MULTI UNITS LUXEMBOURG - RNS Submit UNITS LUXEMBOURG Sociét é d'Investissement à Capital Variable...

MULTI UNITS LUXEMBOURG

Société d'Investissement à Capital Variable

No subscription can be received on the basis of these financial statements.Subscriptionsmay only be accepted on the basis of the current prospectus accompanied by an applicationform, the latest available annual report of the Fund and the latest semi-annual report ifpublished thereafter.

Unaudited semi-annual reportat June 30, 2010

R.C.S. Luxembourg B 115.129

MULTI UNITS LUXEMBOURGSociété d'Investissement à Capital Variable

Table of contents Page(s)

1Management and Administration

3General information on the Fund

7Information to the Shareholders

8Statement of net assets at June 30, 2010

11Statistical information

15Notes to the financial statements at June 30, 2010

MULTI UNITS LUXEMBOURG - LYXOR ETF DAX

30Index composition at June 30, 2010-31Economic composition of the index-32Schedule of investments at June 30, 2010-35Geographical and economic classification of investments-

MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX


MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® CoveredCall


MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus®Protective Put


MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100






MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE


MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX50


MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20

98Index composition at June 30, 2010-99Economic composition of the index-

100Schedule of investments at June 30, 2010-101Geographical and economic classification of investments-

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500


MULTI UNITS LUXEMBOURG - LYXOR ETF S&P TSX 60




MULTI UNITS LUXEMBOURG - LYXOR ETF S&P ASX 200


MULTI UNITS LUXEMBOURG Société d’Investissement à Capital Variable

1

Management and Administration Board of Directors Chairman: - Mrs Thouraya JARRAY, Head of Fund Structuring Department, Lyxor Asset

Management, 17, cours Valmy, F - 92987 Paris-La Défense Directors: - Mr Lionel PAQUIN, Managing Director and Chief Risk Officer, Lyxor Asset

Management, 17, cours Valmy, F - 92 987 Paris-La Défense - Mr Christophe ARNOULD, Managing Director, Lyxor Asset Management Luxembourg

S.A., 18 boulevard Royal, L - 2449 Luxembourg Registered Office 16, boulevard Royal, L - 2449 Luxembourg Management Company Lyxor Asset Management Luxembourg S.A., 18, boulevard Royal, L - 2449 Luxembourg Investment Manager Lyxor International Asset Management, 17, cours Valmy, F - 92800 Puteaux Promoter Société Générale, 29, boulevard Haussmann, F - 75009 Paris Custodian Bank and Paying Agent Société Générale Bank & Trust, 11, avenue Emile Reuter, L - 2420 Luxembourg Administrative, Corporate and Domiciliary Agent Société Générale Securities Services Luxembourg 16, boulevard Royal, L - 2449 Luxembourg


2

Management and Administration (cont.) Registrar Agent European Fund Services S.A., 18, boulevard Royal, L - 2449 Luxembourg Auditor PricewaterhouseCoopers S.à r.l., Réviseur d'entreprises agréé, 400, route d’Esch, L - 1471 Luxembourg


3

General information on the Fund MULTI UNITS LUXEMBOURG (the “Fund”) has been incorporated on March 29, 2006 under Luxembourg laws as a “Société d'Investissement à Capital Variable” (“SICAV”) for an unlimited period of time. The Fund is governed by the provisions of Part I of the Luxembourg Law of December 20, 2002 relating to undertakings for collective investment. The Articles of Incorporation were deposited with the Register of Commerce and Companies of Luxembourg and have been published in the “Mémorial, Recueil des Sociétés et Associations” (the “Mémorial”) on April 14, 2006. The Articles of Incorporation have been amended on October 5, 2009 and were published in the “Mémorial” on October 20, 2009. The Fund is registered with the Register of Commerce and Companies of Luxembourg under number B 115 129. The Fund aims to provide investors with professionally managed Sub-Funds investing in a wide range of transferable securities and money market instruments in order to achieve an optimum return from capital invested while reducing investment risk through diversification. In addition, the Fund aims to provide investors with professionally managed index Sub-Funds whose objective is to replicate the composition of a certain financial index recognised by the Luxembourg supervisory authority. At June 30, 2010, twelve Sub-Funds are available to investors: - MULTI UNITS LUXEMBOURG - LYXOR ETF DAX - MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX - MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call - MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put - MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 - MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 - MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 - MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 - MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 - MULTI UNITS LUXEMBOURG - LYXOR ETF S&P TSX 60 - MULTI UNITS LUXEMBOURG - LYXOR ETF S&P ASX 200 Within each Sub-Fund, the Fund may create different Classes of Shares which are entitled to regular dividend payments (“Distribution Shares”) or with earnings reinvested (“Capitalisation Shares”), or which differ also by the targeted investors, their reference currencies, by the management fees or the subscription / redemption fees.


4

General information on the Fund (cont.) Only capitalisation shares have been issued during the period ended June 30, 2010 for the Sub-Funds MULTI UNITS LUXEMBOURG - LYXOR ETF DAX, MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX, MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call, MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put, MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100, MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250, MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE, MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 and MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20. Class A (EUR) and Class B (USD) shares have been issued during the period ended June 30, 2010 for the Sub-Funds MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500, MULTI UNITS LUXEMBOURG - LYXOR ETF S&P TSX 60 and MULTI UNITS LUXEMBOURG - LYXOR ETF S&P ASX 200. The amounts invested in the several Classes of Shares of one Sub-Fund are themselves invested in a common underlying portfolio of investments within the Sub-Fund, although the Net Asset Value per share of each Class of Shares may differ as a result of either the distribution policy, the “taxe d’abonnement” and/or the management fees and/or the subscription and redemption fees for each Class. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF DAX is to track the evolution of the DAX® (the “DAX Index”). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states the remainder of the assets being invested into equities and fixed or variable debt instruments and entering into a total return swap agreement to track the evolution of the DAX Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX is to track the evolution of the LevDAX® (the “LevDAX Index”). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states, the remainder of the assets being invested into equities and fixed or variable debt instruments and entering into a total return swap agreement to track the evolution of the LevDAX Index. The objective of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call is to track the evolution of the DAXplus® Covered Call (the “DAXplus Covered Call Index”). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states, the remainder of the assets being invested into equities and fixed or variable debt instruments and entering into a total return swap agreement to track the evolution of the DAXplus Covered Call Index.


5

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


6

General information on the Fund (cont.) The objective of MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 is to track the evolution of the S&P 500 (the " S&P 500 Index"). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states and entering into a swap agreement to track the evolution of the S&P 500 Index. The objective of MULTI UNITS LUXEMBOURG - LYXOR ETF S&P TSX 60 is to track the evolution of the S&P TSX 60 (the " S&P TSX 60 Index"). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states and entering into a swap agreement to track the evolution of the S&P TSX 60 Index. The objective of MULTI UNITS LUXEMBOURG - LYXOR ETF S&P ASX 200 is to track the evolution of the S&P ASX 200 (the " S&P ASX 200 Index"). The Sub-Fund seeks to achieve its objective by investing at least 75% of its assets in a diversified portfolio of shares issued in one or more European Union member states and entering into a swap agreement to track the evolution of the S&P ASX 200 Index.


7

Information to the Shareholders The Annual General Meeting of the Shareholders is held at the registered office of the Fund in Luxembourg each year on the first Friday in the month of April at 10 a.m. (Luxembourg time) or, if any such day is not a business day, on the next following business day. Notices of all general meetings are sent by mail to all registered Shareholders at their registered address at least 8 days prior to such meeting. According to the requirements of the Luxembourg Law, if bearer shares are issued, the notices will be published, in the Mémorial and in a Luxembourg newspaper, in addition notices can be published in such other newspaper that the Board of Directors shall determine. Audited annual reports and unaudited semi-annual reports are sent to the shareholders and are made available for public inspection at each of the registered offices of the Fund and the Administrative Agent within four, respectively two months following the relevant accounting period. The financial year of the Fund ends on December 31 of each year. The list of changes in the portfolio for the period ended June 30, 2010 is available, free of charge, at the registered office of the Fund.

8


Statement of net assets at June 30, 2010

Sub-Funds

ASSETS

Investments in securities at cost 551 833 618

Investments in securities at market value 2.2 532 763 426Cash at bank 10Total return swap at market value 2.3, 8 51 172 724

583 936 160

Notes

MULTI UNITSLUXEMBOURG -

LYXOR ETF DAX

EUR

LIABILITIES

Bank overdraft -Management fees and “taxe d’abonnement” payable 3, 7 149 786

149 786

Net assets 583 786 374

179 842 275

175 296 658-

7 654 850

182 951 508


LYXOR ETFLevDAX

EUR

1788 534

88 551

182 862 957

13 387 268

13 035 138-

850 246

13 885 384


LYXOR ETFDAXplus® Covered

Call

EUR

66 427

6 433

13 878 951

23 460 630

22 836 8791

2 607 155

25 444 035


LYXOR ETFDAXplus® Protective

Put

EUR

-11 601

11 601

25 432 434

14 518 011

13 446 491-

1 101 232

14 547 723


LYXOR ETF FTSE100

GBP

-5 253

5 253

14 542 470

7 502 432

7 098 212-

582 620

7 680 832


LYXOR ETF FTSE250

GBP

-3 111

3 111

7 677 721

(expressed in the Sub-Fund's currency)

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

9



Sub-Funds

ASSETS


Investments in securities at market value 2.2 7 285 844Cash at bank -Total return swap at market value 2.3, 8 613 405

7 899 249

Notes


LYXOR ETF FTSEALL SHARE

GBP

LIABILITIES

Bank overdraft -Management fees and “taxe d’abonnement” payable 3, 7 3 593

3 593


6 718 442

6 598 055-

696 824

7 294 879


LYXOR ETF MSCIASIA APEX 50

USD

-3 925

3 925

7 290 954

63 672 245

64 102 039-

4 976 263

69 078 302


LYXOR ETF WIG20

PLN

-34 976

34 976

69 043 326

57 049 743

56 217 085-

3 636 908

59 853 993

MULTI UNITSLUXEMBOURG -LYXOR ETF S&P

500

EUR

-23 284

23 284

59 830 709

34 436 395

34 592 100-

1 605 597

36 197 697


TSX 60

EUR

-17 172

17 172

36 180 525

30 706 238

30 092 318-

1 115 518

31 207 836


ASX 200

EUR

-14 652

14 652

31 193 184



(cont.)

10



Sub-Funds

ASSETS


Investments in securities at market value 2.2 919 707 678Cash at bank 11Total return swap at market value 2.3, 8 73 220 648

992 928 337

Notes

Combined

EUR

LIABILITIES

Bank overdraft 23Management fees and “taxe d’abonnement” payable 3, 7 337 719

337 742




(cont.)

11


Statistical information

Sub-Funds

Number of shares outstanding at December 31, 2008Capitalisation shares 5 811 625Class A (EUR) -Class B (USD) -


LYXOR ETF DAX


Number of shares outstanding at June 30, 2010Capitalisation shares 9 963 509Class A (EUR) -Class B (USD) -

Net assets at December 31, 2009Net assets at June 30, 2010

Net assets at December 31, 2008406 636 321583 786 374

EUR

276 469 241

4 081 555--


LYXOR ETF LevDAX

5 809 744--

4 899 744--

222 194 012182 862 957

EUR

112 798 614

299 680--



Call

267 430--

267 430--

14 039 46113 878 951

EUR

12 206 977

400 052--



Put

888 552--

668 552--

34 620 77125 432 434

EUR

13 971 086

---


LYXOR ETF FTSE100

3 550 000--

2 850 000--

19 547 79514 542 470

GBP

-

---


LYXOR ETF FTSE250

800 000--

800 000--

7 538 2057 677 721

GBP

-

12



Sub-Funds

Number of shares outstanding at December 31, 2008Capitalisation shares -Class A (EUR) -Class B (USD) -




Number of shares outstanding at June 30, 2010Capitalisation shares 3 000 000Class A (EUR) -Class B (USD) -

Net assets at December 31, 2009Net assets at June 30, 2010

Net assets at December 31, 200811 221 315

7 895 656

GBP

-

---



200 000--

100 000--

15 563 5327 290 954

USD

-

---


LYXOR ETF WIG20

---

300 000--

-69 043 326

PLN

-

---


LYXOR ETF S&P 500

---

-3 700 0003 400 000

-59 830 709

EUR

-

---


LYXOR ETF S&P TSX60

---

-400 000

3 100 000

-36 180 525

EUR

-

---


ASX 200

---

-550 000

1 000 000

-31 193 184

EUR

-

13



Sub-Funds

Net asset value per share at December 31, 2008Capitalisation shares 47.57Class A (EUR) -Class B (USD) -


Net asset value per share at June 30, 2010Capitalisation shares 58.59Class A (EUR) -Class B (USD) -

EUR


LYXOR ETF DAX

27.63--

38.24--

37.32--

EUR


LYXOR ETF LevDAX

40.73--

52.49--

51.89--

EUR



Call

34.92--

38.96--

38.04--

EUR



Put

---

5.51--

5.10--

GBP


LYXOR ETF FTSE100

---

9.42--

9.60--

GBP


LYXOR ETF FTSE250

(cont.)(expressed in the Sub-Fund's currency)

14



Sub-Funds

Net asset value per share at December 31, 2008Capitalisation shares -Class A (EUR) -Class B (USD) -


Net asset value per share at June 30, 2010Capitalisation shares 2.63Class A (EUR) -Class B (USD) -

GBP



---

77.81--

72.90--

USD



---

---

230.14--

PLN


LYXOR ETF WIG20

---

---

-8.49EUR

10.23USD

EUR


LYXOR ETF S&P 500

---

---

-50.97EUR

6.23USD

EUR


LYXOR ETF S&P TSX60

---

---

-29.70EUR18.19USD

EUR


ASX 200

(cont.)(expressed in the Sub-Fund's currency)


15

Notes to the financial statements at June 30, 2010 Note 1 - Activity MULTI UNITS LUXEMBOURG (the “Fund”) was incorporated on March 29, 2006 under Luxembourg laws as a “Société d’Investissement à Capital Variable” (“SICAV”) for an unlimited period of time. The Fund is governed by the provisions of Part I of the Luxembourg Law of December 20, 2002 relating to undertakings for collective investment. At June 30, 2010, twelve Sub-Funds are available to investors: - MULTI UNITS LUXEMBOURG - LYXOR ETF DAX - MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX - MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call - MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put - MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 - MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 - MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE ALL SHARE - MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 - MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 - MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 - MULTI UNITS LUXEMBOURG - LYXOR ETF S&P TSX 60 - MULTI UNITS LUXEMBOURG - LYXOR ETF S&P ASX 200 The Board of Directors approved on January 25, 2010 the launch of the Sub-Fund MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 (first NAV: February 10, 2010). The Board of Directors approved on February 18, 2010 the launch of the Sub-Funds MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500 (first NAV: March 26, 2010), MULTI UNITS LUXEMBOURG - LYXOR ETF S&P TSX 60 (first NAV: March 26, 2010) and MULTI UNITS LUXEMBOURG - LYXOR ETF S&P ASX 200 (first NAV: March 26, 2010). By Circular Resolution dated April 26, 2010, the Board of Directors decides the distribution in Germany and the listing on the Frankfurt Stock Exchange of the shares of the Sub-Funds MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500, MULTI UNITS LUXEMBOURG - LYXOR ETF S&P TSX 60 and MULTI UNITS LUXEMBOURG - LYXOR ETF S&P ASX 200. By Circular Resolution dated May 6, 2010, the Board of Directors decides the distribution in the United Kingdom and the listing on the London Stock Exchange of the shares of the Sub-Funds MULTI UNITS LUXEMBOURG - LYXOR ETF S&P 500, MULTI UNITS LUXEMBOURG - LYXOR ETF S&P TSX 60 and MULTI UNITS LUXEMBOURG - LYXOR ETF S&P ASX 200.


16

Notes to the financial statements at June 30, 2010 (cont.) Note 2 - Principal accounting policies 2.1 Presentation of financial statements The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investment. 2.2 Valuation of investment in securities 2.2.1 Securities listed on a recognised stock exchange or dealt in on any other regulated market that operates regularly, is recognised and is open to the public, are valued at their last available closing prices, or, in the event that there should be several such markets, on the basis of their last available closing prices on the main market for the relevant security; 2.2.2 In the event that the last available closing price does not, in the opinion of the Board of Directors, truly reflect the fair market value of such securities, the value is defined by the Board of Directors based on the reasonably foreseeable sales proceeds determined prudently and in good faith; 2.2.3 Securities not listed or traded on a stock exchange or not dealt in on another regulated market are valued on the basis of the probable sales proceeds determined prudently and in good faith by the Board of Directors; 2.2.4 Money market instruments not listed or traded on a stock exchange or not dealt in on another regulated market are valued at their face value with interest accrued; 2.2.5 In case of short term instruments which have a maturity of less than 90 days, the value of the instrument based on the net acquisition cost, is gradually adjusted to the repurchase price thereof. In the event of the material changes in market conditions, the valuation basis of the investment is adjusted to the new market yields; 2.2.6 Investments in open-ended UCIs are valued on the basis of the last available net asset value of the units or shares of such UCIs; 2.2.7 All other securities and other assets are valued at fair market value as determined in good faith pursuant to procedures established by the Board of Directors. 2.3 Valuation of total return swaps Swaps linked to indexes or financial instruments are valued at their market value based on the applicable index or financial instrument, in accordance with the procedure laid down by the Board of Directors.


17

Notes to the financial statements at June 30, 2010 (cont.) Note 2 - Principal accounting policies (cont.) 2.4 Net realised gains or losses on performance swaps The realised on swaps in the statement of operations and changes in net assets includes the balances on swaps paid or received by the Fund in the context of the increase / decrease of the composition of the securities basket, or paid / received in the context of subscriptions / redemptions at the Fund’s level. 2.5 Net realised gains or losses resulting from investments The realised gains or losses resulting from the sales of investments are calculated on an average cost basis. 2.6 Foreign exchange translation The accounts of each Sub-Fund are maintained in the reference currency of the Sub-Fund and the financial statements are expressed in that currency. The acquisition cost of securities expressed in a currency other than the reference currency is translated into the reference currency at the exchange rates prevailing on the date of purchase. Income and expenses expressed in other currencies than the reference currency are converted at exchange rates ruling at the transaction date. Assets and liabilities expressed in other currencies than the reference currency are converted at exchange rates ruling at the period-end. The realised or unrealised gains and losses on foreign exchange are recognised in the statement of operations and changes in net assets in determining the increase or decrease in net assets. 2.7 Combined financial statements The combined statement of net assets and combined statement of operations and changes in net assets represent the total of the statements of net assets and statements of operations and changes in net assets of the individual Sub-Funds, expressed in Euro. 2.8 Income Dividends are credited to income on the date upon which the relevant securities are first listed as “ex-dividend”. Interest income is accrued on a daily basis.


18

Notes to the financial statements at June 30, 2010 (cont.) Note 2 - Principal accounting policies (cont.) 2.9 Formation expenses The formation expenses of the Fund are borne by the Management Company. Note 3 - Management and investment management fees Following a Main Delegation Agreement, Lyxor Asset Management Luxembourg S.A. was appointed as Management Company of the Sub-Funds. A management fee is payable monthly in arrears to the Management Company in compensation for its services. Such fee is payable monthly and is set for the period under review at the following rates of the Net Asset Value (inclusive of VAT):

Following an Investment Management Delegation Agreement, Lyxor International Asset Management was 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 out of its management fee, after deduction of all fixed charges borne by the Management Company on behalf of the Sub-Funds. Note 4 - Administrative, Corporate and Domiciliary Agent fees As Administrative, Corporate and Domiciliary Agent, Société Générale Securities Services Luxembourg is entitled to receive fees and commissions for its services rendered to the Sub-Funds. Such fees are payable by the Management Company.

Capitalisation shares

Class A (EUR)

Class B (USD)

LYXOR ETF DAX 0.15% - - LYXOR ETF LevDAX 0.40% - - LYXOR ETF DAXplus® Covered Call 0.40% - - LYXOR ETF DAXplus® Protective Put 0.40% - - LYXOR ETF FTSE 100 0.25% - - LYXOR ETF FTSE 250 0.30% - - LYXOR ETF FTSE ALL SHARE 0.35% - - LYXOR ETF FTSE MSCI ASIA APEX 50 0.50% - - LYXOR ETF WIG20 0.45% - - LYXOR ETF S&P 500 - 0.30% 0.30% LYXOR ETF S&P TSX 60 - 0.40% 0.40% LYXOR ETF S&P ASX 200 - 0.40% 0.40%


19

Notes to the financial statements at June 30, 2010 (cont.) Note 5 - Custodian and Paying Agent fees As Custodian and Paying Agent, Société Générale Bank & Trust, is entitled to receive a fee for its services rendered to the Sub-Funds. Such fee is payable by the Management Company. Note 6 - Registrar Agent fees As Registrar Agent, European Fund Services S.A. is entitled to receive fees and commissions for its services rendered to the Sub-Funds according to the market practices in Luxembourg. Such fees are payable by the Management Company. Note 7 - Taxation The Fund is not liable to any Luxembourg tax other than an annual tax of 0.05% per annum of the net asset value of the Classes of shares payable quarterly and calculated on the basis of the net assets of each Class of shares within each Sub-Fund on the last day of the quarter. This net asset value excludes the proportion of net assets of the respective Class of shares as of the last day of the relevant quarter represented by units or shares held in other Luxembourg undertakings for collective investment, to the extent that such units or shares have already been subject to the subscription tax provided for by the Law of December 20, 2002 on undertakings for collective investment, as may be amended from time to time, for which no subscription tax shall be levied. Furthermore, the Fund was liable to a once-and-for-all tax of EUR 1 250 that was paid upon incorporation. Investment income from dividends and interest received by the Fund may be subject to withholding taxes at varying rates. Such withholding taxes are usually not recoverable.


20

Notes to the financial statements at June 30, 2010 (cont.) Note 8 - Total return swap agreements Each Sub-Fund entered into a total return swap agreement with Société Générale. The features of each swap are detailed below. 8.1 LYXOR ETF DAX The Sub-Fund LYXOR ETF DAX entered on June 1, 2006 into a total return swap agreement (the “Swap Agreement”) with Société Générale. Under this Swap Agreement: - The Sub-Fund pays to Société Générale the following: a) on the end date (June 1, 2011) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since June 1, 2006 on the shares held in its portfolio. b) on a quarterly basis an amount equal to the difference between the management fees (subscription tax included) paid and the variable amount as defined under c) below, in the case of a negative difference. Société Générale pays to the Sub-Fund the following: a) an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund. b) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the DAX Index (at the end date minus 5 business days) compared to the level of the DAX Index at May 31, 2006, minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. c) on a quarterly basis a variable equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund. d) on a quarterly basis an amount equal to the difference between the management fees (subscription tax included) paid and the variable amount as defined under c) above, in the case of a positive difference. 8.2 LYXOR ETF LevDAX The Sub-Fund LYXOR ETF LevDAX entered on June 1, 2006 into a total return swap agreement (the “Swap Agreement”) with Société Générale.


21

Notes to the financial statements at June 30, 2010 (cont.) Note 8 - Total return swap agreements (cont.) 8.2 LYXOR ETF LevDAX (cont.) Under this Swap Agreement: The Sub-Fund pays to Société Générale the following: a) on the end date (June 1, 2011) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since June 1, 2006 on the shares held in its portfolio. b) on a quarterly basis an amount equal to the difference between the management fees (subscription tax included) paid and the variable amount as defined under c) below, in the case of a negative difference. Société Générale pays to the Sub-Fund the following: a) an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund. b) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the LevDAX Index (at the end date minus 5 business days) compared to the level of the LevDAX Index at May 31, 2006, minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. c) on a quarterly basis, a variable amount payable quarterly equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund. d) on a quarterly basis an amount equal to the difference between the management fees (subscription tax included) paid and the variable amount as defined under c) above, in the case of a positive difference. 8.3 LYXOR ETF DAXplus® Covered Call The Sub-Fund LYXOR ETF DAXplus® Covered Call entered on June 1, 2006 into a total return swap agreement (the “Swap Agreement”) with Société Générale. Under this Swap Agreement: The Sub-Fund pays to Société Générale the following: a) on the end date (June 1, 2011) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since June 1, 2006 on the shares held in its portfolio.


22

Notes to the financial statements at June 30, 2010 (cont.) Note 8 - Swap agreement (cont.) 8.3 LYXOR ETF DAXplus® Covered Call (cont.) b) on a quarterly basis an amount equal to the difference between the management fees (subscription tax included) paid and the variable amount as defined under c) below, in the case of a negative difference. Société Générale pays to the Sub-Fund the following: a) an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund. b) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the DAXplus Covered Call Index (at the end date minus 5 business days) compared to the level of the DAXplus Covered Call Index at May 31, 2006, minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. c) on a quarterly basis a variable amount equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund. d) on a quarterly basis an amount equal to the difference between the management fees (subscription tax included) paid and the variable amount as defined under c) above, in the case of a positive difference. 8.4 LYXOR ETF DAXplus® Protected Put The Sub-Fund LYXOR ETF DAXplus® Protected Put entered on May 2, 2007 into a total return swap agreement (the “Swap Agreement”) with Société Générale. Under this Swap Agreement:

- The Sub-Fund pays to Société Générale the following: a) on the end date (December 31, 2020) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since May 2, 2007 on the shares held in its portfolio. b) on a quarterly basis an amount equal to the difference between the management fees (subscription tax included) paid and the variable amount as defined under c) below, in the case of a negative difference. Société Générale pays to the Sub-Fund the following: a) an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund.


23

Notes to the financial statements at June 30, 2010 (cont.) Note 8 - Swap agreement (cont.) 8.4 LYXOR ETF DAXplus® Protected Put (cont.) b) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the DAXplus® Protected Put Index (at the end date minus 5 business days) compared to the level of the DAXplus® Protected Put Index at May 3, 2007, minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. c) on a quarterly basis a variable amount equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund. d) on a quarterly basis an amount equal to the difference between the management fees (subscription tax included) paid and the variable amount as defined under c) above, in the case of a positive difference. 8.5 LYXOR ETF FTSE 100 The Sub-Fund LYXOR ETF FTSE 100 entered on May 18, 2009 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The Sub-Fund and Société Générale have agreed to enter into this Swap Agreement versus payment by the Sub-Fund to Société Générale of an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund. Under this Swap Agreement: - The Sub-Fund pays to Société Générale the following: On the end date (May 18, 2029) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since May 18, 2009 on the shares held in its portfolio. - Société Générale pays to the Sub-Fund the following: a) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the FTSE 100 Index (at the end date minus 5 business days) plus the amount of dividends and other negotiable rights received on the shares in the Index at May 18, 2009, minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. b) on a quarterly basis a variable equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund.


24

Notes to the financial statements at June 30, 2010 (cont.) Note 8 - Swap agreement (cont.) 8.6 LYXOR ETF FTSE 250 The Sub-Fund LYXOR ETF FTSE 250 entered on May 18, 2009 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The Sub-Fund and Société Générale have agreed to enter into this Swap Agreement versus payment by the Sub-Fund to Société Générale of an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund. Under this Swap Agreement: - The Sub-Fund pays to Société Générale the following: On the end date (May 18, 2029) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since May 18, 2009 on the shares held in its portfolio. - Société Générale pays to the Sub-Fund the following: a) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the FTSE 250 Index (at the end date minus 5 business days) plus the amount of dividends and other negotiable rights received on the shares in the Index at May 18, 2009, minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. b) on a quarterly basis a variable equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund. 8.7 LYXOR ETF FTSE ALL SHARE The Sub-Fund LYXOR ETF FTSE ALL SHARE entered on May 18, 2009 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The Sub-Fund and Société Générale have agreed to enter into this Swap Agreement versus payment by the Sub-Fund to Société Générale of an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund.


25

Notes to the financial statements at June 30, 2010 (cont.) Note 8 - Swap agreement (cont.) 8.7 LYXOR ETF FTSE ALL SHARE (cont.) Under this Swap Agreement: - The Sub-Fund pays to Société Générale the following: On the end date (May 18, 2029) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since May 18, 2009 on the shares held in its portfolio. - Société Générale pays to the Sub-Fund the following: a) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the FTSE ALL SHARE Index (at the end date minus 5 business days) plus the amount of dividends and other negotiable rights received on the shares in the Index at May 18, 2009, minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. b) on a quarterly basis a variable equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund. 8.8 LYXOR ETF MSCI ASIA APEX 50 The Sub-Fund LYXOR ETF MSCI ASIA APEX 50 entered on May 18, 2009 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The Sub-Fund and Société Générale have agreed to enter into this Swap Agreement versus payment by the Sub-Fund to Société Générale of an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund. Under this Swap Agreement: - The Sub-Fund pays to Société Générale the following: On the end date (May 18, 2029) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since May 18, 2009 on the shares held in its portfolio.


26

Notes to the financial statements at June 30, 2010 (cont.) Note 8 - Swap agreement (cont.) 8.8 LYXOR ETF MSCI ASIA APEX 50 (cont.) - Société Générale pays to the Sub-Fund the following: a) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the MSCI ASIA APEX 50 Index (at the end date minus 5 business days) plus the amount of dividends and other negotiable rights received on the shares in the Index at May 18, 2009, minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund net asset value. b) on a quarterly basis a variable equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund. 8.9 LYXOR ETF WIG20 The Sub-Fund LYXOR ETF WIG20 entered on February 11, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The Sub-Fund and Société Générale have agreed to enter into this Swap Agreement versus payment by the Sub-Fund to Société Générale of an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund. Under this Swap Agreement: - The Sub-Fund pays to Société Générale the following: On the end date (February 12, 2020) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since February 11, 2010 on the shares held in its portfolio. - Société Générale pays to the Sub-Fund the following: a) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the WIG20 Index (at the end date minus 5 business days) minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. b) on a quarterly basis a variable equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund.


27

Notes to the financial statements at June 30, 2010 (cont.) Note 8 - Swap agreement (cont.) 8.10 LYXOR ETF S&P 500 The Sub-Fund LYXOR ETF S&P 500 entered on March 29, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The Sub-Fund and Société Générale have agreed to enter into this Swap Agreement versus payment by the Sub-Fund to Société Générale of an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund. Under this Swap Agreement: - The Sub-Fund pays to Société Générale the following: On the end date (March 31, 2020) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since March 29, 2010 on the shares held in its portfolio. - Société Générale pays to the Sub-Fund the following: a) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the S&P 500 Index (at the end date minus 5 business days) minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. b) on a quarterly basis a variable equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund. 8.11 LYXOR ETF S&P TSX 60 The Sub-Fund LYXOR ETF S&P TSX 60 entered on March 29, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The Sub-Fund and Société Générale have agreed to enter into this Swap Agreement versus payment by the Sub-Fund to Société Générale of an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund.


28

Notes to the financial statements at June 30, 2010 (cont.) Note 8 - Swap agreement (cont.) 8.11 LYXOR ETF S&P TSX 60 (cont.) Under this Swap Agreement: - The Sub-Fund pays to Société Générale the following: On the end date (March 30, 2020) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since March 29, 2010 on the shares held in its portfolio. - Société Générale pays to the Sub-Fund the following: a) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the S&P TSX 60 Index (at the end date minus 5 business days) minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. b) on a quarterly basis a variable equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund. 8.12 LYXOR ETF S&P ASX 200 The Sub-Fund LYXOR ETF S&P ASX 200 entered on March 29, 2010 into a total return swap agreement (the “Swap Agreement”) with Société Générale. The Sub-Fund and Société Générale have agreed to enter into this Swap Agreement versus payment by the Sub-Fund to Société Générale of an amount composed of the initial notional of the swap as adjusted for subscriptions and redemptions in the Sub-Fund. Under this Swap Agreement: - The Sub-Fund pays to Société Générale the following: On the end date (March 30, 2020) a variable amount equal to the number of shares in the basket of securities multiplied by the share price at the end date, plus the amount of dividends and other negotiable rights received by the Sub-Fund since March 29, 2010 on the shares held in its portfolio.


29

Notes to the financial statements at June 30, 2010 (cont.) Note 8 - Swap agreement (cont.) 8.12 LYXOR ETF S&P ASX 200 (cont.) - Société Générale pays to the Sub-Fund the following: a) at the end date, a variable amount equal to the number of shares outstanding at the end date multiplied by the level of the S&P ASX 200 Index (at the end date minus 5 business days) minus the fees of the Sub-Fund calculated on the basis of the Sub-Fund’s net asset value. b) on a quarterly basis a variable equal to the accrual of the management fees (subscription tax included) on the basis of the net asset value of the Sub-Fund. Note 9 - Exchange rates The following exchange rates are used as of June 30, 2010: 1 EUR = 1.32090 CHF 1 EUR = 7.96575 NOK 1 EUR = 0.81875 GBP 1 EUR = 4.13670 PLN 1 EUR = 9.53220 SEK 1 EUR = 1.45020 AUD 1 EUR = 1.22490 USD 1 EUR = 7.44900 DKK 1 EUR = 108.39140 JPY


30


Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 91.26% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the DAX index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index

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

Shares ADIDAS AG 1.64 ALLIANZ SE 7.20 BASF SE 8.16 BAYER AG 7.42 BAYERISCHE MOTOREN WERKE AG 2.52 BEIERSDORF AG 0.88 COMMERZBANK AG 0.84 DAIMLER AG-REGISTERED SHARES 6.43 DEUTSCHE BANK AG-REGISTERED 5.58 DEUTSCHE BOERSE AG 1.81 DEUTSCHE LUFTHANSA-REG 1.02 DEUTSCHE POST AG-REG 1.99 DEUTSCHE TELEKOM AG-REG 5.66 E.ON AG 8.31 FRESENIUS MEDICAL CARE AG & Co KGaA 1.65 FRESENIUS SE-PREF 0.86 HEIDELBERGCEMENT AG 1.10 HENKEL AG & CO KGAA VORZUG 1.39 INFINEON TECHNOLOGIES AG 1.03 K+S AG 1.08 LINDE AG 2.90 MAN SE 1.29 MERCK-DEM KGaA 0.77 METRO AG 1.07 MUENCHENER RUECKVER AG-REG 3.48 RWE AG 4.35 SAP AG 6.39 SIEMENS AG-REG 9.94 THYSSEN-KRUPP AG 1.35 VOLKSWAGEN AG-PFD 1.89 Total 100.00


31

MULTI UNITS LUXEMBOURG - LYXOR ETF DAX Economic composition of the index (as a percentage of the index at June 30, 2010) % Chemicals 19.55Gas, water and multi-utilities 12.66General industrials 11.30Automobiles and parts 10.84Nonlife insurance 10.68Banks 6.43Software and computer services 6.39Mobile telecommunications 5.66Personal goods 2.52Health care equipment and services 2.51Industrial transportation 1.99Financial services 1.81Household goods and home construction 1.39Industrial engineering 1.29Construction and materials 1.10Food and drug retailers 1.07Technology hardware and equipment 1.03Travel and leisure 1.02Pharmaceuticals and biotechnologies 0.76 100.00

32


Schedule of investments at June 30, 2010

6 158 855 1.05706 420 AEON CO LTD JPY 6 222 529

Shares

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

6 436 848 1.1078 642 ALLIANZ SE-NOM EUR 6 498 0573 151 382 0.5479 300 ANHEUSER-BUSCH INBEV NV EUR 3 148 2109 202 302 1.58411 644 ARCELORMITTAL SA EUR 10 013 2402 183 687 0.37506 837 ASAHI KASEI CORP JPY 2 241 3931 532 524 0.2655 556 ASTELLAS PHARMA INC JPY 1 485 8877 349 059 1.26853 351 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 7 479 875

28 773 242 4.933 292 133 BANCO SANTANDER SA EUR 28 684 771587 721 0.1086 790 BANK OF KYOTO LTD/THE JPY 565 502

8 019 701 1.37177 781 BASF SE EUR 7 652 13414 333 462 2.46311 597 BAYER AG EUR 14 967 192

601 462 0.1013 317 BEIERSDORF AG EUR 558 610556 904 0.1014 960 BENESSE HOLDINGS INC JPY 530 049217 218 0.046 804 BOUYGUES SA EUR 234 000

12 629 193 2.16385 742 CARREFOUR SA EUR 13 038 868557 064 0.10112 024 CHIBA BANK JPY 537 206

68 699 0.011 190 CIE GENERALE DES ETABLISSEMENTS

MICHELIN EUR 64 082179 542 0.0324 326 COMSYS HOLDINGS CORP JPY 177 583

5 489 805 0.94635 762 CREDIT AGRICOLE SA EUR 5 880 16319 174 921 3.28457 417 DAIMLER EUR 19 135 591

282 612 0.056 090 DAITO TRUST CONSTRUCTION CO LTD JPY 258 65910 976 363 1.88248 334 DANONE EUR 10 233 778

7 089 791 1.21590 324 DEUTSCHE POST AG-NOM EUR 7 131 11413 400 571 2.301 381 075 DEUTSCHE TELEKOM AG-NOM EUR 12 242 840

279 848 0.0579 406 EBARA CORP JPY 290 8992 666 346 0.46175 533 ENI SPA EUR 2 659 3254 735 881 0.81556 181 FIAT SPA EUR 5 622 9906 264 801 1.07438 558 FRANCE TELECOM EUR 6 440 2245 589 205 0.96126 096 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 5 533 723

869 953 0.1516 036 FRESENIUS SE EUR 845 097522 368 0.09442 FUJI MEDIA HOLDINGS INC JPY 518 078

23 300 626 3.99991 516 GDF SUEZ EUR 24 463 291577 192 0.107 759 GECINA SA EUR 541 423521 210 0.09119 439 GUNMA BANK LTD JPY 504 629156 838 0.0343 367 HANKYU HANSHIN HOLDINGS INC JPY 153 461502 431 0.09268 272 HEIWA REAL ESTATE CO LTD JPY 549 985510 426 0.09124 889 HINO MOTORS LTD JPY 542 126

EUREUR %


Nominalvalue/

Quantity Description Market value

Market valueas a percentage

of net assetsCurrency Cost

expressed in( )EUR

33



52 294 150 8.9611 289 756 IBERDROLA SA EUR 59 745 389

Shares (cont.)

Transferable securities admitted to an official stock exchange or dealt in on another regulated marketTransferable securities admitted to an official stock exchange or dealt in on another regulated market (cont.)

847 146 0.15642 121 IHI CORP JPY 908 5457 267 040 1.241 176 658 ING GROEP NV-CVA EUR 7 300 275

206 336 0.0445 INPEX CORP JPY 225 02155 156 345 9.4625 243 178 INTESA SANPAOLO SPA EUR 58 690 388

1 058 840 0.18131 616 ISETAN MITSUKOSHI HOLDINGS LTD JPY 1 092 375312 917 0.0548 110 ITOCHU CORP JPY 329 768380 344 0.0749 491 JTEKT CORP JPY 418 639

73 724 0.013 818 KAO CORP JPY 72 249517 554 0.092 714 KEYENCE CORP JPY 536 077

3 506 233 0.60406 901 KIKKOMAN CORP JPY 3 438 827304 504 0.0520 399 KOMATSU LTD JPY 309 650

1 931 656 0.33304 324 KUBOTA CORP JPY 2 019 5523 568 399 0.6153 276 KYOCERA CORP JPY 3 782 1102 411 885 0.4135 495 MAN AG EUR 2 366 777

267 580 0.0562 914 MARUBENI CORP JPY 280 952519 756 0.09268 272 MAZDA MOTOR CORP JPY 549 985

20 778 660 3.564 430 418 MEDIASET SPA EUR 20 413 151196 526 0.0321 323 MITSUBISHI LOGISTICS CORP JPY 205 647

2 356 506 0.40630 679 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 2 507 5903 278 151 0.56337 119 MITSUI & CO LTD JPY 3 414 678

478 849 0.0887 379 MITSUI OSK LINES LTD JPY 500 801118 592 0.0264 272 MIZUHO SECURITIES CO LTD JPY 129 473390 948 0.0722 082 MS&AD INSURANCE GROUP HOLDINGS JPY 415 109

2 111 585 0.3646 170 MTU AERO ENGINES HOLDING AG EUR 2 145 982488 824 0.0812 394 MURATA MANUFACTURING CO LTD JPY 507 627305 470 0.0523 735 NGK INSULATORS LTD JPY 340 614175 462 0.032 546 NIDEC CORP JPY 191 989544 507 0.09268 272 NIPPON SHEET GLASS CO LTD JPY 585 853246 069 0.0481 565 NIPPON YUSEN KK JPY 255 187

3 036 683 0.52326 538 NISSHIN SEIFUN GROUP INC JPY 2 972 163610 708 0.108 653 NITORI CO LTD JPY 610 085487 581 0.08268 272 NITTO BOSEKI CO LTD JPY 516 507

4 697 054 0.80700 008 NOKIA OYJ EUR 5 580 7372 754 362 0.47610 530 NOMURA HOLDINGS INC JPY 2 987 322

582 288 0.109 710 ORIX CORP JPY 582 4813 362 672 0.58413 717 PANASONIC ELECTRIC WORKS CO LTD JPY 3 418 978

346 925 0.0610 696 RANDSTAD HOLDING NV EUR 401 635

EUREUR %


Nominalvalue/




(cont.)expressed in( )EUR

34



4 221 294 0.7291 835 RIO TINTO LTD AUD 4 205 502

Shares (cont.)


1 975 809 0.3417 504 ROCHE HOLDING AG-DIVIDEND-RIGHT

CERTIFICATE CHF 2 015 98055 740 373 9.562 686 283 ROYAL DUTCH SHELL PLC-A EUR 59 138 519

1 373 344 0.2455 556 ROYAL PHILIPS ELECTRONICS NV EUR 1 370 8444 070 375 0.7082 180 SANOFI-AVENTIS EUR 4 072 019

543 357 0.09153 373 SAPPORO HOLDINGS LTD JPY 557 772439 748 0.084 252 SBI HOLDINGS INC/JAPAN JPY 469 583

6 759 032 1.1680 811 SCHNEIDER ELECTRIC SA EUR 6 674 1804 710 071 0.81129 085 SECOM CO LTD JPY 4 506 815

541 652 0.0945 796 SEGA SAMMY HOLDINGS INC JPY 533 928374 259 0.0652 142 SHIZUOKA BANK LTD/THE JPY 359 265233 676 0.042 116 SMC CORP/JAPAN JPY 250 662

26 117 0.001 274 SOCIETA CATTOLICA DI ASSICURAZIONI

SCRL EUR 24 67750 574 0.012 312 SOFTBANK CORP JPY 49 933

543 995 0.09198 SONY FINANCIAL HOLDINGS INC JPY 518 519191 854 0.0313 966 SUMCO CORP JPY 228 805388 552 0.07121 371 SUMITOMO CHEMICAL CO LTD JPY 411 099234 998 0.0421 051 TAIYO YUDEN CO LTD JPY 254 437433 631 0.0765 829 TAKASHIMAYA CO LTD JPY 448 289

4 747 079 0.81134 697 TAKEDA PHARMACEUTICAL CO LTD JPY 4 569 04950 825 358 8.713 331 718 TELEFONICA SA EUR 51 457 321

515 249 0.0930 010 THK CO LTD JPY 564 9461 849 082 0.3290 864 THYSSENKRUPP AG EUR 1 956 650

346 926 0.0679 333 TOHO GAS CO LTD JPY 338 7173 643 103 0.62975 015 TOKYO GAS CO LTD JPY 3 694 6384 478 222 0.77370 818 TOYO SEIKAN KAISHA LTD JPY 4 680 985

82 812 0.013 674 UNILEVER CVA EUR 83 712

Total investments 551 833 618 532 763 426 91.26

EUREUR %


Nominalvalue/




(cont.)


expressed in( )EUR

35


Spain 23.85Italy 14.28Germany 14.03France 12.05Japan 11.97Great Britain 9.55Luxembourg 1.58Netherlands 1.55Finland 0.80Australia 0.72Belgium 0.54Switzerland 0.34

91.26

Geographical classification of investments(as a percentage of net assets at June 30, 2010)

%


36


Banks 16.94Integrated oil and gas 10.02Fixed line telecommunications 9.78Electricity 9.02Automobiles 4.25Multi-utilities 3.99Broacasting and entertainment 3.56Food products 3.01Specialty chemicals 2.46Mobile telecommunications 2.31Food retailers and wholesale 2.16Pharmaceuticals 2.11Commodity chemicals 1.81Steel 1.58Electrical component 1.45Broadline retailers 1.30Full line insurance 1.26Life insurance 1.24Delivery services 1.21Health care provider 1.11Specialty finance 1.07Industrial machinery 0.98Commercial vehicles and trucks 0.88Business support services 0.81Telecommunications equipment 0.80Building materials and fixtures 0.79General mining 0.72Brewers 0.63Gas distribution 0.62Electronic equipment 0.61Industrial suppliers 0.56Diversified industries 0.47Aerospace 0.36Consumer electronic 0.24Specialty retailers 0.20Personal products 0.11Home improvement retailers 0.10Real estate holding 0.10Media agencies 0.09Real estate holding 0.09Toys 0.09Travel and tourism 0.08

(as a percentage of net assets at June 30, 2010)Economic classification of investments

%


37


Business training and employment 0.06Heavy construction 0.05Exploration and products 0.04Marine transportation 0.04Recreational service 0.03Semiconductors 0.03Transportation services 0.03Tires 0.01

91.26


%

(cont.)



38


Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 95.86% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the LevDAX index. The LevDAX index is calculated on the basis of the DAX index, with a leverage factor of 2. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index




39

MULTI UNITS LUXEMBOURG - LYXOR ETF LevDAX Economic composition of the index (as a percentage of the index at June 30, 2010) % Chemicals 19.55Gas, water and multi-utilities 12.66General industrials 11.30Automobiles and parts 10.84Nonlife insurance 10.68Banks 6.43Software and computer services 6.39Mobile telecommunications 5.66Personal goods 2.52Health care equipment and services 2.51Industrial transportation 1.99Financial services 1.81Household goods and home construction 1.39Industrial engineering 1.29Construction and materials 1.10Food and drug retailers 1.07Technology hardware and equipment 1.03Travel and leisure 1.02Pharmaceuticals and biotechnologies 0.76 100.00

40



642 441 0.357 849 ALLIANZ SE-NOM EUR 656 569

Shares


8 278 239 4.52208 310 ANHEUSER-BUSCH INBEV NV EUR 7 952 2342 709 144 1.4898 210 ASTELLAS PHARMA INC JPY 2 580 436

12 867 762 7.031 472 284 BANCO SANTANDER SA EUR 11 522 5529 464 664 5.17209 813 BASF SE EUR 8 916 003

156 814 0.093 409 BAYER AG EUR 161 1235 718 383 3.13127 728 BNP PARIBAS EUR 6 266 3368 698 101 4.75265 672 CARREFOUR SA EUR 9 010 155

39 515 0.021 129 CIE NATIONALE A PORTEFEUILLE EUR 41 8972 829 788 1.55811 441 DAIWA SECURITIES GROUP INC JPY 2 810 6211 454 783 0.80121 131 DEUTSCHE POST AG-NOM EUR 1 433 2142 258 955 1.24232 810 DEUTSCHE TELEKOM AG-NOM EUR 2 075 3135 972 359 3.27393 177 ENI SPA EUR 6 271 1736 379 678 3.49287 632 E.ON AG EUR 7 178 121

547 762 0.3023 309 GDF SUEZ EUR 586 3381 134 011 0.62244 821 IBERDROLA SA EUR 1 315 9131 699 338 0.93352 706 INFINEON TECHNOLOGIES AG EUR 1 955 402

13 029 082 7.122 109 631 ING GROEP NV-CVA EUR 14 503 6151 866 176 1.0256 809 KONINKLIJKE DSM NV EUR 1 896 2847 373 258 4.03703 891 KONINKLIJKE KPN NV EUR 7 540 9433 027 937 1.6635 001 LINDE AG EUR 2 989 2081 066 815 0.5815 700 MAN AG EUR 1 029 527

467 017 0.2617 610 METSO OYJ EUR 508 753

5 687 764 3.1155 034 MUENCHENER RUCKVERSICHERUNGS AG-

NOM EUR 5 688 294469 674 0.26129 780 NATIXIS EUR 466 040

7 173 044 3.92181 511 NESTLE SA CHF 7 007 8665 843 591 3.20870 878 NOKIA OYJ EUR 7 065 9981 812 110 0.99266 154 NORDEA BANK AB SEK 1 758 5121 746 527 0.9653 847 RANDSTAD HOLDING NV EUR 1 768 3355 825 610 3.19638 703 REED ELSEVIER NV EUR 5 847 326

880 774 0.4835 630 ROYAL PHILIPS ELECTRONICS NV EUR 959 872316 733 0.175 896 RWE AG EUR 355 082

6 908 093 3.78179 348 SHIN-ETSU CHEMICAL CO LTD JPY 7 353 4531 695 448 0.93283 757 STORA ENSO OYJ-R EUR 1 643 3949 825 541 5.36723 264 SUEZ ENVIRONNEMENT CO EUR 10 527 1087 967 076 4.36522 260 TELEFONICA SA EUR 8 109 4516 193 699 3.39156 856 TERUMO CORP JPY 6 087 228

EUREUR %


Nominalvalue/




expressed in( )EUR

41



1 290 109 0.7163 396 THYSSENKRUPP AG EUR 1 526 576

Shares (cont.)


2 140 488 1.1796 230 TOKYO ELECTRIC POWER JPY 2 090 6405 742 254 3.14155 343 TOTAL EUR 6 193 5256 096 101 3.333 314 900 UNICREDIT SPA EUR 6 191 845


EUREUR %


Nominalvalue/




(cont.)


expressed in( )EUR

42


Germany 18.30France 16.95Netherlands 16.80Spain 12.01Japan 11.36Italy 6.60Belgium 4.55Finland 4.38Switzerland 3.92Sweden 0.99

95.86


%


43


Banks 13.75Commodity chemicals 10.61Fixed line telecommunications 8.39Life insurance 7.12Integrated oil and gas 6.41Waste and disposal services 5.36Food retailers and wholesale 4.75Brewers 4.52Multi-utilities 3.96Food products 3.92Medical equipment 3.39Telecommunications equipment 3.20Publishing 3.19Reinsurance 3.11Electricity 1.79Specialty finance 1.57Pharmaceuticals 1.48Mobile telecommunications 1.24Specialty chemicals 1.11Nonequity Investment 0.99Business training and employment 0.96Paper 0.93Semiconductors 0.93Delivery services 0.80Diversified industries 0.71Commercial vehicles and trucks 0.58Consumer electronic 0.48Full line insurance 0.35Industrial machinery 0.26

95.86


%



44

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call

Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 93.92% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the DAXplus® Covered Call. The DAXplus® Covered Call index is composed of the DAX index and a standardized call option on DAX, which is listed on the Eurex derivatives exchange. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index




45

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Covered Call Economic composition of the index (as a percentage of the index at June 30, 2010) % Chemicals 19.55Gas, water and multi-utilities 12.66General industrials 11.30Automobiles and parts 10.84Nonlife insurance 10.68Banks 6.43Software and computer services 6.39Mobile telecommunications 5.66Personal goods 2.52Health care equipment and services 2.51Industrial transportation 1.99Financial services 1.81Household goods and home construction 1.39Industrial engineering 1.29Construction and materials 1.10Food and drug retailers 1.07Technology hardware and equipment 1.03Travel and leisure 1.02Pharmaceuticals and biotechnologies 0.76 100.00

46




Shares


43 205 0.311 206 AURUBIS AG EUR 49 47095 039 0.687 457 AXA EUR 99 961

514 686 3.71151 267 BANCA POPOLARE DI MILANO EUR 487 836685 860 4.9479 640 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 861 580640 039 4.6173 231 BANCO SANTANDER SA EUR 603 570886 818 6.3821 155 DAIMLER EUR 827 208382 418 2.768 652 DANONE EUR 347 464218 089 1.574 670 DEUTSCHE BANK AG-NOM EUR 231 352751 341 5.4165 965 DEUTSCHE LUFTHANSA AG EUR 704 176724 766 5.2274 695 DEUTSCHE TELEKOM AG-NOM EUR 656 345

16 916 0.121 704 DIALOG SEMICONDUCTOR PLC EUR 15 546679 449 4.9044 730 ENI SPA EUR 703 557612 833 4.4227 630 E.ON AG EUR 696 552234 074 1.6916 386 FRANCE TELECOM EUR 240 628328 626 2.377 414 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 287 663119 625 0.863 054 HEIDELBERGCEMENT AG EUR 138 377146 566 1.063 655 HENKEL AG & CO KGAA EUR 134 778826 281 5.95133 789 ING GROEP NV-CVA EUR 989 822159 099 1.1572 814 INTESA SANPAOLO SPA EUR 173 843632 114 4.5560 345 KONINKLIJKE KPN NV EUR 664 578

410 196 2.963 969 MUENCHENER RUCKVERSICHERUNGS AG-

NOM EUR 421 508317 544 2.2947 324 NOKIA OYJ EUR 412 429130 097 0.944 226 RENAULT SA EUR 114 487445 231 3.218 288 RWE AG EUR 479 046848 861 6.1111 468 SIEMENS AG-NOM EUR 817 814679 839 4.9044 565 TELEFONICA SA EUR 687 677

518 0.0024 TELENET GROUP HOLDING NV EUR 525187 546 1.359 216 THYSSENKRUPP AG EUR 221 921792 664 5.7135 167 UNILEVER CVA EUR 788 144218 679 1.5813 005 VIVENDI EUR 222 581


EUREUR %


Nominalvalue/





expressed in( )EUR

47


Germany 43.57Netherlands 16.22Spain 14.45Italy 9.75France 7.64Finland 2.29

93.92


%


48


Banks 15.98Fixed line telecommunications 11.14Food products 8.47Multi-utilities 7.63Diversified industries 7.46Automobiles 7.32Life insurance 5.95Travel and tourism 5.41Mobile telecommunications 5.22Integrated oil and gas 4.90Reinsurance 2.96Full line insurance 2.89Health care provider 2.37Telecommunications equipment 2.29Broacasting and entertainment 1.58Nondurable household 1.06Building materials and fixtures 0.86Nonferrous metals 0.31Computer hardware 0.12

93.92


%



49

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put

Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 89.79% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the DAXplus® Protective Put index. The DAXplus® Protective Put index is composed of the DAX® index and a standardized put option, which is listed on the Eurex derivatives exchange. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index




50

MULTI UNITS LUXEMBOURG - LYXOR ETF DAXplus® Protective Put Economic composition of the index (as a percentage of the index at June 30, 2010) % Chemicals 19.55Gas, water and multi-utilities 12.66General industrials 11.30Automobiles and parts 10.84Nonlife insurance 10.68Banks 6.43Software and computer services 6.39Mobile telecommunications 5.66Personal goods 2.52Health care equipment and services 2.51Industrial transportation 1.99Financial services 1.81Household goods and home construction 1.39Industrial engineering 1.29Construction and materials 1.10Food and drug retailers 1.07Technology hardware and equipment 1.03Travel and leisure 1.02Pharmaceuticals and biotechnologies 0.76 100.00

51




Shares


1 207 579 4.7530 387 ANHEUSER-BUSCH INBEV NV EUR 1 209 3431 939 337 7.63225 190 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 2 141 9411 222 612 4.81139 887 BANCO SANTANDER SA EUR 1 200 212

877 972 3.4520 944 DAIMLER EUR 805 0371 281 747 5.04132 098 DEUTSCHE TELEKOM AG-NOM EUR 1 177 654

485 742 1.9121 900 E.ON AG EUR 555 275232 491 0.9112 859 FORTUM OYJ EUR 246 636642 919 2.53133 441 INFINEON TECHNOLOGIES AG EUR 610 359395 005 1.5563 958 ING GROEP NV-CVA EUR 451 788661 382 2.60302 692 INTESA SANPAOLO SPA EUR 642 464

1 122 700 4.41107 179 KONINKLIJKE KPN NV EUR 1 221 305126 457 0.507 570 METROPOLE TELEVISION SA EUR 129 977

58 806 0.23569 MUENCHENER RUCKVERSICHERUNGS AG-

NOM EUR 56 752998 439 3.9347 398 PEUGEOT SA EUR 926 394

1 038 101 4.0833 721 RENAULT SA EUR 1 096 8691 009 010 3.9748 627 ROYAL DUTCH SHELL PLC-A EUR 1 071 4741 303 032 5.1224 256 RWE AG EUR 1 486 6501 373 962 5.4027 740 SANOFI-AVENTIS EUR 1 374 517

868 601 3.4210 385 SCHNEIDER ELECTRIC SA EUR 857 6971 031 025 4.0513 929 SIEMENS AG-NOM EUR 943 0741 282 915 5.0484 098 TELEFONICA SA EUR 1 326 668

437 138 1.7221 481 THYSSENKRUPP AG EUR 531 870700 746 2.7618 957 TOTAL EUR 761 787

1 330 451 5.2351 498 UCB SA EUR 1 357 487967 416 3.8020 992 WINCOR NIXDORF AG EUR 1 021 366


EUREUR %


Nominalvalue/





expressed in( )EUR

52


Germany 28.80France 20.08Spain 17.48Belgium 9.98Netherlands 5.97Great Britain 3.97Italy 2.60Finland 0.91

89.79


%


53


Banks 15.04Automobiles 11.46Pharmaceuticals 10.63Fixed line telecommunications 9.45Multi-utilities 7.03Integrated oil and gas 6.73Diversified industries 5.77Mobile telecommunications 5.04Brewers 4.75Software 3.80Electrical component 3.42Semiconductors 2.53Life insurance 1.55Full line insurance 0.95Electricity 0.91Media agencies 0.50Reinsurance 0.23

89.79


%



54


Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 92.46% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the FTSE 100 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index % Transferable securities admitted to an official stock exchange or dealt in on another regulated market Shares

3I GROUP PLC 0.21 ADMIRAL GROUP PLC 0.22 AFRICAN BARRICK GOLD LTD 0.06 AGGREKO PLC 0.31 ALLIANCE TRUST PLC 0.16 AMEC PLC 0.22 ANGLO AMERICAN PLC 2.50 ANTOFAGASTA PLC 0.25 ARM HOLDINGS PLC 0.29 ASSOCIATED BRITISH FOODS PLC 0.30 ASTRAZENECA PLC 3.36 AUTONOMY CORP PLC 0.34 AVIVA PLC 0.70 BAE SYSTEMS PLC 0.85 BARCLAYS PLC 2.54 BG GROUP PLC 2.71 BHP BILLITON PLC 3.09 BP PLC 4.51 BRITISH AIRWAYS PLC 0.18 BRITISH AMERICAN TOBACCO PLC 3.31 BRITISH LAND CO PLC 0.30 BRITISH SKY BROADCASTING GROUP PLC 0.73 BT GROUP PLC 0.80 BUNZL PLC 0.17 BURBERRY GROUP PLC 0.26 CABLE & WIRELESS WORLDWIDE 0.18 CAIRN ENERGY PLC 0.45 CAPITA GROUP PLC 0.37 CAPITAL SHOPPING CENTRES GROUP PLC 0.15 CARNIVAL PLC 0.36 CENTRICA PLC 1.19 COBHAM PLC 0.19


55


Index composition at June 30, 2010 (cont.) Weight in Description the index % Transferable securities admitted to an official stock exchange or dealt in on another regulated market Shares

COMPASS GROUP PLC 0.77 DIAGEO PLC 2.10 ESSAR ENERGY PLC 0.14 EURASIAN NATURAL RESOURCES CORPORATION 0.27 EXPERIAN PLC 0.49 FRESNILLO PLC 0.17 G4S PLC 0.30 GLAXOSMITHKLINE PLC 4.65 HAMMERSON PLC 0.20 HOME RETAIL GROUP 0.14 HSBC HOLDINGS PLC 8.46 ICAP PLC 0.21 IMPERIAL TOBACCO GROUP PLC 1.49 INMARSAT PLC 0.26 INTERCONTINENTAL HOTELS GROU 0.25 INTERNATIONAL POWER PLC 0.36 INTERTEK GROUP PLC 0.18 INVENSYS PLC 0.16 INVESTEC PLC 0.18 JOHNSON MATTHEY PLC 0.26 KAZAKHMYS PLC 0.17 KINGFISHER PLC 0.39 LAND SECURITIES GROUP PLC 0.34 LEGAL & GENERAL GROUP PLC 0.36 LLOYDS BANKING GROUP PLC 1.68 LONMIN PLC 0.23 MAN GROUP PLC 0.33 MARKS & SPENCER GROUP PLC 0.41 NATIONAL GRID PLC 1.34 NEXT PLC 0.29 OLD MUTUAL PLC 0.45 PEARSON PLC 0.57 PETROFAC LTD 0.24 PRUDENTIAL PLC 1.03 RANDGOLD RESOURCES LTD 0.45 RECKITT BENCKISER GROUP PLC 1.76 REED ELSEVIER PLC 0.48 REXAM PLC 0.21 RIO TINTO PLC 3.68

ROLLS-ROYCE GROUP PLC 0.83


56



ROYAL BANK OF SCOTLAND GROUP PLC 0.57 ROYAL DUTCH SHELL PLC-A SHS 4.79 ROYAL DUTCH SHELL PLC-B SHS 3.52 RSA INSURANCE GROUP PLC 0.32 SABMILLER PLC 1.78 SAGE GROUP PLC 0.24 SAINSBURY (J) PLC 0.47 SCHRODERS PLC 0.17 SCHRODERS PLC-NON VOTING 0.05 SCOTTISH & SOUTHERN ENERGY 0.81 SEGRO PLC 0.15 SERCO GROUP PLC 0.23 SEVERN TRENT PLC 0.23 SHIRE PLC 0.61 SMITH & NEPHEW PLC 0.44 SMITHS GROUP PLC 0.34 STANDARD CHARTERED PLC 2.68 STANDARD LIFE PLC 0.31 TESCO PLC 2.45 TUI TRAVEL PLC 0.09 TULLOW OIL PLC 0.71 UNILEVER PLC 1.80 UNITED UTILITIES GROUP PLC 0.28 VEDANTA RESOURCES PLC 0.23 VODAFONE GROUP PLC 5.91 WHITBREAD PLC 0.20 WM MORRISON SUPERMARKETS 0.56 WOLSELEY PLC 0.31 WPP PLC 0.64 XSTRATA PLC 1.57 Total 100.00


57

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 100 Economic composition of the index (as a percentage of the index at June 30, 2010)

%

Oil and gas producers 16.83Banks 15.94Mining 12.68Pharmaceuticals and Biotechnologies 8.61Mobile telecommunications 6.17Tobacco 4.80Beverages 3.88Food and drug retailers 3.47Gas, water and multi-utilities 3.04Life insurance 2.86Media 2.40Support services 2.36Food producers 2.11Aerospace and defense 1.88Travel and leisure 1.85Household goods and home construction 1.76General retailers 1.25Electricity 1.17Financial services 1.14Real estate investment trusts 1.14Fixed line telecommunications 0.98Software and computer services 0.74Nonlife insurance 0.54General industrials 0.54Oil equipment, services and distribution 0.45Health care equipment and services 0.44Technology hardware and equipment 0.29Personal goods 0.26Chemicals 0.26Equity investment instruments 0.16 100.00

58



111 463 0.7730 731 AEGON NV EUR 142 852

Shares


531 700 3.6675 407 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 739 848643 878 4.4389 979 BANCO SANTANDER SA EUR 708 028750 532 5.1620 321 BASF SE EUR 780 433

1 077 110 7.4028 599 BAYER AG EUR 1 154 369493 818 3.4018 422 CARREFOUR SA EUR 515 096135 277 0.936 759 CSM EUR 141 916537 071 3.6915 648 DAIMLER EUR 476 497455 573 3.1336 631 ENI SPA EUR 475 149676 700 4.65133 825 ING GROEP NV-CVA EUR 847 055318 687 2.1930 931 JGC CORP JPY 358 955121 946 0.842 723 LONZA GROUP AG CHF 123 897634 952 4.3711 413 MAN AG EUR 670 116639 488 4.4018 632 METRO EUR 698 422127 651 0.8872 529 NEC CORP JPY 149 968773 691 5.3123 912 NESTLE SA CHF 772 720133 126 0.9211 363 NIKON CORP JPY 137 577145 197 1.0066 976 NIPPON SUISAN KAISHA LTD JPY 144 784358 949 2.47144 NTT DATA CORP JPY 368 533650 218 4.47640 NTT DOCOMO INC JPY 669 656

466 436 3.215 047 ROCHE HOLDING AG-DIVIDEND-RIGHT

CERTIFICATE CHF 494 175269 090 1.856 118 RWE AG EUR 306 594

1 371 707 9.4222 634 SIEMENS AG-NOM EUR 1 393 133200 499 1.3811 195 SOFTBANK CORP JPY 185 620120 358 0.8310 701 SUMCO CORP JPY 155 395214 728 1.483 331 SWISS LIFE HOLDING AG CHF 270 749273 169 1.8821 871 TELEFONICA SA EUR 279 274708 447 4.8779 042 UBS AG NOM CHF 824 084505 030 3.47335 416 UNICREDIT SPA EUR 533 116


GBPGBP %


Nominalvalue/





expressed in( )GBP

59


Germany 36.30Switzerland 15.71Japan 14.13Spain 9.96Italy 6.61Netherlands 6.35France 3.40

92.46


%


60


Banks 16.43Diversified industries 9.42Specialty chemicals 7.40Food products 7.24Commodity chemicals 6.00Mobile telecommunications 5.85Life insurance 5.42Broadline retailers 4.40Commercial vehicles and trucks 4.37Automobiles 3.69Food retailers and wholesale 3.40Pharmaceuticals 3.21Integrated oil and gas 3.13Software 2.47Industrial machinery 2.19Fixed line telecommunications 1.88Multi-utilities 1.85Semiconductors 1.75Real estate services 1.48Computer hardware 0.88

92.46


%



61


Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 92.45% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the FTSE 250 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index % Transferable securities admitted to an official stock exchange or dealt in on another regulated market Shares

3I INFRASTRUCTURE PLC 0.35 ABERDEEN ASSET MGMT PLC 0.73 ABERFORTH SMALLER COMPANIES TRUST PLC 0.25 AEGIS GROUP PLC 0.63 AFREN PLC 0.39 AMLIN PLC 0.97 AQUARIUS PLATINUM LTD 0.81 ARRIVA PLC 0.77 ASHMORE GROUP PLC. 0.35 ASHTEAD GROUP PLC 0.23 ATKINS (WS) PLC 0.35 AVEVA GROUP PLC 0.39 BABCOCK INTL GROUP PLC 0.69 BALFOUR BEATTY PLC 0.83 BANKERS INVESTMENT TRUST PLC 0.20 BARR (A.G.) PLC 0.21 BARRATT DEVELOPMENTS PLC 0.48 BBA AVIATION PLC 0.41 BEAZLEY PLC 0.31 BELLWAY PLC 0.39 BERKELEY GROUP HOLDINGS PLC 0.53 BH GLOBAL LTD-GBP SHRS 0.20 BH GLOBAL LTD-USD SHRS 0.10 BH MACRO LTD 0.26 BH MACRO LTD - EURO 0.11 BH MACRO LTD - USD 0.22 BIG YELLOW GROUP PLC 0.20 BLACKROCK WORLD MINING TRUST PLC 0.50 BLUEBAY ASSET MANAGEMENT PLC 0.22 BLUECREST ALLBLUE FUND LTD 0.23 BODYCOTE PLC 0.19 BOOKER GROUP PLC 0.31


62



BOVIS HOMES GROUP PLC 0.24 BRIT INSURANCE HOLDINGS NV 0.36 BRITISH ASSETS TRUST PLC-ORD 0.16 BRITISH EMPIRE SECURITIES AND GENERAL TRUST 0.34 BRITVIC PLC 0.58 BROWN GROUP PLC 0.28 BSS GROUP PLC 0.27 BTG PLC 0.25 CABLE & WIRELESS COMMUNICATI 0.78 CALEDONIA INVESTMENTS PLC 0.35 CAPITAL & COUNTIES PROPERTIE 0.33 CARILLION PLC 0.63 CARPETRIGHT PLC 0.17 CATLIN GROUP LTD 0.64 CENTAMIN EGYPT LTD 0.86 CHARTER INTERNATIONAL PLC 0.54 CHEMRING GROUP PLC 0.54 CHLORIDE GROUP PLC 0.51 CITY OF LONDON INVESTMENT TRUST PLC 0.26 CLOSE BROTHERS GROUP PLC 0.51 COLT GROUP SA 0.24 COMPUTACENTER PLC 0.17 CONNAUGHT PLC 0.08 COOKSON GROUP PLC 0.54 CPP GROUP PLC 0.11 CRANSWICK PLC 0.21 CRODA INTERNATIONAL PLC 0.70 CSR PLC 0.35 DAEJAN HOLDINGS PLC 0.06 DAILY MAIL&GENERAL TST-A NV 0.61 DAIRY CREST GROUP PLC 0.25 DANA PETROLEUM PLC 0.52 DAVIS SERVICE GROUP PLC 0.32 DE LA RUE PLC 0.48 DEBENHAMS PLC 0.36 DERWENT LONDON PLC 0.65 DEXION ABSOLUTE LTD-SHS NPV 0.35 DIGNITY PLC 0.21 DIMENSION DATA HOLDINGS PLC 0.85


63



DOMINO PRINTING SCIENCES PLC 0.26 DOMINO'S PIZZA UK & IRL PLC 0.23 DRAX GROUP PLC 0.69 DS SMITH PLC 0.23 DSG INTERNATIONAL PLC 0.47 DUNELM GROUP PLC 0.13 EAGA PLC 0.11 EASYJET PLC 0.65 EDINBURGH DRAGON TRUST PLC 0.21 EDINBURGH INVESTMENT TRUST 0.38 ELECTRA PRIVATE EQUITY PLC 0.21 ELECTROCOMPONENTS PLC 0.49 ENQUEST PLC 0.29 ENTERPRISE INNS PLC 0.24 EUROMONEY INSTL INVESTOR PLC 0.11 F&C COMMERCIAL PROPERTY TRUS 0.13 FENNER PLC 0.20 FERREXPO PLC 0.23 FIDELITY CHINA SPECIAL SITUA 0.23 FIDELITY EUROPEAN VALUES PLC 0.24 FIDELITY SPECIAL VALUES PLC 0.15 FIDESSA GROUP PLC 0.24 FILTRONA PLC 0.22 FIRSTGROUP PLC 0.92 FOREIGN & COLONIAL INVESTMENT TRUST PLC 0.81 FORTH PORTS PLC 0.27 GALIFORM PLC 0.19 GAME GROUP PLC 0.11 GARTMORE GROUP LTD 0.13 GEM DIAMONDS LTD 0.14 GENESIS EMERGING MARKETS FUND LTD 0.31 GENUS PLC 0.22 GKN PLC 0.92 GO-AHEAD GROUP PLC 0.23 GRAINGER PLC 0.18 GREAT PORTLAND ESTATES PLC 0.46 GREENE KING PLC 0.43 GREGGS PLC 0.24

HALFORDS GROUP PLC 0.55


64



HALMA PLC 0.52 HANSEN TRANSMISSIONS INT 0.18 HANSTEEN HOLDINGS PLC 0.15 HARGREAVES LANSDOWN PLC 0.24 HAYS PLC 0.65 HELICAL BAR PLC 0.15 HENDERSON GROUP PLC 0.51 HERITAGE OIL PLC 0.43 HIKMA PHARMACEUTICALS PLC 0.52 HISCOX LTD 0.65 HOCHSCHILD MINING PLC 0.26 HOMESERVE PLC 0.66 HSBC INFRASTRUCTURE CO 0.27 HUNTING PLC 0.30 IG GROUP HOLDINGS PLC 0.77 IMAGINATION TECH GROUP PLC 0.34 IMI PLC 1.12 IMPAX ENVIRONMENTAL MARKETS 0.17 INCHCAPE PLC 0.59 INFORMA PLC 1.08 INTERMEDIATE CAPITAL GROUP PLC 0.49 INTERNATIONAL PERSONAL FINANCE PLC 0.26 INTERNATIONAL PUBLIC PARTNERSHIP LTD 0.27 ITE GROUP PLC 0.18 ITV PLC 1.00 JARDINE LLOYD THOMPSON GROUP 0.43 JD SPORTS FASHION PLC 0.09 JKX OIL & GAS PLC 0.15 JPMORGAN AMERICAN INVESTMENT TRUST PLC 0.16 JPMORGAN ASIAN INVESTMENT TRUST PLC 0.17 JPMORGAN EMERGING MARKETS INVESTMENT TRUST PLC 0.28 JPMORGAN EUR FLEDGELING INVESTMENT TRUST PLC 0.15 JPMORGAN INDIAN INVESTMENT TRUST PLC 0.23 KELLER GROUP PLC 0.17 KESA ELECTRICALS PLC 0.32 KIER GROUP PLC 0.18 LADBROKES PLC 0.60 LAIRD PLC 0.15 LAMPRELL PLC 0.17


65



LANCASHIRE HOLDINGS LTD 0.40 LAW DEBENTURE CORP PLC-ORD 0.16 LOGICA PLC 0.89 LONDON STOCK EXCHANGE GROUP PLC 0.60 MARSTON'S PLC 0.27 MCBRIDE PLC 0.12 MEGGITT PLC 1.07 MELROSE PLC 0.54 MERCANTILE INVESTMENT TRUST 0.44 MERCHANTS TRUST PLC 0.17 MICHAEL PAGE INTERNATIONAL 0.61 MICRO FOCUS INTERNATIONAL 0.42 MILLENNIUM & COPTHORNE HOTEL 0.33 MISYS PLC 0.65 MITCHELLS & BUTLERS PLC 0.58 MITIE GROUP PLC 0.38 MONDI PLC 0.71 MONEYSUPERMARKET.COM 0.09 MONKS INVESTMENT TRUST PLC 0.38 MORGAN CRUCIBLE COMPANY PLC 0.26 MOTHERCARE PLC 0.25 MURRAY INCOME TRUST PLC 0.17 MURRAY INTERNATIONAL TR-O 0.41 NATIONAL EXPRESS GROUP PLC 0.57 NORTHUMBRIAN WATER GROUP PLC 0.60 PACE PLC 0.24 PARAGON GROUP COMPANIES PLC 0.18 PARTYGAMING PLC 0.36 PENNON GROUP PLC 0.98 PERPETUAL INCOME & GROWTH-O 0.23 PERSIMMON PLC 0.56 PETROPAVLOVSK PLC 1.10 POLAR CAPITAL TECHNOLOGY TRUST PLC 0.19 PREMIER FARNELL PLC 0.41 PREMIER FOODS PLC 0.24 PREMIER OIL PLC 0.72 PROMETHEAN WORLD PLC 0.10 PROVIDENT FINANCIAL PLC 0.58 PUNCH TAVERNS PLC 0.19


66



PZ CUSSONS PLC 0.36 QINETIQ GROUP PLC 0.39 RANK GROUP PLC 0.20 RATHBONE BROTHERS PLC 0.17 REDROW PLC 0.19 REGUS PLC 0.26 RENISHAW PLC 0.13 RENTOKIL INITIAL PLC 1.01 RESOLUTION LTD 0.74 RESTAURANT GROUP PLC 0.21 RIGHTMOVE PLC 0.37 RIT CAPITAL PARTNERS PLC 0.90 ROBERT WISEMAN DAIRIES PLC 0.09 ROTORK PLC 0.56 RPS GROUP PLC 0.21 SALAMANDER ENERGY PLC 0.18 SAVILLS PLC 0.18 SCOTTISH INVESTMENT TRUST PLC / FUND 0.25 SCOTTISH MORTGAGE INVESTMENT TRUST PLC 0.73 SDL PLC 0.19 SENIOR PLC 0.25 SHAFTESBURY PLC 0.42 SHANKS GROUP PLC 0.20 SIG PLC 0.31 SOCO INTERNATIONAL PLC 0.67 SPECTRIS PLC 0.45 SPIRAX-SARCO ENGINEERING PLC 0.54 SPIRENT COMMUNICATIONS PLC 0.37 SPORTS DIRECT INTERNATIONAL 0.15 SSL INTERNATIONAL PLC 0.86 ST JAMES'S PLACE PLC 0.21 ST. MODWEN PROPERTIES PLC 0.14 STAGECOACH GROUP PLC 0.66 STHREE PLC 0.12 STOBART GROUP LTD 0.20 SUPERGROUP PLC 0.12 SVG CAPITAL PLC 0.23 SYNERGY HEALTH PLC 0.18 TALKTALK TELECOM GROUP 0.23


67



TALVIVAARA MINING CO PLC 0.33 TATE & LYLE PLC 1.04 TAYLOR WIMPEY PLC 0.46 TELECITY GROUP PLC 0.40 TEMPLE BAR INVESTMENT TRUST 0.22 TEMPLETON EMERGING MARKETS-O 0.88 THOMAS COOK GROUP PLC 0.80 TOMKINS PLC 1.03 TR PROPERTY INVESTMENT TRUST 0.18 TR PRPTY INVESTMENT-SIGMA 0.04 TRAVIS PERKINS PLC 0.79 TULLETT PREBON PLC 0.35 UK COMMERCIAL PROPERTY TRUST 0.14 ULTRA ELECTRONICS HLDGS PLC 0.53 UNITE GROUP PLC 0.15 UNITED BUSINESS MEDIA LTD 0.61 VICTREX PLC 0.46 VT GROUP PLC 0.71 WEIR GROUP PLC/THE 1.13 WELLSTREAM HOLDINGS PLC 0.26 WETHERSPOON (J.D.) PLC 0.28 WH SMITH PLC 0.32 WILLIAM HILL PLC 0.61 WITAN INVESTMENT TRUST PLC 0.43 WOOD GROUP (JOHN) PLC 0.62 XCHANGING PLC 0.22 YELL GROUP PLC 0.30

Total 100.00


68

MULTI UNITS LUXEMBOURG - LYXOR ETF FTSE 250 Economic composition of the index (as a percentage of the index at June 30, 2010)

%

Equity investment instruments 13.92Support services 10.71Travel and leisure 9.15Financial services 6.31Media 4.98Industrial engineering 4.81Software and computer services 4.19General retailers 4.02Nonlife insurance 3.76Oil and gas producers 3.36Mining 3.17Household goods and home construction 2.95Aerospace and defense 2.79Electronic and electrical equipment 2.28Real estate investment trusts 1.87Food producers 1.82General industrials 1.80Gas, water and multi-utilities 1.58Real estate investment and services 1.46Technology hardware and equipment 1.41Oil equipment, services and distribution 1.34Personal goods 1.34Fixed line telecommunications 1.24Construction and materials 1.18Chemicals 1.17Pharmaceuticals and biotechnologies 0.99Life insurance 0.95Automobiles and parts 0.92Industrial transportation 0.88Beverages 0.78Forestry and paper 0.71Electricity 0.69Industrial metals and mining 0.56Food and drug retailers 0.55Alternative energy 0.18Health care equipment and service 0.18 100.00

69




Shares


547 967 7.1524 262 ASTELLAS PHARMA INC JPY 553 586169 945 2.2124 102 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 193 093139 418 1.8219 483 BANCO SANTANDER SA EUR 136 983138 330 1.8019 566 CREDIT AGRICOLE SA EUR 162 827

66 262 0.868 492 DAI NIPPON PRINTING CO LTD JPY 77 616236 090 3.0729 718 DEUTSCHE TELEKOM AG-NOM EUR 229 933335 576 4.3718 479 E.ON AG EUR 397 247633 561 8.26125 294 ING GROEP NV-CVA EUR 785 853

72 279 0.946 626 INVESTOR AB SEK 73 35471 701 0.9310 163 KIKKOMAN CORP JPY 73 349

333 185 4.344 704 LINDE AG EUR 343 214360 843 4.706 486 MAN AG EUR 391 431721 792 9.4122 308 NESTLE SA CHF 717 140

70 858 0.92356 NINTENDO CO LTD JPY 71 317121 644 1.583 731 NOVARTIS AG CHF 113 991

69 824 0.9114 790 NSK LTD JPY 77 631296 632 3.86119 NTT DATA CORP JPY 283 027

21 424 0.28850 RENAULT SA EUR 19 715188 116 2.454 277 RWE AG EUR 217 043103 785 1.353 474 SECOM CO LTD JPY 97 162

71 166 0.9358 157 SHOWA DENKO KK JPY 71 883368 896 4.806 087 SIEMENS AG-NOM EUR 378 636276 579 3.6015 443 SOFTBANK CORP JPY 238 934280 414 3.6522 451 TELEFONICA SA EUR 286 680223 765 2.9113 430 THYSSENKRUPP AG EUR 304 041486 542 6.3516 076 TOTAL EUR 506 146401 109 5.2244 752 UBS AG NOM CHF 406 034


GBPGBP %


Nominalvalue/





expressed in( )GBP

70


Germany 30.44Japan 20.51Switzerland 16.21France 8.42Netherlands 8.25Spain 7.68Sweden 0.94

92.45


%


71


Banks 11.05Food products 10.34Pharmaceuticals 8.73Diversified industries 8.62Life insurance 8.26Multi-utilities 6.82Mobile telecommunications 6.67Integrated oil and gas 6.35Commodity chemicals 5.27Commercial vehicles and trucks 4.70Software 3.86Full line insurance 3.78Fixed line telecommunications 3.65Business support services 1.35Specialty finance 0.94Toys 0.92Media agencies 0.86Automobiles 0.28

92.45


%



72


Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 92.28% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the FTSE ALL SHARE index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index % Transferable securities admitted to an official stock exchange or dealt in on another regulated market Shares

3I GROUP PLC 0.18 3I INFRASTRUCTURE PLC 0.05 888 HOLDINGS PLC 0.00 ABERDEEN ASIAN INCOME FUND LTD 0.01 ABERDEEN ASIAN SMALLER COS-O 0.01 ABERDEEN ASSET MANAGEMENT PLC 0.10 ABERDEEN NEW DAWN INVESTMENT TRUST 0.01 ABERFORTH SMALLER COMPANIES TRUST PLC 0.03 ABSOLUTE RETURN TRUST LTD 0.02 ADMIRAL GROUP PLC 0.18 ADVANCE DEVELOPING MARKET LTD 0.02 AEGIS GROUP PLC 0.08 AFREN PLC 0.05 AFRICAN BARRICK GOLD LTD 0.05 AGA RANGEMASTER GROUP PLC 0.00 AGGREKO PLC 0.26 ALLIANCE TRUST PLC 0.13 ALTERIAN PLC 0.01 ALTERNATIVE INV STRATEGIES-O 0.01 AMEC PLC 0.18 AMLIN PLC 0.13 ANGLO & OVERSEAS PLC 0.00 ANGLO AMERICAN PLC 2.11 ANGLO PACIFIC GROUP PLC 0.02 ANGLO-EASTERN PLANTATIONS 0.01 ANITE PLC 0.01 ANTOFAGASTA PLC 0.21 AQUARIUS PLATINUM LTD 0.11 ARENA LEISURE PLC 0.00 ARM HOLDINGS PLC 0.25 ARRIVA PLC 0.10 ARTEMIS ALPHA TRUST PLC-ORD 0.00 ASHLEY (LAURA) HOLDINGS PLC 0.00


73



ASHMORE GROUP PLC. 0.05 ASHTEAD GROUP PLC 0.03 ASSOCIATED BRITISH FOODS PLC 0.26 ASSURA GROUP LTD 0.01 ASTRAZENECA PLC 2.84 ATKINS (WS) PLC 0.05 AUTONOMY CORP PLC 0.29 AVEVA GROUP PLC 0.05 AVIS EUROPE PLC 0.01 AVIVA PLC 0.59 AXIS-SHIELD PLC 0.01 BABCOCK INTL GROUP PLC 0.09 BAE SYSTEMS PLC 0.72 BAILLIE GIFFORD JAPAN TRUST 0.01 BALFOUR BEATTY PLC 0.11 BANKERS INVESTMENT TRUST PLC 0.03 BARCLAYS PLC 2.15 BARING EMERGING EUROPE PLC 0.02 BARR (A.G.) PLC 0.03 BARRATT DEVELOPMENTS PLC 0.06 BATM ADVANCED COMMUNICATIONS 0.00 BBA AVIATION PLC 0.05 BEAZLEY PLC 0.04 BELLWAY PLC 0.05 BERKELEY GROUP HOLDINGS PLC 0.07 BG GROUP PLC 2.29 BH GLOBAL LTD-GBP SHRS 0.03 BH GLOBAL LTD-USD SHRS 0.01 BH MACRO LTD 0.03 BH MACRO LTD - EURO 0.01 BH MACRO LTD - USD 0.03 BHP BILLITON PLC 2.61 BIG YELLOW GROUP PLC 0.03 BIOTECH GROWTH TRUST PLC/THE 0.01 BLACKROCK COMMODITIES INCOME 0.01 BLACKROCK GREATER EUROPE INV 0.01 BLACKROCK LATIN AMERICAN INV 0.02 BLACKROCK NEW ENERGY INVESTM 0.01 BLACKROCK SMALLER COMPANIES 0.01 BLACKROCK WORLD MINING TRUST PLC 0.07 BLOOMSBURY PUBLISHING PLC 0.01


74



BLUEBAY ASSET MANAGEMENT PLC 0.03 BLUECREST ALLBLUE FUND LTD 0.03 BODYCOTE PLC 0.02 BOOKER GROUP PLC 0.04 BOVIS HOMES GROUP PLC 0.03 BP PLC 3.81 BRAEMAR SHIPPING SERVICES PL 0.01 BRAMMER PLC 0.01 BREWIN DOLPHIN HOLDINGS PLC 0.02 BRIT INSURANCE HOLDINGS NV 0.05 BRITISH AIRWAYS PLC 0.15 BRITISH AMERICAN TOBACCO PLC 2.79 BRITISH ASSETS TRUST PLC-ORD 0.02 BRITISH EMPIRE SECURITIES AND GENERAL TRUST 0.04 BRITISH LAND CO PLC 0.26 BRITISH POLYTHENE INDUSTRIES 0.00 BRITISH SKY BROADCASTING GRO 0.61 BRITVIC PLC 0.08 BROWN GROUP PLC 0.04 BRUNNER INVESTMENT TRUST PLC 0.01 BSS GROUP PLC 0.04 BT GROUP PLC 0.67 BTG PLC 0.03 BUNZL PLC 0.15 BURBERRY GROUP PLC 0.22 CABLE & WIRELESS COMMUNICATI 0.10 CABLE & WIRELESS WORLDWIDE 0.15 CAIRN ENERGY PLC 0.38 CALEDONIA INVESTMENTS PLC 0.05 CAMELLIA PLC 0.01 CANDOVER INVESTMENTS PUBLIC PLC 0.01 CAPITA GROUP PLC 0.32 CAPITAL & COUNTIES PROPERTIE 0.04 CAPITAL & REGIONAL PLC 0.01 CAPITAL SHOPPING CENTRES GROUP PLC 0.13 CARCLO PLC 0.01 CARILLION PLC 0.08 CARNIVAL PLC 0.31 CARPETRIGHT PLC 0.02 CATLIN GROUP LTD 0.08


75



CAZENOVE ABSOLUTE EQUITY LTD 0.00 CENTAMIN EGYPT LTD 0.11 CENTAUR MEDIA PLC 0.00 CENTRICA PLC 1.01 CHARLES TAYLOR CONSULTING 0.01 CHARTER INTERNATIONAL PLC 0.07 CHAUCER HOLDINGS PLC 0.02 CHEMRING GROUP PLC 0.07 CHESNARA PLC 0.02 CHIME COMMUNICATIONS PLC 0.01 CHLORIDE GROUP PLC 0.07 CHRYSALIS GROUP PLC 0.00 CINEWORLD GROUP PLC 0.02 CITY MERCHANTS HIGH YIELD TRUST PLC 0.01 CITY NATURAL RESOURCES HI Y 0.01 CITY OF LONDON INVESTMENT TRUST PLC 0.03 CLARKE (T.) PLC 0.00 CLARKSON PLC 0.01 CLINTON CARDS PLC 0.00 CLOSE BROTHERS GROUP PLC 0.07 CLS HOLDINGS PLC 0.01 COBHAM PLC 0.16 COLLINS STEWART PLC 0.01 COLT GROUP SA 0.03 COMPASS GROUP PLC 0.65 COMPUTACENTER PLC 0.02 CONNAUGHT PLC 0.01 CONSORT MEDICAL PLC 0.01 COOKSON GROUP PLC 0.07 COSTAIN GROUP PLC 0.01 CPP GROUP PLC 0.01 CRANSWICK PLC 0.03 CRODA INTERNATIONAL PLC 0.09 CSR PLC 0.05 DAEJAN HOLDINGS PLC 0.01 DAILY MAIL&GENERAL TST-A NV 0.08 DAIRY CREST GROUP PLC 0.03 DANA PETROLEUM PLC 0.07 DAVIS SERVICE GROUP PLC 0.04 DE LA RUE PLC 0.06


76



DEBENHAMS PLC 0.05 DECHRA PHARMACEUTICALS PLC 0.02 DERWENT LONDON PLC 0.08 DEVELOPMENT SECURITIES PLC 0.01 DEVRO PLC 0.02 DEXION ABSOLUTE LTD-SHS NPV 0.05 DEXION EQUITY ALTERNATIVE LTD 0.00 DEXION TRADING LTD 0.01 DIAGEO PLC 1.78 DIALIGHT PLC 0.01 DIGNITY PLC 0.03 DIMENSION DATA HOLDINGS PLC 0.11 DIPLOMA PLC 0.02 DOMINO PRINTING SCIENCES PLC 0.03 DOMINO'S PIZZA UK & IRL PLC 0.03 DRAX GROUP PLC 0.09 DS SMITH PLC 0.03 DSG INTERNATIONAL PLC 0.06 DTZ HOLDINGS PLC 0.00 DUNEDIN ENTERPRISE-ORD 0.01 DUNEDIN INCOME GROWTH INVESTMENT TRUST 0.02 DUNELM GROUP PLC 0.02 E2V TECHNOLOGIES PLC 0.01 EAGA PLC 0.01 EASTERN EUROPEAN TRUST PLC 0.01 EASYJET PLC 0.08 ECOFIN WATER & POWER OPP-ORD 0.02 EDINBURGH DRAGON TRUST PLC 0.03 EDINBURGH INVESTMENT TRUST 0.05 EDINBURGH UK TRACKER TRUST 0.02 EDINBURGH US TRACKER TRUST 0.01 EDINBURGH WORLDWIDE INV TR 0.01 ELECTRA PRIVATE EQUITY PLC 0.03 ELECTRIC & GENERAL INV TR 0.01 ELECTROCOMPONENTS PLC 0.06 ELEMENTIS PLC 0.02 EMBLAZE LTD 0.00 ENQUEST PLC 0.04 ENTERPRISE INNS PLC 0.03 ESSAR ENERGY PLC 0.12 EURASIAN NATURAL RESOURCES CORPORTATION 0.23


77



EUROMONEY INSTL INVESTOR PLC 0.01 EUROPEAN INVESTMENT TRUST PL 0.01 EVOLUTION GROUP PLC 0.01 EXPERIAN PLC 0.41 F&C ASSET MANAGEMENT PLC 0.02 F&C CAPITAL & INCOME INVESTMENT TRUST PLC 0.01 F&C COMMERCIAL PROPERTY TRUST 0.02 F&C GLOBAL SMALLER COMPANIES PLC 0.01 F&C PRIVATE EQUITY TRUST PLC 0.00 F&C US SMALLER COMPANIES PLC 0.00 FENNER PLC 0.03 FERREXPO PLC 0.03 FIBERWEB PLC 0.00 FIDELITY ASIAN VALUES PLC 0.01 FIDELITY CHINA SPECIAL SITUA 0.03 FIDELITY EUROPEAN VALUES PLC 0.03 FIDELITY SPECIAL VALUES PLC 0.02 FIDESSA GROUP PLC 0.03 FILTRONA PLC 0.03 FINDEL PLC 0.00 FINSBURY GROW&INCOME TRUST-ORD 0.01 FINSBURY WORLDWIDE PHARAMCTL 0.02 FIRSTGROUP PLC 0.12 FISHER (JAMES) & SONS PLC 0.01 FOREIGN & COLONIAL INVESTMENT TRUST PLC 0.11 FORTH PORTS PLC 0.04 FORTUNE OIL PLC 0.01 FRAM INNOVATIVE GROWTH 0.00 FRESNILLO PLC 0.14 FULLER SMITH & TURNER -"A" 0.01 G4S PLC 0.26 GALIFORM PLC 0.02 GALLIFORD TRY PLC 0.02 GAME GROUP PLC 0.01 GARTMORE EUROPEAN INVESTMENT TRUST PLC 0.01 GARTMORE FLEDGLING TRUST PLC 0.00 GARTMORE GLOBAL TRUST PLC 0.01 GARTMORE GROUP LTD 0.02 GARTMORE IRISH GROWTH FUND PLC 0.00 GEM DIAMONDS LTD 0.02


78



GENESIS EMERGING MARKETS FUND LTD 0.04 GENUS PLC 0.03 GKN PLC 0.12 GLAXOSMITHKLINE PLC 3.93 GLEESON (M.J.) GROUP PLC 0.00 GO-AHEAD GROUP PLC 0.03 GOLDENPORT HOLDINGS INC 0.00 GOLDMAN SACHS DYNAMIC - GBP 0.01 GOODWIN PLC 0.00 GRAINGER PLC 0.02 GRAPHITE ENTERPRISE TRUST PLC 0.01 GREAT PORTLAND ESTATES PLC 0.06 GREENE KING PLC 0.06 GREGGS PLC 0.03 HALFORDS GROUP PLC 0.07 HALMA PLC 0.07 HAMMERSON PLC 0.16 HAMPSON INDUSTRIES PLC 0.01 HANSA TRUST PLC-A O 0.01 HANSA TRUST PLC-ORD 0.00 HANSARD GLOBAL PLC 0.01 HANSEN TRANSMISSIONS INT 0.02 HANSTEEN HOLDINGS PLC 0.02 HARDY OIL & GAS PLC 0.01 HARDY UNDERWRITING BERMUDA LTD 0.01 HARGREAVES LANSDOWN PLC 0.03 HAYS PLC 0.09 HEADLAM GROUP PLC 0.01 HELICAL BAR PLC 0.02 HELPHIRE GROUP PLC 0.01 HENDERSON EUROTRUST PLC-ORD 0.01 HENDERSON FAR EAST INCOME LTD 0.02 HENDERSON GROUP PLC 0.07 HENDERSON HIGH INCOME TR-ORD 0.01 HENDERSON SMALLER COMPANIES 0.01 HENDERSON TR PACIFIC INVESTMENT TRUST PLC 0.02 HERALD INVESTMENT TRUST PLC 0.02 HERITAGE OIL PLC 0.06 HGCAPITAL TRUST PLC 0.02


79



HIKMA PHARMACEUTICALS PLC 0.07 HILL & SMITH HOLDINGS PLC 0.02 HILTON FOOD GROUP LTD 0.01 HISCOX LTD 0.09 HMV GROUP PLC 0.02 HOCHSCHILD MINING PLC 0.03 HOGG ROBINSON GROUP PLC 0.01 HOLIDAYBREAK PLC 0.01 HOME RETAIL GROUP 0.12 HOMESERVE PLC 0.09 HORNBY PLC 0.00 HSBC HOLDINGS PLC 7.15 HSBC INFRASTRUCTURE CO 0.04 HUNTING PLC 0.04 HUNTSWORTH PLC 0.01 HYDER CONSULTING PLC 0.01 ICAP PLC 0.18 IG GROUP HOLDINGS PLC 0.10 IMAGINATION TECH GROUP PLC 0.05 IMI PLC 0.15 IMPAX ASIAN ENVIRONMENTAL MARKETS PLC 0.01 IMPAX ENVIRONMENTAL MARKETS 0.02 IMPERIAL TOBACCO GROUP PLC 1.26 INCHCAPE PLC 0.08 INFORMA PLC 0.14 ING GLOBAL REAL ESTATE SECS 0.01 ING UK REAL ESTATE INCOME TRUST LTD 0.01 INMARSAT PLC 0.22 INNOVATION GROUP PLC 0.01 INTEC TELECOM SYSTEMS PLC 0.01 INTERCONTINENTAL HOTELS GROUP PLC 0.21 INTERMEDIATE CAPITAL GROUP 0.06 INTERNATIONAL FERRO METALS 0.01 INTERNATIONAL PERSONAL FINANCE PLC 0.03 INTERNATIONAL POWER PLC 0.30 INTERNATIONAL PUBLIC PARTNERSHIP LTD 0.03 INTERSERVE PLC 0.02 INTERTEK GROUP PLC 0.15 INVENSYS PLC 0.13 INVESCO ASIA TRUST PLC-ORD 0.01


80



INVESCO INCOME GROWTH TR-ORD 0.01 INVESCO PERP UK SMALLER COS 0.01 INVESTEC PLC 0.15 INVISTA EUROPEAN REAL ESTATE 0.00 INVISTA FOUNDATION PROPERTY 0.01 IP GROUP PLC 0.01 IRP PROPERTY INVESTMT LTD 0.00 ISIS PROPERTY TRUST PLC 0.00 ITE GROUP PLC 0.02 ITV PLC 0.13 JARDINE LLOYD THOMPSON GROUP 0.06 JD SPORTS FASHION PLC 0.01 JJB SPORTS PLC 0.00 JKX OIL & GAS PLC 0.02 JOHNSON MATTHEY PLC 0.22 JOHNSTON PRESS PLC 0.01 JPMORGAN AMERICAN INVESTMENT TRUST PLC 0.02 JPMORGAN ASIAN INVESTMENT TRUST PLC 0.02 JPMORGAN CHINESE INVESTMENT TRUST PLC 0.01 JPMORGAN CLAVERHOUSE IT 0.01 JPMORGAN EMERGING MARKETS INVESTMENT TRUST PLC 0.04 JPMORGAN EUR FLEDGELING INVESTMENT TRUST PLC 0.02 JPMORGAN EUROPEAN INVESTMENT TRUST PLC 0.01 JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC 0.00 JPMORGAN INDIAN INVESTMENT TRUST PLC 0.03 JPMORGAN JAPANESE INVESTMENT TRUST PLC 0.02 JPMORGAN MID CAP INVESTMENT TRUST PLC 0.01 JPMORGAN OVERSEAS INVESTMENT TRUST PLC 0.01 JPMORGAN RUSSIAN SECURITIES PLC 0.02 JPMORGAN SMALLER COSIT PLC 0.00 JUPITER EUROPEAN OPPORTUNITIES TRUST PLC 0.01 JZ CAPITAL PARTNERS LTD 0.01 KAZAKHMYS PLC 0.15 KCOM GROUP PLC 0.02 KELLER GROUP PLC 0.02 KESA ELECTRICALS PLC 0.04 KEWILL PLC 0.01 KEYSTONE INVESTMENT TRUST PLC 0.01 KIER GROUP PLC 0.02 KINGFISHER PLC 0.33


81



KOFAX PLC 0.01 LADBROKES PLC 0.08 LAIRD PLC 0.02 LAMPRELL PLC 0.02 LANCASHIRE HOLDINGS LTD 0.05 LAND SECURITIES GROUP PLC 0.29 LAVENDON GROUP PLC 0.01 LAW DEBENTURE CORP PLC-ORD 0.02 LEGAL & GENERAL GROUP PLC 0.31 LLOYDS BANKING GROUP PLC 1.42 LMS CAPITAL PLC 0.01 LOGICA PLC 0.12 LONDON STOCK EXCHANGE GROUP PLC 0.08 LONMIN PLC 0.20 LOOKERS PLC 0.01 LOW & BONAR PLC 0.01 LOWLAND INVESTMENT COMPANY PLC 0.01 LSL PROPERTY SERVICES PLC 0.01 MAJEDIE INVESTMENTS PLC-ORD 0.00 MAN GROUP PLC 0.28 MANAGEMENT CONSULTING GROUP PLC 0.01 MANCHESTER & LONDON INV TR 0.00 MARKS & SPENCER GROUP PLC 0.35 MARSHALLS PLC 0.01 MARSTON'S PLC 0.04 MARTIN CURRIE PACIFIC TRUST 0.01 MARTIN CURRIE PORTFOLIO INV 0.01 MCBRIDE PLC 0.02 MCKAY SECURITIES PLC-ORD 0.00 MEARS GROUP PLC 0.01 MECOM GROUP PLC 0.01 MEDICX FUND LTD 0.01 MEGGITT PLC 0.14 MELROSE PLC 0.07 MELROSE RESOURCES PLC 0.01 MENZIES (JOHN) PLC 0.01 MERCANTILE INVESTMENT TRUST 0.06 MERCHANTS TRUST PLC 0.02 METRIC PROPERTY INVESTMENT P 0.01 MICHAEL PAGE INTERNATIONAL 0.08


82



MICRO FOCUS INTERNATIONAL 0.05 MILLENNIUM & COPTHORNE HOTEL 0.04 MINERVA PLC 0.01 MISYS PLC 0.09 MITCHELLS & BUTLERS PLC 0.08 MITIE GROUP PLC 0.05 MONDI PLC 0.09 MONEYSUPERMARKET.COM 0.01 MONKS INVESTMENT TRUST PLC 0.05 MONTANARO UK SMALLER COS INV 0.01 MORANT WRIGHT JAPAN INCOME TRUST LTD 0.00 MORGAN CRUCIBLE COMPANY PLC 0.03 MORGAN SINDALL GROUP PLC 0.01 MOTHERCARE PLC 0.03 MOUCHEL GROUP PLC 0.01 MUCKLOW ( A & J ) GROUP PLC 0.00 MURRAY INCOME TRUST PLC 0.02 MURRAY INTERNATIONAL TR-O 0.05 MW TOPS LTD-RED PREF SHR-EUR 0.00 MW TOPS LTD-RED PREF SHR-GBP 0.00 MWB GROUP HOLDINGS PLC 0.00 NAMAKWA DIAMONDS LTD 0.00 NATIONAL EXPRESS GROUP PLC 0.07 NATIONAL GRID PLC 1.13 NCC GROUP PLC 0.01 NEW INDIA INVESTMENT TRUST 0.01 NEW STAR INVESTMENT TRUST 0.00 NEXT PLC 0.25 NORTH ATLANTIC SMALLER COMPANIES INVESTMENT 0.01 NORTHERN FOODS PLC 0.01 NORTHGATE PLC 0.01 NORTHUMBRIAN WATER GROUP PLC 0.08 NOVAE GROUP PLC 0.02 OLD MUTUAL PLC 0.38 OPTOS PLC 0.00 OXFORD BIOMEDICA PLC 0.00 OXFORD INSTRUMENTS PLC 0.01 PACE PLC 0.03 PACIFIC ASSETS TRUST PLC 0.01 PACIFIC HORIZON INVESTMENT TRUST PLC 0.01


83



PANTHEON INTL PARTICIP-ORD 0.01 PARAGON GROUP COMPANIES PLC 0.02 PARTYGAMING PLC 0.05 PAYPOINT PLC 0.01 PEARSON PLC 0.48 PENDRAGON PLC 0.01 PENNON GROUP PLC 0.13 PERPETUAL INCOME & GROWTH-O 0.03 PERSIMMON PLC 0.07 PERSONAL ASSETS TRUST PLC 0.02 PETROFAC LTD 0.20 PETROPAVLOVSK PLC 0.14 PHOENIX IT GROUP LTD 0.01 PHOTO-ME INTERNATIONAL PLC 0.01 POLAR CAPITAL TECHNOLOGY TRUST PLC 0.02 PREMIER FARNELL PLC 0.05 PREMIER FOODS PLC 0.03 PREMIER OIL PLC 0.09 PRIMARY HEALTH PROPERTIES 0.01 PROMETHEAN WORLD PLC 0.01 PROSTRAKAN GROUP PLC 0.01 PROVIDENT FINANCIAL PLC 0.08 PRUDENTIAL PLC 0.87 PSION PLC 0.01 PUNCH TAVERNS PLC 0.03 PV CRYSTALOX SOLAR PLC 0.01 PZ CUSSONS PLC 0.05 QINETIQ GROUP PLC 0.05 QUINTAIN ESTATES & DEV PLC 0.01 R.E.A. HOLDINGS PLC 0.01 RANDGOLD RESOURCES LTD 0.38 RANK GROUP PLC 0.03 RATHBONE BROTHERS PLC 0.02 REAL ESTATE OPPORTUNITIES-O 0.00 RECKITT BENCKISER GROUP PLC 1.49 REDROW PLC 0.02 REED ELSEVIER PLC 0.40 REGUS PLC 0.03 RENISHAW PLC 0.02 RENOVO GROUP PLC 0.00


84



RENTOKIL INITIAL PLC 0.13 RESOLUTION LTD 0.10 RESTAURANT GROUP PLC 0.03 REXAM PLC 0.18 RICARDO PLC 0.01 RIGHTMOVE PLC 0.05 RIO TINTO PLC 3.11 RIT CAPITAL PARTNERS PLC 0.12 RM PLC 0.01 ROBERT WALTERS PLC 0.01 ROBERT WISEMAN DAIRIES PLC 0.01 ROK PLC 0.00 ROLLS-ROYCE GROUP PLC 0.70 ROTORK PLC 0.07 ROYAL BANK OF SCOTLAND GROUP PLC 0.48 ROYAL DUTCH SHELL PLC-A SHS 4.04 ROYAL DUTCH SHELL PLC-B SHS 2.97 RPC GROUP PLC 0.02 RPS GROUP PLC 0.03 RSA INSURANCE GROUP PLC 0.27 SABMILLER PLC 1.50 SAFESTORE HOLDINGS PLC 0.01 SAGE GROUP PLC 0.20 SAINSBURY (J) PLC 0.40 SALAMANDER ENERGY PLC 0.02 SAVILLS PLC 0.02 SCHRODER ASIAPACIFIC-ORD 0.02 SCHRODER INCOME GROWTH FUND 0.01 SCHRODER JAPAN GROWTH FUND 0.01 SCHRODER ORIENTAL INCOME 0.01 SCHRODER UK GROWTH FUND PLC 0.01 SCHRODER UK MID & SMALL CAP 0.00 SCHRODERS PLC 0.14 SCHRODERS PLC-NON VOTING 0.04 SCOTT WILSON GROUP PLC 0.01 SCOTTISH & SOUTHERN ENERGY 0.69 SCOTTISH AMERICAN INVESTMENT CO PLC / FUND 0.02 SCOTTISH INVESTMENT TRUST PLC / FUND 0.03 SCOTTISH MORTGAGE INVESTMENT TRUST PLC 0.10 SCOTTISH ORIENTAL SMALLER COMPANIES TRUST 0.01


85



SDL PLC 0.02 SECURITIES TRUST OF SCOTLAND 0.01 SEGRO PLC 0.13 SENIOR PLC 0.03 SEPURA LTD 0.00 SERCO GROUP PLC 0.20 SEVERFIELD-ROWEN PLC 0.01 SEVERN TRENT PLC 0.19 SHAFTESBURY PLC 0.05 SHANKS GROUP PLC 0.03 SHIRE PLC 0.51 SHIRES INCOME PLC 0.00 SIG PLC 0.04 SMITH & NEPHEW PLC 0.38 SMITHS GROUP PLC 0.28 SMITHS NEWS PLC 0.01 SOCO INTERNATIONAL PLC 0.09 SOUTHERN CROSS HEALTHCARE LTD 0.00 SPECTRIS PLC 0.06 SPEEDY HIRE PLC 0.01 SPICE PLC 0.01 SPIRAX-SARCO ENGINEERING PLC 0.07 SPIRENT COMMUNICATIONS PLC 0.05 SPORTECH PLC 0.00 SPORTS DIRECT INTERNATIONAL 0.02 SSL INTERNATIONAL PLC 0.11 ST JAMES'S PLACE PLC 0.03 ST. IVES PLC 0.01 ST. MODWEN PROPERTIES PLC 0.02 STAGECOACH GROUP PLC 0.09 STANDARD CHARTERED PLC 2.27 STANDARD LIFE EQUITY INCOME 0.01 STANDARD LIFE EURO PR EQ-ORD 0.01 STANDARD LIFE INV PROP INC 0.00 STANDARD LIFE PLC 0.26 STANDARD LIFE UK SMALLER CO 0.01 STHREE PLC 0.02 STOBART GROUP LTD 0.03 SUPERGROUP PLC 0.02 SVG CAPITAL PLC 0.03


86



SVM GLOBAL FUND PLC 0.01 SVM UK ACTIVE FUND PLC 0.00 SYNERGY HEALTH PLC 0.02 TALKTALK TELECOM GROUP 0.03 TALVIVAARA MINING CO PLC 0.04 TARSUS GROUP PLC 0.00 TATE & LYLE PLC 0.14 TAYLOR WIMPEY PLC 0.06 TED BAKER PLC 0.01 TELECITY GROUP PLC 0.05 TELECOM PLUS PLC 0.01 TEMPLE BAR INVESTMENT TRUST 0.03 TEMPLETON EMERGING MARKETS-O 0.12 TESCO PLC 2.07 THAMES RIVER MULTI HEDGE GBP 0.01 THOMAS COOK GROUP PLC 0.11 THORNTONS PLC 0.00 THROGMORTON TRUST PLC 0.01 TOMKINS PLC 0.13 TOPPS TILES PLC 0.00 TOWN CENTRE SECURITIES PLC 0.00 TR EUROPEAN GROWTH TRUST PLC 0.01 TR PROPERTY INVESTMENT TRUST 0.02 TR PRPTY INVESTMENT-SIGMA 0.01 TRAFFICMASTER PLC 0.00 TRAVIS PERKINS PLC 0.10 TRIBAL GROUP PLC 0.00 TRINITY MIRROR PLC 0.01 TROY INCOME & GROWTH TRUST P 0.00 TT ELECTRONICS PLC 0.01 TUI TRAVEL PLC 0.08 TULLETT PREBON PLC 0.05 TULLOW OIL PLC 0.60 UK COAL PLC 0.01 UK COMMERCIAL PROPERTY TRUST 0.02 UK MAIL GROUP PLC 0.00 ULTRA ELECTRONICS HLDGS PLC 0.07 UMECO PLC 0.01 UNILEVER PLC 1.52 UNITE GROUP PLC 0.02


87



UNITED BUSINESS MEDIA LTD 0.08 UNITED UTILITIES GROUP PLC 0.23 UTV MEDIA PLC 0.01 VALUE AND INCOME TRUST PLC 0.00 VECTURA GROUP PLC 0.01 VEDANTA RESOURCES PLC 0.20 VICTREX PLC 0.06 VITEC GROUP PLC/THE 0.01 VODAFONE GROUP PLC 4.99 VOLEX GROUP PLC 0.01 VP PLC 0.00 VT GROUP PLC 0.09 WEIR GROUP PLC/THE 0.15 WELLSTREAM HOLDINGS PLC 0.03 WETHERSPOON (J.D.) PLC 0.04 WH SMITH PLC 0.04 WHITBREAD PLC 0.17 WICHFORD PLC 0.01 WILLIAM HILL PLC 0.08 WILMINGTON GROUP PLC 0.01 WINCANTON PLC 0.02 WITAN INVESTMENT TRUST PLC 0.06 WITAN PACIFIC INVESTMENT TRUST PLC 0.01 WM MORRISON SUPERMARKETS 0.47 WOLFSON MICROELECTRONICS PLC 0.01 WOLSELEY PLC 0.26 WOOD GROUP (JOHN) PLC 0.08 WORKSPACE GROUP PLC 0.02 WPP PLC 0.53 WSP GROUP PLC 0.01 XCHANGING PLC 0.03 XP POWER LTD 0.01 XSTRATA PLC 1.33 YELL GROUP PLC 0.04 YULE CATTO & COMPANY PLC 0.01

Total 100.00


88


Economic composition of the index (as a percentage of the index at June 30, 2010) % Oil and gas producers 14.68Banks 13.46Mining 11.16Pharmaceuticals and biotechnologies 7.45Mobile telecommunications 5.21Tobacco 4.05Support services 3.62Beverages 3.38Food and drug retailers 3.02Equity investment instruments 2.97Travel and leisure 2.82Gas, water and multi-utilities 2.77Media 2.76Life insurance 2.56Food producers 2.08Aerospace and defense 1.97Household goods and home construction 1.89Financial services 1.88General retailers 1.64Real estate investment trusts 1.26Software and computer services 1.26Electricity 1.08Fixed line telecommunications 1.02Nonlife insurance 0.99General industrials 0.71Industrial engineering 0.67Oil equipment, services and distribution 0.56Technology hardware and equipment 0.46Health care equipment and services 0.42Chemicals 0.41Personal goods 0.40Electronic and electrical equipment 0.34Real estate investment and services 0.33Construction and materials 0.22Industrial transportation 0.17Automobiles and parts 0.12Forestry and paper 0.09Industrial metals and mining 0.08Alternative energy 0.03Leisure goods 0.01

100.00

89



91 349 1.162 890 ASTRAZENECA (SEK) SEK 85 027

Shares


25 871 0.33882 AURUBIS AG EUR 27 999698 520 8.8597 615 BANCO SANTANDER SA EUR 671 834404 610 5.1210 955 BASF SE EUR 420 730165 075 2.094 383 BAYER AG EUR 170 753

70 411 0.8959 388 BLUESCOPE STEEL LTD AUD 77 659168 578 2.144 599 BNP PARIBAS EUR 179 814196 675 2.497 337 CARREFOUR SA EUR 214 386308 417 3.918 986 DAIMLER EUR 252 702516 066 6.5413 497 DEUTSCHE BANK AG-NOM EUR 529 470168 046 2.1313 512 ENI SPA EUR 175 267341 170 4.3218 787 E.ON AG EUR 406 674

74 841 0.9510 735 FIAT SPA EUR 79 21664 017 0.8112 660 ING GROEP NV-CVA EUR 74 51773 430 0.9311 670 JTEKT CORP JPY 77 40222 593 0.2920 347 MIZUHO FINANCIAL GROUP INC JPY 25 229

222 968 2.822 635 MUENCHENER RUCKVERSICHERUNGS AG-

NOM EUR 243 080263 791 3.3448 016 NOKIA OYJ EUR 340 972


CERTIFICATE CHF 408 034358 288 4.548 146 RWE AG EUR 431 523

74 617 0.951 840 SANOFI-AVENTIS EUR 77 86058 180 0.74960 SIEMENS AG-NOM EUR 59 558

291 516 3.6916 277 SOFTBANK CORP JPY 267 949773 207 9.7861 906 TELEFONICA SA EUR 808 897393 722 4.9991 040 TELIASONERA AB SEK 409 798

78 068 0.9942 547 TELSTRA CORP LTD AUD 72 721182 759 2.315 653 TERUMO CORP JPY 190 519138 554 1.754 578 TOTAL EUR 151 651123 652 1.576 784 TREND MICRO INC JPY 130 762126 646 1.6014 130 UBS AG NOM CHF 156 861360 456 4.5719 532 UNILEVER CVA EUR 374 802

76 103 0.9631 WEST JAPAN RAILWAY CO JPY 76 286


GBPGBP %


Nominalvalue/





expressed in( )GBP

90


Germany 30.39Spain 18.64Japan 9.75France 7.33Switzerland 6.34Netherlands 5.38Sweden 4.99Finland 3.34Italy 3.08Australia 1.88Great Britain 1.16

92.28


%


91


Banks 19.42Fixed line telecommunications 10.77Multi-utilities 8.86Mobile telecommunications 8.68Pharmaceuticals 6.84Automobiles 5.79Commodity chemicals 5.12Food products 4.57Integrated oil and gas 3.88Telecommunications equipment 3.34Reinsurance 2.82Food retailers and wholesale 2.49Medical equipment 2.31Specialty chemicals 2.09Software 1.57Recreational service 0.96Specialty finance 0.89Life insurance 0.81Diversified industries 0.74Nonferrous metals 0.33

92.28


%



92

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50

Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested according to the investment policy. in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 90.50% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the MSCI ASIA APEX 50 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index % Transferable securities admitted to an official stock exchange or dealt in on another regulated market Shares

ASUSTEK COMPUTER INC 0.49 AU OPTRONICS CORP 0.78 BANK OF CHINA LTD-H 3.31 BOC HONG KONG HOLDINGS LTD 0.98 CATHAY FINANCIAL HOLDING CO 1.10 CHEUNG KONG HOLDINGS LTD 1.85 CHINA CONSTRUCTION BANK-H 4.34 CHINA LIFE INSURANCE CO-H 3.76 CHINA MERCHANTS BANK-H 1.08 CHINA MOBILE LTD 6.84 CHINA OVERSEAS LAND & INVEST 0.90 CHINA PETROLEUM & CHEMICAL-H 1.49 CHINA SHENHUA ENERGY CO - H 1.42 CHINA STEEL CORP 1.05 CHINA UNICOM HONG KONG LTD 0.90 CLP HOLDINGS LTD 1.59 CNOOC LTD 3.49 DBS GROUP HOLDINGS LTD 1.91 ESPRIT HOLDINGS LTD 0.72 FORMOSA PLASTICS CORP 0.94 HANG SENG BANK LTD 1.18 HON HAI PRECISION INDUSTRY 3.31 HONG KONG & CHINA GAS 1.21 HONG KONG EXCHANGES & CLEAR 1.85 HONGKONG ELECTRIC HOLDINGS 0.94 HTC CORP 1.00 HUTCHISON WHAMPOA LTD 1.53 HYNIX SEMICONDUCTOR INC 1.20 HYUNDAI HEAVY INDUSTRIES 0.86 HYUNDAI MOTOR CO 2.05 IND & COMM BK OF CHINA - H 4.55 KB FINANCIAL GROUP INC 1.48 LG CHEM LTD 1.34 LG ELECTRONICS INC 0.82 LI & FUNG LTD 1.21


93



MEDIATEK INC 1.52 NAN YA PLASTICS CORP 0.87 OVERSEA-CHINESE BANKING CORP 1.74 PEGATRON CORP 0.16 PETROCHINA CO LTD-H 2.70 PING AN INSURANCE GROUP CO-H 1.61 POSCO 2.92 SAMSUNG ELECTRONICS CO LTD 8.25 SHINHAN FINANCIAL GROUP LTD 1.75 SHINSEGAE CO LTD 0.71 SINGAPORE TELECOMMUNICATIONS 1.97 SUN HUNG KAI PROPERTIES 2.24 SWIRE PACIFIC LTD 'A' 0.99 TAIWAN SEMICONDUCTOR MANUFAC 5.32 TENCENT HOLDINGS LTD 1.87 UNITED OVERSEAS BANK LTD 1.91

Total 100.00


94

MULTI UNITS LUXEMBOURG - LYXOR ETF MSCI ASIA APEX 50 Economic composition of the index (as a percentage of the index at June 30, 2010)

% Banks 24.25Technology hardware and equipment 18.72Mobile telecommunications 9.71Oil and gas producers 7.68Life insurance 6.47Real estate investment and services 4.98Industrial metals and mining 3.96Electronic and electrical equipment 3.31Chemicals 3.15Electricity 2.52General industrials 2.52Automobiles and parts 2.05Software and computer services 1.88Financial services 1.85General retailers 1.43Mining 1.42Gas, water and multi-utilities 1.21Personal goods 1.21Industrial engineering 0.86Leisure goods 0.82 100.00

95



134 130 1.8412 560 AEON CO LTD JPY 139 977

Shares


215 994 2.967 888 ARCELORMITTAL SA EUR 232 5778 788 0.121 902 AXA ASIA PACIFIC HOLDINGS LTD AUD 9 260

349 947 4.8033 174 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 332 025286 536 3.9326 765 BANCO SANTANDER SA EUR 281 801359 325 4.936 503 BASF SE EUR 330 277354 356 4.866 289 BAYER AG EUR 353 028345 489 4.748 615 CARREFOUR SA EUR 354 566332 361 4.5631 423 CREDIT AGRICOLE SA EUR 358 004387 767 5.337 142 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 343 007317 126 4.3511 017 GDF SUEZ EUR 331 265373 691 5.13139 624 INTESA SANPAOLO SPA EUR 387 104

66 249 0.912 031 KESKO OYJ EUR 70 536312 203 4.282 838 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 320 826170 735 2.3412 077 MITSUI FUDOSAN CO LTD JPY 184 595

63 688 0.8711 525 NOMURA HOLDINGS INC JPY 66 68690 726 1.241 860 NOVARTIS AG CHF 82 308

123 884 1.70896 ROCHE HOLDING AG-DIVIDEND-RIGHT

CERTIFICATE CHF 125 05870 195 0.967 683 SECURITAS AB SEK 72 618

150 716 2.076 770 SHISEIDO CO LTD JPY 138 904149 581 2.051 551 SWISS LIFE HOLDING AG CHF 193 427334 245 4.587 382 TOTAL EUR 368 968222 631 3.0516 603 UBS AG NOM CHF 283 317700 212 9.61310 847 UNICREDIT SPA EUR 680 025357 843 4.9112 961 UNILEVER CVA EUR 351 264319 637 4.387 599 VINCI SA EUR 327 019


USDUSD %


Nominalvalue/





expressed in( )USD

96


France 26.90Germany 15.11Italy 14.73Spain 8.73Switzerland 8.05Japan 7.12Netherlands 4.91Luxembourg 2.96Sweden 0.96Finland 0.91Australia 0.12

90.50


%


97


Banks 31.08Food retailers and wholesale 5.65Health care provider 5.33Commodity chemicals 4.93Food products 4.91Specialty chemicals 4.86Integrated oil and gas 4.58Heavy construction 4.38Multi-utilities 4.35Clothing and accessories 4.28Steel 2.96Pharmaceuticals 2.94Real estate holding 2.34Personal products 2.07Real estate services 2.05Broadline retailers 1.84Specialty retailers 0.96Specialty finance 0.87Full line insurance 0.12

90.50


%



98


Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 92.84% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the WIG20 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index


Shares ASSECO POLAND SA 3.04 BANK PEKAO SA 13.37 BANK ZACHODNI WBK SA 3.66 BIOTON SA 0.67 BRE BANK SA 1.90 CEZ AS 2.89 CYFROWY POLSAT SA 1.02 GETIN HOLDING SA 2.60 GLOBE TRADE CENTRE SA 2.53 GRUPA LOTOS SA 1.54 KGHM POLSKA MIEDZ SA 11.00 PBG SA 1.83 PKO BANK POLSKI SA 12.94 POLIMEX-MOSTOSTAL SA 1.86 POLSKA GRUPA ENERGETYCZNA SA 4.84 POLSKI KONCERN NAFTOWY SA 10.14 POLSKIE GORNICTWO NAFTOWE I 2.69 POWSZECHNY ZAKLAD UBEZPIECZE 11.33 TELEKOMUNIKACJA POLSKA SA 8.09 TVN SA 2.06 Total 100.00


99

MULTI UNITS LUXEMBOURG - LYXOR ETF WIG20 Economic composition of the index (as a percentage of the index at June 30, 2010) % Banks 34.46Oil and gas producers 14.37Nonlife insurance 11.33Industrial metals and mining 11.00Fixed line telecommunications 8.09Electricity 7.74Construction and materials 3.69Media 3.08Software and computer services 3.05Real estate investment and services 2.52Pharmaceuticals and biotechnologies 0.67 100.00

100



657 522 0.9535 880 AEGON NV EUR 679 021

Shares


1 754 396 2.5410 672 ANHEUSER-BUSCH INBEV NV EUR 1 704 7391 776 632 2.5749 870 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 1 792 043

723 204 1.0520 003 BANCO SANTANDER SA EUR 629 1663 100 094 4.4916 613 BASF SE EUR 2 932 5583 556 812 5.1527 755 CREDIT SUISSE GROUP AG-NOM CHF 3 575 6351 000 530 1.4521 235 DEUTSCHE LUFTHANSA AG EUR 933 630

768 450 1.1119 145 DEUTSCHE TELEKOM AG-NOM EUR 713 3703 526 006 5.1156 114 ENI SPA EUR 3 564 129

470 622 0.6823 613 INFINEON TECHNOLOGIES AG EUR 478 8233 279 068 4.75128 348 ING GROEP NV-CVA EUR 3 410 5561 057 156 1.53116 959 INTESA SANPAOLO SPA EUR 1 128 2263 419 462 4.95228 410 NATIXIS EUR 3 437 2262 256 637 3.2781 299 NOKIA OYJ EUR 2 766 6593 930 101 5.6923 858 NOVARTIS AG CHF 3 613 266

134 452 0.19490 NOVO NORDISK B DKK 112 729666 547 0.9784 185 PARMALAT SPA EUR 672 587


CERTIFICATE CHF 3 635 3025 092 764 7.3924 856 SANOFI-AVENTIS EUR 5 054 0802 170 948 3.147 090 SIEMENS AG-NOM EUR 2 068 587

785 328 1.1411 964 STATOIL ASA NOK 846 3233 277 191 4.7510 062 SWISS LIFE HOLDING AG CHF 3 600 689

696 417 1.0131 872 TELIASONERA AB SEK 666 3392 190 788 3.1748 378 UBS AG NOM CHF 2 245 8352 837 831 4.11373 036 UNICREDIT SPA EUR 2 521 8402 550 893 3.6927 358 UNILEVER CVA EUR 2 464 5792 276 432 3.3028 432 VEOLIA ENVIRONNEMENT EUR 2 458 2822 405 812 3.488 313 VOLKSWAGEN AG EUR 2 331 121

440 738 0.641 472 VOLKSWAGEN AG EUR 407 8213 661 738 5.304 882 ZURICH FINANCIAL SERVICES NOM CHF 3 227 084


PLNPLN %


Nominalvalue/





expressed in( )PLN

101


Switzerland 29.33France 15.63Germany 15.00Italy 11.71Netherlands 9.40Spain 3.62Finland 3.27Belgium 2.54Norway 1.14Sweden 1.01Denmark 0.19

92.84


%


102


Banks 22.53Pharmaceuticals 18.54Integrated oil and gas 6.25Life insurance 5.70Full line insurance 5.30Real estate services 4.75Food products 4.66Commodity chemicals 4.49Automobiles 4.12Water 3.30Telecommunications equipment 3.27Diversified industries 3.14Brewers 2.54Mobile telecommunications 2.12Travel and tourism 1.45Semiconductors 0.68

92.84


%



103


Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 93.96% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P 500 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index % Transferable securities admitted to an official stock exchange or dealt in on another regulated market Shares

3M CO 0.58 ABBOTT LABORATORIES 0.75 ABERCROMBIE & FITCH CO-CL A 0.03 ADOBE SYSTEMS INC 0.16 ADVANCED MICRO DEVICES 0.05 AES CORP 0.07 AETNA INC 0.12 AFLAC INC 0.22 AGILENT TECHNOLOGIES INC 0.11 AIR PRODUCTS & CHEMICALS INC 0.15 AIRGAS INC 0.05 AK STEEL HOLDING CORP 0.02 AKAMAI TECHNOLOGIES INC 0.08 ALCOA INC 0.12 ALLEGHENY ENERGY INC 0.04 ALLEGHENY TECHNOLOGIES INC 0.05 ALLERGAN INC 0.19 ALLSTATE CORP 0.17 ALTERA CORPORATION 0.08 ALTRIA GROUP INC 0.44 AMAZON.COM INC 0.42 AMEREN CORPORATION 0.06 AMERICAN ELECTRIC POWER 0.16 AMERICAN EXPRESS CO 0.52 AMERICAN INTERNATIONAL GROUP 0.05 AMERICAN TOWER CORP-CL A 0.19 AMERIPRISE FINANCIAL INC 0.10 AMERISOURCEBERGEN CORP 0.09 AMGEN INC 0.55 AMPHENOL CORP-CL A 0.07 ANADARKO PETROLEUM CORP 0.19 ANALOG DEVICES INC 0.09 AON CORP 0.11


104



APACHE CORP 0.30 APARTMENT INVT & MGMT CO -A 0.03 APOLLO GROUP INC-CL A 0.06 APPLE INC 2.50 APPLIED MATERIALS INC 0.18 ARCHER-DANIELS-MIDLAND CO 0.18 ASSURANT INC 0.04 AT&T INC 1.52 AUTODESK INC 0.06 AUTOMATIC DATA PROCESSING 0.21 AUTONATION INC 0.02 AUTOZONE INC 0.06 AVALONBAY COMMUNITIES INC 0.08 AVERY DENNISON CORP 0.04 AVON PRODUCTS INC 0.12 BAKER HUGHES INC 0.19 BALL CORP 0.05 BANK OF AMERICA CORP 1.57 BANK OF NEW YORK MELLON CORP 0.32 BAXTER INTERNATIONAL INC 0.26 BB&T CORP 0.20 BECTON DICKINSON AND CO 0.17 BED BATH & BEYOND INC 0.11 BEMIS COMPANY 0.03 BERKSHIRE HATHAWAY INC-CL B 1.38 BEST BUY CO INC 0.13 BIG LOTS INC 0.03 BIOGEN IDEC INC 0.14 BMC SOFTWARE INC 0.07 BOEING CO 0.52 BOSTON PROPERTIES INC 0.11 BOSTON SCIENTIFIC CORP 0.09 BRISTOL-MYERS SQUIBB CO 0.45 BROADCOM CORP-CL A 0.15 BROWN-FORMAN CORP-CLASS B 0.07 C.H. ROBINSON WORLDWIDE INC 0.10 CA INC 0.08 CABOT OIL & GAS CORP 0.04 CAMERON INTERNATIONAL CORP 0.09 CAMPBELL SOUP CO 0.07


105



CAPITAL ONE FINANCIAL CORP 0.20 CARDINAL HEALTH INC 0.13 CAREFUSION CORP 0.04 CARMAX INC 0.05 CARNIVAL CORP 0.14 CATERPILLAR INC 0.41 CB RICHARD ELLIS GROUP INC-A 0.04 CBS CORP-CLASS B NON VOTING 0.10 CELGENE CORP 0.27 CENTERPOINT ENERGY INC 0.06 CENTURYLINK INC 0.11 CEPHALON INC 0.05 CERNER CORP 0.05 CF INDUSTRIES HOLDINGS INC 0.05 CHESAPEAKE ENERGY CORP 0.15 CHEVRON CORP 1.45 CHUBB CORP 0.17 CIGNA CORP 0.09 CINCINNATI FINANCIAL CORP 0.05 CINTAS CORP 0.03 CISCO SYSTEMS INC 1.32 CITIGROUP INC 0.93 CITRIX SYSTEMS INC 0.09 CLIFFS NATURAL RESOURCES INC 0.08 CLOROX COMPANY 0.09 CME GROUP INC 0.20 CMS ENERGY CORP 0.04 COACH INC 0.12 COCA-COLA CO/THE 1.21 COCA-COLA ENTERPRISES 0.09 COGNIZANT TECH SOLUTIONS-A 0.16 COLGATE-PALMOLIVE CO 0.40 COMCAST CORP-CLASS A 0.52 COMERICA INC 0.07 COMPUTER SCIENCES CORP 0.08 COMPUWARE CORP 0.02 CONAGRA FOODS INC 0.11 CONOCOPHILLIPS 0.78 CONSOL ENERGY INC 0.08 CONSOLIDATED EDISON INC 0.13


106



CONSTELLATION BRANDS INC-A 0.03 CONSTELLATION ENERGY GROUP 0.07 CORNING INC 0.28 COSTCO WHOLESALE CORP 0.26 COVENTRY HEALTH CARE INC 0.03 CR BARD INC 0.08 CSX CORP 0.21 CUMMINS INC 0.15 CVS CAREMARK CORP 0.43 DANAHER CORP 0.21 DARDEN RESTAURANTS INC 0.06 DAVITA INC 0.07 DEAN FOODS CO 0.02 DEERE & CO 0.26 DELL INC 0.23 DENBURY RESOURCES INC 0.06 DENTSPLY INTERNATIONAL INC 0.05 DEVON ENERGY CORPORATION 0.28 DEVRY INC 0.03 DIAMOND OFFSHORE DRILLING 0.04 DIRECTV-CLASS A 0.34 DISCOVER FINANCIAL SERVICES 0.08 DISCOVERY COMMUNICATIONS-A 0.11 DOMINION RESOURCES INC/VA 0.25 DOVER CORP 0.08 DOW CHEMICAL 0.30 DR HORTON INC 0.03 DR PEPPER SNAPPLE GROUP INC 0.10 DTE ENERGY COMPANY 0.08 DU PONT (E.I.) DE NEMOURS 0.34 DUKE ENERGY CORP 0.22 DUN & BRADSTREET CORP 0.04 E*TRADE FINANCIAL CORP 0.03 EASTMAN CHEMICAL COMPANY 0.04 EASTMAN KODAK CO 0.01 EATON CORP 0.12 EBAY INC 0.24 ECOLAB INC 0.11 EDISON INTERNATIONAL 0.11 EL PASO CORP 0.09


107



ELECTRONIC ARTS INC 0.05 ELI LILLY & CO 0.36 EMC CORP/MASS 0.40 EMERSON ELECTRIC CO 0.34 ENTERGY CORP 0.14 EOG RESOURCES INC 0.27 EQT CORP 0.06 EQUIFAX INC 0.04 EQUITY RESIDENTIAL 0.13 ESTEE LAUDER COMPANIES-CL A 0.07 EXELON CORP 0.26 EXPEDIA INC 0.04 EXPEDITORS INTL WASH INC 0.08 EXPRESS SCRIPTS INC 0.28 EXXON MOBIL CORP 3.08 FAMILY DOLLAR STORES 0.05 FASTENAL CO 0.07 FEDERATED INVESTORS INC-CL B 0.02 FEDEX CORP 0.24 FIDELITY NATIONAL INFORMATIO 0.09 FIFTH THIRD BANCORP 0.11 FIRST HORIZON NATIONAL CORP 0.03 FIRST SOLAR INC 0.06 FIRSTENERGY CORP 0.11 FISERV INC 0.07 FLIR SYSTEMS INC 0.05 FLOWSERVE CORP 0.05 FLUOR CORP 0.08 FMC CORP 0.05 FMC TECHNOLOGIES INC 0.07 FORD MOTOR CO 0.36 FOREST LABORATORIES INC 0.09 FORTUNE BRANDS INC 0.07 FRANKLIN RESOURCES INC 0.14 FREEPORT-MCMORAN COPPER 0.31 FRONTIER COMMUNICATIONS CORP 0.02 GAMESTOP CORP-CLASS A 0.03 GANNETT CO 0.04 GAP INC/THE 0.09 GENERAL DYNAMICS CORP 0.25 GENERAL ELECTRIC CO 1.65


108



GENERAL MILLS INC 0.26 GENUINE PARTS CO 0.07 GENWORTH FINANCIAL INC-CL A 0.07 GENZYME CORP 0.15 GILEAD SCIENCES INC 0.33 GOLDMAN SACHS GROUP INC 0.72 GOODRICH CORP 0.09 GOODYEAR TIRE & RUBBER CO 0.03 GOOGLE INC-CL A 1.17 H&R BLOCK INC 0.06 HALLIBURTON CO 0.24 HARLEY-DAVIDSON INC 0.06 HARMAN INTERNATIONAL 0.02 HARRIS CORP 0.06 HARTFORD FINANCIAL SVCS GRP 0.11 HASBRO INC 0.06 HCP INC 0.10 HEALTH CARE REIT INC 0.05 HELMERICH & PAYNE 0.04 HERSHEY CO/THE 0.08 HESS CORP 0.16 HEWLETT-PACKARD CO 1.11 HJ HEINZ CO 0.15 HOME DEPOT INC 0.51 HONEYWELL INTERNATIONAL INC 0.32 HORMEL FOODS CORP 0.03 HOSPIRA INC 0.10 HOST HOTELS & RESORTS INC 0.10 HUDSON CITY BANCORP INC 0.06 HUMANA INC 0.08 HUNTINGTON BANCSHARES INC 0.04 ILLINOIS TOOL WORKS 0.17 INTEGRYS ENERGY GROUP INC 0.04 INTEL CORP 1.16 INTERCONTINENTALEXCHANGE INC 0.09 INTERNATIONAL PAPER CO 0.11 INTERPUBLIC GROUP OF COS INC 0.04 INTL BUSINESS MACHINES CORP 1.70 INTL FLAVORS & FRAGRANCES 0.04 INTL GAME TECHNOLOGY 0.05


109



INTUIT INC 0.12 INTUITIVE SURGICAL INC 0.14 INVESCO LTD 0.09 IRON MOUNTAIN INC 0.04 ITT CORP 0.09 J.C. PENNEY CO INC 0.06 JABIL CIRCUIT INC 0.03 JACOBS ENGINEERING GROUP INC 0.05 JANUS CAPITAL GROUP INC 0.02 JDS UNIPHASE CORP 0.03 JM SMUCKER CO/THE 0.08 JOHNSON & JOHNSON 1.69 JOHNSON CONTROLS INC 0.19 JPMORGAN CHASE & CO 1.57 JUNIPER NETWORKS INC 0.13 KELLOGG CO 0.14 KEYCORP 0.07 KIMBERLY-CLARK CORP 0.26 KIMCO REALTY CORP 0.06 KING PHARMACEUTICALS INC 0.02 KLA-TENCOR CORPORATION 0.05 KOHLS CORP 0.16 KRAFT FOODS INC-CLASS A 0.52 KROGER CO 0.13 L-3 COMMUNICATIONS HOLDINGS 0.09 LABORATORY CRP OF AMER HLDGS 0.08 LEGG MASON INC 0.05 LEGGETT & PLATT INC 0.03 LENNAR CORP-CL A 0.02 LEUCADIA NATIONAL CORP 0.04 LEXMARK INTERNATIONAL INC-A 0.03 LIFE TECHNOLOGIES CORP 0.09 LINCOLN NATIONAL CORP 0.08 LINEAR TECHNOLOGY CORP 0.07 LOCKHEED MARTIN CORP 0.25 LOEWS CORP 0.12 LORILLARD INC 0.12 LOWE'S COS INC 0.31 LSI CORP 0.03


110



LTD BRANDS INC 0.06 M & T BANK CORP 0.08 MACY'S INC 0.08 MARATHON OIL CORP 0.23 MARRIOTT INTERNATIONAL-CL A 0.09 MARSH & MCLENNAN COS 0.13 MARSHALL & ILSLEY CORP 0.04 MASCO CORP 0.04 MASSEY ENERGY CO 0.03 MASTERCARD INC-CLASS A 0.21 MATTEL INC 0.08 MCAFEE INC 0.05 MCCORMICK & CO-NON VTG SHRS 0.05 MCDONALD'S CORP 0.75 MCGRAW-HILL COMPANIES INC 0.10 MCKESSON CORP 0.19 MEAD JOHNSON NUTRITION CO 0.11 MEADWESTVACO CORP 0.04 MEDCO HEALTH SOLUTIONS INC 0.26 MEDTRONIC INC 0.42 MEMC ELECTRONIC MATERIALS 0.02 MERCK & CO. INC. 1.14 MEREDITH CORP 0.01 METLIFE INC 0.34 METROPCS COMMUNICATIONS INC 0.02 MICROCHIP TECHNOLOGY INC 0.06 MICRON TECHNOLOGY INC 0.09 MICROSOFT CORP 1.91 MILLIPORE CORP 0.06 MOLEX INC 0.03 MOLSON COORS BREWING CO -B 0.07 MONSANTO CO 0.27 MONSTER WORLDWIDE INC 0.02 MOODY'S CORP 0.04 MORGAN STANLEY 0.35 MOTOROLA INC 0.17 MURPHY OIL CORP 0.10 MYLAN INC 0.06 NABORS INDUSTRIES LTD 0.06 NASDAQ OMX GROUP/THE 0.03


111



NATIONAL OILWELL VARCO INC 0.15 NATIONAL SEMICONDUCTOR CORP 0.03 NETAPP INC 0.14 NEW YORK TIMES CO -CL A 0.01 NEWELL RUBBERMAID INC 0.05 NEWMONT MINING CORP 0.31 NEWS CORP-CL A 0.29 NEXTERA ENERGY INC 0.21 NICOR INC 0.02 NIKE INC -CL B 0.28 NISOURCE INC 0.04 NOBLE ENERGY INC 0.11 NORDSTROM INC 0.06 NORFOLK SOUTHERN CORP 0.22 NORTHEAST UTILITIES 0.05 NORTHERN TRUST CORP 0.12 NORTHROP GRUMMAN CORP 0.18 NOVELL INC 0.02 NOVELLUS SYSTEMS INC 0.03 NRG ENERGY INC 0.06 NUCOR CORP 0.13 NVIDIA CORP 0.07 NYSE EURONEXT 0.08 OCCIDENTAL PETROLEUM CORP 0.68 OFFICE DEPOT INC 0.01 OMNICOM GROUP 0.11 ONEOK INC 0.05 ORACLE CORP 0.89 O'REILLY AUTOMOTIVE INC 0.07 OWENS-ILLINOIS INC 0.05 P G & E CORP 0.16 PACCAR INC 0.16 PACTIV CORPORATION 0.04 PALL CORP 0.04 PARKER HANNIFIN CORP 0.10 PATTERSON COS INC 0.03 PAYCHEX INC 0.09 PEABODY ENERGY CORP 0.11 PEOPLE'S UNITED FINANCIAL 0.05 PEPCO HOLDINGS INC 0.04


112



PEPSICO INC 1.03 PERKINELMER INC 0.03 PFIZER INC 1.21 PHILIP MORRIS INTERNATIONAL 0.88 PINNACLE WEST CAPITAL 0.04 PIONEER NATURAL RESOURCES CO 0.08 PITNEY BOWES INC 0.05 PLUM CREEK TIMBER CO 0.06 PNC FINANCIAL SERVICES GROUP 0.32 POLO RALPH LAUREN CORP 0.05 PPG INDUSTRIES INC 0.11 PPL CORPORATION 0.12 PRAXAIR INC 0.25 PRECISION CASTPARTS CORP 0.16 PRICELINE.COM INC 0.09 PRINCIPAL FINANCIAL GROUP 0.08 PROCTER & GAMBLE CO/THE 1.79 PROGRESS ENERGY INC 0.12 PROGRESSIVE CORP 0.13 PROLOGIS 0.05 PRUDENTIAL FINANCIAL INC 0.28 PUBLIC SERVICE ENTERPRISE GP 0.17 PUBLIC STORAGE 0.13 PULTE GROUP INC 0.03 QLOGIC CORP 0.02 QUALCOMM INC 0.57 QUANTA SERVICES INC 0.05 QUEST DIAGNOSTICS 0.08 QUESTAR CORP 0.08 QWEST COMMUNICATIONS INTL 0.08 RADIOSHACK CORP 0.03 RANGE RESOURCES CORP 0.07 RAYTHEON COMPANY 0.20 RED HAT INC 0.06 REGIONS FINANCIAL CORP 0.09 REPUBLIC SERVICES INC 0.10 REYNOLDS AMERICAN INC 0.09 ROBERT HALF INTL INC 0.04 ROCKWELL AUTOMATION INC 0.08 ROCKWELL COLLINS INC. 0.09


113



ROPER INDUSTRIES INC 0.06 ROSS STORES INC 0.07 ROWAN COMPANIES INC 0.03 RR DONNELLEY & SONS CO 0.04 RYDER SYSTEM INC 0.02 SAFEWAY INC 0.08 SAIC INC 0.05 SALESFORCE.COM INC 0.11 SANDISK CORP 0.11 SARA LEE CORP 0.10 SCANA CORP 0.04 SCHLUMBERGER LTD 0.70 SCHWAB (CHARLES) CORP 0.15 SCRIPPS NETWORKS INTER-CL A 0.04 SEALED AIR CORP 0.03 SEARS HOLDINGS CORP 0.03 SEMPRA ENERGY 0.12 SHERWIN-WILLIAMS CO/THE 0.07 SIGMA-ALDRICH 0.06 SIMON PROPERTY GROUP INC 0.26 SLM CORP 0.06 SMITH INTERNATIONAL INC 0.10 SNAP-ON INC 0.03 SOUTHERN CO 0.29 SOUTHWEST AIRLINES CO 0.09 SOUTHWESTERN ENERGY CO 0.15 SPECTRA ENERGY CORP 0.14 SPRINT NEXTEL CORP 0.14 ST JUDE MEDICAL INC 0.13 STANLEY BLACK & DECKER INC 0.09 STAPLES INC 0.15 STARBUCKS CORP 0.20 STARWOOD HOTELS & RESORTS 0.09 STATE STREET CORP 0.18 STERICYCLE INC 0.06 STRYKER CORP 0.15 SUNOCO INC 0.04 SUNTRUST BANKS INC 0.12 SUPERVALU INC 0.03 SYMANTEC CORP 0.12


114



SYSCO CORP 0.18 T ROWE PRICE GROUP INC 0.13 TARGET CORP 0.38 TECO ENERGY INC 0.03 TELLABS INC 0.03 TENET HEALTHCARE CORP 0.02 TERADATA CORP 0.06 TERADYNE INC 0.02 TESORO CORP 0.02 TEXAS INSTRUMENTS INC 0.30 TEXTRON INC 0.05 THERMO FISHER SCIENTIFIC INC 0.22 TIFFANY & CO 0.05 TIME WARNER CABLE 0.20 TIME WARNER INC 0.36 TITANIUM METALS CORP 0.02 TJX COMPANIES INC 0.18 TORCHMARK CORP 0.04 TOTAL SYSTEM SERVICES INC 0.03 TRAVELERS COS INC/THE 0.26 TYSON FOODS INC-CL A 0.05 UNION PACIFIC CORP 0.38 UNITED PARCEL SERVICE-CL B 0.61 UNITED STATES STEEL CORP 0.06 UNITED TECHNOLOGIES CORP 0.63 UNITEDHEALTH GROUP INC 0.33 UNUM GROUP 0.08 URBAN OUTFITTERS INC 0.05 US BANCORP 0.46 VALERO ENERGY CORP 0.11 VARIAN MEDICAL SYSTEMS INC 0.07 VENTAS INC 0.08 VERISIGN INC 0.05 VERIZON COMMUNICATIONS INC 0.83 VF CORP 0.07 VIACOM INC-CLASS B 0.21 VISA INC-CLASS A SHARES 0.35 VORNADO REALTY TRUST 0.13 VULCAN MATERIALS CO 0.06 WALGREEN CO 0.27


115



WAL-MART STORES INC 1.06 WALT DISNEY CO/THE 0.67 WASHINGTON POST-CLASS B 0.03 WASTE MANAGEMENT INC 0.16 WATERS CORP 0.07 WATSON PHARMACEUTICALS INC 0.05 WELLPOINT INC 0.22 WELLS FARGO & CO 1.45 WESTERN DIGITAL CORP 0.07 WESTERN UNION CO 0.11 WEYERHAEUSER CO 0.08 WHIRLPOOL CORP 0.07 WHOLE FOODS MARKET INC 0.07 WILLIAMS COS INC 0.12 WINDSTREAM CORP 0.05 WISCONSIN ENERGY CORP 0.06 WW GRAINGER INC 0.07 WYNDHAM WORLDWIDE CORP 0.04 WYNN RESORTS LTD 0.06 XCEL ENERGY INC 0.10 XEROX CORP 0.12 XILINX INC 0.07 XL GROUP PLC 0.06 YAHOO! INC 0.18 YUM! BRANDS INC 0.19 ZIMMER HOLDINGS INC 0.11 ZIONS BANCORPORATION 0.04

Total 100.00


116


Economic composition of the index (as a percentage of the index at June 30, 2010) % Technology hardware and equipment 9.94Oil and gas producers 8.36Pharmaceuticals and biotechnologies 7.66Banks 7.45Software and computer services 7.34General retailers 4.98Financial services 4.31Health care equipment and services 3.75Media 3.22General industrials 3.00Electricity 2.85Nonlife insurance 2.74Fixed line telecommunications 2.66Beverages 2.59Aerospace and defense 2.57Household goods and home construction 2.23Food producers 2.21Oil equipment, services and distribution 1.90Travel and leisure 1.89Industrial transportation 1.85Food and drug retailers 1.61Chemicals 1.58Tobacco 1.53Industrial engineering 1.50Personal goods 1.38Real estate investment trusts 1.36Life insurance 1.23Support services 1.12Gas, water and multi-utilities 1.00Electronic and electrical equipment 0.88Industrial metals and mining 0.78Automobiles and parts 0.71Mining 0.54Construction and materials 0.49Mobile telecommunications 0.35Leisure goods 0.23Forestry and paper 0.11Alternative energy 0.06Real estate investment and services 0.04 100.00

117



399 949 0.6790 282 AEGON NV EUR 477 645

Shares


184 735 0.312 257 ALLIANZ SE-NOM EUR 191 3942 554 765 4.2764 287 ANHEUSER-BUSCH INBEV NV EUR 2 454 8642 253 160 3.77100 790 ARCELORMITTAL SA EUR 2 435 590

9 492 0.02637 AUSTRALIA & NEW ZEALAND BANKING

GROUP LTD AUD 9 6073 999 146 6.68464 369 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 4 171 0865 944 337 9.93680 130 BANCO SANTANDER SA EUR 6 022 0512 776 024 4.6461 539 BASF SE EUR 2 557 5611 369 696 2.2929 776 BAYER AG EUR 1 404 074

145 464 0.244 337 COMMONWEALTH BANK OF AUSTRALIA AUD 179 2662 543 154 4.25294 517 CREDIT AGRICOLE SA EUR 2 742 5422 856 387 4.7768 139 DAIMLER EUR 2 644 2401 587 053 2.6533 984 DEUTSCHE BANK AG-NOM EUR 1 710 7552 525 807 4.22260 312 DEUTSCHE TELEKOM AG-NOM EUR 2 298 682

541 830 0.91139 073 FOSTER'S GROUP LTD AUD 541 8862 520 140 4.21107 240 GDF SUEZ EUR 2 716 010

164 877 0.2834 221 INFINEON TECHNOLOGIES AG EUR 184 793152 924 0.2611 478 INVESTOR AB SEK 158 572

2 432 773 4.0727 088 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 2 413 270462 901 0.7719 867 MERCIALYS EUR 468 563610 245 1.0215 442 NESTLE SA CHF 561 606190 465 0.324 783 NOVARTIS AG CHF 172 068

5 649 295 9.44408 186 RHODIA EUR 5 863 592


CERTIFICATE CHF 1 125 7691 160 029 1.9455 905 ROYAL DUTCH SHELL PLC-A EUR 1 245 004

924 182 1.5437 386 ROYAL PHILIPS ELECTRONICS NV EUR 945 305377 974 0.637 036 RWE AG EUR 428 563

3 972 727 6.6453 671 SIEMENS AG-NOM EUR 3 816 008527 544 0.8848 960 SOCIETE TELEVISION FRANCAISE 1 EUR 604 656302 198 0.5150 577 STORA ENSO OYJ-R EUR 288 036

66 261 0.116 843 SVENSKA CELLULOSA AB SEK 65 452217 490 0.36783 SWISSCOM N CHF 206 860171 101 0.2918 693 TELEFONAKTIEBOLAGET LM ERICSSON SEK 163 758974 154 1.6363 858 TELEFONICA SA EUR 989 505

2 527 221 4.22130 572 VEOLIA ENVIRONNEMENT EUR 2 650 612

EUREUR %


Nominalvalue/




expressed in( )EUR

118



2 053 086 3.4359 787 VINCI SA EUR 2 140 498

Shares (cont.)



EUREUR %


Nominalvalue/




(cont.)


expressed in( )EUR

119


France 31.28Germany 26.43Spain 18.25Belgium 4.27Luxembourg 3.77Switzerland 3.49Netherlands 2.21Great Britain 1.94Australia 1.16Sweden 0.65Finland 0.51

93.96


%


120


Banks 23.77Commodity chemicals 14.08Diversified industries 6.64Brewers 5.18Multi-utilities 4.84Automobiles 4.77Mobile telecommunications 4.22Water 4.22Clothing and accessories 4.07Steel 3.77Heavy construction 3.43Specialty chemicals 2.29Pharmaceuticals 2.11Fixed line telecommunications 1.99Integrated oil and gas 1.94Consumer electronic 1.54Food products 1.02Broacasting and entertainment 0.88Real estate holding 0.77Life insurance 0.67Paper 0.51Full line insurance 0.31Telecommunications equipment 0.29Semiconductors 0.28Specialty finance 0.26Personal products 0.11

93.96


%



121


Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 95.61% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P TSX 60 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index % Transferable securities admitted to an official stock exchange or dealt in on another regulated market Shares

AGNICO EAGLE 0.95 AGRIUM IN 0.92 ARC ENERGY UN 0.51 BARRICK GOLD 4.45 BCE INC 2.42 BIOVAIL CORP 0.32 BK NOVA SCOTIA 5.23 BK OF MONTREAL 3.37 BOMBARDIER B 0.73 BROOKFIELD AM A 1.19 CAMECO CORP 0.94 CDN IMPER BANK 2.64 CDN NATURL RES 4.06 CDN NTL RAILWY 2.93 CDN OIL SAND UT 1.34 CDN PAC RAILWY 1.00 CDN TIRE CORP A 0.44 CENOVUS ENERGY INC 2.22 ELDORADO GOLD 0.94 ENBRIDGE INC 1.97 ENCANA CORP 2.55 ENERPLUS RES FD 0.41 FORTIS INC 0.49 FST QUANTUM MIN 0.51 GILDAN ACTIVEWR 0.32 GOLDCORP 3.16 HUSKY ENERGY 0.67 IAMGOLD CORP 0.64 IMPERIAL OIL 1.01 INMET MINING 0.23 KINROSS GOLD 1.18 LOBLAW COS LTD 0.42


122



MAGNA INTL A 0.79 MANULIFE FINL 2.83 METRO A 0.46 NATL BK OF CAN 0.94 NEXEN INC 1.15 PENN WEST EG UN 0.94 POTASH CORP 2.84 POWER CORP CAN 0.90 RESEARCH MOTION 2.55 ROGERS COMM B 1.75 ROYAL BK CAN 7.69 SAPUTO INC 0.44 SHAW COMM B 0.74 SHOPPERS DRUG 0.78 SNC LAVALIN 0.68 SUN LIFE FINL 1.65 SUNCOR ENERGY 5.22 TALISMAN ENERGY 1.72 TECK COM CL B 1.69 TELUS CORP 1.33 THOMSON CP 1.43 TIM HORTONS INC 0.61 TORONTO DOM BK 6.27 TRANSALTA CORP 0.45 TRANSCAN CORP 2.57 WESTON LTD 0.36 YAMANA GOLD INC 0.75 YELLOW PG IN FD 0.31 Total 100.00


123

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P TSX 60 Economic composition of the index (as a percentage of the index at June 30, 2010)

%

Banks 26.14Oil and gas producers 21.80Mining 12.07Life insurance 5.38Oil equipment, services and distribution 4.54Industrial transportation 3.93Chemicals 3.76Fixed line telecommunications 3.75Industrial metals and mining 3.37Technology hardware and equipment 2.55Media 2.48Food and drug retailers 2.02Mobile telecommunications 1.75Real estate investment and services 1.19Electricity 0.94Automobiles and parts 0.79Aerospace and defense 0.73Construction and materials 0.68Travel and leisure 0.61Food producers 0.44General retailers 0.44Personal goods 0.32Pharmaceuticals and biotechnologies 0.32 100.00

124



1 289 981 3.57291 192 AEGON NV EUR 1 545 647

Shares


11 382 0.035 364 ALCATEL-LUCENT/FRANCE EUR 10 62656 067 0.15685 ALLIANZ SE-NOM EUR 58 163

642 512 1.7849 424 AMADEUS IT HOLDING SA EUR 590 617928 821 2.5724 059 ASTRAZENECA (SEK) SEK 804 515

1 555 138 4.30180 578 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 1 839 8511 158 662 3.20132 570 BANCO SANTANDER SA EUR 1 114 039

1 163 260 3.2220 150 CIE GENERALE DES ETABLISSEMENTS

MICHELIN EUR 1 055 860833 293 2.3020 861 CORIO EUR 799 602233 612 0.657 541 CREDIT SUISSE GROUP AG-NOM CHF 232 805

2 699 816 7.4664 404 DAIMLER EUR 2 478 588772 616 2.1417 480 DANONE EUR 747 445836 331 2.3186 193 DEUTSCHE TELEKOM AG-NOM EUR 758 498

87 885 0.243 348 EUROCOMMERCIAL PROPERTIES NV EUR 83 88473 863 0.202 458 HEINEKEN HOLDING NV EUR 76 935

3 131 081 8.6689 793 HEINEKEN NV EUR 2 998 188331 066 0.928 256 HENKEL AG & CO KGAA EUR 306 132

1 219 149 3.37197 401 ING GROEP NV-CVA EUR 1 325 943471 897 1.3035 419 INVESTOR AB SEK 488 417368 117 1.0211 206 KONINKLIJKE DSM NV EUR 374 897

2 173 477 6.0125 124 LINDE AG EUR 2 094 0851 845 712 5.1046 705 NESTLE SA CHF 1 722 261

65 484 0.189 618 NORDEA BANK AB SEK 65 503435 247 1.2010 930 NOVARTIS AG CHF 417 561909 912 2.5129 557 RENAULT SA EUR 866 907


CERTIFICATE CHF 422 4311 185 800 3.2857 147 ROYAL DUTCH SHELL PLC-A EUR 1 256 663

936 662 2.5918 911 SANOFI-AVENTIS EUR 917 373542 644 1.5014 794 SAP AG EUR 555 885

1 888 324 5.2225 511 SIEMENS AG-NOM EUR 1 898 457136 008 0.381 443 SYNTHES INC CHF 120 883100 621 0.2810 993 TELEFONAKTIEBOLAGET LM ERICSSON SEK 96 303815 041 2.2522 049 TOTAL EUR 879 094714 352 1.9765 255 UBS AG NOM CHF 757 334877 231 2.42477 015 UNICREDIT SPA EUR 788 983

2 559 505 7.07132 240 VEOLIA ENVIRONNEMENT EUR 2 684 472

EUREUR %


Nominalvalue/




expressed in( )EUR

125



1 138 897 3.1567 731 VIVENDI EUR 1 201 548

Shares (cont.)



EUREUR %


Nominalvalue/




(cont.)


expressed in( )EUR

126


Germany 23.57France 22.96Netherlands 19.36Switzerland 10.04Spain 9.28Great Britain 5.84Italy 2.42Sweden 1.76United States of America 0.38

95.61


%


127


Banks 12.54Automobiles 9.97Brewers 8.86Pharmaceuticals 7.47Food products 7.24Water 7.07Life insurance 6.94Commodity chemicals 6.01Integrated oil and gas 5.53Diversified industries 5.22Tires 3.22Broacasting and entertainment 3.15Real estate holding 2.54Mobile telecommunications 2.31Computer services 1.78Software 1.50Specialty finance 1.30Specialty chemicals 1.02Nondurable household 0.92Medical equipment 0.38Telecommunications equipment 0.31Nonequity Investment 0.18Full line insurance 0.15

95.61


%



128


Index composition at June 30, 2010 At June 30, 2010, the Sub-Fund is invested, according to the investment policy, in a diversified portfolio of transferable securities listed on regulated markets from OECD member states for 96.47% of its net assets. The performance of this portfolio is integrally exchanged against the performance of the S&P ASX 200 index. As a consequence, the investor is exposed to the performance of the following basket of stocks composing the benchmark index. Weight in Description the index % Transferable securities admitted to an official stock exchange or dealt in on another regulated market Shares

ABACUS PROPERTY GROUP 0.05 ADELAIDE BRIGHTON LTD 0.13 AGL ENERGY LTD 0.63 ALESCO CORP LTD 0.02 ALUMINA LTD 0.38 AMCOR LIMITED 0.76 AMP LTD 1.08 ANSELL LTD 0.18 APA GROUP 0.16 APN NEWS & MEDIA LTD 0.08 AQUARIUS PLATINUM LTD 0.23 AQUILA RESOURCES LTD 0.12 ARDENT LEISURE GROUP 0.03 ARISTOCRAT LEISURE LTD 0.15 ARROW ENERGY LTD 0.29 ASCIANO GROUP 0.48 ASX LTD 0.49 ATLAS IRON LTD 0.08 AUSENCO LTD 0.02 AUST AND NZ BANKING GROUP 5.44 AUSTAR UNITED COMMUNICATIONS 0.06 AUSTRALAND PROPERTY GROUP 0.05 AUSTRALIAN INFRASTRUCTURE FD 0.10 AVOCA RESOURCES LTD 0.06 AWB LTD 0.07 AWE LTD 0.09 AXA ASIA PACIFIC HOLDINGS 0.52 BANK OF QUEENSLAND LTD 0.22 BEACH ENERGY LTD 0.07 BENDIGO AND ADELAIDE BANK 0.29 BHP BILLITON LTD 12.55 BILLABONG INTERNATIONAL LTD 0.18


129



BIOTA HOLDINGS LTD 0.02 BLUESCOPE STEEL LTD 0.38 BOART LONGYEAR GROUP 0.13 BORAL LTD 0.29 BRADKEN LTD 0.10 BRAMBLES LTD 0.78 BUNNINGS WAREHOUSE PROPERTY 0.06 CABCHARGE AUSTRALIA LTD 0.06 CALTEX AUSTRALIA LTD 0.12 CARNARVON PETROLEUM LTD 0.02 CARSALES.COM.AU LTD 0.05 CENTENNIAL COAL COMPANY LTD 0.18 CFS RETAIL PROPERTY TRUST 0.39 CHALLENGER FINANCIAL SERVICE 0.16 CHARTER HALL GROUP 0.06 CHARTER HALL OFFICE REIT 0.10 CHARTER HALL RETAIL REIT 0.07 COCA-COLA AMATIL LTD 0.61 COCHLEAR LTD 0.42 COMMONWEALTH BANK OF AUSTRAL 7.50 COMMONWEALTH PROPERTY OFFICE 0.18 COMPUTERSHARE LTD 0.50 CONNECTEAST GROUP 0.14 CONSOLIDATED MEDIA HOLDINGS 0.08 CRANE GROUP LTD 0.06 CROWN LTD 0.37 CSL LTD 1.84 CSR LTD 0.26 CUDECO LTD 0.05 DAVID JONES LTD 0.21 DEXUS PROPERTY GROUP 0.37 DOWNER EDI LTD 0.12 DUET GROUP 0.11 EASTERN STAR GAS LTD 0.05 ELDERS LTD 0.01 ELDORADO GOLD CORP-CDI 0.09 EMECO HOLDINGS LTD 0.04 ENERGY RESOURCES OF AUST 0.08 ENERGY WORLD CORP LTD 0.03


130



ENVESTRA LTD 0.03 EQUINOX MINERALS LTD-CDI 0.09 EXTRACT RESOURCES LTD 0.06 FAIRFAX MEDIA LTD 0.27 FKP PROPERTY GROUP 0.05 FLEETWOOD CORPORATION LTD 0.04 FLIGHT CENTRE LTD 0.09 FORTESCUE METALS GROUP LTD 0.53 FOSTER'S GROUP LTD 1.06 G.U.D. HOLDINGS LTD 0.06 GINDALBIE METALS LTD 0.04 GOODMAN FIELDER LTD 0.17 GOODMAN GROUP 0.40 GPT GROUP 0.49 GRAINCORP LTD 0.09 GUNNS LTD 0.05 GWA INTERNATIONAL LTD 0.09 HARVEY NORMAN HOLDINGS LTD 0.19 HASTIE GROUP LTD 0.03 HASTINGS DIVERSIFIED UTILITI 0.05 HEALTHSCOPE LTD 0.16 HENDERSON GROUP PLC-CDI 0.09 HILLS INDUSTRIES LTD 0.04 ILUKA RESOURCES LTD 0.20 INCITEC PIVOT LTD 0.45 INDEPENDENCE GROUP NL 0.05 INFIGEN ENERGY 0.06 ING INDUSTRIAL FUND 0.10 ING OFFICE FUND 0.16 INSURANCE AUSTRALIA GROUP 0.69 INTOLL GROUP 0.24 INVOCARE LTD 0.06 IOOF HOLDINGS LTD 0.11 IRESS MARKET TECHNOLOGY LTD 0.08 ISOFT GROUP LTD 0.01 JAMES HARDIE INDUSTRIES-CDI 0.27 JB HI-FI LTD 0.21 KAGARA LTD 0.03

KAROON GAS AUSTRALIA LTD 0.08


131



KINGSGATE CONSOLIDATED LTD 0.08 LEIGHTON HOLDINGS LTD 0.42 LEND LEASE GROUP 0.37 LIHIR GOLD LTD 1.00 LINC ENERGY LTD 0.03 LYNAS CORP LTD 0.09 MACARTHUR COAL LTD 0.15 MACMAHON HOLDINGS LTD 0.03 MACQUARIE GROUP LTD 1.29 MAP GROUP 0.39 MEDUSA MINING LTD 0.05 MERMAID MARINE AUSTRALIA LTD 0.04 METCASH LTD 0.32 MINCOR RESOURCES NL 0.03 MINERAL RESOURCES LTD 0.06 MIRABELA NICKEL LTD 0.07 MIRVAC GROUP 0.44 MONADELPHOUS GROUP LTD 0.10 MOUNT GIBSON IRON LTD 0.10 MURCHISON METALS LTD 0.07 MYER HOLDINGS LTD 0.18 NATIONAL AUSTRALIA BANK LTD 4.87 NEWCREST MINING LTD 1.68 NEWS CORP-CDI CLASS B 0.69 NUFARM LTD 0.10 OIL SEARCH LTD 0.59 OM HOLDINGS LTD 0.04 ONESTEEL LTD 0.40 ORICA LTD 0.89 ORIGIN ENERGY LTD 1.28 OZ MINERALS LTD 0.30 PACIFIC BRANDS LTD 0.08 PALADIN ENERGY LTD 0.25 PANAUST LTD 0.12 PANORAMIC RESOURCES LTD 0.04 PAPERLINX LTD 0.04 PERPETUAL LTD 0.12 PERSEUS MINING LTD 0.08 PLATINUM ASSET MANAGEMENT 0.10


132



PLATINUM AUSTRALIA LTD 0.02 PRIMARY HEALTH CARE LTD 0.15 PRIME INFRASTRUCTURE GROUP 0.07 QANTAS AIRWAYS LTD 0.50 QBE INSURANCE GROUP LTD 1.85 RAMSAY HEALTH CARE LTD 0.16 REJECT SHOP LTD/THE 0.04 RESMED INC-CDI 0.18 RIO TINTO LTD 2.92 RIVERSDALE MINING LTD 0.14 ROC OIL CO LTD 0.02 SANTOS LTD 1.02 SEEK LTD 0.22 SEVEN GROUP HOLDINGS LTD 0.06 SIGMA PHARMACEUTICALS LTD 0.05 SIMS METAL MANAGEMENT LTD 0.28 SINGAPORE TELECOMM-CDI 0.11 SMS MANAGEMENT & TECH LTD 0.04 SONIC HEALTHCARE LTD 0.40 SOUTHERN CROSS MEDIA GROUP L 0.05 SP AUSNET 0.10 SPARK INFRASTRUCTURE GROUP 0.10 SPOTLESS GROUP LTD 0.05 ST BARBARA LTD 0.07 STOCKLAND 0.87 STRAITS RESOURCES LTD 0.03 SUNCORP-METWAY LTD 1.00 SUNDANCE RESOURCES LTD 0.03 TABCORP HOLDINGS LTD 0.37 TATTS GROUP LTD 0.28 TELECOM CORP OF NEW ZEALAND 0.28 TELSTRA CORP LTD 3.58 TEN NETWORK HOLDINGS LTD 0.14 TOLL HOLDINGS LTD 0.36 TOWER AUSTRALIA GROUP LTD 0.06 TRANSFIELD SERVICES LTD 0.11 TRANSPACIFIC INDUSTRIES GROUP 0.05 TRANSURBAN GROUP 0.59 UGL LTD 0.22


133



VIRGIN BLUE HOLDINGS LTD 0.05 WESFARMERS LTD 3.27 WEST AUSTRALIAN NEWSPAPERS 0.11 WESTERN AREAS NL 0.05 WESTFIELD GROUP 2.59 WESTPAC BANKING CORP 6.20 WHITE ENERGY CO LTD 0.06 WHITEHAVEN COAL LTD 0.08 WOODSIDE PETROLEUM LTD 2.14 WOOLWORTHS LTD 3.29 WORLEYPARSONS LTD 0.43 WOTIF.COM HOLDINGS LTD 0.06

Total 100.00


134

MULTI UNITS LUXEMBOURG - LYXOR ETF S&P ASX 200 Economic composition of the index (as a percentage of the index at June 30, 2010)

%

Banks 25.52Mining 20.75Real estate investment trusts 6.41Oil and gas producers 4.58General retailers 4.17Fixed line telecommunications 3.98Financial services 3.93Food and drug retailers 3.65Industrial metals and mining 2.75Nonlife insurance 2.54Industrial transportation 2.31Gas, water and multi-utilities 1.94Travel and leisure 1.88Pharmaceuticals and biotechnologies 1.86Construction and materials 1.76Beverages 1.67Health care equipment and services 1.65Media 1.58General industrials 1.54Chemicals 1.44Support services 0.79Oil equipment, services and distribution 0.73Life insurance 0.57Real estate investment and services 0.42Food producers 0.35Electricity 0.26Equity investment instruments 0.26Personal goods 0.26Industrial engineering 0.13Software and computer services 0.13Forestry and paper 0.09Household goods and home construction 0.06Leisure goods 0.04 100.00

135



2 933 340 9.4035 838 ALLIANZ SE-NOM EUR 2 907 895

Shares


1 373 849 4.40157 191 BANCO SANTANDER SA EUR 1 276 5481 406 450 4.5130 575 BAYER AG EUR 1 383 3661 144 366 3.6725 561 BNP PARIBAS EUR 1 120 0831 595 014 5.1138 049 DAIMLER EUR 1 466 8441 484 148 4.7633 578 DANONE EUR 1 348 492

325 651 1.0428 591 DEUTSCHE LUFTHANSA AG EUR 309 9261 491 282 4.78124 170 DEUTSCHE POST AG-NOM EUR 1 462 102

948 284 3.0497 731 DEUTSCHE TELEKOM AG-NOM EUR 835 600770 718 2.4790 513 FIAT SPA EUR 959 438261 714 0.8442 376 ING GROEP NV-CVA EUR 284 512

2 864 618 9.181 311 038 INTESA SANPAOLO SPA EUR 3 139 936

2 314 420 7.4222 394 MUENCHENER RUCKVERSICHERUNGS AG-

NOM EUR 2 376 298179 849 0.584 551 NESTLE SA CHF 169 278

1 054 047 3.38157 086 NOKIA OYJ EUR 1 369 0041 180 663 3.7929 649 NOVARTIS AG CHF 1 186 211

93 062 0.301 403 NOVO NORDISK B DKK 83 781


CERTIFICATE CHF 605 8001 474 039 4.7371 038 ROYAL DUTCH SHELL PLC-A EUR 1 542 2351 323 661 4.2424 640 RWE AG EUR 1 504 0262 938 519 9.4239 699 SIEMENS AG-NOM EUR 2 927 777

146 223 0.479 215 STATOIL ASA NOK 159 46633 226 0.11422 SWISS LIFE HOLDING AG CHF 40 380

1 441 125 4.6294 469 TELEFONICA SA EUR 1 443 899744 808 2.3920 149 TOTAL EUR 803 341


EUREUR %


Nominalvalue/





expressed in( )EUR

136


Germany 48.98Italy 11.65France 10.81Spain 9.02Switzerland 6.29Great Britain 4.73Finland 3.38Netherlands 0.84Norway 0.47Denmark 0.30

96.47


%


137


Banks 17.25Diversified industries 9.42Full line insurance 9.40Integrated oil and gas 7.59Automobiles 7.58Reinsurance 7.42Pharmaceuticals 5.91Food products 5.34Delivery services 4.78Fixed line telecommunications 4.62Specialty chemicals 4.51Multi-utilities 4.24Telecommunications equipment 3.38Mobile telecommunications 3.04Travel and tourism 1.04Life insurance 0.84Real estate services 0.11

96.47


%


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