ALIAS INVESTMENT Société d Investissement à Capital Variable Unaudited semi-annual report as at 30/06/15 R.C.S. Luxembourg B

Société d Investissement à Capital Variable Unaudited semi-annual report as at 30/06/15 R.C.S. Luxembourg B 96 732 www.lyxor.com

Table of contents Page Management and Administration General information on the Fund Information to the Shareholders Combined Financial Statements ALIAS INVESTMENT - LYXOR HEDGE FUND INDEX FUND ALIAS INVESTMENT - LYXOR SPECIAL SITUATIONS INDEX FUND ALIAS INVESTMENT - LYXOR MERGER ARBITRAGE INDEX FUND ALIAS INVESTMENT - LYXOR CREDIT STRATEGIES INDEX FUND Notes to the financial statements 3 4 6 7 9 13 17 21 25 No subscription can be received on the basis of these financial statements. Subscriptions may only be accepted on the basis of the current prospectus and each relevant Key Investor Information Document ( KIID ) accompanied by an application form, the latest available annual report of the Fund and the latest semi-annual report if published thereafter. Page 2

Management and Administration Board of Directors Chairman: Directors: Mr. Jean-Marc STENGER Lyxor Asset Management S.A.S 17, cours Valmy, F-92987 Paris-La Défense Mr. Lionel PAQUIN Lyxor Asset Management S.A.S 17, cours Valmy, F-92987 Paris-La Défense Mr. Stéphane AIDAN Lyxor Asset Management S.A.S 17, cours Valmy, F-92987 Paris-La Défense Registered Office Management Company Promoter Custodian Paying Agent Administrative and Domiciliary Agent Registrar and Transfer Agent Auditor 5, allée Scheffer, L-2520 Luxembourg Lyxor Asset Management S.A.S 17, cours Valmy F-92987 Paris-La Défense Société Générale 29, boulevard Haussmann, F-75009 Paris CACEIS Bank Luxembourg 5, allée Scheffer, L-2520 Luxembourg Société Générale Bank & Trust S.A. 11, avenue Emile Reuter, L-2420 Luxembourg CACEIS Bank Luxembourg 5, allée Scheffer, L-2520 Luxembourg European Fund Services S.A. 28-32, Place de la Gare, L-1616 Luxembourg PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator, L-2182 Luxembourg Page 3

General information on the Fund ALIAS INVESTMENT, formerly named Symphonia Investment Fund (the Fund ) has been incorporated on November 7, 2003 under Luxembourg laws as a Société d Investissement à Capital Variable ( SICAV ) for an unlimited period of time with a constitutive capital of 31 000. Its registered office is established in Luxembourg. The legal notice ( notice légale ) required by Luxembourg law in connection with the issue and sale of shares in the Fund has been deposited with the Register of Commerce and Companies of Luxembourg. The Articles of Incorporation were deposited with the Register of Commerce and Companies of Luxembourg and were published in the Recueil des Sociétés et Associations (the Mémorial ). An Extraordinary General Meeting of Shareholders approved the new name of the Fund ALIAS INVESTMENT through a notary deed dated August 8, 2005. The Articles of Incorporation have been amended accordingly on August 8, 2005 for the last time and were published on October 8, 2005. The Fund is registered with the Register of Commerce and Companies of Luxembourg under number B 96 732. The Fund is established as an umbrella fund and issues shares in different Classes in the different Sub-Funds. The Directors maintain for each Sub-Fund a separate portfolio. As at February 13, 2014, the Management Company of the Fund has been transferred from Lyxor asset Management Luxembourg S.A. to Lyxor Asset Management S.A.S.. Its registered office is established in Paris. Shares available : The active Sub-Funds may issue the following Classes of Shares, in registered and/or in bearer form, subject to different terms and conditions described below: Class A () Class I () Class M () Class A (USD) Class I (USD) Class A (GBP) Class I (GBP) Class A (CHF) Class I (CHF) Class A () Class I () Class A (SEK) Class I (SEK) Class A (NOK) Class I (NOK) Class A Shares are available to all investors. Class I Shares are only available to institutional investors within the meaning of article 174 of the 2010 Law. Class M Shares are only available to investors through specific distributors selected by the Investment Manager. In order to protect Shareholders of Classes not denominated in USD from the impact of currency movements, the Class currency is hedged back against the USD. The costs and effects of this hedging is reflected in the Net Asset Value and in the performance of the related hedged share Classes. The Board of Directors can decide at any time to launch the Sub-Fund and Classes of Shares not activated. Page 4

Investment objectives ALIAS INVESTMENT General information on the Fund (continued) 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. The objective of each active Sub-Fund is as follows : - Sub-Fund ALIAS INVESTMENT - LYXOR HEDGE FUND INDEX FUND : to track the performance of the Lyxor Hedge Fund Index during the life of such Sub-Fund. - Sub-Fund ALIAS INVESTMENT - LYXOR SPECIAL SITUATIONS INDEX FUND : to track the performance of the Lyxor Special Situations Index during the life of such Sub-Fund. - Sub-Fund ALIAS INVESTMENT - LYXOR MERGER ARBITRAGE INDEX FUND : to track the performance of the Lyxor Merger Arbitrage Index during the life of such Sub-Fund. - Sub-Fund ALIAS INVESTMENT - LYXOR CREDIT STRATEGIES INDEX FUND : to track the performance of the Lyxor Credit Strategies Index during the life of such Sub-Fund. Page 5

Information to the Shareholders The Annual General Meeting of the shareholders is held at the registered office of the Fund on the first Friday of April of each year (or the immediately next Luxembourg business day if this day is not a business day) at 10:00 am. Shareholders of a Class of shares issued in respect of any Sub-Fund may hold, at any time, general meetings to decide on any matters that relate exclusively to such Class of shares in such Sub-Fund. In addition, the shareholders of any Class of shares may hold, at any time, general meetings to decide on any matters that relate exclusively to such Class of shares. Notices of all general meetings are sent by mail to all registered shareholders at their registered address at least eight days prior to such meeting. Such notice indicates the time and place of such meeting and the conditions of admission thereto, contains the agenda and refers to the requirements of Luxembourg law with regard to the necessary quorum and majority at such meeting. 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 Fund s financial year ends on December 31 of each year. The list of changes in the portfolio for the period ended June 30, 2015 is available, free of charge, at the registered office of the Fund. The size of the tracking error for the period ended June 30, 2015 (based on the last 12 months period) is as follows for the below Sub-Funds : - ALIAS INVESTMENT - LYXOR HEDGE FUND INDEX FUND 0.157% - ALIAS INVESTMENT - LYXOR SPECIAL SITUATIONS INDEX FUND 0.063% - ALIAS INVESTMENT - LYXOR MERGER ARBITRAGE INDEX FUND 0.063% - ALIAS INVESTMENT - LYXOR CREDIT STRATEGIES INDEX FUND 0.125% Page 6

Combined Page 7

Combined Financial Statements as at 30/06/15 Statement of net assets as at 30/06/15 Expressed in Assets Investments in securities at market value Note 2.2 Cost price Unrealised loss on investments in securities Cash at banks and liquidities Net unrealised profit on forward foreign exchange contracts Note 2.9, 6 Liabilities Bank overdrafts "Taxe d'abonnement" payable Note 5 Performance Swap at Market Value Note 2.5, 7 Management fees payable Note 3 Other liabilities Net asset value 57 863 709 57 447 167 58 555 198-1 108 031 238 093 178 449 5 481 292 79 897 1 436 5 266 249 102 529 31 181 52 382 417 The accompanying notes form an integral part of these financial statements Page 8

- LYXOR HEDGE FUND INDEX FUND Page 9

- LYXOR HEDGE FUND INDEX FUND Financial Statements as at 30/06/15 Statement of net assets as at 30/06/15 Expressed in USD Assets Investments in securities at market value Note 2.2 Cost price Unrealised loss on investments in securities Cash at banks and liquidities Net unrealised profit on forward foreign exchange contracts Note 2.9, 6 Liabilities Bank overdrafts "Taxe d'abonnement" payable Note 5 Performance Swap at Market Value Note 2.5, 7 Management fees payable Note 3 Other liabilities Net asset value 38 182 493 38 007 442 39 059 527-1 052 085 46 514 128 537 3 371 425 30 589 892 3 265 181 61 628 13 135 34 811 068 Key figures Period/Year ending as at: 30/06/15 31/12/14 31/12/13 USD USD USD Total Net Assets 34 811 068 37 435 698 39 592 402 Class A () Class A (USD) Class I () Class I (USD) Capitalisation shares Number of shares Net asset value per share Capitalisation shares Number of shares Net asset value per share Capitalisation shares Number of shares Net asset value per share Capitalisation shares Number of shares Net asset value per share 1 294.746 2 828.797 97.600 96.470 750.350 750.350 99.250 98.390 3 361.813 98.500 USD USD USD 78 574.084 94 284.240 104.270 103.030 1 013.484 100.300 252 317.943 252 317.943 100.930 99.920 92 621.086 104.920 USD USD USD 252 317.943 101.630 The accompanying notes form an integral part of these financial statements Page 10

Quantity Denomination ALIAS INVESTMENT - LYXOR HEDGE FUND INDEX FUND Securities portfolio as at 30/06/15 Expressed in USD Quotation currency Transferable securities admitted to an official stock exchange and/or dealt in on another regulated market Market value % of net assets 38 007 442 109.18 Shares 38 007 442 109.18 13 168 ADIDAS NAMEN AKT 1 007 218 2.89 3 870 AIRBUS GROUP 250 956 0.72 10 820 ALTICE S.A. 1 489 475 4.28 7 828 AMER SPORTS OYJ 208 455 0.60 23 311 ANHEUSER-BUSCH INBEV NV 2 792 110 8.02 619 ARYZTA CHF 30 534 0.09 5 641 ASM INTERNATIONAL NV 260 553 0.75 13 028 ASML HLDG 1 345 614 3.87 21 236 BASF - NAMEN AKT 1 864 972 5.36 6 579 BAYER AG REG SHS 920 322 2.64 759 BMW AG 83 029 0.24 4 706 CONTINENTAL AG 1 112 917 3.20 14 879 DAIMLER AG REG SHS 1 353 443 3.89 14 195 FORTUM CORP 252 108 0.72 3 213 GEBERIT AG CHF 1 071 605 3.08 1 173 HUGO BOSS AG 131 022 0.38 16 344 KESKO CORP 568 349 1.63 66 026 KONINKLIJKE KPN NV 252 332 0.72 4 651 LINDE AG 880 446 2.53 11 359 MAN SE 1 169 306 3.36 14 496 NESTLE SA REG SHS CHF 1 046 982 3.01 95 614 NOKIA OYJ 648 787 1.86 29 287 NOVARTIS AG REG SHS CHF 2 887 737 8.29 11 501 NOVO NORDISK DKK 626 300 1.80 4 443 PANDORA DKK 477 128 1.37 20 809 RANDSTAD HOLDING 1 354 259 3.89 10 255 ROCHE HOLDING AG GENUSSSCHEIN CHF 2 874 911 8.26 31 703 ROYAL DUTCH SHELL PLC 896 157 2.57 45 146 ROYAL PHILIPS ELECTRONICS 1 147 884 3.30 45 174 RWE AG 970 669 2.79 9 035 SAP AG 630 181 1.81 261 SGS SA REG SHS CHF 476 438 1.37 21 762 SIEMENS AG REG 2 190 736 6.29 15 166 TELENET GROUP HOLDING NV 824 451 2.37 38 322 TELENOR AS NOK 836 822 2.40 62 416 TENARIS SA - REG.SHS 840 090 2.41 43 762 THYSSENKRUPP AG 1 137 806 3.27 26 317 UNILEVER NV 1 095 338 3.15 Total investments 38 007 442 109.18 The accompanying notes form an integral part of these financial statements Page 11

- LYXOR HEDGE FUND INDEX FUND Geographical classification of investments Breakdown per country % of net assets Germany 38.65 Switzerland 24.10 The Netherlands 18.97 Belgium 10.39 Luxembourg 6.69 Finland 4.81 Denmark 3.17 Norway 2.40 109.18 Economic classification of investments Breakdown per sector % of net assets Pharmaceuticals and cosmetics 18.35 Communications 11.63 Chemicals 10.53 Tobacco and alcoholic drinks 8.02 Electronics and semiconductors 7.92 Road vehicles 7.49 Electrical engineering and electronics 6.29 Coal mining and steel industry 5.68 Miscellaneous services 5.26 Miscellaneous consumer goods 5.12 Petroleum 3.29 Textiles and garments 3.27 Tires and rubber 3.20 Foods and non alcoholic drinks 3.10 Building materials and trade 3.08 Utilities 2.79 Internet and Internet services 1.81 Retail trade, department stores 1.63 Aerospace industry 0.72 109.18 Page 12

- LYXOR SPECIAL SITUATIONS INDEX FUND Page 13

- LYXOR SPECIAL SITUATIONS INDEX FUND Financial Statements as at 30/06/15 Statement of net assets as at 30/06/15 Expressed in USD Assets Investments in securities at market value Note 2.2 Cost price Unrealised profit on investments in securities Cash at banks and liquidities Net unrealised profit on forward foreign exchange contracts Note 2.9, 6 Liabilities Bank overdrafts "Taxe d'abonnement" payable Note 5 Performance Swap at Market Value Note 2.5, 7 Management fees payable Note 3 Other liabilities Net asset value 10 532 075 10 430 359 10 382 732 47 627 82 476 19 240 1 124 150 17 857 248 1 081 786 16 794 7 465 9 407 925 Key figures Period/Year ending as at: 30/06/15 31/12/14 31/12/13 USD USD USD Total Net Assets 9 407 925 10 174 309 9 062 733 Class A () Class I () Class I (USD) Capitalisation shares Number of shares Net asset value per share Capitalisation shares Number of shares Net asset value per share Capitalisation shares Number of shares Net asset value per share 1 000.000 1 000.000 110.430 110.560 11 622.277 17 116.383 97.180 97.120 1 000.000 114.470 80 000.000 80 000.000 100.320 100.220 4 703.827 100.350 USD USD USD 80 000.000 103.180 The accompanying notes form an integral part of these financial statements Page 14

Quantity Denomination ALIAS INVESTMENT - LYXOR SPECIAL SITUATIONS INDEX FUND Securities portfolio as at 30/06/15 Expressed in USD Quotation currency Transferable securities admitted to an official stock exchange and/or dealt in on another regulated market Market value % of net assets 10 430 359 110.87 Shares 10 430 359 110.87 1 010 ADIDAS NAMEN AKT 77 255 0.82 21 560 AEON CO LTD 306 137 3.25 1 579 AIRBUS GROUP 102 393 1.09 3 361 ALTICE S.A. 462 673 4.92 3 245 ANHEUSER-BUSCH INBEV NV 388 675 4.13 2 758 ASML HLDG 284 864 3.03 4 202 BASF - NAMEN AKT 369 025 3.92 4 063 BAYER AG REG SHS 568 363 6.05 1 020 BMW AG 111 580 1.19 2 390 CENTRAL JAPAN RAILWAY CO 431 749 4.59 30 557 CNH INDUSTRIAL NV 278 501 2.96 1 674 CONTINENTAL AG 395 883 4.21 3 269 DAIMLER AG REG SHS 297 359 3.16 3 885 DEUTSCHE TELEKOM AG REG SHS 66 878 0.71 334 FANUC CORP SHS 68 457 0.73 913 FAST RETAILING CO LTD 414 549 4.41 16 977 FORTUM CORP 301 517 3.20 3 786 JGC CORP 71 534 0.76 14 841 KONINKLIJKE KPN NV 56 718 0.60 1 536 LINDE AG 290 769 3.09 3 288 MITSUBISHI CHEMICAL HOLDINGS CORP 20 704 0.22 1 777 MITSUBISHI CORP 39 094 0.42 28 000 NOKIA OYJ 189 993 2.02 279 NOVARTIS AG REG SHS CHF 27 510 0.29 1 197 NOVO NORDISK DKK 65 184 0.69 254 PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR 21 387 0.23 83 519 POST NL 371 018 3.94 2 540 PROXIMUS SA 89 628 0.95 5 023 RANDSTAD HOLDING 326 899 3.47 11 082 ROYAL DUTCH SHELL PLC 313 258 3.33 12 751 RWE AG 273 985 2.91 2 268 SAP AG 158 191 1.68 9 881 SEVEN & I HOLDINGS CO LTD 424 746 4.51 2 464 SIEMENS AG REG 248 046 2.64 8 416 SUMITOMO HEAVY INDUSTRIES 49 107 0.52 13 276 TELENOR AS NOK 289 903 3.08 14 137 THYSSENKRUPP AG 367 560 3.91 22 776 TOTO LTD 410 607 4.36 1 407 TOYOTA MOTOR CORP 94 321 1.00 12 773 UNILEVER NV 531 623 5.66 8 952 VESTAS WIND SYSTEMS AS DKK 446 577 4.75 64 VOLKSWAGEN VORZ.AKT 14 832 0.16 10 486 WOLTERS KLUWER 311 307 3.31 Total investments 10 430 359 110.87 The accompanying notes form an integral part of these financial statements Page 15

- LYXOR SPECIAL SITUATIONS INDEX FUND Geographical classification of investments Breakdown per country % of net assets Germany 34.68 The Netherlands 27.39 Japan 24.77 Denmark 5.44 Finland 5.22 Belgium 5.08 Luxembourg 4.92 Norway 3.08 Switzerland 0.29 110.87 Economic classification of investments Breakdown per sector % of net assets Chemicals 13.06 Communications 12.28 Transportation 8.53 Retail trade, department stores 7.76 Utilities 7.66 Petroleum 6.53 Road vehicles 5.74 Miscellaneous consumer goods 5.66 Building materials and trade 5.12 Holding and finance companies 4.63 Tires and rubber 4.21 Tobacco and alcoholic drinks 4.13 Coal mining and steel industry 3.91 Machine and apparatus construction 3.48 Miscellaneous services 3.47 Electrical engineering and electronics 3.37 Graphic art and publishing 3.31 Electronics and semiconductors 3.03 Internet and Internet services 1.68 Aerospace industry 1.09 Pharmaceuticals and cosmetics 0.98 Textiles and garments 0.82 Miscellaneous trading companies 0.42 110.87 Page 16

- LYXOR MERGER ARBITRAGE INDEX FUND Page 17

- LYXOR MERGER ARBITRAGE INDEX FUND Financial Statements as at 30/06/15 Statement of net assets as at 30/06/15 Expressed in USD Assets Investments in securities at market value Note 2.2 Cost price Unrealised loss on investments in securities Cash at banks and liquidities Net unrealised profit on forward foreign exchange contracts Note 2.9, 6 Liabilities Bank overdrafts "Taxe d'abonnement" payable Note 5 Performance Swap at Market Value Note 2.5, 7 Management fees payable Note 3 Other liabilities Net asset value 13 818 208 13 684 344 13 916 915-232 571 85 013 48 851 1 373 423 27 478 408 1 315 751 22 448 7 338 12 444 785 Key figures Period/Year ending as at: 30/06/15 31/12/14 31/12/13 USD USD USD Total Net Assets 12 444 785 12 716 372 16 167 487 Class A () Class I () Class I (USD) Capitalisation shares Number of shares Net asset value per share Capitalisation shares Number of shares Net asset value per share Capitalisation shares Number of shares Net asset value per share 7 750.000 7 750.000 111.670 109.060 21 250.311 23 250.311 108.070 105.450 4 440.000 114.310 81 300.000 81 300.000 109.730 107.070 33 582.383 110.260 USD USD USD 92 758.000 111.740 The accompanying notes form an integral part of these financial statements Page 18

Quantity Denomination ALIAS INVESTMENT - LYXOR MERGER ARBITRAGE INDEX FUND Securities portfolio as at 30/06/15 Expressed in USD Quotation currency Transferable securities admitted to an official stock exchange and/or dealt in on another regulated market Market value % of net assets 13 684 344 109.96 Shares 13 684 344 109.96 2 117 AIRBUS GROUP 137 280 1.10 944 ALTICE S.A. 129 950 1.04 4 087 ANHEUSER-BUSCH INBEV NV 489 527 3.93 4 827 ASML HLDG 498 563 4.01 6 532 BASF - NAMEN AKT 573 648 4.61 4 461 BAYER AG REG SHS 624 040 5.01 3 154 CENTRAL JAPAN RAILWAY CO 569 764 4.58 1 801 CONTINENTAL AG 425 917 3.42 7 487 DAIMLER AG REG SHS 681 041 5.47 23 376 DEUTSCHE TELEKOM AG REG SHS 402 404 3.23 8 201 DSM KONINKLIJKE 475 153 3.82 12 340 DSV DKK 399 581 3.21 1 293 EAST JAPAN RAILWAY CO 116 340 0.93 44 363 E.ON AG REG SHS 590 680 4.75 1 649 FANUC CORP SHS 337 980 2.72 1 230 FAST RETAILING CO LTD 558 483 4.49 11 609 FORTUM CORP 206 180 1.66 1 306 FRESENIUS MEDICAL CARE AG & CO KGAA 107 739 0.87 318 HITACHI ZOSEN CORP 1 814 0.01 520 HUGO BOSS AG 58 083 0.47 4 683 KANSAI ELECTRIC POWER 51 876 0.42 4 129 MAN SE 425 043 3.42 8 331 MEIDENSHA 31 318 0.25 29 158 NEC CORP 88 405 0.71 585 NESTLE SA REG SHS CHF 42 252 0.34 5 297 NOVARTIS AG REG SHS CHF 522 291 4.20 7 200 NOVO NORDISK DKK 392 084 3.15 11 330 OJI HOLDINGS 49 259 0.40 16 424 PIONEER CORP 29 931 0.24 1 105 PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR 93 041 0.75 84 147 POST NL 373 808 3.00 1 636 PROXIMUS SA 57 729 0.46 7 975 RANDSTAD HOLDING 519 016 4.17 389 ROCHE HOLDING AG GENUSSSCHEIN CHF 109 053 0.88 16 192 ROYAL DUTCH SHELL PLC 457 703 3.68 17 441 ROYAL PHILIPS ELECTRONICS 443 456 3.56 2 021 SEVEN & I HOLDINGS CO LTD 86 875 0.70 3 771 SIEMENS AG REG 379 619 3.05 617 SOFTBANK GROUP 36 350 0.29 2 856 TAKEDA PHARMA CO LTD 137 963 1.11 1 055 TELENET GROUP HOLDING NV 57 352 0.46 18 332 TELENOR AS NOK 400 308 3.22 15 712 THYSSENKRUPP AG 408 510 3.28 1 457 TOYOTA MOTOR CORP 97 673 0.78 9 472 UNILEVER NV 394 234 3.17 4 275 UPM KYMMENE CORP 75 592 0.61 8 437 VESTAS WIND SYSTEMS AS DKK 420 886 3.38 5 873 YAMAHA CORP. 118 550 0.95 Total investments 13 684 344 109.96 The accompanying notes form an integral part of these financial statements Page 19

- LYXOR MERGER ARBITRAGE INDEX FUND Geographical classification of investments Breakdown per country % of net assets Germany 38.33 The Netherlands 26.51 Japan 18.58 Denmark 9.74 Switzerland 5.42 Belgium 4.85 Norway 3.22 Finland 2.27 Luxembourg 1.04 109.96 Economic classification of investments Breakdown per sector % of net assets Chemicals 13.44 Transportation 11.72 Road vehicles 10.42 Pharmaceuticals and cosmetics 10.21 Utilities 8.55 Communications 8.41 Electronics and semiconductors 7.81 Electrical engineering and electronics 6.02 Petroleum 5.34 Holding and finance companies 4.49 Miscellaneous services 4.17 Miscellaneous consumer goods 4.12 Tobacco and alcoholic drinks 3.93 Tires and rubber 3.42 Coal mining and steel industry 3.28 Aerospace industry 1.10 Paper and forest products 1.01 Office supplies and computing 0.71 Retail trade, department stores 0.70 Textiles and garments 0.47 Foods and non alcoholic drinks 0.34 Internet and Internet services 0.29 Machine and apparatus construction 0.01 109.96 Page 20

- LYXOR CREDIT STRATEGIES INDEX FUND Page 21

- LYXOR CREDIT STRATEGIES INDEX FUND Financial Statements as at 30/06/15 Statement of net assets as at 30/06/15 Expressed in USD Assets Investments in securities at market value Note 2.2 Cost price Unrealised profit on investments in securities Cash at banks and liquidities Net unrealised profit on forward foreign exchange contracts Note 2.9, 6 Liabilities Bank overdrafts "Taxe d'abonnement" payable Note 5 Performance Swap at Market Value Note 2.5, 7 Management fees payable Note 3 Other liabilities Net asset value 1 938 970 1 885 491 1 883 032 2 459 51 278 2 201 238 257 13 098 53 204 935 13 368 6 803 1 700 713 Key figures Period/Year ending as at: 30/06/15 31/12/14 31/12/13 USD USD USD Total Net Assets 1 700 713 8 757 899 9 043 069 Class A () Class I () Class I (USD) Capitalisation shares Number of shares Net asset value per share Capitalisation shares Number of shares Net asset value per share Capitalisation shares Number of shares Net asset value per share 1 000.000 1 000.000 98.17 98.45 450.000 3 400.000 101.030 101.140 1 000.000 102.11 15 000.000 80 000.000 102.710 102.740 2 950.000 104.570 USD USD USD 80 000.000 105.960 The accompanying notes form an integral part of these financial statements Page 22

Quantity Denomination ALIAS INVESTMENT - LYXOR CREDIT STRATEGIES INDEX FUND Securities portfolio as at 30/06/15 Expressed in USD Quotation currency Transferable securities admitted to an official stock exchange and/or dealt in on another regulated market Market value % of net assets 1 885 491 110.86 Shares 1 885 491 110.86 1 256 AHOLD NV 23 511 1.38 435 ALTICE S.A. 59 882 3.52 406 ANHEUSER-BUSCH INBEV NV 48 629 2.86 693 BASF - NAMEN AKT 60 860 3.58 410 BAYER AG REG SHS 57 354 3.37 3 747 BOLIDEN AB SEK 68 234 4.01 240 CONTINENTAL AG 56 757 3.34 585 DAIMLER AG REG SHS 53 214 3.13 2 471 DEUTSCHE POST AG REG SHS 72 147 4.24 3 240 DEUTSCHE TELEKOM AG REG SHS 55 775 3.28 5 132 E.ON AG REG SHS 68 331 4.02 275 FANUC CORP SHS 56 364 3.31 1 562 FUJI HEAVY INDUSTRIES LTD 57 545 3.38 477 HENKEL AG & CO KGAA 53 466 3.14 2 198 ISS A/S DKK 72 486 4.26 4 185 ITOCHU CORP 55 303 3.25 9 683 MITSUBISHI CHEMICAL HOLDINGS CORP 60 971 3.59 1 470 NEC CORP 4 457 0.26 16 262 NORSK HYDRO ASA NOK 68 314 4.02 73 NOVO NORDISK DKK 3 975 0.23 904 NOVOZYMES -B- DKK 42 950 2.53 3 062 NTT DOCOMO INC 58 655 3.45 13 156 OJI HOLDINGS 57 198 3.36 1 471 OSRAM LICHT AG 70 403 4.14 717 PANDORA DKK 76 997 4.54 8 773 PIONEER CORP 15 988 0.94 335 PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR 28 207 1.66 2 548 ROYAL DUTCH SHELL PLC 72 025 4.23 1 161 SHINOGI CO LTD 45 021 2.65 704 SOFTBANK GROUP 41 475 2.44 4 113 STORA ENSO -R- 42 367 2.49 12 529 TELIASONERA AB SEK 73 701 4.34 127 TOTO LTD 2 290 0.13 267 TOYOTA MOTOR CORP 17 899 1.05 1 301 UNILEVER NV 54 149 3.18 4 166 UPM KYMMENE CORP 73 665 4.33 237 VOLKSWAGEN VORZ.AKT 54 926 3.23 Total investments 1 885 491 110.86 The accompanying notes form an integral part of these financial statements Page 23

- LYXOR CREDIT STRATEGIES INDEX FUND Geographical classification of investments Breakdown per country % of net assets Germany 37.13 Japan 27.81 Denmark 11.56 The Netherlands 8.79 Sweden 8.35 Finland 6.82 Norway 4.02 Luxembourg 3.52 Belgium 2.86 110.86 Economic classification of investments Breakdown per sector % of net assets Communications 14.59 Road vehicles 12.45 Miscellaneous consumer goods 10.86 Paper and forest products 10.18 Chemicals 9.48 Utilities 8.04 Electrical engineering and electronics 7.45 Miscellaneous services 4.26 Transportation 4.24 Petroleum 4.23 Coal mining and steel industry 4.01 Holding and finance companies 3.59 Tires and rubber 3.34 Miscellaneous trading companies 3.25 Pharmaceuticals and cosmetics 2.88 Tobacco and alcoholic drinks 2.86 Internet and Internet services 2.44 Retail trade, department stores 1.38 Electronics and semiconductors 0.94 Office supplies and computing 0.26 Building materials and trade 0.13 110.86 Page 24

Notes to the financial statements Page 25

Note 1 - Activity ALIAS INVESTMENT Notes to the financial statements as at June 30, 2015 ALIAS INVESTMENT, formerly named Symphonia Investment Fund (the Fund ) was incorporated on November 7, 2003. The Fund is submitted to Part I of the law of December 17, 2010, as amended, relating to Undertakings for Collective Investment (the 2010 Law ). An Extraordinary General Meeting of Shareholders approved the new name of the Fund ALIAS INVESTMENT through a notary deed dated August 8, 2005. As at June 30, 2015, four Sub-Funds are offered: - ALIAS INVESTMENT - LYXOR HEDGE FUND INDEX FUND - ALIAS INVESTMENT - LYXOR SPECIAL SITUATIONS INDEX FUND - ALIAS INVESTMENT - LYXOR MERGER ARBITRAGE INDEX FUND - ALIAS INVESTMENT - LYXOR CREDIT STRATEGIES INDEX FUND Note 2 - Principal accounting policies 2.1 Presentation of financial statements The financial statements of the Fund are prepared in accordance with Luxembourg regulations relating to undertakings for collective investment. All figures disclosed in the financial statements are reported without decimals. As a result, small rounding differences may occur. 2.2 Valuation of investment in securities 2.2.1 Securities listed on an official 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 the relevant securities, the value of such securities 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 Investments in UCIs are valued on the basis of the last available net asset value of the units or shares of such UCIs. 2.3 Valuation of total return swaps Swaps pegged 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. 2.4 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. Page 26

Notes to the financial statements as at June 30, 2015 (continued) Note 2 - Principal accounting policies (cont.) 2.5 Net realised gains or losses on performance swaps The realised on swaps 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, respectively in the context of subscriptions/redemptions at the Sub-Fund s level. 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. 2.7 Combined financial statements The combined statement of net assets represents the total of the statements of net assets of the individual Sub-Funds, translated in Euro at the exchange rates prevailing at period-end. The exchange rates used for the combined statements are the following : /USD : 1.1142 2.8 Income Dividends are credited to income on the date upon which the relevant securities are first listed as exdividend. Interest income is accrued on a daily basis. 2.9 Forward foreign exchange contracts Forward foreign exchange contracts are valued at the forward rate applicable at the statement of net assets date for the remaining period until maturity. Note 3 - Management Fee In accordance with the Main Delegation Agreement dated October 7, 2005, as amended from time to time, the Management Company, Lyxor Asset Management Luxembourg S.A., received for its services a Management Fee until February 13, 2014. Since February 13, 2014 and in accordance with the Novation Agreement dated January 27, 2014, the Management Company Lyxor Asset Management S.A.S. receives for its services a Management Fee. Such fee is payable quarterly in arrears by each Sub-Fund and is calculated on the basis of a percentage of the Net Asset Value per Share of each Class of Shares. As at June 30, 2015, the applicable rates are detailed on the next page: Page 27

Notes to the financial statements as at June 30, 2015 (continued) Note 3 - Management Fee (cont.) Sub-Funds ALIAS INVESTMENT - LYXOR HEDGE FUND INDEX FUND ALIAS INVESTMENT - LYXOR SPECIAL SITUATIONS INDEX FUND ALIAS INVESTMENT - LYXOR MERGER ARBITRAGE INDEX FUND ALIAS INVESTMENT - LYXOR CREDIT STRATEGIES INDEX FUND Classes of Shares Annual percentage (VAT included) Class A Shares 0.90% Class I Shares 0.70% Class A Shares 0.90% Class I Shares 0.70% Class A Shares 0.90% Class I Shares 0.70% Class A Shares 0.90% Class I Shares 0.70% 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, Registrar and Transfer Agent, Custodian and Paying Agent fees For the Sub-Fund ALIAS INVESTMENT - LYXOR HEDGE FUND INDEX FUND, a fee of 0.15% of the Sub-Fund s Net Asset Value per year is paid by the Fund to the Management Company, the latter being responsible for remunerating the Custodian, the Administrative Agent, the Paying Agent and the Registrar and Transfer Agent for their respective services. The custody transaction fees were supported by the Management Company for the period ended June 30, 2015. For all the other Sub-Funds, the Custodian, the Administrative Agent, the Paying Agent and the Registrar and Transfer Agent receive an administrative fee payable quarterly out of the assets of each Sub-Fund. Such fee is set at a maximum of 0.20% per year (inclusive of VAT) of the Net Asset Value per Share (excluding transaction fees). By decision of the Board of Directors dated December 26, 2011, the fees relating to central administration, accounting, domiciliation and investment compliance are borne by the Management Company since October 1, 2011 and until such time as otherwise mutually agreed between the Fund and the Management Company. Note 5 - Taxation The Fund is not liable to any Luxembourg tax other than an annual tax ( taxe d abonnement ), payable quarterly, of 0.05% of the net asset value of the Classes of Shares (should there be a Class of Shares dedicated to institutional investors within the meaning of article 174 of the 2010 Law, then the percentage of tax is 0.01% for this specific Class). The percentage of tax is 0.05% for the Class A Shares and 0.01% for the Class I Shares in all Sub-Funds. 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. Page 28

Notes to the financial statements as at June 30, 2015 (continued) Note 6 - Unrealised gain/(loss) on forward foreign exchange contracts The Fund entered into the following open positions on forward foreign exchange contracts for the purpose of hedging the currency exposure of the share classes not denominated in USD. The counterparty of the open positions on forward foreign exchange contract is Société Générale. ALIAS INVESTMENT - LYXOR HEDGE FUND INDEX FUND Purchase Sale Maturity date Unrealised gain/(loss) in USD 1 301 USD 1 459 07/07/2015-10 128 364 USD 141 085 07/07/2015 1 953 63 041 USD 70 343 07/07/2015-98 8 292 814 USD 9 113 960 07/07/2015 126 692 Total: 128 537 ALIAS INVESTMENT - LYXOR SPECIAL SITUATIONS INDEX FUND Purchase Sale Maturity date Unrealised gain/(loss) in USD 6 221 USD 6 946 07/07/2015-14 1 148 625 USD 1 262 361 07/07/2015 17 548 112 243 USD 123 368 07/07/2015 1 706 Total: 19 240 ALIAS INVESTMENT - LYXOR MERGER ARBITRAGE INDEX FUND Purchase Sale Maturity date Unrealised gain/(loss) in USD 4 046 USD 4 521 07/07/2015-12 2 323 825 USD 2 553 927 07/07/2015 35 502 1 856 USD 2 079 07/07/2015-10 875 246 USD 961 912 07/07/2015 13 371 Total: 48 851 ALIAS INVESTMENT - LYXOR CREDIT STRATEGIES INDEX FUND Purchase Sale Maturity date Unrealised gain/(loss) in USD 46 020 USD 50 590 07/07/2015 692 99 328 USD 109 174 07/07/2015 1 509 Total: 2 201 Page 29

Notes to the financial statements as at June 30, 2015 (continued) Note 7 - Swap agreements ALIAS INVESTMENT - LYXOR HEDGE FUND INDEX FUND The Sub-Fund ALIAS INVESTMENT - LYXOR HEDGE FUND INDEX FUND entered on August 26, 2008 into an OTC swap agreement with Société Générale. Notional in USD Flow paid Flow received Maturity date Unrealised in USD 34 822 094 Initial notional of the swap as adjusted for subscription and redemption in the sub-fund + Performance of the basket of shares, held by the Sub-Fund, dividends included + flow corresponding to the costs of repo Performance of Lyxor Hedge Fund Index adjusted by some fees September 15, 2015-3 265 181 ALIAS INVESTMENT - LYXOR SPECIAL SITUATIONS INDEX FUND Total : -3 265 181 The Sub-Fund ALIAS INVESTMENT - LYXOR SPECIAL SITUATIONS INDEX FUND entered on June 8, 2010 into an OTC swap agreement with Société Générale. Notional in USD Flow paid Flow received Maturity date Unrealised in USD 9 357 474 Initial notional of the swap as adjusted for subscription and redemption in the sub-fund + Performance of the basket of shares, held by the Sub-Fund, dividends included + flow corresponding to the cost of repo Performance of Lyxor Special Situations Index adjusted by some fees ALIAS INVESTMENT - LYXOR MERGER ARBITRAGE INDEX FUND September 15, 2015-1 081 786 Total : -1 081 786 The Sub-Fund ALIAS INVESTMENT - LYXOR MERGER ARBITRAGE INDEX FUND entered on June 8, 2010 into an OTC swap agreement with Société Générale. Notional in USD Flow paid Flow received Maturity date Unrealised in USD 12 380 238 Initial notional of the swap as adjusted for subscription and redemption in the sub-fund + Performance of the basket of shares, held by the Sub-Fund, dividends included + flow corresponding to the cost of repo Performance of Lyxor Merger Arbitrage Index adjusted by some fees September 15, 2015-1 315 751 Total : -1 315 751 Page 30

Notes to the financial statements as at June 30, 2015 (continued) Note 7 - Swap agreements (cont.) ALIAS INVESTMENT - LYXOR CREDIT STRATEGIES INDEX FUND The Sub-Fund ALIAS INVESTMENT - LYXOR CREDIT STRATEGIES INDEX FUND entered on June 1, 2010 into an OTC swap agreement with Société Générale. Notional in USD Flow paid Flow received Maturity date Unrealised in USD 1 687 204 Initial notional of the swap as adjusted for subscription and redemption in the sub-fund + Performance of the basket of shares, held by the Sub-Fund, dividends included + flow corresponding to the cost of repo Note 8 - Other operating expenses Performance of Lyxor Credit Strategies Index adjusted by some fees Other operating expenses of the Fund are supported by the Management Company. September 15, 2015-204 935 Total : -204 935 Note 9 - Subsequent events By circular resolution at June 26, 2015, the Board of Directors of the Fund decided to put the Sub-Fund ALIAS INVESTMENT - LYXOR CREDIT STRATEGIES INDEX FUND into liquidation with the last Net Asset Value calculated at July 7, 2015. European Fund Services S.A. (EFS) has merged with Société Générale Bank & Trust ( SGBT ) on July 1 st, 2015. As from the Merger, the registrar and transfer agency services are performed by SGBT. Page 31