Lyxor Investment Funds

Transcription

1 Société d Investissement à Capital Variable R.C.S. Luxembourg B Unaudited semiannual report as at June 30, 2018 No subscriptions can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Document ( KIID ), accompanied by a copy of the latest annual report including the audited financial statements and a copy of the latest semiannual report, if published thereafter.

2 Table of contents Organisation and Administration 1 General information on the Company 2 Information to the Shareholders 12 Statement of Net Assets 13 Statistical information 17 Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 3 Schedule of Investments 22 Classification of Investments Economic classification 23 Geographical classification 23 Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 8 Schedule of Investments 24 Classification of Investments Economic classification 25 Geographical classification 25 Lyxor Investment Funds EuroGovies Risk Balanced Schedule of Investments 26 Classification of Investments Economic classification 27 Geographical classification 27 Lyxor Investment Funds LYXOR SILVER MULTI ASSET Schedule of Investments 28 Classification of Investments Economic classification 29 Geographical classification 29 Lyxor Investment Funds GARI European Equity Schedule of Investments 30 Classification of Investments Economic classification 33 Geographical classification 33 Lyxor Investment Funds Planet Global Balanced Schedule of Investments 34 Classification of Investments Economic classification 35 Geographical classification 35 Lyxor Investment Funds Planet Global Equity Schedule of Investments 36 Classification of Investments Economic classification 37 Geographical classification 37

3 Notes Lyxor Investment Funds Secured Life (launched on March 27, 2018) Schedule of Investments 38 Classification of Investments Economic classification 39 Geographical classification 39 Lyxor Investment Funds Easy Life (launched on March 27, 2018) Schedule of Investments 40 Classification of Investments Economic classification 41 Geographical classification 41 Notes to the financial statements 42 SFT Regulation 55

4 Organisation and Administration Registered Office 2832, Place de la gare, L1616 Luxembourg Grand Duchy of Luxembourg Initiator Société Générale S.A. 29, boulevard Haussmann, F75009 Paris France Board of Directors Chairman: Frédéric GENET FRG Consulting 22, Montée de la Pétrusse, L2327 Luxembourg Grand Duchy of Luxembourg Directors: Guillaume LASSERRE Lyxor Asset Management S.A.S. 17, cours Valmy, F92987 ParisLa Défense France Guilhem TOSI Lyxor International Asset Management S.A.S. 17, cours Valmy, F92987 ParisLa Défense France Jean ELIA Sogelife S.A. 2832, Place de la gare, L1616 Luxembourg Grand Duchy of Luxembourg Management Company Lyxor Asset Management S.A.S. 17, cours Valmy, F92987 Paris La Défense France Depositary and Paying Agent Société Générale Bank & Trust 11, avenue Emile Reuter, L2420 Luxembourg Grand Duchy of Luxembourg Administrative, Corporate and Domiciliary Agent Société Générale Bank & Trust (operational center) 2832, Place de la gare, L1616 Luxembourg Grand Duchy of Luxembourg Registrar and Transfer Agent Société Générale Bank & Trust (operational center) 2832, Place de la gare, L1616 Luxembourg Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator, B.P. 1443, L1014 Luxembourg Grand Duchy of Luxembourg Legal Advisors Elvinger Hoss & Prussen 2, place Winston Churchill, L1340 Luxembourg Grand Duchy of Luxembourg 1

5 General information on the Company Lyxor Investment Funds (the Company ) was incorporated on June 7, 2006 under Luxembourg laws as a Société d'investissement à Capital Variable ( SICAV ) for an unlimited period of time. The Company is governed by the provisions of Part I of the Luxembourg amended Law of December 17, 2010 relating to undertakings for collective investment. The Articles of Incorporation have been deposited with the Register of Commerce and Companies of Luxembourg and were published in the Mémorial, Recueil des Sociétés et Associations (the Mémorial ) of June 22, The Articles of Incorporation have been amended on June 26, 2006 to change the name of the Company from QUANTIC to Lyxor QUANTIC. Such amendment has been published on July 14, The Articles of Incorporation have been amended on September 28, 2010 to change the name of the Company from Lyxor QUANTIC to Lyxor Quantitative Fund. Such amendment has been published on October 15, The Articles of Incorporation have been amended on May 25, 2012 (such amendment has been published on June 6, 2012) and for the last time on November 10, 2016 (such amendment has been published on December 1, 2016) to change the name of the Company from Lyxor Quantitative Fund to Lyxor Investment Funds. The Company is registered with the Register of Commerce and Companies of Luxembourg under number B The Company aims to provide investors with professionally managed SubFunds investing in a wide range of transferable securities, money market instruments and other permitted assets in accordance with Part I of the Luxembourg amended Law of December 17, 2010 on undertakings for collective investment in order to achieve an optimum return from capital invested while reducing investment risk through diversification. As at June 30, 2018, nine SubFunds are available: Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 3 Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 8 Lyxor Investment Funds EuroGovies Risk Balanced Lyxor Investment Funds LYXOR SILVER MULTI ASSET Lyxor Investment Funds GARI European Equity Lyxor Investment Funds Planet Global Balanced Lyxor Investment Funds Planet Global Equity Lyxor Investment Funds Secured Life (launched at March 27, 2018) Lyxor Investment Funds Easy Life (launched at March 27, 2018) Within each SubFund, the Company 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. The amounts invested in the several Classes of shares of one SubFund are themselves invested in a common underlying portfolio of investments within the SubFund, 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 SubFund Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 3 may issue the following Classes of Shares, in registered form, subject to different terms and conditions described below: Class M () Class M () Class M (GBP) Class M (CHF) Class M (JPY) Class M (SEK) Class A () Class A () Class A (GBP) Class A (CHF) Class A (JPY) Class A (SEK) Class I () Class I () Class I (GBP) Class I (CHF) Class I (JPY) Class I (SEK) 2

6 General information on the Company (continued) Class M (NOK) Class M (SGD) Class M (HKD) Class M (CAD) Class M (DKK) Class M (BRL) Class M (RMB) Class B () Class B () Class B (GBP) Class B (CHF) Class B (JPY) Class B (SEK) Class DM () Class DM () Class DM (GBP) Class DM (CHF) Class DM (JPY) Class DM (SEK) Class DM (NOK) Class DM (SGD) Class DM (HKD) Class DM (CAD) Class DM (DKK) Class DM (BRL) Class DM (RMB) Class A (NOK) Class A (SGD) Class A (HKD) Class A (CAD) Class A (DKK) Class A (BRL) Class A (RMB) Class DB () Class DB () Class DB (GBP) Class DB (CHF) Class DB (JPY) Class DB (SEK) Class DA () Class DA () Class DA (GBP) Class DA (CHF) Class DA (JPY) Class DA (SEK) Class DA (NOK) Class DA (SGD) Class DA (HKD) Class DA (CAD) Class DA (DKK) Class DA (BRL) Class DA (RMB) Class I (NOK) Class I (SGD) Class I (HKD) Class I (CAD) Class I (DKK) Class I (BRL) Class I (RMB) Class DI () Class DI () Class DI (GBP) Class DI (CHF) Class DI (JPY) Class DI (SEK) Class DI (NOK) Class DI (SGD) Class DI (HKD) Class DI (CAD) Class DI (DKK) Class DI (BRL) Class DI (RMB) 3

7 General information on the Company (continued) Class SI () Class SI () Class SI (GBP) Class SI (CHF) Class SI (JPY) Class SI (SEK) Class SI (NOK) Class SI (HKD) Class DSI () Class DSI () Class DSI (GBP) Class DSI (CHF) Class DSI (JPY) Class DSI (SEK) Class DSI (NOK) Class DSI (HKD) Class M and DM Shares are only available to investors through distributors. Class A, B, DA and DB Shares are available to all investors. Class I and DI Shares are only available to institutional investors within the meaning of article 174 of the 2010 Law. Class SI and DSI Shares are only available to institutional investors within the meaning of article 174 of the 2010 Law. Class M, A, I, B and SI Shares are capitalisation Shares. Class DM, DA, DI, DB and DSI Shares are distribution Shares. In order to protect Shareholders of Classes not denominated in from the impact of currency movements, assets which are denominated in will be hedged back to the Class currency. The SubFund Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 8 may issue the following Classes of Shares, in registered form, subject to different terms and conditions described below: Class M () Class M () Class M (GBP) Class M (CHF) Class M (JPY) Class M (SEK) Class M NOK) Class M (HKD) Class A () Class A () Class A (GBP) Class A (CHF) Class A (JPY) Class A (SEK) Class A (NOK) Class A (HKD) Class AS () Class AS (AUD) Class DM () Class DM () Class DM (GBP) Class DM (CHF) Class DM (JPY) Class DM (SEK) Class DM (NOK) Class DM (HKD) Class DA () Class DA () Class DA (GBP) Class DA (CHF) Class DA (JPY) Class DA (SEK) Class DA (NOK) Class DA (HKD) 4

8 General information on the Company (continued) Class I () Class I () Class I (GBP) Class I (CHF) Class I (JPY) Class I (SEK) Class I (NOK) Class I (HKD) Class SI () Class SI () Class SI (GBP) Class SI (CHF) Class SI (JPY) Class SI (SEK) Class SI (NOK) Class SI (HKD) Class B (GBP) Class B () Class B () Class B (CHF) Class B (SEK) Class R (GBP) Class R () Class R () Class R (CHF) Class R (SEK) Class RP () Class RP () Class RP (GBP) Class RP (CHF) Class RP (JPY) Class RP (SEK) Class RP (NOK) Class RP (HKD) Class XM () Class XM () Class N () Class N () Class N (CHF) Class DI () Class DI () Class DI (GBP) Class DI (CHF) Class DI (JPY) Class DI (SEK) Class DI (NOK) Class DI (HKD) Class DSI () Class DSI () Class DSI (GBP) Class DSI (CHF) Class DSI (JPY) Class DSI (SEK) Class DSI (NOK) Class DSI (HKD) Class DB (GBP) Class DB () Class DB () Class DB (CHF) Class DB (SEK) Class DR (GBP) Class DR () Class DR () Class DR (CHF) Class DR (SEK) Class XI () Class XI () Class DN () Class DN () Class DN (CHF) Class Z () Class Z () Class Z (GBP) Class Z (JPY) 5

9 General information on the Company (continued) Class A Shares are Capitalisation Shares and are available to all investors. Class AS Shares are Capitalisation Shares and are only available to Japanese institutional investors within the meaning of article 174 of the 2010 Law. Class M Shares are Capitalisation Shares and are only available to investors through distributors. Class I Shares are Capitalisation Shares and are only available to institutional investors within the meaning of article 174 of the 2010 Law. Class XM Shares are Capitalisation Shares and are available to specific investors. Class XI Shares are Capitalisation Shares and are available to specific institutional investors. Class DA Shares are Distribution Shares only available to all investors. Class DM Shares are Distribution Shares only available to investors through distributors. Class DI Shares are Distribution Shares only available to institutional investors within the meaning of article 174 of the 2010 Law. Class B Shares are Capitalisation Shares and are available to all investors. Class R Shares are Capitalisation Shares and are available to all investors. Class DB Shares are Distribution Shares and are available to all investors. Class DR Shares are Distribution Shares and are available to all investors. Class SI Shares are Capitalisation Shares and are available to institutional investors within the meaning of article 174 of the 2010 Law. Class DSI Shares are Distribution Shares only available to institutional investors within the meaning of article 174 of the 2010 Law. Class N Shares are Capitalisation Shares and are only available to investors through distributors. Class DN Shares are Distribution Shares and are only available to investors through distributors. Class Z Shares are Capitalisation Shares and are only available to investors specifically approved by the Board of Directors. Class RP Shares are Capitalisation Shares and are available to: financial intermediaries and distributors that are prohibited by local laws or regulations applicable to them to receive and / or keep any commissions on management fees; financial intermediaries and distributors providing portfolio management and investment advisory services on an independent basis (as defined by EU Directive 2014/65/EU on markets in financial instruments ( MiFID II )) within the European Union; financial intermediaries and distributors providing investment advisory services on a nonindependent basis (as defined by MiFID II) within the European Union and who have agreed with their client not to receive and retain any commissions on management fees; and any other investors who have agreed with their clients not to receive any commissions on management fees. In order to protect Shareholders of Classes not denominated in from the impact of currency movements, assets which are denominated in will be hedged back to the Class currency. 6

10 General information on the Company (continued) The SubFund Lyxor Investment Funds EuroGovies Risk Balanced may issue the following Classes of Shares, in registered form, subject to different terms and conditions described below: Class I () Class I () Class I (GBP) Class I (CHF) Class I (JPY) Class I (SEK) Class I (NOK) Class I (HKD) Class I (CZK) Class I (BGN) Class I (RON) Class I (HRK) Class I (ZAR) Class SI () Class SI () Class SI (GBP) Class SI (CHF) Class SI (JPY) Class SI (SEK) Class SI (NOK) Class SI (HKD) Class SI (CZK) Class SI (BGN) Class SI (RON) Class SI (HRK) Class SI (ZAR) Class B () Class B () Class B (GBP) Class B (CHF) Class B (JPY) Class B (SEK) Class B (NOK) Class B (HKD) Class B (CZK) Class B (BGN) Class B (RON) Class B (HRK) Class B (ZAR) Class DI () Class DI () Class DI (GBP) Class DI (CHF) Class DI (JPY) Class DI (SEK) Class DI (NOK) Class DI (HKD) Class DI (CZK) Class DI (BGN) Class DI (RON) Class DI (HRK) Class DI (ZAR) Class DSI () Class DSI () Class DSI (GBP) Class DSI (CHF) Class DSI (JPY) Class DSI (SEK) Class DSI (NOK) Class DSI (HKD) Class DSI (CZK) Class DSI (BGN) Class DSI (RON) Class DSI (HRK) Class DSI (ZAR) Class DB () Class DB () Class DB (GBP) Class DB (CHF) Class DB (JPY) Class DB (SEK) Class DB (NOK) Class DB (HKD) Class DB (CZK) Class DB (BGN) Class DB (RON) Class DB (HRK) Class DB (ZAR) Class XI () Classes I Shares are Capitalisation Shares and are only available to institutional investors within the meaning of article 174 of the 2010 Law. Classes DI Shares are Distribution Shares and are only available to institutional investors within the meaning of article 174 of the 2010 Law. Class SI Shares are Capitalisation Shares and Class DSI Shares are Distribution Shares. Both Classes SI and DSI Shares are available to specific institutional investors. 7

11 General information on the Company (continued) Class B Shares are Capitalisation shares and Class DB Shares are Distribution Shares. Both Classes B and DB Shares are only available to institutional investors within the meaning of article 174 of the 2010 Law. Class XI Shares are Capitalisation Shares and only available to specific institutional investors. In order to protect Shareholders of Classes not denominated in from the impact of currency movements, assets which are denominated in will be hedged back to the Class currency. The SubFund Lyxor Investment Funds LYXOR SILVER MULTI ASSET may issue the following Classes of Shares, in registered form, subject to different terms and conditions described below: Class D Shares are available to all investors and are Distribution Shares. Class I Shares are available to institutional investors selected by the Management Company and are Distribution Shares. The SubFund Lyxor Investment Funds GARI European Equity may issue the following Classes of Shares, in registered form, subject to different terms and conditions described below: Class SB () Class SB (GBP) Class SB (CHF) Class SB () Class B () Class B (GBP) Class B (CHF) Class B () Class G () Class G (GBP) Class G (CHF) Class G () Class N () Class N (GBP) Class N (CHF) Class N () Class SI () Class SI (GBP) Class SI (CHF) Class SI () Class I () Class I (GBP) Class I (CHF) Class I () Class R () Class R (GBP) Class R (CHF) Class R () Class SB, SI, B and I Shares are only available to institutional investors within the meaning of article 174 of the 2010 Law. Class G and R Shares are available to all investors. Class N Shares are only available to investors through distributors. Class SB, SI, B, I, G, R and N Shares are Capitalisation Shares. In order to protect Shareholders of Classes not denominated in from the impact of currency movements, assets which are denominated in will be hedged back to the Class currency. The SubFund Lyxor Investment Funds Planet Global Balanced may issue the following Classes of Shares, in registered form, subject to different terms and conditions described below: Class I Class F Class AR Class A Class M Class I Shares is available to institutional investors within the meaning of article 174 of the 2010 Law. 8

12 General information on the Company (continued) Class F Shares is only available to the investment of funds managed by Société Générale Private Wealth Management SA ( SGPWM ). Class AR and A Shares are only available to investors through distributors approved by the Management Company. Class M Shares is available to all investors. In order to protect Shareholders of Classes not denominated in from the impact of currency movements, assets which are denominated in will be hedged back to the Class currency. The SubFund Lyxor Investment Funds Planet Global Equity may issue the following Classes of Shares, in registered form, subject to different terms and conditions described below: Class I Class F Class AR Class A Class M Class I Shares is available to institutional investors within the meaning of article 174 of the 2010 Law. Class F Shares is only available to the investment of funds managed by Société Générale Private Wealth Management SA ( SGPWM ). Class AR and A Shares are only available to investors through distributors approved by the Management Company. Class M Shares is available to all investors. In order to protect Shareholders of Classes not denominated in from the impact of currency movements, assets which are denominated in will be hedged back to the Class currency. The SubFund Lyxor Investment Funds Secured Life (launched at March 27, 2018) may issue the following Classes of Shares, in registered form, subject to different terms and conditions described below: Class IP Class I Class CP Class C Class AP Class A Class MP Class M Class F Class X Class I and IP are Capitalisation Shares and are available to institutional investors within the meaning of article 174 of the 2010 Law or any other investor as may be determined from time to time by the Management Company. Class CP, C, AP and A are Capitalisation Shares and are only available to investors through distributors approved by the Management Company, or any other investor as may be determined from time to time by the Management Company. Class M and MP are Capitalisation Shares and are available to all investors. Class F are Capitalisation Shares and are available to UCITS / alternative investment funds feeder funds managed or not by the Management Company. Class X are Capitalisation Shares and shall be reserved for investment by Société Générale and its affiliates including investments made in order to support the investment strategy at the launch of the SubFund. In addition, the Class X Shares shall be reserved for investment by the Management Company and the Investment Manager and by investors who have been specifically approved by the Board of Directors. 9

13 General information on the Company (continued) The SubFund Lyxor Investment Funds Easy Life (launched at March 27, 2018) may issue the following Classes of Shares, in registered form, subject to different terms and conditions described below: Class IP Class I Class CP Class C Class AP Class A Class MP Class M Class F Class X Class I and IP are Capitalisation Shares and are available to institutional investors within the meaning of article 174 of the 2010 Law or any other investor as may be determined from time to time by the Management Company. Class CP, C, AP are Capitalisation Shares and and A are only available to investors through distributors approved by the Management Company, or any other investor as may be determined from time to time by the Management Company. Class M and MP are Capitalisation Shares and are available to all investors. Class F are Capitalisation Shares and are available to UCITS / alternative investment funds feeder funds managed or not by the Management Company. Class X are Capitalisation Shares and shall be reserved for investment by Société Générale and its affiliates including investments made in order to support the investment strategy at the launch of the SubFund. In addition, the Class X Shares shall be reserved for investment by the Management Company and the Investment Manager and by investors who have been specifically approved by the Board of Directors. The objective of the Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 3 SubFund is to provide a net capital appreciation (taking into account all fees and expenses attributable to the SubFund) above EONIA or the equivalent money market rate in the relevant currency of the Class of Shares, over a 3 to 5 years horizon with a level of annual volatility lower than 3%. The SubFund has an absolute return approach to generate a performance in most market environments. It will invest in a diversified portfolio of very liquid instruments. The SubFund seeks to achieve its objective by using dynamic asset allocation process on a broad and diversified set of liquid asset classes. The objective of the Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 8 SubFund is to provide a net capital appreciation (taking into account all fees and expenses attributable to the SubFund) above EONIA or the equivalent money market rate in the relevant currency of the Class of Shares, over a 3 to 5 year horizon with level of annual volatility lower than 8%. The SubFund has an absolute return approach to generate a performance in most market environments. It will invest in a diversified portfolio of very liquid instruments. The SubFund seeks to achieve its objective by using dynamic asset allocation process on a broad and diversified set of liquid asset classes. The objective of the Lyxor Investment Funds EuroGovies Risk Balanced SubFund is to provide a net capital appreciation (taking into account all fees and expenses attributable to the SubFund) over a 3 to 5 years period. The SubFund seeks to achieve its objective by applying an active debt securities selection overlay to the proprietary riskbased asset allocation methodology developed by Lyxor. The objective of the Lyxor Investment Funds LYXOR SILVER MULTI ASSET SubFund is to provide a net capital appreciation (taking into account all fees and expenses attributable to the SubFund) above EONIA, over a 3 to 5 year horizon with a level of annual volatility lower than 8%. The SubFund has an absolute return approach to generate a performance in most market environments. It will invest in a diversified portfolio of very liquid instruments. The SubFund seeks to achieve its objective by using a dynamic asset allocation process on a broad and diversified set of liquid asset classes. 10

14 General information on the Company (continued) The objective of the Lyxor Investment Funds GARI European Equity SubFund is to outperform the MSCI Europe Index Net Total Return () over a long term horizon by exploiting investment opportunities on the equity markets. The Management Company s objective is to build a Growing And Resilient Investment ( GARI ) portfolio over the long term. The SubFund seeks to achieve its objective by investing primarily in equity listed on stock exchanges referred in subsection A. The objective of Lyxor Investment Funds Planet Global Balanced SubFund is to provide capital appreciation over the investment horizon by investing in a diversified portfolio of financial assets. The SubFund's investment strategy is based on proprietary and systematic methodology, using tools developed by the Lyxor Investment Funds Management Company. The allocation process rests on the combination of a strategic asset allocation and a tactical asset allocation in order to build a diversified and flexible portfolio. The strategic allocation seeks to build a portfolio that is well diversified for the long term. The tactical allocation seeks to benefit from shortterm market dynamics. The objective of Lyxor Investment Funds Planet Global Equity SubFund is to provide capital appreciation over the investment horizon by actively investing in equity markets. The SubFund's investment strategy is based on a proprietary and systematic methodology, using tools developed by the Management Company. The allocation process rests on a coresatellite approach relying on geographical, sectorbased and thematic equity themes, providing a diversified exposure to global equity markets with a focus on European markets. The core portfolio is the centrepiece of the SubFund. The satellite portfolios are portfolios that may invest across one or several sectors. The objective of Lyxor Investment Funds Secured Life (launched at March 27, 2018) SubFund is provide capital appreciation over the recommended investment horizon by being exposed to global equities that contribute to and/or profit from the value chain in the security and protection of goods and people as well as in the cybersecurity and defense industries. The Management Company s objective following a proprietary investment process (such basket of equities hereafter referred as the "GARI Portfolio" where GARI stands for Growing And Resilient Investment). The SubFund seeks to achieve its Investment Objective by providing the investor with an exposure to a portfolio of equities. The objective of Lyxor Investment Funds Easy Life (launched at March 27, 2018) SubFund is provide capital appreciation over the recommended investment horizon by globally investing in the equity of companies that produce goods or services that make the life of their customers easier. The Management Company s objective following a proprietary investment process (such basket of equities hereafter referred as the "GARI Portfolio" where GARI stands for Growing And Resilient Investment). The SubFund seeks to achieve its Investment Objective by providing the investor with an exposure to a portfolio of equities. 11

15 Information to the Shareholders The Annual General Meeting of the Shareholders will be held at the registered office of the Company 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 will be 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 semiannual reports are sent to the shareholders and are made available for public inspection at each of the registered offices of the Company and the Administrative Agent within four, respectively two months following the relevant accounting period. The list of changes in the portfolio for the period ended June 30, 2018 is available, free of charge, at the registered office of the Company. 12

16 Statement of Net Assets (expressed in the SubFund s currency) Notes Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 3 Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 8 Lyxor Investment Funds EuroGovies Risk Balanced ASSETS Securities portfolio at cost Net unrealised profit/ (loss) Securities portfolio at market value Cash at bank 2.2 (74 317) Receivable for Fund shares issued Receivable for securities sold Receivable on spot exchange Dividends receivable, net Interest receivable on bonds Swaps at market value 2.9, Unrealised appreciation on forward foreign exchange contracts 2.6, Unrealised appreciation on financial futures contracts 2.7, Formation expenses, net Other assets LIABILITIES Bank Overdraft Payable for Fund shares redeemed Payable for securities purchased Payable on swaps Payable on spot exchange Management fees payable Performance fees payable Depositary fees payable Taxe d abonnement payable Administration fees payable Registrar Agent fees payable Professional fees payable Interest and bank charges payable Swaps at market value 2.9, Unrealised depreciation on forward foreign exchange contracts 2.6, Unrealised depreciation on financial futures contracts 2.7, Other liabilities TOTAL NET ASSETS The accompanying notes form an integral part of these financial statements. 13

17 Statement of Net Assets (continued) (expressed in the SubFund s currency) Lyxor Investment Funds LYXOR SILVER MULTI ASSET Lyxor Investment Funds GARI European Equity Lyxor Investment Funds Planet Global Balanced Notes ASSETS Securities portfolio at cost Net unrealised profit/ (loss) ( ) (273) Securities portfolio at market value Cash at bank Receivable for Fund shares issued Receivable for securities sold Receivable on spot exchange Dividends receivable, net Interest receivable on bonds Swaps at market value Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on financial futures contracts Formation expenses, net 2.9, , 9 2.7, Other assets LIABILITIES Bank Overdraft Payable for Fund shares redeemed Payable for securities purchased Payable on swaps Payable on spot exchange Management fees payable Performance fees payable Depositary fees payable Taxe d abonnement payable Administration fees payable Registrar Agent fees payable Professional fees payable Interest and bank charges payable Swaps at market value Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on financial futures contracts 2.9, , 9 2.7, Other liabilities TOTAL NET ASSETS The accompanying notes form an integral part of these financial statements. 14

18 Statement of Net Assets (continued) (expressed in the SubFund s currency) Lyxor Investment Funds Planet Global Equity Lyxor Investment Funds Secured Life (1) Lyxor Investment Funds Easy Life (1) Notes ASSETS Securities portfolio at cost Net unrealised profit/ (loss) (466) (464) Securities portfolio at market value Cash at bank Receivable for Fund shares issued Receivable for securities sold Receivable on spot exchange Dividends receivable, net Interest receivable on bonds Swaps at market value 2.9, 10 Unrealised appreciation on forward foreign exchange contracts 2.6, Unrealised appreciation on financial futures contracts 2.7, 8 Formation expenses, net Other assets LIABILITIES Bank Overdraft Payable for Fund shares redeemed Payable for securities purchased Payable on swaps Payable on spot exchange Management fees payable Performance fees payable Depositary fees payable Taxe d abonnement payable Administration fees payable Registrar Agent fees payable Professional fees payable Interest and bank charges payable Swaps at market value Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on financial futures contracts 2.9, , 9 2.7, Other liabilities TOTAL NET ASSETS (1) The SubFunds were been launched on March 27, The accompanying notes form an integral part of these financial statements. 15

19 Statement of Net Assets (continued) (expressed in the SubFund s currency) Combined Notes ASSETS Securities portfolio at cost Net unrealised profit/ (loss) Securities portfolio at market value Cash at bank Receivable for Fund shares issued Receivable for securities sold Receivable on spot exchange Dividends receivable, net Interest receivable on bonds Swaps at market value Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on financial futures contracts Formation expenses, net Other assets , , 9 2.7, LIABILITIES Bank Overdraft Payable for Fund shares redeemed Payable for securities purchased Payable on swaps Payable on spot exchange Management fees payable Performance fees payable Depositary fees payable Taxe d abonnement payable Administration fees payable Registrar Agent fees payable Professional fees payable Interest and bank charges payable Swaps at market value Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on financial futures contracts Other liabilities TOTAL NET ASSETS , , 9 2.7, The accompanying notes form an integral part of these financial statements. 16

20 Statistical information Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 3 30/06/18 31/12/17 31/12/16 Class A (CHF) Number of shares Net asset value per share CHF Class A () Number of shares Net asset value per share Class I () Number of shares Net asset value per share Class I (JPY) Number of shares Net asset value per share JPY Class I () Number of shares Net asset value per share Class M () Number of shares Net asset value per share Class SI () Number of shares Net asset value per share Total Net Assets Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 8 30/06/18 31/12/17 31/12/16 Class A () Number of shares Net asset value per share Class A (CHF) Number of shares Net asset value per share CHF The accompanying notes form an integral part of these financial statements. 17

21 Statistical information (continued) Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 8 30/06/18 31/12/17 31/12/16 Class AS (AUD) Number of shares Net asset value per share AUD Class AS () Number of shares Net asset value per share Class B () Number of shares Net asset value per share Class B (GBP) Number of shares Net asset value per share GBP Class DI () Number of shares Net asset value per share Class DM () Number of shares Net asset value per share Class I () Number of shares Net asset value per share Class I (GBP) Number of shares Net asset value per share GBP Class I () Number of shares Net asset value per share Class M () Number of shares Net asset value per share Class M () Number of shares Net asset value per share The accompanying notes form an integral part of these financial statements. 18

22 Statistical information (continued) Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 8 30/06/18 31/12/17 31/12/16 Class R (GBP) Number of shares Net asset value per share GBP Class SI () Number of shares Net asset value per share Class XI () Number of shares Net asset value per share Class XM () Number of shares Net asset value per share Total Net Assets Lyxor Investment Funds EuroGovies Risk Balanced 30/06/18 31/12/17 31/12/16 Class I ( ) Number of shares Net asset value per share Class I () Number of shares Net asset value per share Class SI () Number of shares Net asset value per share Class XI () Number of shares Net asset value per share Total Net Assets The accompanying notes form an integral part of these financial statements. 19

23 Statistical information (continued) Lyxor Investment Funds LYXOR SILVER MULTI ASSET 30/06/18 31/12/17 31/12/16 Class I () Number of shares Net asset value per share Total Net Assets Lyxor Investment Funds GARI European Equity 30/06/18 31/12/17 31/12/16 Class B () Number of shares Net asset value per share Class N () Number of shares Net asset value per share Class SB () Number of shares Net asset value per share Total Net Assets Lyxor Investment Funds Planet Global Balanced 30/06/18 31/12/17 31/12/16 Class A () Number of shares Net asset value per share Class I () Number of shares Net asset value per share Total Net Assets Lyxor Investment Funds Planet Global Equity 30/06/18 31/12/17 31/12/16 Class A ( ) Number of shares Net asset value per share The accompanying notes form an integral part of these financial statements. 20

24 Statistical information (continued) Lyxor Investment Funds Planet Global Equity 30/06/18 31/12/17 31/12/16 Class I ( ) Number of shares Net asset value per share Total Net Assets Lyxor Investment Funds Secured Life (1) 31/12/16 30/06/18 31/12/17 Class A ( ) Number of shares Net asset value per share Class I ( ) Number of shares Net asset value per share Class X ( ) Number of shares Net asset value per share Total Net Assets Lyxor Investment Funds Easy Life (1) 31/12/16 30/06/18 31/12/17 Class A ( ) Number of shares Net asset value per share Class I ( ) Number of shares Net asset value per share Class X ( ) Number of shares Net asset value per share Total Net Assets (1) The SubFund has been launched on March 27, The accompanying notes form an integral part of these financial statements. 21

25 Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 3 Schedule of Investments Nominal value/ Quantity Description Quotation Cost Market value % of net assets Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market Bonds DEXIA CREDIT LOCAL DE FRANCE 0% 10/08/2018 DEXIA CREDIT LOCAL DE FRANCE 0% 13/08/2018 DEXIA CREDIT LOCAL DE FRANCE 0% 31/10/2018 DEXIA CREDIT LOCAL DE FRANCE 0% 01/02/2019 DEXIA CREDIT LOCAL DE FRANCE 0% 03/05/2019 DEXIA CREDIT LOCAL DE FRANCE 0% 11/01/2019 DEXIA CREDIT LOCAL DE FRANCE 0% 16/11/ Total Bonds Warrants ETFS COMDTY SHORT CRUDE OIL / ETFS WTI CRUDE OIL UBS AG LONDON BRANCH / UBS ETC ON UBS BLOOMBERG CMCI COPPER TR INDEX Total Warrants Supranationals, Governments and Local Public Authorities, Debt Instruments ITALY BUONI ORDINARI DEL TESORO BOT 0% 12/04/2019 ITALY BUONI ORDINARI DEL TESORO BOT 0% 12/10/2018 ITALY BUONI ORDINARI DEL TESORO BOT 0% 14/08/2018 ITALY BUONI ORDINARI DEL TESORO BOT 0% 14/09/2018 ITALY BUONI POLIENNALI DEL TESORO 0.1% 15/04/2019 ITALY BUONI POLIENNALI DEL TESORO 4.25% 01/02/2019 SPAIN GOVERNMENT BOND 0.25% 31/01/2019 SPAIN LETRAS DEL TESORO 0% 10/05/2019 SPAIN LETRAS DEL TESORO 0% 12/10/2018 SPAIN LETRAS DEL TESORO 0% 16/11/ Total Supranationals, Governments and Local Public Authorities, Debt Instruments Total Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market Investment Funds Openended Investment Funds ISHARES $ HIGH YIELD CORPORATE BOND UCITS ETF ISHARES O HIGH YIELD CORPORATE BOND UCITS ETF Total Openended Investment Funds Total Investment Funds Total Investments The accompanying notes form an integral part of these financial statements. 22

26 Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 3 Classification of Investments Economic classification % Geographical classification % Governments Italy Banks France Investment Fund 2.94 Spain Nonequity Investment Instruments 2.09 Ireland Jersey 2.09 United Kingdom The accompanying notes form an integral part of these financial statements. 23

27 Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 8 Schedule of Investments Nominal value/ Quantity Description Quotation Cost Market value % of net assets Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market Bonds DEXIA CREDIT LOCAL DE FRANCE 0% 03/10/2018 DEXIA CREDIT LOCAL DE FRANCE 0% 10/08/2018 DEXIA CREDIT LOCAL DE FRANCE 0% 21/11/2018 DEXIA CREDIT LOCAL DE FRANCE 0% 03/05/2019 DEXIA CREDIT LOCAL DE FRANCE 0% 03/08/2018 DEXIA CREDIT LOCAL DE FRANCE 0% 11/01/2019 DEXIA CREDIT LOCAL DE FRANCE 0% 15/03/2019 DEXIA CREDIT LOCAL DE FRANCE 0% 20/07/2018 DEXIA CREDIT LOCAL DE FRANCE 0% 31/01/ Total Bonds Warrants ETFS COMDTY SHORT CRUDE OIL / ETFS WTI CRUDE OIL UBS AG LONDON BRANCH / UBS ETC ON UBS BLOOMBERG CMCI COPPER TR INDEX Total Warrants Supranationals, Governments and Local Public Authorities, Debt Instruments ITALY BUONI ORDINARI DEL TESORO BOT 0% 12/04/2019 ITALY BUONI ORDINARI DEL TESORO BOT 0% 12/10/2018 ITALY BUONI ORDINARI DEL TESORO BOT 0% 14/01/2019 ITALY BUONI ORDINARI DEL TESORO BOT 0% 14/08/2018 ITALY BUONI POLIENNALI DEL TESORO 3.5% 01/12/2018 ITALY BUONI POLIENNALI DEL TESORO 4.25% 01/02/2019 SPAIN LETRAS DEL TESORO 0% 05/04/2019 SPAIN LETRAS DEL TESORO 0% 10/05/2019 SPAIN LETRAS DEL TESORO 0% 12/10/2018 SPAIN LETRAS DEL TESORO 0% 16/11/ Total Supranationals, Governments and Local Public Authorities, Debt Instruments Total Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market Investment Funds Openended Investment Funds ISHARES $ HIGH YIELD CORPORATE BOND UCITS ETF ISHARES O HIGH YIELD CORPORATE BOND UCITS ETF Total Openended Investment Funds Total Investment Funds Total Investments The accompanying notes form an integral part of these financial statements. 24

28 Lyxor Investment Funds ABSOLUTE RETURN MULTI ASSET 8 Classification of Investments Economic classification % Geographical classification % Governments France Banks Italy Investment Fund 8.82 Spain Nonequity Investment Instruments 6.24 Ireland Jersey 6.24 United Kingdom The accompanying notes form an integral part of these financial statements. 25

29 Lyxor Investment Funds EuroGovies Risk Balanced Schedule of Investments Nominal value/ Quantity Description Quotation Cost Market value % of net assets Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market Bonds BANK NEDERLANDSE GEMEENTEN NV 0.5% 16/04/2025 BANK NEDERLANDSE GEMEENTEN NV 3% 25/10/2021 BPIFRANCE FINANCEMENT SA 0% 25/11/2022 BPIFRANCE FINANCEMENT SA 0.1% 19/02/2021 BPIFRANCE FINANCEMENT SA 0.25% 14/02/2023 DEXIA CREDIT LOCAL SA 0.04% 11/12/2019 DEXIA CREDIT LOCAL SA 0.25% 01/06/2023 DEXIA CREDIT LOCAL SA 0.25% 02/06/2022 DEXIA CREDIT LOCAL SA 0.75% 25/01/2023 DEXIA CREDIT LOCAL SA 2% 22/01/2021 LANDWIRTSCHAFTLICHE RENTENBANK 0.05% 12/06/ Total Bonds Supranationals, Governments and Local Public Authorities, Debt Instruments OPEAN FINANCIAL STABILITY FACILITY 0% 29/03/2021 OPEAN FINANCIAL STABILITY FACILITY 0.1% 19/01/2021 OPEAN FINANCIAL STABILITY FACILITY 1.5% 22/01/2020 OPEAN FINANCIAL STABILITY FACILITY 1.625% 17/07/2020 OPEAN FINANCIAL STABILITY FACILITY 1.75% 29/10/2020 OPEAN INVESTMENT BANK 0% 16/10/2023 OPEAN INVESTMENT BANK 0.375% 15/03/2022 OPEAN INVESTMENT BANK 0.375% 16/07/2025 OPEAN INVESTMENT BANK 1.375% 15/09/2021 FINLAND GOVERNMENT BOND 0% 15/04/2022 FMS WERTMANAGEMENT 0% 18/09/2020 FMS WERTMANAGEMENT 0.05% 06/07/2021 FRENCH REPUBLIC GOVERNMENT BOND OAT 0% 25/05/2022 KOMMUNEKREDIT 0.25% 29/03/2023 KREDITANSTALT FUER WIEDERAUFBAU 0.125% 07/06/2023 KREDITANSTALT FUER WIEDERAUFBAU 0.375% 15/03/2023 KREDITANSTALT FUER WIEDERAUFBAU 0.375% 23/04/2025 KREDITANSTALT FUER WIEDERAUFBAU 2.125% 15/08/2023 REPUBLIC OF AUSTRIA GOVERNMENT BOND 0% 15/07/2023 SFIL SA 0.1% 18/10/ Total Supranationals, Governments and Local Public Authorities, Debt Instruments Total Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market Total Investments The accompanying notes form an integral part of these financial statements. 26