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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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.
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
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
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
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
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
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
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
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.
10
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.
11
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.
12
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%.
13
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.
14
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.
15
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.
16
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.
17
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.
18
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.
19
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.
20
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.
21
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%.
22
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.
23
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.
24
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
25
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.
26
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.
27
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.
28
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.
29
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.
30
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.
31
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.
32
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.
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
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.
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
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
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
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
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
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
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
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
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
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
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
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)
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.
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.
61
Société d’Investissement à Capital VariableMulti Units Luxembourg
Statistical information (cont.)(expressed in the Sub-Fund’s currency)
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.
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
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.
76
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
77
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,
78
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
79
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
80
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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
81
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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
82
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 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
83
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 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
84
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 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
85
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 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;
86
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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.
87
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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 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.
88
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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.
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.
89
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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.
90
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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.
91
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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.
92
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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.
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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
94
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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
95
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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.
96
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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
97
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 101.47%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
98
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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
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
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
%
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
%
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
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
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
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
%
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
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
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
Quantity DescriptionQuotationCurrency Cost Market value % of net assets
PLN PLN %
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
%
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 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
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
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
118
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
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
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
120
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
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
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
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
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
125
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
126
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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
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
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 %
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.)
Quantity DescriptionQuotationCurrency Cost Market value % of net assets
EUR EUR %
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
%
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 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)
135
Multi Units LuxembourgSociété d’Investissement à Capital Variable
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
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
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 %
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 %
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
%
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)
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)
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
143
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
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
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
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
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
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
%
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)
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
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
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
Quantity DescriptionQuotationCurrency Cost Market value % of net assets
EUR EUR %
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 %
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
%
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
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
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
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
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
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
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
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 %
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
%
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
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
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
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
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
Quantity DescriptionQuotationCurrency Cost Market value % of net assets
EUR EUR %
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 %
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
%
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
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
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
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
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
178
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
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 %
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
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
%
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
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
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
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
%
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
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
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
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
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
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
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
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
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
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
%
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
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
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
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
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
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
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
%
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
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
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
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
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
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
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
215
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
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
216
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
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
217
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
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
MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF MSCI WORLD FINANCIALS TR
219
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 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 %
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
%
221
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 FINANCIALS TR
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 101.57%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
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
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
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
226
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
227
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
228
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
Quantity DescriptionQuotationCurrency Cost Market value % of net assets
EUR EUR %
230
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 %
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
%
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
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
234
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
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
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
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
237
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
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
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
%
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
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
Quantity DescriptionQuotationCurrency Cost Market value % of net assets
USD USD %
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
%
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
%
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
MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF S&P GSCIAGGREGATE 3 MONTH FORWARD
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
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 %
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
%
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
%
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
MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES MOMENTUM TR
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
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
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
%
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
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
MULTI UNITS LUXEMBOURG - LYXOR UCITS ETF BROADCOMMODITIES OPTIMIX TR
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
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 %
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
%
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
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
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
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
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
265
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
%
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
%
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
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
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
Quantity DescriptionQuotationCurrency Cost Market value % of net assets
USD USD %
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 %
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
%
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
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
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
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
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 %
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 %
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
%
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
%
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
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
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 %
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 %
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
%
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
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
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
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
%
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
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
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
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
%
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
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
338
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
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
Quantity DescriptionQuotationCurrency Cost Market value % of net assets
EUR EUR %
341
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
%
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