investments

---- on foreign exchange and forward foreign exchange contracts(3 230 923)2 980 713(640 554)- on swaps

2 320 6648 127 76314 557 638Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

(121 144)5 987 2022 684 575- on investments793 790(3 408 870)(4 006 568)- on swaps

672 6462 578 332(1 321 993)Net change in unrealisedappreciation/(depreciation)

2 891 16510 514 46412 928 118Increase/(decrease) in net assets as a result of operations

Movements in capital9 033 39274 108 200148 949 053Subscriptions

(11 915 615)(27 242 870)(113 853 198)Redemptions

(2 882 223)46 865 33035 095 855---Dividends paid---Reevaluation of the opening assets as at December 31, 2012

24 450 34988 183 40973 688 204Net assets at the end of the year

3

2.8

2.5

2.4

10

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

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51

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

CONSUMERSTAPLES TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

CONSUMERDISCRETIONARY

TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

FINANCIALS TRSub-Funds

EXPENSES---Interest and bank charges

112 148109 286132 349Investment management fees

112 148109 286132 349(112 148)(109 286)(132 349)Net investment gain/(loss)

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

EUREUREURNotes11 086 7268 919 96219 040 437Net assets at the beginning of the year

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

---

Net realised gain/(loss)3 620 7891 421 2271 272 375- on sales of investments

---- on foreign exchange and forward foreign exchange contracts(1 226 062)2 189 8591 127 486- on swaps

2 394 7273 611 0862 399 861Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

1 532 8741 361 0401 515 136- on investments(448 094)(283 083)(111 596)- on swaps

1 084 7801 077 9571 403 540Net change in unrealisedappreciation/(depreciation)

3 367 3594 579 7573 671 052Increase/(decrease) in net assets as a result of operations

Movements in capital28 927 17673 600 18054 438 672Subscriptions

(19 987 324)(61 267 486)(56 706 655)Redemptions

8 939 85212 332 694(2 267 983)---Dividends paid---Reevaluation of the opening assets as at December 31, 2012

23 393 93725 832 41320 443 506Net assets at the end of the year

3

2.8

2.5

2.4

10

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

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52

MULTI UNITSLUXEMBOURG -

LYXOR ETF S&P GSCI

AGRICULTURE & LIVESTOCK

3 MONTHFORWARD (2)

MULTI UNITSLUXEMBOURG -LYXOR ETF S&PGSCI INVERSEAGRICULTURE & LIVESTOCK

1 MONTHFORWARD (2)

MULTI UNITSLUXEMBOURG -

LYXOR ETFEURO STOXX

50 TR (2)Sub-Funds

EXPENSES---Interest and bank charges

7 8813 5231 035Investment management fees

7 8813 5231 035(7 881)(3 523)(1 035)Net investment gain/(loss)

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

USDUSDEURNotes8 836 8593 325 6201 954 775Net assets at the beginning of the year

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

---

Net realised gain/(loss)973 143344 220112 514- on sales of investments

---- on foreign exchange and forward foreign exchange contracts(944 247)31 079(98 306)- on swaps

28 896375 29914 208Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

(890 712)(298 481)(70 110)- on investments363 525157 56227 426- on swaps

(527 187)(140 919)(42 684)Net change in unrealisedappreciation/(depreciation)

(506 172)230 857(29 511)Increase/(decrease) in net assets as a result of operations

Movements in capital---Subscriptions

(8 330 687)(3 556 477)(1 925 264)Redemptions

(8 330 687)(3 556 477)(1 925 264)---Dividends paid---Reevaluation of the opening assets as at December 31, 2012---Net assets at the end of the year

3

2.8

2.5

2.4

10

The accompanying notes form an integral part of these financial statements.(2) These Sub-Funds have been liquidated as at April 5, 2013.

Page 60: Mise en page 1 - Fundsquare

53

MULTI UNITSLUXEMBOURG -

LYXOR ETF S&P GSCI

AGGREGATEINVERSE 1 MONTH

FORWARD (2)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P GSCIINDUSTRIAL

METALS 3 MONTHFORWARD

MULTI UNITSLUXEMBOURG -LYXOR ETF S&PGSCI INVERSEINDUSTRIAL

METALS 1 MONTH

FORWARD (2)Sub-Funds

EXPENSES---Interest and bank charges

2 96230 3953 200Investment management fees

2 96230 3953 200(2 962)(30 395)(3 200)Net investment gain/(loss)

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

USDUSDUSDNotes2 846 5089 605 3223 045 270Net assets at the beginning of the year

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

---

Net realised gain/(loss)186 6652 214 956294 342- on sales of investments

---- on foreign exchange and forward foreign exchange contracts40 498(3 399 497)125 479- on swaps

227 163(1 184 541)419 821Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

(179 141)250 122(263 980)- on investments104 611(161 459)124 921- on swaps

(74 530)88 663(139 059)Net change in unrealisedappreciation/(depreciation)

149 671(1 126 273)277 562Increase/(decrease) in net assets as a result of operations

Movements in capital---Subscriptions

(2 996 179)-(3 322 832)Redemptions

(2 996 179)-(3 322 832)---Dividends paid---Reevaluation of the opening assets as at December 31, 2012-8 479 049-Net assets at the end of the year

3

2.8

2.5

2.4

10

The accompanying notes form an integral part of these financial statements.(2) These Sub-Funds have been liquidated as at April 5, 2013.

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54

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF BROAD

COMMODITIESOPTIMIX TR

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF BROAD

COMMODITIESMOMENTUM TR

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P GSCIAGGREGATE 3 MONTHFORWARDSub-Funds

EXPENSES---Interest and bank charges

98 32575 96131 172Investment management fees

98 32575 96131 172(98 325)(75 961)(31 172)Net investment gain/(loss)

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

USDUSDUSDNotes29 878 20722 715 0259 403 184Net assets at the beginning of the year

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

---

Net realised gain/(loss)6 525 5355 319 8952 777 494- on sales of investments

---- on foreign exchange and forward foreign exchange contracts(9 294 365)(6 753 684)(3 442 193)- on swaps

(2 768 830)(1 433 789)(664 699)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

787 469736 54556 439- on investments(665 915)(568 849)(111 820)- on swaps

121 554167 696(55 381)Net change in unrealisedappreciation/(depreciation)

(2 745 601)(1 342 054)(751 252)Increase/(decrease) in net assets as a result of operations

Movements in capital---Subscriptions---Redemptions

------Dividends paid---Reevaluation of the opening assets as at December 31, 2012

27 132 60621 372 9718 651 932Net assets at the end of the year

3

2.8

2.5

2.4

10

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

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55

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P 500 VIX FUTURESENHANCED

ROLL

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD RISKWEIGHTED

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF SMARTIX

EURO iSTOXX 50EQUAL RISKSub-Funds

EXPENSES---Interest and bank charges

353 633131 19465 990Investment management fees

353 633131 19465 990(353 633)(131 194)(65 990)Net investment gain/(loss)

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

USDUSDEURNotes4 938 81321 557 75919 855 884Net assets at the beginning of the year

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

---

Net realised gain/(loss)13 120 3787 033 9376 636 005- on sales of investments

51--- on foreign exchange and forward foreign exchange contracts(46 237 033)(1 877 174)(1 395 539)- on swaps

(33 116 604)5 156 7635 240 466Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

4 112 3021 157 351645 350- on investments(2 726 260)(450 083)91 710- on swaps

1 386 042707 268737 060Net change in unrealisedappreciation/(depreciation)

(32 084 195)5 732 8375 911 536Increase/(decrease) in net assets as a result of operations

Movements in capital106 644 15612 818 94512 303 765Subscriptions(23 123 610)(4 872 887)(10 373 803)Redemptions

83 520 5467 946 0581 929 962---Dividends paid---Reevaluation of the opening assets as at December 31, 2012

56 375 16435 236 65427 697 382Net assets at the end of the year

3

2.8

2.5

2.4

10

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

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56

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DYNAMIC

LONG VIXFUTURES INDEX (3)

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCI ACWI GOLD

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF SG GLOBALQUALITY

INCOME NTRSub-Funds

EXPENSES--1Interest and bank charges

118 428208 8911 290 918Investment management fees

118 428208 8911 290 919(118 428)(208 891)(1 290 919)Net investment gain/(loss)

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

USDUSDEURNotes-66 402 339139 832 437Net assets at the beginning of the year

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

---

Net realised gain/(loss)1 251 3069 588 86363 520 885- on sales of investments

25-(1 362)- on foreign exchange and forward foreign exchange contracts(5 708 667)(43 253 143)(65 251 452)- on swaps

(4 457 336)(33 664 280)(1 731 929)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

1 362 9051 457 58027 386 284- on investments(618 406)(676 283)(14 698 764)- on swaps

744 499781 29712 687 520Net change in unrealisedappreciation/(depreciation)

(3 831 265)(33 091 874)9 664 672Increase/(decrease) in net assets as a result of operations

Movements in capital29 881 25110 572 093423 502 321Subscriptions

(11 047 378)(20 346 707)(202 857 500)Redemptions

18 833 873(9 774 614)220 644 821--(7 490 019)Dividends paid---Reevaluation of the opening assets as at December 31, 2012

15 002 60823 535 851362 651 911Net assets at the end of the year

3

2.8

2.5

2.4

10

The accompanying notes form an integral part of these financial statements.(3) This Sub-Fund has been launched on January 31, 2013.

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57

Combined

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF SGEUROPEANQUALITY

INCOME NTR (4)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DYNAMICSHORT VIXFUTURES INDEX (3)Sub-Funds

EXPENSES12--Interest and bank charges

6 018 60473 40168 524Investment management fees

(expressed in the Sub-Fund’s currency)

Statements of Operations and Changes in Net Assets

Société d’Investissement à Capital VariableMulti Units Luxembourg

for the year ended December 31, 2013 (cont.)

6 018 61673 40168 5243 982 450(73 401)(68 524)Net investment gain/(loss)

EUREURUSDNotes1 730 252 246--Net assets at the beginning of the year

INCOME6--Bank interest

10 001 060--Dividends, net

10 001 066--

Net realised gain/(loss)410 914 1981 407 776964 050- on sales of investments

(76 168)--- on foreign exchange and forward foreign exchange contracts(160 836 718)(1 822 589)(1 253 200)- on swaps

250 001 312(414 813)(289 150)Net realised gain/(loss) for the yearNet change in unrealisedappreciation/(depreciation)

85 545 5144 259 9861 799 960- on investments(41 390 291)(1 382 290)(1 131 739)- on swaps

44 155 2232 877 696668 221Net change in unrealisedappreciation/(depreciation)

298 138 9852 389 482310 547Increase/(decrease) in net assets as a result of operations

Movements in capital1 710 409 50950 272 78323 574 000Subscriptions

(1 506 669 524)-(8 916 836)Redemptions

203 739 98550 272 78314 657 164(12 724 792)--Dividends paid(6 282 963)--Reevaluation of the opening assets as at December 31, 2012

2 213 123 46152 662 26514 967 711Net assets at the end of the year

3

2.8

2.5

2.4

10

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

(3) This Sub-Fund has been launched on January 31, 2013.(4) This Sub-Fund has been launched on August 19, 2013.

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58

Société d’Investissement à Capital VariableMulti Units Luxembourg

Statistical information

(1) These Sub-Funds have been liquidated as at June 21, 2013.

(expressed in the Sub-Fund’s currency)

as at December 31, 2011Number of shares outstanding

309 552217 4309 358 79712 379 000Class A----Class C-EUR----Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Number of shares outstanding

298 552172 4305 259 2978 910 500Class A----Class C-EUR----Class C-GBP----Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Number of shares outstanding

--2 967 2977 182 497Class A----Class C-EUR----Class C-GBP----Class C-USD----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

11 571 34712 213 510302 467 649713 066 009Total Net Asset Value at December 31, 2011

14 058 90511 255 041269 947 394660 836 088Total Net Asset Value at December 31, 2012

--231 347 623666 337 670Total Net Asset Value at December 31, 2013

MULTI UNITSLUXEMBOURG -

LYXOR ETFDAXplus®

Protective Put (1)

MULTI UNITSLUXEMBOURG -

LYXOR ETFDAXplus®

Covered Call (1)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DAILYLevDAX

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF DAXSub-Funds

EUREUREUREUR

Page 66: Mise en page 1 - Fundsquare

59

Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Net asset value per share

37.380956.172132.319057.6028Class A----Class C-EUR----Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Net asset value per share

47.090365.273151.327674.1637Class A----Class C-EUR----Class C-GBP----Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Net asset value per share

--77.965792.7724Class A----Class C-EUR----Class C-GBP----Class C-USD----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

EUREUREUREUR

MULTI UNITSLUXEMBOURG -

LYXOR ETFDAXplus®

Protective Put (1)

MULTI UNITSLUXEMBOURG -

LYXOR ETFDAXplus®

Covered Call (1)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DAILYLevDAX

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF DAXSub-Funds

(1) These Sub-Funds have been liquidated as at June 21, 2013.

Page 67: Mise en page 1 - Fundsquare

60

Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Number of shares outstanding

----Class A----Class C-EUR----Class C-USD

596 000477 0004 441 000-Class D-EUR143 000850 0006 028 674-Class D-USD

---215 000Class PLN

as at December 31, 2012Number of shares outstanding

----Class A----Class C-EUR----Class C-GBP----Class C-USD

610 000524 00010 911 000-Class D-EUR68 000350 0008 959 674-Class D-USD

---241 000Class PLN

as at December 31, 2013Number of shares outstanding

----Class A---10 000Class C-EUR----Class C-GBP----Class C-USD--10 000-Class Daily Hedged C-EUR--10 000-Class Daily Hedged D-EUR

617 000568 00014 306 000-Class D-EUR----Class D-GBP

78 000350 0006 964 674-Class D-USD---237 300Class PLN

21 953 92929 229 500102 272 06045 973 397Total Net Asset Value at December 31, 2011

24 489 62830 775 046217 288 65165 368 105Total Net Asset Value at December 31, 2012

23 886 27732 641 855291 797 30866 606 072Total Net Asset Value at December 31, 2013

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF AUSTRALIA(S&P ASX 200) (6)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF CANADA(S&P TSX 60) (6)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P 500 (5)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF WIG20 (2) (3) (4)Sub-Funds

EUREUREURPLN

(2) These sub-funds have been liquidated as at April 5, 2013.(3) Class A-PLN changed into Class D-PLN as at June 30, 2011.(4) Class D-PLN changes into Class PLN as at October 10, 2012.(5) Class A changed into D-EUR and Class B into Class D-USD as at April 6, 2011.(6) Class A changed into D-EUR and Class B into Class D-USD as at June 6, 2011.

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61

Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Net asset value per share

----Class A----Class C-EUR----Class C-USD

32.888852.00389.7684-Class D-EURUSD 21.3529USD 6.7560USD 12.6808-Class D-USD

---213.8297Class PLN

as at December 31, 2012Net asset value per share

----Class A----Class C-EUR----Class C-GBP----Class C-USD

38.025755.047010.9338-Class D-EURUSD 25.0867USD 7.2714USD 14.4189-Class D-USD

---271.2369Class PLN

as at December 31, 2013Net asset value per share

----Class A---EUR 103.0427Class C-EUR----Class C-GBP----Class C-USD--112.8942-Class Daily Hedged C-EUR--112.2171-Class Daily Hedged D-EUR

36.409754.124413.6118-Class D-EUR----Class D-GBP

USD 25.1116USD 7.4769USD 18.7590-Class D-USD---262.6765Class PLN

EUREUREURPLN

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF AUSTRALIA(S&P ASX 200) (6)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF CANADA(S&P TSX 60) (6)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P 500 (5)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF WIG20 (2) (3) (4)Sub-Funds

(2) These sub-funds have been liquidated as at April 5, 2013.(3) Class A-PLN changed into Class D-PLN as at June 30, 2011.(4) Class D-PLN changes into Class PLN as at October 10, 2012.(5) Class A changed into D-EUR and Class B into Class D-USD as at April 6, 2011.(6) Class A changed into D-EUR and Class B into Class D-USD as at June 6, 2011.

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62

Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Number of shares outstanding

----Class A45 00036 00010 50050 000Class C-EUR89 00044 00058 0008 000Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Number of shares outstanding

----Class A34 500165 00029 500118 000Class C-EUR

----Class C-GBP112 50060 00078 1008 000Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Number of shares outstanding

----Class A46 473225 000114 750208 000Class C-EUR

----Class C-GBP42 50050 00045 31848 000Class C-USD

----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

9 532 6554 931 07914 387 9066 784 598Total Net Asset Value at December 31, 2011

11 626 08114 477 11924 686 62014 724 801Total Net Asset Value at December 31, 2012

8 640 83922 152 37336 221 28932 127 746Total Net Asset Value at December 31, 2013

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

INFORMATIONTECHNOLOGY

TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

TELECOM-MUNICATIONSERVICES TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

MATERIALS TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

UTILITIES TRSub-Funds

EUREUREUREUR

Page 70: Mise en page 1 - Fundsquare

63

Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Net asset value per share

----Class A71.139261.6384210.0424116.9758Class C-EUR

USD 92.3493USD 80.0159USD 272.6665USD 151.8521Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Net asset value per share

----Class A79.088964.3427229.4295116.8634Class C-EUR

----Class C-GBPUSD 104.2709USD 84.8294USD 302.4799USD 154.0728Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Net asset value per share

----Class A97.117580.5540226.2868125.4990Class C-EUR

----Class C-GBPUSD 133.8231USD 110.9995USD 311.8120USD 172.9313Class C-USD

----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

EUREUREUREUR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

INFORMATIONTECHNOLOGY

TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

TELECOM-MUNICATIONSERVICES TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

MATERIALS TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

UTILITIES TRSub-Funds

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64

Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Number of shares outstanding

----Class A30 000130 00042 00065 000Class C-EUR55 00091 50018 00049 000Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Number of shares outstanding

----Class A198 00053 600179 50085 000Class C-EUR

----Class C-GBP26 00049 00030 900132 000Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Number of shares outstanding

----Class A77 50039 300452 000417 950Class C-EUR

----Class C-GBP120 50052 00025 90061 300Class C-USD

----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

5 689 46352 902 8697 714 52511 687 709Total Net Asset Value at December 31, 2011

19 040 43724 441 40730 803 61525 664 231Total Net Asset Value at December 31, 2012

20 443 50624 450 34988 183 40973 688 204Total Net Asset Value at December 31, 2013

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

FINANCIALS TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

ENERGY TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

INDUSTRIALS TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD HEALTH CARE TRSub-Funds

EUREUREUREUR

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65

Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Net asset value per share

----Class A66.9348238.8391128.5754102.5237Class C-EUR

USD 86.8914USD 310.0490USD 166.9101USD 133.0912Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Net asset value per share

----Class A85.0019238.2203146.4050118.2683Class C-EUR

----Class C-GBPUSD 112.0665USD 314.0697USD 193.0203USD 155.9249Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Net asset value per share

----Class A103.2500267.8022184.5227153.7573Class C-EUR

----Class C-GBPUSD 142.2733USD 369.0181USD 254.2630USD 211.8699Class C-USD

----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

EUREUREUREUR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

FINANCIALS TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

ENERGY TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

INDUSTRIALS TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD HEALTH CARE TRSub-Funds

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

as at December 31, 2011Number of shares outstanding

----Class A100381 50033 00021 000Class C-EUR

50 100-23 00032 000Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Number of shares outstanding

----Class A10 10042 00054 50055 000Class C-EUR

----Class C-GBP20 100-15 90020 000Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Number of shares outstanding

----Class A--101 500152 500Class C-EUR----Class C-GBP--26 90011 000Class C-USD----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

5 215 99315 000 9397 927 3355 165 960Total Net Asset Value at December 31, 2011

3 325 6201 954 77511 086 7268 919 962Total Net Asset Value at December 31, 2012

--23 393 93725 832 413Total Net Asset Value at December 31, 2013

MULTI UNITSLUXEMBOURG -LYXOR ETF S&PGSCI INVERSEAGRICULTURE & LIVESTOCK

1 MONTHFORWARD (7)

MULTI UNITSLUXEMBOURG -

LYXOR ETFEURO STOXX

50 TR (7)

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

CONSUMERSTAPLES TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

CONSUMERDISCRETIONARY

TRSub-Funds

USDEUREUREUR

(7) These Sub-Funds have been liquidated as at April 5, 2013.

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

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67

Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Net asset value per share

----Class AEUR 111.950239.3209141.559597.4709Class C-EUR

103.8215-USD 183.7655USD 126.5319Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Net asset value per share

----Class AEUR 103.129046.5422157.4819118.9328Class C-EUR

----Class C-GBP97.1328-USD 207.6241USD 156.8010Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Net asset value per share

----Class A--182.1957157.9963Class C-EUR----Class C-GBP--USD 251.0566USD 217.7112Class C-USD----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

USDEUREUREUR

MULTI UNITSLUXEMBOURG -LYXOR ETF S&PGSCI INVERSEAGRICULTURE & LIVESTOCK

1 MONTHFORWARD (7)

MULTI UNITSLUXEMBOURG -

LYXOR ETFEURO STOXX

50 TR (7)

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

CONSUMERSTAPLES TR

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD

CONSUMERDISCRETIONARY

TRSub-Funds

(7) These Sub-Funds have been liquidated as at April 5, 2013.

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68

Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Number of shares outstanding

----Class A1 000100100100Class C-EUR1 000100 10050 100100 100Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Number of shares outstanding

----Class A11 00030 10010 10030 100Class C-EUR

----Class C-GBP16 00050 10020 10050 100Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Number of shares outstanding

----Class A-30 100--Class C-EUR----Class C-GBP-50 100--Class C-USD----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

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

2 846 5089 605 3223 045 2708 836 859Total Net Asset Value at December 31, 2012

-8 479 049--Total Net Asset Value at December 31, 2013

MULTI UNITSLUXEMBOURG -LYXOR ETF S&P

GSCIAGGREGATE

INVERSE 1 MONTH

FORWARD (7)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P GSCIINDUSTRIAL

METALS 3 MONTHFORWARD

MULTI UNITSLUXEMBOURG -LYXOR ETF S&PGSCI INVERSEINDUSTRIAL

METALS 1 MONTH

FORWARD (7)

MULTI UNITSLUXEMBOURG -

LYXOR ETF S&P GSCI

AGRICULTURE & LIVESTOCK

3 MONTHFORWARD (7)Sub-Funds

USDUSDUSDUSD

(7) These Sub-Funds have been liquidated as at April 5, 2013.

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Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Net asset value per share

----Class AEUR 99.5600EUR 105.0511EUR 107.5058EUR 102.2975Class C-EUR

98.5841106.890591.506596.0524Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Net asset value per share

----Class AEUR 93.0452EUR 105.0264EUR 99.2222EUR 101.0398Class C-EUR

----Class C-GBP93.5704108.532385.773296.3514Class C-USD

----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Net asset value per share

----Class A-EUR 88.7048--Class C-EUR----Class C-GBP-95.8063--Class C-USD----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

USDUSDUSDUSD

MULTI UNITSLUXEMBOURG -LYXOR ETF S&P

GSCIAGGREGATE

INVERSE 1 MONTH

FORWARD (7)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P GSCIINDUSTRIAL

METALS 3 MONTHFORWARD

MULTI UNITSLUXEMBOURG -LYXOR ETF S&PGSCI INVERSEINDUSTRIAL

METALS 1 MONTH

FORWARD (7)

MULTI UNITSLUXEMBOURG -

LYXOR ETF S&P GSCI

AGRICULTURE & LIVESTOCK

3 MONTHFORWARD (7)Sub-Funds

(7) These Sub-Funds have been liquidated as at April 5, 2013.

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Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Number of shares outstanding

----Class A-1 0001 0001 000Class C-EUR-1 0001 0001 000Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Number of shares outstanding

----Class A161 56081 00081 00031 000Class C-EUR

----Class C-GBP-181 000121 00051 000Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Number of shares outstanding

----Class A183 56081 00081 00031 000Class C-EUR

----Class C-GBP-181 000121 00051 000Class C-USD----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN-234 462233 494234 206Total Net Asset Value at December 31, 2011

19 855 88429 878 20722 715 0259 403 184Total Net Asset Value at December 31, 2012

27 697 38227 132 60621 372 9718 651 932Total Net Asset Value at December 31, 2013

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF SMARTIXEURO iSTOXX 50 EQUAL RISK

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF BROAD

COMMODITIESOPTIMIX TR

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF BROAD

COMMODITIESMOMENTUM TR

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P GSCIAGGREGATE 3 MONTHFORWARDSub-Funds

EURUSDUSDUSD

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Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Net asset value per share

----Class A-EUR 102.4590EUR 102.0360EUR 102.3469Class C-EUR-101.4548101.0359101.3438Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Net asset value per share

----Class A122.9009EUR 103.4520EUR 99.4208EUR 102.0329Class C-EUR

----Class C-GBP-104.036099.9820102.6089Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2013Net asset value per share

----Class A150.8900EUR 89.8860EUR 89.5041EUR 89.8240Class C-EUR

----Class C-GBP-94.475494.074894.4111Class C-USD----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR----Class D-EUR----Class D-GBP----Class D-USD----Class PLN

EURUSDUSDUSD

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF SMARTIXEURO iSTOXX 50 EQUAL RISK

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF BROAD

COMMODITIESOPTIMIX TR

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF BROAD

COMMODITIESMOMENTUM TR

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P GSCIAGGREGATE 3 MONTHFORWARDSub-Funds

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Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Number of shares outstanding

----Class A----Class C-EUR----Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Number of shares outstanding

----Class A300 000-38 120142 000Class C-EUR

-100 000--Class C-GBP300 000-29 53010 000Class C-USD

-795 000--Class D-EUR-645 000--Class D-USD----Class PLN

as at December 31, 2013Number of shares outstanding

----Class A380 000-1 563 120176 000Class C-EUR

-1 183 900--Class C-GBP20 000-14 53030 000Class C-USD

----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR-1 675 897--Class D-EUR-122 000--Class D-GBP-230 000--Class D-USD----Class PLN----Total Net Asset Value at December 31, 2011

66 402 339139 832 4374 938 81321 557 759Total Net Asset Value at December 31, 2012

23 535 851362 651 91156 375 16435 236 654Total Net Asset Value at December 31, 2013

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCI ACWI GOLD

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF SG GLOBALQUALITY

INCOME NTR

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P 500 VIX FUTURESENHANCED

ROLL

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD RISKWEIGHTEDSub-Funds

USDEURUSDUSD

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73

Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Net asset value per share

----Class A----Class C-EUR----Class C-USD----Class D-EUR----Class D-USD----Class PLN

as at December 31, 2012Net asset value per share

----Class AEUR 94.2599-EUR 55.3742EUR 109.1318Class C-EUR

-GBP 100.2336--Class C-GBP97.0687-73.0053112.6875Class C-USD

-98.6196--Class D-EUR-USD 100.3048--Class D-USD----Class PLN

as at December 31, 2013Net asset value per share

----Class AEUR 43.1733-EUR 25.9324EUR 128.1818Class C-EUR

-GBP 111.0072--Class C-GBP46.4681-35.7349138.3365Class C-USD

----Class Daily Hedged C-EUR----Class Daily Hedged D-EUR-102.6200--Class D-EUR-GBP 98.9092--Class D-GBP-USD 109.0931--Class D-USD----Class PLN

USDEURUSDUSD

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF MSCI ACWI

GOLD

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF SG GLOBALQUALITY

INCOME NTR

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF S&P 500 VIX FUTURESENHANCED

ROLL

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF MSCIWORLD RISKWEIGHTEDSub-Funds

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Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Number of shares outstanding

---Class A---Class C-EUR---Class C-USD---Class D-EUR---Class D-USD---Class PLN

as at December 31, 2012Number of shares outstanding

---Class A---Class C-EUR---Class C-GBP---Class C-USD---Class D-EUR---Class D-USD---Class PLN

as at December 31, 2013Number of shares outstanding

---Class A-100 000120 000Class C-EUR---Class C-GBP-10 00035 000Class C-USD---Class Daily Hedged C-EUR---Class Daily Hedged D-EUR

500 000--Class D-EUR---Class D-GBP---Class D-USD---Class PLN---Total Net Asset Value at December 31, 2011

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

52 662 26514 967 71115 002 608Total Net Asset Value at December 31, 2013

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF SGEUROPEANQUALITY

INCOME NTR (9)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DYNAMICSHORT VIXFUTURES INDEX (8)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DYNAMIC

LONG VIXFUTURES INDEX (8)Sub-Funds

EURUSDUSD

(8) This Sub-Fund has been launched on January 31, 2013.(9) This Sub-Fund has been launched on August 19, 2013.

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Société d’Investissement à Capital VariableMulti Units Luxembourg

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

as at December 31, 2011Net asset value per share

---Class A---Class C-EUR---Class C-USD---Class D-EUR---Class D-USD---Class PLN

as at December 31, 2012Net asset value per share

---Class A---Class C-EUR---Class C-GBP---Class C-USD---Class D-EUR---Class D-USD---Class PLN

as at December 31, 2013Net asset value per share

---Class A-EUR 101.1695EUR 74.6824Class C-EUR---Class C-GBP-102.705075.8159Class C-USD---Class Daily Hedged C-EUR---Class Daily Hedged D-EUR

105.3245--Class D-EUR---Class D-GBP---Class D-USD---Class PLN

EURUSDUSD

MULTI UNITSLUXEMBOURG -LYXOR UCITS

ETF SGEUROPEANQUALITY

INCOME NTR (9)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DYNAMICSHORT VIXFUTURES INDEX (8)

MULTI UNITSLUXEMBOURG -LYXOR UCITSETF DYNAMIC

LONG VIXFUTURES INDEX (8)Sub-Funds

(8) This Sub-Fund has been launched on January 31, 2013.(9) This Sub-Fund has been launched on August 19, 2013.

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Notes to the financial statements at December 31, 2013

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, 2013 twenty eight Sub-Funds are available to investors:· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TR·MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATIONTECHNOLOGY TR·MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS3 MONTH FORWARD· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE 3 MONTHFORWARD· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIESMOMENTUM TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIES OPTIMIXTR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EURO iSTOXX 50 EQUALRISK· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTED· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX FUTURES ENHANCEDROLL

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Notes to the financial statements at December 31, 2013 (cont.)

Note 1 - Activity (cont.)

· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOMENTR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG VIX FUTURESINDEX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURESINDEX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEAN QUALITY INCOMENTRBy Circular Resolution dated January 22, 2013, the Board of Directors decided to launch the D-GBPshare class within the sub-fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SGGLOBAL QUALITY INCOME NTR on January 29, 2013.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.By Circular Resolution dated March 03, 2013, the Board of Directors decided to launch:- the EUR and USD shares classes within the Sub-Fund MULTI UNITS LUXEMBOURG - LYXORETF DYNAMIC LONG VIX FUTURES INDEX (First NAV: January 31, 2013),- the EUR and USD shares classes within the Sub-Fund MULTI UNITS LUXEMBOURG - LYXORETF DYNAMIC SHORT VIX FUTURES INDEX (First NAV: January 31, 2013).By Circular Resolutions both dated April 26, 2013, the Board of Directors decided to proceed to theliquidation of the following Sub-Funds on the basis of the net asset value dated June 21, 2013:- MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call- MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective PutBy Circular Resolution dated August 19, 2013, the Board of Directors decided - to change the name of the Sub-Funds of the Company by adding “UCITS” in their name,

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Notes to the financial statements at December 31, 2013 (cont.)

Note 1 - Activity (cont.)- to create the following shares classes:

- to launch the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEANQUALITY INCOME NTR (First NAV: August 19, 2013)- to launch the D-EUR share class within the Sub-Fund MULTI UNITS LUXEMBOURG - LYXORUCITS ETF WIG20 (First NAV: August 19, 2013). - to launch the Daily Hedged C-EUR and Daily Hedged D-EUR shares classes within the Sub-FundMULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 (First NAV: August 19, 2013),

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.

Sub-Fund Classes of shares

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20 Class C-EURClass D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 Class C-EURClass Daily Hedged C-EUR

Class Daily Hedged D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200) Class C-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD TELECOMMUNICATION Class D-EURSERVICES TR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATION TECHNOLOGY TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMER DISCRETIONARY TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMER STAPLES TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS Class D-EUR3 MONTH FORWARD

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE 3 MONTH FORWARD Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIES MOMENTUM TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIES OPTIMIX TR Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EURO iSTOXX 50 EQUAL RISK Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTED Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG VIX FUTURES INDEX Class D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURES INDEX Class D-EUR

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Notes to the financial statements at December 31, 2013 (cont.)

Note 1 - Activity (cont.)Capitalisation and distribution shares have been issued during the year ended December 31, 2013. 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.

Sub-Fund Classes of shares ISIN Code DistributionCapitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX Class EUR LU0252633754 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX Class EUR LU0252634307 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20 Class PLN LU0459113907 CapitalisationClass C-EUR LU0959211672 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 Class D-EUR LU0496786574 DistributionClass D-USD LU0496786657 Distribution

Class Daily Hedged C-EUR LU0959211326 Capitalisation

Class Daily Hedged D-EUR LU0959211243 Distribution

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

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

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

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

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

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

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

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

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

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD Class C-EUR LU0533032859 CapitalisationFINANCIALS TR Class C-USD LU0533033071 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD Class C-EUR LU0533032008 CapitalisationCONSUMER DISCRETIONARY TR Class C-USD LU0533032180 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD Class C-EUR LU0533032263 CapitalisationCONSUMER STAPLES TR Class C-USD LU0533032347 Capitalisation

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

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI Class C-EUR LU0721447083 CapitalisationAGGREGATE 3 MONTH FORWARD Class C-USD LU0721447240 Capitalisation

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Notes to the financial statements at December 31, 2013 (cont.)

Note 1 - Activity (cont.)

The following Sub-Funds are listed in NYSE Euronext Brussels Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX · MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATIONTECHNOLOGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TR

Sub-Fund Classes of shares ISIN Code DistributionCapitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD Class C-EUR LU0721447596 CapitalisationCOMMODITIES MOMENTUM TR Class C-USD LU0721447752 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD Class C-EUR LU0721447919 CapitalisationCOMMODITIES OPTIMIX TR Class C-USD LU0721448131 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX Class C-EUR LU0776635921 CapitalisationEURO iSTOXX 50 EQUAL RISK

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD Class C-EUR LU0776636812 CapitalisationRISK WEIGHTED Class C-USD LU0776637893 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX Class C-EUR LU0832435464 CapitalisationFUTURES ENHANCED ROLL Class C-USD LU0832435621 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL Class D-EUR LU0832436512 DistributionQUALITY INCOME NTR Class D-USD LU0832436603 Distribution

Class D-GBP LU0855671011 Distribution

Class C-GBP LU0855692520 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD Class C-EUR LU0854423687 CapitalisationClass C-USD LU0854423927 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG Class C-EUR LU0871960976 CapitalisationVIX FUTURES INDEX Class C-USD LU0871961438 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT Class C-EUR LU0871961511 CapitalisationVIX FUTURES INDEX Class C-USD LU0871961602 Capitalisation

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEAN Class D-EUR LU0959210278 DistributionQUALITY INCOME NTR

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Notes to the financial statements at December 31, 2013 (cont.)

Note 1 - Activity (cont.)The following Sub-Funds are listed in NYSE Euronext Paris Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILYLevDAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATIONTECHNOLOGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EURO iSTOXX 50 EQUALRISK· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTED· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOME NTR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEAN QUALITY INCOMENTR

The following Sub-Funds are listed in Deutsche Boerse Frankfurt Stock Exchange:· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILYLevDAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR

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Notes to the financial statements at December 31, 2013 (cont.)

Note 1 - Activity (cont.)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATIONTECHNOLOGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX FUTURES ENHANCEDROLL· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOME NTR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE 3 MONTHFORWARD· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIESMOMENTUM TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIES OPTIMIX TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG VIX FUTURESINDEX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURESINDEX

The following Sub-Funds are listed in Borsa Italiana Milan Stock Exchange:· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATIONTECHNOLOGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR

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Notes to the financial statements at December 31, 2013 (cont.)

Note 1 - Activity (cont.)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG VIX FUTURESINDEX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURESINDEX

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

The following Sub-Fund is listed in Bolsa de Madrid Stock Exchange:· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

The following Sub-Funds are listed in SIX Swiss Stock Exchange:· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATIONTECHNOLOGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TR

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Notes to the financial statements at December 31, 2013 (cont.)

Note 1 - Activity (cont.)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD

The following Sub-Funds are listed in London Stock Exchange:· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDTELECOMMUNICATION SERVICES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATIONTECHNOLOGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE 3 MONTHFORWARD· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIESMOMENTUM TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIES OPTIMIX TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTED· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOME NTR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEAN QUALITY INCOMENTR

The following Sub-Funds are listed in Luxembourg Stock Exchange:· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE 3 MONTHFORWARD

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Notes to the financial statements at December 31, 2013 (cont.)

Note 1 - Activity (cont.)· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P BROAD COMMODITIESMOMENTUM TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P BROAD COMMODITIESOPTIMIX TR· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTED

· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOME NTR

The following Sub-Fund is listed in NYSE Euronext Amsterdam Stock Exchange: · MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX FUTURES ENHANCEDROLL· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG VIX FUTURESINDEX· MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURESINDEX

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 closingprices, 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 value ofthe units or shares of such UCIs;

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Notes to the financial statements at December 31, 2013 (cont.)

Note 2 - Principal accounting policies (cont.)

2.2 Valuation of investment in securities (cont.)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.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.

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Notes to the financial statements at December 31, 2013 (cont.)

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

ClassPLN

Class D-EUR

Class D-GBP

Class D-USD

ClassDaily

HedgedD-EUR

Class C-EUR

Class C-GBP

Class C-USD

ClassDaily

HedgedC-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX 0.15% - - - - - - - - -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX 0.40% - - - - - - - - -

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call* 0.40% - - - - - - - - -

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put* 0.40% - - - - - - - - -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20 - 0.45% - - - - 0.45% - - -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 - - 0.15%** - 0.15%** 0.15% - - - 0.15%

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60) - - 0.40% - 0.40% - - - - -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200) - - 0.40% - 0.40% - - - - -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETFMSCI WORLD UTILITIES TR - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD TELECOMMUNICATION SERVICES TR - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATION TECHNOLOGY TR - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TR - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMER DISCRETIONARY TR - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMER STAPLES TR - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR*** - - - - - - 0.20% - - -

* These Sub-Funds have been liquidated as at June 21, 2013.** The management fee of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 has been reduce from 0.20% to 0.15% as at May 13, 2013.*** These Sub-Funds have been liquidated as at April 5, 2013.

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Notes to the financial statements at December 31, 2013 (cont.)

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.

Shares Class A EUR

ClassPLN

Class D-EUR

Class D-GBP

Class D-USD

ClassDaily

HedgedD-EUR

Class C-EUR

Class C-GBP

Class C-USD

ClassDaily

HedgedC-EUR

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSEAGRICULTURE & LIVESTOCK 1 MONTH FORWARD*** - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGRICULTURE & LIVESTOCK 3 MONTH FORWARD*** - - - - - - 0.35% - 0.35% -

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE INDUSTRIAL METALS 1 MONTH FORWARD*** - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD - - - - - - 0.35% - 0.35% -

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI AGGREGATE INVERSE 1 MONTH FORWARD*** - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE 3 MONTH FORWARD - - - - - - 0.35% - 0.35% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIES MOMENTUM TR - - - - - - 0.35% - 0.35% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIES OPTIMIX TR - - - - - - 0.35% - 0.35% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EURO iSTOXX 50 EQUAL RISK - - - - - - 0.25% - - -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTED - - - - - - 0.45% - 0.45% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX FUTURES ENHANCED ROLL - - - - - - 0.60% - 0.60% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOME NTR - - 0.45% 0.45% 0.45% - - 0.45% - -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD - - - - - - 0.50% - 0.50% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG VIX FUTURES INDEX - - - - - - 0.75% - 0.75% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURES INDEX - - - - - - 0.40% - 0.40% -

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEAN QUALITY INCOME NTR - - 0.45% - - - - - - -

*** These Sub-Funds have been liquidated as at April 5, 2013.

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Notes to the financial statements at December 31, 2013 (cont.)

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

Note 5 - Custodian and Paying Agent feesAs Custodian and Paying Agent, Société Générale Bank & Trust S.A. is entitled to receive a fee forits services 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 theLaw of December 20, 2002 are exempted of the “taxe d’abonnement” if they comply with followingconditions 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 are 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 INDUSTRIAL METALS 3 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.

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Notes to the financial statements at December 31, 2013 (cont.)

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 INDUSTRIAL METALS 3 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 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX The index underlying this Swap Agreement is the DAX Index.

8.2 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX The index underlying this Swap Agreement is the LevDAX Index.

8.3 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20The index underlying this Swap Agreement is the WIG20 Index.

8.4 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500The index underlying this Swap Agreement is the S&P 500 TR Index.

8.5 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA (S&P TSX 60)The index underlying this Swap Agreement is the S&P TSX 60 TR Index.

8.6 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200) The index underlying this Swap Agreement is the S&P ASX 200 Net TR Index.

8.7 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR

The index underlying this Swap Agreement is the MSCI World Utilities TR Index.

8.8 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD MATERIALS TR

The index underlying this Swap Agreement is the MSCI World Materials TR Index.

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Notes to the financial statements at December 31, 2013 (cont.)

Note 8 - Total return swap agreements (cont.)

8.9 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD TELECOMMUNICATION SERVICES TR

The index underlying this Swap Agreement is the MSCI World Telecommunication Services TR Index.

8.10 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INFORMATION TECHNOLOGY TR

The index underlying this Swap Agreement is the MSCI World Information Technology TR Index.

8.11 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD HEALTH CARE TR

The index underlying this Swap Agreement is the MSCI World Health Care TR Index.

8.12 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD INDUSTRIALS TR

The index underlying this Swap Agreement is the MSCI World Industrials TR Index.

8.13 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD ENERGY TRThe index underlying this Swap Agreement is the MSCI World Energy TR Index.

8.14 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

The index underlying this Swap Agreement is the MSCI World Financials TR Index.

8.15 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERDISCRETIONARY TR

The index underlying this Swap Agreement is the MSCI World Consumer Discretionary TR Index.

8.16 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD CONSUMERSTAPLES TR

The index underlying this Swap Agreement is the MSCI World Consumer Staples TR Index.

8.17 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI INDUSTRIAL METALS 3 MONTH FORWARD

The index underlying this Swap Agreement is the S&P GSCI® Industrial Metals 3 Month ForwardCapped Component Index Total Return.

8.18 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI AGGREGATE 3 MONTH FORWARD

The index underlying this Swap Agreement is the S&P GSCI® 3 Month Forward Capped Sector EqualWeight Composite Index Total Return.

8.19 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIES MOMENTUM TR

The index underlying this Swap Agreement is the SGI Commodities Curve Momentum Beta+TR TMIndex.

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Notes to the financial statements at December 31, 2013 (cont.)

Note 8 - Total return swap agreements (cont.)

8.20 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD COMMODITIES OPTIMIX TR

The index underlying this Swap Agreement is the SGI Commodities Optimix TR TM Index.

8.21 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EURO iSTOXX 50 EQUAL RISK

The index underlying this Swap Agreement is the Eurostoxx 50® Equal Risk Index.

8.22 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISK WEIGHTED

The index underlying this Swap Agreement is the MSCI World Risk Weighted Index.

8.23 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX FUTURES ENHANCED ROLL

The index underlying this Swap Agreement is the S&P 500 VIX Futures Enhanced Roll Index.

8.24 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOME NTR

The index underlying this Swap Agreement is the SG Global Quality Income NTR index.

8.25 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLDThe index underlying this Swap Agreement is the MSCI ACWI Gold with EM DR 18% Group EntityCapped Index.

8.26 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG VIX FUTURES INDEX

The index underlying this Swap Agreement is the Dynamic Long VIX Futures Index.

8.27 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT VIX FUTURES INDEX

The index underlying this Swap Agreement is the Dynamic Short VIX Futures Index.

8.28 MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEAN QUALITY INCOME NTR

The index underlying this Swap Agreement is the SG European Quality Income NTR index.

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

CHF1.22551 EUR =AUD1.54021 EUR =JPY144.82951 EUR =DKK7.46041 EUR =SEK8.851 EUR =PLN4.15791 EUR =

USD1.37801 EUR =

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Notes to the financial statements at December 31, 2013 (cont.)

Note 10 - Dividend distributionBy a circular resolution dated July 2, 2013, 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·MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTRThese dividends have been paid out of the income and capital attributable to the Sub-Funds as ofJuly 15, 2013 with a record date of July 9, 2013. The ex-dividend date was July 10, 2013.

By a circular resolution dated July 9, 2013, 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·MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTRThese dividends have been paid out of the income and capital attributable to the Sub-Funds as ofJuly 15, 2013 with a record date of July 9, 2013. The ex-dividend date was July 10, 2013.

By a circular resolution dated December 10, 2013, 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·MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTRThese dividends have been paid out of the income and capital attributable to the Sub-Funds as ofDecember 16, 2013 with a record date of December 10, 2013. The ex-dividend date wasDecember 11, 2013.

Name of the Sub-Fund Currency Amount of the interimdividend per Share

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) D-USD USD 0.16

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) D-USD USD 0.35

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 D-USD USD 0.13

MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTR D-USD USD 2.52

MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTR D-GBP GBP 2.54

Name of the Sub-Fund Currency Amount of the interimdividend per Share

MULTI UNITS LUXEMBOURG - LYXOR ETF CANADA (S&P TSX 60) D-EUR EUR 1.28

MULTI UNITS LUXEMBOURG - LYXOR ETF AUSTRALIA (S&P ASX 200) D-EUR EUR 0.55

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 D-EUR EUR 0.10

MULTI UNITS LUXEMBOURG - LYXOR ETF SG GLOBAL QUALITY INCOME NTR D-EUR EUR 2.55

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Notes to the financial statements at December 31, 2013 (cont.)

Note 10 - Dividend distribution (cont.)

Note 11 - Transaction costsFor the year ended December 31, 2013, the Fund did not incur any transaction costs relating to thepurchase or sale of transferable securities, derivatives or other eligible assets.

Name of the Sub-Fund Currency Amount of the interimdividend per ShareMULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200) D-EUR EUR 0.47

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA (S&P ASX 200) D-USD USD 0.32

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 D-EUR EUR 0.08

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 D-USD USD 0.11

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 Daily Hedged D-EUR EUR 0.66

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOME NTR D-EUR EUR 1.28

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOME NTR D-GBP GBP 1.24

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL QUALITY INCOME NTR D-USD USD 1.35

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Notes to the financial statements at December 31, 2013 (cont.)

Note 12 - Operating and management expenses

Base Sub-Fund Rate p.a Share Classes

Operating and Net MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX 0.15% Class EUR

asset management MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX 0.40% Class EUR

expenses MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call* 0.40% Class A

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put* 0.40% Class A

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20 0.45% Class PLN0.45% Class C-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 0.16% Class D-EUR0.17% Class D-USD

0.15% Class Daily Hedged C-EUR

0.15% Class Daily Hedged D-EUR

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF CANADA 0.40% Class D-EUR(S&P TSX 60) 0.40% Class D-USD

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF AUSTRALIA 0.40% Class D-EUR(S&P ASX 200) 0.40% Class D-USD

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

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

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

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

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

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

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

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

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD 0.40% Class C-EURCONSUMER DISCRETIONARY TR 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD 0.40% Class C-EURCONSUMER STAPLES TR 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR ETF EURO STOXX 50 TR** 0.20% Class C-EUR

MULTI 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

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P GSCI INVERSE 0.40% Class C-EURINDUSTRIAL METALS 1 MONTH FORWARD** 0.40% Class C-USD

* These Sub-Funds have been liquidated as at June 21, 2013.** These Sub-Funds have been liquidated as at April 5, 2013.

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Notes to the financial statements at December 31, 2013 (cont.)

Note 12 - Operating and management expenses (cont.)

** This Sub-Fund has been liquidated as at April 5, 2013.

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.

Base Sub-Fund Rate p.a Share Classes

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCI 0.35% Class C-EURINDUSTRIAL METALS 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 UCITS ETF S&P GSCI 0.35% Class C-EURAGGREGATE 3 MONTH FORWARD 0.35% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD 0.35% Class C-EURCOMMODITIES MOMENTUM TR 0.35% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROAD 0.35% Class C-EURCOMMODITIES OPTIMIX TR 0.35% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX 0.25% Class C-EUREURO iSTOXX 50 EQUAL RISK

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD 0.45% Class C-EURRISK WEIGHTED 0.45% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIX 0.60% Class C-EURFUTURES ENHANCED ROLL 0.60% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBAL 0.45% Class D-EURQUALITY INCOME NTR 0.45% Class D-USD

0.45% Class D-GBP

0.45% Class C-GBP

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

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONG 0.75% Class C-EURVIX FUTURES INDEX 0.75% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORT 0.40% Class C-EURVIX FUTURES INDEX 0.40% Class C-USD

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEAN 0.45% Class D-EURQUALITY INCOME NTR

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Index composition at December 31, 2013At December 31, 2013, 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 101.47%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.

Description Weight in the index

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

ADIDAS SALOMON 2.40ALLIANZ SE 7.30BASF SE 8.80BAYER AG 10.05BAYERISCHE MOTOREN WERKE AG 3.37BEIERSDORF 0.91COMMERZBANK AG 1.36CONTINENTAL AG 2.13DAIMLER AG 7.71DEUTSCHE BANK AG 4.36DEUTSCHE BOERSE AG (2) 1.38DEUTSCHE POST AG 3.10DEUTSCHE TELEKOM /ETR 4.61DT LUFTHANSA AG 0.88E.ON AG 3.12FRESENIUS MEDICAL CARE AG & CO 1.36FRESENIUS SE & CO KGAA 1.83HEIDELBERGCEMENT AG 0.97HENKEL KGAA VZ 1.81INFINEON TECHNOLOGIES AG 1.03K + S AG 0.47LANXESS 0.50LINDE AG 3.51MERCK KGAA 1.05MUENCHENER RUECKVERSICHERUNGS 3.09RWE AG 1.55SAP AG 7.08SIEMENS AG 9.85THYSSENKRUPP AG 0.80VOLKSWAGEN AG 3.62

Total 100.00

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX

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MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Automobiles 14.70Commodity Chemicals 12.81Diversified Industrials 10.65Specialty Chemicals 10.52Full Line Insurance 7.30Software 7.08Banks 5.72Multiutilities 4.67Mobile Telecommunications 4.61Health Care Providers 3.19Delivery Services 3.10Reinsurance 3.09Footwear 2.40Tires 2.13Nondurable Household Products 1.81Investment Services 1.38Pharmaceuticals 1.05Semiconductors 1.03Building Materials & Fixtures 0.97Personal Products 0.91Airlines 0.88

100.00

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(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX

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

Shares

1.5810 506 4529 976 413USDABBVIE INC273 8003.6924 603 68020 357 971EURAIRBUS GROUP NV441 4800.12795 873737 586EURAKZO NOBEL NV - CVA14 2869.5863 795 11462 446 318EURALLIANZ SE - REG489 4140.12795 569806 619EURAMER SPORTS OYJ - A52 6170.13856 900782 370USDAMERICAN CAPITAL LTD76 5202.3215 430 27215 176 925EURANHEUSER-BUSCH INBEV NV200 9150.986 563 0576 638 652EURASML HOLDING NV96 6151.5710 457 78510 341 848EURBANCO SANTANDER SA1 608 8904.6831 206 77329 293 823EURBASF SE - REG402 7203.4523 009 50321 261 493EURBAYER AG225 6940.885 863 3065 043 160EURBAYERISCHE MOTOREN WERKE AG68 8020.483 173 1483 183 489EURBEIERSDORF AG43 0900.211 403 6291 393 474USDBERKSHIRE HATHAWAY INC - B16 4271.9913 287 34113 431 879USDCITIGROUP INC353 5400.513 396 7513 161 007EURCNH INDUSTRIAL NV409 9880.11711 679714 078JPYDAIICHI SANKYO CO LTD53 7000.815 390 7955 259 651JPYDAIKIN INDUSTRIES LTD119 4219.5863 761 98257 968 572EURDAIMLER AG1 013 7040.10670 411732 192EURDELHAIZE GROUP SA15 5620.533 563 2872 950 480EURDELTA LLOYD NV195 7852.3515 664 91915 051 315EURDEUTSCHE POST AG - REG591 1294.7031 327 76425 658 965EURDEUTSCHE TELEKOM AG - REG2 520 3350.322 113 2512 128 407EURDEUTSCHE WOHNEN AG154 6470.614 048 7354 027 664EURDISTRIBUIDORA INTERNACIONAL DE

ALIMENTACION SA619 736

0.11744 944775 031EURDMG MORI SEIKI AG32 1791.5110 074 3469 820 450USDEI DU PONT DE NEMOURS & CO215 2700.463 061 6293 169 927JPYEISAI CO LTD109 0174.4929 951 71129 200 864EURE.ON SE2 232 7030.392 572 9472 389 911EURFRESENIUS MEDICAL CARE AG & CO KGAA49 7380.523 447 8822 919 269EURFRESENIUS SE & CO KGAA30 8950.221 456 8461 357 332USDGOOGLE INC - A1 8140.11721 527762 870EURHEIDELBERGCEMENT AG13 083

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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100

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

Shares (cont.)

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

1.218 050 1557 960 488USDHILLSHIRE BRANDS CO332 8611.207 992 2257 942 821EURING GROEP NV - CVA796 8320.08556 810578 377EURJERONIMO MARTINS SGPS SA39 2120.11750 080718 821JPYJFE HOLDINGS INC43 5000.382 516 0291 872 201EURKBC GROEP NV61 4340.09628 448633 363JPYKDDI CORP14 0942.5416 940 87315 284 810EURKONINKLIJKE PHILIPS NV638 4350.11729 425717 317JPYMARUBENI CORP140 0000.271 811 0591 764 525USDMCDONALD’S CORP25 7900.493 266 3103 135 618JPYMIZUHO FINANCIAL GROUP INC2 078 7003.2321 540 97620 355 240EURMUENCHENER RUECKVERSICHERUNGS AG - REG134 5050.02147 727137 132JPYNINTENDO CO LTD1 5300.11719 410711 957JPYNKSJ HOLDINGS INC35 7000.533 534 3233 095 981EUROSRAM LICHT AG86 2030.11708 143706 118JPYOTSUKA HOLDINGS CO LTD33 8000.754 986 2974 247 106EURPORSCHE AUTOMOBIL HOLDING SE - PFD65 9041.5110 079 8909 850 735EURRWE AG378 8720.08556 396618 018EURRWE AG - PFD23 9314.5730 458 49928 829 545EURSAP AG488 8220.11761 480713 482EURSES SA32 4319.5263 385 64461 208 093EURSIEMENS AG - REG638 3890.201 345 3121 333 463JPYSOFTBANK CORP21 2180.11751 129806 724EURSOFTWARE AG29 5720.12807 350759 150EURSYMRISE AG24 1000.161 071 5381 096 395JPYTAKEDA PHARMACEUTICAL CO LTD32 2249.5863 791 19362 478 689EURTELEFONICA SA5 408 3250.392 611 7462 641 565JPYTOSHIBA CORP857 3890.05343 826269 235EURTUI AG28 712

96.84645 272 101609 386 974Total Shares

Investment funds

4.6330 834 89030 742 188EURUK EQUITY HOLDINGS30 500

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

(expressed in EUR)Schedule of Investments as at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX

4.6330 834 89030 742 188Total Investment funds

101.47676 106 991640 129 162Total investments

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101

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX

13.67Nonlife Insurance12.98General Industrials11.20Automobiles and Parts9.89Chemicals9.87Fixed Line Telecommunications4.90Software and Computer Services4.70Mobile Telecommunications4.63Investment Fund4.49Gas, Water and Multiutilities4.43Banks3.69Aerospace and Defense2.41Pharmaceuticals and Biotechnology2.35Industrial Transportation2.32Beverages1.60Electricity1.43Industrial Engineering1.21Food Producers1.20Life Insurance0.98Technology Hardware and Equipment0.90Health Care Equipment and Services0.79Food and Drug Retailers0.48Personal Goods0.32Real Estate Investment and Services0.32Travel, Leisure and Catering0.14Leisure Goods0.13Equity Investment Instruments0.11Construction and Materials0.11Industrial Metals and Mining0.11Media0.11Support Services

101.47

%

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102

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAX

62.11Germany11.76Spain9.58Netherlands7.12United States of America4.63France3.17Japan2.79Belgium0.12Finland0.11Luxembourg0.08Portugal

101.47

%

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103

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 103.00%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 UCITS ETF DAILY LevDAX

Description Weight in the index

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

ADIDAS SALOMON 2.40ALLIANZ SE 7.30BASF SE 8.80BAYER AG 10.05BAYERISCHE MOTOREN WERKE AG 3.37BEIERSDORF 0.91COMMERZBANK AG 1.36CONTINENTAL AG 2.13DAIMLER AG 7.71DEUTSCHE BANK AG 4.36DEUTSCHE BOERSE AG (2) 1.38DEUTSCHE POST AG 3.10DEUTSCHE TELEKOM /ETR 4.61DT LUFTHANSA AG 0.88E.ON AG 3.12FRESENIUS MEDICAL CARE AG & CO 1.36FRESENIUS SE & CO KGAA 1.83HEIDELBERGCEMENT AG 0.97HENKEL KGAA VZ 1.81INFINEON TECHNOLOGIES AG 1.03K + S AG 0.47LANXESS 0.50LINDE AG 3.51MERCK KGAA 1.05MUENCHENER RUECKVERSICHERUNGS 3.09RWE AG 1.55SAP AG 7.08SIEMENS AG 9.85THYSSENKRUPP AG 0.80VOLKSWAGEN AG 3.62

Total 100.00

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104

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Automobiles 14.70Commodity Chemicals 12.81Diversified Industrials 10.65Specialty Chemicals 10.52Full Line Insurance 7.30Software 7.08Banks 5.72Multiutilities 4.67Mobile Telecommunications 4.61Health Care Providers 3.19Delivery Services 3.10Reinsurance 3.09Footwear 2.40Tires 2.13Nondurable Household Products 1.81Investment Services 1.38Pharmaceuticals 1.05Semiconductors 1.03Building Materials & Fixtures 0.97Personal Products 0.91Airlines 0.88

100.00

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105

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX

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

Shares

1.272 928 2582 772 741EURADIDAS AG - REG31 6092.786 429 2365 558 479EURAIRBUS GROUP NV115 3645.2612 169 21511 402 637EURALLIANZ SE - REG93 3580.20472 197490 153EURALSTRIA OFFICE REIT-AG51 5954.229 753 9849 339 948EURANHEUSER-BUSCH INBEV NV127 0052.014 641 9974 953 604EURASML HOLDING NV68 3351.383 197 7993 311 717EURBANCO BILBAO VIZCAYA ARGENTARIA SA357 2960.32737 159699 734EURBANCO SANTANDER SA113 4095.8313 511 38912 941 409EURBASF SE - REG174 3632.776 418 7725 648 635EURBAYER AG62 9602.485 747 4074 993 406EURBAYERISCHE MOTOREN WERKE AG67 4420.962 227 5712 269 471JPYCHUBU ELECTRIC POWER CO INC237 8383.498 065 8566 846 634EURDAIMLER AG128 2337.1616 582 59216 045 372EURDEUTSCHE BANK AG - REG478 2290.801 841 0611 486 396EURDEUTSCHE POST AG - REG69 4742.455 658 0494 122 495EURDEUTSCHE TELEKOM AG - REG455 1930.22503 478478 740CHFDUFRY AG - REG3 9370.31723 775705 525EUREDP RENOVAVEIS SA188 1402.746 349 4406 544 851EURE.ON SE473 3090.40931 187843 192JPYFANUC CORP7 0192.826 518 1896 439 461EURFERROVIAL SA463 1042.365 457 1015 399 081EURFRESENIUS MEDICAL CARE AG & CO KGAA105 4920.641 491 5681 460 723EURHANNOVER RUECK SE - REG23 9112.285 265 1324 565 880EURIBERDROLA SA1 136 9322.816 490 7256 425 300EURINDITEX SA54 5212.375 471 4954 687 574EURING GROEP NV - CVA545 5130.29665 512448 484SEKINVESTMENT AB KINNEVIK - B19 8324.5210 455 9049 574 207EURKONINKLIJKE PHILIPS NV394 0420.521 204 0311 185 111EURMERCK KGAA9 2440.551 261 6041 188 488JPYMITSUI ENGINEERING & SHIPBUILDING CO LTD843 5920.17382 642352 967JPYNINTENDO CO LTD3 9630.05122 733113 197SEKNORDEA BANK AB12 5742.836 557 0526 470 054CHFNOVARTIS AG - REG112 7730.801 859 1361 501 514JPYORIX CORP146 054

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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106

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

Shares (cont.)

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

0.701 615 4001 505 080EUROSRAM LICHT AG39 4003.608 322 9786 899 514EURPORSCHE AUTOMOBIL HOLDING SE - PFD110 0050.16375 048338 325EURPROSIEBENSAT.1 MEDIA AG10 4182.455 657 1544 963 964EURRWE AG212 6351.162 676 7752 517 273EURSAP AG42 9590.41943 970766 658JPYSBI HOLDINGS INC/JAPAN86 1452.646 106 0375 810 874EURSIEMENS AG - REG61 4970.892 052 6472 131 210EURSTADA ARZNEIMITTEL AG57 1374.119 510 2499 519 615JPYSUMITOMO MITSUI FINANCIAL GROUP INC254 6020.17400 031423 126JPYTAKEDA PHARMACEUTICAL CO LTD12 0302.345 413 2445 473 894EURTELEFONICA SA458 9440.811 864 1011 944 187EURTHYSSENKRUPP AG105 3762.786 440 3706 437 315JPYTOYOTA MOTOR CORP145 5612.806 478 0596 380 260EURUNILEVER NV222 2700.551 274 3371 099 383EURUNITED INTERNET AG - REG41 2140.16377 926421 346JPYUNY GROUP HOLDINGS CO LTD85 1512.936 782 7845 747 298EURZON OPTIMUS SGPS SA1 260 272

98.72228 384 356213 646 502Total Shares

Investment funds

4.289 907 6049 888 582EURUK EQUITY HOLDINGS9 800

4.289 907 6049 888 582Total Investment funds

103.00238 291 960223 535 084Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX

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107

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX

13.02Banks12.34Automobiles and Parts8.61Chemicals7.86General Industrials6.00Electricity5.90Nonlife Insurance4.41Pharmaceuticals and Biotechnology4.28Investment Fund4.22Beverages3.19General Retailers3.09Media2.82Construction and Materials2.80Food Producers2.78Aerospace and Defense2.74Gas, Water and Multiutilities2.45Mobile Telecommunications2.37Life Insurance2.36Health Care Equipment and Services2.34Fixed Line Telecommunications2.01Technology Hardware and Equipment1.71Software and Computer Services1.50Financial Services1.27Personal Goods0.95Industrial Engineering0.81Industrial Metals and Mining0.80Industrial Transportation0.20Real Estate Investment Trusts0.17Leisure Goods

103.00

%

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108

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DAILY LevDAX

50.94Germany14.47Netherlands11.94Spain10.52Japan4.28France4.22Belgium3.24Portugal2.83Switzerland0.34Sweden0.22Bermuda

103.00

%

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109

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 101.33%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.

Description Weight in the index

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

ASSECO POLAND SA 1.89BANK HANDLOWY W WARSZAWIE SA 1.85BANK PEKAO SA 13.00BRE BANK SA 3.52BZ WBK 5.94EUROCASH SA 2.01GLOBE TRADE CENTRE SA 0.97JASTRZEBSKA SPOLKA WEGLOWA SA 1.58KERNEL HOLDING SA 1.04KGHM POLSKA MIEDZ SA 8.66LOTOS 1.20LUBELSKI WEGIEL BOGDANKA SA 2.41PGE POLSKA GRUPA ENERGETYCZNA 6.85PGNIG 4.80POLSKI KONCERN NAFTOWY ORLEN S 6.99POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA 15.49POWSZECHNY ZAKLAD UBEZPIECZEN 14.15SYNTHOS SA 1.49TAURON POLSKA ENERGIA SA 2.66TELEKOM POLSKA 3.50

Total 100.00

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20

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110

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Banks 39.80 Property & Casualty Insurance 14.15 Integrated Oil & Gas 12.99 Conventional Electricity 9.51 Nonferrous Metals 8.66 Coal 3.99 Fixed Line Telecommunications 3.50 Food Retailers & Wholesalers 2.01 Software 1.89 Specialty Chemicals 1.49 Farming & Fishing 1.04 Real Estate Holding & Development 0.97

100.00

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111

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in PLN)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20

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

Shares

4.793 187 5392 485 152EURAIRBUS GROUP NV13 7930.86574 082589 924EURASML HOLDING NV2 0381.581 050 000940 188PLNBANK HANDLOWY W WARSZAWIE SA10 0009.426 282 5005 818 237PLNBANK PEKAO SA35 0003.852 562 9412 485 625EURBASF SE - REG7 9760.67443 054434 024EURBAYER AG1 0480.49329 356292 631EURBAYERISCHE MOTOREN WERKE AG9324.302 861 8332 652 037EURDAIMLER AG10 9724.482 983 1152 273 351EURDEUTSCHE TELEKOM AG - REG57 8750.20136 000137 680PLNENEA SA10 0002.861 907 8961 987 286EURE.ON SE34 2970.72476 900604 646PLNEUROCASH SA10 0000.1598 751100 812EURFORTUM OYJ1 4320.0637 25043 300PLNGLOBE TRADE CENTRE SA5 0000.0535 45043 500PLNGRUPA LOTOS SA1 0002.121 411 7141 451 324EURIBERDROLA SA73 5134.593 055 3273 038 077EURINDITEX SA6 1891.601 062 6001 306 160PLNJASTRZEBSKA SPOLKA WEGLOWA SA20 0000.0426 64943 120PLNKERNEL HOLDING SA7000.89590 000716 500PLNKGHM POLSKA MIEDZ SA5 0003.802 530 8922 487 462EURKONINKLIJKE PHILIPS NV23 0012.181 455 2251 417 776EURLINDE AG2 3080.19125 800101 000PLNLUBELSKI WEGIEL BOGDANKA SA1 0003.752 500 0001 710 533PLNMBANK5 0000.33220 023209 476CHFNESTLE SA9951.06703 699478 780EUROSRAM LICHT AG4 1391.22814 000969 355PLNPGE SA50 0003.082 050 0002 016 008PLNPOLSKI KONCERN NAFTOWY ORLEN S.A.50 0003.092 060 0001 907 379PLNPOLSKIE GORNICTWO NAFTOWE I

GAZOWNICTWO SA400 000

0.34223 385208 203EURPORSCHE AUTOMOBIL HOLDING SE - PFD7125.923 942 0004 190 000PLNPOWSZECHNA KASA OSZCZEDNOSCI BANK

POLSKI SA100 000

3.372 244 7502 342 500PLNPOWSZECHNY ZAKLAD UBEZPIECZEN SA5 0000.24159 882147 803EURPROSIEBENSAT.1 MEDIA AG1 071

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

PLN PLN %

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112

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in PLN)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20

Shares (cont.)

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

1.13754 481710 870EURSAP AG2 9202.011 337 3021 289 736EURSIEMENS AG - REG3 2484.933 282 0004 080 000PLNSYNTHOS SA600 0001.971 311 0001 350 998PLNTAURON POLSKA ENERGIA SA300 0001.921 280 4881 290 284EURTELEFONICA SA26 1809.236 157 0955 283 819PLNTELEKOMUNIKACJA POLSKA SA628 2751.811 203 0391 149 343EURTHYSSENKRUPP AG16 4001.631 087 9551 090 523EURUNILEVER NV9 002

96.9264 555 97361 875 422Total Shares

Investment funds

4.412 934 5972 960 371EURUK EQUITY HOLDINGS700

4.412 934 5972 960 371Total Investment funds

101.3367 490 57064 835 793Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

PLN PLN %

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113

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20

20.68Banks11.63Chemicals11.17Fixed Line Telecommunications6.86General Industrials6.22Oil and Gas Producers5.66Electricity5.13Automobiles and Parts4.79Aerospace and Defense4.59General Retailers4.48Mobile Telecommunications4.41Investment Fund3.37Nonlife Insurance2.86Gas, Water and Multiutilities2.69Industrial Metals and Mining2.00Food Producers1.78Mining1.13Software and Computer Services0.86Technology Hardware and Equipment0.72Food and Drug Retailers0.24Media0.06Real Estate Investment and Services

101.33

%

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114

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF WIG20

51.28Poland25.41Germany11.08Netherlands8.63Spain4.41France0.33Switzerland0.15Finland0.04Luxembourg

101.33

%

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115

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 104.81%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P 500® Total Return index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

Description Weight in the index

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

3M CO 0.54ABBOTT LABORATORIES 0.36ABBVIE INC-WHEN ISSUED 0.51ACCENTURE LTD 0.32ACE (USD) 0.21ADOBE SYSTEMS 0.17ADT CORP/THE 0.05AETNA INC 0.15AFLAC INC 0.19AGILENT TECH A.N 0.11AGL RESOURCES INC 0.03AIR PRODUCTS & CHEMICALS 0.14AIRGAS 0.04AKAMAI TECHNOLOGIES 0.05ALCOA INC 0.07ALEXION PHARMACEUTICALS INC 0.16ALLEGHENY TECHNOLOGIES 0.02ALLEGION PLC 0.02ALLERGAN INC 0.20ALLIANCE DATA SYSTEMS 0.08ALLSTATE CP 0.15ALTERA CORP 0.06ALTRIA GROUP 0.46AMAZON 0.90AMER ELEC PWR 0.14AMER EXPRESS CO 0.50AMER INTL GROUP 0.46AMEREN CORP 0.05AMERICAN TOWER CORP A 0.19AMERIPRISE FINANCIAL 0.14AMERISOURCEBERGN 0.10AMETEK INC 0.08AMGEN INC 0.53AMPHENOLCORP 0.08ANADARKO PETROLEUM CORP 0.24ANALOG DEVICES INC 0.09

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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116

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

AOL TIME WARNER 0.38AON CORP 0.15APACHE CORP 0.21APARTMENT INVEST & MGMT 0.02APPLE COMP INC 3.04APPLIED MATL 0.13ARCHER-DANIELS-MIDLAND CO 0.17ASSURANT INC 0.03AT&T INC 1.13AUTODESK 0.07AUTOMATIC DATA 0.24AUTONATION 0.02AUTOZONE INC 0.10AVALONBAY COMMUNITIES 0.09AVERY DENNISON CORP 0.03AVON PRODUCTS INC 0.05BAKER HUGHES INC 0.15BALL CORP 0.05BANK OF AMERICA CORP 1.05BANK OF NEW YORK 0.24BARD (C.R.) 0.06BAXTER INTL INC 0.23BB&T CORP 0.16BEAM INC 0.07BECTON DICKINSON 0.13BED BATH BEYOND 0.11BEMIS CO INC 0.03BERKSHIRE HATHAWAY INC CL B 1.29BEST BUY CO INC 0.07BIOGEN IDEC INC 0.41BLACKROCK INC 0.24BLOCK (H&R) 0.05BOEING CO 0.58BORG WARNER INC 0.08BOSTON PROPERTIES 0.09BOSTON SCIEN CP 0.10BRISTOL MYERS SQ BMY.N 0.53BROADCOM CORP 0.10BROWN-FORMAN CORP/NYC 0.07CABLEVISION SYSTEMS A 0.02CABOT OIL & GAS CORP 0.10CAMERON INTERNATIONAL 0.09CAMPBELL SOUP CO 0.05

Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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117

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

CAP ONE FINAN 0.27CARDINAL HLTH 0.14CAREFUSION CORP 0.05CARMAX 0.06CARNIVAL CORP 0.11CATERPILLAR INC 0.35CB RICHARD ELLIS GROUP 0.04CBS CORP B 0.22CELGENE CORP 0.43CENTERPOINT 0.06CENTURYTEL INC 0.11CERNER CORP 0.10CH ROBINSON WW 0.05CHARTER ONE FINL 0.08CHESAPEAKE ENERGY CORP 0.08CHEVRON CORP 1.46CHICAGO MERCANTILE EXCH (UQ) 0.15CHIPOTLE MEXICAN GRILL INC 0.10CHUBB CORP 0.15CIGNA CORP 0.15CINCINNATI FINL CORP 0.05CINTAS CORP 0.04CISCO SYSTEMS 0.72CITIGROUP INC 0.97CITRIX SYSTEMS 0.07CLEVELAND CLIFFS INC 0.02CLOROX CO 0.07CMS ENERGY CORP 0.04COACH 0.10COCA COLA ENT 0.06COCA-COLA CO/THE 0.94COGNIZANTTECHSOLUTIONS 0.18COLGATE PALMOLIV 0.35COMCAST CORP A 0.82COMERICA 0.05COMPUTER ASSOC 0.07COMPUTER SCIENCE 0.05CONAGRA FOODS 0.09CONOCOPHILLIPS 0.52CONSOL EDISON 0.10CONSOL ENERGY 0.05CONSTELLATION BRANDS A 0.07CORNING INC 0.16

Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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118

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Description Weight in the index

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

COSTCO WHOLESALE CORP 0.31COVIDIEN LTD 0.19CROWN CASTLE INT'L CORP 0.15CSX CORP 0.18CUMMINS INC 0.15CVS CORPORATION 0.51D.R. HORTON 0.04DANAHER CORP 0.28DARDEN REST 0.04DAVITA 0.07DEERE & CO 0.21DELPHI AUTOMOTIVE PLC 0.10DELTA AIR LINES 0.14DENBURY RESOURCES 0.04DENTSPLY INTERNATIONAL 0.04DEVON ENERGY 0.14DIAMOND OFFSHORE DRILL. 0.02DIRECTV 0.21DISCOVER FINANCIAL SERVICES 0.16DISCOVERY HOLDING A 0.12DOLLAR GENERAL CORP 0.11DOLLAR TREE STORES INC. 0.07DOMINION RES INC 0.23DOVER CORP 0.10DOW CHEMICAL CO 0.33DR PEPPER SNAPPLE GROUP INC 0.06DTE ENERGY 0.07DU PONT CO 0.36DUKE ENERGY 0.29DUN & BRADSTREET CORP 0.03E*TRADE FINANCIAL CORP/NYSE 0.03EASTMAN CHEM 0.08EATON CORP 0.22EBAY INC 0.38ECOLAB 0.17EDISON INTL 0.09EDWARDS LIFESCIENCES CORPORATION 0.04ELECTRONIC ART 0.04ELI LILLY 0.31EMC CORP/MA 0.32EMERSON ELECTRIC 0.30ENSCO PLC 0.08ENTERGY CP 0.07

Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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119

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

EOG RESOURCES 0.28EQUIFAX INC 0.05EQUITABLE RESOURCES 0.08EQUITY RESIDENTIAL 0.11ESTEE LAUDER COS A 0.12EXELON CORP 0.14EXPEDIA COMMON 0.04EXPEDITORS INTL WASH. 0.05EXPRESS SCRIPTS COMMON 0.34EXXON MOBIL CORP 2.67F5 NETWORKS INC 0.04FACEBOOK INC 0.55FAMILY DOLLAR STORES 0.04FASTENAL CO 0.08FED DEPT STRS 0.12FEDEX CORP 0.25FIDELITY NATIONAL INFORMATION SERVICES INC 0.09FIFTH THR BNCP 0.11FIRST SOLAR INC 0.02FIRSTENERGY 0.08FISERV INC 0.09FLIR SYSTEMS INC. 0.03FLOWSERVE CORPORATION 0.07FLUOR CORP 0.08FMC CORP. 0.06FMC TECHNOLOGIES 0.07FORD MOTOR CO 0.37FOREST LABS 0.09FOSSIL INC 0.04FPL GROUP 0.22FRANKLIN RESOURCES 0.14FRONTIER COMMUNICATIONS CORP 0.03FRPRT-MCM GD 0.24GAMESTOP CORP 0.04GANNETT CO 0.04GAP INC 0.06GARMIN 0.03GENERAL DYNAMICS 0.19GENERAL ELECTRIC CO 1.70GENERAL GROWTH PROPERTIES 0.07GENERAL MILLS 0.19GENERAL MOTORS CO 0.29GENUINE PARTS CO 0.08

Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

GENWORTH FINANCIAL A 0.05GILEAD SCI 0.71GOLDM SACHS GRP 0.46GOODYEAR TIRE 0.04GOOGLE INC 1.91GRAINGER (WW) 0.10HALLIBURTON CO 0.26HANSEN NATURAL CORP 0.06HARLEY-DAVIDSON 0.09HARMAN INTERNATIONAL IND 0.03HARRIS CORP 0.04HARTFORD FINANCIAL SVCS 0.10HASBRO INC 0.04HCP INC 0.10HEALTH CARE REIT INC 0.09HELMERICH PAYNE 0.05HERSHEY CO COMMON (THE) 0.09HESS CORP 0.14HEWLETT-PACKARD 0.33HOME DEPOT INC/THE 0.71HONEYWELL INTL 0.43HORMEL FOODS CORP 0.04HOSPIRA 0.04HOST HOTELS & RESORTS 0.09HUDSON CITY BANCORP 0.03HUMANA INC 0.10HUNTINGTON BANCSHARES 0.05ILLINOIS TOOL WK 0.21INGERSOLL-RAND 0.10INTEL CORP 0.78INTERCONTINENTALEXCHANGE INC 0.16INTERNATIONAL BUSINESS MACHINE 1.16INTERPUBLIC GRP 0.04INT'L FLAVORS FRAGRANCES 0.04INTL GAME TECH 0.03INTL PAPER CO 0.13INTUIT INC 0.13INTUITIVE SURG 0.09INVESCO LTD 0.10INVITROGEN CORP 0.08IRON MOUNTAIN 0.03JABIL CIRCUIT 0.02JACOBS ENGINEERING GROUP 0.05

Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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121

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

JOHNSON & JOHNSON 1.57JOHNSON CONTROLS 0.21JOY GLOBAL INC 0.04JPMORGAN CHASE & CO 1.34JUNIPER NETWORKS 0.07KANSAS CITY SOUTHERN INDS 0.08KELLOGG CO 0.10KEYCORP 0.07KIMBERLY-CLARK 0.24KIMCO REALTY CORP 0.05KINDER MORGAN INC/DELAWARE 0.15KLA TENCOR 0.06KOHL'S CORP 0.07KRAFT FOODS 0.37KRAFT FOODS GROUP INC 0.20KROGER CO 0.13L-3 COMMUNICATIONS HLDGS 0.06LABORATORY CORP OF AMER 0.05LAMRESEARCHCORP 0.05LEGG MASON COMMON 0.03LEGGETT & PLATT 0.03LENNAR CORP A 0.04LEUCADIA NATIONAL CORP 0.05LIMITED BRANDS 0.09LINCOLN NATL 0.08LINEAR TECH 0.06LOCKHEED MARTIN 0.24LOEWS CORP 0.09LORILLARD INC 0.11LOWES COMPANIES 0.32LSI LOGIC 0.04LYONDELLBASELL INDUSTRIES NV 0.21M&T BANK CORP 0.09MARATHON OIL CORP 0.15MARATHON PETROLEUM CORP 0.16MARRIOTT INT'L A 0.07MARSH & MCLENNAN 0.16MASCO CORP 0.05MASTERCARD INC 0.53MATTEL INC 0.10MCCORMICK & CO N-VTG 0.06MCDONALD'S CORP 0.59MCGRAW-HILL COMPANIES INC 0.13

Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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122

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

MCKESSON CORP 0.23MEAD JOHNSON NUTRITION CO 0.10MEADWESTVACO CORP 0.04MEDTRONIC INC 0.35MERCK & CO INC 0.88METLIFE INC 0.36MICHAEL KORS HOLDINGS LTD 0.09MICROCHIP TECHNOLOGY 0.05MICRON TECH 0.14MICROSOFT CORP 1.73MOHAWK INDUSTRIES 0.06MOLSON COORS BREWING CO. 0.05MONSANTO CO 0.37MOODY'S CORP 0.09MORGAN STANLEY 0.26MOSAIC CO/THE 0.10MOTOROLA SOLUTIONS INC 0.09MURPHY OIL CORP 0.07MYLAN LABORATORIES INC 0.10NABORS INDUSTRIES LTD 0.03NASDAQ OMX GROUP/THE 0.03NATIONAL OILWELL VARCO 0.21NETFLIX.COM INC 0.13NETWORK APPLIANCE 0.08NEWELL RUBBERMD 0.06NEWFIELD EXPLORATION CO 0.02NEWMONT MINING HLDG 0.07NEWS CORP 0.05NIELSEN HOLDINGS NV 0.07NIKE INC CL B 0.36NISOURCE INC 0.06NOBLE CORP 0.06NOBLE ENERGY 0.15NOERDSTROM 0.05NORFOLK SOUTHERN CORP 0.17NORTH UTILITIES 0.08NORTHERN TRUST CORP 0.08NORTHROP GRUMMAN CORP 0.15NRG ENERGY INC 0.06NUCOR CORP 0.10NVIDIA CORP 0.06OCCIDENTAL PETROLEUM 0.46OMNICOM GROUP INC 0.12

Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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123

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

ONEOK INC 0.08ORACLE CORP 0.81OREILLY AUTOMOTIVE INC 0.08OWENS-ILLINOIS 0.04PACCAR INC 0.13PALL CORP 0.06PARKER HANNIFIN CORP 0.12PATTERSON COS 0.02PAYCHEX INC UW 0.09PEABODY ENERGY CORP. 0.03PENTAIR 0.09PEOPLE'S BANK/BRIDGEPORT CT 0.03PEPCO HOLDINGS 0.03PEPSICO INC/NC 0.77PERKINELMER 0.03PERRIGO COMPANY 0.12PETSMART 0.05PFIZER INC 1.21PG&E CORP 0.11PHILIP MORRIS INTERNATIONAL IN 0.84PHILLIPS 66 0.28PHILLIPS-VAN HEUSEN CORP 0.07PINNACLE WEST CAPITAL 0.04PIONEER NATURAL RES. 0.15PITNEY BOWES INC 0.03PLUM CREEK TIMBER COMMON 0.05PNC FINL SVC 0.25POLO RALPH LAUREN CORP A 0.06PPG IND 0.16PPL CORP 0.11PRAXAIR 0.23PRECISION CASTPARTS CORP 0.24PRICE (T. ROWE) GROUP 0.13PRICELINE.COM INC 0.36PRINCIPAL FINL 0.08PROCTER & GAMBLE CO/THE 1.34PROGRESS CORP OH 0.09PROLOGIS INC 0.11PRUDENTIAL FINL 0.26PUBLIC STORAGE 0.13PUBLIC SV ENTERPRISE CO 0.10PULTE HOMES 0.04QEP RESOURCES INC 0.03

Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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124

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

QUALCOMM INC 0.76QUANTA SERVICES INC. 0.04QUEST DIAG 0.05RANGE RESOURCES CORP 0.08RAYTHEON 0.17RED HAT INC 0.06REGEGERON PHARMACEUTICAL 0.13REGIONS FINANCIAL (NEW) 0.08REPUBLIC SERVICES 0.05REYNOLDS AMERICAN INC 0.09ROB HALF INTL 0.04ROCKWELL AUTOMATION 0.10ROCKWELL COLLINS 0.06ROPER INDUSTRIES 0.08ROSS STORES 0.10ROWAN CO INC 0.03RYDER SYSTEM INC 0.02SAFEWAY INC 0.05SALESFORCE.COM INC 0.19SANDISK CORP/USD 0.10SCANA CORP 0.04SCHLUMBERGER LTD 0.72SCHWAB (CHARLES) CORP 0.18SCRIPPS NETWORKS INTERAC-W/I 0.06SEAGATETECHNOLOGY 0.11SEALED AIR CP 0.04SEMPRA ENERGY 0.12SHERWIN-WILLIAMS 0.10SIGMA-ALDRICH 0.07SIMON PROPERTY GROUP INC 0.29SMUCKER (J.M.) CO 0.07SNAP-ON INC 0.04SOUTHERN CO 0.22SOUTHWEST AIRLINES CO 0.08SOUTHWESTERN ENERGY CO 0.08SPECTRA ENERGY CORP 0.14ST JUDE MEDICAL 0.11STANLEY WORKS 0.08STAPLES INC 0.06STARBUCKS CORP 0.36STARWOOD HOTELS 0.09STATE STREET CORP 0.20STERICYCLE INC 0.06

Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

STRYKER CORP 0.13SUNTRUST BANKS 0.12SYMANTEC CORP 0.10SYSCO CORP 0.13TARGET CORP 0.24TECO ENERGY INC 0.02TENET HEALTHCR 0.03TERADATA CORP 0.04TESORO CORP 0.05TEXAS INSTRUMENT 0.29TEXTRON INC 0.06THE AES CORP 0.06THE MACERICH COMPANY 0.05THERMO ELECTRON 0.24TIFFANY & CO 0.06TIME WARNER CABLE INC 0.23TJX CO INC 0.28TORCHMARK CORP 0.04TOTAL SYSTEM SERVICES INC 0.03TRANSOCEAN INC 0.10TRAVELERS COS INC/THE 0.20TRIPADVISOR INC 0.05TWENTY-FIRST CENTURY FOX INC 0.43TYCO ELECTRONICS LTD 0.14TYCO INTL 0.12TYSON FOODS A 0.06UNION PACIFIC CORP 0.47UNITED PARCEL B 0.45UNITED TECHNOLOGIES CORP 0.58UNITEDHEALTH GP 0.46UNUMPROVIDENT CORP 0.05URBAN OUTFITTER 0.03US BANCORP 0.45US STEEL CORP 0.03USA EDUCTION INC 0.07VALERO ENERGY CORP 0.16VARIAN MEDICAL SYSTEMS 0.05VENTAS INC 0.10VERISIGN 0.05VERIZON COMMUNICATIONS INC 0.86VERTEX PHARMACEUTICALS 0.11VF CORP 0.13VIACOM INC 0.22

Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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Index composition at December 31, 2013 (cont)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

Description Weight in the index

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

VISA INC 0.69VORNADO REALTY TRUST 0.09VULCAN MATERIALS CO 0.05WALGREEN CO 0.30WAL-MART STORES INC 0.78WALT DISNEY CO/THE 0.76WASHINGTON POST CO B 0.02WASTE MANAGEMNT 0.12WATERS CORP 0.05WATSON PHARM 0.18WELLPNT HLTH NET 0.16WELLS FARGO & CO 1.32WESTERN DIGITAL 0.11WESTERN UNION CO 0.06WEYERHAEUSER CO 0.11WHIRLPOOL CORP 0.07WHOLE FOODS MARKET 0.13WILLIAMS COS 0.16WINN-DIXIE STRS 0.03WISCONSIN ENERGY CORP 0.06WPS RESOURCES CORP 0.03WPX ENERGY INC 0.02WYNDHAM WORLDWIDE CORP 0.06WYNN RESORTS 0.10XCEL ENERGY 0.08XEROX CORP 0.08XILINX INC 0.08XL CAPITAL 0.05XYLEM INC 0.04YAHOO INC 0.23YUM! BRANDS INC 0.20ZIMMER HLDGS 0.10ZIONS BANCORP 0.03ZOETIS INC 0.10

Total 100.00

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127

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Banks 6.20Pharmaceuticals 6.20Integrated Oil & Gas 5.45Computer Hardware 3.99Broadcasting & Entertainment 3.52Software 3.50Diversified Industrials 3.29Semiconductors 2.85Internet 2.74Biotechnology 2.56Exploration & Production 2.37Broadline Retailers 2.35Consumer Finance 2.28Fixed Line Telecommunications 2.16Conventional Electricity 2.09Soft Drinks 1.89Oil Equipment & Services 1.87Food Products 1.59Health Care Providers 1.56Aerospace 1.52Tobacco 1.50Computer Services 1.48Medical Equipment 1.46Investment Services 1.41Nondurable Household Products 1.41Commodity Chemicals 1.39Reinsurance 1.29Restaurants & Bars 1.29Drug Retailers 1.28Asset Managers 1.16Telecommunications Equipment 1.15Life Insurance 1.14Home Improvement Retailers 1.03Specialty Retailers 1.00Property & Casualty Insurance 0.99Railroads 0.90Commercial Vehicles & Trucks 0.88Industrial Machinery 0.85Defense 0.84Specialty REITs 0.77Personal Products 0.76Automobiles 0.75Delivery Services 0.75Specialty Chemicals 0.71Apparel Retailers 0.68

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MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013 (cont.)

%

Multiutilities 0.65Financial Administration 0.62Electronic Equipment 0.60Full Line Insurance 0.56Business Support Services 0.52Medical Supplies 0.52Clothing & Accessories 0.49Auto Parts 0.47Retail REITs 0.46Travel & Tourism 0.45Food Retailers & Wholesalers 0.44Specialized Consumer Services 0.43Farming & Fishing 0.37Footwear 0.36Gas Distribution 0.31Insurance Brokers 0.31Pipelines 0.31Industrial & Office REITs 0.29Electrical Components & Equipment 0.26Durable Household Products 0.25Nonferrous Metals 0.24Media Agencies 0.23Waste & Disposal Services 0.23Airlines 0.22Hotels 0.22Publishing 0.22Residential REITs 0.22Distillers & Vintners 0.21Building Materials & Fixtures 0.20Containers & Packaging 0.20Industrial Suppliers 0.18Toys 0.18Heavy Construction 0.17Iron & Steel 0.17Mobile Telecommunications 0.15Specialty Finance 0.14Gambling 0.13Paper 0.13Home Construction 0.12Recreational Services 0.11Furnishings 0.09Hotel & Lodging REITs 0.09Coal 0.08Aluminum 0.07Gold Mining 0.07

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MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013 (cont.)

%

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

100.00

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130

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

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

Shares

0.631 827 6271 584 338EURAALBERTS INDUSTRIES NV78 8620.15434 047382 176EURACS ACTIVIDADES DE CONSTRUCCION Y

SERVICIOS SA17 348

4.4713 057 58710 705 097EURAIRBUS GROUP NV233 9650.17509 052481 651EURAIXTRON SE48 4120.15441 875434 502EURAKZO NOBEL NV - CVA7 8433.5210 261 1529 151 540EURALLIANZ SE - REG78 7200.13367 096350 971EURALSTRIA OFFICE REIT-AG40 1111.725 014 7924 832 642EURANHEUSER-BUSCH INBEV NV64 9080.18516 258450 500EURAPERAM38 4551.002 923 6112 960 134EURASML HOLDING NV42 9690.18519 279492 652SEKASTRAZENECA PLC11 9990.17504 311476 819EURAURUBIS AG11 3842.928 530 9788 183 191EURBANCO BILBAO VIZCAYA ARGENTARIA SA953 3950.17486 170467 453EURBANCO ESPIRITO SANTO SA - REG467 9211.965 723 5495 635 517EURBANCO SANTANDER SA879 7342.888 390 6178 230 363EURBASF SE - REG108 2803.8311 162 0989 168 840EURBAYER AG109 4864.7713 931 51011 929 129EURBAYERISCHE MOTOREN WERKE AG163 4770.26771 821769 725EURBEIERSDORF AG10 4810.21623 910564 042EURCNH INDUSTRIAL NV75 3067.1620 850 09216 652 637EURDAIMLER AG331 4804.7813 940 94513 767 649EURDEUTSCHE BANK AG - REG402 0461.965 728 0555 159 572EURDEUTSCHE POST AG - REG216 1533.8311 184 9128 499 972EURDEUTSCHE TELEKOM AG - REG899 8320.04112 367110 854EURDEUTSCHE WOHNEN AG8 2230.15444 051431 422CHFDUFRY AG - REG3 4750.16479 655459 054EURELRINGKLINGER AG16 2216.3318 474 80318 175 010EURE.ON SE1 377 1750.17496 037487 920EURFRAPORT AG FRANKFURT AIRPORT SERVICES

WORLDWIDE9 120

1.373 996 8673 700 559EURFRESENIUS MEDICAL CARE AG & CO KGAA77 2642.798 130 7307 722 736EURFRESENIUS SE & CO KGAA72 8560.00512494CHFGEORG FISCHER AG - REG10.17505 785476 288EURGERRY WEBER INTERNATIONAL AG16 387

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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131

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

Shares (cont.)

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

0.14415 326393 954EURHANNOVER RUECK SE - REG6 6580.16469 863449 363SEKHUFVUDSTADEN AB48 2680.361 051 580874 615EURIBERDROLA SA226 8780.952 766 4222 701 764EURINDITEX SA23 0924.5713 333 65611 378 565EURING GROEP NV - CVA1 320 1640.14418 431428 068EURKABEL DEUTSCHLAND HOLDING AG4 4410.16473 665451 677EURKLOECKNER & CO SE47 5953.8711 294 6028 816 954EURKONINKLIJKE PHILIPS NV423 8920.34998 3191 015 836EURMORPHOSYS AG17 8753.409 925 1368 564 807EURMUENCHENER RUECKVERSICHERUNGS AG - REG61 9743.6410 635 0728 714 968EURPORSCHE AUTOMOBIL HOLDING SE - PFD140 5642.437 097 0706 577 171EURRWE AG266 7573.8711 292 31710 676 048EURSAP AG181 2280.571 672 7441 618 076CHFSGS SA - REG9995.2215 225 32714 288 035EURSIEMENS AG - REG153 3420.17484 530492 638EURSOFTWARE AG19 0762.146 231 7356 172 127EURSOLVAY SA54 1890.16466 665450 644CHFSWISS LIFE HOLDING AG - REG3 0880.401 176 3011 186 087CHFSWISS PRIME SITE AG - REG20 8779.5827 934 89527 767 251EURTELEFONICA SA2 360 363

100.65293 705 807265 914 097Total Shares

Investment funds

4.1612 131 88012 122 065EURUK EQUITY HOLDINGS12 000

4.1612 131 88012 122 065Total Investment funds

104.81305 837 687278 036 162Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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132

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

15.74Automobiles and Parts9.83Banks9.71General Industrials9.57Fixed Line Telecommunications8.99Chemicals7.06Nonlife Insurance6.33Gas, Water and Multiutilities4.73Life Insurance4.47Aerospace and Defense4.16Health Care Equipment and Services4.16Investment Fund4.04Software and Computer Services3.83Mobile Telecommunications2.79Electricity2.13Industrial Transportation1.72Beverages1.18Technology Hardware and Equipment1.10General Retailers0.60Real Estate Investment and Services0.57Support Services0.52Pharmaceuticals and Biotechnology0.51Industrial Metals and Mining0.44Personal Goods0.21Industrial Engineering0.15Construction and Materials0.14Media0.13Real Estate Investment Trusts

104.81

%

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133

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500

63.99Germany15.92Spain14.91Netherlands4.16France3.85Belgium1.14Switzerland0.18Luxembourg0.18United Kingdom0.17Portugal0.16Sweden0.15Bermuda

104.81

%

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134

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 99.24%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P TSX 60 TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

Description Weight in the index

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

AGNICO-EAGLE MINES 0.39AGRIUM 1.14ARC ENERGY TRUST 0.75BANK MONTREAL 3.70BANK OF NOVA SCOTIA 6.51BARRICK GOLD CORP 1.77BCE INC 2.89BIOVAIL CORP 3.13BOMBARDIER B 0.56BROOKFIELD ASSET MAN A 1.90CAMECO CORP 0.71CANADIAN IMPERIAL BANK 2.94CANADIAN NAT RESOURCES 3.16CANADIAN NAT'L RAILWAY 4.09CANADIAN OIL SANDS TRUST 0.78CANADIAN TIRE CORP A 0.65CENOVUS ENERGY INC 1.86CGI GROUP A 0.79CP RAILWAY 2.06CRESCENT POINT ENERGY TRUST 1.32ELDORADO GOLD CORP 0.35ENBRIDGE 3.12ENCANA CORP 1.15ENERPLUS RESOURCES FUND 0.32FIRST QUANTUM MINERALS 0.92FORTIS (CAD) 0.52GILDAN ACTIVEWEAR 0.51GOLDCORP 1.52HUSKY ENERGY 0.81IMPERIAL OIL 0.97KINROSS GOLD CORP 0.43LOBLAW 0.35MAGNA INTERNATIONAL A 1.58MANULIFE FINANCIAL CORP 3.13METRO INC 0.48NATIONAL BANK OF CANADA 1.17

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

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Index composition at December 31, 2013 (cont.)

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

Description Weight in the index

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

PENN WEST ENERGY TRUST 0.35POTASH CORP OF SASKATCHEWAN IN 2.45POWER CORP OF CANADA 0.89RESEARCH IN MOTION 0.32ROGERS COMMUNICATIONS B 1.44ROYAL BANK OF CANADA 8.33SAPUTO 0.50SHAW COMMUNICATIONS B 0.79SHOPPERS DRUG MART CORP 0.94SILVER WHEATON CORP 0.62SNC-LAVALIN GROUP 0.59SUN LIFE FINANCIAL 1.85SUNCOR ENERGY INC 4.50SXC HEALTH SOLUTIONS CORP 0.84TALISMAN ENERGY 0.95TECK COMINCO B 1.05TELUS CORP VTG 1.85THOMSON CORP 1.21TIM HORTONS INC. 0.74TORONTO-DOMINION BANK/THE 7.46TRANSALTA CORP 0.29TRANSCANADA CORP 2.78WESTON (GEORGE) 0.27YAMANA GOLD 0.56

Total 100.00

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136

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Banks 30.11Exploration & Production 10.64Integrated Oil & Gas 6.28Railroads 6.15Pipelines 5.90Life Insurance 5.87Gold Mining 5.02Fixed Line Telecommunications 4.74Specialty Chemicals 3.59Pharmaceuticals 3.13Nonferrous Metals 2.68Asset Managers 1.90Auto Parts 1.58Mobile Telecommunications 1.44Publishing 1.21Food Retailers & Wholesalers 1.10Drug Retailers 0.94Software 0.84Conventional Electricity 0.81Broadcasting & Entertainment 0.79Computer Services 0.79Restaurants & Bars 0.74Specialty Retailers 0.65Platinum & Precious Metals 0.62Heavy Construction 0.59Aerospace 0.56Clothing & Accessories 0.51Food Products 0.50Telecommunications Equipment 0.32

100.00

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137

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in EUR)Schedule of Investments as at December 31, 2013

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

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

Shares

1.45472 107422 684CHFADECCO SA - REG8 1953.05995 929777 960EURAIRBUS GROUP NV17 8453.691 204 9551 060 977EURALLIANZ SE - REG9 2441.54501 879388 450EURAMADEUS IT HOLDING SA - A16 1352.67872 953828 197EURASML HOLDING NV12 8300.2270 22473 230EURBANCO BILBAO VIZCAYA ARGENTARIA SA7 8483.371 100 1131 055 389EURBANCO SANTANDER SA169 0927.982 602 0372 469 149EURBASF SE - REG33 5796.101 991 3891 714 923EURBAYER AG19 5333.581 170 1561 155 840EURBAYERISCHE MOTOREN WERKE AG13 7316.332 064 1891 864 838EURDAIMLER AG32 8173.951 289 7371 242 158EURDEUTSCHE BANK AG - REG37 1955.041 645 3221 229 536EURDEUTSCHE TELEKOM AG - REG132 3673.151 029 051978 420EURE.ON SE76 7095.121 670 0841 691 174EURFORTUM OYJ100 4262.25735 601732 215EURFRESENIUS MEDICAL CARE AG & CO KGAA14 2203.331 088 113940 715EURIBERDROLA SA234 7605.791 889 8451 850 729EURINDITEX SA15 7754.321 411 556928 042EURING GROEP NV - CVA139 7581.07350 216342 113EURKABEL DEUTSCHLAND HOLDING AG3 7170.34111 506116 979EURKONINKLIJKE KPN NV47 5913.261 065 027880 141EURKONINKLIJKE PHILIPS NV39 9713.491 138 5061 054 198EURMUENCHENER RUECKVERSICHERUNGS AG - REG7 1090.67217 674200 700EURPORSCHE AUTOMOBIL HOLDING SE - PFD2 8771.40457 380417 880EURPROSIEBENSAT.1 MEDIA AG12 7052.47804 748815 032EURRWE AG30 2483.891 270 9991 176 990EURSAP AG20 3983.391 106 2891 032 455EURSIEMENS AG - REG11 1421.10359 926348 981EURTELEFONICA SA30 4121.20390 719381 942EURTHYSSENKRUPP AG22 087

95.2131 078 23028 172 037Total Shares

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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138

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

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

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

Investment funds

4.031 314 2871 309 169EURUK EQUITY HOLDINGS1 300

4.031 314 2871 309 169Total Investment funds

99.2432 392 51729 481 206Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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139

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

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

14.08Chemicals10.93Electricity10.58Automobiles and Parts7.54Banks7.18Nonlife Insurance6.65General Industrials5.79General Retailers5.04Mobile Telecommunications4.32Life Insurance4.03Investment Fund3.89Software and Computer Services3.15Gas, Water and Multiutilities3.05Aerospace and Defense2.98Support Services2.67Technology Hardware and Equipment2.47Media2.25Health Care Equipment and Services1.44Fixed Line Telecommunications1.20Industrial Metals and Mining

99.24

%

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140

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

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

59.64Germany15.35Spain13.65Netherlands5.12Finland4.03France1.45Switzerland

99.24

%

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141

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 100.27%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P ASX 200 TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

Description Weight in the index

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

ABACUS PROPERTY GROUP 0.05ACRUX LTD 0.03ADELAIDE BRIGHTON LTD 0.12AGL ENERGY LTD 0.63ALACER GOLD CORP 0.02ALUMINA 0.21AMCOR 0.97AMP LTD 0.99ANSELL 0.24APA GROUP 0.38AQUILA RESOURCES LTD 0.03ARDENT LEISURE GROUP 0.06ARISTOCRAT LEISURE 0.18ASCIANO GROUP 0.43ATLAS IRON LTD 0.08AURORA OIL AND GAS LTD 0.10AUSTRALAND PROPERTY GROUP 0.10AUSTRALIA & NEW ZEALAND BANKIN 6.72AUSTRALIAN STOCK EXCH. 0.54AUSTRILL LTD 0.02AUTOMOTIVE HOLDINGS GROUP 0.05AWE LTD 0.05BANK OF QUEENSLAND LIMITED 0.30BC IRON LTD 0.04BEACH ENERGY LTD 0.14BEADELL RESOURCES LTD 0.05BENDIGO BANK LTD 0.37BHP BILLITON LTD 9.27BLUESCOPE STEEL 0.24BORAL 0.28BRADKEN LTD 0.07BRAMBLES LTD 1.08BREVILLE GROUP LTD 0.06BUNNINGS WAREHOUSE PROPERTY TRUST 0.08BURU ENERGY LTD 0.03CABCHARGE AUSTRALIA LTD 0.03

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

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142

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

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

Description Weight in the index

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

CALTEX AUSTRALIA 0.20CAMPBELL BROTHERS LTD 0.25CARDNO LTD 0.08CARSALES.COM.AU LTD 0.17CENTRO RETAIL GROUP 0.25CFS RETAIL PROP TRUST 0.36CHALLENGER FINANCIAL SVC 0.25CHARTER HALL GROUP 0.06COCA-COLA AMATIL 0.48COCHLEAR 0.25COMMONWEALTH BANK OF AUSTRALIA 9.48COMMONWEALTH PPTY OFFICE 0.19COMPUTERSHARE 0.44CROMWELL PROPERTY GROUP 0.10CROWN LTD 0.49CSL 2.54CSR (AUD) 0.10DAVID JONES LIMITED 0.12DB RREEF TRUST 0.36DECMIL GROUP LTD 0.03DOMINO’S PIZZA ENTERPRISES LTD 0.07DOWNER EDI 0.16DRILLSEARCH ENERGY LTD 0.04DUET GROUP 0.17DULUXGROUP LTD 0.15ECHO ENTERTAINMENT GROUP LTD 0.15ENERGY WORLD CORP LTD 0.02ENVESTRA LIMITED 0.08EVOLUTION MINING LTD 0.02FAIRFAX (JOHN) HOLDINGS 0.10FLETCHER BUILDING LTD/ 0.08FLEXIGROUP LTD 0.07FLIGHT CENTRE LTD 0.18FORGE GROUP LTD 0.01FORTESCUE METALS GROUP LTD 0.76G.U.D. HOLDINGS LIMITED 0.03G8 EDUCATION LTD 0.06GOODMAN FIELDER 0.09GPT GROUP 0.41GRAINCORP LTD 0.15GWA INTERNATIONAL LIMITED 0.07HARDIE (JAMES) IND 0.43HARVEY NORMAN HOLDINGS 0.14

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

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

Description Weight in the index

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

HENDERSON GROUP PLC 0.22HORIZON OIL LTD 0.03IINET LTD 0.08ILUKA RESOURCES 0.28INCITEC PIVOT LTD 0.33INDEPENDENCE GROUP NL 0.06ING OFFICE FUND 0.14INSURANCE AUSTRALIA GRP. 1.01INVOCARE LTD 0.09IOOF HOLDINGS LTD 0.14IRESS MARKET TECHNOLOGY 0.09JB HI-FI LTD 0.16KAROON GAS AUSTRALIA LTD 0.06KATHMANDU HOLDINGS LTD 0.05LEIGHTON HOLDINGS 0.18LEND LEASE 0.45LYNAS CORPORATION LIMITED 0.04M2 TELECOMMUNICATIONS GROUP LTD 0.08MACQUARIE ATLAS ROADS GROUP 0.08MACQUARIE BANK 1.34MACQUARIE COUNTRYWIDE TRUST 0.08MACQUARIE GOODMAN GROUP 0.55MAGELLAN FINANCIAL GROUP LTD 0.10MCMILLAN SHAKESPEARE LTD 0.05MEDUSA MINING LTD 0.03MERMAID MARINE AUSTRALIA LTD 0.06MESOBLAST LTD 0.08METCASH LTD 0.21MINERAL RESOURCES LTD 0.14MIRVAC GROUP 0.47MONADELPHOUS GROUP LTD 0.12MOUNT GIBSON IRON LTD 0.05MYER HOLDINGS LTD 0.12NATIONAL AUSTRALIA BANK LTD 6.18NAVITAS LTD 0.15NEWCREST MINING 0.49NEWS CORP/NEW 0.10NORTHERN STAR RESOURCES LTD 0.02NRW HOLDINGS LTD 0.03NUFARM LIMITED 0.06OIL SEARCH LIMITED 0.68ONESTEEL 0.17ORICA 0.67

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144

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

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

Description Weight in the index

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

ORIGIN ENERGY 1.17ORORA LTD 0.11OXIANA LTD 0.08PACIFIC BRANDS 0.05PALADIN RESOURCES (AU) 0.03PANAUST LTD 0.07PERPETUAL TRUSTEES AUST. 0.17PLATINUM ASSET MANAGEMENT LTD 0.11PREMIER INVESTMENTS LTD 0.06PRIMARY HEALTH CARE LTD 0.19QANTAS AIRWAYS 0.19QBE INSURANCE GROUP 1.08QR NATIONAL LTD 0.80QUBE LOGISTICS HOLDINGS LTD 0.09RAMSAY HEALTH CARE LTD 0.42REA GROUP LTD 0.14RECALL HOLDINGS LTD 0.10REGIS RESOURCES LTD 0.10REJECT SHOP LTD/THE 0.04RESMED INC 0.29RESOLUTE LIMITED 0.03RETAIL FOOD GROUP LTD 0.04RIO TINTO LIMITED 2.26SAI GLOBAL LTD 0.06SANDFIRE RESOURCES NL 0.05SANTOS 1.07SEEK LTD 0.34SENEX ENERGY LTD 0.05SEVEN GROUP HOLDINGS LTD 0.06SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP 0.08SIGMA PHARMACEUTICALS LTD 0.06SILVER LAKE RESOURCES LTD 0.02SIMS GROUP LTD 0.14SINGAPORE TELECOMM-CUFS 0.03SIRIUS RESOURCES NL 0.04SIRTEX MEDICAL LTD 0.05SKILLED GROUP LTD 0.05SKY CITY ENTERTAINMENT GROUP LTD 0.03SKY NETWORK TELEVISION LTD 0.06SLATER & GORDON LTD 0.06SMS MANAGEMENT & TECHNOLOGY LTD 0.02SONIC HEALTHCARE 0.49SOUTHERN CROSS MEDIA GROUP LTD 0.07

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145

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

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

Description Weight in the index

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

SP AUSNET 0.15SPARK INFRASTRUCTURE GROUP 0.15STOCKLAND 0.64STW COMMUNICATIONS GROUP LTD 0.04SUNCORP-METWAY 1.27SUPER RETAIL GROUP LTD 0.13SYDNEY AIRPORT 0.63TABCORP HOLDINGS 0.20TATTERSALL'S LTD 0.33TELECOM CORP OF NEW ZEALAND LIMITED 0.04TELSTRA CORP 4.95TEN NETWORK HOLDINGS LIMITED 0.04TOLL HOLDINGS 0.29TPG TELECOM LTD 0.12TRADE ME LTD 0.04TRANSFIELD SERVICES LTD 0.03TRANSPACIFIC INDUSTRIES GROUP LTD 0.14TRANSURBAN GROUP 0.76TREASURY WINE ESTATES LTD 0.23TWENTY-FIRST CENTURY FOX INC 0.78UGL LTD 0.09VILLAGE ROADSHOW LTD 0.05VIRGIN BLUE HOLDINGS LTD 0.03VIRTUS HEALTH LTD 0.04WESFARMERS LIMITED 3.81WEST AUSTRALIAN NEWSPAPERS 0.11WESTERN AREAS NL 0.03WESTFIELD GROUP 1.50WESTFIELD RETAIL TRUST 0.68WESTPAC BANKING CORP 7.61WHITEHAVEN COAL LTD 0.09WOODSIDE PETROLEUM 1.82WOOLWORTHS LTD 3.22WORLEYPARSONS 0.28WOTIF.COM HOLDINGS LTD 0.03

Total 100.00

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146

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Banks 30.66General Mining 12.55Fixed Line Telecommunications 5.19Exploration & Production 4.27Home Improvement Retailers 3.81Retail REITs 3.44Food Retailers & Wholesalers 3.43Pharmaceuticals 2.57Investment Services 2.32Transportation Services 2.28Containers & Packaging 2.16Multiutilities 1.97Specialty Finance 1.84Iron & Steel 1.40Gambling 1.38Building Materials & Fixtures 1.23Residential REITs 1.21Broadcasting & Entertainment 1.16Health Care Providers 1.14Reinsurance 1.08Specialty Chemicals 1.06Diversified REITs 1.02Property & Casualty Insurance 1.01Life Insurance 0.99Railroads 0.80Gold Mining 0.66Heavy Construction 0.62Asset Managers 0.60Real Estate Services 0.59Medical Equipment 0.54Soft Drinks 0.48Industrial & Office REITs 0.43Broadline Retailers 0.42Business Training & Employment Agencies 0.39Specialty Retailers 0.39Pipelines 0.38Specialized Consumer Services 0.34Conventional Electricity 0.32Medical Supplies 0.29Oil Equipment & Services 0.28Business Support Services 0.25Nondurable Household Products 0.25Distillers & Vintners 0.23Airlines 0.22Aluminum 0.21

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147

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013 (cont)

%

Computer Services 0.21Media Agencies 0.21Publishing 0.21Travel & Tourism 0.21Farming & Fishing 0.15Waste & Disposal Services 0.14Restaurants & Bars 0.11Coal 0.09Durable Household Products 0.09Food Products 0.09Biotechnology 0.08Gas Distribution 0.08Internet 0.08Industrial Machinery 0.07Drug Retailers 0.06Marine Transportation 0.06Specialty REITs 0.06Clothing & Accessories 0.05Financial Administration 0.03Mobile Telecommunications 0.03Nonferrous Metals 0.03

100.00

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148

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

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

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

Shares

1.17278 297268 819EURABERTIS INFRAESTRUCTURAS SA17 2324.901 170 838893 471EURAIRBUS GROUP NV20 9795.101 217 0781 098 473EURALLIANZ SE - REG9 3370.59140 688108 891EURAMADEUS IT HOLDING SA - A4 5232.69641 889571 889EURASML HOLDING NV9 4343.95942 529982 872EURBANCO BILBAO VIZCAYA ARGENTARIA SA105 3343.73892 044882 337EURBANCO SANTANDER SA137 1116.511 556 2311 505 059EURBASF SE - REG20 0833.93937 940807 029EURBAYER AG9 2001.80430 443412 379SEKBOLIDEN AB38 6944.421 055 336893 836EURDAIMLER AG16 7784.521 080 7851 062 744EURDEUTSCHE BANK AG - REG31 1692.65633 657452 787EURDEUTSCHE TELEKOM AG - REG50 9784.921 176 3751 070 083EURE.ON SE87 6910.74176 606175 309EURFRESENIUS MEDICAL CARE AG & CO KGAA3 4144.531 081 5871 024 256EURIBERDROLA SA233 3523.84918 387906 888EURINDITEX SA7 6664.271 018 908777 388EURING GROEP NV - CVA100 8824.951 182 612962 023EURKONINKLIJKE PHILIPS NV44 3842.14510 398470 249EURMUENCHENER RUECKVERSICHERUNGS AG - REG3 1871.08258 682200 012EURPORSCHE AUTOMOBIL HOLDING SE - PFD3 4195.001 194 0061 047 700EURRWE AG44 8795.111 222 8331 117 778EURSAP AG19 6253.54846 348811 485EURSIEMENS AG - REG8 5244.231 009 355923 340EURSOLVAY SA8 7771.97469 555413 202CHFSWISSCOM AG - REG1 2220.75180 164175 123EURTELEFONICA SA15 2232.58615 390612 342EURUNILEVER NV21 021

95.6122 838 96120 627 764Total Shares

Investment funds

4.661 112 0891 108 827EURUK EQUITY HOLDINGS1 100

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

4.661 112 0891 108 827Total Investment funds

100.2723 951 05021 736 591Total investments

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149

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

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

14.66Chemicals12.21Banks9.53Electricity8.49General Industrials7.23Nonlife Insurance5.50Automobiles and Parts5.12Software and Computer Services4.92Gas, Water and Multiutilities4.90Aerospace and Defense4.66Investment Fund4.27Life Insurance3.84General Retailers2.72Fixed Line Telecommunications2.69Technology Hardware and Equipment2.65Mobile Telecommunications2.58Food Producers1.80Mining1.17Industrial Transportation0.74Health Care Equipment and Services0.59Support Services

100.27

%

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150

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

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

49.67Germany19.38Netherlands18.56Spain4.66France4.23Belgium1.97Switzerland1.80Sweden

100.27

%

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151

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 102.56%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.

Description Weight in the index

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

AGL ENERGY LTD 0.77ALLIANT ENERGY CORP 0.58AMER ELEC PWR 2.31AMEREN CORP 0.89AMERICAN WATER WORKS CO INC 0.76APA GROUP 0.46ATCO LTD/CANADA 0.35CALPINE CORP 0.70CANADIAN UTILITIES LTD 0.41CENTERPOINT 0.96CENTRICA 3.00CHUBU ELEC PWR 0.86CHUGOKU ELE PWR 0.48CKI HOLDINGS 0.40CLP HOLDINGS LTD 1.45CMS ENERGY CORP 0.72CONSOL EDISON 1.63CONTACT ENERGY 0.16DOMINION RES INC 3.79DTE ENERGY 1.18DUKE ENERGY 4.95E.ON AG 3.31EDF 0.86EDISON INTL 1.45EDP ENERGIAS DE PORTUGAL 0.75ELECTRIC POWER D 0.35ENAGAS 0.50ENEL GREEN POWER SPA 0.45ENEL SPA 2.90ENTERGY CP 1.14EXELON CORP 2.40FIRSTENERGY 1.40FORTIS (CAD) 0.63FORTUM 1.02FPL GROUP 3.69GAS NATURAL SDG - E 0.92

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDUTILITIES TR

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152

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDUTILITIES TR

Description Weight in the index

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

GDF SUEZ 3.12HK & CHINA GAS 1.36HOKKAIDO ELE PWR 0.22HOKURIKU ELE PWR 0.24HONG KONG ELECTRIC HOLDINGS LTD 1.14IBERDROLA SA 3.03KANSAI ELE PWR 0.84KYUSHU ELE PWR 0.56MDU RESOURCES GROUP INC 0.55NATIONAL GRID 4.95NISOURCE INC 1.04NORTH UTILITIES 1.35NRG ENERGY INC 0.95OGE ENERGY CORP 0.68ONEOK INC 1.30OSAKA GAS 0.76PEPCO HOLDINGS 0.48PG&E CORP 1.82PINNACLE WEST CAPITAL 0.59PPL CORP 1.93PUBLIC SV ENTERPRISE CO 1.63RED ELECTRICA DE ESPANA 0.72RWE AG 1.77SCANA CORP 0.63SCOTTISH & SOUTHERN ENERG 2.19SEMPRA ENERGY 2.11SEVERN TRENT PLC 0.69SHIKOKU ELE PWR 0.28SNAM RETE GAS 1.15SOUTHERN CO 3.66SP AUSNET 0.19SUEZ ENVIRONNEMENT SA 0.51TERNA-TRASMISSIONE ELETTRICITA RETE NAZIONALE SPA 0.77THE AES CORP 1.01TOHO GAS 0.21TOHOKU ELE PWR 0.53TOKYO ELECTRIC POWER CO INC/TH 0.73TOKYO GAS CO LTD 1.22TRANSALTA CORP 0.35UNITED UTILITIES GROUP PLC 0.77VEOLIA ENVIRONNEMENT SA 0.58WISCONSIN ENERGY CORP 0.96WPS RESOURCES CORP 0.44XCEL ENERGY 1.41

Total 100.00

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153

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDUTILITIES TR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Conventional Electricity 56.56Multiutilities 25.62Gas Distribution 11.46Water 3.31Alternative Electricity 1.36Pipelines 1.14Building Materials & Fixtures 0.55

100.00

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154

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDUTILITIES TR

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

Shares

1.48475 999408 045CHFABB LTD24 8444.701 511 1671 369 011EURAIRBUS GROUP NV27 0774.171 340 7801 210 094EURALLIANZ SE - REG10 2863.641 169 8711 127 928EURANHEUSER-BUSCH INBEV NV15 1420.44142 023147 800EURBANCO BILBAO VIZCAYA ARGENTARIA SA15 8725.391 732 7561 683 272EURBANCO SANTANDER SA266 3325.811 867 7411 834 101EURBASF SE - REG24 1033.291 057 222853 972EURBAYER AG10 3703.661 175 6951 163 279EURBAYERISCHE MOTOREN WERKE AG13 7962.57824 571800 017EURCORIO NV25 3138.632 770 8072 549 605EURDAIMLER AG44 0513.671 179 4351 184 994EURDEUTSCHE BANK AG - REG34 0143.761 207 8171 132 385EURDEUTSCHE POST AG - REG45 5788.102 600 5802 380 998EURDEUTSCHE TELEKOM AG - REG209 2180.2168 36560 079CHFDUFRY AG - REG5354.371 403 6251 408 436EURE.ON SE104 6311.78570 842549 905EURIBERDROLA SA123 1590.96307 886302 886EURINDITEX SA2 5703.151 012 919790 214EURING GROEP NV - CVA100 2890.64205 605200 317EURKONINKLIJKE DSM NV3 5974.591 473 2551 428 348EURKONINKLIJKE PHILIPS NV55 2921.53492 520472 926EURMTU AERO ENGINES AG6 8993.121 002 379936 476EURMUENCHENER RUECKVERSICHERUNGS AG - REG6 2590.1341 88239 283CHFNESTLE SA7860.54174 412159 455JPYNINTENDO CO LTD1 8033.701 188 5431 159 324EURPORSCHE AUTOMOBIL HOLDING SE - PFD15 7090.1754 61250 243EURPROSIEBENSAT.1 MEDIA AG1 5176.232 001 4601 756 860EURSAP AG32 1214.881 566 6971 414 126EURSIEMENS AG - REG15 7790.32102 52698 198JPYSOFTBANK CORP1 6141.72551 700536 550EURTELEFONICA SA46 6162.38765 781748 247EURWOLTERS KLUWER NV36 914

99.7332 041 47329 957 374Total Shares

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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155

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDUTILITIES TR

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

Investment funds

2.83909 891909 206EURUK EQUITY HOLDINGS900

2.83909 891909 206Total Investment funds

102.5632 951 36430 866 580Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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156

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD UTILITIES TR

15.99Automobiles and Parts9.74Chemicals9.51Banks9.46General Industrials8.09Mobile Telecommunications7.29Nonlife Insurance6.24Aerospace and Defense6.23Software and Computer Services4.37Gas, Water and Multiutilities3.76Industrial Transportation3.64Beverages3.15Life Insurance2.83Investment Fund2.57Real Estate Investment Trusts2.55Media2.04Fixed Line Telecommunications1.78Electricity1.48Electronic and Electrical Equipment1.17General Retailers0.54Leisure Goods0.13Food Producers

102.56

%

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157

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDUTILITIES TR

65.09Germany18.03Netherlands10.29Spain3.64Belgium2.83France1.61Switzerland0.86Japan0.21Bermuda

102.56

%

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158

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 102.37%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.

Description Weight in the index

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

AGNICO-EAGLE MINES 0.27AGRIUM 0.78AIR LIQUIDE SA 2.47AIR PRODUCTS & CHEMICALS 1.34AIR WATER 0.12AIRGAS 0.42AKZO NOBEL NV 1.06ALBEMARLE CORP 0.29ALCOA INC 0.65ALUMINA 0.15AMCOR 0.66ANGLO AMERICAN PLC 1.70ANTOFAGASTA 0.31ARCELOR MITTAL 1.00ARKEMA SA 0.41ASAHI KASEI 0.57ASHLAND INC 0.41AVERY DENNISON CORP 0.28BALL CORP 0.41BARRICK GOLD CORP 1.23BASF SE 5.50BHP BILLITON LTD 6.28BHP BILLITON PLC 3.69BOLIDEN 0.24BORAL 0.19CHARTER ONE FINL 0.77CONCORD EFS 0.50CRH PLC 1.06CRODA INTERNATIONAL PLC 0.31CROWN HOLDINGS INC 0.36DAICEL CHEM INDS 0.14DAIDO STEEL 0.08DOW CHEMICAL CO 3.05DU PONT CO 3.38EASTMAN CHEM 0.71ECOLAB 1.62

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDMATERIALS TR

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159

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDMATERIALS TR

Description Weight in the index

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

ELDORADO GOLD CORP 0.24EMS-CHEMIE HOLDING AG 0.17FIRST QUANTUM MINERALS 0.58FLETCHER BUILDING 0.28FMC CORP. 0.58FORTESCUE METALS GROUP LTD 0.47FPE3 PFD 05 0.20FRANCO-NEVADA CORP 0.35FRESNILLO PLC 0.13FRPRT-MCM GD 2.24GIVAUDAN N 0.67GOLDCORP 1.06HARDIE (JAMES) IND 0.29HEIDELBERGCEMENT AG 0.61HITACHI CHEMICAL 0.10HITACHI METALS 0.16HOLCIM LTD 0.97ILUKA RESOURCES 0.19IMERYS 0.16INCITEC PIVOT LTD 0.22INT'L FLAVORS FRAGRANCES 0.40INTL PAPER CO 1.19ISRAEL CHEMICALS LTD 0.21ISRAEL CORP LTD/THE 0.08IVANHOE MINES 0.15JFE HOLDINGS 0.67JOHNSON MATTHEY PLC 0.63JSR 0.20K + S AG 0.29KANEKA CORP 0.11KANSAI PAINT 0.20KINROSS GOLD CORP 0.30KOBE STEEL 0.25KONINKLIJKE DSM NV 0.69KURARAY 0.24LAFARGE 0.79LANXESS 0.31LINDE AG 2.19LYONDELLBASELL INDUSTRIES NV 1.92MARTIN MARIETTA MATRLS 0.26MARUICHI STL TBE 0.07MEADWESTVACO CORP 0.37METHANEX CORP 0.32

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160

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDMATERIALS TR

Description Weight in the index

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

MITSUB CHEM HLDG 0.36MITSUB GAS CHEM 0.16MITSUBISHI MATL 0.24MITSUI CHEMICALS 0.11MONSANTO CO 3.56MOSAIC CO/THE 0.80NEW GOLD INC. 0.16NEWCREST MINING 0.33NEWMONT MINING HLDG 0.68NIP STEEL CORP 1.46NIPPON PAINT 0.16NITTO DENKO CORP 0.40NORSK HYDRO 0.34NUCOR CORP 0.96OJI PAPER 0.24ORICA 0.45OWENS-ILLINOIS 0.32POTASH CORP OF SASKATCHEWAN IN 1.64PPG IND 1.55PRAXAIR 2.19RANDGOLD RESOURCES LTD/LFW 0.33REXAM 0.39RIO TINTO LIMITED 1.53RIO TINTO PLC 4.04ROCK-TENN COMPANY-CL A 0.43SEALED AIR CP 0.36SHERWIN-WILLIAMS 0.91SHIN-ETSU CHEM 1.38SHOWA DENKO 0.12SIGMA-ALDRICH 0.64SIKA FINANZ AG-BEARER 0.43SILVER WHEATON CORP 0.43SOLVAY 0.52STORA ENSO OYJ 0.31SUMITOMO CHEM 0.34SUMITOMO MTL MIN 0.39SYNGENTA AG 2.11TAIHEIYO CEMENT 0.26TAIYO NPN SANSO 0.10TECK COMINCO B 0.84TEIJIN 0.12THYSSENKRUPP AG 0.61TORAY INDUSTRIES 0.58

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161

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDMATERIALS TR

Description Weight in the index

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

TOYO SEIKAN 0.20UBE INDUSTRIES 0.13UMICORE 0.30UPM-KYMMENE 0.51VOESTALPINE AG 0.31VULCAN MATERIALS CO 0.44YAMANA GOLD 0.39YAMATO KOGYO 0.08YARA INTERNATIONAL 0.44

Total 100.00

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162

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDMATERIALS TR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Commodity Chemicals 26.76Specialty Chemicals 21.70General Mining 18.14Building Materials & Fixtures 6.49Iron & Steel 5.51Gold Mining 4.99Nonferrous Metals 4.20Farming & Fishing 3.56Containers & Packaging 3.50Paper 2.25Aluminum 1.14Diversified Industrials 0.85Platinum & Precious Metals 0.56Specialty Finance 0.35

100.00

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163

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDMATERIALS TR

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

Shares

6.632 402 8442 150 120EURAIRBUS GROUP NV43 0546.552 373 2822 243 041EURALLIANZ SE - REG18 2070.2488 08968 180EURAMADEUS IT HOLDING SA - A2 8320.53193 252208 864JPYANA HOLDINGS INC133 2791.73624 956602 469EURANHEUSER-BUSCH INBEV NV8 0892.49903 184940 129EURBANCO BILBAO VIZCAYA ARGENTARIA SA100 9372.53915 791900 346EURBANCO SANTANDER SA140 7613.571 293 2311 233 178EURBASF SE - REG16 6893.181 150 7101 019 355EURBAYER AG11 2871.02369 599317 078EURBAYERISCHE MOTOREN WERKE AG4 3372.961 073 3141 041 353EURCORIO NV32 9498.483 066 5012 871 483EURDAIMLER AG48 7522.871 039 314952 759EURDEUTSCHE BANK AG - REG29 9733.871 401 1611 313 655EURDEUTSCHE POST AG - REG52 8741.30469 953382 617EURDEUTSCHE TELEKOM AG - REG37 8080.32116 156102 078CHFDUFRY AG - REG9093.781 370 8791 287 588EURE.ON SE102 1900.52186 878168 903JPYFANUC CORP1 4060.1451 57547 866EURFRESENIUS MEDICAL CARE AG & CO KGAA9973.541 282 0351 358 677EURHOCHTIEF AG20 6585.662 049 7411 978 099EURIBERDROLA SA442 2312.54921 741910 200EURINDITEX SA7 6942.48900 082836 956EURING GROEP NV - CVA89 1173.031 097 0551 061 843EURKONINKLIJKE PHILIPS NV41 1732.781 005 902900 080EURMUENCHENER RUECKVERSICHERUNGS AG - REG6 2810.48174 219159 278JPYNINTENDO CO LTD1 8014.591 661 7961 620 943EURPORSCHE AUTOMOBIL HOLDING SE - PFD21 9642.22805 644726 758EURPROSIEBENSAT.1 MEDIA AG22 3791.11400 565411 104EURRWE AG15 0565.031 820 6981 580 684EURSAP AG29 2206.512 359 5282 184 223EURSIEMENS AG - REG23 7640.78284 075264 941JPYSOFTBANK CORP4 4724.441 608 5301 564 359EURTELEFONICA SA135 913

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

97.9035 462 28033 409 207Total Shares

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164

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDMATERIALS TR

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

Investment funds

4.471 617 5841 615 344EURUK EQUITY HOLDINGS1 600

4.471 617 5841 615 344Total Investment funds

102.3737 079 86435 024 551Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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165

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDMATERIALS TR

14.08Automobiles and Parts9.54General Industrials9.33Nonlife Insurance7.89Banks6.76Electricity6.75Chemicals6.63Aerospace and Defense5.23Fixed Line Telecommunications5.03Software and Computer Services4.47Investment Fund3.87Industrial Transportation3.78Gas, Water and Multiutilities3.54Construction and Materials2.96Real Estate Investment Trusts2.87General Retailers2.48Life Insurance2.22Media1.73Beverages1.30Mobile Telecommunications0.53Travel, Leisure and Catering0.52Industrial Engineering0.48Leisure Goods0.24Support Services0.14Health Care Equipment and Services

102.37

%

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166

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDMATERIALS TR

60.52Germany17.91Spain15.11Netherlands4.47France2.31Japan1.73Belgium0.32Bermuda

102.37

%

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167

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 102.48%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD TELECOMMUNICATION SERVICES TR index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

Description Weight in the index

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

AT&T INC 15.53BCE INC 0.92BELGACOM 0.37BELL ALIANT INC 0.16BEZEQ ISRAELI TELECOMMUNICATION CORP LTD 0.27BT GROUP 4.14CENTURYTEL INC 1.59CROWN CASTLE INT'L CORP 1.97DEUTSCHE TELEKOM /ETR 4.01ELISA CORPORATION 0.31FRONTIER COMMUNICATIONS CORP 0.39HKT TRUST / HKT LTD 0.19ILIAD SA 0.45INMARSAT 0.46KDDI CORP 2.78KONINKLIJKE KPN NV 0.87LEVEL 3 COMMS 0.43MILLICOM INTERNATIONAL CELLULAR SA/SUE 0.54NTT 1.69NTT DOCOMO 2.10ORANGE SA 1.85PCCW 0.15PORTUGAL TELECOM 0.22ROGERS COMMUNICATIONS B 1.36SBA COMMUNICATIONS CORP 0.95SINGAPORE TELECOM 1.93SOFTBANK CORP 7.05SPRINT CORP 0.86SPRINT PCS GROUP 0.67STARHUB LTD 0.17SWISSCOM N 1.02TDC A/S 0.66TELE2 B 0.30TELECOM CORP NEW ZEALAND 0.29TELECOM ITALIA SPA 0.82TELECOM ITALIA RNC 0.39

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD TELECOMMUNICATION SERVICES TR

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168

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

TELEFONICA DEUTSCHLAND HOLDING AG 0.19TELEFONICA SA 5.43TELEKOM AUSTRIA 0.14TELENOR 1.34TELIASONERA 1.63TELSTRA CORP 1.71TELUS CORP VTG 0.62VERIZON COMMUNICATIONS INC 11.73VIVENDI SA 2.58VODAFONE GROUP PLC 15.81WINN-DIXIE STRS 0.40ZIGGO NV 0.56

Total 100.00

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD TELECOMMUNICATION SERVICES TR

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169

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD TELECOMMUNICATION SERVICES TR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Fixed Line Telecommunications 52.85Mobile Telecommunications 44.12Broadcasting & Entertainment 2.58Internet 0.45

100.00

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170

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD TELECOMMUNICATION SERVICES TR

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

Shares

2.79618 319489 784EURAIRBUS GROUP NV11 0795.761 276 6481 183 153EURALLIANZ SE - REG9 7944.881 080 6361 045 172EURANHEUSER-BUSCH INBEV NV13 9871.10244 196241 001EURASML HOLDING NV3 5894.01888 655858 201EURBASF SE - REG11 4683.88858 929722 452EURBAYER AG8 4256.821 508 4801 475 041EURBAYERISCHE MOTOREN WERKE AG17 7012.97657 679655 893EURBEIERSDORF AG8 9316.481 436 0701 325 455EURDAIMLER AG22 8311.68371 520439 976EURDELHAIZE GROUP SA8 6006.591 460 9271 473 072EURDEUTSCHE BANK AG - REG42 1323.89861 409807 612EURDEUTSCHE POST AG - REG32 5064.37968 645777 791EURDEUTSCHE TELEKOM AG - REG77 9282.49550 900499 307EURE.ON SE41 0664.551 006 964902 629JPYFANUC CORP7 5763.56788 162835 279EURHOCHTIEF AG12 7002.67592 365398 737EURING GROEP NV - CVA58 6502.74606 920583 084EURKONINKLIJKE PHILIPS NV22 7784.781 058 2681 031 124EURLINDE AG6 9602.11467 798431 035EURMUENCHENER RUECKVERSICHERUNGS AG - REG2 9211.20265 942249 187CHFNESTLE SA4 9910.82182 344169 172JPYNINTENDO CO LTD1 8850.4191 74185 920SEKNORDEA BANK AB9 3702.93648 550550 570JPYORIX CORP50 8550.2147 16043 387EURPROSIEBENSAT.1 MEDIA AG1 3102.00442 441448 095EURRWE AG16 6304.671 033 8481 017 464EURSAP AG16 5924.36966 390842 842EURSIEMENS AG - REG9 7330.68151 248144 669JPYSOFTBANK CORP2 3812.12470 120430 058EURSOLVAY SA4 0881.55342 904363 617EURSTADA ARZNEIMITTEL AG9 5450.67147 903149 005JPYTERUMO CORP4 225

99.7422 094 08120 669 784Total Shares

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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171

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD TELECOMMUNICATION SERVICES TR

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

Investment funds

2.74606 594605 928EURUK EQUITY HOLDINGS600

2.74606 594605 928Total Investment funds

102.4822 700 67521 275 712Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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172

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD TELECOMMUNICATION SERVICES TR

14.79Chemicals13.29Automobiles and Parts7.87Nonlife Insurance7.10General Industrials7.01Banks4.88Beverages4.67Software and Computer Services4.55Industrial Engineering4.37Mobile Telecommunications3.89Industrial Transportation3.56Construction and Materials2.97Personal Goods2.93Financial Services2.79Aerospace and Defense2.74Investment Fund2.67Life Insurance2.49Gas, Water and Multiutilities2.00Electricity1.68Food and Drug Retailers1.55Pharmaceuticals and Biotechnology1.20Food Producers1.10Technology Hardware and Equipment0.82Leisure Goods0.68Fixed Line Telecommunications0.67Health Care Equipment and Services0.21Media

102.48

%

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173

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD TELECOMMUNICATION SERVICES TR

70.49Germany9.65Japan9.31Netherlands8.68Belgium2.74France1.20Switzerland0.41Sweden

102.48

%

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174

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINFORMATION TECHNOLOGY TR

At December 31, 2013, 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 103.81%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.

Description Weight in the index

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

ACCENTURE LTD 1.37ACTIVISION 0.21ADOBE SYSTEMS 0.74ADVANTEST 0.05AKAMAI TECHNOLOGIES 0.22ALCATEL-LUCENT 0.32ALLIANCE DATA SYSTEMS 0.33ALTERA CORP 0.27AMADEUS IT HOLDING SA 0.41AMPHENOLCORP 0.36ANALOG DEVICES INC 0.40ANSYS INC 0.21APPLE COMP INC 13.12APPLIED MATL 0.55ARM 0.66ARROW ELECTRONICS 0.14ASM PACIFIC TECHNOLOGY 0.05ASML HOLDING NV 0.86ATOS ORIGIN 0.16AUTODESK 0.29AUTOMATIC DATA 1.01AVAGO TECHNOLOGIES LTD 0.34AVNET 0.15BROADCOM CORP 0.40BROTHER INDS 0.08CANON INC 0.94CAP GEMINI 0.25CGI GROUP A 0.18CISCO SYSTEMS 3.07CITIZEN WATCH 0.06CITRIX SYSTEMS 0.31COGNIZANTTECHSOLUTIONS 0.78COMPUTER ASSOC 0.28COMPUTER SCIENCE 0.21COMPUTERSHARE 0.12CORNING INC 0.68

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175

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINFORMATION TECHNOLOGY TR

Description Weight in the index

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

CREE INC 0.19DASSAULT SYSTEM 0.20DENA CO LTD 0.06EBAY INC 1.64ELECTRONIC ART 0.18EMC CORP/MA 1.36EQUINIX INC 0.23ERICSSON LM-B 0.95F5 NETWORKS INC 0.18FACEBOOK INC 2.47FIDELITY NATIONAL INFORMATION SERVICES INC 0.40FISERV INC 0.40FLEETCOR TECHNOLOGIES INC 0.21FLEXTRONICS 0.12FLIR SYSTEMS INC. 0.11FUJI PHOTO FILM 0.34FUJITSU LTD 0.25GEMALTO NV 0.23GOOGLE INC 7.96GREE INC 0.03GUNGHO ONLINE ENTERTAINMENT INC 0.07HAMAMATSU PHOTO 0.07HARRIS CORP 0.19HEWLETT-PACKARD 1.39HEXAGON AB-B SHS 0.19HIROSE ELECTRIC 0.11HITACHI HIGH TEC 0.04HITACHI LTD 0.96HOYA CORP 0.32IBIDEN 0.06INFINEON TECHNOLOGIES AG 0.30INTEL CORP 3.36INTERNATIONAL BUSINESS MACHINE 5.04INTUIT INC 0.56ITOCHU TECHNO 0.03JUNIPER NETWORKS 0.30KAKAKU.COM INC 0.07KEYENCE 0.51KLA TENCOR 0.27KONAMI CORP 0.06KONICA CORP 0.12KYOCERA CORP 0.42LAMRESEARCHCORP 0.23

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176

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINFORMATION TECHNOLOGY TR

Description Weight in the index

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

LINEAR TECH 0.27LINKEDIN CORP 0.54LSI LOGIC 0.16MARVELL TECHNOLOGY GROUP 0.15MASTERCARD INC 2.27MAXIM INTEGRTD 0.21MICROCHIP TECHNOLOGY 0.23MICRON TECH 0.59MICROSOFT CORP 7.68MOTOROLA SOLUTIONS INC 0.41MURATA MFG CO 0.47NEC CORPORATION 0.15NETSUITE INC 0.09NETWORK APPLIANCE 0.36NEXON CO LTD 0.03NICE SYSTEMS LTD 0.06NINTENDO 0.37NIP ELEC GLASS 0.05NOKIA OYJ 0.78NOMURA RESEARCH 0.08NTT DATA 0.12NUANCE COMMUNICATIONS INC 0.10NVIDIA CORP 0.24OMRON 0.24OPEN TEXT CORP 0.14ORACLE CORP 3.43ORACLE CORP JPN 0.04OTSUKA 0.05PAYCHEX INC UW 0.39QUALCOMM INC 3.29RACKSPACE HOSTING INC 0.12RED HAT INC- 0.28RESEARCH IN MOTION 0.10RICOH CO LTD 0.19ROHM CO LTD 0.12SAGE GROUP PLC/THE 0.19SAIC INC 0.09SALESFORCE.COM INC 0.81SANDISK CORP/USD 0.44SAP AG 2.03SEAGATETECHNOLOGY 0.46SERVICENOW INC 0.18SHIMADZU CORP 0.05

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177

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINFORMATION TECHNOLOGY TR

Description Weight in the index

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

STMICROELECTRON. 0.13SUMCO 0.03SYMANTEC CORP 0.43SYNOPSYS INC 0.16TDK CORPORATION 0.15TERADATA CORP 0.19TEXAS INSTRUMENT 1.24TOKYO ELECTRON 0.25TOTAL SYSTEM SERVICES INC 0.15TREND MICRO INC 0.10TRIMBLE NAVIGATION LTD 0.23TYCO ELECTRONICS LTD 0.59UNITED INTERNET AG-REG SHARE 0.12VANTIV INC 0.10VERISIGN 0.23VISA INC 2.97VMWARE INC 0.20WESTERN DIGITAL 0.46WESTERN UNION CO 0.25WORKDAY INC 0.14XEROX CORP 0.36XILINX INC 0.32YAHOO INC 1.00YAHOO JAPAN 0.21YASKAWA ELEC 0.09YOKOGAWA ELEC 0.09

Total 100.00

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINFORMATION TECHNOLOGY TR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Software 18.41Computer Hardware 17.55Semiconductors 15.64Internet 12.10Computer Services 7.82Telecommunications Equipment 7.04Consumer Finance 5.49Financial Administration 3.40Electronic Equipment 2.84Electrical Components & Equipment 2.62Specialized Consumer Services 1.80Business Support Services 1.73Electronic Office Equipment 1.67Toys 0.92Business Training & Employment Agencies 0.54Industrial Machinery 0.14Investment Services 0.12Defense 0.11Clothing & Accessories 0.06

100.00

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179

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINFORMATION TECHNOLOGY TR

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

Shares

8.04694 332588 777EURAIRBUS GROUP NV12 4414.23365 501339 292EURALLIANZ SE - REG2 8041.0691 63088 333EURANHEUSER-BUSCH INBEV NV1 1861.19102 404104 363JPYASAHI KASEI CORP17 9992.85246 305219 444EURASML HOLDING NV3 6208.77758 395739 934EURBASF SE - REG9 7873.98343 775291 033EURBAYER AG3 3720.2219 00418 246EURBAYERISCHE MOTOREN WERKE AG2233.25281 182280 829EURCONTINENTAL AG1 7648.43728 193652 732EURDAIMLER AG11 5774.68403 964390 844EURDEUTSCHE BANK AG - REG11 6503.21277 535260 202EURDEUTSCHE POST AG - REG10 4738.93772 711671 410EURDEUTSCHE TELEKOM AG - REG62 1650.1815 84511 957CHFDUFRY AG - REG1242.42209 153189 353EURE.ON SE15 5911.90163 829154 280EURFRESENIUS MEDICAL CARE AG & CO KGAA3 1674.08352 813234 948EURING GROEP NV - CVA34 9320.3126 48523 186JPYKAWASAKI HEAVY INDUSTRIES LTD8 6980.3428 94829 659JPYKDDI CORP6482.29197 774199 469EURKONINKLIJKE DSM NV3 4604.47386 406307 967EURKONINKLIJKE PHILIPS NV14 5023.88335 034317 408EURMUENCHENER RUECKVERSICHERUNGS AG - REG2 0920.1815 47814 150JPYNINTENDO CO LTD1604.13357 223335 096SEKNORDEA BANK AB36 4853.81328 970325 839EURPORSCHE AUTOMOBIL HOLDING SE - PFD4 3480.4034 41631 381EURPROSIEBENSAT.1 MEDIA AG9564.84417 885414 500EURRWE AG15 7070.4740 87537 259EURSAP AG6564.10354 167314 877EURSIEMENS AG - REG3 5673.66316 472302 735JPYSOFTBANK CORP4 982

100.308 666 7047 889 503Total Shares

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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180

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

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

Investment funds

3.51303 297301 940EURUK EQUITY HOLDINGS300

3.51303 297301 940Total Investment funds

103.818 970 0018 191 443Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINFORMATION TECHNOLOGY TR

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181

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINFORMATION TECHNOLOGY TR

16.22Chemicals15.71Automobiles and Parts8.94Mobile Telecommunications8.81Banks8.57General Industrials8.11Nonlife Insurance8.04Aerospace and Defense4.84Electricity4.08Life Insurance4.00Fixed Line Telecommunications3.51Investment Fund3.21Industrial Transportation2.85Technology Hardware and Equipment2.42Gas, Water and Multiutilities1.90Health Care Equipment and Services1.06Beverages0.47Software and Computer Services0.40Media0.31Industrial Engineering0.18General Retailers0.18Leisure Goods

103.81

%

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182

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINFORMATION TECHNOLOGY TR

67.53Germany21.73Netherlands5.67Japan4.13Sweden3.51France1.06Belgium0.18Bermuda

103.81

%

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183

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 106.53%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD HEALTH CARE 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 UCITS ETF MSCI WORLDHEALTH CARE TR

Description Weight in the index

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

ABBOTT LABORATORIES 1.66ABBVIE INC-WHEN ISSUED 2.31ACTELION N 0.24AETNA INC 0.70AGILENT TECH A.N 0.52ALEXION PHARMACEUTICALS INC 0.73ALFRESA HOLDINGS 0.06ALLERGAN INC 0.92AMERISOURCEBERGN 0.45AMGEN INC 2.44ASTELLAS PHARMA INC (EX YAMANOUCHI PHARM) 0.72ASTRAZENECA PLC 2.05BARD (C.R.) 0.28BAXTER INTL INC 1.05BAYER AG 3.16BECTON DICKINSON 0.59BIOGEN IDEC INC 1.86BIOMARIN PHARMACEUTICAL INC 0.27BIOVAIL CORP 1.04BOSTON SCIEN CP 0.45BRISTOL MYERS SQ BMY.N 2.41CARDINAL HLTH 0.63CAREFUSION CORP 0.24CELESIO AG 0.07CELGENE CORP 1.98CERNER CORP 0.48CHUGAI PHARMACEUTICAL 0.14CIGNA CORP 0.68COCHLEAR 0.08COLOPLAST B 0.20COVIDIEN LTD 0.87CSL 0.84DAIICHI SANKYO CO LTD 0.35DAINPN SUMI PHAR 0.07DAVITA 0.33DENTSPLY INTERNATIONAL 0.19

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Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDHEALTH CARE TR

Description Weight in the index

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

EDWARDS LIFESCIENCES CORPORATION 0.21EISAI 0.27ELEKTA B 0.16ELI LILLY 1.44ESSILOR INTERNAT 0.60EXPRESS SCRIPTS COMMON 1.59FOREST LABS 0.40FRESENIUS MEDICAL CARE AG & CO 0.42FRESENIUS SE & CO KGAA 0.53GETINGE AB B 0.19GILEAD SCI 3.22GLAXOSMITHKLINE PLC 3.60GRIFOLS SA 0.19HCA HOLDINGS INC 0.41HENRY SCHEIN INC 0.27HISAMITSU PHARM 0.09HOLOGIC INC 0.17HOSPIRA 0.19HUMANA INC 0.45ILLUMINA INC 0.39INTUITIVE SURG 0.42INVITROGEN CORP 0.37JOHNSON & JOHNSON 7.18KYOWA HAKKO KOGY 0.07LABORATORY CORP OF AMER 0.23LONZA 0.14MCKESSON CORP 1.02MEDICEO PAL HLDG 0.05MEDTRONIC INC 1.61MERCK & CO INC 4.05MERCK KGAA 0.32METTLER-TOLEDO INTERNATIONAL 0.20MIRACA HOLDINGS 0.07MYLAN LABORATORIES INC 0.45NOVARTIS-REGISTERED 5.09NOVO NORDISK B 2.05NOVOZYMES A/S 0.27OLYMPUS CORP 0.21OMNICARE 0.17ONO PHARMACEUTICAL CO LTD 0.20ORION OYJ-CLASS B 0.08OTSUKA HOLDINGS CO LTD 0.29PATTERSON COS 0.10

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Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDHEALTH CARE TR

Description Weight in the index

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

PERRIGO COMPANY 0.57PFIZER INC 5.64PHARMACYCLICS INC. 0.19PHONAK 0.19QIAGEN NV 0.16QUEST DIAG 0.22RAMSAY HEALTH CARE LTD 0.14REGEGERON PHARMACEUTICAL 0.59RESMED INC 1 0.18ROCHE HOLDING AG 5.44RYMAN HEALTHCARE LTD 0.07SANOFI-AVENTIS SA 3.43SANTEN PHARM 0.10SHIONOGI & CO 0.18SHIRE PHARM GRP 0.72SMITH & NEPHEW 0.35SO-NET M3 INC 0.05SONIC HEALTHCARE 0.16ST JUDE MEDICAL 0.50STRYKER CORP 0.63SUZUKEN 0.06SXC HEALTH SOLUTIONS CORP 0.28SYSMEX 0.12TAISHO PHARMACEUTICAL HOLDINGS CO LTD 0.06TAKEDA PHARMACEUTICAL 1.02TANABE SEIYAKU 0.09TERUMO CORP 0.21TEVA PHARMACEUTICAL INDUSTRIES LTD 0.96THERMO ELECTRON 1.11TSUMURA & CO 0.04UCB 0.23UNITEDHEALTH GP 2.12UNIVERSAL HEALTH SERVICES INC 0.21VARIAN MEDICAL SYSTEMS 0.23VERTEX PHARMACEUTICALS 0.48WATERS CORP 0.24WATSON PHARM 0.82WELLPNT HLTH NET 0.76WILLIAM DEMANT HOLDING 0.07ZIMMER HLDGS 0.44ZOETIS INC 0.45

Total 100.00

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186

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDHEALTH CARE TR

%

Pharmaceuticals 58.27Biotechnology 13.52Health Care Providers 9.02Medical Equipment 8.50Medical Supplies 3.66Specialty Chemicals 3.16Drug Retailers 2.34Software 0.76Electronic Equipment 0.72Publishing 0.05

100.00

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187

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDHEALTH CARE TR

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

Shares

0.79585 539520 447CHFADECCO SA - REG10 1644.443 268 4572 709 099EURAIRBUS GROUP NV58 5648.526 278 0475 883 477EURALLIANZ SE - REG48 1632.772 038 4282 040 539EURANHEUSER-BUSCH INBEV NV26 3840.72534 114527 128EURASML HOLDING NV7 8500.98722 031705 577SEKASTRAZENECA PLC16 6844.443 271 4733 212 044EURBASF SE - REG42 2183.882 858 3722 622 252EURBAYER AG28 0374.193 085 5613 002 614EURBAYERISCHE MOTOREN WERKE AG36 2071.571 156 2951 157 708EURBEIERSDORF AG15 7026.995 148 1134 948 709EURDAIMLER AG81 8460.64468 323465 534JPYDAITO TRUST CONSTRUCTION CO LTD6 9000.64475 042476 515JPYDENTSU INC16 0004.493 309 4863 272 564EURDEUTSCHE BANK AG - REG95 4433.662 700 3772 531 730EURDEUTSCHE POST AG - REG101 9016.995 148 1084 599 091EURDEUTSCHE TELEKOM AG - REG414 1683.812 807 4912 746 720EURE.ON SE209 2805.303 906 7693 530 979JPYFANUC CORP29 3930.37272 876253 253EURFRESENIUS MEDICAL CARE AG & CO KGAA5 2750.39289 179277 137EURHUGO BOSS AG2 7941.671 232 3011 044 288EURING GROEP NV - CVA122 0100.60441 620386 605JPYKAWASAKI HEAVY INDUSTRIES LTD145 0334.383 226 2303 199 310EURKONINKLIJKE PHILIPS NV121 0820.62453 758466 982JPYKURITA WATER INDUSTRIES LTD30 1180.0539 24934 982CHFLINDT & SPRUENGLI AG - REG10.51376 764365 328JPYLIXIL GROUP CORP18 9270.65481 756475 875JPYMAEDA ROAD CONSTRUCTION CO LTD40 4010.72532 819506 989EURMUENCHENER RUECKVERSICHERUNGS AG - REG3 3270.0750 10846 428JPYNINTENDO CO LTD5183.792 792 2452 616 869SEKNORDEA BANK AB285 1860.65481 822482 740JPYORIENTAL LAND CO LTD/JAPAN4 6000.65479 074494 412JPYOSAKA GAS CO LTD168 0000.015 6305 301CHFPARTNERS GROUP HOLDING AG292.742 016 8451 848 075EURRWE AG75 807

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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188

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

Shares (cont.)

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

3.812 810 9292 667 823EURSAP AG45 1124.493 309 5343 082 874EURSIEMENS AG - REG33 3320.21153 217142 898JPYSOFTBANK CORP2 4121.751 286 8041 212 523CHFSWISS LIFE HOLDING AG - REG8 5152.491 833 5601 872 588JPYTAKEDA PHARMACEUTICAL CO LTD55 0371.441 060 2831 067 824JPYTERUMO CORP30 2880.66484 888466 889JPYTOYOTA INDUSTRIES CORP14 8001.631 200 7131 266 488JPYTOYOTA MOTOR CORP27 0870.59434 994479 444JPYUNICHARM CORP10 5000.69511 024508 493EURUNILEVER NV17 4560.64472 280467 376JPYWEST JAPAN RAILWAY CO15 0000.64469 359464 979JPYYAHOO JAPAN CORP116 200

101.7374 961 88771 157 500Total Shares

Investment funds

4.803 538 4653 536 646EURUK EQUITY HOLDINGS3 500

4.803 538 4653 536 646Total Investment funds

106.5378 500 35274 694 146Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDHEALTH CARE TR

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189

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDHEALTH CARE TR

13.46Automobiles and Parts9.24Nonlife Insurance8.87General Industrials8.32Chemicals8.28Banks6.99Mobile Telecommunications6.52Industrial Engineering4.80Investment Fund4.46Gas, Water and Multiutilities4.45Software and Computer Services4.44Aerospace and Defense3.66Industrial Transportation3.47Pharmaceuticals and Biotechnology3.42Life Insurance2.77Beverages2.74Electricity2.55Personal Goods1.81Health Care Equipment and Services1.80Construction and Materials1.29Travel, Leisure and Catering0.79Support Services0.75Food Producers0.72Technology Hardware and Equipment0.64Media0.21Fixed Line Telecommunications0.07Leisure Goods0.01Financial Services

106.53

%

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190

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDHEALTH CARE TR

61.07Germany18.62Japan11.90Netherlands4.80France3.79Sweden2.77Belgium2.60Switzerland0.98United Kingdom

106.53

%

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191

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 104.59%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe MSCI WORLD INDUSTRIALS TR index .As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

Description Weight in the index

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

3M CO 2.47ABB LTD VX 1.58ABERTIS INFRAESTRUCTURAS 0.23ACS 0.14ADECCO (CHF) 0.29ADP 0.09ADT CORP/THE 0.22AGCO CORP 0.15AGGREKO 0.21AIRBUS GROUP NV 1.26ALFA LAVAL 0.22ALSTOM SA 0.21AMADA 0.09AMETEK INC 0.35ANA 0.06ANDRITZ 0.13AP MOLLER - MAERSK A/S 0.16AP MOLLER MAERSK A/S 0.39ASAHI GLASS CO LTD 0.17ASCIANO GROUP 0.14ASSA ABLOY AB 0.48ATLAS COPCO AB 0.50ATLAS COPCO B 0.27AUCKLAND INT'L AIRPORT 0.08AUTOSTRADE 0.23BABCOCK INTERNATIONAL GROUP 0.22BAE SYSTEMS 0.63BE AEROSPACE INC 0.24BIC 0.10BOEING CO 2.71BOMBARDIER B 0.17BOUYGUES SA 0.19BRAMBLES LTD 0.35BRENNTAG AG 0.26BUNZL 0.22BUREAU VERITAS SA 0.18

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

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192

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

Description Weight in the index

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

CAE 0.09CAMPBELL BROTHERS LTD 0.08CANADIAN NAT'L RAILWAY 1.31CAPITA GRP 0.31CATERPILLAR INC 1.60CATHAY PAC AIR 0.07CENTRAL JAPAN RY 0.47CH ROBINSON WW 0.25CHICAGO BRIDGE & IRON COMPANY. 0.22CHIYODA CORP 0.06CIE DE ST-GOBAIN 0.61CINTAS CORP 0.17CINTRA CONCESIONES DE INF 0.21CNH INDUSTRIAL NV 0.29COBHAM 0.13COMFORTDELGRO 0.09CP RAILWAY 0.72CSX CORP 0.79CUMMINS INC 0.68DAI NIPPON PRINT 0.16DAIKIN INDS 0.40DANAHER CORP 1.24DEERE & CO 0.90DELTA AIR LINES 0.16DEUTSCHE POST AG 0.88DOVER CORP 0.45DSV 'B' 0.16DT LUFTHANSA AG 0.13DUN & BRADSTREET CORP 0.13EAST JAPAN RAILWAY CO 0.74EASYJET PLC 0.11EATON CORP 0.98EDENRED 0.19EMERSON ELECTRIC 1.36EQUIFAX INC 0.23EXPEDITORS INTL WASH. 0.25EXPERIAN GROUP LTD 0.50FANUC LTD 0.97FASTENAL CO 0.36FEDEX CORP 1.16FINMECCANICA 0.08FINNING INT'L 0.12FLOWSERVE CORPORATION 0.30

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193

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

Description Weight in the index

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

FLUOR CORP 0.35FRAPORT 0.07FUJI ELECTRIC 0.07GEA GROUP 0.24GEBERIT AG 0.31GENERAL DYNAMICS 0.78GENERAL ELECTRIC CO 7.73GRAINGER (WW) 0.41GROUP 4 SECURICOR 0.18GROUPE EUROTUNNEL SA 0.16HANKYU HOLDINGS 0.17HERTZ GLOBAL HOLDINGS INC 0.32HINO MOTORS 0.11HITACHI CONST 0.06HOCHTIEF 0.07HONEYWELL INTL 1.85HOPEWELL HOLDINGS 0.05HUNT (JB)TRANSPRT SVCS INC 0.20HUTCHISON 0.80HUTCHISON PORT HOLDINGS TRUST 0.10IHS INC 0.19ILLINOIS TOOL WK 0.97IMI 0.22INGERSOLL-RAND 0.49INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA 0.17INTERTEK GROUP 0.23INVENSYS PLC/LSE 0.15IRON MOUNTAIN 0.12ISHI-HAR HVY IND 0.16ITOCHU CORP 0.51JACOBS ENGINEERING GROUP 0.23JAPAN AIR LINES 0.08JGC CORPORATION 0.22JOY GLOBAL INC 0.16JPN STEEL WORKS 0.05JS GROUP 0.20JTEKT 0.10KAJIMA CORP 0.09KAMIGUMI 0.06KANSAS CITY SOUTHERN INDS 0.36KAWASAKI HVY IND 0.16KBR INC 0.13KEIHIN E EXPR RY 0.11

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194

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

Description Weight in the index

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

KEIO ELEC RAIL 0.11KEISEI ELE RY 0.07KEPPEL CORP 0.35KINDEN CORP 0.04KINTETSU 0.17KOMATSU 0.52KONE OYJ B 0.38KONINKLIJKE BOSKALIS WESTMINSTER NV 0.11KONINKLIJKE PHILIPS ELECTRONIC 0.98KUBOTA CORP 0.49KUEHNE & NAGEL 0.19KURITA WATER INDUSTRIES LTD 0.06L-3 COMMUNICATIONS HLDGS 0.26LEGRAND SA 0.40LEIGHTON HOLDINGS 0.07LOCKHEED MARTIN 1.10MABUCHI MOTOR 0.04MAKITA CORP 0.16MAN SE 0.12MANPOWER 0.18MARUBENI 0.33MASCO CORP 0.22MEGGITT PLC 0.19MELROSE PLC 0.17METSO 0.12MITSUB LOGISTICS 0.05MITSUBISHI CORP 0.74MITSUBISHI ELEC 0.67MITSUBISHI HVY 0.52MITSUI & CO LTD 0.67MITSUI OSK LINES 0.13MTR CORPORATION 0.15NABTESCO CORP 0.07NGK INSULATORS 0.14NIDEC CORP (TOKYO) 0.27NIELSEN HOLDINGS NV 0.33NIPPON EXPRESS 0.11NIPPON YUSEN 0.14NOBLE GROUP 0.10NORFOLK SOUTHERN CORP 0.78NORTHROP GRUMMAN CORP 0.68NSK 0.16NWS HOLDINGS LTD 0.06

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195

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

Description Weight in the index

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

OBAYASHI CORP 0.10OCI 0.11ODAKYU ELEC RAIL 0.16OSRAM LICHT AG 0.13PACCAR INC 0.57PALL CORP 0.26PARK24 0.05PARKER HANNIFIN CORP 0.52PENTAIR 0.42PRECISION CASTPARTS CORP 1.06PRYSMIAN SPA 0.14QANTAS AIRWAYS 0.03QR NATIONAL LTD 0.25QUANTA SERVICES INC. 0.18RANDSTAD 0.22RAYTHEON 0.79REPUBLIC SERVICES 0.26REXEL SA 0.15ROB HALF INTL 0.16ROCKWELL AUTOMATION 0.44ROCKWELL COLLINS 0.26ROLLS ROYCE 1.08ROPER INDUSTRIES 0.38RYANAIR HOLDINGS PLC 0.04SAFRAN SA 0.51SANDVIK AB 0.40SCANIA B 0.17SCHINDLER HOLDING AG 0.09SCHINDLER P 0.19SCHNEIDER ELECTRIC SA 1.25SECOM 0.35SECURITAS AB 0.09SEEK LTD 0.10SEMBCORP INDUSTRIES 0.12SEMBCORP MARINE 0.08SENSATA TECHNOLOGIES HOLDING NV 0.15SERCO GRP 0.11SGS N 0.34SHIMIZU CORP 0.08SIEMENS AG 2.97SINGAPORE AIRLINES 0.12SINGAPORE TECH ENGR. 0.13SKANSKA B 0.21

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196

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

Description Weight in the index

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

SKF AB -B- 0.28SMC CORPORATION 0.36SMITHS GROUP PLC 0.26SNC-LAVALIN GROUP 0.19SOJITZ 0.06SOUTHWEST AIRLINES CO 0.09SPX CORP 0.11STANLEY WORKS 0.34STERICYCLE INC 0.27SULZER R 0.11SUMITOMO CORP 0.39SUMITOMO ELEC 0.35SUMITOMO HVY IND 0.07SYDNEY AIRPORT 0.10TAISEI CORP 0.12TEXTRON INC 0.28THALES EX TH-CSF 0.16THK 0.08TNT EXPRESS NV 0.09TOBU RAILWAY 0.14TOKYU CORP 0.20TOLL HOLDINGS 0.10TOPPAN PRINTING 0.12TOSHIBA CORP 0.47TOTO 0.12TOWERS WATSON & CO 0.23TOYOTA TSUSHO CORP 0.14TRANSDIGM GROUP INC 0.22TRANSURBAN GROUP 0.24TRAVIS PERKINS 0.21TYCO INTL 0.52UAL CORP 0.09UNION PACIFIC CORP 2.13UNITED PARCEL B 2.05UNITED TECHNOLOGIES CORP 2.72VALLOUREC 0.16VERISK ANALYTICS INC 0.27VINCI SA 0.85VOLVO AB 0.54WARTSILA 0.23WASTE MANAGEMNT 0.54WEIR GRP 0.20WEST JAPAN RY 0.20

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197

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

Description Weight in the index

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

WOLSELEY 0.41XYLEM INC 0.17YAMATO TRANSPORT 0.21YANGZIJIANG SHIPBUILDING HOLDINGS LTD 0.05ZARDOYA OTIS 0.08ZODIAC 0.17

Total 100.00

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198

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Diversified Industrials 20.59Industrial Machinery 13.36Aerospace 11.22Commercial Vehicles & Trucks 6.69Railroads 6.50Delivery Services 4.64Defense 4.48Business Support Services 4.07Industrial Suppliers 4.03Heavy Construction 3.75Travel & Tourism 3.10Electrical Components & Equipment 2.46Electronic Equipment 2.24Building Materials & Fixtures 2.11Transportation Services 1.49Airlines 1.15Waste & Disposal Services 1.07Marine Transportation 1.01Business Training & Employment Agencies 0.95Trucking 0.72Durable Household Products 0.63Auto Parts 0.61Oil Equipment & Services 0.55Publishing 0.48Containers & Packaging 0.35Media Agencies 0.33Specialty Chemicals 0.26Specialty Finance 0.23Financial Administration 0.19Nondurable Household Products 0.18Water 0.17Software 0.15Iron & Steel 0.14Real Estate Holding & Development 0.05Specialized Consumer Services 0.05

100.00

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199

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

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

Shares

3.162 786 4522 325 969EURAEGON NV406 0704.764 196 9123 138 899EURAIRBUS GROUP NV75 2000.52460 005437 084EURALLIANZ SE - REG3 5294.914 330 7324 249 469EURANHEUSER-BUSCH INBEV NV56 0542.031 787 3431 524 653EURASML HOLDING NV26 2690.44386 750305 231EURBANCO ESPIRITO SANTO SA - REG372 2336.035 329 6855 154 900EURBASF SE - REG68 7794.513 972 9923 368 055EURBAYER AG38 9708.057 107 7737 032 710EURBAYERISCHE MOTOREN WERKE AG83 4051.06933 166930 632EURBEIERSDORF AG12 6724.383 859 7123 854 869EURCONTINENTAL AG24 2147.746 830 3115 871 562EURDAIMLER AG108 5902.832 493 2712 466 406EURDEUTSCHE BANK AG - REG71 9043.823 372 0193 056 449EURDEUTSCHE POST AG - REG127 2465.324 690 3613 914 733EURDEUTSCHE TELEKOM AG - REG377 3424.383 861 0923 703 151EURE.ON SE287 8194.113 622 4973 574 178EURFRESENIUS MEDICAL CARE AG & CO KGAA70 0273.753 304 1993 501 726EURHOCHTIEF AG53 2422.322 050 0781 377 877EURING GROEP NV - CVA202 9787.556 669 0576 228 717EURKONINKLIJKE PHILIPS NV250 2931.941 708 4801 576 549EURMUENCHENER RUECKVERSICHERUNGS AG - REG10 6680.99871 287795 501JPYNINTENDO CO LTD9 0074.033 553 5993 466 238EURPORSCHE AUTOMOBIL HOLDING SE - PFD46 9681.781 569 2961 589 351EURRWE AG58 9851.431 259 2231 126 535EURSAP AG20 2092.822 483 4772 365 828JPYSEVEN & I HOLDINGS CO LTD86 0484.343 824 3533 466 843EURSIEMENS AG - REG38 5170.77675 044640 962EURUPM-KYMMENE OYJ54 971

99.7787 989 16681 045 077Total Shares

Investment funds

4.824 246 1584 243 848EURUK EQUITY HOLDINGS4 200

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

4.824 246 1584 243 848Total Investment funds

104.5992 235 32485 288 925Total investments

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200

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

24.20Automobiles and Parts11.89General Industrials10.54Chemicals5.62Nonlife Insurance5.32Mobile Telecommunications4.91Beverages4.82Investment Fund4.76Aerospace and Defense4.38Gas, Water and Multiutilities4.11Health Care Equipment and Services3.82Industrial Transportation3.75Construction and Materials3.27Banks2.82General Retailers2.32Life Insurance2.03Technology Hardware and Equipment1.78Electricity1.43Software and Computer Services1.06Personal Goods0.99Leisure Goods0.77Forestry and Paper

104.59

%

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201

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDINDUSTRIALS TR

70.02Germany19.83Netherlands4.91Belgium4.82France3.80Japan0.77Finland0.44Portugal

104.59

%

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202

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 99.27%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.

Description Weight in the index

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

AKER KVAERNER 0.09ALTAGAS LTD 0.15AMEC 0.17ANADARKO PETROLEUM CORP 1.30APACHE CORP 1.10ARC ENERGY TRUST 0.28ATHABASCA OIL SANDS CORP 0.07BAKER HUGHES INC 0.79BAYTEX ENERGY CORP 0.16BG GROUP PLC 2.39BP PLC 5.00CABOT OIL & GAS CORP 0.53CALTEX AUSTRALIA 0.08CAMECO CORP 0.27CAMERON INTERNATIONAL 0.48CANADIAN NAT RESOURCES 1.19CANADIAN OIL SANDS TRUST 0.30CENOVUS ENERGY INC 0.71CHENIERE ENERGY INC 0.29CHESAPEAKE ENERGY CORP 0.47CHEVRON CORP 7.92CIMAREX ENERGY CO 0.29COBALT INTERNATIONAL ENERGY INC 0.15CONCHO RESOURCES INC/MIDLAND TX 0.36CONOCOPHILLIPS 2.67CONSOL ENERGY 0.28CONTINENTAL RESOURCES INC/OK 0.17CORE LABORATORIES NV 0.28CRESCENT POINT ENERGY TRUST 0.49DELEK GROUP LTD 0.05DENBURY RESOURCES 0.20DEVON ENERGY 0.78DIAMOND OFFSHORE DRILL. 0.13ENBRIDGE 1.12ENCANA CORP 0.43ENERGEN CORP 0.16

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDENERGY TR

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203

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDENERGY TR

Description Weight in the index

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

ENERPLUS RESOURCES FUND 0.12ENI SPA 1.99ENSCO PLC 0.44EOG RESOURCES 1.48EQUITABLE RESOURCES 0.44EXXON MOBIL CORP 14.50FMC TECHNOLOGIES 0.40FUGRO 0.14GALP ENERGIA SGPS SA 0.18GEOPHYSIQUE 0.09GLENCORE INTERNATIONAL PLC 1.79HALLIBURTON CO 1.40HELMERICH PAYNE 0.29HESS CORP 0.83HOLLY CORP 0.31HUSKY ENERGY 0.36IDEMITSU KOSAN CO LTD 0.07IMPERIAL OIL 0.43INPEX HOLDINGS 0.37JPN PETROLEUM EX 0.04JX HOLDINGS INC 0.38KEYERA CORP 0.16KINDER MORGAN INC/DELAWARE 0.80KINDER MORGAN MANAGEMENT LLC 0.27KONINKLIJKE VOPAK NV 0.13LUNDIN PETROLEUM 0.14MARATHON OIL CORP 0.82MARATHON PETROLEUM CORP 0.92MEG ENERGY CORP 0.14MURPHY OIL CORP 0.38NABORS INDUSTRIES LTD 0.16NATIONAL OILWELL VARCO 1.11NESTLE OIL 0.08NOBLE CORP 0.31NOBLE ENERGY 0.79OCCIDENTAL PETROLEUM 2.49OCEANEERING INTL INC 0.27OMV 0.23ORIGIN ENERGY 0.45PACIFIC RUBIALES ENERGY CORP 0.18PEABODY ENERGY CORP. 0.17PEMBINA PIPELINE CORP 0.36PENGROWTH ENERGY CORP 0.10

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204

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDENERGY TR

Description Weight in the index

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

PENN WEST ENERGY TRUST 0.14PETROFAC LTD 0.17PEYTO EXPLORATION & DEVELOPMEN 0.14PHILLIPS 66 1.46PIONEER NATURAL RES. 0.81QEP RESOURCES INC 0.18RANGE RESOURCES CORP 0.44REPSOL YPF SA 0.71ROWAN CO INC 0.14ROYAL DUTCH SHELL PLC 4.47ROYAL DUTCH SHELL B 3.08SAIPEM SPA 0.18SANTOS 0.42SCHLUMBERGER LTD 3.88SEADRILL 0.50SHOWA SHELL 0.06SOUTHWESTERN ENERGY CO 0.45SPECTRA ENERGY CORP 0.78STATOIL 0.88SUBSEA 7 SA 0.16SUNCOR ENERGY INC 1.71SUPERIOR ENERGY SERVICES INC 0.14TALISMAN ENERGY 0.40TECHNIP SA 0.32TENARIS 0.33TESORO CORP 0.26TONENGENERAL 0.09TOTAL SA 4.22TOURMALINE OIL CORP 0.22TRANSCANADA CORP 1.06TRANSOCEAN LTD 0.57TULLOW OIL PLC 0.42VALERO ENERGY CORP 0.89VERMILION ENERGY INC 0.19WEATHERFORD INT'L 0.38WHITING PETROLEUM CORP 0.23WILLIAMS COS 0.86WOODSIDE PETROLEUM 0.75WORLEYPARSONS 0.10

Total 100.00

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205

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDENERGY TR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Integrated Oil & Gas 55.71Exploration & Production 22.48Oil Equipment & Services 13.09Pipelines 4.11General Mining 1.79Gas Distribution 1.14Coal 0.45Multiutilities 0.45Iron & Steel 0.33Nonferrous Metals 0.27Marine Transportation 0.13Specialty Finance 0.05

100.00

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206

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDENERGY TR

(expressed in EUR)Schedule of Investments as at December 31, 2013

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

Shares

4.261 042 698792 308EURAIRBUS GROUP NV18 6834.851 186 7061 093 289EURALLIANZ SE - REG9 1042.19535 257526 597EURANHEUSER-BUSCH INBEV NV6 9281.21296 314297 403EURASML HOLDING NV4 3553.74914 692907 728EURBASF SE - REG11 8044.311 052 940882 552EURBAYER AG10 3283.94964 435884 650EURBAYERISCHE MOTOREN WERKE AG11 3170.2355 59856 293EURBEIERSDORF AG7554.261 040 429854 577EURDAIMLER AG16 5410.94229 693195 950JPYDAINIPPON SCREEN MANUFACTURING CO LTD55 8164.361 065 4241 044 543EURDEUTSCHE BANK AG - REG30 7268.091 977 4641 671 011EURDEUTSCHE TELEKOM AG - REG159 0885.101 247 0451 161 947EURE.ON SE92 9590.2971 11064 270JPYFANUC CORP5358.272 024 4541 965 253EURFRESENIUS MEDICAL CARE AG & CO KGAA39 1353.63887 520935 142EURHOCHTIEF AG14 3014.441 084 861795 428EURING GROEP NV - CVA107 4122.96723 617741 380JPYKDDI CORP16 1980.81199 065184 272EURKONINKLIJKE PHILIPS NV7 4714.391 073 6461 003 836EURMUENCHENER RUECKVERSICHERUNGS AG - REG6 7040.78191 147175 531JPYNINTENDO CO LTD1 9762.84693 670653 905SEKNORDEA BANK AB70 8484.181 022 015881 397EURPORSCHE AUTOMOBIL HOLDING SE - PFD13 5084.661 138 2421 130 852EURRWE AG42 7834.341 060 329985 722EURSAP AG17 0173.46844 958791 817EURSIEMENS AG - REG8 5101.40342 071319 032JPYSOFTBANK CORP5 3850.79194 192154 307CHFSWISS LIFE HOLDING AG - REG1 285

94.7223 159 59221 150 992Total Shares

Investment funds

4.551 112 0891 106 307EURUK EQUITY HOLDINGS1 100

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

4.551 112 0891 106 307Total Investment funds

99.2724 271 68122 257 299Total investments

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207

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDENERGY TR

12.38Automobiles and Parts9.24Nonlife Insurance8.28Health Care Equipment and Services8.09Mobile Telecommunications8.05Chemicals7.19Banks5.23Life Insurance5.10Gas, Water and Multiutilities4.66Electricity4.55Investment Fund4.36Fixed Line Telecommunications4.34Software and Computer Services4.27General Industrials4.26Aerospace and Defense3.63Construction and Materials2.19Beverages2.15Technology Hardware and Equipment0.78Leisure Goods0.29Industrial Engineering0.23Personal Goods

99.27

%

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208

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDENERGY TR

71.80Germany10.73Netherlands6.37Japan4.55France2.84Sweden2.19Belgium0.79Switzerland

99.27

%

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209

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 102.43%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.

Description Weight in the index

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

3I GROUP PLC 0.09ABERDEEN ASSET MANAGEMENT PLC 0.12ACE (USD) 0.52ACOM 0.02ADMIRAL GROUP PLC 0.06AEGON NV 0.25AEON CREDIT 0.03AEON MALL 0.05AFFILIATED MANAGERS GROUP INC 0.17AFLAC INC 0.46AIA GROUP LTD 0.92ALLEGHANY CORP 0.10ALLIANZ SE 1.20ALLSTATE CP 0.37AMER EXPRESS CO 1.31AMER INTL GROUP 1.07AMERICAN CAPITAL AGENCY CORP 0.12AMERICAN TOWER CORP A 0.47AMERIPRISE FINANCIAL 0.34AMP LTD 0.18ANNALY CAPITAL MANAGEMENT INC 0.14AON CORP 0.36AOZORA BANK LTD 0.05ARCH CAPITAL GROUP LTD 0.12ASCENDAS REAL ESTATE INV 0.05ASSICURAZIONI GENERALI SPA 0.41ASSURANT INC 0.07AUSTRALIA & NEW ZEALAND BANKIN 1.19AUSTRALIAN STOCK EXCH. 0.10AVALONBAY COMMUNITIES 0.22AVIVA 0.32AXA SA 0.73AXIS CAPITAL HOLDINGS 0.07B M.PASCHI SIENA 0.02BALOISE HOLDING 0.09BANCHE POP UNITE 0.09

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

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210

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

Description Weight in the index

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

BANCO BILBAO VIZCAYA ARGENTARI 1.05BANCO POPULAR ESPANOL 0.12BANCO SABADELL 0.13BANCO SANTANDER SA 1.49BANK HAPOALIM BM/ILS 0.09BANK LEUMI LE-ISRAEL BM 0.08BANK MONTREAL 0.65BANK OF AMERICA CORP 2.62BANK OF E ASIA 0.08BANK OF IRELAND 0.12BANK OF KYOTO 0.04BANK OF NEW YORK 0.60BANK OF NOVA SCOTIA 1.13BANK OF QUEENSLAND LIMITED 0.05BANK OF YOKOHAMA 0.10BANKIA SAU 0.10BARCLAYS 1.03BB&T CORP 0.39BCO ESPIRITO SANTO E R 0.04BENDIGO BANK LTD 0.07BERKLEY (W.R.) CORP 0.07BERKSHIRE HATHAWAY INC CL B 1.96BLACKROCK INC 0.63BNP PARIBAS 1.14BOC HONG KONG 0.18BOSTON PROPERTIES 0.23BRITISH LAND CO PLC 0.15BROOKFIELD ASSET MAN A 0.32BROOKFIELD PROPERTIES 0.08CAIXABANK 0.13CAMDEN PROPERTY TRUST 0.07CANADIAN IMPERIAL BANK 0.51CAP ONE FINAN 0.68CAPITACOMMERCIAL TRUST 0.03CAPITALAND LIMITED 0.09CAPITAMALL TRUST 0.05CAPITAMALLS ASIA LTD 0.03CB RICHARD ELLIS GROUP 0.11CENTRO RETAIL GROUP 0.04CFS RETAIL PROP TRUST 0.06CHEUNG KONG HOLDINGS LTD 0.33CHIBA BANK 0.08CHICAGO MERCANTILE EXCH (UQ) 0.37

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211

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

Description Weight in the index

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

CHUBB CORP 0.37CHUGOKU BANK 0.03CI FINANCIAL INCOME FUND 0.08CINCINNATI FINL CORP 0.12CIT GROUP INC 0.15CITIGROUP INC 2.40CITY DEVELOPMENTS 0.05CNP ASSURANCE 0.05COLE REAL ESTATE INVESTMENT INC 0.10COMERICA 0.13COMMERZBANK AG 0.23COMMONWEALTH BANK OF AUSTRALIA 1.69CORIO NV 0.05CORPORACION MAPFRE SA 0.07CREDIT AGRICOLE 0.19CREDIT SAISON 0.06CS GROUP N 0.69DAI-ICHI LIFE INSURANCE CO 0.21DAITO TR CONST 0.10DAIWA HOUSE IND 0.17DAIWA SEC GROUP 0.25DANSKE BK 0.22DB RREEF TRUST 0.06DBS GROUP HOLDINGS 0.35DELTA LLOYD NV 0.07DEUTSCHE BANK AG 0.72DEUTSCHE BOERSE AG (2) 0.24DEUTSCHE WOHNEN AG-BR 0.09DIAMOND LEASE 0.05DIGITAL REALTY TRUST INC 0.10DIRECT LINE INSURANCE GROUP PLC 0.07DISCOVER FINANCIAL SERVICES 0.40DNB NOR ASA 0.26DUKE REALTY INVESTMENTS INC 0.07EATON VANCE CORP 0.08EQUITY RESIDENTIAL 0.27ERSTE BANK AUSTRIA 0.13EURAZEO 0.04EVEREST RE GROUP 0.11FAIRFAX FINANCIAL HLDGS 0.06FEDERAL REALTY INV TRUST 0.10FIDELITY NAT'L FINANCIAL 0.12FIFTH THR BNCP 0.27

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212

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

Description Weight in the index

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

FIRST CAPITAL REALTY INC 0.02FIRST PACIFIC CO LTD 0.04FIRST REPUBLIC BANK/SAN FRANCISCO CA 0.07FONCIERE DES REGIONS 0.04FORENINGSSPARBANKEN 0.38FORTIS 0.14FRANKLIN RESOURCES 0.35FUKUOKA FINANCIAL GROUP INC 0.05GECINA 0.04GENERAL GROWTH PROPERTIES 0.15GJENSIDIGE FORSIKRING ASA 0.06GLOBAL LOGISTIC PROPERTIES LTD 0.11GOLDM SACHS GRP 1.14GPT GROUP 0.08GREAT WEST LIFECO 0.14GROUPE BRUXELLES LAMBERT SA 0.11GUNMA BANK 0.03H&R REAL ESTATE INVESTMENT 0.04HACHIJUNI BANK 0.04HAMMERSON PLC 0.09HANG LUNG PROPERTIES LTD 0.11HANG SENG BANK 0.19HANNOVER RUECK 0.08HARGREAVES LANSDOWN PLC 0.07HARTFORD FINANCIAL SVCS 0.23HCP INC 0.25HEALTH CARE REIT INC 0.23HENDERSON LAND 0.09HIROSHIMA BANK 0.03HKEX 0.28HOKUHOKU FIN GRP 0.03HOST HOTELS & RESORTS 0.22HSBC HOLDINGS PLC 3.07HUDSON CITY BANCORP 0.07HYSAN DEVELOPMENT 0.04ICADE (EX ICADE EMGP) 0.05ICAP PLC 0.06IGM FINANCIAL 0.08IMMOFINANZ AG 0.07INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC 0.06INDUSTRIVARDEN AB-C SHS 0.03ING CANADA INC 0.13ING GROEP NV 0.80

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213

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

Description Weight in the index

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

INSURANCE AUSTRALIA GRP. 0.18INTERCONTINENTALEXCHANGE INC 0.39INTESA SANPAOLO SPA 0.43INTU PROPERTIES PLC 0.05INVESCO LTD 0.24INVESTEC 0.06INVESTOR AB 0.23ISTITUTO FINANZIARIO INDUSTRIALE SPA 0.06IYO BANK 0.04JAPAN EXCHANGE GROUP INC 0.11JAPAN PRIME REALTY INVT 0.04JAPAN REAL ESTATE INV CORP 0.10JAPAN RETAIL FUND INV CORP 0.07JOYO BANK 0.05JPMORGAN CHASE & CO 3.33JULIUS BAER GROUP LTD (EX GAM) 0.16KBC GROEP NV 0.21KEPPEL LAND 0.03KERRY PROPERTIES 0.03KEYCORP 0.18KIMCO REALTY CORP 0.12KINNEVIK INVESTMENT AB 0.16KLEPIERRE 0.07LAND SECURITIES GROUP PLC 0.18LEGAL & GENERAL 0.33LEGG MASON COMMON 0.07LEND LEASE 0.08LEUCADIA NATIONAL CORP 0.13LIBERTY PROPERTY TRUST 0.07LINCOLN NATL 0.20LINK REIT 0.17LLOYDS TSB GRP 0.98LOEWS CORP 0.24LONDON STOCK EXCHANGE 0.08M&T BANK CORP 0.20MACQUARIE BANK 0.21MACQUARIE GOODMAN GROUP 0.11MANULIFE FINANCIAL CORP 0.54MARSH & MCLENNAN 0.40MCGRAW-HILL COMPANIES INC 0.31MEDIOBANCA 0.07METLIFE INC 0.75MILLEA HOLDINGS 0.35

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214

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

Description Weight in the index

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

MIRVAC GROUP 0.08MITSUBISHI ESTATE CO LTD 0.57MITSUBISHI UFJ FINANCIAL GROUP 1.27MITSUI FUDOSAN 0.46MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INC 0.21MITSUI TRUST HLD 0.26MIZRAHI TEFAHOT BANK LTD 0.02MIZUHO FINANCIAL 0.75MOODY’S CORP 0.23MORGAN STANLEY 0.69MUENCHENER RUECKVERSICHERUNGS 0.58NASDAQ OMX GROUP/THE 0.07NATIONAL AUSTRALIA BANK LTD 1.10NATIONAL BANK OF CANADA 0.20NATIXIS (FR) 0.08NEW WORLD DEVELOPMENT CO LTD 0.07NEW YORK COMMUN. BANCORP 0.11NIPPON BUILDING FUND INC 0.12NIPPON PROLOGIS REIT INC 0.04NISHI-NP CITY BK 0.03NKSJ HOLDINGS INC 0.14NOMURA HOLDINGS 0.42NOMURA OFFICE REIT 0.02NOMURA REAL ESTATE HOLDINGS 0.04NORDEA 0.61NORTHERN TRUST CORP 0.21NTT URBAN DEV 0.02OCBC BANK 0.31OCWEN FINANCIAL CORP 0.10OKO PANKKI A 0.04OLD MUTUAL 0.23ONEX CORP 0.07ORIX 0.34PARGESA 0.03PARTNERRE 0.07PARTNERS GROUP HOLDING AG 0.07PEOPLE’S BANK/BRIDGEPORT CT 0.07PLUM CREEK TIMBER COMMON 0.12PNC FINL SVC 0.61POWER CORP OF CANADA 0.16POWER FINANCIAL CORP 0.13PRICE (T. ROWE) GROUP 0.32PRINCIPAL FINL 0.22

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Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

Description Weight in the index

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

PROGRESS CORP OH 0.23PROLOGIS INC 0.28PRUDENTIAL 0.85PRUDENTIAL FINL 0.63PUBLIC STORAGE 0.33QBE INSURANCE GROUP 0.19RAIFFEISEN INTERNATIONAL 0.03RAYMOND JAMES FINANCIAL INC 0.10RAYONIER INC 0.08REALOGY HOLDINGS CORP 0.11REALTY INCOME CORP 0.11REGENCY CENTERS CORP 0.06REGIONS FINANCIAL (NEW) 0.21REI-U.TO 0.05RENAISSANCERE HOLDINGS 0.06RESOLUTION LTD 0.12RESONA HOLDINGS 0.14ROYAL BANK OF CANADA 1.46ROYAL BANK OF SCOTLAND 0.18RSA INSURANCE GROUP PLC 0.08SAMPO OYJ 0.31SBI HOLDINGS 0.05SCHRODERS PLC/ORD LN GBP 0.07SCHWAB (CHARLES) CORP 0.45SCOR S.A. 0.08SEI INVESTMENTS COMPANY 0.08SEVEN BANK 0.04SHINSEI BANK 0.06SHIZUOKA BANK 0.09SHOEI 0.06SIMON PROPERTY GROUP INC 0.71SINGAPORE EXCHANGE 0.07SINO LAND CO LTD 0.06SKANDINAVISKA ENSKILDA BK 0.30SL GREEN REALTY CORP 0.13SLOUGH ESTATES PLC 0.06SOCIÉTÉ GENERALE 0.62SONY FINANCIAL HOLDINGS INC 0.05STANDARD CHARTERED 0.81STANDARD LIFE PLC 0.21STATE STREET CORP 0.49STOCKLAND 0.11SUMITOMO MITSUI FINANCIAL GROU 0.99

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Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

Description Weight in the index

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

SUMITOMO RE&DEV 0.27SUN HUNG KAI PROPERTIES LTD 0.31SUN LIFE FINANCIAL 0.32SUNCORP-METWAY 0.23SUNTRUST BANKS 0.30SURUGA BANK 0.05SVENSKA HANDELSBANKEN AB 0.36SWIRE PACIFIC LTD 0.12SWIRE PROPERTIES LTD 0.04SWISS LIFE HOLDING 0.10SWISS PRIME SITE-REG 0.06SWISS RE LTD 0.48T&D HOLDINGS 0.12TD AMERITRADE HOLDING CORP 0.10THE MACERICH COMPANY 0.12TOKYO TATEMONO CO LTD 0.07TOKYU FUDOSAN HOLDINGS CORP 0.07TORCHMARK CORP 0.11TORONTO-DOMINION BANK/THE 1.29TRAVELERS COS INC/THE 0.50TRYGVESTA 0.04UBS AG 1.03UNIBAIL-RODAMCO SE 0.36UNICREDIT SPA 0.48UNITED DOMINION REALTY 0.09UNITED OVERSEAS BANK 0.32UNITED OVERSEAS LAND 0.03UNITED URBAN INVESTMENT CORP 0.05UNUMPROVIDENT CORP 0.14US BANCORP 1.11USA EDUCTION INC 0.17VENTAS INC 0.25VORNADO REALTY TRUST 0.23WELLS FARGO & CO 3.45WENDEL 0.07WESTFIELD GROUP 0.28WESTFIELD RETAIL TRUST 0.12WESTPAC BANKING CORP 1.35WEYERHAEUSER CO 0.27WHARF HOLDINGS LTD 0.18WHEELOCK 0.06WIENER STAEDTISCHE 0.03WILLIS GROUP HOLDING LIMITED 0.11

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

XL CAPITAL 0.13YAMAGUCHI FINANCIAL GROUP INC 0.03ZURICH INSURANCE GROUP AG 0.64

Total 100.00

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

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218

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Banks 49.85Life Insurance 8.88Investment Services 5.58Full Line Insurance 4.65Property & Casualty Insurance 4.29Asset Managers 4.05Real Estate Holding & Development 3.72Reinsurance 3.61Retail REITs 3.21Consumer Finance 2.67Specialty REITs 2.00Industrial & Office REITs 1.92Specialty Finance 1.82Insurance Brokers 0.93Residential REITs 0.84Publishing 0.31Real Estate Services 0.30Mortgage REITs 0.26Hotel & Lodging REITs 0.22Mortgage Finance 0.22Diversified Industrials 0.19Diversified REITs 0.17Home Construction 0.17Heavy Construction 0.10Food Products 0.04

100.00

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

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219

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

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

Shares

4.74969 643745 412EURAIRBUS GROUP NV17 3744.64948 687845 568EURALLIANZ SE - REG7 2781.51309 504304 496EURANHEUSER-BUSCH INBEV NV4 0063.77771 574657 720EURASML HOLDING NV11 3405.921 211 0141 145 497EURBASF SE - REG15 6283.99815 192708 442EURBAYER AG7 9962.37484 135415 338EURBAYERISCHE MOTOREN WERKE AG5 6816.351 297 8791 012 359EURDAIMLER AG20 6340.97197 381233 750EURDELHAIZE GROUP SA4 5693.77770 513785 671EURDEUTSCHE BANK AG - REG22 2216.591 345 4841 096 225EURDEUTSCHE TELEKOM AG - REG108 2455.911 208 2761 197 278EURE.ON SE90 0694.71963 161907 862EURFRESENIUS MEDICAL CARE AG & CO KGAA18 6194.901 001 498874 516EURFRESENIUS SE & CO KGAA8 9744.87996 193925 913EURING GROEP NV - CVA98 6334.38895 059856 370EURKONINKLIJKE PHILIPS NV33 5921.43291 473267 320EURMUENCHENER RUECKVERSICHERUNGS AG - REG1 8200.88180 313165 481JPYNINTENDO CO LTD1 8644.59938 794798 175JPYORIX CORP73 6140.1327 39624 713EURPROSIEBENSAT.1 MEDIA AG7614.87996 5971 022 818EURRWE AG37 4594.901 002 319897 751EURSAP AG16 0863.49713 326676 732JPYSUMITOMO MITSUI FINANCIAL GROUP INC19 0614.09835 260841 201JPYTERUMO CORP23 8603.71758 486754 729EURUNILEVER NV25 909

97.4819 929 15718 161 337Total Shares

Investment funds

4.951 010 9901 010 233EURUK EQUITY HOLDINGS1 000

4.951 010 9901 010 233Total Investment funds

102.4320 940 14719 171 570Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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220

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

13.71Health Care Equipment and Services9.91Chemicals8.72Automobiles and Parts7.26Banks6.58Mobile Telecommunications6.07Nonlife Insurance5.91Gas, Water and Multiutilities4.95Investment Fund4.90Software and Computer Services4.87Electricity4.87Life Insurance4.74Aerospace and Defense4.59Financial Services4.38General Industrials3.77Technology Hardware and Equipment3.71Food Producers1.51Beverages0.97Food and Drug Retailers0.88Leisure Goods0.13Media

102.43

%

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(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR

60.47Germany21.48Netherlands13.05Japan4.95France2.48Belgium

102.43

%

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Index composition at December 31, 2013At December 31, 2013, 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 101.57%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.

Description Weight in the index

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

ABC MART 0.03ACCOR SA 0.19ADIDAS SALOMON 0.67ADVANCE AUTO PARTS 0.20AISIN SEIKI 0.20AMAZON 3.72AOL TIME WARNER 1.61ASICS 0.07AUTOLIV INC 0.22AUTOZONE INC 0.43AXEL SPRINGER AG 0.06BAYERISCHE MOTOREN WERKE AG 0.96BED BATH BEYOND 0.45BENESSE CORP 0.07BEST BUY CO INC 0.28BLOCK (H&R) 0.21BMW ACTION PREF. 0.12BORG WARNER INC 0.32BRIDGESTONE CORP 0.63BRITISH SKY BROADCASTING GROUP 0.37BURBERRY 0.28CABLEVISION SYSTEMS A 0.08CANADIAN TIRE CORP A 0.18CARMAX 0.27CARNIVAL CORP 0.39CARNIVAL PLC 0.19CASIO COMPUTER 0.07CBS CORP B 0.91CHARTER COMMUNICATIONS INC 0.21CHIPOTLE MEXICAN GRILL INC 0.41CHRISTIAN DIOR 0.26CIE FINANCIERE RICHEMONT SA 1.31COACH 0.40COMCAST A SPECIAL (NEW) 0.61COMCAST CORP A 2.80COMPASS GROUP PLC 0.73

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

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223

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

CONTINENTAL AG 0.60CROWN LTD 0.15D.R. HORTON 0.16DAIHATSU MOTOR 0.08DAIMLER AG 2.07DARDEN REST 0.18DELPHI AUTOMOTIVE PLC 0.45DENSO 0.66DENTSU INC 0.23DICK'S SPORTING GOODS INC 0.15DIRECTV 0.92DISCOVERY COMMUNICATIONS INC 0.19DISCOVERY HOLDING A 0.34DOLLAR GENERAL CORP 0.49DOLLAR TREE STORES INC. 0.32DOLLARAMA INC 0.14DON QUIJOTE 0.08ECHO ENTERTAINMENT GROUP LTD 0.05ECHOSTAR COMMUNI. A 0.32ELECTROLUX AB 0.16EUTELSAT COMMUNICATIONS 0.11EXPEDIA COMMON 0.20FAMILY DOLLAR STORES 0.17FAST RETAILING CO LTD 0.56FED DEPT STRS 0.52FIAT SPA (MILAN) 0.21FLIGHT CENTRE LTD 0.06FORD MOTOR CO 1.45FOSSIL INC 0.15FUJI HEAVY INDS 0.43GALAXY ENTERTAINMENT GROUP LTD 0.49GAMESTOP CORP 0.15GAP INC 0.30GARMIN 0.13GENERAL MOTORS CO 1.01GENTING INTERNATIONAL PLC 0.18GENUINE PARTS CO 0.32GILDAN ACTIVEWEAR 0.16GKN 0.26HAKUHODO DY HLDG 0.05HARLEY-DAVIDSON 0.39HARVEY NORMAN HOLDINGS 0.04HASBRO INC 0.16

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

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224

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

HENNES & MAURITZ AB 1.11HOME DEPOT INC/THE 3.00HONDA MOTOR CO LTD 1.72HUGO BOSS AG 0.11HUSQVARNA AB 0.06IIDA GROUP HOLDINGS CO LTD 0.07INDITEX SA 0.90INTERCONTINENTAL HOTELS G 0.22INTERPUBLIC GRP 0.19INTL GAME TECH 0.12ISETAN MITSUKOSHI HOLDINGS LTD 0.13ISUZU MOTORS 0.19ITV PLC 0.31J C DECAUX SA 0.07J FRONT RETAILING CO LTD 0.09JARDINE CYCLE & CARRIAGE 0.08JOHNSON CONTROLS 0.89KABEL DEUTSCHLAND HOLDING AG 0.07KERING 0.41KINGFISHER 0.38KOHL’S CORP 0.31KOITO MFG 0.05LAGARDERE 0.10LAS VEGAS SANDS CORP 0.84LEGGETT & PLATT 0.11LENNAR CORP A 0.16LI & FUNG 0.19LIBERTY GLOBAL A 0.48LIBERTY GLOBAL C 0.36LIBERTY INTERACTIVE A 0.37LIBERTY MEDIA CORP 0.35LIMITED BRANDS 0.39LKQ CORP 0.25LOWES COMPANIES 1.33LULULEMON ATHLETICA INC 0.15LUXOTTICA 0.23LVMH MOET HENNESSY LOUIS VUITT 1.16MAGNA INTERNATIONAL A 0.47MARKS & SP. 0.29MARRIOTT INT’L A 0.30MARUI 0.06MATSUSHITA E IND 0.66MATTEL INC 0.42

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

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225

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

MAZDA MOTOR 0.36MCDONALDS COMPANY (JAPAN) 0.04MCDONALD’S CORP 2.46MGM CHINA HOLDINGS LTD 0.10MGM MIRAGE 0.24MICHAEL KORS HOLDINGS LTD 0.41MICHELIN 0.50MITSUBISHI MOTOR 0.12MOHAWK INDUSTRIES 0.23N O K CORP 0.04NAMCO BANDAI HLD 0.10NETFLIX.COM INC 0.49NEWELL RUBBERMD 0.24NEWS CORP 0.17NEXT 0.37NGK SPARK PLUG 0.11NHK SPRING 0.05NIKE INC CL B 1.42NIKON CORP 0.17NISSAN MOTOR CO 0.53NITORI CO 0.08NOERDSTROM 0.25NOKIAN RENKAAT 0.14OMNICOM GROUP INC 0.49OREILLY AUTOMOTIVE INC 0.36ORIENTAL LAND 0.18PEARSON PLC 0.46PERSIMMON 0.16PETSMART 0.18PHILLIPS-VAN HEUSEN CORP 0.28PIRELLI & C 0.10POLARIS INDUSTRIES INC 0.24POLO RALPH LAUREN CORP A 0.27PORSCHE PREF 0.40PREMIERE 0.12PRICELINE.COM INC 1.51PROSIEBENSAT.1 MEDI.PREF 0.23PUBLICIS GROUPE SA 0.42PULTE HOMES 0.18RAKUTEN 0.28REA GROUP LTD 0.04REED ELSEVIER NV 0.37REED ELSEVIER PLC 0.45

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

RENAULT SA 0.39RINNAI 0.07ROSS STORES 0.41ROYAL CARIBBEAN CRUISES 0.19RTL GROUP SA. 0.13SANDS CHINA LTD 0.51SANKYO 0.06SANRIO 0.05SCRIPPS NETWORKS INTERAC-W/I 0.18SEARS HOLDINGS CORP 0.04SEGA SAMMY HOLDINGS INC 0.12SEKISUI CHEMICAL 0.13SEKISUI HOUSE 0.19SES SA 0.25SHANGRI-LA ASIA 0.08SHARP CORP/JAPAN 0.12SHAW COMMUNICATIONS B 0.24SHIMAMURA CO LTD 0.05SHIMANO INC 0.17SINGAPORE PRESS HLDG 0.13SIRIUS SATELLITE RADIO 0.28SJM HOLDINGS LTD 0.17SODEXO 0.24SONY CORP 0.45STANLEY ELEC 0.08STAPLES INC 0.26STARBUCKS CORP 1.48STARWOOD HOTELS 0.39SUMITOMO RUBBER 0.06SUZUKI MOTOR 0.25SWATCH GROUP I 0.52SWATCH GROUP N 0.12TABCORP HOLDINGS 0.06TAKASHIMAYA 0.07TARGET CORP 0.97TATTERSALL'S LTD 0.10TESLA MOTORS INC 0.33TESSENDERLO CHEMIE-PARTS SOC. 0.08THOMSON CORP 0.36TIFFANY & CO 0.30TIM HORTONS INC. 0.22TIME WARNER CABLE INC 0.98TJX CO INC 1.16

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

TOHO 0.06TOLL BROTHERS 0.15TOYODA GOSEI 0.04TOYOTA BOSHOKU 0.02TOYOTA INDUSTRI 0.19TOYOTA MOTOR CORP 4.33TRACTOR SUPPLY COMPANY 0.27TRIPADVISOR INC 0.24TRW AUTOMOTIVE HOLDINGS CORP 0.22TUI TRAVEL PLC 0.08TWENTY-FIRST - B 0.39TWENTY-FIRST CENTURY FOX INC 1.38ULTA SALON COSMETICS & FRAGRANCE INC 0.15UNDER ARMOUR INC 0.18URBAN OUTFITTER 0.11USS 0.08VALEO SA 0.21VF CORP 0.56VIACOM INC 0.95VOLKSWAGEN AG 1.01VOLKSWAGEN AG 0.20WALT DISNEY CO/THE 3.31WHIRLPOOL CORP 0.32WHITBREAD 0.28WILLIAM HILL 0.14WOLTERS KLUWER NV 0.22WPP PLC 0.77WYNDHAM WORLDWIDE CORP 0.25WYNN MACAU LTD 0.18WYNN RESORTS 0.41YAMADA DENKI 0.08YAMAHA CORP 0.06YAMAHA MOTOR 0.11YOKOHAMA RUBBER 0.05YUE YUEN IND 0.06YUM! BRANDS INC 0.86

Total 100.00

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Broadcasting & Entertainment 19.16Automobiles 16.47Restaurants & Bars 6.90Clothing & Accessories 6.74Broadline Retailers 6.42Apparel Retailers 5.92Specialty Retailers 5.48Auto Parts 5.05Home Improvement Retailers 4.79Gambling 3.62Footwear 2.25Media Agencies 2.22Publishing 2.15Travel & Tourism 2.09Tires 2.08Hotels 1.43Consumer Electronics 1.30Home Construction 1.13Recreational Services 1.13Durable Household Products 0.90Toys 0.80Recreational Products 0.64Specialized Consumer Services 0.56Furnishings 0.34Commercial Vehicles & Trucks 0.19Telecommunications Equipment 0.13Real Estate Holding & Development 0.07Real Estate Services 0.04

100.00

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229

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

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

Shares

0.3385 40694 504AUDAGL ENERGY LTD8 7523.63936 827849 724EURAIRBUS GROUP NV16 7865.711 475 1711 306 366EURALLIANZ SE - REG11 3170.39101 435109 629JPYANA HOLDINGS INC69 9569.242 387 4662 309 356EURBASF SE - REG30 8100.81208 080189 874EURBAYER AG2 0414.211 088 089987 037EURBAYERISCHE MOTOREN WERKE AG12 7682.64681 096680 219EURBEIERSDORF AG9 2495.111 320 7741 250 238EURDAIMLER AG20 9983.951 020 104997 191EURDEUTSCHE BANK AG - REG29 4194.311 113 019899 545EURDEUTSCHE TELEKOM AG - REG89 5431.51390 162364 513EURE.ON SE29 0841.57405 022434 177EURHEIDELBERGCEMENT AG7 3444.351 123 474771 253EURING GROEP NV - CVA111 2354.331 117 465943 999EURKONINKLIJKE PHILIPS NV41 9391.06274 745241 886CHFLINDT & SPRUENGLI AG - REG74.821 246 1271 178 347EURMUENCHENER RUECKVERSICHERUNGS AG - REG7 7810.52135 041123 461JPYNINTENDO CO LTD1 3963.72961 826817 757JPYORIX CORP75 4205.381 390 8581 356 665EURPORSCHE AUTOMOBIL HOLDING SE - PFD18 3831.02262 924268 388EURREED ELSEVIER NV17 0730.1230 06430 855EURRWE AG1 1302.45632 758621 426EURSAP AG10 1558.272 136 4231 991 999EURSIEMENS AG - REG21 5171.06274 673256 173JPYSOFTBANK CORP4 3243.44889 295880 789EURSOLVAY SA7 7331.58409 242442 574JPYTAKEDA PHARMACEUTICAL CO LTD12 2844.261 099 7701 107 593JPYTERUMO CORP31 4164.161 074 2171 068 896EURUNILEVER NV36 6942.89746 734742 742EURUNIT4 NV19 4690.42108 015102 561EURUPM-KYMMENE OYJ8 796

97.2625 126 30223 419 737Total Shares

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

Schedule of Investments as at December 31, 2013 (cont.)(expressed in EUR)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

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

Investment funds

4.311 112 0891 111 516EURUK EQUITY HOLDINGS1 100

4.311 112 0891 111 516Total Investment funds

101.5726 238 39124 531 253Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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231

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

14.70Automobiles and Parts13.49Chemicals12.60General Industrials10.53Nonlife Insurance5.34Software and Computer Services5.22Food Producers4.35Life Insurance4.31Investment Fund4.31Mobile Telecommunications4.26Health Care Equipment and Services3.95Banks3.72Financial Services3.63Aerospace and Defense2.64Personal Goods1.84Gas, Water and Multiutilities1.58Pharmaceuticals and Biotechnology1.57Construction and Materials1.06Fixed Line Telecommunications1.02Media0.52Leisure Goods0.42Forestry and Paper0.39Travel, Leisure and Catering0.12Electricity

101.57

%

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232

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER DISCRETIONARY TR

60.10Germany20.37Netherlands11.54Japan4.31France3.44Belgium1.06Switzerland0.42Finland0.33Australia

101.57

%

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233

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 103.09%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.

Description Weight in the index

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

AEON CO LTD 0.26AJINOMOTO 0.28ALIMENTATION COUCHE-T. B 0.33ALTRIA GROUP 2.43ANHEUSER-BUSCH INBEV NV 2.66ARCHER-DANIELS-MIDLAND CO 0.91ARYZTA AG 0.21ASAHI BREWERIES 0.35ASSOCIATED BRIT FOODS 0.47AVON PRODUCTS INC 0.24BARRY CALLEBAUT-AG. 0.09BEAM INC 0.31BEIERSDORF 0.32BRITISH AMERICAN TOBACCO PLC 3.21BROWN-FORMAN CORP/NYC 0.29BUNGE 0.39CALBEE INC 0.06CAMPBELL SOUP CO 0.28CARLSBERG 'B' 0.37CARREFOUR SA 0.76CASINO 0.20CHURCH & DWIGHT CO INC 0.29CLOROX CO 0.38COCA COLA ENT 0.35COCA-COLA AMATIL 0.20COCA-COLA CO/THE 5.20COCA-COLA HBC AG 0.19COCA-COLA WEST H 0.04COLGATE PALMOLIV 1.91COLRUYT 0.13CONAGRA FOODS 0.45CONSTELLATION BRANDS A 0.37COSTCO WHOLESALE CORP 1.65CVS CORPORATION 2.77DANONE 1.28DELHAIZE GROUP SA 0.18

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER STAPLES TR

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234

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Description Weight in the index

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

DIAGEO PLC 2.62DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA 0.17DR PEPPER SNAPPLE GROUP INC 0.31EMPIRE CO LTD 0.12ENERGIZER HOLDINGS INC 0.21ESTEE LAUDER COS A 0.56FAMILYMART 0.09GENERAL MILLS 1.02GOLDEN AGRI-RESOURCES LTD 0.10GREEN MOUNTAIN COFFEE ROASTERS INC 0.31HANSEN NATURAL CORP 0.30HEINEKEN HLDG 0.20HEINEKEN NV 0.49HENKEL 0.42HENKEL KGAA VZ 0.65HERBALIFE LTD 0.22HERSHEY CO COMMON (THE) 0.47HORMEL FOODS CORP 0.21IMPERIAL TOBACCO GROUP PLC 1.20JAPAN TOBACCO 1.15JERONIMO MARTINS SGPS 0.15KAO CORPORATION 0.52KELLOGG CO 0.49KERRY GRP A 0.33KIKKOMAN CORP 0.10KIMBERLY-CLARK 1.27KIRIN BREWERY 0.40KONINKLIJKE AHOLD NV 0.58KRAFT FOODS 1.89KRAFT FOODS GROUP INC 1.02KROGER CO 0.62L OREAL 1.33LAWSON 0.16LINDT & SPRUENGLI 0.18LINDT & SPRUENGLI AG 0.12LOBLAW 0.14LORILLARD INC 0.60MCCORMICK & CO N-VTG 0.26MEAD JOHNSON NUTRITION CO 0.54MEIJI HOLDINGS CO LTD 0.13METCASH LTD 0.08METRO AG 0.20METRO INC 0.18

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER STAPLES TR

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235

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

MOLSON COORS BREWING CO. 0.27MORRISON (WILLIAM) SUPERM 0.30NESTLE S.A. 7.47NIP MEAT PACKERS 0.09NISSHIN GROUP 0.07NISSIN FOOD 0.08OLAM INTERNATIONAL 0.06ORKLA A 0.19PEPSICO INC/NC 4.05PERNOD-RICARD SA 0.76PHILIP MORRIS INTERNATIONAL IN 4.46PROCTER & GAMBLE CO/THE 7.04RECKITT BENCKISER GROUP PLC 1.61REMY COINTREAU 0.07REYNOLDS AMERICAN INC 0.52SABMILLER 1.54SAFEWAY INC 0.25SAINSBURY (J) 0.24SAPUTO 0.18SEVEN & I HOLDINGS CO LTD 0.96SHISEIDO 0.19SHOPPERS DRUG MART CORP 0.35SMUCKER (J.M.) CO 0.34SUEDZUCKER AG 0.07SUNTORY BEVERAGE & FOOD LTD 0.13SVENSKA CELLULOSA AB 0.57SWEDISH MATCH 0.21SYSCO CORP 0.68TATE & LYLE PLC 0.20TESCO PLC 1.40TOYO SUISAN 0.09TREASURY WINE ESTATES LTD 0.09TYSON FOODS A 0.30UNI-CHARM 0.21UNILEVER NV 2.05UNILEVER PLC 1.65WALGREEN CO 1.63WAL-MART STORES INC 4.14WESFARMERS LIMITED 1.25WESTON (GEORGE) 0.12WHOLE FOODS MARKET 0.65WILMAR INTERNATIONAL LTD 0.16WOOLWORTHS LTD 1.21

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER STAPLES TR

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236

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

YAKULT HONSHA 0.14YAMAZAKI BAKING 0.04

Total 100.00

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER STAPLES TR

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER STAPLES TR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Food Products 24.70Tobacco 13.78Soft Drinks 10.77Nondurable Household Products 10.60Food Retailers & Wholesalers 8.94Personal Products 7.12Broadline Retailers 7.01Brewers 6.28Drug Retailers 4.75Distillers & Vintners 4.51Home Improvement Retailers 1.25Diversified Industrials 0.19Farming & Fishing 0.10

100.00

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238

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER STAPLES TR

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

Shares

3.76880 068715 045EURAIRBUS GROUP NV15 7693.85899 806863 692EURALLIANZ SE - REG6 9031.04243 601243 853EURANHEUSER-BUSCH INBEV NV3 1534.351 017 878906 875EURASML HOLDING NV14 9609.532 227 6042 143 688EURBASF SE - REG28 7474.941 156 725968 036EURBAYER AG11 3464.21985 655904 114EURBAYERISCHE MOTOREN WERKE AG11 5664.08955 074834 972EURDAIMLER AG15 1840.63148 455126 647JPYDAINIPPON SCREEN MANUFACTURING CO LTD36 0754.701 098 9551 093 172EURDEUTSCHE BANK AG - REG31 6933.92918 146804 850EURDEUTSCHE POST AG - REG34 6478.031 875 8851 561 293EURDEUTSCHE TELEKOM AG - REG150 9160.88206 883180 276CHFDUFRY AG - REG1 6194.361 020 734987 470EURE.ON SE76 0890.4196 12278 249EURING GROEP NV - CVA9 5170.3377 71557 415EURKBC GROEP NV1 8843.13731 832709 859EURKONINKLIJKE PHILIPS NV27 4663.42799 327768 048EURLINDE AG5 2575.091 189 7541 103 879EURMUENCHENER RUECKVERSICHERUNGS AG - REG7 4294.931 154 118956 731EURPORSCHE AUTOMOBIL HOLDING SE - PFD15 2545.371 255 7291 119 091EURRWE AG47 1994.381 024 127953 881EURSAP AG16 4364.17975 127869 472EURSIEMENS AG - REG9 8210.92214 130195 882EURSOLVAY SA1 8620.64150 820119 843CHFSWISS LIFE HOLDING AG - REG9983.33778 686774 829EURUNILEVER NV26 5994.13967 270920 033EURUNITED INTERNET AG - REG31 2830.2456 04653 216EURUPM-KYMMENE OYJ4 564

98.7723 106 27221 014 411Total Shares

Investment funds

4.321 010 9901 009 835EURUK EQUITY HOLDINGS1 000

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

4.321 010 9901 009 835Total Investment funds

103.0924 117 26222 024 246Total investments

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239

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER STAPLES TR

18.80Chemicals13.23Automobiles and Parts8.93Nonlife Insurance8.51Software and Computer Services8.02Mobile Telecommunications7.30General Industrials5.37Electricity5.03Banks4.99Technology Hardware and Equipment4.36Gas, Water and Multiutilities4.32Investment Fund3.92Industrial Transportation3.76Aerospace and Defense3.33Food Producers1.06Life Insurance1.04Beverages0.88General Retailers0.24Forestry and Paper

103.09

%

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240

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLDCONSUMER STAPLES TR

79.11Germany14.98Netherlands4.32France2.29Belgium0.88Bermuda0.64Switzerland0.63Japan0.24Finland

103.09

%

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241

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 108.15%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.

Description Weight in the index

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

ALUMINIUM LME 16.20COPPER LME 31.22LEAD LME 16.01NICKEL LME 16.68ZINC LME 19.89

Total 100.00

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIINDUSTRIAL METALS 3 MONTH FORWARD

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242

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIINDUSTRIAL METALS 3 MONTH FORWARD

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Base 100.00

100.00

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243

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIINDUSTRIAL METALS 3 MONTH FORWARD

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

Shares

3.70313 544301 000EURAEGON NV33 1604.31365 137275 419EURAIRBUS GROUP NV4 7483.90331 032281 470EURALLIANZ SE - REG1 8430.8370 32272 941JPYANA HOLDINGS INC35 1963.42290 361248 454EURASML HOLDING NV3 0972.46208 449216 046EURBANCO BILBAO VIZCAYA ARGENTARIA SA16 9062.68226 822217 556EURBANCO SANTANDER SA25 3019.23782 892724 224EURBASF SE - REG7 3325.01424 677349 980EURBAYER AG3 0233.91331 854264 806EURBAYERISCHE MOTOREN WERKE AG2 8263.62306 844304 035EURCONTINENTAL AG1 3979.26784 477721 735EURDAIMLER AG9 0513.68312 054294 612EURDEUTSCHE BANK AG - REG6 5311.43121 524107 955EURDEUTSCHE POST AG - REG3 3283.03257 128258 576JPYEISAI CO LTD6 6323.71314 230278 063EURE.ON SE16 9994.50381 637316 832EURIBERDROLA SA59 7543.74317 281304 787EURINDITEX SA1 9225.12434 122290 049EURING GROEP NV - CVA31 1934.17353 570342 705EURKONINKLIJKE PHILIPS NV9 6300.9580 37773 348JPYNINTENDO CO LTD6033.99338 310288 821EURPORSCHE AUTOMOBIL HOLDING SE - PFD3 2453.41289 287278 568EURRWE AG7 8911.44122 351108 500EURSAP AG1 4259.03765 489689 611EURSIEMENS AG - REG5 5953.22272 836248 624JPYSOFTBANK CORP3 1172.81238 391236 105EURTELEFONICA SA14 6181.59134 945146 132EURTHYSSENKRUPP AG5 536

108.159 169 9438 240 954Total Shares

108.159 169 9438 240 954Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

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244

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIINDUSTRIAL METALS 3 MONTH FORWARD

20.78Automobiles and Parts14.25Chemicals13.20General Industrials8.81Banks7.91Electricity7.60Nonlife Insurance6.03Fixed Line Telecommunications5.12Life Insurance4.31Aerospace and Defense3.74General Retailers3.71Gas, Water and Multiutilities3.42Technology Hardware and Equipment3.03Pharmaceuticals and Biotechnology1.59Industrial Metals and Mining1.44Software and Computer Services1.43Industrial Transportation0.95Leisure Goods0.83Travel, Leisure and Catering

108.15

%

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245

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIINDUSTRIAL METALS 3 MONTH FORWARD

63.21Germany20.72Netherlands16.19Spain8.03Japan

108.15

%

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246

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 105.35%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe S&P GSCI® 3 Month Forward Capped Sector Equal Weight Composite Index Total Return.As a consequence, the investor is exposed to the performance of the following basket composing thebenchmark index.

Description Weight in the index

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

ALUMINIUM LME 5.63 BRENT CRUDE OIL 5.89 COCOA 0.49 COFFEE 0.90 COPPER LME 11.40 CORN 5.74 COTTON 1.93 CRUDE OIL WTI 10.38 FEEDER CATTLE 1.10 GASOIL 6.47 GOLD 5.24 HEATING OIL 4.75 KANSAS WHEAT 1.10 LEAD LME 2.81 LEAN HOGS 3.36 LIVE CATTLE 5.18 NATURAL GAS 2.22 NICKEL LME 2.93 RBOB GASOLINE 4.67SILVER 2.00SOYBEANS 4.61SUGAR #11 2.47WHEAT 5.23ZINC LME 3.50

Total 100.00

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIAGGREGATE 3 MONTH FORWARD

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247

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIAGGREGATE 3 MONTH FORWARD

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Energy 34.38Base 26.27Agricultural 22.47Livestock 9.64Precious 7.24

100.00

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248

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIAGGREGATE 3 MONTH FORWARD

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

Shares

2.33201 289193 236EURAEGON NV21 2882.30199 334163 188EURAIRBUS GROUP NV2 5923.89336 420303 479EURALLIANZ SE - REG1 8734.19362 553304 708EURASML HOLDING NV3 8674.11355 286367 300EURBANCO BILBAO VIZCAYA ARGENTARIA SA28 8154.46385 708387 593EURBANCO SANTANDER SA43 0249.26801 578761 224EURBASF SE - REG7 5079.13790 071689 642EURBAYER AG5 6240.5446 97241 439EURBAYERISCHE MOTOREN WERKE AG4003.64314 532311 652EURCONTINENTAL AG1 4329.28803 198727 330EURDAIMLER AG9 2673.70320 033314 301EURDEUTSCHE BANK AG - REG6 6984.42382 246339 737EURDEUTSCHE POST AG - REG10 4684.18361 478318 745EURE.ON SE19 5550.8473 08775 274JPYFAST RETAILING CO LTD1773.52304 443278 045EURFRESENIUS MEDICAL CARE AG & CO KGAA4 2711.68145 427115 319EURIBERDROLA SA22 7703.86333 904194 801EURING GROEP NV - CVA23 9923.92338 884328 471EURKONINKLIJKE PHILIPS NV9 2300.9582 24375 051JPYNINTENDO CO LTD6173.69319 231272 629EURPORSCHE AUTOMOBIL HOLDING SE - PFD3 0622.58223 005179 254EURRWE AG6 0833.38292 611267 310EURSAP AG3 4089.23798 599723 773EURSIEMENS AG - REG5 8373.67317 214289 064JPYSOFTBANK CORP3 6241.0691 96192 608EURTELEFONICA SA5 6391.54133 636137 172JPYTOKYO ELECTRIC POWER CO INC27 168

105.359 114 9438 252 345Total Shares

105.359 114 9438 252 345Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

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249

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIAGGREGATE 3 MONTH FORWARD

18.41Chemicals17.15Automobiles and Parts13.15General Industrials12.26Banks6.21Nonlife Insurance5.80Electricity4.73Fixed Line Telecommunications4.42Industrial Transportation4.19Technology Hardware and Equipment4.18Gas, Water and Multiutilities3.86Life Insurance3.52Health Care Equipment and Services3.38Software and Computer Services2.30Aerospace and Defense0.95Leisure Goods0.84General Retailers

105.35

%

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250

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIAGGREGATE 3 MONTH FORWARD

70.43Germany16.60Netherlands11.31Spain7.01Japan

105.35

%

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251

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 108.81%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.

Description Weight in the index

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

ALUMINIUM LME 0.75 BRENT CRUDE OIL 7.19 COCOA 5.20 COPPER LME 4.94 CORN 0.36 COTTON 6.15 CRUDE OIL WTI 4.17 FEEDER CATTLE 5.10 GASOIL 6.48 GOLD 4.25 HEATING OIL 6.82 KANSAS WHEAT 3.24 LEAD LME 2.74 LEAN HOGS 7.62 LIVE CATTLE 6.14 NATURAL GAS 1.18 NICKEL LME 3.00 RBOB GASOLINE 7.72 SILVER 3.29 SOYBEANS 8.26 SUGAR #11 1.39 WHEAT 1.63 ZINC LME 2.38

Total 100.00

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES MOMENTUM TR

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252

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES MOMENTUM TR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Energy 33.56Agricultural 26.23Livestock 18.86Base 13.81Precious 7.54

100.00

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253

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES MOMENTUM TR

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

Shares

3.93840 852810 338EURADIDAS AG - REG6 5873.93840 243806 628EURAEGON NV88 8633.24693 502665 913EURAKZO NOBEL NV - CVA8 9335.461 167 3231 033 123EURALLIANZ SE - REG6 4994.67997 748838 557EURASML HOLDING NV10 6422.39510 297513 606EURBANCO BILBAO VIZCAYA ARGENTARIA SA41 3872.55544 109524 071EURBANCO SANTANDER SA60 6934.67997 834904 153EURBASF SE - REG9 3457.271 550 9221 325 736EURBAYER AG11 0403.85822 352814 823EURCONTINENTAL AG3 7446.821 455 8481 293 706EURDAIMLER AG16 7971.03220 668251 011EURDELHAIZE GROUP SA3 7073.91836 301744 877EURDEUTSCHE BANK AG - REG17 5033.88829 636818 415EURDEUTSCHE POST AG - REG22 7201.36291 659249 287EURE.ON SE15 7780.4494 42490 195EURFERROVIAL SA4 8720.63135 149125 684EURFRESENIUS MEDICAL CARE AG & CO KGAA1 8964.67997 190785 112EURIBERDROLA SA156 1332.58552 022534 813EURINDITEX SA3 3445.551 185 475774 233EURING GROEP NV - CVA85 1801.85396 344332 994JPYKAWASAKI HEAVY INDUSTRIES LTD94 4626.451 378 9601 167 181EURKONINKLIJKE PHILIPS NV37 5580.95203 808185 986JPYNINTENDO CO LTD1 5294.801 026 397798 955EURPORSCHE AUTOMOBIL HOLDING SE - PFD9 8454.47955 699805 487EURRWE AG26 0690.83176 872172 691EURSAP AG2 0608.361 785 5951 654 317EURSIEMENS AG - REG13 0513.71793 158818 306EURTELEFONICA SA48 636

104.2522 280 38719 840 198Total Shares

Investment funds

4.56975 166915 552EURUK EQUITY HOLDINGS700

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

4.56975 166915 552Total Investment funds

108.8123 255 55320 755 750Total investments

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254

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES MOMENTUM TR

15.47Automobiles and Parts15.18Chemicals14.81General Industrials9.39Nonlife Insurance9.14Electricity8.85Banks5.55Life Insurance4.67Technology Hardware and Equipment4.56Investment Fund3.93Personal Goods3.88Industrial Transportation3.71Fixed Line Telecommunications2.58General Retailers1.85Industrial Engineering1.36Gas, Water and Multiutilities1.03Food and Drug Retailers0.95Leisure Goods0.83Software and Computer Services0.63Health Care Equipment and Services0.44Construction and Materials

108.81

%

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255

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES MOMENTUM TR

60.24Germany23.84Netherlands16.33Spain4.56France2.81Japan1.03Belgium

108.81

%

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256

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 107.48%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.

Description Weight in the index

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

ALUMINIUM LME 7.08 BRENT CRUDE OIL 10.63 COCOA 0.50 COFFEE 0.92 COPPER LME 11.58 CORN 5.96 COTTON 1.98 CRUDE OIL WTI 11.92 FEEDER CATTLE 1.12 GASOIL 4.04 GOLD 8.20 HEATING OIL 2.97 KANSAS WHEAT 1.17 LEAD LME 1.66 LEAN HOGS 3.11 LIVE CATTLE 5.30 NATURAL GAS 1.42 NICKEL LME 1.73 RBOB GASOLINE 2.61 SILVER 1.18 SOYBEANS 4.72 SUGAR #11 2.53 WHEAT 5.61 ZINC LME 2.06

Total 100.00

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES OPTIMIX TR

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257

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES OPTIMIX TR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Energy 33.59Base 24.11Agricultural 23.39Livestock 9.53Precious 9.38

100.00

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258

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES OPTIMIX TR

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

Shares

4.101 112 0791 067 589EURAEGON NV117 6124.731 282 287933 168EURAIRBUS GROUP NV16 6743.881 052 369943 634EURALLIANZ SE - REG5 8591.91517 063481 670EURASML HOLDING NV5 5154.381 187 7511 179 481EURBANCO BILBAO VIZCAYA ARGENTARIA SA96 3313.901 059 2081 050 293EURBANCO SANTANDER SA118 1509.152 481 8262 381 279EURBASF SE - REG23 2433.881 053 896890 465EURBAYER AG7 5023.63986 207977 178EURCONTINENTAL AG4 4909.272 516 4652 270 796EURDAIMLER AG29 0343.701 002 959916 666EURDEUTSCHE BANK AG - REG20 9914.051 099 6701 025 138EURDEUTSCHE POST AG - REG30 1151.00270 810269 208EURDEUTSCHE TELEKOM AG - REG15 8114.381 187 3541 194 043JPYEISAI CO LTD30 6254.571 240 3751 060 173EURE.ON SE67 1013.50949 610876 309EURFRESENIUS MEDICAL CARE AG & CO KGAA13 3220.54147 133139 685EURIBERDROLA SA23 0374.321 172 783765 737EURING GROEP NV - CVA84 2684.131 121 144923 984EURKONINKLIJKE PHILIPS NV30 5360.95257 926235 371JPYNINTENDO CO LTD1 9351.50406 453387 507EURRWE AG11 0875.391 461 9391 327 819EURSAP AG17 0272.33633 142499 837EURSBM OFFSHORE NV31 0469.222 502 2402 303 814EURSIEMENS AG - REG18 2894.451 206 7301 240 682EURTELEFONICA SA73 996

102.8627 909 41925 341 526Total Shares

Investment funds

4.621 253 7841 175 955EURUK EQUITY HOLDINGS900

4.621 253 7841 175 955Total Investment funds

107.4829 163 20326 517 481Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

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259

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES OPTIMIX TR

13.34General Industrials13.03Chemicals12.91Automobiles and Parts11.98Banks7.98Nonlife Insurance5.39Software and Computer Services4.73Aerospace and Defense4.62Investment Fund4.57Gas, Water and Multiutilities4.45Fixed Line Telecommunications4.38Pharmaceuticals and Biotechnology4.32Life Insurance4.05Industrial Transportation3.50Health Care Equipment and Services2.33Oil Equipment, Services and Distribution2.04Electricity1.91Technology Hardware and Equipment1.00Mobile Telecommunications0.95Leisure Goods

107.48

%

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260

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES OPTIMIX TR

62.74Germany21.52Netherlands13.27Spain5.33Japan4.62France

107.48

%

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261

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 102.75%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.

Description Weight in the index

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

AIR LIQUIDE SA 2.81AIRBUS GROUP NV 2.60ALLIANZ SE 1.81ANHEUSER-BUSCH INBEV NV 2.38ASML HOLDING NV 2.51ASSICURAZIONI GENERALI SPA 1.55AXA SA 1.54BANCO BILBAO VIZCAYA ARGENTARI 1.49BANCO SANTANDER SA 1.41BASF SE 2.06BAYER AG 2.26BAYERISCHE MOTOREN WERKE AG 1.97BNP PARIBAS 1.36CARREFOUR SA 1.39CIE DE ST-GOBAIN 1.99CRH PLC 1.68DAIMLER AG 1.92DANONE 2.59DEUTSCHE BANK AG 1.53DEUTSCHE POST AG 2.43DEUTSCHE TELEKOM /ETR 2.67E.ON AG 2.18ENEL SPA 1.43ENI SPA 2.04ESSILOR INTERNAT 2.14GDF SUEZ 1.95IBERDROLA SA 1.78INDITEX SA 2.35ING GROEP NV 1.47INTESA SANPAOLO SPA 1.28KONINKLIJKE PHILIPS ELECTRONIC 2.21L OREAL 2.26LVMH MOET HENNESSY LOUIS VUITT 1.84MUENCHENER RUECKVERSICHERUNGS 2.20ORANGE SA 1.61REPSOL YPF SA 1.70

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EUROiSTOXX 50 EQUAL RISK

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262

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EUROiSTOXX 50 EQUAL RISK

Description Weight in the index

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

RWE AG 2.15SANOFI-AVENTIS SA 1.92SAP AG 2.96SCHNEIDER ELECTRIC SA 1.68SIEMENS AG 2.67SOCIÉTÉ GENERALE 1.13TELEFONICA SA 1.79TOTAL SA 2.34UNIBAIL-RODAMCO SE 2.17UNICREDIT SPA 1.28UNILEVER NV 3.30VINCI SA 1.90VIVENDI SA 2.13VOLKSWAGEN AG 2.19

Total 100.00

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263

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EUROiSTOXX 50 EQUAL RISK

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Banks 9.48Multiutilities 6.14Automobiles 6.08Food Products 5.89Integrated Oil & Gas 5.47Full Line Insurance 4.90Diversified Industrials 4.88Commodity Chemicals 4.87Conventional Electricity 3.96Building Materials & Fixtures 3.67Fixed Line Telecommunications 3.40Software 2.96Mobile Telecommunications 2.67Aerospace 2.60Semiconductors 2.51Delivery Services 2.43Brewers 2.38Apparel Retailers 2.35Personal Products 2.26Specialty Chemicals 2.26Reinsurance 2.20Retail REITs 2.17Medical Supplies 2.14Broadcasting & Entertainment 2.13Pharmaceuticals 1.92Heavy Construction 1.90Clothing & Accessories 1.84Electrical Components & Equipment 1.68Life Insurance 1.47Food Retailers & Wholesalers 1.39

100.00

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264

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EUROiSTOXX 50 EQUAL RISK

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

Shares

4.391 214 928946 332EURAIRBUS GROUP NV21 7696.281 738 3501 669 742EURANHEUSER-BUSCH INBEV NV22 5000.1542 25336 018EURASML HOLDING NV6215.871 626 6021 696 227EURBANCO BILBAO VIZCAYA ARGENTARIA SA181 7840.38106 191104 608EURBANCO SANTANDER SA16 3229.422 611 1802 488 814EURBASF SE - REG33 6973.30914 492773 667EURBAYER AG8 9703.13867 114774 724EURBAYERISCHE MOTOREN WERKE AG10 1753.51972 340981 185EURCONTINENTAL AG6 1004.961 372 6671 025 396EURDAIMLER AG21 8230.1234 39833 212EURDEUTSCHE BANK AG - REG9921.17323 698291 572EURDEUTSCHE POST AG - REG12 2154.911 361 1601 068 307EURDEUTSCHE TELEKOM AG - REG109 5064.401 218 3501 145 772EURE.ON SE90 8200.1437 97035 269EURFRESENIUS MEDICAL CARE AG & CO KGAA7344.471 236 9701 094 725EURIBERDROLA SA266 8761.35372 937368 268EURINDITEX SA3 1134.341 202 8351 142 565EURKONINKLIJKE PHILIPS NV45 1434.151 150 6781 077 343EURMUENCHENER RUECKVERSICHERUNGS AG - REG7 1850.42116 586113 035CHFNESTLE SA2 1883.49965 951823 216EURPORSCHE AUTOMOBIL HOLDING SE - PFD12 7673.671 016 3111 025 285EURRWE AG38 2002.37655 439604 061EURSAP AG10 5195.701 580 0021 400 808EURSIEMENS AG - REG15 9137.652 119 5752 078 275EURSTADA ARZNEIMITTEL AG59 0004.161 151 2171 039 768CHFSWISSCOM AG - REG2 9964.471 236 7931 283 909EURTELEFONICA SA104 503

98.3727 246 98725 122 103Total Shares

Investment funds

4.381 213 1881 211 988EURUK EQUITY HOLDINGS1 200

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

4.381 213 1881 211 988Total Investment funds

102.7528 460 17526 334 091Total investments

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EUROiSTOXX 50 EQUAL RISK

15.07Automobiles and Parts12.73Chemicals10.05General Industrials8.62Fixed Line Telecommunications8.14Electricity7.65Pharmaceuticals and Biotechnology6.38Banks6.28Beverages4.91Mobile Telecommunications4.40Gas, Water and Multiutilities4.39Aerospace and Defense4.38Investment Fund4.15Nonlife Insurance2.37Software and Computer Services1.35General Retailers1.17Industrial Transportation0.42Food Producers0.15Technology Hardware and Equipment0.14Health Care Equipment and Services

102.75

%

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266

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SMARTIX EUROiSTOXX 50 EQUAL RISK

62.10Germany16.53Spain8.88Netherlands6.28Belgium4.58Switzerland4.38France

102.75

%

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267

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 102.37%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.

Description Weight in the index

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

3I GROUP PLC 0.053M CO 0.13ABB LTD VX 0.06ABBOTT LABORATORIES 0.14ABBVIE INC-WHEN ISSUED 0.02ABC MART 0.06ABERDEEN ASSET MANAGEMENT PLC 0.05ABERTIS INFRAESTRUCTURAS 0.06ACCENTURE LTD 0.06ACCOR SA 0.04ACE (USD) 0.11ACOM 0.01ACS 0.03ACTELION N 0.04ACTIVISION 0.06ADECCO (CHF) 0.04ADIDAS SALOMON 0.08ADMIRAL GROUP PLC 0.04ADOBE SYSTEMS 0.07ADP 0.12ADT CORP/THE 0.03ADVANCE AUTO PARTS 0.04ADVANTEST 0.02AEGON NV 0.03AEON CO LTD 0.08AEON CREDIT 0.04AEON MALL 0.03AETNA INC 0.05AFFILIATED MANAGERS GROUP INC 0.05AFLAC INC 0.04AGCO CORP 0.03AGGREKO 0.04AGILENT TECH A.N 0.04AGL ENERGY LTD 0.12AGNICO-EAGLE MINES 0.02AGRIUM 0.05

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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268

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

AIA GROUP LTD 0.07AIR LIQUIDE SA 0.14AIR PRODUCTS & CHEMICALS 0.09AIR WATER 0.09AIRBUS GROUP NV 0.04AIRGAS 0.08AISIN SEIKI 0.04AJINOMOTO 0.11AKAMAI TECHNOLOGIES 0.02AKER KVAERNER 0.03AKZO NOBEL NV 0.04ALBEMARLE CORP 0.03ALCATEL-LUCENT 0.01ALCOA INC 0.04ALEXION PHARMACEUTICALS INC 0.04ALFA LAVAL 0.06ALFRESA HOLDINGS 0.07ALIMENTATION COUCHE-T. B 0.08ALLEGHANY CORP 0.13ALLERGAN INC 0.11ALLIANCE DATA SYSTEMS 0.08ALLIANT ENERGY CORP 0.17ALLIANZ SE 0.03ALLSTATE CP 0.10ALSTOM SA 0.03ALTAGAS LTD 0.13ALTERA CORP 0.03ALTRIA GROUP 0.18ALUMINA 0.02AMADA 0.03AMADEUS IT HOLDING SA 0.06AMAZON 0.04AMCOR 0.12AMEC 0.05AMER ELEC PWR 0.17AMER EXPRESS CO 0.08AMER INTL GROUP 0.03AMEREN CORP 0.14AMERICAN CAPITAL AGENCY CORP 0.07AMERICAN TOWER CORP A 0.10AMERICAN WATER WORKS CO INC 0.16AMERIPRISE FINANCIAL 0.05AMERISOURCEBERGN 0.11

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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269

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

AMETEK INC 0.06AMGEN INC 0.09AMP LTD 0.06AMPHENOLCORP 0.05ANA 0.06ANADARKO PETROLEUM CORP 0.03ANALOG DEVICES INC 0.06ANDRITZ 0.05ANGLO AMERICAN PLC 0.03ANHEUSER-BUSCH INBEV NV 0.08ANNALY CAPITAL MANAGEMENT INC 0.10ANSYS INC 0.06ANTOFAGASTA 0.03AOL TIME WARNER 0.07AON CORP 0.09AOZORA BANK LTD 0.03AP MOLLER - MAERSK A/S 0.06AP MOLLER MAERSK A/S 0.06APA GROUP 0.11APACHE CORP 0.03APPLE COMP INC 0.04APPLIED MATL 0.04ARC ENERGY TRUST 0.05ARCELOR MITTAL 0.03ARCH CAPITAL GROUP LTD 0.18ARCHER-DANIELS-MIDLAND CO 0.06ARKEMA SA 0.03ARM 0.04ARROW ELECTRONICS 0.03ARYZTA AG 0.09ASAHI BREWERIES 0.10ASAHI GLASS CO LTD 0.04ASAHI KASEI 0.08ASCENDAS REAL ESTATE INV 0.10ASCIANO GROUP 0.08ASHLAND INC 0.04ASICS 0.04ASM PACIFIC TECHNOLOGY 0.03ASML HOLDING NV 0.06ASSA ABLOY AB 0.07ASSICURAZIONI GENERALI SPA 0.04ASSOCIATED BRIT FOODS 0.14ASSURANT INC 0.08

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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270

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

ASTELLAS PHARMA INC (EX YAMANOUCHI PHARM) 0.10ASTRAZENECA PLC 0.15AT&T INC 0.15ATCO LTD/CANADA 0.11ATHABASCA OIL SANDS CORP 0.02ATLAS COPCO AB 0.05ATLAS COPCO B 0.04ATOS ORIGIN 0.06AUCKLAND INT'L AIRPORT 0.20AUSTRALIA & NEW ZEALAND BANKIN 0.09AUSTRALIAN STOCK EXCH. 0.14AUTODESK 0.03AUTOLIV INC 0.03AUTOMATIC DATA 0.14AUTOSTRADE 0.08AUTOZONE INC 0.12AVAGO TECHNOLOGIES LTD 0.04AVALONBAY COMMUNITIES 0.08AVERY DENNISON CORP 0.06AVIVA 0.04AVNET 0.04AVON PRODUCTS INC 0.03AXA SA 0.02AXEL SPRINGER AG 0.06AXIS CAPITAL HOLDINGS 0.09B M.PASCHI SIENA 0.01BABCOCK INTERNATIONAL GROUP 0.11BAE SYSTEMS 0.07BAKER HUGHES INC 0.03BALL CORP 0.11BALOISE HOLDING 0.07BANCHE POP UNITE 0.02BANCO BILBAO VIZCAYA ARGENTARI 0.03BANCO POPULAR ESPANOL 0.02BANCO SABADELL 0.02BANCO SANTANDER SA 0.03BANK HAPOALIM BM/ILS 0.05BANK LEUMI LE-ISRAEL BM 0.05BANK MONTREAL 0.19BANK OF AMERICA CORP 0.03BANK OF E ASIA 0.07BANK OF IRELAND 0.01BANK OF KYOTO 0.06

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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271

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

BANK OF NEW YORK 0.05BANK OF NOVA SCOTIA 0.19BANK OF QUEENSLAND LIMITED 0.05BANK OF YOKOHAMA 0.07BANKIA SAU 0.03BARCLAYS 0.02BARD (C.R.) 0.09BARRICK GOLD CORP 0.03BARRY CALLEBAUT-AG. 0.16BASF SE 0.05BAXTER INTL INC 0.09BAYER AG 0.06BAYERISCHE MOTOREN WERKE AG 0.04BAYTEX ENERGY CORP 0.05BB&T CORP 0.06BCE INC 0.25BCO ESPIRITO SANTO E R 0.01BE AEROSPACE INC 0.05BEAM INC 0.09BECTON DICKINSON 0.14BED BATH BEYOND 0.05BEIERSDORF 0.14BELGACOM 0.10BELL ALIANT INC 0.15BENDIGO BANK LTD 0.08BENESSE CORP 0.09BERKLEY (W.R.) CORP 0.12BERKSHIRE HATHAWAY INC CL B 0.15BEST BUY CO INC 0.02BEZEQ ISRAELI TELECOMMUNICATION CORP LTD 0.03BG GROUP PLC 0.05BHP BILLITON LTD 0.07BHP BILLITON PLC 0.04BIC 0.08BIOGEN IDEC INC 0.05BIOMARIN PHARMACEUTICAL INC 0.03BIOVAIL CORP 0.03BLACKROCK INC 0.06BLOCK (H&R) 0.05BMW ACTION PREF. 0.05BNP PARIBAS 0.02BOC HONG KONG 0.05BOEING CO 0.07

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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272

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

BOLIDEN 0.03BOMBARDIER B 0.03BORAL 0.04BORG WARNER INC 0.03BOSTON PROPERTIES 0.08BOSTON SCIEN CP 0.04BOUYGUES SA 0.04BP PLC 0.08BRAMBLES LTD 0.09BRENNTAG AG 0.07BRIDGESTONE CORP 0.04BRISTOL MYERS SQ BMY.N 0.10BRITISH AMERICAN TOBACCO PLC 0.15BRITISH LAND CO PLC 0.08BRITISH SKY BROADCASTING GROUP 0.10BROADCOM CORP 0.04BROOKFIELD ASSET MAN A 0.10BROOKFIELD PROPERTIES 0.08BROTHER INDS 0.04BROWN-FORMAN CORP/NYC 0.11BT GROUP 0.08BUNGE 0.07BUNZL 0.12BURBERRY 0.03BUREAU VERITAS SA 0.11CABLEVISION SYSTEMS A 0.03CABOT OIL & GAS CORP 0.03CAE 0.10CAIXABANK 0.04CALBEE INC 0.07CALPINE CORP 0.06CALTEX AUSTRALIA 0.03CAMDEN PROPERTY TRUST 0.08CAMECO CORP 0.03CAMERON INTERNATIONAL 0.03CAMPBELL BROTHERS LTD 0.03CAMPBELL SOUP CO 0.14CANADIAN IMPERIAL BANK 0.19CANADIAN NAT RESOURCES 0.04CANADIAN NAT'L RAILWAY 0.16CANADIAN OIL SANDS TRUST 0.04CANADIAN TIRE CORP A 0.10CANADIAN UTILITIES LTD 0.13

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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273

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

CANON INC 0.06CAP GEMINI 0.04CAP ONE FINAN 0.05CAPITA GRP 0.08CAPITACOMMERCIAL TRUST 0.08CAPITALAND LIMITED 0.05CAPITAMALL TRUST 0.11CAPITAMALLS ASIA LTD 0.05CARDINAL HLTH 0.09CAREFUSION CORP 0.07CARLSBERG 'B' 0.05CARMAX 0.04CARNIVAL CORP 0.06CARNIVAL PLC 0.05CARREFOUR SA 0.03CASINO 0.08CASIO COMPUTER 0.05CATERPILLAR INC 0.05CATHAY PAC AIR 0.06CB RICHARD ELLIS GROUP 0.03CBS CORP B 0.04CELESIO AG 0.03CELGENE CORP 0.07CENOVUS ENERGY INC 0.06CENTERPOINT 0.13CENTRAL JAPAN RY 0.06CENTRICA 0.14CENTRO RETAIL GROUP 0.06CENTURYTEL INC 0.07CERNER CORP 0.05CFS RETAIL PROP TRUST 0.12CGI GROUP A 0.05CH ROBINSON WW 0.07CHARTER COMMUNICATIONS INC 0.05CHARTER ONE FINL 0.03CHENIERE ENERGY INC 0.01CHESAPEAKE ENERGY CORP 0.02CHEUNG KONG HOLDINGS LTD 0.05CHEVRON CORP 0.09CHIBA BANK 0.06CHICAGO BRIDGE & IRON COMPANY. 0.03CHICAGO MERCANTILE EXCH (UQ) 0.07CHIPOTLE MEXICAN GRILL INC 0.03

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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274

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

CHIYODA CORP 0.04CHRISTIAN DIOR 0.05CHUBB CORP 0.15CHUBU ELEC PWR 0.02CHUGAI PHARMACEUTICAL 0.08CHUGOKU BANK 0.07CHUGOKU ELE PWR 0.03CHURCH & DWIGHT CO INC 0.13CI FINANCIAL INCOME FUND 0.15CIE DE ST-GOBAIN 0.03CIE FINANCIERE RICHEMONT SA 0.03CIGNA CORP 0.07CIMAREX ENERGY CO 0.02CINCINNATI FINL CORP 0.13CINTAS CORP 0.08CINTRA CONCESIONES DE INF 0.06CISCO SYSTEMS 0.05CIT GROUP INC 0.05CITIGROUP INC 0.03CITIZEN WATCH 0.03CITRIX SYSTEMS 0.03CITY DEVELOPMENTS 0.05CKI HOLDINGS 0.12CLOROX CO 0.14CLP HOLDINGS LTD 0.24CMS ENERGY CORP 0.14CNH INDUSTRIAL NV 0.03CNP ASSURANCE 0.03COACH 0.03COBALT INTERNATIONAL ENERGY INC 0.01COBHAM 0.06COCA COLA ENT 0.08COCA-COLA AMATIL 0.12COCA-COLA CO/THE 0.17COCA-COLA HBC AG 0.07COCA-COLA WEST H 0.07COCHLEAR 0.03COGNIZANTTECHSOLUTIONS 0.04COLE REAL ESTATE INVESTMENT INC 0.05COLGATE PALMOLIV 0.18COLOPLAST B 0.09COLRUYT 0.07COMCAST A SPECIAL (NEW) 0.08

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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275

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

COMCAST CORP A 0.07COMERICA 0.04COMFORTDELGRO 0.12COMMERZBANK AG 0.02COMMONWEALTH BANK OF AUSTRALIA 0.12COMPASS GROUP PLC 0.16COMPUTER ASSOC 0.07COMPUTER SCIENCE 0.03COMPUTERSHARE 0.07CONAGRA FOODS 0.15CONCHO RESOURCES INC/MIDLAND TX 0.03CONCORD EFS 0.02CONOCOPHILLIPS 0.08CONSOL EDISON 0.20CONSOL ENERGY 0.02CONSTELLATION BRANDS A 0.02CONTACT ENERGY 0.10CONTINENTAL AG 0.03CONTINENTAL RESOURCES INC/OK 0.02CORE LABORATORIES NV 0.04CORIO NV 0.05CORNING INC 0.04CORPORACION MAPFRE SA 0.03COSTCO WHOLESALE CORP 0.12COVIDIEN LTD 0.09CP RAILWAY 0.07CREDIT AGRICOLE 0.02CREDIT SAISON 0.03CREE INC 0.01CRESCENT POINT ENERGY TRUST 0.07CRH PLC 0.03CRODA INTERNATIONAL PLC 0.06CROWN CASTLE INT'L CORP 0.08CROWN HOLDINGS INC 0.09CROWN LTD 0.11CS GROUP N 0.03CSL 0.08CSX CORP 0.06CUMMINS INC 0.03CVS CORPORATION 0.14D.R. HORTON 0.03DAI NIPPON PRINT 0.05DAICEL CHEM INDS 0.04

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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276

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

DAIDO STEEL 0.02DAIHATSU MOTOR 0.05DAI-ICHI LIFE INSURANCE CO 0.02DAIICHI SANKYO CO LTD 0.07DAIKIN INDS 0.03DAIMLER AG 0.03DAINPN SUMI PHAR 0.04DAITO TR CONST 0.05DAIWA HOUSE IND 0.07DAIWA SEC GROUP 0.03DANAHER CORP 0.09DANONE 0.10DANSKE BK 0.04DARDEN REST 0.07DASSAULT SYSTEM 0.09DAVITA 0.08DB RREEF TRUST 0.08DBS GROUP HOLDINGS 0.10DEERE & CO 0.06DELEK GROUP LTD 0.03DELHAIZE GROUP SA 0.05DELPHI AUTOMOTIVE PLC 0.03DELTA AIR LINES 0.02DELTA LLOYD NV 0.03DENA CO LTD 0.01DENBURY RESOURCES 0.02DENSO 0.05DENTSPLY INTERNATIONAL 0.07DENTSU INC 0.05DEUTSCHE BANK AG 0.02DEUTSCHE BOERSE AG (2) 0.05DEUTSCHE POST AG 0.07DEUTSCHE TELEKOM /ETR 0.08DEUTSCHE WOHNEN AG-BR 0.05DEVON ENERGY 0.04DIAGEO PLC 0.15DIAMOND LEASE 0.05DIAMOND OFFSHORE DRILL. 0.05DICK'S SPORTING GOODS INC 0.04DIGITAL REALTY TRUST INC 0.05DIRECT LINE INSURANCE GROUP PLC 0.05DIRECTV 0.08DISCOVER FINANCIAL SERVICES 0.06

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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277

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

DISCOVERY COMMUNICATIONS INC 0.06DISCOVERY HOLDING A 0.07DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA 0.04DNB NOR ASA 0.04DOLLAR GENERAL CORP 0.08DOLLAR TREE STORES INC. 0.06DOLLARAMA INC 0.09DOMINION RES INC 0.19DON QUIJOTE 0.05DOVER CORP 0.05DOW CHEMICAL CO 0.04DR PEPPER SNAPPLE GROUP INC 0.11DSV 'B' 0.09DT LUFTHANSA AG 0.04DTE ENERGY 0.16DU PONT CO 0.07DUKE ENERGY 0.19DUKE REALTY INVESTMENTS INC 0.04DUN & BRADSTREET CORP 0.08E.ON AG 0.03EAST JAPAN RAILWAY CO 0.07EASTMAN CHEM 0.04EASYJET PLC 0.05EATON CORP 0.05EATON VANCE CORP 0.04EBAY INC 0.04ECHO ENTERTAINMENT GROUP LTD 0.04ECHOSTAR COMMUNI. A 0.05ECOLAB 0.11EDENRED 0.05EDF 0.04EDISON INTL 0.12EDP ENERGIAS DE PORTUGAL 0.05EDWARDS LIFESCIENCES CORPORATION 0.03EISAI 0.13ELDORADO GOLD CORP 0.02ELECTRIC POWER D 0.04ELECTROLUX AB 0.04ELECTRONIC ART 0.02ELEKTA B 0.05ELI LILLY 0.13ELISA CORPORATION 0.09EMC CORP/MA 0.05

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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278

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

EMERSON ELECTRIC 0.07EMPIRE CO LTD 0.12EMS-CHEMIE HOLDING AG 0.08ENAGAS 0.06ENBRIDGE 0.15ENCANA CORP 0.04ENEL GREEN POWER SPA 0.05ENEL SPA 0.04ENERGEN CORP 0.03ENERGIZER HOLDINGS INC 0.06ENERPLUS RESOURCES FUND 0.04ENI SPA 0.06ENSCO PLC 0.02ENTERGY CP 0.12EOG RESOURCES 0.04EQUIFAX INC 0.08EQUINIX INC 0.04EQUITABLE RESOURCES 0.04EQUITY RESIDENTIAL 0.08ERICSSON LM-B 0.05ERSTE BANK AUSTRIA 0.02ESSILOR INTERNAT 0.12ESTEE LAUDER COS A 0.05EURAZEO 0.03EUTELSAT COMMUNICATIONS 0.08EVEREST RE GROUP 0.11EXELON CORP 0.11EXPEDIA COMMON 0.03EXPEDITORS INTL WASH. 0.06EXPERIAN GROUP LTD 0.08EXPRESS SCRIPTS COMMON 0.05EXXON MOBIL CORP 0.12F5 NETWORKS INC 0.02FACEBOOK INC 0.03FAIRFAX FINANCIAL HLDGS 0.11FAMILY DOLLAR STORES 0.05FAMILYMART 0.11FANUC LTD 0.04FAST RETAILING CO LTD 0.03FASTENAL CO 0.05FED DEPT STRS 0.05FEDERAL REALTY INV TRUST 0.12FEDEX CORP 0.06

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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279

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

FIAT SPA (MILAN) 0.02FIDELITY NATIONAL INFORMATION SERVICES INC 0.09FIDELITY NAT'L FINANCIAL 0.10FIFTH THR BNCP 0.05FINMECCANICA 0.02FINNING INT'L 0.04FIRST CAPITAL REALTY INC 0.25FIRST PACIFIC CO LTD 0.04FIRST QUANTUM MINERALS 0.01FIRST REPUBLIC BANK/SAN FRANCISCO CA 0.05FIRSTENERGY 0.10FISERV INC 0.11FLEETCOR TECHNOLOGIES INC 0.02FLETCHER BUILDING 0.06FLEXTRONICS 0.04FLIGHT CENTRE LTD 0.04FLIR SYSTEMS INC. 0.04FLOWSERVE CORPORATION 0.04FLUOR CORP 0.04FMC CORP. 0.05FMC TECHNOLOGIES 0.04FONCIERE DES REGIONS 0.04FORD MOTOR CO 0.03FORENINGSSPARBANKEN 0.04FOREST LABS 0.12FORTESCUE METALS GROUP LTD 0.02FORTIS 0.02FORTIS (CAD) 0.18FORTUM 0.07FOSSIL INC 0.01FPE3 PFD 05 0.06FPL GROUP 0.16FRANCO-NEVADA CORP 0.04FRANKLIN RESOURCES 0.05FRAPORT 0.06FRESENIUS MEDICAL CARE AG & CO 0.10FRESENIUS SE & CO KGAA 0.12FRESNILLO PLC 0.02FRONTIER COMMUNICATIONS CORP 0.03FRPRT-MCM GD 0.02FUGRO 0.03FUJI ELECTRIC 0.03FUJI HEAVY INDS 0.03

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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280

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

FUJI PHOTO FILM 0.04FUJITSU LTD 0.04FUKUOKA FINANCIAL GROUP INC 0.05GALAXY ENTERTAINMENT GROUP LTD 0.02GALP ENERGIA SGPS SA 0.05GAMESTOP CORP 0.02GAP INC 0.04GARMIN 0.06GAS NATURAL SDG - E 0.04GDF SUEZ 0.04GEA GROUP 0.04GEBERIT AG 0.08GECINA 0.04GEMALTO NV 0.04GENERAL DYNAMICS 0.10GENERAL ELECTRIC CO 0.08GENERAL GROWTH PROPERTIES 0.04GENERAL MILLS 0.21GENERAL MOTORS CO 0.03GENTING INTERNATIONAL PLC 0.05GENUINE PARTS CO 0.09GEOPHYSIQUE 0.02GETINGE AB B 0.07GILDAN ACTIVEWEAR 0.04GILEAD SCI 0.05GIVAUDAN N 0.10GJENSIDIGE FORSIKRING ASA 0.04GKN 0.03GLAXOSMITHKLINE PLC 0.15GLENCORE INTERNATIONAL PLC 0.02GLOBAL LOGISTIC PROPERTIES LTD 0.05GOLDCORP 0.03GOLDEN AGRI-RESOURCES LTD 0.04GOLDM SACHS GRP 0.05GOOGLE INC 0.05GPT GROUP 0.15GRAINGER (WW) 0.07GREAT WEST LIFECO 0.12GREE INC 0.01GREEN MOUNTAIN COFFEE ROASTERS INC 0.01GRIFOLS SA 0.05GROUP 4 SECURICOR 0.06GROUPE BRUXELLES LAMBERT SA 0.10

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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281

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

GROUPE EUROTUNNEL SA 0.05GUNGHO ONLINE ENTERTAINMENT INC 0.01GUNMA BANK 0.05H&R REAL ESTATE INVESTMENT 0.09HACHIJUNI BANK 0.05HAKUHODO DY HLDG 0.06HALLIBURTON CO 0.02HAMAMATSU PHOTO 0.07HAMMERSON PLC 0.07HANG LUNG PROPERTIES LTD 0.04HANG SENG BANK 0.12HANKYU HOLDINGS 0.08HANNOVER RUECK 0.06HANSEN NATURAL CORP 0.03HARDIE (JAMES) IND 0.05HARGREAVES LANSDOWN PLC 0.04HARLEY-DAVIDSON 0.04HARRIS CORP 0.06HARTFORD FINANCIAL SVCS 0.03HARVEY NORMAN HOLDINGS 0.04HASBRO INC 0.07HCA HOLDINGS INC 0.02HCP INC 0.07HEALTH CARE REIT INC 0.07HEIDELBERGCEMENT AG 0.03HEINEKEN HLDG 0.09HEINEKEN NV 0.08HELMERICH PAYNE 0.03HENDERSON LAND 0.04HENKEL 0.09HENKEL KGAA VZ 0.08HENNES & MAURITZ AB 0.08HENRY SCHEIN INC 0.09HERBALIFE LTD 0.02HERSHEY CO COMMON (THE) 0.16HERTZ GLOBAL HOLDINGS INC 0.03HESS CORP 0.03HEWLETT-PACKARD 0.03HEXAGON AB-B SHS 0.03HINO MOTORS 0.03HIROSE ELECTRIC 0.06HIROSHIMA BANK 0.04HISAMITSU PHARM 0.08

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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282

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

HITACHI CHEMICAL 0.05HITACHI CONST 0.03HITACHI HIGH TEC 0.04HITACHI LTD 0.04HITACHI METALS 0.03HK & CHINA GAS 0.14HKEX 0.05HKT TRUST / HKT LTD 0.04HOCHTIEF 0.03HOKKAIDO ELE PWR 0.01HOKUHOKU FIN GRP 0.04HOKURIKU ELE PWR 0.02HOLCIM LTD 0.05HOLLY CORP 0.02HOLOGIC INC 0.05HOME DEPOT INC/THE 0.08HONDA MOTOR CO LTD 0.04HONEYWELL INTL 0.08HONG KONG ELECTRIC HOLDINGS LTD 0.12HOPEWELL HOLDINGS 0.07HORMEL FOODS CORP 0.14HOSPIRA 0.05HOST HOTELS & RESORTS 0.04HOYA CORP 0.08HSBC HOLDINGS PLC 0.07HUDSON CITY BANCORP 0.04HUGO BOSS AG 0.03HUMANA INC 0.05HUNT (JB)TRANSPRT SVCS INC 0.07HUSKY ENERGY 0.08HUSQVARNA AB 0.04HUTCHISON 0.07HUTCHISON PORT HOLDINGS TRUST 0.04HYSAN DEVELOPMENT 0.05IBERDROLA SA 0.04IBIDEN 0.03ICADE (EX ICADE EMGP) 0.04ICAP PLC 0.03IDEMITSU KOSAN CO LTD 0.05IGM FINANCIAL 0.16IHS INC 0.05IIDA GROUP HOLDINGS CO LTD 0.03ILIAD SA 0.08

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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283

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

ILLINOIS TOOL WK 0.07ILLUMINA INC 0.02ILUKA RESOURCES 0.01IMERYS 0.05IMI 0.03IMMOFINANZ AG 0.06IMPERIAL OIL 0.08IMPERIAL TOBACCO GROUP PLC 0.11INCITEC PIVOT LTD 0.04INDITEX SA 0.06INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC 0.04INDUSTRIVARDEN AB-C SHS 0.05INFINEON TECHNOLOGIES AG 0.03ING CANADA INC 0.16ING GROEP NV 0.02INGERSOLL-RAND 0.03INMARSAT 0.04INPEX HOLDINGS 0.04INSURANCE AUSTRALIA GRP. 0.08INTEL CORP 0.07INTERCONTINENTAL HOTELS G 0.07INTERCONTINENTALEXCHANGE INC 0.07INTERNATIONAL BUSINESS MACHINE 0.10INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA 0.03INTERPUBLIC GRP 0.03INTERTEK GROUP 0.10INTESA SANPAOLO SPA 0.02INT'L FLAVORS FRAGRANCES 0.09INTL GAME TECH 0.03INTL PAPER CO 0.05INTU PROPERTIES PLC 0.06INTUIT INC 0.09INTUITIVE SURG 0.04INVENSYS PLC/LSE 0.02INVESCO LTD 0.04INVESTEC 0.05INVESTOR AB 0.09INVITROGEN CORP 0.05IRON MOUNTAIN 0.04ISETAN MITSUKOSHI HOLDINGS LTD 0.04ISHI-HAR HVY IND 0.03ISRAEL CHEMICALS LTD 0.04ISRAEL CORP LTD/THE 0.03

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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284

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

ISTITUTO FINANZIARIO INDUSTRIALE SPA 0.04ISUZU MOTORS 0.03ITOCHU CORP 0.04ITOCHU TECHNO 0.05ITV PLC 0.05IVANHOE MINES 0.02IYO BANK 0.06J C DECAUX SA 0.04J FRONT RETAILING CO LTD 0.04JACOBS ENGINEERING GROUP 0.05JAPAN AIR LINES 0.03JAPAN EXCHANGE GROUP INC 0.02JAPAN PRIME REALTY INVT 0.05JAPAN REAL ESTATE INV CORP 0.08JAPAN RETAIL FUND INV CORP 0.06JAPAN TOBACCO 0.05JARDINE CYCLE & CARRIAGE 0.04JERONIMO MARTINS SGPS 0.05JFE HOLDINGS 0.02JGC CORPORATION 0.04JOHNSON & JOHNSON 0.21JOHNSON CONTROLS 0.04JOHNSON MATTHEY PLC 0.06JOY GLOBAL INC 0.02JOYO BANK 0.06JPMORGAN CHASE & CO 0.05JPN PETROLEUM EX 0.03JPN STEEL WORKS 0.02JS GROUP 0.04JSR 0.04JTEKT 0.03JULIUS BAER GROUP LTD (EX GAM) 0.05JUNIPER NETWORKS 0.02JX HOLDINGS INC 0.04K + S AG 0.03KABEL DEUTSCHLAND HOLDING AG 0.08KAJIMA CORP 0.04KAKAKU.COM INC 0.03KAMIGUMI 0.11KANEKA CORP 0.06KANSAI ELE PWR 0.01KANSAI PAINT 0.06KANSAS CITY SOUTHERN INDS 0.03

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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285

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

KAO CORPORATION 0.09KAWASAKI HVY IND 0.02KBC GROEP NV 0.01KBR INC 0.02KDDI CORP 0.05KEIHIN E EXPR RY 0.07KEIO ELEC RAIL 0.08KEISEI ELE RY 0.06KELLOGG CO 0.18KEPPEL CORP 0.07KEPPEL LAND 0.04KERING 0.05KERRY GRP A 0.10KERRY PROPERTIES 0.04KEYCORP 0.05KEYENCE 0.06KEYERA CORP 0.10KIKKOMAN CORP 0.08KIMBERLY-CLARK 0.18KIMCO REALTY CORP 0.05KINDEN CORP 0.03KINDER MORGAN INC/DELAWARE 0.02KINDER MORGAN MANAGEMENT LLC 0.12KINGFISHER 0.07KINNEVIK INVESTMENT AB 0.09KINROSS GOLD CORP 0.02KINTETSU 0.06KIRIN BREWERY 0.06KLA TENCOR 0.04KLEPIERRE 0.05KOBE STEEL 0.02KOHL'S CORP 0.06KOITO MFG 0.03KOMATSU 0.02KONAMI CORP 0.03KONE OYJ B 0.06KONICA CORP 0.04KONINKLIJKE AHOLD NV 0.10KONINKLIJKE BOSKALIS WESTMINSTER NV 0.05KONINKLIJKE DSM NV 0.07KONINKLIJKE KPN NV 0.02KONINKLIJKE PHILIPS ELECTRONIC 0.05KONINKLIJKE VOPAK NV 0.07

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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286

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

KRAFT FOODS 0.16KRAFT FOODS GROUP INC 0.05KROGER CO 0.10KUBOTA CORP 0.04KUEHNE & NAGEL 0.07KURARAY 0.06KURITA WATER INDUSTRIES LTD 0.07KYOCERA CORP 0.06KYOWA HAKKO KOGY 0.08KYUSHU ELE PWR 0.01L OREAL 0.13L-3 COMMUNICATIONS HLDGS 0.09LABORATORY CORP OF AMER 0.09LAFARGE 0.03LAGARDERE 0.04LAMRESEARCHCORP 0.04LAND SECURITIES GROUP PLC 0.08LANXESS 0.03LAS VEGAS SANDS CORP 0.03LAWSON 0.10LEGAL & GENERAL 0.05LEGG MASON COMMON 0.04LEGGETT & PLATT 0.06LEGRAND SA 0.07LEIGHTON HOLDINGS 0.03LEND LEASE 0.06LENNAR CORP A 0.03LEUCADIA NATIONAL CORP 0.03LEVEL 3 COMMS 0.02LI & FUNG 0.02LIBERTY GLOBAL A 0.07LIBERTY GLOBAL C 0.07LIBERTY INTERACTIVE A 0.05LIBERTY MEDIA CORP 0.05LIBERTY PROPERTY TRUST 0.06LIMITED BRANDS 0.04LINCOLN NATL 0.02LINDE AG 0.10LINDT & SPRUENGLI 0.15LINDT & SPRUENGLI AG 0.11LINEAR TECH 0.08LINK REIT 0.11LINKEDIN CORP 0.02

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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287

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

LKQ CORP 0.05LLOYDS TSB GRP 0.02LOBLAW 0.08LOCKHEED MARTIN 0.13LOEWS CORP 0.12LONDON STOCK EXCHANGE 0.05LONZA 0.03LORILLARD INC 0.06LOWES COMPANIES 0.06LSI LOGIC 0.04LULULEMON ATHLETICA INC 0.01LUNDIN PETROLEUM 0.02LUXOTTICA 0.09LVMH MOET HENNESSY LOUIS VUITT 0.06LYONDELLBASELL INDUSTRIES NV 0.03M&T BANK CORP 0.08MABUCHI MOTOR 0.08MACQUARIE BANK 0.04MACQUARIE GOODMAN GROUP 0.06MAGNA INTERNATIONAL A 0.04MAKITA CORP 0.03MAN SE 0.04MANPOWER 0.03MANULIFE FINANCIAL CORP 0.05MARATHON OIL CORP 0.04MARATHON PETROLEUM CORP 0.02MARKS & SP. 0.06MARRIOTT INT'L A 0.06MARSH & MCLENNAN 0.13MARTIN MARIETTA MATRLS 0.05MARUBENI 0.04MARUI 0.04MARUICHI STL TBE 0.06MARVELL TECHNOLOGY GROUP 0.03MASCO CORP 0.02MASTERCARD INC 0.06MATSUSHITA E IND 0.03MATTEL INC 0.10MAXIM INTEGRTD 0.05MAZDA MOTOR 0.02MCCORMICK & CO N-VTG 0.15MCDONALDS COMPANY (JAPAN) 0.22MCDONALD'S CORP 0.18

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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288

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

MCGRAW-HILL COMPANIES INC 0.05MCKESSON CORP 0.10MDU RESOURCES GROUP INC 0.10MEAD JOHNSON NUTRITION CO 0.06MEADWESTVACO CORP 0.07MEDICEO PAL HLDG 0.06MEDIOBANCA 0.02MEDTRONIC INC 0.10MEG ENERGY CORP 0.03MEGGITT PLC 0.07MEIJI HOLDINGS CO LTD 0.10MELROSE PLC 0.05MERCK & CO INC 0.12MERCK KGAA 0.08METCASH LTD 0.09METHANEX CORP 0.04METLIFE INC 0.03METRO AG 0.04METRO INC 0.18METSO 0.02METTLER-TOLEDO INTERNATIONAL 0.05MGM CHINA HOLDINGS LTD 0.03MGM MIRAGE 0.02MICHAEL KORS HOLDINGS LTD 0.03MICHELIN 0.03MICROCHIP TECHNOLOGY 0.06MICRON TECH 0.02MICROSOFT CORP 0.07MILLEA HOLDINGS 0.04MILLICOM INTERNATIONAL CELLULAR SA/SUE 0.07MIRACA HOLDINGS 0.09MIRVAC GROUP 0.08MITSUB CHEM HLDG 0.03MITSUB GAS CHEM 0.02MITSUB LOGISTICS 0.04MITSUBISHI CORP 0.05MITSUBISHI ELEC 0.03MITSUBISHI ESTATE CO LTD 0.03MITSUBISHI HVY 0.04MITSUBISHI MATL 0.03MITSUBISHI MOTOR 0.03MITSUBISHI UFJ FINANCIAL GROUP 0.05MITSUI & CO LTD 0.05

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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289

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

MITSUI CHEMICALS 0.03MITSUI FUDOSAN 0.03MITSUI OSK LINES 0.02MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INC 0.03MITSUI TRUST HLD 0.03MIZRAHI TEFAHOT BANK LTD 0.06MIZUHO FINANCIAL 0.04MOHAWK INDUSTRIES 0.04MOLSON COORS BREWING CO. 0.08MONSANTO CO 0.05MOODY'S CORP 0.03MORGAN STANLEY 0.02MORRISON (WILLIAM) SUPERM 0.16MOSAIC CO/THE 0.03MOTOROLA SOLUTIONS INC 0.09MTR CORPORATION 0.15MUENCHENER RUECKVERSICHERUNGS 0.06MURATA MFG CO 0.04MURPHY OIL CORP 0.04MYLAN LABORATORIES INC 0.05N O K CORP 0.03NABORS INDUSTRIES LTD 0.02NABTESCO CORP 0.03NAMCO BANDAI HLD 0.06NASDAQ OMX GROUP/THE 0.06NATIONAL AUSTRALIA BANK LTD 0.07NATIONAL BANK OF CANADA 0.16NATIONAL GRID 0.16NATIONAL OILWELL VARCO 0.03NATIXIS (FR) 0.02NEC CORPORATION 0.03NESTLE OIL 0.02NESTLE S.A. 0.19NETFLIX.COM INC 0.01NETSUITE INC 0.02NETWORK APPLIANCE 0.03NEW GOLD INC. 0.02NEW WORLD DEVELOPMENT CO LTD 0.03NEW YORK COMMUN. BANCORP 0.08NEWCREST MINING 0.02NEWELL RUBBERMD 0.05NEWMONT MINING HLDG 0.04NEWS CORP 0.03

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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290

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

NEXON CO LTD 0.03NEXT 0.09NGK INSULATORS 0.03NGK SPARK PLUG 0.04NHK SPRING 0.03NICE SYSTEMS LTD 0.06NIDEC CORP (TOKYO) 0.04NIELSEN HOLDINGS NV 0.04NIKE INC CL B 0.06NIKON CORP 0.03NINTENDO 0.03NIP ELEC GLASS 0.02NIP MEAT PACKERS 0.07NIP STEEL CORP 0.03NIPPON BUILDING FUND INC 0.06NIPPON EXPRESS 0.06NIPPON PAINT 0.05NIPPON PROLOGIS REIT INC 0.03NIPPON YUSEN 0.03NISHI-NP CITY BK 0.04NISOURCE INC 0.15NISSAN MOTOR CO 0.04NISSHIN GROUP 0.10NISSIN FOOD 0.16NITORI CO 0.09NITTO DENKO CORP 0.02NKSJ HOLDINGS INC 0.04NOBLE CORP 0.03NOBLE ENERGY 0.04NOBLE GROUP 0.03NOERDSTROM 0.06NOKIA OYJ 0.01NOKIAN RENKAAT 0.02NOMURA HOLDINGS 0.02NOMURA OFFICE REIT 0.05NOMURA REAL ESTATE HOLDINGS 0.03NOMURA RESEARCH 0.06NORDEA 0.05NORFOLK SOUTHERN CORP 0.06NORSK HYDRO 0.05NORTH UTILITIES 0.15NORTHERN TRUST CORP 0.07NORTHROP GRUMMAN CORP 0.09

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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291

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

NOVARTIS-REGISTERED 0.11NOVO NORDISK B 0.07NOVOZYMES A/S 0.09NRG ENERGY INC 0.05NSK 0.03NTT 0.08NTT DATA 0.04NTT DOCOMO 0.13NTT URBAN DEV 0.02NUANCE COMMUNICATIONS INC 0.03NUCOR CORP 0.05NVIDIA CORP 0.02NWS HOLDINGS LTD 0.05OBAYASHI CORP 0.04OCBC BANK 0.12OCCIDENTAL PETROLEUM 0.04OCEANEERING INTL INC 0.04OCI 0.03OCWEN FINANCIAL CORP 0.03ODAKYU ELEC RAIL 0.08OGE ENERGY CORP 0.10OJI PAPER 0.04OKO PANKKI A 0.04OLAM INTERNATIONAL 0.04OLD MUTUAL 0.06OLYMPUS CORP 0.01OMNICARE 0.06OMNICOM GROUP INC 0.08OMRON 0.04OMV 0.05ONEOK INC 0.07ONEX CORP 0.11ONO PHARMACEUTICAL CO LTD 0.08OPEN TEXT CORP 0.04ORACLE CORP 0.06ORACLE CORP JPN 0.06ORANGE SA 0.05OREILLY AUTOMOTIVE INC 0.07ORICA 0.06ORIENTAL LAND 0.08ORIGIN ENERGY 0.07ORION OYJ-CLASS B 0.07ORIX 0.03

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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292

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

ORKLA A 0.09OSAKA GAS 0.10OSRAM LICHT AG 0.04OTSUKA 0.06OTSUKA HOLDINGS CO LTD 0.03OWENS-ILLINOIS 0.03PACCAR INC 0.04PACIFIC RUBIALES ENERGY CORP 0.03PALL CORP 0.05PARGESA 0.07PARK24 0.06PARKER HANNIFIN CORP 0.05PARTNERRE 0.09PARTNERS GROUP HOLDING AG 0.09PATTERSON COS 0.09PAYCHEX INC UW 0.13PCCW 0.05PEABODY ENERGY CORP. 0.02PEARSON PLC 0.12PEMBINA PIPELINE CORP 0.13PENGROWTH ENERGY CORP 0.04PENN WEST ENERGY TRUST 0.03PENTAIR 0.05PEOPLE'S BANK/BRIDGEPORT CT 0.09PEPCO HOLDINGS 0.16PEPSICO INC/NC 0.23PERNOD-RICARD SA 0.10PERRIGO COMPANY 0.09PERSIMMON 0.04PETROFAC LTD 0.04PETSMART 0.08PEYTO EXPLORATION & DEVELOPMEN 0.05PFIZER INC 0.11PG&E CORP 0.17PHARMACYCLICS INC. 0.01PHILIP MORRIS INTERNATIONAL IN 0.10PHILLIPS 66 0.02PHILLIPS-VAN HEUSEN CORP 0.03PHONAK 0.03PINNACLE WEST CAPITAL 0.13PIONEER NATURAL RES. 0.02PIRELLI & C 0.03PLUM CREEK TIMBER COMMON 0.09

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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293

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

PNC FINL SVC 0.06POLARIS INDUSTRIES INC 0.04POLO RALPH LAUREN CORP A 0.04PORSCHE PREF 0.02PORTUGAL TELECOM 0.04POTASH CORP OF SASKATCHEWAN IN 0.04POWER CORP OF CANADA 0.11POWER FINANCIAL CORP 0.14PPG IND 0.07PPL CORP 0.17PRAXAIR 0.13PRECISION CASTPARTS CORP 0.08PREMIERE 0.01PRICE (T. ROWE) GROUP 0.06PRICELINE.COM INC 0.04PRINCIPAL FINL 0.04PROCTER & GAMBLE CO/THE 0.16PROGRESS CORP OH 0.10PROLOGIS INC 0.04PROSIEBENSAT.1 MEDI.PREF 0.03PRUDENTIAL 0.05PRUDENTIAL FINL 0.04PRYSMIAN SPA 0.04PUBLIC STORAGE 0.08PUBLIC SV ENTERPRISE CO 0.11PUBLICIS GROUPE SA 0.08PULTE HOMES 0.02QANTAS AIRWAYS 0.02QBE INSURANCE GROUP 0.03QEP RESOURCES INC 0.02QIAGEN NV 0.07QR NATIONAL LTD 0.03QUALCOMM INC 0.07QUANTA SERVICES INC. 0.05QUEST DIAG 0.07RACKSPACE HOSTING INC 0.02RAIFFEISEN INTERNATIONAL 0.02RAKUTEN 0.03RAMSAY HEALTH CARE LTD 0.09RANDGOLD RESOURCES LTD/LFW 0.03RANDSTAD 0.03RANGE RESOURCES CORP 0.04RAYMOND JAMES FINANCIAL INC 0.05

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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294

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

RAYONIER INC 0.07RAYTHEON 0.10REA GROUP LTD 0.04REALOGY HOLDINGS CORP 0.05REALTY INCOME CORP 0.09RECKITT BENCKISER GROUP PLC 0.13RED ELECTRICA DE ESPANA 0.05RED HAT INC- 0.03REED ELSEVIER NV 0.10REED ELSEVIER PLC 0.10REGEGERON PHARMACEUTICAL 0.02REGENCY CENTERS CORP 0.05REGIONS FINANCIAL (NEW) 0.02REI-U.TO 0.16REMY COINTREAU 0.06RENAISSANCERE HOLDINGS 0.14RENAULT SA 0.02REPSOL YPF SA 0.03REPUBLIC SERVICES 0.10RESEARCH IN MOTION 0.01RESMED INC 1 0.04RESOLUTION LTD 0.05RESONA HOLDINGS 0.05REXAM 0.09REXEL SA 0.04REYNOLDS AMERICAN INC 0.14RICOH CO LTD 0.02RINNAI 0.07RIO TINTO LIMITED 0.05RIO TINTO PLC 0.04ROB HALF INTL 0.04ROCHE HOLDING AG 0.10ROCK-TENN COMPANY -CL A 0.04ROCKWELL AUTOMATION 0.04ROCKWELL COLLINS 0.09ROGERS COMMUNICATIONS B 0.12ROHM CO LTD 0.04ROLLS ROYCE 0.08ROPER INDUSTRIES 0.09ROSS STORES 0.07ROWAN CO INC 0.03ROYAL BANK OF CANADA 0.12ROYAL BANK OF SCOTLAND 0.02

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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295

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

ROYAL CARIBBEAN CRUISES 0.03ROYAL DUTCH SHELL PLC 0.11ROYAL DUTCH SHELL B 0.11RSA INSURANCE GROUP PLC 0.07RTL GROUP SA. 0.03RWE AG 0.03RYANAIR HOLDINGS PLC 0.07RYMAN HEALTHCARE LTD 0.12SABMILLER 0.09SAFEWAY INC 0.04SAFRAN SA 0.05SAGE GROUP PLC/THE 0.09SAIC INC 0.06SAINSBURY (J) 0.10SAIPEM SPA 0.02SALESFORCE.COM INC 0.02SAMPO OYJ 0.06SANDISK CORP/USD 0.02SANDS CHINA LTD 0.03SANDVIK AB 0.03SANKYO 0.08SANOFI-AVENTIS SA 0.10SANRIO 0.02SANTEN PHARM 0.07SANTOS 0.06SAP AG 0.08SAPUTO 0.09SBA COMMUNICATIONS CORP 0.09SBI HOLDINGS 0.01SCANA CORP 0.18SCANIA B 0.04SCHINDLER HOLDING AG 0.12SCHINDLER P 0.10SCHLUMBERGER LTD 0.04SCHNEIDER ELECTRIC SA 0.03SCHRODERS PLC/ORD LN GBP 0.05SCHWAB (CHARLES) CORP 0.04SCOR S.A. 0.07SCOTTISH & SOUTHERN ENERG 0.16SCRIPPS NETWORKS INTERAC-W/I 0.08SEADRILL 0.06SEAGATETECHNOLOGY 0.02SEALED AIR CP 0.04

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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296

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

SEARS HOLDINGS CORP 0.01SECOM 0.09SECURITAS AB 0.05SEEK LTD 0.04SEGA SAMMY HOLDINGS INC 0.03SEI INVESTMENTS COMPANY 0.06SEKISUI CHEMICAL 0.06SEKISUI HOUSE 0.06SEMBCORP INDUSTRIES 0.07SEMBCORP MARINE 0.04SEMPRA ENERGY 0.15SENSATA TECHNOLOGIES HOLDING NV 0.05SERCO GRP 0.09SERVICENOW INC 0.03SES SA 0.15SEVEN & I HOLDINGS CO LTD 0.08SEVEN BANK 0.05SEVERN TRENT PLC 0.07SGS N 0.10SHANGRI-LA ASIA 0.05SHARP CORP/JAPAN 0.01SHAW COMMUNICATIONS B 0.18SHERWIN-WILLIAMS 0.08SHIKOKU ELE PWR 0.01SHIMADZU CORP 0.05SHIMAMURA CO LTD 0.06SHIMANO INC 0.06SHIMIZU CORP 0.04SHIN-ETSU CHEM 0.06SHINSEI BANK 0.02SHIONOGI & CO 0.05SHIRE PHARM GRP 0.08SHISEIDO 0.06SHIZUOKA BANK 0.07SHOEI 0.01SHOPPERS DRUG MART CORP 0.10SHOWA DENKO 0.04SHOWA SHELL 0.04SIEMENS AG 0.06SIGMA-ALDRICH 0.10SIKA FINANZ AG-BEARER 0.07SILVER WHEATON CORP- 0.02SIMON PROPERTY GROUP INC 0.09

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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297

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

SINGAPORE AIRLINES 0.12SINGAPORE EXCHANGE 0.11SINGAPORE PRESS HLDG 0.21SINGAPORE TECH ENGR. 0.10SINGAPORE TELECOM 0.11SINO LAND CO LTD 0.04SIRIUS SATELLITE RADIO 0.03SJM HOLDINGS LTD 0.02SKANDINAVISKA ENSKILDA BK 0.05SKANSKA B 0.07SKF AB -B 0.04SL GREEN REALTY CORP 0.05SLOUGH ESTATES PLC 0.06SMC CORPORATION 0.05SMITH & NEPHEW 0.10SMITHS GROUP PLC 0.07SMUCKER (J.M.) CO 0.12SNAM RETE GAS 0.09SNC-LAVALIN GROUP 0.05SOCIÉTÉ GENERALE 0.01SODEXO 0.12SOFTBANK CORP 0.03SOJITZ 0.03SOLVAY 0.04SO-NET M3 INC 0.03SONIC HEALTHCARE 0.09SONY CORP 0.02SONY FINANCIAL HOLDINGS INC 0.03SOUTHERN CO 0.22SOUTHWEST AIRLINES CO 0.05SOUTHWESTERN ENERGY CO 0.03SP AUSNET 0.08SPECTRA ENERGY CORP 0.11SPRINT CORP 0.03SPRINT PCS GROUP 0.03SPX CORP 0.03ST JUDE MEDICAL 0.05STANDARD CHARTERED 0.05STANDARD LIFE PLC 0.04STANLEY ELEC 0.04STANLEY WORKS 0.05STAPLES INC 0.04STARBUCKS CORP 0.06

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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298

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

STARHUB LTD 0.14STARWOOD HOTELS 0.04STATE STREET CORP 0.05STATOIL 0.10STERICYCLE INC 0.11STMICROELECTRON. 0.02STOCKLAND 0.07STORA ENSO OYJ 0.03STRYKER CORP 0.09SUBSEA 7 SA 0.04SUEDZUCKER AG 0.04SUEZ ENVIRONNEMENT SA 0.05SULZER R 0.04SUMCO 0.01SUMITOMO CHEM 0.02SUMITOMO CORP 0.06SUMITOMO ELEC 0.04SUMITOMO HVY IND 0.02SUMITOMO MITSUI FINANCIAL GROU 0.05SUMITOMO MTL MIN 0.03SUMITOMO RE&DEV 0.02SUMITOMO RUBBER 0.04SUN HUNG KAI PROPERTIES LTD 0.06SUN LIFE FINANCIAL 0.06SUNCOR ENERGY INC 0.04SUNCORP-METWAY 0.08SUNTORY BEVERAGE & FOOD LTD 0.07SUNTRUST BANKS 0.03SUPERIOR ENERGY SERVICES INC 0.02SURUGA BANK 0.05SUZUKEN 0.07SUZUKI MOTOR 0.05SVENSKA CELLULOSA AB 0.09SVENSKA HANDELSBANKEN AB 0.07SWATCH GROUP I 0.04SWATCH GROUP N 0.04SWEDISH MATCH 0.09SWIRE PACIFIC LTD 0.08SWIRE PROPERTIES LTD 0.03SWISS LIFE HOLDING 0.03SWISS PRIME SITE-REG 0.23SWISS RE LTD 0.06SWISSCOM N 0.18

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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299

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

SXC HEALTH SOLUTIONS CORP 0.03SYDNEY AIRPORT 0.13SYMANTEC CORP 0.05SYNGENTA AG 0.10SYNOPSYS INC 0.12SYSCO CORP 0.13SYSMEX 0.05T&D HOLDINGS 0.03TABCORP HOLDINGS 0.08TAIHEIYO CEMENT 0.02TAISEI CORP 0.04TAISHO PHARMACEUTICAL HOLDINGS CO LTD 0.06TAIYO NPN SANSO 0.04TAKASHIMAYA 0.04TAKEDA PHARMACEUTICAL 0.13TALISMAN ENERGY 0.04TANABE SEIYAKU 0.09TARGET CORP 0.11TATE & LYLE PLC 0.11TATTERSALL’S LTD 0.11TD AMERITRADE HOLDING CORP 0.05TDC A/S 0.12TDK CORPORATION 0.03TECHNIP SA 0.03TECK COMINCO B 0.02TEIJIN 0.04TELE2 B 0.07TELECOM CORP NEW ZEALAND 0.05TELECOM ITALIA SPA 0.03TELECOM ITALIA RNC 0.03TELEFONICA DEUTSCHLAND HOLDING AG 0.04TELEFONICA SA 0.05TELEKOM AUSTRIA 0.04TELENOR 0.09TELIASONERA 0.10TELSTRA CORP 0.14TELUS CORP VTG 0.16TENARIS 0.04TERADATA CORP 0.03TERNA-TRASMISSIONE ELETTRICITA RETE NAZIONALE SPA 0.09TERUMO CORP 0.05TESCO PLC 0.08TESLA MOTORS INC 0.01

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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300

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

TESORO CORP 0.02TESSENDERLO CHEMIE-PARTS SOC. 0.07TEVA PHARMACEUTICAL INDUSTRIES LTD 0.08TEXAS INSTRUMENT 0.07TEXTRON INC 0.03THALES EX TH-CSF 0.07THE AES CORP 0.06THE MACERICH COMPANY 0.07THERMO ELECTRON 0.09THK 0.02THOMSON CORP 0.13THYSSENKRUPP AG 0.03TIFFANY & CO 0.04TIM HORTONS INC. 0.14TIME WARNER CABLE INC 0.07TJX CO INC 0.11TNT EXPRESS NV 0.03TOBU RAILWAY 0.07TOHO 0.07TOHO GAS 0.07TOHOKU ELE PWR 0.01TOKYO ELECTRIC POWER CO INC/TH 0.01TOKYO ELECTRON 0.03TOKYO GAS CO LTD 0.09TOKYO TATEMONO CO LTD 0.02TOKYU CORP 0.06TOKYU FUDOSAN HOLDINGS CORP 0.02TOLL BROTHERS 0.03TOLL HOLDINGS 0.04TONENGENERAL 0.08TOPPAN PRINTING 0.06TORAY INDUSTRIES 0.06TORCHMARK CORP 0.12TORONTO-DOMINION BANK/THE 0.16TOSHIBA CORP 0.03TOTAL SA 0.09TOTAL SYSTEM SERVICES INC 0.10TOTO 0.07TOURMALINE OIL CORP 0.03TOWERS WATSON & CO 0.08TOYO SEIKAN 0.04TOYO SUISAN 0.09TOYODA GOSEI 0.03

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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301

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

TOYOTA BOSHOKU 0.03TOYOTA INDUSTRI 0.05TOYOTA MOTOR CORP 0.05TOYOTA TSUSHO CORP 0.04TRACTOR SUPPLY COMPANY 0.04TRANSALTA CORP 0.09TRANSCANADA CORP 0.19TRANSDIGM GROUP INC 0.07TRANSOCEAN LTD 0.03TRANSURBAN GROUP 0.17TRAVELERS COS INC/THE 0.11TRAVIS PERKINS 0.04TREASURY WINE ESTATES LTD 0.05TREND MICRO INC 0.04TRIMBLE NAVIGATION LTD 0.04TRIPADVISOR INC 0.02TRW AUTOMOTIVE HOLDINGS CORP 0.02TRYGVESTA 0.11TSUMURA & CO 0.06TUI TRAVEL PLC 0.04TULLOW OIL PLC 0.03TWENTY-FIRST - B 0.07TWENTY-FIRST CENTURY FOX INC 0.06TYCO ELECTRONICS LTD 0.05TYCO INTL 0.08TYSON FOODS A 0.07UAL CORP 0.02UBE INDUSTRIES 0.04UBS AG 0.04UCB 0.08ULTA SALON COSMETICS & FRAGRANCE INC 0.02UMICORE 0.05UNDER ARMOUR INC 0.02UNIBAIL-RODAMCO SE 0.07UNI-CHARM 0.09UNICREDIT SPA 0.01UNILEVER NV 0.17UNILEVER PLC 0.16UNION PACIFIC CORP 0.08UNITED DOMINION REALTY 0.07UNITED INTERNET AG-REG SHARE 0.06UNITED OVERSEAS BANK 0.10UNITED OVERSEAS LAND 0.06

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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302

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

UNITED PARCEL B 0.14UNITED TECHNOLOGIES CORP 0.09UNITED URBAN INVESTMENT CORP 0.05UNITED UTILITIES GROUP PLC 0.10UNITEDHEALTH GP 0.07UNIVERSAL HEALTH SERVICES INC 0.04UNUMPROVIDENT CORP 0.07UPM-KYMMENE 0.03URBAN OUTFITTER 0.03US BANCORP 0.08USA EDUCTION INC 0.05USS 0.10VALEO SA 0.03VALERO ENERGY CORP 0.03VALLOUREC 0.02VANTIV INC 0.03VARIAN MEDICAL SYSTEMS 0.06VENTAS INC 0.07VEOLIA ENVIRONNEMENT SA 0.02VERISIGN 0.06VERISK ANALYTICS INC 0.11VERIZON COMMUNICATIONS INC 0.14VERMILION ENERGY INC 0.09VERTEX PHARMACEUTICALS 0.01VF CORP 0.07VIACOM INC 0.06VINCI SA 0.05VISA INC 0.06VIVENDI SA 0.06VMWARE INC 0.03VODAFONE GROUP PLC 0.11VOESTALPINE AG 0.03VOLKSWAGEN AG 0.03VOLKSWAGEN AG 0.04VOLVO AB 0.03VORNADO REALTY TRUST 0.06VULCAN MATERIALS CO 0.03WALGREEN CO 0.06WAL-MART STORES INC 0.16WALT DISNEY CO/THE 0.07WARTSILA 0.03WASTE MANAGEMNT 0.11WATERS CORP 0.06

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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303

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

WATSON PHARM 0.07WEATHERFORD INT'L 0.02WEIR GRP 0.03WELLPNT HLTH NET 0.06WELLS FARGO & CO 0.07WENDEL 0.03WESFARMERS LIMITED 0.12WEST JAPAN RY 0.13WESTERN DIGITAL 0.02WESTERN UNION CO 0.04WESTFIELD GROUP 0.12WESTFIELD RETAIL TRUST 0.06WESTON (GEORGE) 0.13WESTPAC BANKING CORP 0.07WEYERHAEUSER CO 0.05WHARF HOLDINGS LTD 0.03WHEELOCK 0.03WHIRLPOOL CORP 0.03WHITBREAD 0.09WHITING PETROLEUM CORP 0.02WHOLE FOODS MARKET 0.04WIENER STAEDTISCHE 0.05WILLIAM DEMANT HOLDING 0.08WILLIAM HILL 0.06WILLIAMS COS 0.06WILLIS GROUP HOLDING LIMITED 0.09WILMAR INTERNATIONAL LTD 0.06WINN-DIXIE STRS 0.06WISCONSIN ENERGY CORP 0.20WOLSELEY 0.05WOLTERS KLUWER NV 0.08WOODSIDE PETROLEUM 0.06WOOLWORTHS LTD 0.15WORKDAY INC 0.03WORLEYPARSONS 0.03WPP PLC 0.08WPS RESOURCES CORP 0.12WYNDHAM WORLDWIDE CORP 0.05WYNN MACAU LTD 0.02WYNN RESORTS 0.03XCEL ENERGY 0.19XEROX CORP 0.05XILINX INC 0.06

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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304

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Description Weight in the index

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

XL CAPITAL 0.07XYLEM INC 0.03YAHOO INC 0.04YAHOO JAPAN 0.05YAKULT HONSHA 0.05YAMADA DENKI 0.02YAMAGUCHI FINANCIAL GROUP INC 0.06YAMAHA CORP 0.04YAMAHA MOTOR 0.02YAMANA GOLD 0.03YAMATO KOGYO 0.04YAMATO TRANSPORT 0.07YAMAZAKI BAKING 0.08YANGZIJIANG SHIPBUILDING HOLDINGS LTD 0.03YARA INTERNATIONAL 0.04YASKAWA ELEC 0.03YOKOGAWA ELEC 0.04YOKOHAMA RUBBER 0.04YUE YUEN IND 0.06YUM! BRANDS INC 0.08ZARDOYA OTIS 0.08ZIGGO NV 0.02ZIMMER HLDGS 0.08ZODIAC 0.08ZOETIS INC 0.02ZURICH INSURANCE GROUP AG 0.07

Total 100.00

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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305

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Banks 5.33Conventional Electricity 4.60Food Products 4.41Pharmaceuticals 3.96Specialty Chemicals 2.31Fixed Line Telecommunications 2.27Broadcasting & Entertainment 2.22Food Retailers & Wholesalers 2.15Exploration & Production 2.00Property & Casualty Insurance 1.98Retail REITs 1.94Industrial Machinery 1.93Multiutilities 1.80Real Estate Holding & Development 1.75Life Insurance 1.62Business Support Services 1.54Integrated Oil & Gas 1.50Mobile Telecommunications 1.41Software 1.31Travel & Tourism 1.29Medical Equipment 1.28Commodity Chemicals 1.24Diversified Industrials 1.22Asset Managers 1.21Semiconductors 1.21Gas Distribution 1.19Industrial & Office REITs 1.18Health Care Providers 1.17Specialty Retailers 1.17Restaurants & Bars 1.15Investment Services 1.13Transportation Services 1.13Publishing 1.10Aerospace 1.09Oil Equipment & Services 1.05Personal Products 1.04Broadline Retailers 1.01Building Materials & Fixtures 0.99Soft Drinks 0.95Specialty Finance 0.94Heavy Construction 0.92Nondurable Household Products 0.90Tobacco 0.88Auto Parts 0.86Medical Supplies 0.86

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306

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013 (cont.)

%

Electrical Components & Equipment 0.81Financial Administration 0.81Electronic Equipment 0.80Reinsurance 0.77Computer Services 0.75Pipelines 0.75Apparel Retailers 0.73Biotechnology 0.72Containers & Packaging 0.72Defense 0.71Gambling 0.71Clothing & Accessories 0.70Automobiles 0.69Drug Retailers 0.69Brewers 0.63Commercial Vehicles & Trucks 0.61Specialty REITs 0.60Full Line Insurance 0.59Distillers & Vintners 0.58Airlines 0.57Railroads 0.54Consumer Finance 0.48Telecommunications Equipment 0.48Media Agencies 0.46Residential REITs 0.46Industrial Suppliers 0.45Toys 0.44Delivery Services 0.43Iron & Steel 0.43Water 0.43Home Improvement Retailers 0.42Durable Household Products 0.37General Mining 0.37Insurance Brokers 0.35Internet 0.35Home Construction 0.34Specialized Consumer Services 0.32Waste & Disposal Services 0.32Hotels 0.31Marine Transportation 0.31Footwear 0.30Trucking 0.29Recreational Services 0.27Computer Hardware 0.26Gold Mining 0.26

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307

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013 (cont.)

%

Tires 0.23Alternative Electricity 0.20Business Training & Employment Agencies 0.20Electronic Office Equipment 0.20Real Estate Services 0.18Mortgage REITs 0.17Recreational Products 0.17Paper 0.15Diversified REITs 0.14Mortgage Finance 0.13Nonferrous Metals 0.13Aluminum 0.11Consumer Electronics 0.11Furnishings 0.10Farming & Fishing 0.09Coal 0.04Hotel & Lodging REITs 0.04Platinum & Precious Metals 0.04

100.00

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308

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

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

Shares

3.811 343 7581 288 536EURAEGON NV142 1144.211 482 7741 144 578EURAIRBUS GROUP NV19 2814.011 411 7801 268 174EURALLIANZ SE - REG7 8603.791 334 1441 298 772EURASML HOLDING NV14 2300.33115 704119 820EURBANCO BILBAO VIZCAYA ARGENTARIA SA9 3842.981 051 5791 035 608EURBANCO SANTANDER SA117 2993.661 291 1521 238 750EURBASF SE - REG12 0923.551 251 695956 141EURBAYER AG8 9103.731 315 0161 301 500EURCONTINENTAL AG5 9878.873 126 2972 556 176EURDAIMLER AG36 0703.801 337 4691 327 231EURDEUTSCHE BANK AG - REG27 9921.45511 183453 839EURDEUTSCHE POST AG - REG13 9994.671 644 7021 540 245EURE.ON SE88 9744.871 714 5301 612 025EURFRESENIUS MEDICAL CARE AG & CO KGAA24 0533.961 395 7841 095 097EURIBERDROLA SA218 5427.112 505 5031 789 794EURING GROEP NV - CVA180 0284.181 471 6671 106 512EURKONINKLIJKE PHILIPS NV40 0830.32112 301109 762EURLINDE AG5360.72254 194232 025JPYNINTENDO CO LTD1 9073.161 114 8061 094 221EURPORSCHE AUTOMOBIL HOLDING SE - PFD10 6932.911 024 437984 860EURRWE AG27 9449.223 249 9763 088 020EURSAP AG37 8529.143 221 8952 953 292EURSIEMENS AG - REG23 5490.1965 98268 034EURTELEFONICA SA4 0460.92322 851332 012JPYTOKYO ELECTRIC POWER CO INC65 6352.46867 361885 786JPYTOYOTA MOTOR CORP14 200

98.0234 538 54030 880 810Total Shares

Investment funds

4.351 532 4031 437 084EURUK EQUITY HOLDINGS1 100

4.351 532 4031 437 084Total Investment funds

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

102.3736 070 94332 317 894Total investments

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309

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

18.22Automobiles and Parts13.32General Industrials9.22Software and Computer Services7.82Nonlife Insurance7.78Electricity7.54Chemicals7.11Banks7.11Life Insurance4.87Health Care Equipment and Services4.67Gas, Water and Multiutilities4.35Investment Fund4.21Aerospace and Defense3.79Technology Hardware and Equipment1.45Industrial Transportation0.72Leisure Goods0.19Fixed Line Telecommunications

102.37

%

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310

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD RISKWEIGHTED

63.37Germany23.09Netherlands7.46Spain4.35France4.10Japan

102.37

%

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311

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 105.83%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 UCITS ETF S&P 500 VIXFUTURES ENHANCED ROLL

Description Weight in the index

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

S&P 500 VIX SHORT-TERM FUTURES (SPVXSP) JANUARY 0.00S&P 500 VIX SHORT-TERM FUTURES (SPVXSP) FEBRUARY 0.00S&P 500 VIX MID-TERM ENHANCED (VXXIDN) MARCH 31.82 S&P 500 VIX MID-TERM ENHANCED (VXXIDN) APRIL 50.00S&P 500 VIX MID-TERM ENHANCED (VXXIDN) MAY 18.18TREASURY BILL RETURN LAST 0.065% 0.00

Total 100.00

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312

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIXFUTURES ENHANCED ROLL

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

Shares

2.791 573 7061 559 897EURABERTIS INFRAESTRUCTURAS SA70 7163.992 246 7201 802 144EURAEGON NV237 6103.421 926 1221 446 097EURAIRBUS GROUP NV25 0467.564 269 8273 976 983EURALLIANZ SE - REG23 7723.441 938 0051 894 553EURANHEUSER-BUSCH INBEV NV18 2042.351 325 1061 317 250EURBANCO BILBAO VIZCAYA ARGENTARIA SA107 4713.441 939 4401 891 240EURBANCO SANTANDER SA216 3363.421 929 5731 822 770EURBASF SE - REG18 0712.771 561 5981 416 411EURBAYER AG11 1163.251 831 1641 505 047EURBRENNTAG AG9 8622.791 572 3361 497 491EURDAIMLER AG18 1414.492 532 2682 497 785EURDEUTSCHE BANK AG - REG52 9982.781 566 1571 425 623EURDEUTSCHE POST AG - REG42 8902.761 557 2871 548 078EURDEUTSCHE TELEKOM AG - REG90 9212.791 570 3921 504 992EURE.ON SE84 9542.171 222 7601 105 113EURFRESENIUS MEDICAL CARE AG & CO KGAA17 1540.24134 07095 869EURGAMESA CORP TECNOLOGICA SA12 8363.712 094 0892 029 176EURHEIDELBERGCEMENT AG27 5562.801 580 2851 363 323EURIBERDROLA SA247 4304.532 552 6082 476 561EURINDITEX SA15 4632.791 570 9081 410 719EURKONINKLIJKE PHILIPS NV42 7864.802 713 0402 649 849EURLINDE AG12 9492.791 575 4081 551 185EURPORSCHE AUTOMOBIL HOLDING SE - PFD15 1114.402 480 1041 839 471EURPOSTNL NV433 6993.441 936 5841 876 226EURRWE AG52 8253.461 948 1651 803 400EURSAP AG22 6903.411 922 2741 837 433EURSIEMENS AG - REG14 0503.451 943 3961 928 986EURTELEFONICA SA119 1682.641 485 8651 448 458EURUNILEVER NV36 8343.481 960 9701 778 173EURWOLTERS KLUWER NV68 600

100.1556 460 22752 300 303Total Shares

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

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313

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIXFUTURES ENHANCED ROLL

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

Investment funds

5.683 204 1153 085 946EURUK EQUITY HOLDINGS2 300

5.683 204 1153 085 946Total Investment funds

105.8359 664 34255 386 249Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

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314

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIXFUTURES ENHANCED ROLL

14.24Chemicals11.55Nonlife Insurance10.28Banks9.97Industrial Transportation6.24Electricity6.20General Industrials5.68Investment Fund5.58Automobiles and Parts4.53General Retailers3.71Construction and Materials3.48Media3.46Software and Computer Services3.45Fixed Line Telecommunications3.44Beverages3.42Aerospace and Defense2.79Gas, Water and Multiutilities2.76Mobile Telecommunications2.64Food Producers2.17Health Care Equipment and Services0.24Alternative Energy

105.83

%

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315

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P 500 VIXFUTURES ENHANCED ROLL

56.41Germany20.70Netherlands19.60Spain5.68France3.44Belgium

105.83

%

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316

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 104.46%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 UCITS ETF SG GLOBALQUALITY INCOME NTR

Description Weight in the index

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

AGL ENERGY LTD 1.25ALTRIA GROUP 1.52AMCOR 1.32AMER ELEC PWR 1.47APA GROUP 1.36ARC ENERGY TRUST 1.48AT&T INC 1.42BCE INC 1.41BRITISH AMERICAN TOBACCO PLC 1.41CENTRICA 1.32CLP HOLDINGS LTD 1.35CMS ENERGY CORP 1.40COCA-COLA AMATIL 1.28CONSOL EDISON 1.37DTE ENERGY 1.39EISAI 1.34EUTELSAT COMMUNICATIONS 1.41EXELON CORP 1.29HENNES & MAURITZ AB 1.47HUSKY ENERGY 1.55IMPERIAL TOBACCO GROUP PLC 1.49INFORMA PLC 1.53LEGGETT & PLATT 1.43LOCKHEED MARTIN 1.64LORILLARD INC 1.54MICROCHIP TECHNOLOGY 1.55NATIONAL GRID 1.51NTT DOCOMO 1.40ORKLA A 1.42ORORA LTD 0.15PAYCHEX INC UW 1.57PEARSON PLC 1.52PG&E CORP 1.36PHILIP MORRIS INTERNATIONAL IN 1.37PINNACLE WEST CAPITAL 1.32PUBLIC SV ENTERPRISE CO 1.32

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317

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBALQUALITY INCOME NTR

Description Weight in the index

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

REYNOLDS AMERICAN INC 1.38ROCHE HOLDING AG 1.43ROYAL DUTCH SHELL PLC 1.51SAINSBURY (J) 1.34SCANA CORP 1.42SEADRILL 1.23SES SA 1.54SHAW COMMUNICATIONS B 1.38SINGAPORE PRESS HLDG 1.40SINGAPORE TECH ENGR. 1.28SINGAPORE TELECOM 1.34SONIC HEALTHCARE 1.35SOUTHERN CO 1.39SWISSCOM N 1.50TAKEDA PHARMACEUTICAL 1.34TATTERSALL'S LTD 1.29TECO ENERGY INC 1.43TELE2 B 1.20TELENOR 1.37TELIASONERA 1.49TELSTRA CORP 1.38TELUS CORP VTG 1.45TESCO PLC 1.28THOMSON CORP 1.51TOTAL SA 1.42TRANSCANADA CORP 1.47TRANSOCEAN LTD 1.47TRANSURBAN GROUP 1.32UNITED UTILITIES GROUP PLC 1.38VERIZON COMMUNICATIONS INC 1.43WESFARMERS LIMITED 1.38WOLTERS KLUWER NV 1.48WOODSIDE PETROLEUM 1.32WOOLWORTHS LTD 1.27XCEL ENERGY 1.39ZIGGO NV 1.51

Total 100.00

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318

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBALQUALITY INCOME NTR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Conventional Electricity 16.48Fixed Line Telecommunications 10.10Tobacco 8.71Publishing 7.44Mobile Telecommunications 6.80Integrated Oil & Gas 4.48Broadcasting & Entertainment 4.33Multiutilities 4.18Pharmaceuticals 4.11Food Retailers & Wholesalers 3.89Pipelines 2.83Exploration & Production 2.80Oil Equipment & Services 2.70Defense 1.64Financial Administration 1.57Semiconductors 1.55Apparel Retailers 1.47Containers & Packaging 1.47Furnishings 1.43Diversified Industrials 1.42Home Improvement Retailers 1.38Water 1.38Health Care Providers 1.35Gas Distribution 1.32Transportation Services 1.32Gambling 1.29Aerospace 1.28Soft Drinks 1.28

100.00

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319

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBALQUALITY INCOME NTR

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

Shares

1.836 628 6105 690 677EURAIRBUS GROUP NV118 7710.07256 156262 003EURAIXTRON SE24 3614.7617 254 16915 657 364EURALLIANZ SE - REG132 3687.3726 717 43526 182 320EURANHEUSER-BUSCH INBEV NV345 8120.933 382 1283 305 057SEKASTRAZENECA PLC78 1510.11392 846400 615USDBANK OF AMERICA CORP34 7676.8424 803 38723 627 620EURBASF SE - REG320 0854.6716 951 12514 215 232EURBAYER AG166 2693.0010 893 1619 735 976EURBAYERISCHE MOTOREN WERKE AG127 8243.8213 858 17113 592 072USDBERKSHIRE HATHAWAY INC - B161 0651.967 090 9617 163 343USDCITIGROUP INC187 5077.1325 854 35323 708 974EURDAIMLER AG411 0390.23851 473788 967JPYDAINIPPON SCREEN MANUFACTURING CO LTD206 9100.18666 743584 556DKKDANSKE BANK A/S39 9853.3011 978 06311 512 289EURDEUTSCHE BANK AG - REG345 4381.826 588 2455 670 073EURDEUTSCHE POST AG - REG248 6134.6016 696 01312 789 173EURDEUTSCHE TELEKOM AG - REG1 343 2033.5412 837 33712 029 750EURE.ON SE956 9391.977 131 3947 140 363EURFRESENIUS MEDICAL CARE AG & CO KGAA137 8580.451 624 3241 365 216CHFGEBERIT AG - REG7 3590.09342 181306 890SEKGETINGE AB - B13 7654.1414 996 78714 737 202USDGILEAD SCIENCES INC274 9810.15534 798385 268JPYGS YUASA CORP128 0245.8421 161 86319 121 626EURING GROEP NV - CVA2 095 2340.10371 592334 414JPYKANSAI ELECTRIC POWER CO INC44 5144.5016 325 15214 824 059EURKONINKLIJKE PHILIPS NV612 6910.853 067 6732 857 926EURMUENCHENER RUECKVERSICHERUNGS AG - REG19 1550.003 9663 626JPYNINTENDO CO LTD412.067 482 2307 271 268DKKNOVO NORDISK A/S - B56 1574.9918 113 83615 437 221EURPORSCHE AUTOMOBIL HOLDING SE - PFD239 4110.20731 371747 453EURRWE AG27 4904.2515 418 36014 765 481EURSAP AG247 4460.12431 257347 920EURSBM OFFSHORE NV29 1391.234 455 3524 132 116JPYSECOM CO LTD101 777

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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320

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in EUR)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBALQUALITY INCOME NTR

Shares (cont.)

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

4.4015 944 20815 112 149JPYSEVEN & I HOLDINGS CO LTD552 4387.7127 926 90026 762 153EURSIEMENS AG - REG281 2660.25919 864866 191SEKSVENSKA HANDELSBANKEN AB - A25 7620.531 935 814938 105JPYTOKYO ELECTRIC POWER CO INC542 2884.4716 196 42315 380 378EURUNILEVER NV553 251

104.46378 815 721349 753 086Total Shares

104.46378 815 721349 753 086Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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321

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBALQUALITY INCOME NTR

15.27Automobiles and Parts12.19General Industrials11.51Chemicals9.43Nonlife Insurance7.37Beverages7.13Pharmaceuticals and Biotechnology5.84Life Insurance5.80Banks4.60Mobile Telecommunications4.47Food Producers4.40General Retailers4.25Software and Computer Services3.54Gas, Water and Multiutilities2.06Health Care Equipment and Services1.83Aerospace and Defense1.82Industrial Transportation1.23Support Services0.84Electricity0.45Construction and Materials0.31Technology Hardware and Equipment0.12Oil Equipment, Services and Distribution

104.46

%

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322

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG GLOBALQUALITY INCOME NTR

59.70Germany16.75Netherlands10.02United States of America7.37Belgium6.64Japan2.25Denmark0.93United Kingdom0.45Switzerland0.35Sweden

104.46

%

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323

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 102.37%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 UCITS ETF MSCI ACWI GOLD

Description Weight in the index

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

AGNICO-EAGLE MINES 4.65ANGLOGOLD ASHANTI LTD/US 4.56BARRICK GOLD CORP 20.22ELDORADO GOLD CORP 4.15FRANCO-NEVADA CORP 6.00GOLD FIELDS LIMITED ADR 2.35GOLDCORP 17.93HARMONY GOLD MNG - SPON ADR 0.98KINROSS GOLD CORP 5.02MINAS BUENAVENTURAS-SPON ADR 2.13NEW GOLD INC. 2.65NEWCREST MINING 5.63NEWMONT MINING HLDG 11.61RANDGOLD RESOURCES LTD/LFW 5.51YAMANA GOLD 6.61

Total 100.00

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324

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Gold Mining 94.00Specialty Finance 6.00

100.00

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325

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD

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

Shares

2.32546 860419 714EURAIRBUS GROUP NV7 1113.60848 146716 941EURALLIANZ SE - REG4 7223.69869 397847 308EURASML HOLDING NV9 2732.39561 467561 891EURBANCO BILBAO VIZCAYA ARGENTARIA SA45 5373.73877 247852 382EURBANCO SANTANDER SA97 8538.782 062 9371 947 202EURBASF SE - REG19 3202.60610 956557 919EURBAYER AG4 3494.631 090 3191 073 733EURCONTINENTAL AG4 9643.62852 863683 262EURDAIMLER AG9 8403.70871 563795 082EURDEUTSCHE BANK AG - REG18 2411.22287 196267 323EURDEUTSCHE POST AG - REG7 8652.08488 471456 885EURE.ON SE26 4254.16979 691939 910EURFRESENIUS MEDICAL CARE AG & CO KGAA13 7440.53124 06488 714EURGAMESA CORP TECNOLOGICA SA11 8782.75646 612530 036EURIBERDROLA SA101 2423.65858 738832 324EURINDITEX SA5 2024.19985 525681 666EURING GROEP NV - CVA70 8135.711 343 9701 210 524EURKONINKLIJKE PHILIPS NV36 6050.82193 545176 619JPYNINTENDO CO LTD1 4522.58607 334526 466JPYNKSJ HOLDINGS INC21 8311.10258 464235 834EURPFEIFFER VACUUM TECHNOLOGY AG1 8964.14975 521842 185EURPORSCHE AUTOMOBIL HOLDING SE - PFD9 3571.79422 116407 602EURRHEINMETALL AG6 8311.84432 629421 376CHFROCHE HOLDING AG - GENUSSCHEIN1 5445.601 318 9821 293 981EURSAP AG15 3627.551 777 1111 651 434EURSIEMENS AG - REG12 9890.3173 08966 603JPYSOFTBANK CORP8356.631 560 9391 516 533EURTELEFONICA SA95 7162.52592 433641 544EURTHYSSENKRUPP AG24 304

98.2323 118 18521 242 993Total Shares

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

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326

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD

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

Investment funds

4.14975 166935 612EURUK EQUITY HOLDINGS700

4.14975 166935 612Total Investment funds

102.3724 093 35122 178 605Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

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327

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD

13.27General Industrials12.40Automobiles and Parts11.36Chemicals9.82Banks6.94Fixed Line Telecommunications6.18Nonlife Insurance5.60Software and Computer Services4.19Life Insurance4.16Health Care Equipment and Services4.14Investment Fund3.69Technology Hardware and Equipment3.65General Retailers2.89Industrial Engineering2.75Electricity2.52Industrial Metals and Mining2.32Aerospace and Defense2.08Gas, Water and Multiutilities1.84Pharmaceuticals and Biotechnology1.22Industrial Transportation0.82Leisure Goods0.53Alternative Energy

102.37

%

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328

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI ACWI GOLD

57.09Germany19.67Spain15.92Netherlands4.14France3.71Japan1.84Switzerland

102.37

%

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329

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 104.19%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe Dynamic Long VIX Futures Index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

Description Weight in the index

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

CBOE VIX FUTURE JAN 2014 40.00CBOE VIX FUTURE FEB 2014 10.00CBOE VIX FUTURE MAR 2014 20.00CBOE VIX FUTURE APR 2014 25.00CBOE VIX FUTURE MAY 2014 5.00

Total 100.00

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONGVIX FUTURES INDEX

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330

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONGVIX FUTURES INDEX

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

Shares

3.91585 853562 415EURAEGON NV61 9593.86578 390426 483EURAIRBUS GROUP NV7 5216.48972 081900 982EURALLIANZ SE - REG5 4123.88581 660566 882EURASML HOLDING NV6 2043.83573 969538 387EURBANCO BILBAO VIZCAYA ARGENTARIA SA46 5511.92287 308288 672EURBANCO SANTANDER SA32 0485.84876 108805 722EURBASF SE - REG8 2053.78566 985441 676EURBAYER AG4 0362.15323 047301 222EURBAYERISCHE MOTOREN WERKE AG2 7513.82573 274568 026EURCONTINENTAL AG2 6105.19778 151573 720EURDAIMLER AG8 9783.89583 112529 987EURDEUTSCHE BANK AG - REG12 2041.23184 879169 135EURDEUTSCHE POST AG - REG5 0630.96144 594143 739EURDEUTSCHE TELEKOM AG - REG8 4421.57235 797228 063EURE.ON SE12 7563.82572 532530 791EURFRESENIUS MEDICAL CARE AG & CO KGAA8 0324.64696 774566 705EURIBERDROLA SA109 0960.76113 904107 923EURINDITEX SA6903.63543 888500 369EURING GROEP NV - CVA39 0800.4669 24256 744EURKESKO OYJ - B1 8752.59389 000306 185EURKONINKLIJKE PHILIPS NV10 5954.23634 837619 593EURLINDE AG3 0304.17625 430614 578EURPORSCHE AUTOMOBIL HOLDING SE - PFD5 9992.94440 768404 455EURRWE AG12 0236.701 006 366913 002EURSAP AG11 7219.111 368 0311 283 183EURSIEMENS AG - REG9 9996.04906 678920 166EURTELEFONICA SA55 597

101.4015 212 65813 868 805Total Shares

Investment funds

2.79417 928398 876EURUK EQUITY HOLDINGS300

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

2.79417 928398 876Total Investment funds

104.1915 630 58614 267 681Total investments

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331

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONGVIX FUTURES INDEX

15.33Automobiles and Parts13.85Chemicals11.71General Industrials10.38Nonlife Insurance9.63Banks7.58Electricity6.71Software and Computer Services6.04Fixed Line Telecommunications3.88Technology Hardware and Equipment3.86Aerospace and Defense3.82Health Care Equipment and Services3.63Life Insurance2.79Investment Fund1.57Gas, Water and Multiutilities1.23Industrial Transportation0.96Mobile Telecommunications0.76General Retailers0.46Food and Drug Retailers

104.19

%

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332

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC LONGVIX FUTURES INDEX

65.89Germany17.86Netherlands17.19Spain2.79France0.46Finland

104.19

%

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333

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 107.60%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe Dynamic Short VIX Futures Index.As a consequence, the investor is exposed to the performance of the following basket of stockscomposing the benchmark index.

Description Weight in the index

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

CBOE VIX FUTURE JAN 2014 80.00CBOE VIX FUTURE FEB 2014 20.00

Total 100.00

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORTVIX FUTURES INDEX

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334

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

(expressed in USD)Schedule of Investments as at December 31, 2013

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORTVIX FUTURES INDEX

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

Shares

4.15620 841433 676EURAIRBUS GROUP NV8 0734.58685 055573 049EURALLIANZ SE - REG3 8144.38656 196571 847EURASML HOLDING NV6 9994.27639 724663 040EURBANCO BILBAO VIZCAYA ARGENTARIA SA51 8841.72257 348255 509EURBANCO SANTANDER SA28 7064.54678 890618 855EURBASF SE - REG6 3586.14918 331786 190EURBAYER AG6 5374.80719 123639 468EURCITYCON OYJ203 8593.79567 344562 150EURCONTINENTAL AG2 5837.791 166 2731 034 581EURDAIMLER AG13 4563.85576 949527 424EURDEUTSCHE BANK AG - REG12 0751.15171 697157 076EURDEUTSCHE POST AG - REG4 7025.48819 874799 015EURE.ON SE44 3534.96742 395693 375EURFRESENIUS MEDICAL CARE AG & CO KGAA10 4153.55531 848418 827EURIBERDROLA SA83 2733.33497 711478 357EURINDITEX SA3 0154.74710 172464 301EURING GROEP NV - CVA51 0284.66697 631535 894EURKONINKLIJKE PHILIPS NV19 0011.69252 403226 242EURPORSCHE AUTOMOBIL HOLDING SE - PFD2 4214.18625 756598 177EURRWE AG17 0695.95890 197806 211EURSAP AG10 3688.771 312 2081 162 324EURSIEMENS AG - REG9 5910.3044 63842 188EURSYMRISE AG9670.5379 33979 907EURTELEFONICA SA4 8652.66398 110375 623EURUNILEVER NV9 8690.99148 115136 656EURWINCOR NIXDORF AG2 134

102.9515 408 16813 639 962Total Shares

Investment funds

4.65696 547664 793EURUK EQUITY HOLDINGS500

4.65696 547664 793Total Investment funds

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

USD USD %

107.6016 104 71514 304 755Total investments

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335

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Economic classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORTVIX FUTURES INDEX

13.43General Industrials13.27Automobiles and Parts10.97Chemicals9.85Banks7.73Electricity6.94Software and Computer Services5.48Gas, Water and Multiutilities4.96Health Care Equipment and Services4.80Real Estate Investment and Services4.74Life Insurance4.65Investment Fund4.58Nonlife Insurance4.38Technology Hardware and Equipment4.15Aerospace and Defense3.33General Retailers2.66Food Producers1.15Industrial Transportation0.53Fixed Line Telecommunications

107.60

%

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336

Multi Units LuxembourgSociété d’Investissement à Capital Variable

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF DYNAMIC SHORTVIX FUTURES INDEX

64.15Germany20.60Netherlands13.40Spain4.80Finland4.65France

107.60

%

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337

Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013At December 31, 2013, 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 102.66%of its net assets. The performance of this portfolio is integrally exchanged against the performance ofthe SG European 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 UCITS ETF SG EUROPEANQUALITY INCOME NTR

Description Weight in the index

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

BP PLC 2.36BRITISH AMERICAN TOBACCO PLC 2.10CENTRICA 1.96COBHAM 2.01DE LA RUE 1.93ELECTROCOMPONENTS 2.16ELISA CORPORATION 2.21ENI SPA 2.07EUTELSAT COMMUNICATIONS 2.10FRED OLSEN ENERGY ASA 1.80FREENET AG 2.45GREENE KING 2.36HENNES & MAURITZ AB 2.19HOLMEN B 2.29HUGO BOSS AG 2.26HUHTAMAKI OYJ 2.38IMPERIAL TOBACCO GROUP PLC 2.21INFORMA PLC 2.27LADBROKES PLC 2.17MARKS & SP. 1.83MICRO FOCUS INTERNATIONAL PLC 2.15NATIONAL GRID 2.25NOKIAN RENKAAT 2.03ORIFLAME COSMETICS 1.98ORKLA A 2.11PEARSON PLC 2.26PENNON GRP 1.99ROCHE HOLDING AG 2.13ROYAL DUTCH SHELL PLC 2.24RUBIS 2.08SAINSBURY (J) 1.99SANOFI-AVENTIS SA 2.07SEADRILL 1.83SES SA 2.29SWISSCOM N 2.24TDC A/S 2.29

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

Index composition at December 31, 2013 (cont.)

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEANQUALITY INCOME NTR

Description Weight in the index

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

TELE2 B 1.78TELENOR 2.04TELIASONERA 2.21TERNA-TRASMISSIONE ELETTRICITA RETE NAZIONALE SPA 2.20TESCO PLC 1.91TGS NOPEC GEOPHYSICAL CO 1.72TOTAL SA 2.11UNITED UTILITIES GROUP PLC 2.05WH SMITH PLC 2.48WOLTERS KLUWER NV 2.21ZIGGO NV 2.25

Total 100.00

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339

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEANQUALITY INCOME NTR

(as a percentage of net assets at December 31, 2013)Economic composition of the index at December 31, 2013

%

Fixed Line Telecommunications 8.99Integrated Oil & Gas 8.78Mobile Telecommunications 8.48Publishing 6.74Oil Equipment & Services 5.35Broadcasting & Entertainment 4.39Tobacco 4.31Pharmaceuticals 4.20Gas Distribution 4.04Water 4.04Food Retailers & Wholesalers 3.90Specialty Retailers 2.48Containers & Packaging 2.38Restaurants & Bars 2.36Paper 2.29Clothing & Accessories 2.26Multiutilities 2.25Conventional Electricity 2.20Apparel Retailers 2.19Gambling 2.17Industrial Suppliers 2.16Software 2.15Diversified Industrials 2.11Tires 2.03Aerospace 2.01Personal Products 1.98Business Support Services 1.93Broadline Retailers 1.83

100.00

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340

Multi Units LuxembourgSociété d’Investissement à Capital Variable

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

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEANQUALITY INCOME NTR

(expressed in USD)Schedule of Investments as at December 31, 2013

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

Shares

0.43226 676203 434CHFABB LTD11 8313.131 650 0231 345 904EURAIRBUS GROUP NV29 5654.692 470 3932 227 944EURALLIANZ SE - REG18 9524.742 497 5842 466 647EURANHEUSER-BUSCH INBEV NV32 3270.1576 88576 162EURASML HOLDING NV1 1308.674 564 9364 257 745EURBASF SE - REG58 9108.064 242 1403 728 875EURBAYER AG41 6104.882 570 8322 442 320EURBAYERISCHE MOTOREN WERKE AG30 1670.66349 688331 027USDCALGON CARBON CORP23 4258.384 412 6244 012 770EURDAIMLER AG70 1533.962 086 6032 072 126EURDEUTSCHE BANK AG - REG60 1764.102 157 3651 955 468EURDEUTSCHE POST AG - REG81 4103.691 942 1881 521 875EURDEUTSCHE TELEKOM AG - REG156 2500.73383 168368 772USDEBAY INC9 6194.172 196 8002 193 153EURE.ON SE163 7574.152 185 6962 058 156EURFRESENIUS MEDICAL CARE AG & CO KGAA42 2524.142 182 2771 902 763EURING GROEP NV - CVA216 0672.291 207 6561 192 992JPYJGC CORP42 4013.341 760 2751 707 424EURKONINKLIJKE PHILIPS NV66 0643.791 994 8281 832 468EURMUENCHENER RUECKVERSICHERUNGS AG - REG12 4563.151 659 6431 518 465EURREED ELSEVIER NV107 7693.621 906 0621 517 041EURRWE AG71 6434.762 509 3482 340 530EURSAP AG40 2729.054 759 6644 474 148EURSIEMENS AG - REG47 9370.1264 28559 386JPYSOFTBANK CORP1 0123.812 007 2111 997 269EURUNILEVER NV68 564

102.6654 064 85049 804 864Total Shares

102.6654 064 85049 804 864Total investments

Nominalvalue/

Quantity DescriptionQuotationCurrency Cost Market value % of net assets

EUR EUR %

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Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEANQUALITY INCOME NTR

(as a percentage of net assets at December 31, 2013)Economic classification of investments

17.40Chemicals13.26Automobiles and Parts12.38General Industrials8.48Nonlife Insurance4.76Software and Computer Services4.74Beverages4.17Gas, Water and Multiutilities4.15Health Care Equipment and Services4.14Life Insurance4.10Industrial Transportation3.96Banks3.81Food Producers3.69Mobile Telecommunications3.62Electricity3.15Media3.13Aerospace and Defense2.29Industrial Engineering0.73General Retailers0.43Electronic and Electrical Equipment0.15Technology Hardware and Equipment0.12Fixed Line Telecommunications

102.66

%

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342

Multi Units LuxembourgSociété d’Investissement à Capital Variable

MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF SG EUROPEANQUALITY INCOME NTR

(as a percentage of net assets at December 31, 2013)Geographical classification of investments

75.95Germany17.73Netherlands4.74Belgium2.42Japan1.39United States of America0.43Switzerland

102.66

%