Lemanik Sicav

LEMANIK SICAV

Socie´te´d’Investissement a`Capital Variable

Unaudited Semi-Annual Report as at November 30, 2014 R.C.S.: Luxembourg B 44.893

No subscription can be received on the basis of this annual report. Subscriptions are only valid if made on the basis of the current prospectus supplemented by the latest annual report, the Key Investor Information Document (KIID) and the most recent semi-annual report, if published thereafter. LEMANIK SICAV

TABLE OF CONTENTS

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ORGANISATION...... 5 STATEMENT OF NET ASSETS ...... 9 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ...... 18 STATISTICAL INFORMATION ...... 27 LEMANIK SICAV - ASIAN OPPORTUNITY ...... 45 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 45 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 51 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 52 LEMANIK SICAV - ITALY...... 53 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 53 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 60 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 61 LEMANIK SICAV - WORLD EQUITIES (formerly known as MC WORLD EQUITIES) ...... 62 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 62 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 65 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 66 LEMANIK SICAV - SELECTED BOND...... 67 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 67 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 70 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 71 LEMANIK SICAV - SHORT DURATION ...... 72 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 72 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 75 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 76 LEMANIK SICAV - FLEX DURATION ...... 77 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 77 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 79 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 80 LEMANIK SICAV - ACTIVE SHORT TERM CREDIT (formerly known as VALUE OPPORTUNITIES)...... 81 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 81 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 87 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 88 LEMANIK SICAV - EUROPEAN SPECIAL SITUATIONS...... 89 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 89 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 94 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 95 LEMANIK SICAV - SPRING...... 96 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 96 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 102 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 103 LEMANIK SICAV - MULTI ASSET DYNAMIC GROWTH (formerly known as DYNAMIC GROWTH) ...... 104 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 104 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 109 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 110 LEMANIK SICAV - FLEX STRATEGY ...... 111 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 111 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 113 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 114 LEMANIK SICAV

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LEMANIK SICAV - DYNAMIC FLEX (formerly known as MC DYNAMIC FLEX) ...... 115 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 115 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 118 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 119 LEMANIK SICAV - GLOBAL PORTFOLIO (formerly known as ALPHA BETA SIGMA) ...... 120 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 120 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 124 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 125 LEMANIK SICAV - HIGH GROWTH ...... 126 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 126 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 132 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 133 LEMANIK SICAV - ALL STARS FUND ...... 134 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 134 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 135 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 136 LEMANIK SICAV - WORLD DAYTONA ...... 137 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 137 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 139 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 140 LEMANIK SICAV - WORLD TREND...... 141 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 141 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 143 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 144 LEMANIK SICAV - FLEX QUANTITATIVE HR6...... 145 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 145 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 146 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 147 LEMANIK SICAV - ADWISE BOND...... 148 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 148 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 152 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 153 LEMANIK SICAV - PHOENIXTREND BOND ...... 154 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 154 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 155 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 156 LEMANIK SICAV - PHOENIXTREND AGGRESSIVE...... 157 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 157 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 161 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 162 LEMANIK SICAV - FUNDAMENTAL GLOBAL EQUITY ...... 163 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 163 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 164 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 165 LEMANIK SICAV - WORLD YIELD ...... 166 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 166 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 169 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 170 LEMANIK SICAV

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LEMANIK SICAV - ADWISE LONG/SHORT...... 171 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS...... 171 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 174 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 175 NOTES TO THE FINANCIAL STATEMENTS...... 176 LEMANIK SICAV

ORGANISATION

Board of Directors

Chairman: Mr Gianluigi SAGRAMOSO Lemanik S.A. 5, Via Bagutti CH-6900 Lugano

Directors: Mr Carlo SAGRAMOSO Lemanik S.A. 5, Via Bagutti CH-6900 Lugano

Mr Marco SILVANI Lemanik S.A. 5, Via Bagutti CH-6900 Lugano

Mr Luigi FERA Lemanik S.A. 5, Via Bagutti CH-6900 Lugano

Mr Eric CHINCHON ME Business Solutions S.a`r.l. 16, Rue Jean-Pierre Brasseur L-1258 Luxembourg

Mr Marcel ZIMMERMANN Asian Asset Research S.A. 6, Via Peri CH-6900 Lugano

Registered Office

41, Op Bierg L-8217 Mamer

Management Company

Lemanik Asset Management S.A. 41, Op Bierg L-8217 Mamer

Custodian Bank and Paying Agent

RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette

5 LEMANIK SICAV

ORGANISATION (continued)

Domiciliary Agent

Lemanik Asset Management S.A. 41, Op Bierg L-8217 Mamer

Delegated Administrative Agent, Registrar and Transfer Agent

RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette

Investment Manager

Lemanik S.A. 5, Via Bagutti CH-6900 Lugano

Sub-Investment Managers

Kairos Partners S.G.R. S.p.A. 21, Via Bigli I-20121 Milano for the two Sub-Funds: Lemanik SICAV - Italy and Lemanik SICAV - High Growth

Symphonia S.G.R. S.p.A. 5, Corso G. Matteotti I-20121 Milano for the Sub-Fund: Lemanik SICAV - World Trend

Lombard Odier & Cie 11, Rue de la Corraterie CH-1204 Geneva for the Sub-Fund: Lemanik SICAV - Fundamental Global Equity

Swan Asset Management S.A. (as from September 5, 2014) 19, Via L. Zuccoli CH-6900 Lugano for the Sub-Fund: Lemanik SICAV - Active Short Term Credit

Praude Asset Management Limited (as from September 5, 2014) Level 14, Portomaso Business Tower Portomaso, ST Julian’s, STJ 4011 Malta for the Sub-Fund: Lemanik SICAV - Asian Opportunity

Zenith SGR S.p.A (as from September 5, 2014) Via Privata Maria Teresa I-20123 Milano for the two Sub-Funds: Lemanik SICAV - World Equities and Lemanik SICAV - Dynamic Flex

Method Investments & Advisory Limited (as from September 5, 2014) 25 Savile Row UK-London W1S 2ER for the Sub-Fund: Lemanik SICAV - Selected Bond

6 LEMANIK SICAV

ORGANISATION (continued)

Cabinet de re´vision agre´e´

Deloitte Audit, Socie´te´a`Responsabilite´Limite´e 560, Rue de Neudorf L-2220 Luxembourg

Distributors for Italy are:

The Principal Distributor for the SICAV is the Management Company which appoints some distributors in Italy.

Italians FSP and banks:

Alto Adige Banca S.p.A.- SudTirolBank AG Unicasim S.p.A. 1, Via Esperanto 2, Piazza De Ferrari I-39100 Bolzano I-16121 Genova

Banca Sella S.p.A. Cassa Lombarda S.p.A. 1, Piazza Gaudenzio Sella 12/14, Via Manzoni I-13900 Biella I-20121 Milano

Intermonte SIM S.p.A. Banca Profilo S.p.A. 9, C.so Vittorio Emanuele II 49, Corso Italia I-20122 Milano I-20122 Milano

Banca Generali S.p.A. Banca Patrimoni Sella e C. S.p.A. 4, Via Macchiavelli 255, Piazza C.L.N I-34132 Trieste I-10123 Torino

Banca Monte dei Paschi di Siena S.p.A. Consultinvest Investimenti Sim S.p.A. 3, Piazza Salimbeni 33, Piazza Grande I-53100 Siena I-41100 Modena

Banca Intermobiliare di Investimenti e Gestioni S.p.A. Banca Popolare di Puglia e Basilicata S.c.p.a. 7, Via Gramsci 13, Via Ottavio Serena I-10121 Torino I-70022 Altamura

Banca Ifigest S.p.A. Banco Popolare Societa`Cooperativa 1, Piazza S. Maria Soprarno 2, Piazza Nogara I-50125 Firenze I-37121 Verona

IW Bank S.p.A. Gruppo Cassa di Risparmio di Ferrara 20, Via Cavriana 108, Corso Giovecca I-20134 Milano I-44121 Ferrara

Finecobank S.p.A. Banca Antonveneta S.p.A. 11, Piazza Durante 2, Piazzetta F. Turati I-20131 Milano I-5040 Padova

Allfunds Bank S.A. Valori&Finanza Investimenti SIM S.p.A. succursale di Milano 30, Via R. D’Aronco 7, Via Santa Margherita I-33100 Udine I-20121 Milano

7 LEMANIK SICAV

ORGANISATION (continued)

Distributors for Italy are (continued):

Gruppo Banca Leonardo Banca Fideuram S.p.A. 46, Via Broletto 31, Piazzale Giulio Douhet I-20121 Milano I-00143 Roma

Correspondent banks in Italy are:

RBC Investor Services Bank S.A. - succursale di Milano Banca Monte dei Paschi di Siena 26, Via Vittor Pisani 3, Piazza Salimbeni I-20124 Milano I-53100 Siena

State Street Bank S.p.A. Allfunds Bank S.A. 10, Via Ferrante Aporti succursale di Milano I-20125 Milano 7, Via Santa Margherita I-20121 Milano

Banca Sella Holding S.p.A. BNP PARIBAS Securities Services S.A. 1, Piazza Gaudenzio Sella Succursale di Milano I-13900 Biella 5, Via Ansperto I-20123 Milano Socie´te´Ge´ne´rale Securities Services S.p.A. Maciachini Center MAC 2 19/A, Via Benigno Crespi I-20159 Milano

Representative for Switzerland* is:

Lemanik S.A. 5, Via Bagutti CH-6900 Lugano

Listing agent is:

RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette

The statutes, the prospectus, the annual reports and the semi-annual reports can be obtained free of charge from the representative in Switzerland, from the correspondents and the distributors in Italy as well as at the registered office of the SICAV.

* No distribution in Switzerland

8 LEMANIK SICAV

STATEMENT OF NET ASSETS as at November 30, 2014

Notes COMBINED ASIAN ITALY OPPORTUNITY (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 957,607,872.12 46,672,499.09 67,842,459.84 - Cash at bank 144,967,303.31 1,313,659.09 21,149,945.26 - Amounts receivable on sale of investments 11,942,332.18 674,985.52 457,460.95 - Amounts receivable on subscriptions 4,058,869.27 19,989.93 54,428.03 - Interest and dividend receivable, net 8,775,327.51 135,993.48 84,240.85 - Net unrealised gain on forward foreign exchange contracts (7) 2,868,857.19 213,642.82 - - Net unrealised gain on futures contracts (8) 1,852,973.52 - - - Other assets / receivables 1,596,228.04 - 7,323.91 - Formation expenses, net 23,683.22 - - TOTAL ASSETS 1,133,693,446.36 49,030,769.93 89,595,858.84

LIABILITIES - Amounts payable on purchase of investments 13,480,049.42 364,956.66 1,080,109.23 - Amounts payable on redemptions 5,101,464.15 216,056.90 121,301.85 - Net unrealised loss on contracts for difference (9) 270,720.00 - - - Net unrealised loss on forward foreign exchange contracts (7) 2,222,654.30 - - - Net unrealised loss on futures contracts (8) 1,544,348.44 - 45.00 - Management fees payable (3) 1,254,620.29 61,367.68 103,188.40 - Performance fee payable (5) 895,165.93 - 527,274.72 - Unrealised capital gain tax on investments 10,185.98 10,185.98 - - Taxes and expenses payable 496,574.31 15,461.43 59,600.39 - Other liabilities 1,807,250.16 - - TOTAL LIABILITIES 27,083,032.98 668,028.65 1,891,519.59 TOTAL NET ASSETS 1,106,610,413.38 48,362,741.28 87,704,339.25

Net asset value per Capitalisation Retail EUR share 13.13 - Number of Capitalisation Retail EUR shares outstanding 2,898,417.237 - Net asset value per Distribution Retail EUR share - - Number of Distribution Retail EUR shares outstanding - - Net asset value per Capitalisation Retail EUR A share - 25.08 Number of Capitalisation Retail EUR A shares outstanding - 2,336,948.203 Net asset value per Distribution Retail EUR A share - - Number of Distribution Retail EUR A Shares outstanding - - Net asset value per Capitalisation Institutional EUR A share - - Number of Capitalisation Institutional EUR A shares outstanding - - Net asset value per Capitalisation Retail EUR B share - 12.27 Number of Capitalisation Retail EUR B shares outstanding - 551,541.538 Net asset value per Capitalisation Institutional EUR share 193.66 122.68 Number of Capitalisation Institutional EUR shares outstanding 53,171.560 182,023.974 Net asset value per Capitalisation Retail EUR T share - - Number of Capitalisation Retail EUR T shares outstanding - - Net asset value per Distribution Retail EUR T Share - - Number of Distribution Retail EUR T Shares outstanding - - Net asset value per Distribution Retail EUR K share - - Number of Distribution Retail EUR K shares outstanding - -

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

9 LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2014

Notes WORLD SELECTED SHORT EQUITIES (1) BOND DURATION (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 2,707,097.42 77,883,772.54 5,313,456.86 - Cash at bank 211,740.47 19,119,798.37 444,809.59 - Amounts receivable on sale of investments - - - - Amounts receivable on subscriptions - 1,162,334.47 127,470.20 - Interest and dividend receivable, net 2,399.31 1,775,248.45 79,996.74 - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (8) 36,787.04 71,170.00 - - Other assets / receivables 3,021.50 - 564.31 - Formation expenses, net - - - TOTAL ASSETS 2,961,045.74 100,012,323.83 5,966,297.70

LIABILITIES - Amounts payable on purchase of investments - 644,000.00 - - Amounts payable on redemptions 46,330.85 511,088.15 5,986.49 - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) - 894,710.94 41,306.93 - Net unrealised loss on futures contracts (8) - - - - Management fees payable (3) 2,735.36 107,568.45 2,743.11 - Performance fee payable (5) 168.51 53,748.99 47.94 - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 9,588.89 34,740.47 - - Other liabilities --- TOTAL LIABILITIES 58,823.61 2,245,857.00 50,084.47 TOTAL NET ASSETS 2,902,222.13 97,766,466.83 5,916,213.23

Net asset value per Capitalisation Retail EUR share 1,084.38 120.56 - Number of Capitalisation Retail EUR shares outstanding 641.697 275,905.047 - Net asset value per Distribution Retail EUR share - - - Number of Distribution Retail EUR shares outstanding - - - Net asset value per Capitalisation Retail EUR A share - - 910.47 Number of Capitalisation Retail EUR A shares outstanding - - 6,497.996 Net asset value per Distribution Retail EUR A share - 5.76 - Number of Distribution Retail EUR A Shares outstanding - 11,200,347.474 - Net asset value per Capitalisation Institutional EUR A share - - - Number of Capitalisation Institutional EUR A shares outstanding - - - Net asset value per Capitalisation Retail EUR B share - - - Number of Capitalisation Retail EUR B shares outstanding - - - Net asset value per Capitalisation Institutional EUR share 168.75 - - Number of Capitalisation Institutional EUR shares outstanding 13,074.816 - - Net asset value per Capitalisation Retail EUR T share - - - Number of Capitalisation Retail EUR T shares outstanding - - - Net asset value per Distribution Retail EUR T Share - - - Number of Distribution Retail EUR T Shares outstanding - - - Net asset value per Distribution Retail EUR K share - - - Number of Distribution Retail EUR K shares outstanding - - -

(1) Sub-Fund name changed, see Note 1, for further details.

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

10 LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2014

Notes FLEX ACTIVE SHORT EUROPEAN DURATION TERM CREDIT (1) SPECIAL SITUATIONS (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 5,073,515.99 252,736,627.62 32,005,051.99 - Cash at bank 1,505,574.66 3,279,181.58 12,427,735.18 - Amounts receivable on sale of investments - - 16,896.16 - Amounts receivable on subscriptions - 1,196,434.99 112,305.92 - Interest and dividend receivable, net 58,998.26 3,960,567.26 424,742.37 - Net unrealised gain on forward foreign exchange contracts (7) - 2,640,140.55 - - Net unrealised gain on futures contracts (8) - 75,236.03 267,145.00 - Other assets / receivables - 597.42 12,927.40 - Formation expenses, net - - - TOTAL ASSETS 6,638,088.91 263,888,785.45 45,266,804.02

LIABILITIES - Amounts payable on purchase of investments - - 228,341.41 - Amounts payable on redemptions 23,210.86 2,448,370.96 234,532.07 - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) - - - - Net unrealised loss on futures contracts (8) 20,374.60 - - - Management fees payable (3) 4,627.82 231,918.58 39,270.71 - Performance fee payable (5) - 165.00 27,846.29 - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 12,410.48 91,611.47 20,056.99 - Other liabilities - - 12,507.95 TOTAL LIABILITIES 60,623.76 2,772,066.01 562,555.42 TOTAL NET ASSETS 6,577,465.15 261,116,719.44 44,704,248.60

Net asset value per Capitalisation Retail EUR share - - 14.93 Number of Capitalisation Retail EUR shares outstanding - - 167,267.489 Net asset value per Distribution Retail EUR share - - 1,222.44 Number of Distribution Retail EUR shares outstanding - - 34,527.336 Net asset value per Capitalisation Retail EUR A share 1,007.17 91.69 - Number of Capitalisation Retail EUR A shares outstanding 6,530.642 2,338,623.958 - Net asset value per Distribution Retail EUR A share - - - Number of Distribution Retail EUR A Shares outstanding - - - Net asset value per Capitalisation Institutional EUR A share - - - Number of Capitalisation Institutional EUR A shares outstanding - - - Net asset value per Capitalisation Retail EUR B share - 100.19 - Number of Capitalisation Retail EUR B shares outstanding - 5,000.000 - Net asset value per Capitalisation Institutional EUR share - 97.61 - Number of Capitalisation Institutional EUR shares outstanding - 473,171.614 - Net asset value per Capitalisation Retail EUR T share - - - Number of Capitalisation Retail EUR T shares outstanding - - - Net asset value per Distribution Retail EUR T Share - - - Number of Distribution Retail EUR T Shares outstanding - - - Net asset value per Distribution Retail EUR K share - - - Number of Distribution Retail EUR K shares outstanding - - -

(1) Sub-Fund name changed, see Note 1, for further details.

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

11 LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2014

Notes SPRING MULTI ASSET FLEX DYNAMIC STRATEGY GROWTH (1) (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 7,479,144.89 22,963,867.87 3,494,129.00 - Cash at bank 466,157.32 9,297,874.44 1,749,301.92 - Amounts receivable on sale of investments - - - - Amounts receivable on subscriptions - - 6,578.29 - Interest and dividend receivable, net 44,903.06 385,041.27 39,951.01 - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (8) 106,687.50 - 64,697.95 - Other assets / receivables 1,320.45 - 255.90 - Formation expenses, net - - - TOTAL ASSETS 8,098,213.22 32,646,783.58 5,354,914.07

LIABILITIES - Amounts payable on purchase of investments - - - - Amounts payable on redemptions - - 10,074.30 - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) - - - - Net unrealised loss on futures contracts (8) - 583,232.50 - - Management fees payable (3) 9,172.46 44,256.75 4,928.67 - Performance fee payable (5) - - 5,145.79 - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 4,937.09 7,663.77 4,623.98 - Other liabilities --- TOTAL LIABILITIES 14,109.55 635,153.02 24,772.74 TOTAL NET ASSETS 8,084,103.67 32,011,630.56 5,330,141.33

Net asset value per Capitalisation Retail EUR share 10,617.17 719.06 95.09 Number of Capitalisation Retail EUR shares outstanding 761.418 44,518.660 3,292.331 Net asset value per Distribution Retail EUR share - - - Number of Distribution Retail EUR shares outstanding - - - Net asset value per Capitalisation Retail EUR A share - - - Number of Capitalisation Retail EUR A shares outstanding - - - Net asset value per Distribution Retail EUR A share - - - Number of Distribution Retail EUR A Shares outstanding - - - Net asset value per Capitalisation Institutional EUR A share - - - Number of Capitalisation Institutional EUR A shares outstanding - - - Net asset value per Capitalisation Retail EUR B share - - - Number of Capitalisation Retail EUR B shares outstanding - - - Net asset value per Capitalisation Institutional EUR share - - 1,031.53 Number of Capitalisation Institutional EUR shares outstanding - - 4,863.704 Net asset value per Capitalisation Retail EUR T share - - - Number of Capitalisation Retail EUR T shares outstanding - - - Net asset value per Distribution Retail EUR T Share - - - Number of Distribution Retail EUR T Shares outstanding - - - Net asset value per Distribution Retail EUR K share - - - Number of Distribution Retail EUR K shares outstanding - - -

(1) Sub-Fund name changed, see Note 1, for further details.

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

12 LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2014

Notes DYNAMIC GLOBAL HIGH FLEX (1) PORTFOLIO (1) GROWTH (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 2,046,660.02 13,134,025.12 157,631,253.82 - Cash at bank 59,954.73 9,391,182.93 27,628,127.97 - Amounts receivable on sale of investments - - 2,593,733.71 - Amounts receivable on subscriptions - - 636,368.42 - Interest and dividend receivable, net 745.53 83,695.37 - - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (8) 1,505.00 - 1,229,745.00 - Other assets / receivables 1,621.78 1,840.45 780,714.07 - Formation expenses, net - - - TOTAL ASSETS 2,110,487.06 22,610,743.87 190,499,942.99

LIABILITIES - Amounts payable on purchase of investments - - 4,014,273.36 - Amounts payable on redemptions 1,505.59 - 742,310.27 - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) - - - - Net unrealised loss on futures contracts (8) - 484,240.00 - - Management fees payable (3) 1,867.05 18,704.28 244,598.79 - Performance fee payable (5) - - 225,860.12 - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 7,342.41 8,455.65 54,965.06 - Other liabilities - - 1,378,617.12 TOTAL LIABILITIES 10,715.05 511,399.93 6,660,624.72 TOTAL NET ASSETS 2,099,772.01 22,099,343.94 183,839,318.27

Net asset value per Capitalisation Retail EUR share 9.93 64.97 117.44 Number of Capitalisation Retail EUR shares outstanding 35,810.568 23,827.911 1,123,079.929 Net asset value per Distribution Retail EUR share - - - Number of Distribution Retail EUR shares outstanding - - - Net asset value per Capitalisation Retail EUR A share - - - Number of Capitalisation Retail EUR A shares outstanding - - - Net asset value per Distribution Retail EUR A share - - - Number of Distribution Retail EUR A Shares outstanding - - - Net asset value per Capitalisation Institutional EUR A share - - - Number of Capitalisation Institutional EUR A shares outstanding - - - Net asset value per Capitalisation Retail EUR B share - - - Number of Capitalisation Retail EUR B shares outstanding - - - Net asset value per Capitalisation Institutional EUR share 10.76 72.28 177.39 Number of Capitalisation Institutional EUR shares outstanding 162,021.762 284,320.000 292,863.506 Net asset value per Capitalisation Retail EUR T share - - - Number of Capitalisation Retail EUR T shares outstanding - - - Net asset value per Distribution Retail EUR T Share - - - Number of Distribution Retail EUR T Shares outstanding - - - Net asset value per Distribution Retail EUR K share - - - Number of Distribution Retail EUR K shares outstanding - - -

(1) Sub-Fund name changed, see Note 1, for further details.

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

13 LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2014

Notes ALL STARS WORLD WORLD FUND DAYTONA TREND (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 6,843,206.09 10,084,317.34 13,876,225.86 - Cash at bank 242,510.03 1,500,458.69 1,025,454.70 - Amounts receivable on sale of investments - 226,108.57 - - Amounts receivable on subscriptions - - 52,979.98 - Interest and dividend receivable, net - 5,232.24 - - Net unrealised gain on forward foreign exchange contracts (7) 6,784.49 8,289.33 - - Net unrealised gain on futures contracts (8) - - - - Other assets / receivables - - - - Formation expenses, net - - - TOTAL ASSETS 7,092,500.61 11,824,406.17 14,954,660.54

LIABILITIES - Amounts payable on purchase of investments - 778,174.56 - - Amounts payable on redemptions - 17,712.99 - - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) - - - - Net unrealised loss on futures contracts (8) - - 1,824.83 - Management fees payable (3) 10,777.87 8,029.27 27,098.03 - Performance fee payable (5) - 54,861.45 - - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 5,682.82 17,470.27 9,013.77 - Other liabilities --- TOTAL LIABILITIES 16,460.69 876,248.54 37,936.63 TOTAL NET ASSETS 7,076,039.92 10,948,157.63 14,916,723.91

Net asset value per Capitalisation Retail EUR share - 9.62 - Number of Capitalisation Retail EUR shares outstanding - 119,448.947 - Net asset value per Distribution Retail EUR share - - - Number of Distribution Retail EUR shares outstanding - - - Net asset value per Capitalisation Retail EUR A share - - - Number of Capitalisation Retail EUR A shares outstanding - - - Net asset value per Distribution Retail EUR A share - - - Number of Distribution Retail EUR A Shares outstanding - - - Net asset value per Capitalisation Institutional EUR A share - - - Number of Capitalisation Institutional EUR A shares outstanding - - - Net asset value per Capitalisation Retail EUR B share 9.80 - - Number of Capitalisation Retail EUR B shares outstanding 721,927.675 - - Net asset value per Capitalisation Institutional EUR share - 98.71 - Number of Capitalisation Institutional EUR shares outstanding - 99,277.114 - Net asset value per Capitalisation Retail EUR T share - - 122.41 Number of Capitalisation Retail EUR T shares outstanding - - 121,859.359 Net asset value per Distribution Retail EUR T Share - - - Number of Distribution Retail EUR T Shares outstanding - - - Net asset value per Distribution Retail EUR K share - - - Number of Distribution Retail EUR K shares outstanding - - -

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

14 LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2014

Notes FLEX ADWISE PHOENIXTREND QUANTITATIVE BOND BOND HR6 (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 33,158,515.28 69,937,474.37 35,389,042.77 - Cash at bank 10,480,569.71 2,946,749.93 3,563,637.86 - Amounts receivable on sale of investments 5,219.10 - 4,480,497.53 - Amounts receivable on subscriptions 199,893.39 439,028.12 - - Interest and dividend receivable, net - 1,412,311.81 - - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (8) - - - - Other assets / receivables - - - - Formation expenses, net - 1,758.54 7,034.17 TOTAL ASSETS 43,844,197.48 74,737,322.77 43,440,212.33

LIABILITIES - Amounts payable on purchase of investments - - 3,885,201.93 - Amounts payable on redemptions - 124,019.16 276,830.54 - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) 630,392.59 79,126.87 - - Net unrealised loss on futures contracts (8) 26,161.03 - - - Management fees payable (3) 42,279.17 64,086.26 61,990.21 - Performance fee payable (5) - - - - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 30,355.32 33,072.40 20,121.71 - Other liabilities --- TOTAL LIABILITIES 729,188.11 300,304.69 4,244,144.39 TOTAL NET ASSETS 43,115,009.37 74,437,018.08 39,196,067.94

Net asset value per Capitalisation Retail EUR share - 115.95 97.82 Number of Capitalisation Retail EUR shares outstanding - 557,222.121 400,688.861 Net asset value per Distribution Retail EUR share - - - Number of Distribution Retail EUR shares outstanding - - - Net asset value per Capitalisation Retail EUR A share 114.51 - - Number of Capitalisation Retail EUR A shares outstanding 235,996.040 - - Net asset value per Distribution Retail EUR A share - - - Number of Distribution Retail EUR A Shares outstanding - - - Net asset value per Capitalisation Institutional EUR A share - - - Number of Capitalisation Institutional EUR A shares outstanding - - - Net asset value per Capitalisation Retail EUR B share 110.05 - - Number of Capitalisation Retail EUR B shares outstanding 133,588.912 - - Net asset value per Capitalisation Institutional EUR share 119.17 117.22 - Number of Capitalisation Institutional EUR shares outstanding 9,550.967 83,822.779 - Net asset value per Capitalisation Retail EUR T share - - - Number of Capitalisation Retail EUR T shares outstanding - - - Net asset value per Distribution Retail EUR T Share - - - Number of Distribution Retail EUR T Shares outstanding - - - Net asset value per Distribution Retail EUR K share 99.99 - - Number of Distribution Retail EUR K shares outstanding 2,500.000 - -

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

15 LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2014

Notes PHOENIXTREND FUNDAMENTAL WORLD AGGRESSIVE GLOBAL EQUITY YIELD (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 17,282,534.12 11,959,202.79 10,757,338.93 - Cash at bank 5,531,238.99 343,498.03 2,005,485.53 - Amounts receivable on sale of investments 2,286,374.85 - - - Amounts receivable on subscriptions - - 35,990.02 - Interest and dividend receivable, net 5,792.47 5,835.41 156,608.65 - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (8) - - - - Other assets / receivables - - - - Formation expenses, net - 6,285.07 7,034.17 TOTAL ASSETS 25,105,940.43 12,314,821.30 12,962,457.30

LIABILITIES - Amounts payable on purchase of investments 2,071,789.98 - - - Amounts payable on redemptions 169,921.80 23,836.87 - - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) 52,606.79 - - - Net unrealised loss on futures contracts (8) 18,319.10 - 40,608.83 - Management fees payable (3) 35,971.83 22,455.43 23,687.74 - Performance fee payable (5) - - - - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 11,525.03 7,296.50 6,572.26 - Other liabilities --- TOTAL LIABILITIES 2,360,134.53 53,588.80 70,868.83 TOTAL NET ASSETS 22,745,805.90 12,261,232.50 12,891,588.47

Net asset value per Capitalisation Retail EUR share 95.83 - - Number of Capitalisation Retail EUR shares outstanding 237,362.926 - - Net asset value per Distribution Retail EUR share - - - Number of Distribution Retail EUR shares outstanding - - - Net asset value per Capitalisation Retail EUR A share - - - Number of Capitalisation Retail EUR A shares outstanding - - - Net asset value per Distribution Retail EUR A share - - - Number of Distribution Retail EUR A Shares outstanding - - - Net asset value per Capitalisation Institutional EUR A share - - - Number of Capitalisation Institutional EUR A shares outstanding - - - Net asset value per Capitalisation Retail EUR B share - - - Number of Capitalisation Retail EUR B shares outstanding - - - Net asset value per Capitalisation Institutional EUR share - - - Number of Capitalisation Institutional EUR shares outstanding - - - Net asset value per Capitalisation Retail EUR T share - 115.88 - Number of Capitalisation Retail EUR T shares outstanding - 105,806.264 - Net asset value per Distribution Retail EUR T Share - - 103.23 Number of Distribution Retail EUR T Shares outstanding - - 124,883.479 Net asset value per Distribution Retail EUR K share - - - Number of Distribution Retail EUR K shares outstanding - - -

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

16 LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2014

Notes ADWISE LONG/ SHORT (in EUR)

ASSETS - Investments in securities at market value (2) 51,336,452.50 - Cash at bank 9,282,656.33 - Amounts receivable on sale of investments 1,201,055.79 - Amounts receivable on subscriptions 15,067.51 - Interest and dividend receivable, net 113,023.97 - Net unrealised gain on forward foreign exchange contracts (7) - - Net unrealised gain on futures contracts (8) - - Other assets / receivables 786,040.85 - Formation expenses, net 1,571.27 TOTAL ASSETS 62,735,868.22

LIABILITIES - Amounts payable on purchase of investments 413,202.29 - Amounts payable on redemptions 128,374.50 - Net unrealised loss on contracts for difference (9) 270,720.00 - Net unrealised loss on forward foreign exchange contracts (7) 524,510.18 - Net unrealised loss on futures contracts (8) 369,542.55 - Management fees payable (3) 81,296.37 - Performance fee payable (5) 47.12 - Unrealised capital gain tax on investments - - Taxes and expenses payable 24,006.15 - Other liabilities 416,125.09 TOTAL LIABILITIES 2,227,824.25 TOTAL NET ASSETS 60,508,043.97

Net asset value per Capitalisation Retail EUR share 110.76 Number of Capitalisation Retail EUR shares outstanding 382,458.568 Net asset value per Distribution Retail EUR share - Number of Distribution Retail EUR shares outstanding - Net asset value per Capitalisation Retail EUR A share - Number of Capitalisation Retail EUR A shares outstanding - Net asset value per Distribution Retail EUR A share - Number of Distribution Retail EUR A Shares outstanding - Net asset value per Capitalisation Institutional EUR A share 112.31 Number of Capitalisation Institutional EUR A shares outstanding 161,563.799 Net asset value per Capitalisation Retail EUR B share - Number of Capitalisation Retail EUR B shares outstanding - Net asset value per Capitalisation Institutional EUR share - Number of Capitalisation Institutional EUR shares outstanding - Net asset value per Capitalisation Retail EUR T share - Number of Capitalisation Retail EUR T shares outstanding - Net asset value per Distribution Retail EUR T Share - Number of Distribution Retail EUR T Shares outstanding - Net asset value per Distribution Retail EUR K share - Number of Distribution Retail EUR K shares outstanding -

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

17 LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the period ended November 30, 2014

Notes COMBINED ASIAN ITALY OPPORTUNITY (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 1,051,530,156.97 47,657,242.13 96,162,455.10 INCOME Income from investments: - Dividends, net (2) 1,720,355.27 374,895.51 157,651.14 - Bond interest, net (2) 17,081,319.13 - 256,151.04 - Bank interest 6,986.56 0.79 - - Interest on swaps 36,729.20 - - - Securities lendings (11) 109,317.14 2,688.21 27,881.81 - Trailer fees (4) 55,336.12 - - - Other income 51,909.17 - 16,279.72 TOTAL INCOME 19,061,952.59 377,584.51 457,963.71

EXPENSES Fees: - Advisory fees 20,095.72 772.74 772.74 - Performance fees (5) 2,371,816.12 13,648.43 1,203,352.32 - Management fees (3) 8,440,852.84 400,115.57 711,226.29 - Administration and transfer agent fees (2) 2,242,003.32 48,543.76 190,550.21 - Custodian fees (2) 163,558.35 7,019.59 12,830.05

Other Expenses - Audit and legal fees 111,887.11 4,734.23 8,473.89 - Subscription tax (6) 227,653.45 10,365.10 17,295.73 - Transaction fees 2,693,393.81 143,560.63 304,526.30 - Bank interest 19,652.02 491.81 3,433.82 - Interest on swaps 705,858.84 - 60,898.17 - Amortisation of formation expenses (2) 4,335.66 - - - Other charges 190,149.54 5,843.30 12,222.53 - Interests on contracts for difference 176,963.91 - 53,589.47 TOTAL EXPENSES 17,368,220.69 635,095.16 2,579,171.52

NET RESULT ON INVESTMENTS 1,693,731.90 (257,510.65) (2,121,207.81) Net realised result on: - Investments 7,398,026.20 1,339,862.67 3,528,606.76 - Options (5,142,544.41) - 386,508.50 - Forward foreign exchange contracts (22,228,504.97) 757,615.66 - - Futures contracts (3,303,919.08) - 129,800.00 - Foreign exchange 2,150,413.02 (22,961.38) 54,039.15 - Contracts for difference 4,736,080.73 - 933,412.57 NET REALISED PROFIT/(LOSS) (14,696,716.61) 1,817,006.30 2,911,159.17 Change in net unrealised appreciation/(depreciation) on: - Investments (6,609,430.52) 1,982,973.70 (5,602,725.24) - Capital gain tax on investments (125.18) (125.18) - - Options 3,760,173.81 - 79,747.37 - Forward foreign exchange contracts 2,867,239.35 801,805.92 - - Futures contracts (447,680.95) - 111,665.00 - Contracts for difference (599,381.13) - (145,101.63) NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (15,725,921.23) 4,601,660.74 (2,645,255.33) MOVEMENTS IN CAPITAL Subscriptions of shares 665,167,239.17 9,739,418.17 14,803,894.38 Redemptions of shares (592,570,262.02) (13,635,579.76) (20,616,754.90) Dividend paid (2) (1,790,799.51) - -

NET ASSETS AT THE END OF THE PERIOD 1,106,610,413.38 48,362,741.28 87,704,339.25

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

18 LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2014

Notes WORLD SELECTED SHORT EQUITIES (1) BOND DURATION (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 3,219,233.43 95,768,597.24 4,038,428.81 INCOME Income from investments: - Dividends, net (2) 22,825.59 6,786.03 - - Bond interest, net (2) - 2,702,354.42 109,408.31 - Bank interest 16.09 - 46.38 - Interest on swaps - - - - Securities lendings (11) - - - - Trailer fees (4) - - - - Other income 464.27 - - TOTAL INCOME 23,305.95 2,709,140.45 109,454.69

EXPENSES Fees: - Advisory fees 772.74 772.74 772.74 - Performance fees (5) 168.51 393,608.14 8,607.01 - Management fees (3) 18,485.98 737,836.49 11,707.50 - Administration and transfer agent fees (2) 27,913.14 223,140.19 25,111.24 - Custodian fees (2) 425.73 14,069.66 721.78

Other Expenses - Audit and legal fees 500.40 10,961.98 687.72 - Subscription tax (6) 284.16 24,680.87 1,359.98 - Transaction fees 15,539.70 221,812.17 11,547.89 - Bank interest 321.89 32.30 28.76 - Interest on swaps - - - - Amortisation of formation expenses (2) - - - - Other charges 1,924.31 10,318.85 1,813.69 - Interests on contracts for difference - - - TOTAL EXPENSES 66,336.56 1,637,233.39 62,358.31

NET RESULT ON INVESTMENTS (43,030.61) 1,071,907.06 47,096.38 Net realised result on: - Investments 54,632.15 2,731,928.59 4,112.08 - Options - (22,982.00) - - Forward foreign exchange contracts - (2,630,300.76) (97,857.88) - Futures contracts 32,392.23 (318,709.96) 2,107.94 - Foreign exchange 22,480.39 213,979.71 13,918.27 - Contracts for difference - - - NET REALISED PROFIT/(LOSS) 66,474.16 1,045,822.64 (30,623.21) Change in net unrealised appreciation/(depreciation) on: - Investments 41,677.76 (1,395,652.83) 77,996.26 - Capital gain tax on investments - - - - Options - (17,587.50) - - Forward foreign exchange contracts - (486,032.51) (27,787.22) - Futures contracts 21,817.37 89,204.85 (2,061.12) - Contracts for difference - - - NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 129,969.29 (764,245.35) 17,524.71 MOVEMENTS IN CAPITAL Subscriptions of shares 210,668.10 29,084,874.76 3,303,499.53 Redemptions of shares (657,648.69) (24,531,960.31) (1,443,239.82) Dividend paid (2) - (1,790,799.51) -

NET ASSETS AT THE END OF THE PERIOD 2,902,222.13 97,766,466.83 5,916,213.23

(1) Sub-Fund name changed, see Note 1, for further details.

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

19 LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2014

Notes FLEX ACTIVE SHORT EUROPEAN DURATION TERM CREDIT (1) SPECIAL SITUATIONS (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 7,233,422.29 219,429,256.47 46,329,326.15 INCOME Income from investments: - Dividends, net (2) 1,594.77 - 156,949.82 - Bond interest, net (2) 67,152.91 11,376,508.44 537,816.49 - Bank interest 0.87 251.60 0.35 - Interest on swaps - - 3,312.57 - Securities lendings (11) - - 14,385.58 - Trailer fees (4) - - - - Other income - - - TOTAL INCOME 68,748.55 11,376,760.04 712,464.81

EXPENSES Fees: - Advisory fees 772.74 772.74 772.74 - Performance fees (5) - 16,724.29 27,846.29 - Management fees (3) 31,031.63 1,624,583.90 243,989.78 - Administration and transfer agent fees (2) 50,968.48 494,906.50 40,299.12 - Custodian fees (2) 982.19 42,578.63 6,681.29

Other Expenses - Audit and legal fees 858.14 27,248.58 4,504.24 - Subscription tax (6) 1,667.33 64,736.14 11,588.45 - Transaction fees 30,839.02 43,545.04 124,287.53 - Bank interest 207.30 1,770.77 912.22 - Interest on swaps - - - - Amortisation of formation expenses (2) - - - - Other charges 1,984.83 27,866.32 8,554.07 - Interests on contracts for difference - - 2,089.91 TOTAL EXPENSES 119,311.66 2,344,732.91 471,525.64

NET RESULT ON INVESTMENTS (50,563.11) 9,032,027.13 240,939.17 Net realised result on: - Investments (21,209.50) (712,260.12) (583,420.51) - Options - (59,590.82) 109,452.50 - Forward foreign exchange contracts (32,805.21) (15,765,901.77) (17,758.48) - Futures contracts (260,884.99) 41,086.45 160,195.00 - Foreign exchange 41,855.56 (33,137.05) 27,579.42 - Contracts for difference - - (24,616.50) NET REALISED PROFIT/(LOSS) (323,607.25) (7,497,776.18) (87,629.40) Change in net unrealised appreciation/(depreciation) on: - Investments (30,451.45) 2,670,650.81 (1,093,431.02) - Capital gain tax on investments - - - - Options - - (41,797.50) - Forward foreign exchange contracts 19,291.87 3,080,899.23 - - Futures contracts (19,020.98) (59,275.32) 223,210.00 - Contracts for difference - - 6,321.63 NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (353,787.81) (1,805,501.46) (993,326.29) MOVEMENTS IN CAPITAL Subscriptions of shares 38,422.06 387,671,824.56 50,107,474.58 Redemptions of shares (340,591.39) (344,178,860.13) (50,739,225.84) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD 6,577,465.15 261,116,719.44 44,704,248.60

(1) Sub-Fund name changed, see Note 1, for further details.

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

20 LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2014

Notes SPRING MULTI ASSET FLEX DYNAMIC STRATEGY GROWTH (1) (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 8,084,694.08 27,868,046.56 4,903,414.62 INCOME Income from investments: - Dividends, net (2) 55,424.91 47,926.25 1,299.45 - Bond interest, net (2) 50,802.86 223,226.47 30,441.68 - Bank interest 116.93 725.62 4.76 - Interest on swaps - - - - Securities lendings (11) 530.32 - - - Trailer fees (4) - - - - Other income - 974.15 - TOTAL INCOME 106,875.02 272,852.49 31,745.89

EXPENSES Fees: - Advisory fees 772.74 2,322.74 772.74 - Performance fees (5) - - 12,096.11 - Management fees (3) 52,256.69 202,657.92 27,561.34 - Administration and transfer agent fees (2) 23,570.93 52,622.11 28,809.46 - Custodian fees (2) 1,128.12 4,075.39 728.42

Other Expenses - Audit and legal fees 951.15 2,833.40 693.49 - Subscription tax (6) 1,936.33 6,790.98 304.86 - Transaction fees 7,461.02 65,951.02 16,943.24 - Bank interest 36.56 1,541.90 510.68 - Interest on swaps - - - - Amortisation of formation expenses (2) - - - - Other charges 2,078.46 4,094.42 1,821.16 - Interests on contracts for difference - - - TOTAL EXPENSES 90,192.00 342,889.88 90,241.50

NET RESULT ON INVESTMENTS 16,683.02 (70,037.39) (58,495.61) Net realised result on: - Investments 169,620.91 (1,407,024.82) 67,767.70 - Options - 107,221.25 - - Forward foreign exchange contracts - (748.35) - - Futures contracts 13,762.50 426,827.00 44,493.97 - Foreign exchange 8,241.87 19,280.17 31,809.71 - Contracts for difference - - - NET REALISED PROFIT/(LOSS) 208,308.30 (924,482.14) 85,575.77 Change in net unrealised appreciation/(depreciation) on: - Investments (46,660.60) (927,175.44) 17,806.04 - Capital gain tax on investments - - - - Options - (394,099.99) - - Forward foreign exchange contracts - 748.35 - - Futures contracts 26,325.00 (410,162.50) 49,697.40 - Contracts for difference - - - NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 187,972.70 (2,655,171.72) 153,079.21 MOVEMENTS IN CAPITAL Subscriptions of shares 145,574.02 6,879,146.05 352,427.10 Redemptions of shares (334,137.13) (80,390.33) (78,779.60) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD 8,084,103.67 32,011,630.56 5,330,141.33

(1) Sub-Fund name changed, see Note 1, for further details.

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

21 LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2014

Notes DYNAMIC GLOBAL HIGH FLEX (1) PORTFOLIO (1) GROWTH (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 2,804,864.35 19,733,366.80 188,164,214.08 INCOME Income from investments: - Dividends, net (2) 16,827.39 88,770.11 373,899.53 - Bond interest, net (2) - 49,990.59 - - Bank interest 60.79 668.81 3.63 - Interest on swaps - - - - Securities lendings (11) - - 55,674.31 - Trailer fees (4) - - - - Other income 610.86 1,292.88 - TOTAL INCOME 17,499.04 140,722.39 429,577.47

EXPENSES Fees: - Advisory fees 772.74 772.74 772.74 - Performance fees (5) - - 229,567.52 - Management fees (3) 14,865.55 143,186.38 1,747,744.66 - Administration and transfer agent fees (2) 27,877.14 28,630.08 159,315.46 - Custodian fees (2) 340.35 3,003.78 27,549.34

Other Expenses - Audit and legal fees 446.02 2,138.77 17,811.27 - Subscription tax (6) 212.80 3,551.40 41,290.79 - Transaction fees 14,680.42 45,061.04 670,634.77 - Bank interest 227.62 2,110.46 2,463.52 - Interest on swaps - - 644,960.67 - Amortisation of formation expenses (2) - - - - Other charges 1,640.62 3,959.68 18,564.03 - Interests on contracts for difference - - 97,733.24 TOTAL EXPENSES 61,063.26 232,414.33 3,658,408.01

NET RESULT ON INVESTMENTS (43,564.22) (91,691.94) (3,228,830.54) Net realised result on: - Investments (24,236.47) (1,050,917.82) (6,976,884.04) - Options - 21,825.00 642,197.55 - Forward foreign exchange contracts - - (5,384.22) - Futures contracts (34,127.50) 197,183.00 (2,729,875.00) - Foreign exchange 18,495.11 39,919.43 237,421.30 - Contracts for difference - - 3,350,162.24 NET REALISED PROFIT/(LOSS) (83,433.08) (883,682.33) (8,711,192.71) Change in net unrealised appreciation/(depreciation) on: - Investments 12,773.17 (987,557.60) (1,063,511.40) - Capital gain tax on investments - - - - Options - (268,649.50) 190,639.37 - Forward foreign exchange contracts - - - - Futures contracts 835.00 (320,032.50) 50,720.00 - Contracts for difference - - (364,643.84) NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (69,824.91) (2,459,921.93) (9,897,988.58) MOVEMENTS IN CAPITAL Subscriptions of shares 27,178.56 7,587,234.62 95,822,768.33 Redemptions of shares (662,445.99) (2,761,335.55) (90,249,675.56) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD 2,099,772.01 22,099,343.94 183,839,318.27

(1) Sub-Fund name changed, see Note 1, for further details.

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

22 LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2014

Notes ALL STARS WORLD WORLD FUND DAYTONA TREND (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 8,068,006.62 2,294,938.93 15,011,061.82 INCOME Income from investments: - Dividends, net (2) - 6,936.80 7,277.00 - Bond interest, net (2) - - - - Bank interest - 0.23 - - Interest on swaps - - - - Securities lendings (11) - - - - Trailer fees (4) 349.80 - - - Other income - - - TOTAL INCOME 349.80 6,937.03 7,277.00

EXPENSES Fees: - Advisory fees 772.74 772.74 772.74 - Performance fees (5) - 56,591.13 - - Management fees (3) 73,765.92 20,016.46 175,793.75 - Administration and transfer agent fees (2) 20,617.85 39,101.10 55,954.61 - Custodian fees (2) 1,051.33 408.74 2,087.43

Other Expenses - Audit and legal fees 110.34 490.95 1,568.69 - Subscription tax (6) 1,083.56 448.71 994.18 - Transaction fees 11,622.86 27,195.00 9,048.80 - Bank interest 1.84 316.27 0.17 - Interest on swaps - - - - Amortisation of formation expenses (2) - - - - Other charges 3,657.31 1,735.16 6,504.02 - Interests on contracts for difference - - - TOTAL EXPENSES 112,683.75 147,076.26 252,724.39

NET RESULT ON INVESTMENTS (112,333.95) (140,139.23) (245,447.39) Net realised result on: - Investments 332,564.22 513,170.28 521,246.39 - Options 11,004.00 - - - Forward foreign exchange contracts (54,979.76) - - - Futures contracts - (31,615.00) - - Foreign exchange 18,444.74 (7,730.95) 3,183.58 - Contracts for difference - - - NET REALISED PROFIT/(LOSS) 194,699.25 333,685.10 278,982.58 Change in net unrealised appreciation/(depreciation) on: - Investments (161,368.86) (146,168.47) 861,356.67 - Capital gain tax on investments - - - - Options 5,040.00 - - - Forward foreign exchange contracts 45,190.98 8,289.33 - - Futures contracts - 78,650.00 (1,824.83) - Contracts for difference - - - NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 83,561.37 274,455.96 1,138,514.42 MOVEMENTS IN CAPITAL Subscriptions of shares 185,432.12 9,018,422.99 946,159.51 Redemptions of shares (1,260,960.19) (639,660.25) (2,179,011.84) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD 7,076,039.92 10,948,157.63 14,916,723.91

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

23 LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2014

Notes FLEX ADWISE PHOENIXTREND QUANTITATIVE BOND BOND HR6 (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 37,175,323.98 52,910,725.52 49,479,850.33 INCOME Income from investments: - Dividends, net (2) - - - - Bond interest, net (2) - 1,445,024.64 - - Bank interest 5,004.27 31.40 17.69 - Interest on swaps - - - - Securities lendings (11) - - - - Trailer fees (4) 36,905.99 - - - Other income - - 15,983.43 TOTAL INCOME 41,910.26 1,445,056.04 16,001.12

EXPENSES Fees: - Advisory fees 772.74 772.74 772.73 - Performance fees (5) 324,216.51 - 20,428.53 - Management fees (3) 261,698.35 381,013.59 456,225.37 - Administration and transfer agent fees (2) 198,217.35 116,483.86 104,302.02 - Custodian fees (2) 5,864.87 9,411.57 6,497.08

Other Expenses - Audit and legal fees 3,988.30 6,232.99 5,201.43 - Subscription tax (6) 3,518.45 16,283.87 1,742.09 - Transaction fees 110,769.48 86,473.37 237,307.48 - Bank interest 2,394.26 44.61 886.29 - Interest on swaps - - - - Amortisation of formation expenses (2) - 284.31 1,137.22 - Other charges 13,116.77 7,264.75 24,478.21 - Interests on contracts for difference - - - TOTAL EXPENSES 924,557.08 624,265.66 858,978.45

NET RESULT ON INVESTMENTS (882,646.82) 820,790.38 (842,977.33) Net realised result on: - Investments 5,020,243.08 169,393.14 937,649.07 - Options - - (3,312,792.50) - Forward foreign exchange contracts (878,594.71) - - - Futures contracts (410,870.61) - - - Foreign exchange 486,210.46 2,477.49 (0.23) - Contracts for difference - - - NET REALISED PROFIT/(LOSS) 3,334,341.40 992,661.01 (3,218,120.99) Change in net unrealised appreciation/(depreciation) on: - Investments (2,011,191.73) (471,165.90) (429,198.09) - Capital gain tax on investments - - - - Options - - 2,016,315.00 - Forward foreign exchange contracts (409,756.29) (79,126.87) - - Futures contracts (2,078.20) - - - Contracts for difference - - - NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 911,315.18 442,368.24 (1,631,004.08) MOVEMENTS IN CAPITAL Subscriptions of shares 8,346,764.50 24,412,786.07 2,118,558.96 Redemptions of shares (3,318,394.29) (3,328,861.75) (10,771,337.27) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD 43,115,009.37 74,437,018.08 39,196,067.94

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

24 LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2014

Notes PHOENIXTREND FUNDAMENTAL WORLD AGGRESSIVE GLOBAL EQUITY YIELD (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 35,401,406.69 11,490,204.14 11,589,412.38 INCOME Income from investments: - Dividends, net (2) 15,687.91 9,672.52 - - Bond interest, net (2) - - 232,441.28 - Bank interest - - 35.84 - Interest on swaps - - - - Securities lendings (11) - - - - Trailer fees (4) - 17,795.12 285.21 - Other income 16,303.86 - - TOTAL INCOME 31,991.77 27,467.64 232,762.33

EXPENSES Fees: - Advisory fees 772.73 772.73 772.74 - Performance fees (5) 672.08 - - - Management fees (3) 301,472.60 138,524.21 141,670.55 - Administration and transfer agent fees (2) 72,189.98 49,194.84 49,861.31 - Custodian fees (2) 4,286.89 1,645.95 1,686.53

Other Expenses - Audit and legal fees 2,987.51 1,285.28 1,514.87 - Subscription tax (6) 433.57 2,641.96 2,855.39 - Transaction fees 182,772.31 8,244.61 39,507.39 - Bank interest 612.29 - 37.93 - Interest on swaps - - - - Amortisation of formation expenses (2) - 1,421.53 1,137.22 - Other charges 15,748.83 4,637.94 2,430.88 - Interests on contracts for difference - - - TOTAL EXPENSES 581,948.79 208,369.05 241,474.81

NET RESULT ON INVESTMENTS (549,957.02) (180,901.41) (8,712.48) Net realised result on: - Investments 133,980.72 167,109.65 365,519.65 - Options (2,630,142.50) - - - Forward foreign exchange contracts (118,269.33) - - - Futures contracts (64,660.68) - (32,066.21) - Foreign exchange 6,284.26 5,529.24 20,870.05 - Contracts for difference - - - NET REALISED PROFIT/(LOSS) (3,222,764.55) (8,262.52) 345,611.01 Change in net unrealised appreciation/(depreciation) on: - Investments 198,418.87 734,809.42 (161,324.24) - Capital gain tax on investments - - - - Options 1,811,595.00 - - - Forward foreign exchange contracts (35,844.45) - - - Futures contracts 4,633.52 - 79,558.91 - Contracts for difference - - - NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (1,243,961.61) 726,546.90 263,845.68 MOVEMENTS IN CAPITAL Subscriptions of shares 756,288.13 1,251,481.66 3,126,584.07 Redemptions of shares (12,167,927.31) (1,207,000.20) (2,088,253.66) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD 22,745,805.90 12,261,232.50 12,891,588.47

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

25 LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2014

Notes ADWISE LONG/ SHORT (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 56,712,664.45 INCOME Income from investments: - Dividends, net (2) 375,930.54 - Bond interest, net (2) - - Bank interest 0.51 - Interest on swaps 33,416.63 - Securities lendings (11) 8,156.91 - Trailer fees (4) - - Other income - TOTAL INCOME 417,504.59

EXPENSES Fees: - Advisory fees 772.73 - Performance fees (5) 64,289.25 - Management fees (3) 523,422.36 - Administration and transfer agent fees (2) 113,822.58 - Custodian fees (2) 8,483.64

Other Expenses - Audit and legal fees 5,663.47 - Subscription tax (6) 11,586.75 - Transaction fees 264,062.72 - Bank interest 1,268.75 - Interest on swaps - - Amortisation of formation expenses (2) 355.38 - Other charges 7,889.40 - Interests on contracts for difference 23,551.29 TOTAL EXPENSES 1,025,168.32

NET RESULT ON INVESTMENTS (607,663.73) Net realised result on: - Investments 2,116,572.42 - Options (395,245.39) - Forward foreign exchange contracts (3,383,520.16) - Futures contracts (468,957.22) - Foreign exchange 942,222.72 - Contracts for difference 477,122.42 NET REALISED PROFIT/(LOSS) (1,319,468.94) Change in net unrealised appreciation/(depreciation) on: - Investments 1,319,689.65 - Capital gain tax on investments - - Options 378,971.56 - Forward foreign exchange contracts (50,438.99) - Futures contracts (369,542.55) - Contracts for difference (95,957.29) NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (136,746.56) MOVEMENTS IN CAPITAL Subscriptions of shares 9,230,356.34 Redemptions of shares (5,298,230.26) Dividend paid (2) -

NET ASSETS AT THE END OF THE PERIOD 60,508,043.97

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

26 LEMANIK SICAV

STATISTICAL INFORMATION as at November 30, 2014

ASIAN ITALY WORLD SELECTED OPPORTUNITY EQUITIES (1) BOND (in EUR) (in EUR) (in EUR) (in EUR)

Total net assets - as at November 30, 2014 48,362,741.28 87,704,339.25 2,902,222.13 97,766,466.83 - as at May 31, 2014 47,657,242.13 96,162,455.10 3,219,233.43 95,768,597.24 - as at May 31, 2013 48,183,785.43 85,779,846.89 3,194,225.90 46,373,465.94

Number of Capitalisation Retail EUR shares outstanding - outstanding at the beginning of the period 3,383,810.369 - 699.193 209,941.968 - subscribed 374,062.665 - - 99,649.571 - redeemed (859,455.797) - (57.496) (33,686.492) - outstanding at the end of the period 2,898,417.237 - 641.697 275,905.047

Net asset value per Capitalisation Retail EUR share - as at November 30, 2014 13.13 - 1,084.38 120.56 - as at May 31, 2014 11.93 - 1,039.48 121.35 - as at May 31, 2013 12.30 - 945.62 109.01

Number of Distribution Retail EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Retail EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - 5.94 - as at May 31, 2013 - - - 5.50

Number of Capitalisation Retail EUR A shares outstanding - outstanding at the beginning of the period - 2,937,499.107 - - - subscribed - 75,854.190 - - - redeemed - (676,405.094) - - - outstanding at the end of the period - 2,336,948.203 - -

Net asset value per Capitalisation Retail EUR A share - as at November 30, 2014 - 25.08 - - - as at May 31, 2014 - 25.79 - - - as at May 31, 2013 - 20.91 - -

Number of Distribution Retail EUR A shares outstanding - outstanding at the beginning of the period - - - 11,826,443.575 - subscribed - - - 2,944,756.798 - redeemed - - - (3,570,852.899) - outstanding at the end of the period - - - 11,200,347.474

Net asset value per Distibution Retail EUR A Share - as at November 30, 2014 - - - 5.76 - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

27 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

ASIAN ITALY WORLD SELECTED OPPORTUNITY EQUITIES (1) BOND (in EUR) (in EUR) (in EUR) (in EUR)

Number of Capitalisation Institutional EUR A shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Capitalisation Institutional EUR A Share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR B shares outstanding - outstanding at the beginning of the period - 608,745.068 - - - subscribed - 58,413.753 - - - redeemed - (115,617.283) - - - outstanding at the end of the period - 551,541.538 - -

Net asset value per Capitalisation Retail EUR B share - as at November 30, 2014 - 12.27 - - - as at May 31, 2014 - 12.63 - - - as at May 31, 2013 - 10.25 - -

Number of Capitalisation Institutional EUR shares outstanding - outstanding at the beginning of the period 41,657.164 101,406.694 15,485.359 - - subscribed 25,844.922 100,269.286 1,279.499 - - redeemed (14,330.526) (19,652.006) (3,690.042) - - outstanding at the end of the period 53,171.560 182,023.974 13,074.816 -

Net asset value per Capitalisation Institutional EUR shares - as at November 30, 2014 193.66 122.68 168.75 - - as at May 31, 2014 174.99 125.37 160.95 - - as at May 31, 2013 178.71 101.02 145.11 -

Number of Distribution Institutional EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Institutional EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR T shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Capitalisation Retail EUR T share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

28 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

ASIAN ITALY WORLD SELECTED OPPORTUNITY EQUITIES (1) BOND (in EUR) (in EUR) (in EUR) (in EUR)

Number of Distribution Retail EUR T shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Distribution Retail EUR T share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR K shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Capitalisation Retail EUR K share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

29 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

SHORT FLEX ACTIVE SHORT EUROPEAN DURATION DURATION TERM CREDIT (1) SPECIAL SITUATIONS (in EUR) (in EUR) (in EUR) (in EUR)

Total net assets - as at November 30, 2014 5,916,213.23 6,577,465.15 261,116,719.44 44,704,248.60 - as at May 31, 2014 4,038,428.81 7,233,422.29 219,429,256.47 46,329,326.15 - as at May 31, 2013 4,977,958.52 7,975,674.64 3,962,388.40 33,657,723.99

Number of Capitalisation Retail EUR shares outstanding - outstanding at the beginning of the period - - - 196,426.818 - subscribed - - - 16,739.588 - redeemed - - - (45,898.917) - outstanding at the end of the period - - - 167,267.489

Net asset value per Capitalisation Retail EUR share - as at November 30, 2014 - - - 14.93 - as at May 31, 2014 906.55 - - - - as at May 31, 2013 905.49 - - -

Number of Distribution Retail EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - 38,139.390 - redeemed - - - (3,612.054) - outstanding at the end of the period - - - 34,527.336

Net asset value per Distribution Retail EUR share - as at November 30, 2014 - - - 1,222.44 - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR A shares outstanding - outstanding at the beginning of the period 4,454.716 6,820.182 17,985.283 - - subscribed 3,628.941 36.763 2,633,763.644 - - redeemed (1,585.661) (326.303) (313,124.969) - - outstanding at the end of the period 6,497.996 6,530.642 2,338,623.958 -

Net asset value per Capitalisation Retail EUR A share - as at November 30, 2014 910.47 1,007.17 91.69 - - as at May 31, 2014 - 1,060.59 9,227.82 15.25 - as at May 31, 2013 - 1,086.44 9,289.27 13.18

Number of Distribution Retail EUR A shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distibution Retail EUR A Share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

30 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

SHORT FLEX ACTIVE SHORT EUROPEAN DURATION DURATION TERM CREDIT (1) SPECIAL SITUATIONS (in EUR) (in EUR) (in EUR) (in EUR)

Net asset value per Capitalisation Institutional EUR A Share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR B shares outstanding - outstanding at the beginning of the period - - - 34,793.072 - subscribed - - 5,000.000 3,359.404 - redeemed - - - (38,152.476) - outstanding at the end of the period - - 5,000.000 -

Net asset value per Capitalisation Retail EUR B share - as at November 30, 2014 - - 100.19 - - as at May 31, 2014 - - - 1,245.49 - as at May 31, 2013 - - - 1,071.66

Number of Capitalisation Institutional EUR shares outstanding - outstanding at the beginning of the period - - 546,018.960 - - subscribed - - 270,307.667 - - redeemed - - (343,155.013) - - outstanding at the end of the period - - 473,171.614 -

Net asset value per Capitalisation Institutional EUR shares - as at November 30, 2014 - - 97.61 - - as at May 31, 2014 - - 97.92 - - as at May 31, 2013 - - 97.80 -

Number of Distribution Institutional EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Institutional EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR T shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Capitalisation Retail EUR T share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

31 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

SHORT FLEX ACTIVE SHORT EUROPEAN DURATION DURATION TERM CREDIT (1) SPECIAL SITUATIONS (in EUR) (in EUR) (in EUR) (in EUR)

Number of Distribution Retail EUR T shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Distribution Retail EUR T share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR K shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Capitalisation Retail EUR K share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

32 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

SPRING MULTI ASSET FLEX DYNAMIC DYNAMIC STRATEGY FLEX (1) GROWTH (1) (in EUR) (in EUR) (in EUR) (in EUR)

Total net assets - as at November 30, 2014 8,084,103.67 32,011,630.56 5,330,141.33 2,099,772.01 - as at May 31, 2014 8,084,694.08 27,868,046.56 4,903,414.62 2,804,864.35 - as at May 31, 2013 8,387,355.51 1,176,797.48 4,419,409.33 4,126,463.29

Number of Capitalisation Retail EUR shares outstanding - outstanding at the beginning of the period 779.308 35,198.342 2,732.395 72,622.513 - subscribed 14.041 9,425.920 1,402.796 2,522.995 - redeemed (31.931) (105.602) (842.860) (39,334.940) - outstanding at the end of the period 761.418 44,518.660 3,292.331 35,810.568

Net asset value per Capitalisation Retail EUR share - as at November 30, 2014 10,617.17 719.06 95.09 9.93 - as at May 31, 2014 10,374.20 791.74 92.33 10.19 - as at May 31, 2013 9,792.68 845.29 92.99 9.89

Number of Distribution Retail EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Retail EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR A shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Capitalisation Retail EUR A share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Distribution Retail EUR A shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distibution Retail EUR A Share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

33 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

SPRING MULTI ASSET FLEX DYNAMIC DYNAMIC STRATEGY FLEX (1) GROWTH (1) (in EUR) (in EUR) (in EUR) (in EUR)

Net asset value per Capitalisation Institutional EUR A Share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR B shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Capitalisation Retail EUR B share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Institutional EUR shares outstanding - outstanding at the beginning of the period - - 4,644.000 187,995.408 - subscribed - - 219.837 223.435 - redeemed - - (0.133) (26,197.081) - outstanding at the end of the period - - 4,863.704 162,021.762

Net asset value per Capitalisation Institutional EUR shares - as at November 30, 2014 - - 1,031.53 10.76 - as at May 31, 2014 - - 1,001.54 10.98 - as at May 31, 2013 - - 1,003.28 10.56

Number of Distribution Institutional EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Institutional EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR T shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Capitalisation Retail EUR T share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

34 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

SPRING MULTI ASSET FLEX DYNAMIC DYNAMIC STRATEGY FLEX (1) GROWTH (1) (in EUR) (in EUR) (in EUR) (in EUR)

Number of Distribution Retail EUR T shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Distribution Retail EUR T share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR K shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Capitalisation Retail EUR K share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

35 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

GLOBAL HIGH ALL STARS WORLD PORTFOLIO (1) GROWTH FUND DAYTONA (in EUR) (in EUR) (in EUR) (in EUR)

Total net assets - as at November 30, 2014 22,099,343.94 183,839,318.27 7,076,039.92 10,948,157.63 - as at May 31, 2014 19,733,366.80 188,164,214.08 8,068,006.62 2,294,938.93 - as at May 31, 2013 3,106,606.88 36,376,869.87 7,493,930.53 4,148,449.78

Number of Capitalisation Retail EUR shares outstanding - outstanding at the beginning of the period 27,560.112 1,260,522.809 - 179,533.978 - subscribed 200.180 475,849.644 - 2,062.338 - redeemed (3,932.381) (613,292.524) - (62,147.369) - outstanding at the end of the period 23,827.911 1,123,079.929 - 119,448.947

Net asset value per Capitalisation Retail EUR share - as at November 30, 2014 64.97 117.44 - 9.62 - as at May 31, 2014 - 122.09 - 9.55 - as at May 31, 2013 - 89.79 - 9.65

Number of Distribution Retail EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Retail EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR A shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Capitalisation Retail EUR A share - as at November 30, 2014 - - - - - as at May 31, 2014 81.64 - - - - as at May 31, 2013 70.59 - 99.00 -

Number of Distribution Retail EUR A shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distibution Retail EUR A Share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

36 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

GLOBAL HIGH ALL STARS WORLD PORTFOLIO (1) GROWTH FUND DAYTONA (in EUR) (in EUR) (in EUR) (in EUR)

Net asset value per Capitalisation Institutional EUR A Share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR B shares outstanding - outstanding at the beginning of the period - - 832,936.974 - - subscribed - - 19,202.553 - - redeemed - - (130,211.852) - - outstanding at the end of the period - - 721,927.675 -

Net asset value per Capitalisation Retail EUR B share - as at November 30, 2014 - - 9.80 - - as at May 31, 2014 73.53 - 9.69 - - as at May 31, 2013 63.73 - 9.88 -

Number of Capitalisation Institutional EUR shares outstanding - outstanding at the beginning of the period 216,900.000 185,558.365 - 5,919.795 - subscribed 101,955.000 226,649.634 - 93,881.047 - redeemed (34,535.000) (119,344.493) - (523.728) - outstanding at the end of the period 284,320.000 292,863.506 - 99,277.114

Net asset value per Capitalisation Institutional EUR shares - as at November 30, 2014 72.28 177.39 - 98.71 - as at May 31, 2014 - 184.66 - 98.03 - as at May 31, 2013 - 129.68 - 98.84

Number of Distribution Institutional EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Institutional EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR T shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Capitalisation Retail EUR T share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

37 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

GLOBAL HIGH ALL STARS WORLD PORTFOLIO (1) GROWTH FUND DAYTONA (in EUR) (in EUR) (in EUR) (in EUR)

Number of Distribution Retail EUR T shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Distribution Retail EUR T share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR K shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Capitalisation Retail EUR K share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

(1) Sub-Fund name changed, see Note 1, for further details.

38 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

WORLD FLEX ADWISE PHOENIX- TREND QUANTITATIVE BOND TREND HR6 BOND (in EUR) (in EUR) (in EUR) (in EUR)

Total net assets - as at November 30, 2014 14,916,723.91 43,115,009.37 74,437,018.08 39,196,067.94 - as at May 31, 2014 15,011,061.82 37,175,323.98 52,910,725.52 49,479,850.33 - as at May 31, 2013 14,258,537.02 35,735,815.91 10,705,981.49 58,325,402.48

Number of Capitalisation Retail EUR shares outstanding - outstanding at the beginning of the period - - 416,228.365 488,043.003 - subscribed - - 166,000.835 21,109.961 - redeemed - - (25,007.079) (108,464.103) - outstanding at the end of the period - - 557,222.121 400,688.861

Net asset value per Capitalisation Retail EUR share - as at November 30, 2014 - - 115.95 97.82 - as at May 31, 2014 - - 115.10 101.38 - as at May 31, 2013 - - 105.06 100.23

Number of Distribution Retail EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Retail EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR A shares outstanding - outstanding at the beginning of the period - 221,301.863 - - - subscribed - 38,089.397 - - - redeemed - (23,395.220) - - - outstanding at the end of the period - 235,996.040 - -

Net asset value per Capitalisation Retail EUR A share - as at November 30, 2014 - 114.51 - - - as at May 31, 2014 - 111.93 - - - as at May 31, 2013 - 110.27 - -

Number of Distribution Retail EUR A shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distibution Retail EUR A Share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

39 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

WORLD FLEX ADWISE PHOENIX- TREND QUANTITATIVE BOND TREND HR6 BOND (in EUR) (in EUR) (in EUR) (in EUR)

Net asset value per Capitalisation Institutional EUR A Share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR B shares outstanding - outstanding at the beginning of the period - 113,780.912 - - - subscribed - 25,707.319 - - - redeemed - (5,899.319) - - - outstanding at the end of the period - 133,588.912 - -

Net asset value per Capitalisation Retail EUR B share - as at November 30, 2014 - 110.05 - - - as at May 31, 2014 - 107.96 - - - as at May 31, 2013 - 107.91 - -

Number of Capitalisation Institutional EUR shares outstanding - outstanding at the beginning of the period - 1,035.981 43,094.943 - - subscribed - 8,514.986 44,564.569 - - redeemed - - (3,836.733) - - outstanding at the end of the period - 9,550.967 83,822.779 -

Net asset value per Capitalisation Institutional EUR shares - as at November 30, 2014 - 119.17 117.22 - - as at May 31, 2014 - 116.31 116.10 - - as at May 31, 2013 - 113.96 105.51 -

Number of Distribution Institutional EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Institutional EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR T shares outstanding - outstanding at the beginning of the period 132,304.019 - - - - subscribed 8,065.695 - - - - redeemed (18,510.355) - - - - outstanding at the end of the period 121,859.359 - - -

Net asset per Capitalisation Retail EUR T share - as at November 30, 2014 122.41 - - - - as at May 31, 2014 113.46 - - - - as at May 31, 2013 108.83 - - -

40 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

WORLD FLEX ADWISE PHOENIX- TREND QUANTITATIVE BOND TREND HR6 BOND (in EUR) (in EUR) (in EUR) (in EUR)

Number of Distribution Retail EUR T shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Distribution Retail EUR T share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR K shares outstanding - outstanding at the beginning of the period - - - - - subscribed - 2,500.000 - - - redeemed - - - - - outstanding at the end of the period - 2,500.000 - -

Net asset per Capitalisation Retail EUR K share - as at November 30, 2014 - 99.99 - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

41 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

PHOENIX- FUNDAMENTAL WORLD ADWISE TREND GLOBAL YIELD LONG/SHORT AGGRESSIVE EQUITY (in EUR) (in EUR) (in EUR) (in EUR)

Total net assets - as at November 30, 2014 22,745,805.90 12,261,232.50 12,891,588.47 60,508,043.97 - as at May 31, 2014 35,401,406.69 11,490,204.14 11,589,412.38 56,712,664.45 - as at May 31, 2013 13,604,185.63 12,001,475.05 11,537,680.87 10,207,615.73

Number of Capitalisation Retail EUR shares outstanding - outstanding at the beginning of the period 354,370.793 - - 360,902.770 - subscribed 7,670.220 - - 63,935.466 - redeemed (124,678.087) - - (42,379.668) - outstanding at the end of the period 237,362.926 - - 382,458.568

Net asset value per Capitalisation Retail EUR share - as at November 30, 2014 95.83 - - 110.76 - as at May 31, 2014 99.90 109.04 - 111.10 - as at May 31, 2013 100.21 105.19 - 101.49

Number of Distribution Retail EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Retail EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - 101.01 - - as at May 31, 2013 - - 100.03 -

Number of Capitalisation Retail EUR A shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Capitalisation Retail EUR A share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Distribution Retail EUR A shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distibution Retail EUR A Share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

42 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

PHOENIX- FUNDAMENTAL WORLD ADWISE TREND GLOBAL YIELD LONG/SHORT AGGRESSIVE EQUITY (in EUR) (in EUR) (in EUR) (in EUR)

Number of Capitalisation Institutional EUR A shares outstanding - outstanding at the beginning of the period - - - 148,101.920 - subscribed - - - 19,285.332 - redeemed - - - (5,823.453) - outstanding at the end of the period - - - 161,563.799

Net asset value per Capitalisation Institutional EUR A Share - as at November 30, 2014 - - - 112.31 - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR B shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Capitalisation Retail EUR B share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Institutional EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Capitalisation Institutional EUR shares - as at November 30, 2014 - - - - - as at May 31, 2014 - - - 112.19 - as at May 31, 2013 - - - 101.82

Number of Distribution Institutional EUR shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Distribution Institutional EUR share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR T shares outstanding - outstanding at the beginning of the period - 105,372.611 - - - subscribed - 11,267.705 - - - redeemed - (10,834.052) - - - outstanding at the end of the period - 105,806.264 - -

Net asset per Capitalisation Retail EUR T share - as at November 30, 2014 - 115.88 - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

43 LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2014

PHOENIX- FUNDAMENTAL WORLD ADWISE TREND GLOBAL YIELD LONG/SHORT AGGRESSIVE EQUITY (in EUR) (in EUR) (in EUR) (in EUR)

Number of Distribution Retail EUR T shares outstanding - outstanding at the beginning of the period - - 114,739.296 - - subscribed - - 30,654.046 - - redeemed - - (20,509.863) - - outstanding at the end of the period - - 124,883.479 -

Net asset per Distribution Retail EUR T share - as at November 30, 2014 - - 103.23 - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

Number of Capitalisation Retail EUR K shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset per Capitalisation Retail EUR K share - as at November 30, 2014 - - - - - as at May 31, 2014 - - - - - as at May 31, 2013 - - - -

44 LEMANIK SICAV

ASIAN OPPORTUNITY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Equities

Automobile Industry HKD 350,000 MINTH GROUP LTD 487,341.78 589,380.66 1.22% JPY 20,000 TS TECH CO LTD 518,600.73 379,700.46 0.78% 1,005,942.51 969,081.12 2.00%

Banks and Financial Institutions HKD 1,500,000 AGRICULT BK CHINA /H-SHARES 519,855.10 570,968.98 1.18% JPY 56,000 ASAX CO LTD 583,692.64 541,231.98 1.12% JPY 130,000 BK OF YOKOHAMA 482,588.66 587,799.02 1.21% HKD 1,100,000 CHINA CONSTRUCTION BANK CO -H- 544,299.03 669,026.70 1.38% JPY 21,000 FUYO GENERAL LEASE CO LTD 544,169.48 603,208.72 1.25% JPY 45,000 ICHIYOSHI SECURITIES CO LTD 475,443.72 390,210.15 0.81% JPY 17,000 JAFCO CO LTD 349,914.84 520,482.95 1.08% JPY 110,000 MITSUBISHI UFJ LEASE & FINANCE 369,692.18 416,332.29 0.86% JPY 350,000 ORIENT CORP 617,697.79 503,856.70 1.04% JPY 90,000 POCKET CARD CO LTD 370,283.80 370,441.12 0.77% 4,857,637.24 5,173,558.61 10.70%

Clock and Watch-Making Industry JPY 70,000 RIKEN KEIKI CO LTD 418,138.82 522,780.89 1.08% HKD 1,000,000 TIME WATCH INVESTMENTS 131,377.31 123,089.33 0.26% 549,516.13 645,870.22 1.34%

Construction, Building Material JPY 30,000 AICA KOGYO CO LTD 344,069.38 492,299.42 1.02% JPY 90,000 ASUNARO AOKI CONSTRUCTION CO 429,475.47 489,055.27 1.01% JPY 60,000 DAI-DAN CO LTD 249,944.29 270,886.34 0.56% JPY 5,000 DAITO TRUST CONSTRUCT. CO LTD 259,684.10 452,828.96 0.94% JPY 300,000 FUDO TETRA CORP 478,844.23 504,870.49 1.04% KRW 40,000 HWASUNG INDUSTRIAL CO. LTD 417,558.85 321,607.51 0.66% JPY 105,000 NICHIAS CORP. 515,196.24 471,922.12 0.98% JPY 300,000 NISSEI BUILD KOGYO CO 518,041.01 583,946.60 1.21% KRW 180,000 SAMHO DEVELOPMENT CO LTD 421,756.46 389,188.55 0.80% JPY 110,000 SEIKITOKYU KOGYO CO LTD 557,528.66 447,557.22 0.93% JPY 500 SEKISUI HOUSE LTD 3,585.39 5,386.64 0.01% 4,195,684.08 4,429,549.12 9.16%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Consumer Goods HKD 1,000,000 CHINA CREATIVE HOME GROUP LTD 201,074.73 207,907.18 0.43% HKD 840,000 CHINA OVERSEAS GRAND OCEANS 491,997.64 347,546.34 0.72% 693,072.37 555,453.52 1.15%

Electronic Semiconductor JPY 35,000 ENIGMO INC. 319,614.12 273,691.17 0.56% KRW 15,000 INFOVINE CO LTD 333,909.05 288,468.90 0.60% JPY 167 KEYENCE CORP. 37,622.31 61,874.95 0.13% JPY 7,500 MURATA MANUFACTURING CO LTD 491,791.04 650,096.80 1.34% KRW 450 SAMSUNG ELECTRONICS CO LTD 414,471.93 419,502.23 0.87% JPY 75,000 SHIMADZU CORP. 442,349.25 595,098.35 1.23% 2,039,757.70 2,288,732.40 4.73%

Electronics and Electrical Equipment HKD 2,616,000 CHINA RARE EARTH HLD 286,357.48 284,119.13 0.59% JPY 100,000 DENKI KOGYO 442,783.34 350,097.61 0.72% JPY 35,000 MITANI CORP 552,737.08 615,036.35 1.27% 1,281,877.90 1,249,253.09 2.58%

Food and Distilleries HKD 1,600,000 CHINA MODERN DAIRY HODLINGS 526,607.51 413,745.64 0.85% THB 1,500,000 PREMIER MPC 271,776.32 346,287.75 0.72% 798,383.83 760,033.39 1.57%

Holding and Financial Companies JPY 227 ARCS CO LTD 2,320.05 3,738.87 0.01% HKD 350,000 CHINA EVERBRIGHT LTD 363,302.67 650,925.33 1.35% HKD 900,000 CHINA GALAXY SECURITIES -H- 483,804.10 741,949.37 1.54% JPY 20,300 HARASHIN NARUS HOLDINGS CO LTD 272,378.75 358,367.48 0.74% JPY 72,000 MARUI GROUP CO LTD 495,034.13 505,600.43 1.05% JPY 18,000 MATSUMOTOKIYOSHI HOLDINGS CO 317,420.26 400,855.01 0.83% JPY 123,000 MITSUBISHI UFJ FINANCIAL GROUP 544,295.75 570,613.15 1.18% JPY 30,000 MSIG HOLDINGS 619,282.66 561,845.84 1.16% JPY 12,000 NITORI HOLDINGS CO LTD 381,523.22 533,662.31 1.10% JPY 30,000 NKSJ HOLDINGS INC 558,768.13 596,619.05 1.23% HKD 574,120 SHENZHEN INTL HOLD 555,850.60 691,240.37 1.43% JPY 70,000 THE GLOBAL LTD 370,444.17 214,316.51 0.44% JPY 60,000 WEST HOLDINGS CORP 652,574.73 474,456.61 0.98% 5,616,999.22 6,304,190.33 13.04%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Insurance HKD 200,000 CHINA PACI INSU(GROUP) LTD -H- 474,474.72 672,336.66 1.39% JPY 40,000 DAI-ICHI LIFE INSURANCE CO LTD 416,008.43 465,400.03 0.96% JPY 22,000 ZENKOKU HOSHO CO LTD 442,127.17 528,593.33 1.10% 1,332,610.32 1,666,330.02 3.45%

Internet Software JPY 35,000 DENA CO LTD TOKYO 535,353.16 347,732.09 0.72% JPY 35,000 DTS CORP 376,400.23 570,091.38 1.18% KRW 10,000 MEGASTUDY CO LTD 446,757.92 417,944.89 0.86% HKD 2,000,000 PACIFIC ONLINE LTD 692,776.95 858,522.20 1.77% JPY 18,000 PSC INC 485,271.42 731,149.80 1.51% HKD 50,000 TENCENT HOLDINGS LTD 255,828.29 641,305.74 1.33% JPY 40,000 TRANS COSMOS INC. 386,227.77 565,833.44 1.17% 3,178,615.74 4,132,579.54 8.54%

Mechanics, Machinery JPY 62,000 AMADA CO.LTD 382,201.32 448,787.29 0.93% JPY 101,000 DAIWA INDUSTRIES LTD 381,867.29 542,002.47 1.12% JPY 180,000 KAWASAKI HEAVY IND. 531,813.28 635,041.92 1.31% JPY 120,000 MITSUBISHI HEAVY INDUSTRIES 533,678.90 561,724.18 1.16% JPY 111,000 NACHI-FUJIKOSHI CORP. 378,319.37 525,896.62 1.09% 2,207,880.16 2,713,452.48 5.61%

Miscellaneous IDR 7,432,500 PT PANIN INSURANCE TBK 336,116.69 371,278.61 0.77% 336,116.69 371,278.61 0.77%

News Transmission KRW 1,500 CJ O SHOPPING CO LTD 355,754.34 277,277.82 0.57% JPY 22,000 PAPYLESS CO LTD 503,895.60 356,856.25 0.74% 859,649.94 634,134.07 1.31%

Other Services JPY 20,000 COLOPL 472,003.38 400,111.56 0.83% HKD 475,000 HAITONG SEC -H- 523,586.79 810,682.86 1.68% JPY 43,000 NIHON M&A CENTER INC 210,107.37 1,054,956.30 2.18% JPY 104,000 TANSEISHA CO LTD 408,154.48 672,674.04 1.39% 1,613,852.02 2,938,424.76 6.08%

Petrol HKD 330,000 CNOOC LTD 420,838.75 387,079.73 0.80% 420,838.75 387,079.73 0.80%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Pharmaceuticals and Cosmetics HKD 500,000 LIFETECH SCIENTIFIC SHS 304,366.75 519,250.78 1.07% 304,366.75 519,250.78 1.07%

Real Estate Companies JPY 27,830 AEON MALL CO LTD 414,269.41 380,700.20 0.79% JPY 80 IIDA GRP HLDGS /REIT 533.99 704.52 0.00% JPY 140,000 LEOPALACE21 CORP 524,859.76 636,799.17 1.32% JPY 27,000 PRESSANCE CORP 577,757.67 663,326.84 1.37% JPY 48,000 SANYO HOUSING NAGOYA CO LTD 400,049.69 377,618.80 0.78% JPY 20,000 SUMITOMO REAL ESTATE SALES 362,676.76 355,639.69 0.74% JPY 90,000 TOC CO LTD 426,037.64 442,217.89 0.91% 2,706,184.92 2,857,007.11 5.91%

Retail JPY 30,000 ARC LAND SAKAMOTO CO LTD 369,016.55 496,354.61 1.03% HKD 500,000 GOLDEN EAGLE RETAIL GROUP LTD 665,019.35 488,219.85 1.01% KRW 3,000 GS HOME SHOPPING INC 492,044.46 464,157.86 0.96% JPY 400 LAOX CO LTD 2,635.95 746.15 0.00% HKD 1,215,000 NEW WORLD DEPT.STORE CN 518,750.55 330,525.88 0.69% JPY 60,000 PARCO CO LTD 453,673.86 388,081.18 0.80% JPY 24,000 SHIMACHU CO LTD 451,384.60 479,809.46 0.99% 2,952,525.32 2,647,894.99 5.48%

Textile HKD 300,000 BELLE INTERNATIONAL HOLDI LTD 301,092.19 273,382.43 0.56% HKD 1,350,000 CHINA LILANG 701,046.50 787,564.83 1.63% 1,002,138.69 1,060,947.26 2.19%

Transportation HKD 450,000 COSCO PACIFIC LTD 500,274.28 490,598.89 1.02% HKD 380,000 KERRY LOGISTICS 500,646.48 495,253.53 1.02% JPY 140,000 SENKO CO LTD 499,799.06 519,469.16 1.07% 1,500,719.82 1,505,321.58 3.11% Total - Equities 39,454,370.10 43,809,422.73 90.59%

Total - Transferable securities listed on an official stock exchange or on another regulated market 39,454,370.10 43,809,422.73 90.59%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities admitted to another regulated market

Equities

Banks and Financial Institutions JPY 40,000 WELLNET CORP 479,619.42 513,656.73 1.06% 479,619.42 513,656.73 1.06%

Chemicals KRW 60,000 PLUMB FAST CO. LTD. 299,584.95 143,854.17 0.30% 299,584.95 143,854.17 0.30%

Construction, Building Material JPY 30,000 DAIICHI KENSETSU CORP 314,359.04 298,056.08 0.62% KRW 15,000 DONGWON DEVELOPMENT CO LTD 290,207.69 325,953.56 0.67% 604,566.73 624,009.64 1.29%

Healthcare Education & Social Services JPY 22,500 MESSAGE CO LTD 444,074.38 482,060.08 1.00% 444,074.38 482,060.08 1.00%

Holding and Financial Companies JPY 180,000 HELIOS TECHNO HOLDINGS CO LTD 461,942.09 464,724.17 0.96% 461,942.09 464,724.17 0.96%

Pharmaceuticals and Cosmetics JPY 7,000 MANI INC 186,281.24 323,130.63 0.67% 186,281.24 323,130.63 0.67%

Retail JPY 30,000 NAFCO CO LTD 441,672.93 311,640.94 0.64% 441,672.93 311,640.94 0.64% Total - Equities 2,917,741.74 2,863,076.36 5.92%

Total Transferable securities admitted to another regulated market 2,917,741.74 2,863,076.36 5.92%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Other Transferable securities

Equities

Chemicals SGD 200,000 FIBRECHEM TECHNOLOGIES LTD 25,048.15 0.00 0.00% 25,048.15 0.00 0.00% Total - Equities 25,048.15 0.00 0.00%

Total Other Transferable securities 25,048.15 0.00 0.00%

Total Investments 42,397,159.99 46,672,499.09 96.51% Other Net Liabilities 1,690,242.19 3.49% Total Net Assets 48,362,741.28 100.00%

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

50 LEMANIK SICAV

ASIAN OPPORTUNITY

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Japan 63.81% Cayman Islands 11.41% China 7.17% South Korea 6.29% Bermuda 3.47% Hong Kong 2.87% Indonesia 0.77% Thailand 0.72%

TOTAL 96.51%

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

51 LEMANIK SICAV

ASIAN OPPORTUNITY

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Holding and Financial Companies 14.00% Banks and Financial Institutions 11.76% Construction, Building Material 10.45% Internet Software 8.54% Retail 6.12% Other Services 6.08% Real Estate Companies 5.91% Mechanics, Machinery 5.61% Electronic Semiconductor 4.73% Insurance 3.45% Transportation 3.11% Electronics and Electrical Equipment 2.58% Textile 2.19% Automobile Industry 2.00% Pharmaceuticals and Cosmetics 1.74% Food and Distilleries 1.57% Clock and Watch-Making Industry 1.34% News Transmission 1.31% Consumer Goods 1.15% Healthcare Education & Social Services 1.00% Petrol 0.80% Miscellaneous 0.77% Chemicals 0.30%

TOTAL 96.51%

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

52 LEMANIK SICAV

ITALY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Banks and Financial Institutions EUR 120,000 ANTONVENETA CAPITAL TRUST II FRN 01-PERP 92,700.00 92,499.60 0.10% EUR 1,000,000 BCA CARIGE FRN 08-19.06.18 905,000.00 904,850.00 1.03% EUR 3,032,000 BPM CAPITAL 8.393% 01-PERP. 2,172,332.19 2,970,996.16 3.39% EUR 1,400,000 SANTANDER 6.25% 14-PERP 1,400,000.00 1,374,254.00 1.57% 4,570,032.19 5,342,599.76 6.09%

Graphic Art, Publishing EUR 4,875,000 SEAT PAGINE 10.5% 10-31.01.17 1,845,792.57 901,875.00 1.03% EUR 1,040,000 SEAT PAGINE 10.5% 12-31.01.17 273,585.48 192,400.00 0.22% 2,119,378.05 1,094,275.00 1.25%

Holding and Financial Companies EUR 250,000 GENERALI FI 4.596% 14-PERP 250,000.00 254,532.50 0.29% 250,000.00 254,532.50 0.29%

Insurance EUR 500,000 ASS.UNIPOL 5.66% 03-28.07.23 408,750.00 472,275.00 0.54% EUR 200,000 FONDIARIA 5.75% 14-PERP 200,000.00 197,906.00 0.22% 608,750.00 670,181.00 0.76%

Tyres & Rubber EUR 1,000,000 L ISOLAN 6% 14-01.07.20 1,000,100.00 990,000.00 1.13% 1,000,100.00 990,000.00 1.13% Total - Bonds 8,548,260.24 8,351,588.26 9.52%

Equities

Aerospace Technology EUR 224,399 FINMECCANICA SPA 1,598,092.54 1,750,312.20 2.00% 1,598,092.54 1,750,312.20 2.00%

Automobile Industry EUR 542,232 FIAT CHRYSLER AUTOMOBILES N.V 4,254,974.05 5,438,586.96 6.20% 4,254,974.05 5,438,586.96 6.20%

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

53 LEMANIK SICAV

ITALY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Banks and Financial Institutions EUR 60,000 BANCA MONTE DEI PASCHI SIENA 40,574.43 38,940.00 0.05% EUR 15,000 BANCO POPOLARE -AZ. POST RAG 182,972.80 166,350.00 0.19% EUR 2,730 BCA POPOLARE EMILIA ROMAGNA 17,186.90 15,561.00 0.02% EUR 155,000 CREDITO VALTELLINESE SCARL 125,751.07 123,845.00 0.14% EUR 1,734,308 INTESA SANPAOLO /RISP-NON CONV 3,314,267.37 3,753,042.51 4.28% EUR 107,486 INTESA SANPAOLO SPA 233,908.60 266,350.31 0.30% EUR 52,513 MEDIOBANCA CREDITO FINANZ. SPA 362,521.16 378,093.60 0.43% EUR 356,968 UNICREDIT AZ 2,081,263.88 2,122,174.76 2.42% 6,358,446.21 6,864,357.18 7.83%

Consumer Goods EUR 6,275 ITALIA INDEPENDENT GROUP 213,984.43 210,714.50 0.24% 213,984.43 210,714.50 0.24%

Electronic Semiconductor EUR 14,155 STMICROELECTRONICS NV 82,690.00 85,312.19 0.10% 82,690.00 85,312.19 0.10%

Electronics and Electrical Equipment EUR 39,990 DATALOGIC SPA 335,323.64 358,910.25 0.41% 335,323.64 358,910.25 0.41%

Food and Distilleries EUR 53,000 KI GROUP S.P.A. 344,500.00 134,090.00 0.15% 344,500.00 134,090.00 0.15%

Graphic Art, Publishing EUR 342,784 GRUPPO EDITORIALE L’ESPRESSO SPA 597,345.33 339,356.16 0.39% EUR 368,882 RAI WAY S.P.A. 1,088,201.90 1,187,800.04 1.35% 1,685,547.23 1,527,156.20 1.74%

Holding and Financial Companies EUR 149,627 FINECOBANK S.P.A 567,908.31 679,007.33 0.77% EUR 30,000 GREENITALY1 SPA 291,792.52 276,600.00 0.32% EUR 31,500 INDUSTRIAL STARS OF ITALY 300,847.72 308,070.00 0.35% EUR 102,276 MADE IN ITALY 1 SPA 1,045,831.85 1,302,996.24 1.49% 2,206,380.40 2,566,673.57 2.93%

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

54 LEMANIK SICAV

ITALY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Insurance EUR 113,365 ASSICURAZIONI GENERALI SPA 1,764,240.10 1,971,417.35 2.25% EUR 270,852 STE CATTOLICA DI ASSICURAZIONI 1,295,128.62 1,478,851.92 1.69% EUR 20,000 UNIPOL GRUPPO FINANZIARIO SPA 69,857.66 82,560.00 0.09% EUR 1,827,887 UNIPOL GRUPPO FINANZIARIO/PRIV 5,086,740.32 6,956,937.92 7.93% EUR 20,577 UNIPOLSAI - SAI RNC SHS -A- 4,873,248.59 4,975,518.60 5.67% EUR 39,503 UNIPOLSAI SAI -B- 88,139.85 88,407.71 0.10% EUR 194,333 VITTORIA ASSICURAZIONI SPA 1,130,815.59 1,689,725.44 1.93% 14,308,170.73 17,243,418.94 19.66%

Leisure EUR 252,880 LOTTOMATICA SPA ROMA 4,694,348.83 4,660,578.40 5.32% 4,694,348.83 4,660,578.40 5.32%

Mines, Heavy Industries GBP 1,250,000 UMC ENERGY CORPORATION 169,885.47 37,293.65 0.04% 169,885.47 37,293.65 0.04%

Miscellaneous EUR 119,856 CNH INDUSTRIAL N.V. 770,394.59 754,493.52 0.86% 770,394.59 754,493.52 0.86%

News Transmission EUR 5,391 MEDIASET SPA 15,444.90 17,531.53 0.02% EUR 15,532 PRYSMIAN SPA 225,626.79 224,437.40 0.26% EUR 1,031,670 TELECOM ITALIA SPA 934,387.28 934,693.02 1.06% EUR 61,333 TELECOM ITALIA SPA/RISP.N-CV 38,641.13 43,699.76 0.05% 1,214,100.10 1,220,361.71 1.39%

Non-Ferrous Metals EUR 20,000 CSM SPA 82,000.00 46,400.00 0.05% 82,000.00 46,400.00 0.05%

Other Services EUR 14,479 EL TOWERS AZ 513,065.59 618,253.30 0.71% 513,065.59 618,253.30 0.71%

Petrol EUR 39,338 CGG ACT. 268,855.56 308,409.92 0.35% EUR 213,500 ENI SPA ROMA 3,847,165.64 3,430,945.00 3.91% 4,116,021.20 3,739,354.92 4.26%

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

55 LEMANIK SICAV

ITALY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Public Services EUR 10,903 ACEA 95,979.97 99,598.91 0.11% EUR 20,000 ENEL SPA 78,579.17 77,600.00 0.09% EUR 32,000 GALA SPA 400,000.00 363,200.00 0.41% EUR 175,000 TERNA- RETE ELETTRICA NAZIONAL 665,268.73 679,700.00 0.78% 1,239,827.87 1,220,098.91 1.39%

Retail EUR 96,043 WORLD DUTY FREE S.P.A. 719,319.70 747,694.76 0.85% 719,319.70 747,694.76 0.85%

Textile EUR 62,578 BASIC NET 110,931.06 170,337.32 0.19% EUR 1,500 HUGO BOSS 159,243.82 158,850.00 0.18% EUR 25,000 MONCLER S.P.A. 285,569.23 298,500.00 0.34% EUR 5,817 YOOX SPA 100,769.74 111,977.25 0.13% 656,513.85 739,664.57 0.84%

Tobacco and Spirits EUR 51,845 CAMPARI ITALIA SPA 313,251.97 291,368.90 0.33% 313,251.97 291,368.90 0.33%

Transportation EUR 402,618 ANSALDO STS SPA 3,333,613.10 3,410,174.46 3.89% SGD 915,885 VARD HOLDINGS SHS 364,776.74 352,261.53 0.40% 3,698,389.84 3,762,435.99 4.29% Total - Equities 49,575,228.24 54,017,530.62 61.59%

Warrants

Holding and Financial Companies EUR 24,025 ISI 13-31.12.15 CW/ISI 999.43 19,220.00 0.02% 999.43 19,220.00 0.02% Total - Warrants 999.43 19,220.00 0.02%

Total - Transferable securities listed on an official stock exchange or on another regulated market 58,124,487.91 62,388,338.88 71.13%

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

56 LEMANIK SICAV

ITALY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 21,260 LEMANIK SELECT BOND RET-EUR-CAP* 2,124,715.00 2,562,042.60 2.92% EUR 3,904 ZENIT MSTR ST-P SHS -I INST 514,039.68 590,831.36 0.67% 2,638,754.68 3,152,873.96 3.59% Total - Investment Funds 2,638,754.68 3,152,873.96 3.59%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 2,638,754.68 3,152,873.96 3.59%

Other Transferable securities

Bonds

Holding and Financial Companies EUR 1,000,000 IT HOLD.FIN.9.875% 04-15.11.12 978,943.00 0.00 0.00% 978,943.00 0.00 0.00% Total - Bonds 978,943.00 0.00 0.00%

Convertible Bonds

Automobile Industry EUR 200,000 SOGEFI SPA 2% 14-21.05.21 /CV 200,000.00 177,698.00 0.20% 200,000.00 177,698.00 0.20%

Miscellaneous EUR 2,000,000 INTESA SAN 0.5% 20.05.15 /CV 2,000,000.00 1,960,000.00 2.24% 2,000,000.00 1,960,000.00 2.24%

Photography and Optics EUR 200,000 SAFILO 1.25% 14-22.05.19 /CV 200,000.00 174,344.00 0.20% 200,000.00 174,344.00 0.20% Total - Convertible Bonds 2,400,000.00 2,312,042.00 2.64%

* Cross Sub-Funds investment, see Note 14, for further details. The accompanying notes form an integral part of these financial statements.

57 LEMANIK SICAV

ITALY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Equities

News Transmission USD 165,450 QIAO XING UNIVERSAL TELEPHONE 250,142.07 0.00 0.00% 250,142.07 0.00 0.00% Total - Equities 250,142.07 0.00 0.00%

Total Other Transferable securities 3,629,085.07 2,312,042.00 2.64%

Financial Instruments

Options

Automobile Industry EUR 50 CALL FIAT CHRYSLER AUTOMOBILES N.V 19/12/14 10 4,300.00 17,795.00 0.03% EUR (50) CALL FIAT CHRYSLER AUTOMOBILES N.V 19/12/14 11 (9,300.00) (5,207.50) (0.01)% EUR (100) PUT FIAT CHRYSLER AUTOMOBILES N.V 19/12/14 8 (16,000.00) (915.00) 0.00% (21,000.00) 11,672.50 0.02%

Miscellaneous EUR 50 CALL EURO STOXX 50 PR 19/12/14 3325 9,350.00 9,450.00 0.01% EUR (25) CALL FTSE MIB INDEX 16/01/15 20000 (47,062.50) (40,125.00) (0.05)% EUR 120 CALL FTSE MIB INDEX 19/12/14 21000 46,420.00 30,000.00 0.04% EUR 100 CALL FTSE MIB WEEK 1 INDEX 05/12/14 20800 23,700.00 8,750.00 0.01% EUR 40 CALL FTSE MIB WEEK 1 INDEX 05/12/14 20900 4,962.50 2,500.00 0.00% EUR 28 CALL FTSE MIB WEEK 4 INDEX 28/11/14 20200 1,085.00 3,220.00 0.00% EUR (40) PUT FTSE MIB INDEX 19/12/14 17000 (16,875.00) (1,200.00) 0.00% EUR 45 PUT FTSE MIB INDEX 19/12/14 18000 31,250.00 3,825.00 0.01% EUR (30) PUT FTSE MIB INDEX 19/12/14 20000 (75,000.00) (32,175.00) (0.04)% EUR 20 PUT FTSE MIB WEEK 4 INDEX 28/11/14 18400 8,650.00 100.00 0.00% EUR 30 PUT FTSE MIB WEEK 4 INDEX 28/11/14 19500 3,400.00 225.00 0.00% EUR 10 PUT FTSE MIB WEEK 4 INDEX 28/11/14 19700 775.00 200.00 0.00% (9,345.00) (15,230.00) (0.02)%

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

58 LEMANIK SICAV

ITALY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Public Services EUR (80) PUT ENEL 16/01/15 4 (5,630.00) (4,060.00) (0.01)% EUR (100) PUT ENEL 19/12/14 4 (4,275.00) (3,090.00) 0.00% EUR (25) PUT TERNA- RETE ELETTRICA NAZIONAL 19/12/14 4 (1,550.00) (87.50) 0.00% (11,455.00) (7,237.50) (0.01)% Total - Options (41,800.00) (10,795.00) (0.01)%

Total - Financial Instruments (41,800.00) (10,795.00) (0.01)%

Total Investments (including Options) 64,350,527.66 67,842,459.84 77.35% Other Net Assets 19,861,879.41 22.65% Total Net Assets 87,704,339.25 100.00%

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

59 LEMANIK SICAV

ITALY

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Italy 60.25% Netherlands 7.47% Luxembourg 3.59% United States of America 3.49% Spain 1.57% Singapore 0.40% France 0.35% Germany 0.19% Cayman Islands 0.04%

TOTAL 77.35%

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

60 LEMANIK SICAV

ITALY

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Insurance 20.42% Banks and Financial Institutions 13.92% Automobile Industry 6.42% Leisure 5.32% Transportation 4.29% Petrol 4.26% Investment Funds 3.59% Holding and Financial Companies 3.24% Miscellaneous 3.08% Graphic Art, Publishing 2.99% Aerospace Technology 2.00% News Transmission 1.39% Public Services 1.38% Tyres & Rubber 1.13% Retail 0.85% Textile 0.84% Other Services 0.71% Electronics and Electrical Equipment 0.41% Tobacco and Spirits 0.33% Consumer Goods 0.24% Photography and Optics 0.20% Food and Distilleries 0.15% Electronic Semiconductor 0.10% Non-Ferrous Metals 0.05% Mines, Heavy Industries 0.04%

TOTAL 77.35%

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

61 LEMANIK SICAV

WORLD EQUITIES (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Equities

Aerospace Technology USD 500 LOCKHEED MARTIN CORP 60,202.38 76,829.90 2.65% 60,202.38 76,829.90 2.65%

Banks and Financial Institutions EUR 13,000 INTESA SANPAOLO SPA 31,726.66 32,214.00 1.11% SEK 4,300 SWEDBANK AB -A- 89,016.63 90,658.39 3.13% USD 520 VISA INC -A 92,542.52 107,695.66 3.71% 213,285.81 230,568.05 7.95%

Biotechnology USD 300 ALEXION PHARMA INC 33,415.70 46,901.70 1.62% EUR 750 MORPHOSYS 58,036.98 59,377.50 2.04% 91,452.68 106,279.20 3.66%

Chemicals EUR 639 BAYER AG 46,346.03 77,287.05 2.66% USD 437 MONSANTO CO 29,758.03 42,033.18 1.45% EUR 1,136 SYMRISE AG 30,733.59 54,601.84 1.88% 106,837.65 173,922.07 5.99%

Electronic Semiconductor EUR 1,100 INGENICO.IND.FIN.ING. 92,243.55 95,568.00 3.29% 92,243.55 95,568.00 3.29%

Forest Products and Paper Industry GBP 2,700 BUNZL PLC 59,739.17 60,576.81 2.09% 59,739.17 60,576.81 2.09%

Graphic Art, Publishing USD 1,000 COMCAST CORP/-A- 36,013.21 45,754.62 1.58% USD 213 TIME INC/UNITED STATES 2,463.30 4,090.34 0.14% USD 1,702 TIME WARNER 58,281.18 116,210.84 4.00% 96,757.69 166,055.80 5.72%

(1) Sub-Fund name changed, see Note 1, for further details.

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

62 LEMANIK SICAV

WORLD EQUITIES (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Holding and Financial Companies GBP 15,000 MITIE GROUP PLC 60,033.46 52,798.38 1.82% USD 1,100 WALT DISNEY / DISNEY SER. 39,231.89 81,627.56 2.81% 99,265.35 134,425.94 4.63%

Insurance EUR 1,800 SAMPO PLC A 59,466.62 71,406.00 2.46% GBP 14,500 STANDARD LIFE PLC 74,065.88 77,231.61 2.66% DKK 5,700 TOPDANMARK A/S 144,879.31 147,845.71 5.10% 278,411.81 296,483.32 10.22%

Leisure EUR 3,200 KINEPOLIS GROUP SA 103,814.95 103,520.00 3.57% USD 850 MCDONALD S CORP. 63,678.72 66,007.70 2.27% 167,493.67 169,527.70 5.84%

Mechanics, Machinery GBP 7,800 ASHTEAD GROUP PLC 105,321.12 103,275.29 3.56% EUR 1,100 KUKA AKTIENGESELLSCHAFT 59,642.64 66,924.00 2.30% 164,963.76 170,199.29 5.86%

Miscellaneous EUR 700 PERNOD-RICARD 63,451.80 66,717.00 2.30% 63,451.80 66,717.00 2.30%

Mortgage & Funding Institutions USD 700 CVS CAREMARK CORP 34,144.04 51,299.08 1.77% 34,144.04 51,299.08 1.77%

News Transmission EUR 6,000 DEUTSCHE TELEKOM /NAM. 68,547.41 82,200.00 2.83% EUR 2,000 TELENET GROUP HOLDING 90,201.87 91,940.00 3.17% 158,749.28 174,140.00 6.00%

Petrol EUR 2,000 ROYAL DUTCH SHELL PLC-A- 61,184.46 53,690.00 1.85% NOK 2,500 SEADRILL LTD 63,869.99 28,767.43 0.99% 125,054.45 82,457.43 2.84%

(1) Sub-Fund name changed, see Note 1, for further details.

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

63 LEMANIK SICAV

WORLD EQUITIES (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Pharmaceuticals and Cosmetics EUR 1,300 FRESENIUS SE & CO KGAA 48,968.22 56,673.50 1.95% USD 500 JOHNSON & JOHNSON 34,642.89 43,416.36 1.50% 83,611.11 100,089.86 3.45%

Public Services EUR 15,000 TERNA- RETE ELETTRICA NAZIONALE SPA 60,204.17 58,260.00 2.01% 60,204.17 58,260.00 2.01%

Real Estate Companies GBP 20,000 CAP COUNT PTY /REIT 88,492.63 94,667.76 3.26% 88,492.63 94,667.76 3.26%

Retail SEK 1,210 HENNES & MAURITZ AB 30,856.87 41,657.29 1.44% 30,856.87 41,657.29 1.44%

Tobacco and Spirits GBP 1,600 IMP TOBACCO 57,556.91 59,493.96 2.05% 57,556.91 59,493.96 2.05%

Transportation EUR 850 AEROPORTS DE PARIS ADP 68,728.18 83,886.50 2.89% EUR 2,300 DEUTSCHE POST AG. BONN 62,734.35 61,444.50 2.11% GBP 1,800 THE GO-AHEAD GROUP PLC 58,191.11 58,880.93 2.03% USD 1,000 UNION PACIFIC CORP. 69,101.45 93,667.03 3.23% 258,755.09 297,878.96 10.26% Total - Equities 2,391,529.87 2,707,097.42 93.28%

Total - Transferable securities listed on an official stock exchange or on another regulated market 2,391,529.87 2,707,097.42 93.28%

Total Investments 2,391,529.87 2,707,097.42 93.28% Other Net Assets 195,124.71 6.72% Total Net Assets 2,902,222.13 100.00%

(1) Sub-Fund name changed, see Note 1, for further details.

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

64 LEMANIK SICAV

WORLD EQUITIES (1)

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

United States of America 26.73% Great Britain 19.32% Germany 15.77% France 8.48% Belgium 6.74% Denmark 5.10% Sweden 4.57% Italy 3.12% Finland 2.46% Bermuda 0.99%

TOTAL 93.28%

(1) Sub-Fund name changed, see Note 1, for further details.

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

65 LEMANIK SICAV

WORLD EQUITIES (1)

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Transportation 10.26% Insurance 10.22% Banks and Financial Institutions 7.95% News Transmission 6.00% Chemicals 5.99% Mechanics, Machinery 5.86% Leisure 5.84% Graphic Art, Publishing 5.72% Holding and Financial Companies 4.63% Biotechnology 3.66% Pharmaceuticals and Cosmetics 3.45% Electronic Semiconductor 3.29% Real Estate Companies 3.26% Petrol 2.84% Aerospace Technology 2.65% Miscellaneous 2.30% Forest Products and Paper Industry 2.09% Tobacco and Spirits 2.05% Public Services 2.01% Mortgage & Funding Institutions 1.77% Retail 1.44%

TOTAL 93.28%

(1) Sub-Fund name changed, see Note 1, for further details.

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

66 LEMANIK SICAV

SELECTED BOND

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Banks and Financial Institutions USD 2,000,000 BANBRA 6.25%/FRN 13-PERP 1,217,452.67 1,240,283.96 1.27% USD 250,000 BANBRA 9% 14-PERP 184,502.70 197,142.34 0.20% EUR 500,000 BANCA CARIGE FRN 06-07.06.16 458,750.00 468,995.00 0.48% EUR 3,000,000 BANCA POP.MILANO 9%(FRN)08-PERP 3,298,979.65 3,236,490.00 3.31% EUR 2,000,000 BANCA POP.VER.6.156%(FRN)07-PERP 1,864,000.00 1,977,080.00 2.02% EUR 600,000 BANCO BILBA 7%(FTF) 14-PERP 618,281.25 615,528.00 0.63% USD 2,500,000 BARCLAYS 7.75% 13-10.04.23 FTF 1,939,460.50 2,198,812.82 2.25% EUR 1,000,000 BCA POP LODI 6.742%(TV)05-PERP 1,014,500.00 1,011,250.00 1.03% EUR 3,311,000 BK IRELAND 10% 11-30.07.16 3,619,473.75 3,615,082.24 3.70% EUR 750,000 BPCE 6.117% 07-PERP 735,000.00 817,627.50 0.84% EUR 500,000 CR AGR 6.5% 14-PERP 500,000.00 512,830.00 0.52% USD 3,000,000 CR AGR 8.125% FRN 13-09.19.33 2,422,105.95 2,728,552.52 2.79% USD 3,000,000 CS GP CAP 7.5%/FRN 13-PERP 2,317,611.46 2,551,173.14 2.61% USD 200,000 CS GROUP 6.25%/FRN 14-PERP 147,786.89 156,438.46 0.16% USD 2,400,000 ERSTE BK 5.5% 14-26.05.25 1,902,622.70 1,905,503.55 1.95% EUR 500,000 HYPO ALPE ADR.4.375%07-24.01.17 385,000.00 408,545.00 0.42% GBP 500,000 INVESTEC BK 9.625% 17.02.22/SUB 739,025.13 739,635.84 0.76% USD 1,200,000 KBC BK 8%(FRN) 13-25.01.23 940,792.40 1,083,672.24 1.11% EUR 3,600,000 ROYAL BK SCOT 5.5% 04-PERP/FLAT 3,224,343.35 3,501,540.00 3.58% EUR 1,000,000 SANTANDER 6.25% 14-PERP 980,000.00 994,250.00 1.02% EUR 400,000 SANTANDER 6.25% 14-PERP 399,376.33 392,644.00 0.40% EUR 1,000,000 SOCGEN FRN 09-PERP 1,219,380.00 1,225,450.00 1.25% EUR 500,000 STD CHART 3.125% 14-19.11.24 497,130.00 498,135.00 0.51% EUR 650,000 UBS LN 4.75% 14-12.02.26 646,145.50 695,838.00 0.71% EUR 100,000 UNICREDIT 5.75% 13-28.10.25 99,910.00 109,749.00 0.11% EUR 1,500,000 VENETO BANCA 4% 14-20.05.19 1,510,938.00 1,540,710.00 1.58% 32,882,568.23 34,422,958.61 35.21%

Holding and Financial Companies USD 4,500,000 AQUARIUS 8.25% (FRN)12-PERP 3,726,228.10 4,005,294.19 4.10% USD 3,500,000 BAC CAP TR FRN 07-PERP 1,969,061.72 2,151,433.84 2.20% EUR 500,000 BAGGOT SECU 10.24% 13-PERP 530,494.24 531,500.00 0.54% EUR 3,000,000 FORTIS 5.125%(TV) 06-PERP 3,084,970.00 3,043,920.00 3.11% GBP 500,000 GENER.F.6.214%(TV)06..PERP 660,373.11 649,170.09 0.66% EUR 278,000 GENERALI FI 4.596% 14-PERP 278,000.00 283,040.14 0.29% USD 1,500,000 GOLDM SACHS CAP II /PREF 908,006.20 903,838.29 0.93% EUR 200,000 HALIFAX 7.627% 99-PERP 184,000.00 196,930.00 0.20%

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

67 LEMANIK SICAV

SELECTED BOND

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

EUR 600,000 UNICRE LU F FRN 09-10.12.19 616,612.50 701,088.00 0.72% EUR 1,000,000 UT2 FUND 5.321% 06-30.06.16 1,016,250.00 1,023,930.00 1.05% 12,973,995.87 13,490,144.55 13.80%

Insurance EUR 750,000 ASS.UNIPOL 5.66% 03-28.07.23 617,150.00 708,412.50 0.72% USD 500,000 AXA 5.5% 13-PERP 372,635.20 414,202.06 0.42% EUR 1,500,000 CNP ASS. FRN 05-PERP. 1,235,250.00 1,224,825.00 1.25% EUR 700,000 CNP ASS.4.75%(TV)06-PERP 394,963.33 732,319.00 0.75% EUR 100,000 CNP ASSUR 4.25% 14-05.06.45 99,569.00 105,032.00 0.11% USD 200,000 CNP ASSUR 6.875% PERP 153,215.61 175,515.18 0.18% EUR 300,000 CRDT AGR AS 4.5% 14-PERP 297,912.00 309,837.00 0.32% EUR 1,700,000 ETHIAS VIE 4.747% 29.12.49 1,646,100.00 1,632,612.00 1.67% EUR 2,000,000 FONDIARIA 5.75% 14-PERP 1,991,300.00 1,979,060.00 2.02% EUR 3,000,000 GROUPAMA SA 7.875% 09-27.10.39 3,354,170.00 3,362,550.00 3.44% EUR 750,000 MAPFRE 5.921% (TV) 07-24.07.37 633,750.00 807,495.00 0.83% GBP 1,750,000 OLD MUTUAL 8% 11-03.06.21 2,277,636.19 2,507,759.75 2.57% GBP 1,000,000 OLD MUTUAL6.376%(TV)5-PER 1,267,196.78 1,273,241.17 1.30% USD 1,000,000 PRUDENTIAL 5.25% 13-PERP EMTN 697,858.86 821,337.18 0.84% GBP 1,020,000 RESOLUTION 6.5864% 05-PERP/POOL 1,139,776.12 1,249,592.57 1.28% EUR 1,000,000 SWISS LIFE 5% FRN PERP 767,300.00 1,028,350.00 1.05% 16,945,783.09 18,332,140.41 18.75%

Miscellaneous USD 2,000,000 CSG GG FRN 11-24.02.41 1,672,375.06 1,713,231.46 1.75% EUR 500,000 NATIONAL CAPITAL FRN 06-PERP 335,000.00 487,030.00 0.50% 2,007,375.06 2,200,261.46 2.25%

Other Services EUR 1,000,000 LBG CAP2 6.385% 09-12.05.20 1,073,750.00 1,076,370.00 1.10% 1,073,750.00 1,076,370.00 1.10% Total - Bonds 65,883,472.25 69,521,875.03 71.11%

Convertible Bonds

Banks and Financial Institutions EUR 1,000,000 BONY MEL LU FRN 09-15.12.50/NO INTEREST 644,000.00 637,000.00 0.65% 644,000.00 637,000.00 0.65% Total - Convertible Bonds 644,000.00 637,000.00 0.65%

Total - Transferable securities listed on an official stock exchange or on another regulated market 66,527,472.25 70,158,875.03 71.76%

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

68 LEMANIK SICAV

SELECTED BOND

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities admitted to another regulated market

Bonds

Banks and Financial Institutions USD 1,000,000 CAIXA ECO 7.25% 14-23.07.24 761,317.64 806,296.88 0.83% USD 2,000,000 CITIGP FRN 12-PERP FTF 1,424,188.61 1,597,866.28 1.63% USD 1,000,000 WACHOVIA CAP I 5.8%(TV)06-PERP 684,439.88 781,101.35 0.80% 2,869,946.13 3,185,264.51 3.26%

Insurance EUR 2,000,000 ASSGEN 7.678% 08-31.12.31 2,250,000.00 2,294,580.00 2.35% USD 2,602,000 AXA 6.463%(FRN) 06-PERP 2,092,296.11 2,216,140.50 2.26% 4,342,296.11 4,510,720.50 4.61% Total - Bonds 7,212,242.24 7,695,985.01 7.87%

Total Transferable securities admitted to another regulated market 7,212,242.24 7,695,985.01 7.87%

Other Transferable securities

Equities

Miscellaneous USD 12,375 CDX LABORATORIES 104,922.90 0.00 0.00% 104,922.90 0.00 0.00% Total - Equities 104,922.90 0.00 0.00%

Total Other Transferable securities 104,922.90 0.00 0.00%

Financial Instruments

Options

Miscellaneous EUR 15 PUT FTSE MIB INDEX 20/03/15 19500 46,500.00 28,912.50 0.03% 46,500.00 28,912.50 0.03% Total - Options 46,500.00 28,912.50 0.03%

Total - Financial Instruments 46,500.00 28,912.50 0.03%

Total Investments (including Options) 73,891,137.39 77,883,772.54 79.66% Other Net Assets 19,882,694.29 20.34% Total Net Assets 97,766,466.83 100.00%

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

69 LEMANIK SICAV

SELECTED BOND

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Great Britain 14.19% France 14.13% Italy 12.62% Ireland 9.39% United States of America 7.09% Switzerland 4.53% Luxembourg 4.48% Spain 2.88% Belgium 2.78% Austria 2.37% Guernsey 1.75% Cayman Islands 1.47% Netherlands 0.95% Brazil 0.83% Jersey 0.20%

TOTAL 79.66%

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

70 LEMANIK SICAV

SELECTED BOND

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Banks and Financial Institutions 39.12% Insurance 23.36% Holding and Financial Companies 13.80% Miscellaneous 2.28% Other Services 1.10%

TOTAL 79.66%

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

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SHORT DURATION

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Banks and Financial Institutions USD 50,000 BANCO CONT 2.25% 13-29.07.16 36,552.15 40,329.28 0.68% USD 200,000 BANCO VOTO 5.25% 11-11.02.16 166,579.82 166,330.57 2.81% CNY 1,000,000 BANK CHINA 3.45%14-16.01.17 130,541.66 130,428.69 2.21% EUR 100,000 BCA POP VIC 6.75% 12-27.02.15 103,900.00 101,194.00 1.71% USD 100,000 BCO SANT BR 4.5% 10-06.04.15 80,088.55 81,167.93 1.37% EUR 100,000 BOA FRN 06-18.05.16 99,589.00 100,068.00 1.69% EUR 100,000 COMZBK FRN 06-13.09.16 98,400.00 99,033.00 1.67% EUR 50,000 DEXIA CREDI 3.6% 05-15 STEP-UP 51,054.71 50,055.00 0.85% AUD 100,000 EMIRATE NBD 5.75% 14-08.05.19 66,824.13 72,119.43 1.22% AUD 200,000 HSBC 6.75%10-12.03.15 138,456.30 138,318.14 2.34% EUR 100,000 ING NV FRN 14-04.09.15 100,020.00 100,091.00 1.69% USD 200,000 SANTANDER 6.375% 14-PERP 145,718.56 159,422.45 2.70% EUR 100,000 UBS LN 4.75% 14-12.02.26 104,679.23 107,052.00 1.81% EUR 200,000 UNICREDIT FRN 14-10.04.17 199,822.00 201,252.00 3.40% 1,522,226.11 1,546,861.49 26.15%

Chemicals EUR 100,000 PIRELLI & C 5.125% 11-22.02.16 106,380.00 104,965.00 1.77% 106,380.00 104,965.00 1.77%

Construction, Building Material EUR 100,000 ABENGOA 8.5% 10-31.03.16 109,250.00 99,106.00 1.67% GBP 150,000 LAFARGE 10% 09-30.05.17ST-UP 223,761.01 220,656.53 3.73% 333,011.01 319,762.53 5.40%

Food and Distilleries EUR 150,000 CAMPOFRIO 8.25% 09-31.10.16 154,050.00 154,059.00 2.60% 154,050.00 154,059.00 2.60%

Holding and Financial Companies USD 200,000 ANGLO AMER FRN 14-15.04.16 144,446.44 160,916.06 2.72% EUR 150,000 EDP FIN BV 3.25% 10-16.03.15 151,320.00 151,092.00 2.55% EUR 200,000 FIAT FIN NORTH AM 5.625% 07-17 214,536.00 215,324.00 3.64% USD 100,000 FIBRIA 5.25% 14-12.05.24 72,026.26 81,479.16 1.38% EUR 200,000 GAZ CAPITAL 5.875% 05-01.06.15 REG 209,925.00 202,488.00 3.42% USD 200,000 GPB EUROBD 6.25% 10-15.12.14 158,316.06 160,502.15 2.71%

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

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SHORT DURATION

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

AUD 200,000 MOR ST FRN 11-26.05.15 137,786.80 137,749.90 2.33% USD 100,000 NOVARTIS CAP 4.4% 14-06.05.44 74,677.09 87,827.38 1.49% 1,163,033.65 1,197,378.65 20.24%

Mechanics, Machinery EUR 100,000 BOMBARDIER 6.125% 15.05.21 REGS 109,230.00 112,426.00 1.90% 109,230.00 112,426.00 1.90%

Mines, Heavy Industries USD 100,000 EVRAZ GRP 8.25% 05-10.11.15 REGS 76,779.39 81,398.15 1.38% 76,779.39 81,398.15 1.38%

Petrol EUR 100,000 MOL HU O&G 5.875% 10-20.04.17 108,500.00 108,141.00 1.83% 108,500.00 108,141.00 1.83%

Precious Metals USD 150,000 FREEPORT MC 2.3% 14-14.11.17 120,177.15 121,158.71 2.05% 120,177.15 121,158.71 2.05%

Public Services USD 200,000 NAT ATOM 6.25% 10-20.05.15 REGS 159,301.36 162,273.29 2.74% USD 100,000 TAQA ABU 6.165%07-25.10.17REGS 89,006.60 90,127.14 1.53% 248,307.96 252,400.43 4.27%

States, Provinces, and Municipalities EUR 200,000 ITALY 2.55% 12-22.10.16 /INFL 206,819.23 206,834.60 3.50% MXN 2,500,000 MEXICO 8% 05-17.12.15 153,182.34 151,505.70 2.56% EUR 100,000 PORTUGAL 3.35% 05-15.10.15 103,860.00 102,725.00 1.74% EUR 150,000 ROMANIA 5% 10-18.03.15 155,550.00 152,077.50 2.57% USD 200,000 USA 2.625% 07-15.07.17/INFL 187,914.86 200,257.80 3.38% 807,326.43 813,400.60 13.75%

Textile GBP 50,000 LVMH 1.625% 14-20.12.17 62,522.67 63,653.26 1.08% 62,522.67 63,653.26 1.08%

Tobacco and Spirits EUR 150,000 CAMPARI ITALIA SPA 5.375% 09-14.10.16 164,025.00 161,664.00 2.73% 164,025.00 161,664.00 2.73%

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

73 LEMANIK SICAV

SHORT DURATION

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transportation EUR 50,000 AIR BERLIN 8.5% 10-10.11.15 51,221.50 51,954.00 0.88% GBP 50,000 BRITISH AIR.TV 01-16/MULTICOUP 70,760.96 68,945.04 1.16% 121,982.46 120,899.04 2.04% Total - Bonds 5,097,551.83 5,158,167.86 87.19%

Total - Transferable securities listed on an official stock exchange or on another regulated market 5,097,551.83 5,158,167.86 87.19%

Transferable securities admitted to another regulated market

Bonds

Banks and Financial Institutions EUR 150,000 BANBRA 4.5% 11-20.01.16 160,050.00 155,289.00 2.62% 160,050.00 155,289.00 2.62% Total - Bonds 160,050.00 155,289.00 2.62%

Total Transferable securities admitted to another regulated market 160,050.00 155,289.00 2.62%

Total Investments 5,257,601.83 5,313,456.86 89.81% Other Net Assets 602,756.37 10.19% Total Net Assets 5,916,213.23 100.00%

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

74 LEMANIK SICAV

SHORT DURATION

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

United States of America 14.58% Italy 13.96% Great Britain 9.31% Spain 6.97% Brazil 6.80% France 4.81% Luxembourg 4.80% Netherlands 4.24% United Arab Emirates 2.75% Kazakhstan 2.74% Ireland 2.71% Romania 2.57% Mexico 2.56% Canada 1.90% Hungary 1.83% Switzerland 1.81% Portugal 1.74% Germany 1.67% Cayman Islands 1.38% Peru 0.68%

TOTAL 89.81%

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

75 LEMANIK SICAV

SHORT DURATION

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Banks and Financial Institutions 28.77% Holding and Financial Companies 20.24% States, Provinces, and Municipalities 13.75% Construction, Building Material 5.40% Public Services 4.27% Tobacco and Spirits 2.73% Food and Distilleries 2.60% Precious Metals 2.05% Transportation 2.04% Mechanics, Machinery 1.90% Petrol 1.83% Chemicals 1.77% Mines, Heavy Industries 1.38% Textile 1.08%

TOTAL 89.81%

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

76 LEMANIK SICAV

FLEX DURATION

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

States, Provinces, and Municipalities EUR 1,340,000 GERMANY 4.25% 08-04.07.18 1,558,873.86 1,544,725.20 23.49% 1,558,873.86 1,544,725.20 23.49%

Supranational EUR 725,000 BEI 2.5% 10-15.07.15 746,810.00 736,165.00 11.19% EUR 225,000 BEI 3.875% 06-15.10.16 244,860.75 241,290.00 3.67% EUR 445,000 EIB 3.625% 11-15.01.21 489,919.26 533,621.75 8.11% 1,481,590.01 1,511,076.75 22.97% Total - Bonds 3,040,463.87 3,055,801.95 46.46%

Total - Transferable securities listed on an official stock exchange or on another regulated market 3,040,463.87 3,055,801.95 46.46%

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 50,000 UBS SO GL GO USD-A- ETF 442,500.00 353,000.00 5.36% 442,500.00 353,000.00 5.36% Total - Investment Funds 442,500.00 353,000.00 5.36%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 442,500.00 353,000.00 5.36%

Transferable securities admitted to another regulated market

Bonds

States, Provinces, and Municipalities USD 850,000 USA 2% 11-15.11.21 S.F-2021 636,310.58 687,793.29 10.46% 636,310.58 687,793.29 10.46%

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

77 LEMANIK SICAV

FLEX DURATION

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Supranational EUR 975,000 EIB 1.625% 12-15.01.15 988,601.25 976,920.75 14.85% 988,601.25 976,920.75 14.85% Total - Bonds 1,624,911.83 1,664,714.04 25.31%

Total Transferable securities admitted to another regulated market 1,624,911.83 1,664,714.04 25.31%

Other Transferable securities

Equities

Food and Distilleries EUR 100,000 PARMALAT FINANZIARIA SPA 107,970.25 0.00 0.00% 107,970.25 0.00 0.00% Total - Equities 107,970.25 0.00 0.00%

Total Other Transferable securities 107,970.25 0.00 0.00%

Total Investments 5,215,845.95 5,073,515.99 77.13% Other Net Assets 1,503,949.16 22.87% Total Net Assets 6,577,465.15 100.00%

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

78 LEMANIK SICAV

FLEX DURATION

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Luxembourg 37.82% Germany 23.49% United States of America 10.46% Ireland 5.36%

TOTAL 77.13%

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

79 LEMANIK SICAV

FLEX DURATION

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Supranational 37.82% States, Provinces, and Municipalities 33.95% Investment Funds 5.36%

TOTAL 77.13%

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

80 LEMANIK SICAV

ACTIVE SHORT TERM CREDIT (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Aerospace Technology NOK 52,000,000 NORWEGIAN AIR FRN 13.04.15 6,448,504.84 5,998,511.07 2.30% 6,448,504.84 5,998,511.07 2.30%

Agriculture and Fishing NOK 13,000,000 GRIEG SEAFOOD FRN 12-21.12.15 1,647,261.29 1,534,978.79 0.59% 1,647,261.29 1,534,978.79 0.59%

Banks and Financial Institutions USD 6,125,000 ALFA MTN ISS 8% 10-18.03.15 4,690,669.74 4,969,963.50 1.90% USD 1,258,000 BCO DAYCO 6.5% 10-16.03.15 946,141.80 1,021,122.83 0.39% USD 8,780,000 BES INVEST 5.625% 10-25.03.15 6,569,565.83 7,016,041.55 2.69% USD 1,800,000 DEV BK MON 8.5% 12-20.09.15 1,289,154.93 1,446,973.89 0.55% USD 2,000,000 FINANSBANK 5.5% 11-11.05.16 1,547,085.20 1,663,161.27 0.64% EUR 6,400,000 GLITNIR BK 3% 14-16.05.16 6,398,650.00 6,394,688.00 2.45% CHF 3,000,000 HYPO ALPE AD 2.75% 07-12.08.15 2,418,559.50 2,276,224.40 0.87% USD 5,771,000 KAZKOMMERTS 8% 05-03.11.15 REGS 4,272,140.06 4,643,695.69 1.78% USD 6,450,000 UNICREDIT LUX 5.1875% 13.10.15 4,829,904.51 5,305,023.46 2.03% EUR 1,200,000 VENETO BCA 4% 13-31.07.15 1,213,795.00 1,213,524.00 0.47% CNY 3,000,000 VTB CAP 4.5% 12-30.10.15 365,548.85 387,577.52 0.15% 34,541,215.42 36,337,996.11 13.92%

Biotechnology USD 2,000,000 FUFENG GRP 7.625% 11-13.04.16 1,531,008.47 1,647,118.28 0.63% 1,531,008.47 1,647,118.28 0.63%

Business Houses NOK 77,000,000 KISTEFOS FRN 12-03.07.15 9,783,945.63 8,987,104.04 3.44% 9,783,945.63 8,987,104.04 3.44%

Construction, Building Material EUR 1,400,000 ABENGOA 8.5% 10-31.03.16 1,514,710.00 1,387,484.00 0.53% EUR 1,150,000 ABENGOA 9.625% 09-25.02.15 1,205,885.00 1,149,321.50 0.44% NOK 14,500,000 DOF SUBSEA 7.7% 11-29.04.16 1,843,894.22 1,705,185.26 0.66% NOK 24,500,000 DOF SUBSEA FRN 12-15.10.15 3,109,155.15 2,879,744.45 1.10% 7,673,644.37 7,121,735.21 2.73%

(1) Sub-Fund name changed, see Note 1, for further details.

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

81 LEMANIK SICAV

ACTIVE SHORT TERM CREDIT (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Electronic Semiconductor NOK 4,000,000 RECAS FRN 11-03.05.16 486,528.41 451,119.18 0.17% 486,528.41 451,119.18 0.17%

Holding and Financial Companies USD 2,219,000 BIG WILL INVEST 10.875% 29.04.16 1,802,804.43 1,874,629.14 0.72% USD 2,790,000 CITGO TRST 8.5% 04-21.12.14 2,112,952.60 2,240,459.63 0.86% USD 10,365,000 DAR AL ARKAN 10.75% 10-18.02.15 7,955,392.45 8,450,802.79 3.24% MXN 94,000,000 DEPFA BANK PLC 0% 05-15.06.15 4,886,787.27 5,280,862.22 2.02% CHF 1,750,000 FIAT FT 5% 12-07.09.15 1,487,505.46 1,495,535.16 0.57% USD 1,500,000 GAZPROMBK 6.5% 05-23.09.15 1,120,198.76 1,220,996.27 0.47% USD 2,100,000 GPB EUROBD 6.25% 10-15.12.14 1,546,417.42 1,685,272.53 0.64% USD 3,500,000 HELL PETRO 4.625% 14-16.05.16 2,594,504.08 2,748,313.48 1.05% EUR 4,600,000 POLO III-CP 4.7% 03-29.07.15 4,663,040.00 4,663,204.00 1.79% USD 3,300,000 SHUI DEVEL 9.75% 12-16.02.15 2,520,680.16 2,678,568.16 1.03% NOK 55,000,000 TEEKAY OFF FRN 13-25.01.16 6,903,727.36 6,297,348.89 2.41% 37,594,009.99 38,635,992.27 14.80%

Leisure EUR 6,250,000 TCGLN 6.75% 10-22.06.15 6,428,475.00 6,357,625.00 2.43% 6,428,475.00 6,357,625.00 2.43%

Mines, Heavy Industries USD 5,650,000 CHINA OR GP 8% 10-18.08.15 4,122,778.01 4,506,992.74 1.73% USD 3,600,000 EVRAZ GRP 8.25% 05-10.11.15 REGS 2,771,839.21 2,930,333.29 1.12% 6,894,617.22 7,437,326.03 2.85%

Other Services NOK 41,000,000 HAVILA SHIP FRN 12-30.08.16 5,366,558.57 4,960,418.29 1.90% USD 3,190,000 WILLOW NO.29.625% 07.10.15 REGS 2,448,809.23 2,626,053.34 1.00% 7,815,367.80 7,586,471.63 2.90%

Petrol USD 1,000,000 ALLI OIL 9.875% 10-11.03.15 REGS 776,172.89 794,192.44 0.30% USD 8,200,000 DNO INTL FRN 11-11.04.16 6,262,880.24 6,692,736.53 2.56% USD 7,700,000 SEADRILL LTD 6.5% 10-05.10.15 5,874,708.74 6,278,713.35 2.41% 12,913,761.87 13,765,642.32 5.27%

Public Services USD 2,500,000 NAT ATOM 6.25% 10-20.05.15 REGS 1,870,641.47 2,028,416.16 0.78% 1,870,641.47 2,028,416.16 0.78%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Real Estate Companies USD 5,926,000 COGARD 10.5% 10-11.08.15 4,675,275.56 4,951,619.48 1.90% USD 9,750,000 EVERGRANDE REAL 13% 10-27.01.15 7,530,205.77 7,949,145.71 3.04% USD 1,100,000 FANTAS HLDG 14% 10-12.05.15 831,327.00 906,629.77 0.35% SGD 2,000,000 SHUI ON 8% 12-26.01.15 1,210,095.19 1,237,790.10 0.47% 14,246,903.52 15,045,185.06 5.76%

States, Provinces, and Municipalities USD 5,750,000 BELARUS 8.75% 10-03.08.15 4,323,151.06 4,730,114.71 1.81% EUR 5,000,000 CYPRUS 3.75% 10-01.11.15 4,975,800.00 4,975,000.00 1.90% USD 5,660,000 KINGDOM OF JORDAN 3.875% 12.11.15 4,252,222.28 4,595,376.09 1.76% EUR 1,877,000 MONTENEGRO 7.875% 10-14.09.15 1,985,418.68 1,958,949.82 0.75% USD 4,200,000 REP.ECUADOR 9.375% 05-15.12.15 3,313,532.58 3,462,654.31 1.33% USD 607,000 SRI LANKA 7.4% 09-22.01.15 REGS 485,130.44 490,790.41 0.19% 19,335,255.04 20,212,885.34 7.74%

Transportation EUR 5,513,000 AIR BERLIN 8.5% 10-10.11.15 5,799,701.80 5,728,448.04 2.19% NOK 22,500,000 ATLANTIC OFFSH FRN 12-27.06.15 2,866,550.18 2,682,455.95 1.03% NOK 30,000,000 COLOR GROUP FRN 10-16.11.15 3,722,068.21 3,486,441.34 1.34% NOK 17,000,000 DOF FRN 10-09.03.15 2,097,346.46 1,963,153.87 0.75% USD 3,260,000 GRAIL 9.875% 10-22.07.15 2,637,855.88 2,739,744.11 1.05% EUR 2,100,000 HELLENIC RA 4.68% 03-29.10.15 2,096,325.00 2,047,500.00 0.78% NOK 20,000,000 ISL OFFSH FRN 13-05.04.16 2,451,820.64 2,275,472.60 0.87% NOK 64,000,000 ODFJELL FRN 12-03.12.15 8,051,471.09 7,405,792.22 2.84% EUR 850,000 REDE FERROV 4% 05-16.03.15 842,015.96 854,751.50 0.33% NOK 15,000,000 TEEKAY FRN 12-09.10.15 1,867,429.32 1,730,940.84 0.66% USD 1,000,000 WAN HAI S PTE 5.5% 05-29.06.15 761,091.52 811,823.69 0.31% 33,193,676.06 31,726,524.16 12.15% Total - Bonds 202,404,816.40 204,874,630.65 78.46%

Convertible Bonds

Mortgage & Funding Institutions USD 2,000,000 TMK BONDS 5.25% 10-11.02.15 CV 1,491,665.74 1,590,406.29 0.61% USD 5,800,000 VEDANTA RES 4% 10-30.03.17 CV 4,224,194.10 4,645,536.44 1.78% 5,715,859.84 6,235,942.73 2.39% Total - Convertible Bonds 5,715,859.84 6,235,942.73 2.39%

Total - Transferable securities listed on an official stock exchange or on another regulated market 208,120,676.24 211,110,573.38 80.85%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities admitted to another regulated market

Bonds

Automobile Industry USD 3,200,000 HYVA GLOB 8.625% 11-24.03.16 2,458,239.53 2,589,750.13 0.99% 2,458,239.53 2,589,750.13 0.99%

Banks and Financial Institutions USD 6,700,000 BIC BANCO 5.25%10-25.10.15 REGS 5,014,397.11 5,445,453.01 2.09% 5,014,397.11 5,445,453.01 2.09%

Miscellaneous USD 9,900,000 PACIFIC DRIL 8.25% 12-23.02.15 7,593,723.71 8,000,842.26 3.06% 7,593,723.71 8,000,842.26 3.06%

Petrol NOK 7,000,000 INTEROIL E&P 15% 10-14.03.16 865,238.91 520,986.54 0.20% 865,238.91 520,986.54 0.20%

Transportation USD 5,075,000 DEEP DRILLING 14.25% 12-05.03.15 4,004,903.81 4,139,627.00 1.59% 4,004,903.81 4,139,627.00 1.59% Total - Bonds 19,936,503.07 20,696,658.94 7.93%

Convertible Bonds

Construction, Building Material EUR 1,350,000 ABENGOA 4.5% 10-03.02.17 CV 1,375,025.00 1,327,536.00 0.51% 1,375,025.00 1,327,536.00 0.51%

Transportation SEK 87,000,000 SAS AB 7.5% 10-01.04.15 CV 9,902,230.52 9,508,566.81 3.64% 9,902,230.52 9,508,566.81 3.64% Total - Convertible Bonds 11,277,255.52 10,836,102.81 4.15%

Total Transferable securities admitted to another regulated market 31,213,758.59 31,532,761.75 12.08%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Other Transferable securities

Bonds

Banks and Financial Institutions JPY 300,000,000 EKSPORTFIN 0.89% 10-16.06.15 2,066,129.33 2,013,662.79 0.77% 2,066,129.33 2,013,662.79 0.77%

Chemicals USD 3,750,000 VERTELLUS 9.375% 10-01.10.15 2,783,478.21 3,008,061.61 1.15% 2,783,478.21 3,008,061.61 1.15% Total - Bonds 4,849,607.54 5,021,724.40 1.92%

Equities

Food and Distilleries EUR 200,000 PARMALAT FINANZIARIA SPA 200,747.00 0.00 0.00% 200,747.00 0.00 0.00% Total - Equities 200,747.00 0.00 0.00%

Total Other Transferable securities 5,050,354.54 5,021,724.40 1.92%

Financial Instruments

Certificate of Deposit

Holding and Financial Companies USD 950,000 B AND N FIN 0% 14-04.03.15 CD 639,348.67 747,875.80 0.29% 639,348.67 747,875.80 0.29% Total - Certificate of Deposit 639,348.67 747,875.80 0.29%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Commercial Paper

Construction, Building Material USD 2,000,000 ABENGOA 0% 14-11.06.15 CP 1,411,082.68 1,566,163.20 0.60% USD 3,500,000 ABENGOA 0% 14-30.04.15 CP 2,426,886.20 2,757,529.09 1.05% 3,837,968.88 4,323,692.29 1.65% Total - Commercial Paper 3,837,968.88 4,323,692.29 1.65%

Total - Financial Instruments 4,477,317.55 5,071,568.09 1.94%

Total Investments 248,862,106.92 252,736,627.62 96.79% Other Net Assets 8,380,091.82 3.21% Total Net Assets 261,116,719.44 100.00%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Norway 20.52% Cayman Islands 11.05% Luxembourg 7.54% Great Britain 7.45% Brazil 5.17% Bermuda 4.44% Ireland 4.13% Cyprus 4.09% Sweden 3.64% Spain 3.13% Marshall Islands 3.07% Netherlands 2.77% Iceland 2.45% Singapore 2.37% Belarus 1.81% Jersey 1.79% Jordan 1.76% Ecuador 1.33% United States of America 1.15% Georgia 1.05% Austria 0.87% Greece 0.78% Kazakhstan 0.78% Montenegro 0.75% British virgin islands 0.72% Turkey 0.64% Mongolia 0.55% Italy 0.47% Portugal 0.33% Sri Lanka 0.19%

TOTAL 96.79%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Transportation 17.38% Banks and Financial Institutions 16.78% Holding and Financial Companies 15.09% States, Provinces, and Municipalities 7.74% Real Estate Companies 5.76% Petrol 5.47% Construction, Building Material 4.89% Business Houses 3.44% Miscellaneous 3.06% Other Services 2.90% Mines, Heavy Industries 2.85% Leisure 2.43% Mortgage & Funding Institutions 2.39% Aerospace Technology 2.30% Chemicals 1.15% Automobile Industry 0.99% Public Services 0.78% Biotechnology 0.63% Agriculture and Fishing 0.59% Electronic Semiconductor 0.17%

TOTAL 96.79%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Banks and Financial Institutions EUR 1,400,000 BANCA POP.MILANO 9%(FRN)08-PERP 1,472,626.66 1,510,362.00 3.38% EUR 1,000,000 BARCLAYS 4.875% 04-PERP 973,400.00 1,002,010.00 2.24% EUR 1,000,000 BMPS 3.625% 14-01.04.19 994,570.00 1,027,570.00 2.30% EUR 450,000 BP MILAN 4.25% 14-30.01.19 448,452.00 483,777.00 1.08% USD 700,000 UNICREDIT 8% 14-PERP 521,110.93 568,113.74 1.27% 4,410,159.59 4,591,832.74 10.27%

Construction, Building Material EUR 300,000 ITALCEMENTI FIN 6.125% 21.02.18 319,512.60 334,758.00 0.75% 319,512.60 334,758.00 0.75%

Food and Distilleries EUR 250,000 AGROKOR DD 9.125% 12-01.02.20 250,000.00 274,790.00 0.62% 250,000.00 274,790.00 0.62%

Holding and Financial Companies EUR 670,000 FIAT FT 4.75% 14-15.07.22 691,875.50 710,923.60 1.59% EUR 500,000 FIAT FT 7% 12-23.03.17 GMTN 538,250.00 551,325.00 1.23% EUR 100,000 GAS NAT FEN 4.125% 14-30.11.49 100,000.00 101,619.00 0.23% EUR 300,000 SAFARI HOLD 8.25% 14-15.02.21 297,000.00 304,797.00 0.68% EUR 300,000 SHIP 7.25%13-30.09.17/REGS 304,830.00 294,282.00 0.66% EUR 658,000 TELEC IT FIN 7.75% 03-24.01.33 835,786.60 864,309.32 1.94% EUR 500,000 WIND ACQ 4% 14-15.07.20 500,000.00 500,780.00 1.12% EUR 500,000 WIND ACQ 7% 14-23.04.21 528,500.00 506,605.00 1.13% 3,796,242.10 3,834,640.92 8.58%

Insurance EUR 400,000 FONDIARIA 5.75% 14-PERP 400,000.00 395,812.00 0.89% EUR 500,000 GROUPAMA 6.375% (FRN) 14-PERP 516,875.00 509,845.00 1.14% 916,875.00 905,657.00 2.03%

Mechanics, Machinery EUR 250,000 OFFICINE MA 5.75% 14-01.06.21 252,542.50 247,502.50 0.55% EUR 350,000 PIAGGIO 4.625% 14-30.04.21 359,250.00 361,501.00 0.81% 611,792.50 609,003.50 1.36%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

News Transmission EUR 500,000 MEDIASET 5.125% 13-24.01.19 503,863.00 536,995.00 1.20% EUR 200,000 TELECOM IT 4.875% 13-25.09.20 197,932.00 220,600.00 0.49% EUR 300,000 TELECOM IT 5.25% 10-10.02.22 314,910.00 338,679.00 0.76% 1,016,705.00 1,096,274.00 2.45%

Pharmaceuticals and Cosmetics EUR 800,000 KEDRION GRO 4.625% 14-24.04.19 806,800.00 800,648.00 1.79% 806,800.00 800,648.00 1.79%

Public Services EUR 500,000 ENEL 6.5% (FRN) 13-10.01.74 536,479.00 553,575.00 1.24% GBP 500,000 ENEL 6.625% 14-15.09.76 610,587.60 659,514.96 1.47% 1,147,066.60 1,213,089.96 2.71%

Supranational USD 3,000,000 EIB 1% 13-15.06.18 GLOBAL 2,346,886.25 2,387,751.17 5.34% 2,346,886.25 2,387,751.17 5.34% Total - Bonds 15,622,039.64 16,048,445.29 35.90%

Equities

Aerospace Technology EUR 70,000 FINMECCANICA SPA 508,838.39 546,000.00 1.22% 508,838.39 546,000.00 1.22%

Automobile Industry EUR 70,000 FIAT CHRYSLER AUTOMOBILES N.V 634,037.51 702,100.00 1.57% EUR 60,000 PEUGEOT SA 630,576.91 618,000.00 1.38% 1,264,614.42 1,320,100.00 2.95%

Banks and Financial Institutions EUR 300,000 CREDITO VALTELLINESE SCARL 303,205.40 239,700.00 0.54% EUR 215,000 INTESA SANPAOLO /RISP-NON CONV 422,750.08 465,260.00 1.04% EUR 220,000 INTESA SANPAOLO SPA 514,045.78 545,160.00 1.22% EUR 130,000 UNICREDIT AZ 760,996.00 772,850.00 1.73% 2,000,997.26 2,022,970.00 4.53%

Chemicals EUR 30,000 PIRELLI & CO SPA 337,234.09 342,300.00 0.77% 337,234.09 342,300.00 0.77%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Construction, Building Material EUR 15,000 BOUYGUES 435,672.95 453,825.00 1.01% EUR 50,000 BUZZI UNICEM 548,702.50 601,500.00 1.35% EUR 100,000 IMPREGILO SPA 276,078.54 313,800.00 0.70% EUR 7,500 VINCI 342,902.31 326,062.50 0.73% 1,603,356.30 1,695,187.50 3.79%

Graphic Art, Publishing EUR 100,000 RAI WAY S.P.A. 301,520.28 322,000.00 0.72% 301,520.28 322,000.00 0.72%

Holding and Financial Companies EUR 18,000 GREENITALY1 SPA 180,000.00 165,960.00 0.37% EUR 13,500 TECNOINVESTIMENTI S.P.A. 45,932.13 45,657.00 0.10% 225,932.13 211,617.00 0.47%

Insurance EUR 6,000 ALLIANZ SE /NAM.VINKULIERT 769,192.09 830,700.00 1.86% EUR 35,000 ASSICURAZIONI GENERALI SPA 555,385.30 608,650.00 1.36% EUR 140,000 UNIPOL GRUPPO FINANZIARIO SPA 547,470.97 577,920.00 1.29% 1,872,048.36 2,017,270.00 4.51%

Internet Software EUR 30,000 SPACE S.P.A. 300,000.00 291,000.00 0.65% EUR 8,000 UNITED INTERN.&CO/NAMENSAKT 269,147.20 283,400.00 0.63% 569,147.20 574,400.00 1.28%

Mechanics, Machinery EUR 6,000 VALLOUREC 236,698.29 159,990.00 0.36% 236,698.29 159,990.00 0.36%

Mines, Heavy Industries EUR 20,000 ARCELORMITTAL SA REG SHS 217,984.25 197,300.00 0.44% 217,984.25 197,300.00 0.44%

News Transmission EUR 150,000 MEDIASET SPA 462,555.61 487,800.00 1.09% 462,555.61 487,800.00 1.09%

Other Services EUR 3,000 ILIAD 569,268.00 592,500.00 1.33% 569,268.00 592,500.00 1.33%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Petrol EUR 35,000 ENI SPA ROMA 611,559.80 562,450.00 1.26% EUR 10,000 SAIPEM SPA 170,340.00 115,100.00 0.26% 781,899.80 677,550.00 1.52%

Public Services EUR 40,000 E.ON - AG 539,463.23 570,200.00 1.28% EUR 30,000 ENDESA SA 425,007.72 466,350.00 1.04% EUR 50,000 HERA SPA 96,637.65 102,300.00 0.23% EUR 163,005 IREN S.P.A. 177,238.05 156,484.80 0.35% 1,238,346.65 1,295,334.80 2.90%

Retail EUR 20,000 WORLD DUTY FREE S.P.A. 153,813.70 155,700.00 0.35% 153,813.70 155,700.00 0.35%

Textile EUR 5,491 ADIDAS AG 325,478.70 354,169.50 0.79% EUR 2,000 LVMH MOET HENNESSY EUR 0.3 287,156.70 289,000.00 0.65% 612,635.40 643,169.50 1.44%

Transportation EUR 25,000 ATLANTIA SPA 490,987.93 507,000.00 1.13% 490,987.93 507,000.00 1.13% Total - Equities 13,447,878.06 13,768,188.80 30.80%

Warrants

Holding and Financial Companies EUR 38,209 WARRANT GREEN ITALY SPA 4,928.85 22,925.40 0.05% 4,928.85 22,925.40 0.05%

Internet Software EUR 10,000 SPACE WARRANT 13-PERP 0.00 9,100.00 0.02% 0.00 9,100.00 0.02% Total - Warrants 4,928.85 32,025.40 0.07%

Total - Transferable securities listed on an official stock exchange or on another regulated market 29,074,846.55 29,848,659.49 66.77%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 10,000 IS SEU600 UTIL ANTEILE EUR/DIS 329,450.00 326,000.00 0.73% EUR 35,000 ISHESB30-15(DE) ANTEILE 493,356.82 511,000.00 1.14% EUR 20,000 L UC ETF E600 TELEC CAP / DIS 702,315.19 772,900.00 1.73% EUR 15,000 L.ETF 600 C.M. CAP/DIS 515,874.45 546,300.00 1.22% 2,040,996.46 2,156,200.00 4.82% Total - Investment Funds 2,040,996.46 2,156,200.00 4.82%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 2,040,996.46 2,156,200.00 4.82%

Financial Instruments

Options

Automobile Industry EUR (50) PUT FIAT CHRYSLER AUTOMOBILES N.V 19/12/14 6 (3,125.00) (117.50) 0.00% (3,125.00) (117.50) 0.00%

Banks and Financial Institutions EUR 200 CALL MONTE PASCHI SIENA — AZ.19/12/14 1 6,700.00 20.00 0.00% 6,700.00 20.00 0.00%

Public Services EUR 200 CALL ENEL 19/12/14 4 12,800.00 290.00 0.00% 12,800.00 290.00 0.00% Total - Options 16,375.00 192.50 0.00%

Total - Financial Instruments 16,375.00 192.50 0.00%

Total Investments (including options) 31,132,218.01 32,005,051.99 71.59% Other Net Assets 12,699,196.61 28.41% Total Net Assets 44,704,248.60 100.00%

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

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GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Italy 35.69% Luxembourg 10.85% France 10.30% Germany 7.11% Netherlands 3.74% Great Britain 2.24% Spain 1.04% Croatia 0.62%

TOTAL 71.59%

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

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INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Banks and Financial Institutions 14.80% Holding and Financial Companies 9.10% Insurance 6.54% Public Services 5.61% Supranational 5.34% Investment Funds 4.82% Construction, Building Material 4.54% News Transmission 3.54% Automobile Industry 2.95% Pharmaceuticals and Cosmetics 1.79% Mechanics, Machinery 1.72% Petrol 1.52% Textile 1.44% Other Services 1.33% Internet Software 1.30% Aerospace Technology 1.22% Transportation 1.13% Chemicals 0.77% Graphic Art, Publishing 0.72% Food and Distilleries 0.62% Mines, Heavy Industries 0.44% Retail 0.35%

TOTAL 71.59%

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

95 LEMANIK SICAV

SPRING

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Banks and Financial Institutions AUD 150,000 GS 7.75% 11-23.11.16 137,292.86 111,020.72 1.37% BRL 400,000 KFW 7.5% 12-12.03.15/ EUR 165,106.86 123,418.99 1.53% 302,399.72 234,439.71 2.90%

Electronics and Electrical Equipment CNY 2,000,000 ALSTOM 4.25% 12-09.03.15 256,710.22 261,275.11 3.23% 256,710.22 261,275.11 3.23%

Holding and Financial Companies NOK 1,700,000 DT BAHN FIN 3.375% 11-01.09.16 238,925.80 200,543.08 2.48% EUR 200,000 EDP FIN BV 4.75% 09-26.09.16 196,240.00 212,624.00 2.63% NZD 320,000 GECC 7.625% 07-10.12.14 186,643.66 201,657.19 2.50% AUD 166,000 TOTAL CAP 4.125% 12-26.06.17 141,908.89 116,733.82 1.45% SEK 1,900,000 VW FIN SERV 2.375% 12-10.07.15 225,713.52 207,207.80 2.56% 989,431.87 938,765.89 11.62%

Mines, Heavy Industries USD 200,000 VEDANTA RES 6.75% 11-07.06.16 151,515.15 166,527.89 2.06% 151,515.15 166,527.89 2.06%

News Transmission GBP 100,000 TELECOM ITA.5.625% 05-29.12.15 124,410.56 130,227.21 1.61% 124,410.56 130,227.21 1.61%

States, Provinces, and Municipalities EUR 200,000 ITALY 2.1% 10-15.09.21 /INFL 193,136.84 237,898.40 2.94% EUR 200,000 SLOVENIA 4.625% 09-09.09.24 180,400.00 244,830.00 3.03% 373,536.84 482,728.40 5.97% Total - Bonds 2,198,004.36 2,213,964.21 27.39%

Convertible Bonds

Leisure EUR 227 TUI 2.75% 11-24.03.16 13,452.02 16,453.96 0.20% 13,452.02 16,453.96 0.20% Total - Convertible Bonds 13,452.02 16,453.96 0.20%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Equities

Automobile Industry JPY 26,000 KAYABA INDUSTRY CO LTD 85,768.90 88,038.06 1.09% JPY 1,200 TOYOTA MOTOR CORP. 56,828.54 59,319.24 0.73% 142,597.44 147,357.30 1.82%

Banks and Financial Institutions EUR 18,766 BANCO SANTANDER SA / REG. 120,639.24 136,034.73 1.68% EUR 15,750 MEDIOBANCA CREDITO FINANZ. SPA 263,442.75 113,400.00 1.40% 384,081.99 249,434.73 3.08%

Biotechnology EUR 15,050 CROPENERGIES AG 94,129.76 56,287.00 0.70% 94,129.76 56,287.00 0.70%

Chemicals CHF 9,000 CLARIANT AG 74,210.53 131,124.67 1.62% CAD 2,500 POTASH CORP SASKATCHEWAN 77,185.67 69,135.10 0.86% 151,396.20 200,259.77 2.48%

Clock and Watch-Making Industry CHF 200 THE SWATCH GROUP AG 85,032.41 79,507.34 0.98% 85,032.41 79,507.34 0.98%

Food and Distilleries EUR 3,563 MARR SPA 27,166.98 47,067.23 0.58% EUR 5,000 SUEDZUCKER AG 86,968.03 62,600.00 0.78% 114,135.01 109,667.23 1.36%

Healthcare Education & Social Services AUD 1,900 RAMSAY HEALTH CARE LTD RHC 60,308.37 70,438.65 0.87% 60,308.37 70,438.65 0.87%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Holding and Financial Companies EUR 37,437 ALBA PRIVATE EQUITY S.P.A. 187,369.86 87,228.21 1.08% EUR 35,000 DEA CAPITAL SPA 100,657.71 56,980.00 0.70% JPY 6,800 INPEX CORP 87,638.40 57,793.14 0.72% USD 231 JAGUAR MINING INC 11,526.90 94.50 0.00% EUR 20,000 MITTEL SPA 109,860.48 26,040.00 0.32% JPY 32,800 MIZUHO FINANCIAL GROUP INC 63,617.35 45,334.26 0.56% JPY 10,000 NOMURA HOLDINGS INC 121,119.65 48,256.70 0.60% JPY 1,900 SEVEN & I HOLDINGS CO LTD 54,556.70 56,855.38 0.70% 736,347.05 378,582.19 4.68%

Insurance EUR 8,200 ASSICURAZIONI GENERALI SPA 182,252.56 142,598.00 1.77% EUR 40,000 UNIPOL GRUPPO FINANZIARIO SPA 225,161.34 165,120.00 2.04% CHF 430 ZURICH FINANCIAL SERVICES/NAM 87,852.96 108,399.73 1.34% 495,266.86 416,117.73 5.15%

Leisure EUR 10,000 TUI AG 170,540.85 137,300.00 1.70% 170,540.85 137,300.00 1.70%

Mechanics, Machinery CAD 28,150 BOMBARDIER INC -B- 109,793.19 86,341.67 1.07% USD 1,000 DEERE & CO. 62,448.52 69,482.21 0.86% 172,241.71 155,823.88 1.93%

Mines, Heavy Industries AUD 5,300 BHP BILLITON LTD 124,274.05 112,195.22 1.39% GBP 9,250 VEDANTA RESOURCES PLC 96,316.45 84,767.28 1.05% 220,590.50 196,962.50 2.44%

Miscellaneous EUR 8,380 CNH INDUSTRIAL N.V. 70,854.58 52,752.10 0.65% GBP 25,800 MAN GROUP PLC 101,047.84 46,378.91 0.57% 171,902.42 99,131.01 1.22%

News Transmission USD 4,000 AT & T 106,545.26 113,520.23 1.41% EUR 30,000 KONINKLIJKE KPN NV /EUR 0.04 137,217.39 80,100.00 0.99% EUR 2,000 REPLY SPA TORINO 17,860.09 111,900.00 1.38% 261,622.74 305,520.23 3.78%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Office Equipment, Computers USD 1,400 APPLE INC. 71,308.01 133,559.54 1.65% USD 500 IBM CORP 64,443.22 65,042.31 0.81% USD 5,000 PITNEY BOWES INC 45,953.24 98,744.64 1.22% 181,704.47 297,346.49 3.68%

Petrol USD 10,000 ABRAXAS PETROLEUM CORP 27,362.39 26,671.48 0.33% USD 2,500 ENSCO PLC 97,376.42 67,781.65 0.84% USD 2,000 MARATHON OIL CORP. 49,313.96 46,396.34 0.57% USD 1,500 PETROCHINA CO. LTD 100,526.37 128,769.10 1.59% USD 3,000 PETROLEO BRASILEIRO /SADR 83,448.47 23,390.69 0.29% 358,027.61 293,009.26 3.62%

Pharmaceuticals and Cosmetics USD 2,000 NU SKIN ENTERPRISES INC. A 93,931.18 67,059.72 0.83% 93,931.18 67,059.72 0.83%

Public Services EUR 10,000 E.ON - AG 186,493.20 142,550.00 1.76% USD 3,500 PPL CORP 77,154.34 99,751.33 1.24% USD 12,000 SABESP /SADR 35,379.71 71,230.90 0.88% 299,027.25 313,532.23 3.88%

Retail EUR 3,000 CARREFOUR S.A. 132,165.20 76,335.00 0.94% SEK 1,750 HENNES & MAURITZ AB 48,075.38 60,248.14 0.75% 180,240.58 136,583.14 1.69%

Textile JPY 3,000 ASICS CORP. 28,698.78 60,929.15 0.75% EUR 49,997 CSP INTERNATIONAL FASH.GRP SPA 117,661.04 74,845.51 0.93% EUR 40,000 RATTI SPA 197,977.04 100,000.00 1.24% 344,336.86 235,774.66 2.92%

Transportation USD 1,000 UTD PARCEL SERVICE INC B 65,615.67 88,172.30 1.09% 65,615.67 88,172.30 1.09% Total - Equities 4,783,076.93 4,033,867.36 49.90%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Warrants

Internet Software EUR 197,401 TISCALI 15.12.14 CW /TIS 0.00 19.74 0.00% 0.00 19.74 0.00% Total - Warrants 0.00 19.74 0.00%

Total - Transferable securities listed on an official stock exchange or on another regulated market 6,994,533.31 6,264,305.27 77.49%

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 10,000 DBXT CSI300 UCI — SHS-1C-CAP 64,800.00 71,550.00 0.88% EUR 5,000 DBXT ST GS DIV 100 ETF/-1D-DIS 97,579.27 130,600.00 1.62% USD 1,500 ISH IBO USD COR — SHS USD 131,757.81 137,421.97 1.70% USD 4,265 ISHARES II FTSE EPRA US PR YLD 76,168.24 94,355.83 1.17% EUR 1,800 ISHARES MARK IBOX/EXCH TR EUR 194,130.00 195,594.12 2.42% USD 4,560 ISHS II/FTSE EP./DE.MKT PR/USD 76,268.80 90,676.93 1.12% EUR 6,000 LYXOR ETF PAN AFRICA -A- 62,460.00 51,840.00 0.64% 703,164.12 772,038.85 9.55% Total - Investment Funds 703,164.12 772,038.85 9.55%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 703,164.12 772,038.85 9.55%

Transferable securities admitted to another regulated market

Equities

Food and Distilleries USD 2,000 KEURIG GREEN MOUNTAIN INC 34,276.62 228,035.13 2.82% 34,276.62 228,035.13 2.82%

Holding and Financial Companies USD 5,000 AMERICAN AIRLINES GROUP INC 0.00 194,641.64 2.41% 0.00 194,641.64 2.41% Total - Equities 34,276.62 422,676.77 5.23%

Total Transferable securities admitted to another regulated market 34,276.62 422,676.77 5.23%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Other Transferable securities

Equities

Internet Software EUR 20,000 SETECO INTERNATIONAL 100,047.00 0.00 0.00% 100,047.00 0.00 0.00%

Leisure EUR 1,548 TUI AG AUS KONV 8,613.90 20,124.00 0.25% 8,613.90 20,124.00 0.25%

Transportation USD 10,000 AMR CORPORATION 0.00 0.00 0.00% 0.00 0.00 0.00% Total - Equities 108,660.90 20,124.00 0.25%

Total Other Transferable securities 108,660.90 20,124.00 0.25%

Total Investments 7,840,634.95 7,479,144.89 92.52% Other Net Assets 604,958.78 7.48% Total Net Assets 8,084,103.67 100.00%

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

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SPRING

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

United States of America 19.11% Italy 15.99% Netherlands 9.31% Germany 6.92% Ireland 6.41% France 6.26% Japan 5.15% Great Britain 4.52% Switzerland 3.94% Slovenia 3.03% Luxembourg 2.50% Australia 2.26% Canada 1.93% Spain 1.68% China 1.59% Brazil 1.17% Sweden 0.75%

TOTAL 92.52%

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

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SPRING

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Holding and Financial Companies 18.71% Investment Funds 9.55% Banks and Financial Institutions 5.98% States, Provinces, and Municipalities 5.97% News Transmission 5.39% Insurance 5.15% Mines, Heavy Industries 4.50% Food and Distilleries 4.18% Public Services 3.88% Office Equipment, Computers 3.68% Petrol 3.62% Electronics and Electrical Equipment 3.23% Textile 2.92% Chemicals 2.48% Leisure 2.15% Mechanics, Machinery 1.93% Automobile Industry 1.82% Retail 1.69% Miscellaneous 1.22% Transportation 1.09% Clock and Watch-Making Industry 0.98% Healthcare Education & Social Services 0.87% Pharmaceuticals and Cosmetics 0.83% Biotechnology 0.70%

TOTAL 92.52%

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

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MULTI ASSET DYNAMIC GROWTH (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Banks and Financial Institutions EUR 450,000 BNCPO 6.375% 31.05.21S92/SUB 496,957.56 501,228.00 1.56% BRL 2,550,000 KFW 6% 13-15.03.16 740,695.62 755,677.70 2.36% EUR 350,000 MPS 5% 10-21.04.20 352,067.71 351,396.50 1.10% EUR 600,000 UNICREDIT 5.75% 13-28.10.25 660,142.42 658,494.00 2.06% 2,249,863.31 2,266,796.20 7.08%

Leisure EUR 700,000 LOTTOMATICA 8.25%(TV)06-66REGS 739,670.00 738,416.00 2.31% 739,670.00 738,416.00 2.31%

Non-Ferrous Metals EUR 99,981 KME GRP 8 % 12-03.08.17 107,509.02 107,229.62 0.33% 107,509.02 107,229.62 0.33%

Supranational RUB 31,000,000 BEI 6.75% 07-13.06.17 EMTN 563,076.95 462,112.48 1.44% ZAR 7,600,000 BEI 7.5% 05-01.06.16 EMTN 523,509.14 561,314.21 1.75% TRY 2,500,000 EIB 5.5% 12-28.11.17 717,497.48 854,837.75 2.67% ZAR 21,960,000 EIB 5.75% 13-21.12.17 REGS SR 1,417,116.22 1,558,069.42 4.87% RUB 2,000,000 EIB 7.5% 12-16.07.19 39,923.36 29,777.07 0.09% TRY 3,950,000 EIB 9.25% 11-20.07.18 1,325,202.63 1,493,483.84 4.67% BRL 3,700,000 EIB 10.5% 14-21.12.17 1,243,656.24 1,173,574.27 3.67% 5,829,982.02 6,133,169.04 19.16% Total - Bonds 8,927,024.35 9,245,610.86 28.88%

Convertible Bonds

Transportation EUR 405,027 SIAS 2.625% 05-30.06.17 CV 441,989.67 425,274.30 1.33% 441,989.67 425,274.30 1.33% Total - Convertible Bonds 441,989.67 425,274.30 1.33%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Equities

Banks and Financial Institutions EUR 617,080 BANCA MONTE DEI PASCHI SIENA 624,061.37 400,484.92 1.25% EUR 34,616 BANCO DI DESIO E DELLA BRIANZA 112,758.72 81,001.44 0.25% EUR 50,000 BANCO POPOLARE -AZ. POST RAG 687,147.26 554,500.00 1.73% EUR 1,555,912 BCA CARIGE CASSA RISPARMIO 234,209.22 105,802.02 0.33% EUR 467,533 BCA INTERMOBILIARE.DI INVEST.E GEST. 1,631,459.86 1,641,040.83 5.13% EUR 80,000 CREDITO VALTELLINESE SCARL 51,200.00 63,920.00 0.20% EUR 190,000 INTESA SANPAOLO SPA 433,207.14 470,820.00 1.47% EUR 125,323 MEDIOBANCA CREDITO FINANZ. SPA 880,366.72 902,325.60 2.82% EUR 35,000 MEDIOLANUM SPA 216,842.32 195,300.00 0.61% EUR 140,000 UNICREDIT AZ 862,835.37 832,300.00 2.60% EUR 45,000 UNIONE DI BANCHE ITALIANE SCPA 292,883.69 278,100.00 0.87% 6,026,971.67 5,525,594.81 17.26%

Graphic Art, Publishing EUR 65,829 TELECOM ITALIA MEDIA SPA 107,257.45 70,437.03 0.22% 107,257.45 70,437.03 0.22%

Holding and Financial Companies EUR 28,000 AZIMUT HOLDING SPA 552,882.27 518,000.00 1.62% EUR 14,371 MADE IN ITALY 1 SPA 187,822.27 183,086.54 0.57% 740,704.54 701,086.54 2.19%

Insurance EUR 181,148 FONDIARIA - SAI NPV SHS 423,762.49 416,640.40 1.30% EUR 566,108 UNIPOL GRUPPO FINANZIARIO SPA 2,480,105.96 2,336,893.82 7.30% 2,903,868.45 2,753,534.22 8.60%

Leisure EUR 1,000 LOTTOMATICA SPA ROMA 20,475.85 18,430.00 0.06% 20,475.85 18,430.00 0.06%

Non-Ferrous Metals EUR 120,000 INTEK GRP /POST REGRP 49,039.61 40,608.00 0.13% 49,039.61 40,608.00 0.13%

Pharmaceuticals and Cosmetics EUR 11,069 ISAGRO SPA 17,829.21 14,057.63 0.04% 17,829.21 14,057.63 0.04%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Public Services EUR 280,000 A2A SPA 251,273.90 234,640.00 0.73% 251,273.90 234,640.00 0.73%

Textile EUR 3,000 TOD’S SPA 289,635.32 222,750.00 0.70% 289,635.32 222,750.00 0.70% Total - Equities 10,407,056.00 9,581,138.23 29.93%

Investment Funds

Investment Funds EUR 20,000 DBXT CAC 40 SH – SHS -1C- CAP 721,846.13 684,800.00 2.14% EUR 19,000 DBXT ES50 DS — SHS -1C- CAP 149,740.00 133,000.00 0.42% EUR 17,000 L U ETF SH X2 C EUR 189,624.20 163,370.00 0.51% EUR 12,000 LYXOR INTL.ETF RUSSIA -A- 303,331.89 276,720.00 0.86% 1,364,542.22 1,257,890.00 3.93% Total - Investment Funds 1,364,542.22 1,257,890.00 3.93%

Warrants

Holding and Financial Companies EUR 1,200 DB ETC CERT 10-14.07.60/PLATINUM 109,239.24 107,700.00 0.33% EUR 140,000 ETFS COM PERP CERT 542,071.08 514,500.00 1.61% EUR 20,000 ETFS COM SEC 06-.../SUGAR 197,288.88 191,600.00 0.60% EUR 1,500 ETFS PERP.MSFX USD LG EUR IND 75,609.92 70,515.00 0.22% 924,209.12 884,315.00 2.76% Total - Warrants 924,209.12 884,315.00 2.76%

Total - Transferable securities listed on an official stock exchange or on another regulated market 22,064,821.36 21,394,228.39 66.83%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 17,000 DBXT SHORTDAX — SHS -1C- CAP 578,817.94 537,880.00 1.68% EUR 4,936 LEMANIK SELECT BOND RET-EUR-CAP* 597,939.00 594,837.36 1.86% EUR 113,156 LYXOR FTSE ATHEX 20 CAP/DEC 168,082.51 169,168.22 0.53% 1,344,839.45 1,301,885.58 4.07% Total - Investment Funds 1,344,839.45 1,301,885.58 4.07%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 1,344,839.45 1,301,885.58 4.07%

Financial Instruments

Options

Banks and Financial Institutions EUR 50 CALL MEDIOBANCA BCA CREDITO FINANZ. 19/12/14 7.4 13,500.00 3,317.50 0.01% EUR 100 CALL MEDIOBANCA BCA CREDITO FINANZ. 19/12/14 8 17,167.50 1,055.00 0.00% EUR 60 CALL MEDIOBANCA BCA CREDITO FINANZ. 19/12/14 9 11,092.74 33.00 0.00% EUR 100 CALL UNICREDIT AZ 19/12/14 7 22,200.00 1,200.00 0.01% EUR 100 CALL UNICREDIT AZ 19/12/14 8 22,500.00 260.00 0.00% EUR 50 CALL UNIONE DI BANCHE ITALIANE SCPA 19/12/14 7 10,000.00 627.50 0.00% EUR 50 CALL UNIONE DI BANCHE ITALIANE SCPA 19/12/14 7.6 10,676.25 105.00 0.00% 107,136.49 6,598.00 0.02%

Holding and Financial Companies EUR 50 CALL AZIMUT HOLDING SPA 19/12/14 22 25,750.00 10.00 0.00% 25,750.00 10.00 0.00%

Insurance EUR 50 CALL UNIPOL GRUPPO FINANZIARIO SPA 19/12/14 5 4,412.50 115.00 0.00% EUR 200 CALL UNIPOLSAI - SAI NPV SHS 19/12/14 2.361 0.00 6,459.90 0.02% 4,412.50 6,574.90 0.02%

Mechanics, Machinery EUR 30 CALL CNH INDUSTRIAL N.V. 19/12/14 9 6,900.00 246.00 0.00% 6,900.00 246.00 0.00%

(1) Sub-Fund name changed, see Note 1, for further details.

* Cross Sub-Funds investment, see Note 14, for further details. The accompanying notes form an integral part of these financial statements.

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Miscellaneous EUR 50 CALL DAX-INDEX 16/01/15 9000 131,750.00 252,300.00 0.79% EUR 120 CALL FTSE MIB INDEX 19/12/14 23000 128,500.00 300.00 0.00% EUR 60 CALL FTSE MIB INDEX 19/12/14 24000 54,750.00 150.00 0.00% 315,000.00 252,750.00 0.79%

Public Services EUR 350 CALL A2A SPA 19/12/14 1 151,900.00 350.00 0.00% EUR 200 CALL A2A SPA 19/12/14 1.1 31,475.00 100.00 0.00% EUR 180 CALL ENEL 19/12/14 4.2 20,700.00 1,125.00 0.01% 204,075.00 1,575.00 0.01% Total - Options 663,273.99 267,753.90 0.84%

Total - Financial Instruments 663,273.99 267,753.90 0.84%

Total Investments (including options) 24,072,934.80 22,963,867.87 71.74% Other Net Assets 9,047,762.69 28.26% Total Net Assets 32,011,630.56 100.00%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Italy 38.67% Luxembourg 22.07% Germany 6.34% France 1.90% Great Britain 1.61% Jersey 1.15%

TOTAL 71.74%

(1) Sub-Fund name changed, see Note 1, for further details.

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

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INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Banks and Financial Institutions 24.36% Supranational 19.16% Insurance 8.62% Investment Funds 8.00% Holding and Financial Companies 4.95% Leisure 2.37% Transportation 1.33% Miscellaneous 0.79% Public Services 0.74% Textile 0.70% Non-Ferrous Metals 0.46% Graphic Art, Publishing 0.22% Pharmaceuticals and Cosmetics 0.04%

TOTAL 71.74%

(1) Sub-Fund name changed, see Note 1, for further details.

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

110 LEMANIK SICAV

FLEX STRATEGY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Banks and Financial Institutions EUR 300,000 RABOBK 3.875% 13-25.07.23/SUB 334,764.00 341,250.00 6.40% 334,764.00 341,250.00 6.40%

Holding and Financial Companies EUR 400,000 AIR LIQUIDE 2.375% 13-06.09.23 394,960.00 445,496.00 8.36% 394,960.00 445,496.00 8.36%

Miscellaneous EUR 200,000 FINMEC FNCE 4.5% 13-19.01.21 203,755.00 216,458.00 4.06% 203,755.00 216,458.00 4.06%

Public Services EUR 200,000 SNAM 3.5% 12-13.02.20 EMTN 203,412.00 225,372.00 4.23% 203,412.00 225,372.00 4.23%

States, Provinces, and Municipalities EUR 200,000 FRANCE 0.25% 13-25.11.15 199,482.00 200,500.00 3.76% EUR 500,000 FRANCE 1% 13-25.05.19 499,403.50 517,775.00 9.71% EUR 500,000 GERMANY 0.5% 14-12.04.19 504,823.00 509,490.00 9.56% EUR 500,000 ITALY 2.15% 13-12.11.17/INFL 513,450.87 519,564.00 9.75% EUR 200,000 ITALY 2.75% 13-15.11.16 203,492.00 208,810.00 3.92% 1,920,651.37 1,956,139.00 36.70% Total - Bonds 3,057,542.37 3,184,715.00 59.75%

Equities

Internet Software EUR 19,000 GO INTERNET S.P.A. 51,500.80 55,442.00 1.04% 51,500.80 55,442.00 1.04% Total - Equities 51,500.80 55,442.00 1.04%

Total - Transferable securities listed on an official stock exchange or on another regulated market 3,109,043.17 3,240,157.00 60.79%

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

111 LEMANIK SICAV

FLEX STRATEGY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities admitted to another regulated market

Bonds

Insurance EUR 200,000 ASSGEN 7.75% 12-12.12.42 /SUB 250,117.45 253,972.00 4.76% 250,117.45 253,972.00 4.76% Total - Bonds 250,117.45 253,972.00 4.76%

Total Transferable securities admitted to another regulated market 250,117.45 253,972.00 4.76%

Total Investments 3,359,160.62 3,494,129.00 65.55% Other Net Assets 1,836,012.33 34.45% Total Net Assets 5,330,141.33 100.00%

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

112 LEMANIK SICAV

FLEX STRATEGY

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Italy 23.70% France 21.83% Germany 9.56% Netherlands 6.40% Luxembourg 4.06%

TOTAL 65.55%

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

113 LEMANIK SICAV

FLEX STRATEGY

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

States, Provinces, and Municipalities 36.70% Holding and Financial Companies 8.36% Banks and Financial Institutions 6.40% Insurance 4.76% Public Services 4.23% Miscellaneous 4.06% Internet Software 1.04%

TOTAL 65.55%

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

114 LEMANIK SICAV

DYNAMIC FLEX (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Equities

Banks and Financial Institutions EUR 13,000 INTESA SANPAOLO SPA 31,716.24 32,214.00 1.53% 31,716.24 32,214.00 1.53%

Chemicals EUR 950 BAYER AG 96,178.94 114,902.50 5.47% EUR 750 SYMRISE AG 28,665.00 36,048.75 1.72% 124,843.94 150,951.25 7.19%

Consumer Goods EUR 1,600 ZIGGO 63,342.93 57,600.00 2.74% 63,342.93 57,600.00 2.74%

Electronic Semiconductor EUR 500 INGENICO.IND.FIN.ING. 41,826.59 43,440.00 2.07% 41,826.59 43,440.00 2.07%

Food and Distilleries GBP 1,800 UNILEVER PLC 58,499.73 61,187.33 2.91% 58,499.73 61,187.33 2.91%

Forest Products and Paper Industry GBP 1,900 BUNZL PLC 42,058.53 42,628.13 2.03% 42,058.53 42,628.13 2.03%

Graphic Art, Publishing GBP 6,400 REED ELSEVIER PLC 85,179.85 89,482.14 4.26% 85,179.85 89,482.14 4.26%

Holding and Financial Companies GBP 12,000 MITIE GROUP PLC 47,945.74 42,238.70 2.01% 47,945.74 42,238.70 2.01%

(1) Sub-Fund name changed, see Note 1, for further details.

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

115 LEMANIK SICAV

DYNAMIC FLEX (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Insurance EUR 2,400 SAMPO PLC A 86,835.51 95,208.00 4.53% GBP 12,500 STANDARD LIFE PLC 63,854.91 66,578.97 3.17% CHF 900 SWISS RE-NAMEN 57,875.45 61,890.85 2.95% DKK 3,900 TOPDANMARK A/S 99,051.21 101,157.59 4.82% DKK 1,600 TRYG — SHS 147,181.22 148,369.84 7.07% 454,798.30 473,205.25 22.54%

Leisure EUR 2,600 KINEPOLIS GROUP SA 83,228.08 84,110.00 4.01% 83,228.08 84,110.00 4.01%

Mines, Heavy Industries EUR 6,500 SNAM RETE GAS SPA 29,174.53 27,716.00 1.32% 29,174.53 27,716.00 1.32%

News Transmission EUR 4,600 DEUTSCHE TELEKOM /NAM. 57,993.77 63,020.00 3.00% EUR 1,400 TELENET GROUP HOLDING 58,821.14 64,358.00 3.07% 116,814.91 127,378.00 6.07%

Petrol EUR 750 ROYAL DUTCH SHELL PLC-A- 22,932.92 20,133.75 0.96% NOK 2,300 SEADRILL LTD 58,706.64 26,466.04 1.26% 81,639.56 46,599.79 2.22%

Pharmaceuticals and Cosmetics EUR 2,600 FRESENIUS SE & CO KGAA 97,939.56 113,347.00 5.40% CHF 458 ROCHE HOLDING AG /GENUSSSCHEIN 90,576.70 110,348.86 5.25% 188,516.26 223,695.86 10.65%

Public Services EUR 6,200 TERNA- RETE ELETTRICA NAZIONALE SPA 24,913.03 24,080.80 1.15% 24,913.03 24,080.80 1.15%

Real Estate Companies GBP 19,000 CAP COUNT PTY /REIT 84,099.10 89,934.37 4.28% GBP 15,000 SEGRO PLC /REIT 67,599.49 73,921.50 3.52% 151,698.59 163,855.87 7.80%

(1) Sub-Fund name changed, see Note 1, for further details.

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

116 LEMANIK SICAV

DYNAMIC FLEX (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Retail SEK 950 HENNES & MAURITZ AB 28,333.37 32,706.13 1.56% 28,333.37 32,706.13 1.56%

Tobacco and Spirits GBP 1,600 IMP TOBACCO 57,465.99 59,493.96 2.83% 57,465.99 59,493.96 2.83%

Transportation EUR 600 AEROPORTS DE PARIS ADP 55,902.65 59,214.00 2.82% EUR 1,998 DEUTSCHE POST AG. BONN 36,504.27 53,376.57 2.54% EUR 1,700 OESTERREICHISCHE POST AG 59,921.79 66,436.00 3.17% GBP 2,600 THE GO-AHEAD GROUP PLC 83,934.54 85,050.24 4.05% 236,263.25 264,076.81 12.58% Total - Equities 1,948,259.42 2,046,660.02 97.47%

Total - Transferable securities listed on an official stock exchange or on another regulated market 1,948,259.42 2,046,660.02 97.47%

Total Investments 1,948,259.42 2,046,660.02 97.47% Other Net Assets 53,111.99 2.53% Total Net Assets 2,099,772.01 100.00%

(1) Sub-Fund name changed, see Note 1, for further details.

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

117 LEMANIK SICAV

DYNAMIC FLEX (1)

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Great Britain 30.02% Germany 18.13% Denmark 11.89% Switzerland 8.20% Belgium 7.08% France 4.89% Finland 4.53% Italy 4.00% Austria 3.17% Netherlands 2.74% Sweden 1.56% Bermuda 1.26%

TOTAL 97.47%

(1) Sub-Fund name changed, see Note 1, for further details.

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

118 LEMANIK SICAV

DYNAMIC FLEX (1)

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Insurance 22.54% Transportation 12.58% Pharmaceuticals and Cosmetics 10.65% Real Estate Companies 7.80% Chemicals 7.19% News Transmission 6.07% Graphic Art, Publishing 4.26% Leisure 4.01% Food and Distilleries 2.91% Tobacco and Spirits 2.83% Consumer Goods 2.74% Petrol 2.22% Electronic Semiconductor 2.07% Forest Products and Paper Industry 2.03% Holding and Financial Companies 2.01% Retail 1.56% Banks and Financial Institutions 1.53% Mines, Heavy Industries 1.32% Public Services 1.15%

TOTAL 97.47%

(1) Sub-Fund name changed, see Note 1, for further details.

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

119 LEMANIK SICAV

GLOBAL PORTFOLIO (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Banks and Financial Institutions BRL 1,200,000 KFW 6% 13-15.03.16 362,292.62 355,613.04 1.61% EUR 100,000 MPS 5% 10-21.04.20 100,625.00 100,399.00 0.46% EUR 200,000 UNICREDIT 5.75% 13-28.10.25 219,498.00 219,498.00 0.99% 682,415.62 675,510.04 3.06%

Supranational RUB 8,000,000 BEI 6.75% 07-13.06.17 EMTN 140,609.40 119,254.84 0.54% ZAR 6,000,000 BEI 7.5% 05-01.06.16 EMTN 418,535.18 443,142.80 2.01% TRY 35,000 EIB 5.5% 12-28.11.17 10,477.11 11,967.73 0.05% ZAR 8,000,000 EIB 5.75% 13-21.12.17 REGS SR 517,179.20 567,602.70 2.57% RUB 10,000,000 EIB 7.5% 12-16.07.19 186,319.00 148,885.33 0.67% 1,273,119.89 1,290,853.40 5.84% Total - Bonds 1,955,535.51 1,966,363.44 8.90%

Equities

Agriculture and Fishing NOK 21,500 AUSTEVOLL SEAFOOD ASA 91,181.98 103,637.19 0.47% 91,181.98 103,637.19 0.47%

Banks and Financial Institutions EUR 419,040 BANCA MONTE DEI PASCHI SIENA 423,789.92 271,956.96 1.23% EUR 44,719 BANCO DI DESIO E DELLA BRIANZA 144,589.36 104,642.46 0.47% EUR 30,000 BANCO POPOLARE -AZ. POST RAG 409,828.24 332,700.00 1.51% EUR 2,074,874 BCA CARIGE CASSA RISPARMIO 330,885.71 141,091.43 0.64% EUR 120,000 CREDITO VALTELLINESE SCARL 76,800.00 95,880.00 0.43% EUR 75,000 INTESA SANPAOLO SPA 165,401.78 185,850.00 0.84% EUR 130,000 MEDIOBANCA CREDITO FINANZ. SPA 905,213.33 936,000.00 4.24% EUR 62,617 UNICREDIT AZ 391,840.91 372,258.07 1.68% EUR 50,000 UNIONE DI BANCHE ITALIANE SCPA 335,403.00 309,000.00 1.40% 3,183,752.25 2,749,378.92 12.44%

Graphic Art, Publishing EUR 32,702 TELECOM ITALIA MEDIA SPA 50,935.32 34,991.14 0.16% 50,935.32 34,991.14 0.16%

(1) Sub-Fund name changed, see Note 1, for further details.

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

120 LEMANIK SICAV

GLOBAL PORTFOLIO (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Holding and Financial Companies EUR 240,000 ANIMA HOLDING S.P.A. 968,690.91 991,200.00 4.48% EUR 37,000 AZIMUT HOLDING SPA 734,015.83 684,500.00 3.10% EUR 25,000 MEDIOLANUM SPA 150,563.74 139,500.00 0.63% 1,853,270.48 1,815,200.00 8.21%

Insurance EUR 480 ALLIANZ SE /NAM.VINKULIERT 60,336.12 66,456.00 0.30% GBP 11,400 CATLIN GROUP LTD 76,411.17 78,978.99 0.36% EUR 84,298 FONDIARIA - SAI NPV SHS 192,678.63 193,885.40 0.88% GBP 8,350 LANCASHIRE HOLDINGS 76,172.59 56,642.37 0.26% EUR 528,687 UNIPOL GRUPPO FINANZIARIO SPA 2,439,551.07 2,182,419.94 9.87% 2,845,149.58 2,578,382.70 11.67%

Mines, Heavy Industries GBP 115,000 HIGHLAND GOLD MINING LTD 143,646.72 50,562.33 0.23% 143,646.72 50,562.33 0.23%

News Transmission EUR 6,500 FRANCE TELECOM SA 70,138.98 92,072.50 0.41% 70,138.98 92,072.50 0.41%

Non-Ferrous Metals EUR 620,000 INTEK GRP /POST REGRP 271,952.76 209,808.00 0.95% 271,952.76 209,808.00 0.95%

Petrol USD 24,000 GAZPROM OAO/SADR REG.S 188,371.35 112,525.56 0.51% USD 2,150 LUKOIL /SADR REP.1 SHS. 96,494.56 80,143.18 0.36% NOK 7,650 STATOILHYDRO ASA 142,564.98 116,057.28 0.53% 427,430.89 308,726.02 1.40%

Precious Metals GBP 3,200 BHP BILLITON PLC 76,822.64 60,981.31 0.27% 76,822.64 60,981.31 0.27%

Public Services EUR 908,812 A2A SPA 795,561.90 761,584.46 3.45% EUR 10,000 E.ON - AG 136,689.54 142,550.00 0.64% 932,251.44 904,134.46 4.09%

(1) Sub-Fund name changed, see Note 1, for further details.

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

121 LEMANIK SICAV

GLOBAL PORTFOLIO (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Real Estate Companies EUR 2,000 CORIO NV /EUR 10 72,586.22 81,370.00 0.37% 72,586.22 81,370.00 0.37%

Textile EUR 8,000 TOD’S SPA 762,493.13 594,000.00 2.69% 762,493.13 594,000.00 2.69%

US Treasuries GBP 1,750 RIO TINTO PLC /REG. 76,921.46 65,785.99 0.30% 76,921.46 65,785.99 0.30% Total - Equities 10,858,533.85 9,649,030.56 43.66%

Investment Funds

Investment Funds EUR 6,000 DBXT CAC 40 SH – SHS -1C- CAP 215,646.23 205,440.00 0.93% EUR 16,000 DBXT ES50 DS — SHS -1C- CAP 124,525.00 112,000.00 0.50% EUR 14,000 L U ETF SH X2 C EUR 153,463.19 134,540.00 0.61% 493,634.42 451,980.00 2.04% Total - Investment Funds 493,634.42 451,980.00 2.04%

Total - Transferable securities listed on an official stock exchange or on another regulated market 13,307,703.78 12,067,374.00 54.60%

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 8,262 LEMANIK SELECT BOND RET-EUR-CAP* 997,429.82 995,653.62 4.51% 997,429.82 995,653.62 4.51% Total - Investment Funds 997,429.82 995,653.62 4.51%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 997,429.82 995,653.62 4.51%

(1) Sub-Fund name changed, see Note 1, for further details.

* Cross Sub-Funds investment, see Note 14, for further details. The accompanying notes form an integral part of these financial statements.

122 LEMANIK SICAV

GLOBAL PORTFOLIO (1)

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Financial Instruments

Options

Banks and Financial Institutions EUR 60 CALL MEDIOBANCA BCA CREDITO FINANZ. 19/12/14 7 6,082.50 14,421.00 0.07% EUR 50 CALL MEDIOBANCA BCA CREDITO FINANZ. 19/12/14 7.4 13,500.00 3,317.50 0.01% EUR 150 CALL MEDIOBANCA BCA CREDITO FINANZ. 19/12/14 8 26,500.00 1,582.50 0.01% EUR (200) CALL MONTE PASCHI SIENA — AZ. *** 19/12/14 1 (3,600.00) (2,960.00) (0.01)% EUR 60 CALL UNICREDIT AZ 19/12/14 6 30,600.00 3,918.00 0.02% EUR 200 CALL UNICREDIT AZ 19/12/14 7 77,800.00 2,400.00 0.01% EUR 50 CALL UNIONE DI BANCHE ITALIANE SCPA 19/12/14 7 10,000.00 627.50 0.00% EUR 50 CALL UNIONE DI BANCHE ITALIANE SCPA 19/12/14 7.6 6,000.00 105.00 0.00% 166,882.50 23,411.50 0.11%

Holding and Financial Companies EUR 50 CALL AZIMUT HOLDING SPA 19/12/14 22 25,750.00 10.00 0.00% EUR 30 CALL MEDIOLANUM SPA 19/12/14 7 4,312.50 21.00 0.00% 30,062.50 31.00 0.00%

Insurance EUR 500 CALL ASSICURAZIONI GENERALI SPA 19/12/14 17 42,625.00 47,165.00 0.21% EUR 50 CALL UNIPOL GRUPPO FINANZIARIO SPA 19/12/14 5 4,920.00 115.00 0.00% 47,545.00 47,280.00 0.21%

Miscellaneous EUR 40 CALL FTSE MIB INDEX 19/12/14 23000 60,000.00 100.00 0.00% EUR 70 CALL FTSE MIB INDEX 19/12/14 24000 73,000.00 175.00 0.00% 133,000.00 275.00 0.00% Total - Options 377,490.00 70,997.50 0.32%

Total - Financial Instruments 377,490.00 70,997.50 0.32%

Total Investments (Including Options) 14,682,623.60 13,134,025.12 59.43% Other Net Assets 8,965,318.82 40.57% Total Net Assets 22,099,343.94 100.00%

(1) Sub-Fund name changed, see Note 1, for further details.

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

123 LEMANIK SICAV

GLOBAL PORTFOLIO (1)

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Italy 40.42% Luxembourg 9.23% Germany 5.10% France 1.02% Norway 1.00% Russia 0.87% Great Britain 0.80% Bermuda 0.62% Netherlands 0.37%

TOTAL 59.43%

(1) Sub-Fund name changed, see Note 1, for further details.

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

124 LEMANIK SICAV

GLOBAL PORTFOLIO (1)

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Banks and Financial Institutions 15.61% Insurance 11.88% Holding and Financial Companies 8.21% Investment Funds 6.55% Supranational 5.84% Public Services 4.09% Textile 2.69% Petrol 1.40% Non-Ferrous Metals 0.95% Agriculture and Fishing 0.47% News Transmission 0.41% Real Estate Companies 0.37% US Treasuries 0.30% Precious Metals 0.27% Mines, Heavy Industries 0.23% Graphic Art, Publishing 0.16%

TOTAL 59.43%

(1) Sub-Fund name changed, see Note 1, for further details.

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

125 LEMANIK SICAV

HIGH GROWTH

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Equities

Aerospace Technology EUR 853,961 FINMECCANICA SPA 5,960,195.40 6,660,895.80 3.62% 5,960,195.40 6,660,895.80 3.62%

Automobile Industry EUR 1,513,791 FIAT CHRYSLER AUTOMOBILES N.V 12,043,270.71 15,183,323.73 8.26% 12,043,270.71 15,183,323.73 8.26%

Banks and Financial Institutions EUR 1,734,468 BANCA POP ETRURIA LAZIO 1,355,946.26 837,748.04 0.46% EUR 1,611,911 BANCA POPOLARE DI MILAN 895,989.77 947,803.67 0.51% EUR 390,777 BANCA POPOLARE DI SONDRIO 1,351,477.24 1,253,612.62 0.68% EUR 107,317 CREDITO EMILIANO SPA CREDEM 614,170.36 681,462.95 0.37% EUR 856,067 CREDITO VALTELLINESE SCARL 725,191.05 683,997.53 0.37% EUR 7,456,830 INTESA SANPAOLO /RISP-NON CONV 14,388,240.02 16,136,580.12 8.78% EUR 92,493 INTESA SANPAOLO SPA 196,785.74 229,197.65 0.12% EUR 268,882 MEDIOBANCA CREDITO FINANZ. SPA 1,818,996.52 1,935,950.40 1.05% EUR 173,292 MEDIOLANUM SPA 965,126.21 966,969.36 0.53% EUR 1,214,406 UNICREDIT AZ 7,152,827.29 7,219,643.67 3.93% 29,464,750.46 30,892,966.01 16.80%

Business Houses EUR 90,000 MP7 ITALIA SPA 225,000.00 180,000.00 0.10% 225,000.00 180,000.00 0.10%

Construction, Building Material EUR 224,880 ITALCEMENTI SPA 1,314,784.83 1,113,156.00 0.61% EUR 17,277 ITALMOBILIARE SPA /RISP./N-CV. 315,473.47 239,459.22 0.13% 1,630,258.30 1,352,615.22 0.74%

Consumer Goods EUR 9,525 ITALIA INDEPENDENT GROUP 287,482.95 319,849.50 0.17% 287,482.95 319,849.50 0.17%

Electronic Semiconductor EUR 77,954 NICE SPA 207,644.57 212,970.33 0.11% EUR 30,010 STMICROELECTRONICS NV 175,312.42 180,870.27 0.10% 382,956.99 393,840.60 0.21%

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

126 LEMANIK SICAV

HIGH GROWTH

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Electronics and Electrical Equipment EUR 117,046 DATALOGIC SPA 1,012,206.34 1,050,487.85 0.57% 1,012,206.34 1,050,487.85 0.57%

Food and Distilleries EUR 25,600 KI GROUP S.P.A. 166,400.00 64,768.00 0.04% 166,400.00 64,768.00 0.04%

Graphic Art, Publishing EUR 284,176 CALTAGIRONE EDITORE SPA 329,136.33 281,334.24 0.15% EUR 681,085 CLASS EDITORI SPA 229,839.13 209,706.07 0.12% EUR 1,934,676 GRUPPO EDITORIALE L’ESPRESSO SPA 3,133,526.57 1,915,329.24 1.04% EUR 729,876 RAI WAY S.P.A. 2,153,134.20 2,350,200.72 1.28% EUR 57,000 TRIBOO MEDIA S.P.A. 236,316.55 216,828.00 0.12% 6,081,952.78 4,973,398.27 2.71%

Holding and Financial Companies EUR 42,693 EXOR SPA 1,385,112.00 1,528,409.40 0.83% EUR 904,307 FINECOBANK S.P.A 3,423,243.75 4,103,745.17 2.23% EUR 242,255 MADE IN ITALY 1 SPA 2,960,618.96 3,086,328.70 1.68% EUR 149,500 TECNOINVESTIMENTI S.P.A. 508,300.00 505,609.00 0.28% 8,277,274.71 9,224,092.27 5.02%

Insurance EUR 414,365 ASSICURAZIONI GENERALI SPA 6,534,230.65 7,205,807.35 3.92% EUR 742,857 STE CATTOLICA DI ASSICURAZIONI 3,569,096.43 4,055,999.22 2.21% EUR 3,377,695 UNIPOL GRUPPO FINANZIARIO/PRIV 13,382,847.99 12,855,507.17 6.99% EUR 7,788 UNIPOLSAI - SAI NPV SHS 18,260.08 17,912.40 0.01% EUR 64,258 UNIPOLSAI - SAI RNC SHS -A- 14,928,308.04 15,537,584.40 8.45% EUR 223,409 VITTORIA ASSICURAZIONI SPA 1,814,394.19 1,942,541.26 1.06% 40,247,137.38 41,615,351.80 22.64%

Leisure EUR 331,508 LOTTOMATICA SPA ROMA 6,128,984.26 6,109,692.44 3.32% 6,128,984.26 6,109,692.44 3.32%

Mechanics, Machinery EUR 9,907 I.M.A. SPA 268,305.75 332,875.20 0.18% 268,305.75 332,875.20 0.18%

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

127 LEMANIK SICAV

HIGH GROWTH

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Mines, Heavy Industries EUR 11,209 TENARIS SA 189,414.22 149,079.70 0.08% GBP 160,000 UMC ENERGY CORPORATION 21,745.94 4,773.59 0.00% 211,160.16 153,853.29 0.08%

Miscellaneous EUR 364,719 CNH INDUSTRIAL N.V. 2,325,285.50 2,295,906.11 1.25% 2,325,285.50 2,295,906.11 1.25%

News Transmission EUR 160,782 MEDIASET SPA 417,335.08 522,863.06 0.28% EUR 51,464 PRYSMIAN SPA 743,892.55 743,654.80 0.41% EUR 2,072,421 TELECOM ITALIA SPA 1,868,023.13 1,877,613.43 1.02% EUR 2,037,295 TELECOM ITALIA SPA/RISP.N-CV 1,369,143.77 1,451,572.69 0.79% 4,398,394.53 4,595,703.98 2.50%

Non-Ferrous Metals EUR 4,400 CSM SPA 18,040.00 10,208.00 0.01% 18,040.00 10,208.00 0.01%

Other Services EUR 76,226 EL TOWERS AZ 2,857,716.51 3,254,850.20 1.77% 2,857,716.51 3,254,850.20 1.77%

Petrol EUR 29,240 CGG ACT. 197,128.08 229,241.60 0.12% EUR 456,166 ENI SPA ROMA 8,177,261.90 7,330,587.62 3.99% EUR 10,000 REPSOL YPF SA. MADRID 192,439.57 180,500.00 0.10% EUR 24 SAIPEM SPA 286.21 276.24 0.00% 8,567,115.76 7,740,605.46 4.21%

Pharmaceuticals and Cosmetics EUR 33,444 DIASORIN SPA 1,072,139.77 1,103,652.00 0.60% USD 14,200 TETRAPHASE PHARMACEUTICALS SHS 266,312.78 300,709.90 0.16% 1,338,452.55 1,404,361.90 0.76%

Photography and Optics EUR 67,600 LUCISANO MEDIA GROUP S.P.A. 236,600.00 177,652.80 0.10% 236,600.00 177,652.80 0.10%

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

128 LEMANIK SICAV

HIGH GROWTH

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Public Services EUR 50,374 ACEA 458,593.46 460,166.49 0.25% EUR 71,972 ENEL SPA 287,400.54 279,251.36 0.15% EUR 48,000 GALA SPA 600,000.00 544,800.00 0.30% EUR 418,946 IREN S.P.A. 419,830.38 402,188.16 0.22% EUR 350,000 TERNA- RETE ELETTRICA NAZIONAL 1,330,523.81 1,359,400.00 0.74% 3,096,348.19 3,045,806.01 1.66%

Retail EUR 358,432 WORLD DUTY FREE S.P.A. 2,676,165.45 2,790,393.12 1.52% 2,676,165.45 2,790,393.12 1.52%

Textile EUR 54,652 BASIC NET 107,410.07 148,762.74 0.08% EUR 189,121 GEOX 546,543.58 510,248.46 0.28% EUR 1,500 HUGO BOSS 159,243.82 158,850.00 0.08% EUR 94,976 MONCLER S.P.A. 1,101,470.17 1,134,013.44 0.62% EUR 77,449 YOOX SPA 1,398,620.51 1,490,893.25 0.81% 3,313,288.15 3,442,767.89 1.87%

Tobacco and Spirits EUR 199,955 CAMPARI ITALIA SPA 1,215,806.11 1,123,747.10 0.61% 1,215,806.11 1,123,747.10 0.61%

Transportation EUR 777,043 ANSALDO STS SPA 6,362,340.81 6,581,554.21 3.58% EUR 14,877 FLUGHAFEN WIEN AG 1,036,833.38 1,155,942.90 0.63% SGD 3,319,115 VARD HOLDINGS SHS 1,653,898.59 1,276,575.66 0.69% 9,053,072.78 9,014,072.77 4.90% Total - Equities 151,483,621.72 157,404,085.32 85.62%

Warrants

Holding and Financial Companies EUR 24,025 ISI 13-31.12.15 CW/ISI 1,831.42 19,220.00 0.01% EUR 15,000 WARRANT GREEN ITALY SPA 0.00 9,000.00 0.00% 1,831.42 28,220.00 0.01%

Internet Software EUR 16,666 SPACE WARRANT 13-PERP 0.00 15,166.06 0.01% 0.00 15,166.06 0.01%

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

129 LEMANIK SICAV

HIGH GROWTH

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

News Transmission EUR 5,600 MC-LINK 13-14.02.14 CW/BSKT 0.00 1,007.44 0.00% 0.00 1,007.44 0.00% Total - Warrants 1,831.42 44,393.50 0.02%

Total - Transferable securities listed on an official stock exchange or on another regulated market 151,485,453.14 157,448,478.82 85.64%

Other Transferable securities

Warrants

Other Services EUR 73,000 BIO- ON SPA WARRANT 0.73 94,754.00 0.05% 0.73 94,754.00 0.05% Total - Warrants 0.73 94,754.00 0.05%

Total Other Transferable securities 0.73 94,754.00 0.05%

Financial Instruments

Options

Automobile Industry EUR 50 CALL FIAT CHRYSLER AUTOMOBILES N.V 19/12/14 10 4,300.00 17,795.00 0.01% EUR (100) CALL FIAT CHRYSLER AUTOMOBILES N.V 19/12/14 11 (18,600.00) (10,415.00) (0.01)% EUR (500) PUT FIAT CHRYSLER AUTOMOBILES N.V 19/12/14 6 (65,000.00) (675.00) 0.00% EUR (100) PUT FIAT CHRYSLER AUTOMOBILES N.V 19/12/14 8 (16,000.00) (915.00) 0.00% (95,300.00) 5,790.00 0.00%

Banks and Financial Institutions EUR 200 CALL INTESA SANPAOLO SPA 19/12/14 2 9,600.00 24,620.00 0.02% 9,600.00 24,620.00 0.02%

Insurance EUR 1,000 CALL UNIPOLSAI - SAI NPV SHS 16/01/15 2 27,000.00 42,600.00 0.02% 27,000.00 42,600.00 0.02%

Miscellaneous EUR 100 CALL EURO STOXX 50 PR 19/12/14 3325 18,700.00 18,900.00 0.01% EUR 90 CALL FTSE MIB WEEK 1 INDEX 05/12/14 20900 11,625.00 5,625.00 0.00% EUR 57 CALL FTSE MIB WEEK 4 INDEX 28/11/14 20200 2,202.50 6,555.00 0.01% 32,527.50 31,080.00 0.02%

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

130 LEMANIK SICAV

HIGH GROWTH

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Petrol EUR (100) CALL ENI SPA ROMA 19/12/14 17 (20,450.00) (5,690.00) 0.00% (20,450.00) (5,690.00) 0.00%

Public Services EUR (240) PUT ENEL 16/01/15 4 (16,890.00) (12,180.00) (0.01)% EUR (100) PUT ENEL 19/12/14 4 (4,275.00) (3,090.00) 0.00% EUR (75) PUT TERNA- RETE ELETTRICA NAZIONAL 19/12/14 4 (4,650.00) (262.50) 0.00% (25,815.00) (15,532.50) (0.01)%

Retail EUR 30 CALL WORLD DUTY FREE S.P.A. 19/12/14 10 1,125.00 375.00 0.00% EUR 190 CALL WORLD DUTY FREE S.P.A. 19/12/14 9 12,925.00 4,778.50 0.00% 14,050.00 5,153.50 0.00% Total - Options (58,387.50) 88,021.00 0.05%

Total - Financial Instruments (58,387.50) 88,021.00 0.05%

Total Investments (including options) 151,427,066.37 157,631,253.82 85.74% Other Net Assets 26,208,064.45 14.26% Total Net Assets 183,839,318.27 100.00%

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

131 LEMANIK SICAV

HIGH GROWTH

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Italy 74.26% Netherlands 9.61% Singapore 0.69% Austria 0.63% United States of America 0.16% France 0.12% Spain 0.10% Germany 0.09% Luxembourg 0.08%

TOTAL 85.74%

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

132 LEMANIK SICAV

HIGH GROWTH

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Insurance 22.66% Banks and Financial Institutions 16.82% Automobile Industry 8.26% Holding and Financial Companies 5.03% Transportation 4.90% Petrol 4.21% Aerospace Technology 3.62% Leisure 3.32% Graphic Art, Publishing 2.71% News Transmission 2.50% Textile 1.87% Other Services 1.82% Public Services 1.65% Retail 1.52% Miscellaneous 1.27% Pharmaceuticals and Cosmetics 0.76% Construction, Building Material 0.74% Tobacco and Spirits 0.61% Electronics and Electrical Equipment 0.57% Electronic Semiconductor 0.21% Mechanics, Machinery 0.18% Consumer Goods 0.17% Business Houses 0.10% Photography and Optics 0.10% Mines, Heavy Industries 0.08% Food and Distilleries 0.04% Internet Software 0.01% Non-Ferrous Metals 0.01%

TOTAL 85.74%

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

133 LEMANIK SICAV

ALL STARS FUND

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 2,005 AMUNDI ETF EURO INFLATION 403,072.00 412,789.40 5.83% EUR 1,150 BANTLEON OPP L -IT- CAP 198,869.50 201,480.00 2.85% USD 21,820 BGF FIX GL OPP/-E2-CAP 197,138.41 221,936.87 3.14% EUR 71 CARMIGNAC INVESTISSEM./ (3DEC) 40,590.06 78,020.48 1.10% EUR 1,235 CARMIGNAC PATRIMOINE (3DEC) 607,864.18 756,536.30 10.69% GBP 79,019 CF RUFFER TOT RETURN -I- ACC 279,483.28 403,320.91 5.70% EUR 4,336 DNCA INVE. SICAV - EUROSE I CAP 541,209.27 669,521.76 9.46% EUR 1,620 ETHNA AKTIV E -T- EUR /CAP 201,155.40 216,415.80 3.06% EUR 10,000 HSBC GI EURO BOND/-A-DIS 196,370.00 199,450.00 2.82% EUR 19,000 INVESCO BAL-RISK ALLOC -C- CAP 299,060.00 301,150.00 4.26% EUR 28,810 INVESCO FDS/EUROP.BOND-C-CAP 200,900.77 202,632.25 2.86% EUR 2,950 JB MPAR 1.2 LUX -C- ACC 306,155.00 295,767.00 4.18% EUR 3,782 JPMIF GL INC B CAP 402,898.23 408,947.66 5.78% EUR 34,619 M&G OPT INC AC-C-EU /CAP 616,923.17 669,448.37 9.46% EUR 12,618 NORDEA1 STA.RET. -BI-CUR./CAP 199,995.30 205,042.50 2.90% EUR 1,102 OYSTER MARKET NEUT -EUR- CAP 197,555.54 188,519.14 2.66% EUR 1,307 PICTET-ESTHY-R EUR-CAP 149,965.18 148,815.02 2.10% EUR 10,593 PIMCO EURO BD -E- ACC 200,000.00 218,855.93 3.09% EUR 22,935 PIMCO GIS GLB ADVANT INST EURH 254,146.53 278,656.23 3.94% EUR 26,681 PLURIMA EU ABS RET -I- EUR/DIS 148,967.52 162,860.82 2.30% GBP 47,974 RUFFER INVESTMENT EUROP-O-/CAP 183,990.62 287,007.35 4.06% EUR 1,600 VG AM GL BD - SHS -I- CAP 200,144.00 193,728.00 2.74% EUR 930 ZEUS CAPITAL DNA BIOTECH-B 102,352.90 122,304.30 1.73% 6,128,806.86 6,843,206.09 96.71% Total - Investment Funds 6,128,806.86 6,843,206.09 96.71%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 6,128,806.86 6,843,206.09 96.71%

Total Investments 6,128,806.86 6,843,206.09 96.71% Other Net Assets 232,833.83 3.29% Total Net Assets 7,076,039.92 100.00%

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

134 LEMANIK SICAV

ALL STARS FUND

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Luxembourg 50.54% Great Britain 19.22% France 17.62% Ireland 9.33%

TOTAL 96.71%

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

135 LEMANIK SICAV

ALL STARS FUND

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Investment Funds 96.71%

TOTAL 96.71%

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

136 LEMANIK SICAV

WORLD DAYTONA

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Equities

Aerospace Technology USD 4,500 B/E AEROSPACE INC. 266,153.40 281,085.31 2.57% 266,153.40 281,085.31 2.57%

Automobile Industry USD 3,300 POLARIS INDUSTRIES INC 407,788.94 414,826.13 3.79% 407,788.94 414,826.13 3.79%

Banks and Financial Institutions USD 2,700 FLEETCOR TECHNOLOGIES INC 324,460.85 328,964.02 3.00% USD 5,000 MASTERCARD INC. SHS-A- 338,652.70 350,098.26 3.20% USD 1,800 VISA INC -A 359,749.25 372,792.68 3.41% 1,022,862.80 1,051,854.96 9.61%

Construction, Building Material USD 1,875 SHERWIN-WILLIAMS CO 353,959.00 368,276.98 3.36% 353,959.00 368,276.98 3.36%

Food and Distilleries USD 3,200 THE HERSHEY CO 247,075.83 257,406.65 2.35% 247,075.83 257,406.65 2.35%

Graphic Art, Publishing USD 15,000 21ST CENTURY -SHS A- 418,291.48 442,786.67 4.04% USD 9,355 COMCAST CORP/-A- 403,535.00 428,034.49 3.91% 821,826.48 870,821.16 7.95%

Healthcare Education & Social Services USD 12,000 ENVISION HEALTHCARE HOLD INC 318,226.97 340,368.19 3.11% 318,226.97 340,368.19 3.11%

Holding and Financial Companies USD 24,000 ALLISON TR 641,944.74 633,184.94 5.78% USD 12,000 HCA HOLDINGS INC 631,608.78 670,821.80 6.13% USD 6,000 MOODY S CORP 479,566.63 486,150.88 4.44% USD 2,300 TRANSDIGM GROUP INC 346,276.37 364,911.56 3.33% 2,099,396.52 2,155,069.18 19.68%

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

137 LEMANIK SICAV

WORLD DAYTONA

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Internet Software USD 900 GOOGLE INC A 400,954.20 396,399.95 3.62% USD 400 PRICELINE COM INC. 375,082.55 372,258.45 3.40% 776,036.75 768,658.40 7.02%

Leisure USD 10,000 STARBUCKS CORP. 623,486.98 651,425.82 5.95% USD 8,000 WYNDHAM WORLDWIDE CORP 500,037.27 534,937.63 4.89% 1,123,524.25 1,186,363.45 10.84%

Mines, Heavy Industries USD 2,000 PRECISION CASTPARTS 361,220.17 381,662.86 3.49% 361,220.17 381,662.86 3.49%

Pharmaceuticals and Cosmetics USD 3,800 VALEANT PHARMACEUTICALS INTL 393,406.78 443,356.19 4.05% 393,406.78 443,356.19 4.05%

Photography and Optics EUR 9,000 LUXOTTICA GROUP 362,831.73 387,000.00 3.53% 362,831.73 387,000.00 3.53%

Retail USD 7,000 HOME DEPOT INC. 546,016.35 558,135.80 5.10% USD 5,500 MICHAEL KORS HOLDINGS LTD 316,763.80 338,431.00 3.09% 862,780.15 896,566.80 8.19%

Transportation USD 3,000 UNION PACIFIC CORP. 284,421.22 281,001.08 2.57% 284,421.22 281,001.08 2.57% Total - Equities 9,701,510.99 10,084,317.34 92.11%

Total - Transferable securities listed on an official stock exchange or on another regulated market 9,701,510.99 10,084,317.34 92.11%

Total Investments 9,701,510.99 10,084,317.34 92.11% Other Net Assets 863,840.29 7.89% Total Net Assets 10,948,157.63 100.00%

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

138 LEMANIK SICAV

WORLD DAYTONA

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

United States of America 81.44% Canada 4.05% Italy 3.53% British virgin islands 3.09%

TOTAL 92.11%

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

139 LEMANIK SICAV

WORLD DAYTONA

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Holding and Financial Companies 19.68% Leisure 10.84% Banks and Financial Institutions 9.61% Retail 8.19% Graphic Art, Publishing 7.95% Internet Software 7.02% Pharmaceuticals and Cosmetics 4.05% Automobile Industry 3.79% Photography and Optics 3.53% Mines, Heavy Industries 3.49% Construction, Building Material 3.36% Healthcare Education & Social Services 3.11% Aerospace Technology 2.57% Transportation 2.57% Food and Distilleries 2.35%

TOTAL 92.11%

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

140 LEMANIK SICAV

WORLD TREND

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Investment Funds

Investment Funds USD 40,000 MIRAE ASIA GC EQ IC 419,857.26 452,733.33 3.03% 419,857.26 452,733.33 3.03% Total - Investment Funds 419,857.26 452,733.33 3.03%

Total - Transferable securities listed on an official stock exchange or on another regulated market 419,857.26 452,733.33 3.03%

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds USD 900 ABERDEEN EM INFR EQ -I2-/CAP 675,195.31 697,342.51 4.67% USD 27,915 BR GF-WORLD HEALTHSC.D2/CAP 407,881.58 802,753.58 5.38% USD 90,000 GAM STAR NORTH STH EM-IUSDA 794,964.71 777,964.14 5.22% USD 52,774 GAM TECH USD-INS-AC 529,526.27 694,962.44 4.66% USD 17,708 HHF GLOBAL TECHNOLOGY -I1-/DIS 445,377.68 764,066.53 5.12% EUR 10,000 ISHARES II/ EURO STOXX 50 320,750.00 327,930.00 2.20% USD 5,800 JB MST HEALTH IN -C-/CAP USD 1,181,838.41 1,547,643.69 10.37% EUR 3,641 JB MULTP SMART MAT -C- EUR/CAP 491,134.49 705,953.49 4.73% GBP 263,969 LM JAP EQ ACC -X- HEDGED GBP 475,674.66 554,102.97 3.71% USD 34,000 LO FUNDS - TECHNOLOGY -I- ACC 478,336.80 624,294.71 4.19% USD 76,090 LO GL ENERGY SHS -I- CAP 632,109.10 627,341.96 4.21% EUR 500 LO TECHNO IC 5,046.30 7,137.15 0.05% USD 22,000 MSIF GL INFR ZC 728,421.70 960,189.31 6.44% EUR 3,472 ODDO ACT EQ EURO/-B- CAP(3DEC) 691,029.05 688,933.88 4.62% USD 2,698 PICTET DIGITAL COMM/-I-CAP 367,335.16 531,722.31 3.56% USD 2,257 PICTET SICAV-WATER -I USD- CAP 395,731.45 565,693.83 3.79% EUR 43,500 POLAR CAP HEALTHCARE OPP-I-EUR 807,300.00 1,248,450.00 8.37%

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

141 LEMANIK SICAV

WORLD TREND

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

USD 6,200 RAM SYS EM MKT EQ -B- /CAP 741,389.37 819,853.21 5.50% USD 3,076 RCGF ASIAN STARS EQ -IL-USD CAP 299,428.24 298,088.12 2.00% USD 20,000 RENAISSANCE SUB SAHARAN -C-ACC 144,551.46 179,068.70 1.20% 10,613,021.74 13,423,492.53 89.99% Total - Investment Funds 10,613,021.74 13,423,492.53 89.99%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 10,613,021.74 13,423,492.53 89.99%

Total Investments 11,032,879.00 13,876,225.86 93.02% Other Net Assets 1,040,498.05 6.98% Total Net Assets 14,916,723.91 100.00%

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

142 LEMANIK SICAV

WORLD TREND

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Luxembourg 64.24% Ireland 20.45% France 4.62% Great Britain 3.71%

TOTAL 93.02%

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

143 LEMANIK SICAV

WORLD TREND

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Investment Funds 93.02%

TOTAL 93.02%

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

144 LEMANIK SICAV

FLEX QUANTITATIVE HR6

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds USD 189,000 ABERDEEN ASIA SM CO FD-I2- CAP 7,470,792.43 7,490,200.46 17.37% USD 5,600 ALQUITY ASIA -M- 439,552.74 468,923.92 1.09% EUR 24,600 AXA WRLD-FRAM EUR MICROC/F-CAP 4,178,556.00 4,159,860.00 9.65% EUR 1,685 BANOR EBAR I CAP 1,992,849.50 1,990,001.85 4.62% EUR 42,200 BANTLEON OPP CASH -IA- DIS 3,995,918.00 3,994,652.00 9.26% EUR 28,800 CAT NO CO BD F ICHC 2,995,200.00 2,973,600.00 6.90% USD 210,000 DB X-TRACKERS MSCI BANGLADESH 149,800.00 174,720.00 0.40% EUR 51,000 DBXT FTSE VIETN — SHS-1C-CAP 1,053,284.68 1,138,320.00 2.64% EUR 29,800 DWS FLOATING RATE NOTES FCP 2,495,452.00 2,496,942.00 5.79% EUR 208,000 M&G OPT INC AC-C-EU /CAP 3,981,556.80 4,022,220.80 9.33% USD 204,000 PIMCO GLOBAL BOND -E- USD CAP 3,996,124.76 4,138,418.96 9.60% USD 7,155 TEMP FRONT MKTS A (ACC) USD 97,195.19 110,655.28 0.26% EUR 0 TUNDRA FRONTIER OPP FUND -C- 0.01 0.01 0.00% 32,846,282.11 33,158,515.28 76.91% Total - Investment Funds 32,846,282.11 33,158,515.28 76.91%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 32,846,282.11 33,158,515.28 76.91%

Total Investments 32,846,282.11 33,158,515.28 76.91% Other Net Assets 9,956,494.09 23.09% Total Net Assets 43,115,009.37 100.00%

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

145 LEMANIK SICAV

FLEX QUANTITATIVE HR6

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Luxembourg 57.98% Ireland 9.60% Great Britain 9.33%

TOTAL 76.91%

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

146 LEMANIK SICAV

FLEX QUANTITATIVE HR6

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Investment Funds 76.91%

TOTAL 76.91%

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

147 LEMANIK SICAV

ADWISE BOND

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Banks and Financial Institutions EUR 600,000 AIB 2.75% 14-16.04.19 614,040.00 627,264.00 0.84% EUR 1,500,000 AIB 2.875% 13-28.11.16 1,538,163.00 1,544,250.00 2.07% EUR 1,000,000 BANCO BILBA 7%(FTF) 14-PERP 1,025,980.00 1,025,880.00 1.38% EUR 800,000 BANCO POP 2.375% 14-22.01.18 805,636.00 808,808.00 1.09% USD 500,000 BARCLAYS 7.75% 13-10.04.23 FTF 418,119.83 439,762.56 0.59% EUR 800,000 BAWAG 7%(TV) 05-18.02.35 818,800.00 805,280.00 1.08% EUR 1,000,000 BCA POP VIC 3.5% 14-20.01.17 1,018,204.00 1,021,670.00 1.37% EUR 1,000,000 BCA POP VIC 4% 13-26.07.16 1,025,500.00 1,011,250.00 1.36% EUR 1,000,000 BCA POP.VICENZA FRN 05-15 EMTN 983,850.00 996,500.00 1.34% EUR 600,000 BCO ESP SAN 3.875% 10-21.01.15 600,000.00 598,296.00 0.80% EUR 1,200,000 BCO ESP SAN 5.875% 12-09.11.15 1,191,700.00 1,192,536.00 1.60% EUR 1,200,000 BCO VERONA 3.75% 28.01.16 EMTN 1,230,485.00 1,229,952.00 1.65% EUR 800,000 BMPS 3.625% 14-01.04.19 806,864.00 822,056.00 1.10% EUR 1,600,000 BP MILAN 4% 13-01.22.16 1,633,207.86 1,636,288.00 2.20% EUR 1,000,000 BP MILAN 4.25% 14-30.01.19 1,069,080.00 1,075,060.00 1.44% USD 600,000 BPCE 6.75% 06-27.01.49 483,104.23 488,027.91 0.66% EUR 800,000 COMZBK 6.375% 11-22.03.19 873,800.00 920,272.00 1.24% EUR 1,050,000 CR VALTEL 4% 13-24.07.15 1,068,450.00 1,066,044.00 1.43% EUR 800,000 CS 5.75%(FRN) 13-18.09.25 REGS 842,950.00 902,984.00 1.21% USD 400,000 DEN NORSKE CREDITBK FRN 86-.. 197,782.22 214,096.98 0.29% USD 800,000 DEUT BK 6.25% 14-PERP 594,026.11 636,541.13 0.86% EUR 800,000 HBOS TSY SVCS 6%(TV)05-35 REGS 864,667.50 869,936.00 1.17% EUR 600,000 HSBC HLDG 5.25% 14-PERP 600,390.00 606,990.00 0.82% USD 800,000 NATL AUSTRALIA BK FRN 86-.. 397,052.89 411,342.40 0.55% EUR 600,000 RBS FRN 05-16.03.35 554,081.11 675,991.67 0.91% EUR 1,400,000 SANTANDER 6.25% 14-PERP 1,380,230.00 1,374,254.00 1.85% EUR 600,000 SOCGEN 6.75% 14-PERP 591,540.00 601,170.00 0.81% EUR 1,200,000 UBI BCA 6% 12-08.10.19 /POOL 1,293,461.24 1,293,960.00 1.74% USD 900,000 UBS 4.75%/FRN 13-22.05.23 701,319.38 731,724.22 0.98% USD 800,000 UBS JE (FRN) 12-22.02.22 648,840.42 694,180.40 0.93% EUR 1,000,000 UBS LN 4.75% 14-12.02.26 1,029,670.00 1,070,520.00 1.44% EUR 2,050,000 UNICREDIT 6.75% 14-PERP 2,027,315.00 2,016,831.00 2.71% USD 1,200,000 UNICREDIT 8% 14-PERP 879,543.61 973,909.28 1.31% EUR 1,400,000 UNICREDIT CAP.4.028%(TV)05-PERP 1,408,025.00 1,408,526.00 1.89% EUR 1,200,000 VENETO BANCA 4% 14-20.05.19 1,217,040.00 1,232,568.00 1.66% EUR 800,000 VENETO BCA 4.25% 13-18.01.16 809,944.00 814,544.00 1.09% 33,242,862.40 33,839,265.55 45.46%

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

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STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Chemicals USD 800,000 RELIANCE IND 5.875% 13-PERP 621,675.67 637,465.21 0.86% 621,675.67 637,465.21 0.86%

Holding and Financial Companies EUR 600,000 BA-CA FIN(CAYM) FRN4-PERP 400,512.50 402,000.00 0.54% EUR 800,000 BES FINANCE 6%(TV) 05-07.02.35 723,480.00 683,512.00 0.92% EUR 800,000 FIAT FT 4.75% 14-15.07.22 829,625.00 848,864.00 1.14% EUR 1,200,000 FIAT FT 6.75% 13-14.10.19 REGS 1,343,370.00 1,393,368.00 1.87% EUR 700,000 GE CAP IV 4.625% 09-66/SUB 706,300.00 729,617.00 0.98% EUR 700,000 GECC 5.5%(TV) 07-15.09.67 REGS 729,450.00 758,037.00 1.02% EUR 750,000 GENERALI FI 4.596% 14-PERP 750,000.00 763,597.50 1.02% USD 900,000 GOLDM SACHS CAP II /PREF 500,259.41 542,302.97 0.73% EUR 1,100,000 HUTCHISON WH FRN(3.75%)13-PERP 1,063,680.00 1,127,555.00 1.51% USD 500,000 ROTHSCHILDS CONT.FRN 86 205,264.37 227,991.02 0.31% 7,251,941.28 7,476,844.49 10.04%

Insurance NLG 1,700,000 AEGON 5.185% 96 689,337.53 765,640.67 1.03% USD 400,000 ALLIANZ SE 5.5% 2012-PERP 316,280.52 337,942.49 0.45% EUR 800,000 AXA 3.875% 14-PERP 795,880.00 803,736.00 1.08% EUR 1,000,000 CNP ASSURANCES FRN 04-PERP. 732,450.00 657,460.00 0.88% EUR 1,000,000 ETHIAS VIE 4.747% 29.12.49 952,100.00 960,360.00 1.29% EUR 1,150,000 FONDIARIA 5.75% 14-PERP 1,155,300.00 1,137,959.50 1.53% EUR 600,000 GROUPAMA 6.375% (FRN) 14-PERP 587,957.14 611,814.00 0.82% EUR 400,000 GROUPAMA SA 6.298% 07-PERP 401,292.86 411,024.00 0.55% EUR 800,000 GROUPAMA SA 7.875% 09-27.10.39 766,075.00 896,680.00 1.21% EUR 1,000,000 IRISH LIFE&PERM 6.125% 05-35 925,400.00 920,000.00 1.24% EUR 700,000 MAPFRE 5.921% (TV) 07-24.07.37 669,125.00 753,662.00 1.01% EUR 600,000 OLD MUTUAL 5%(TV) 05-PERP 606,000.00 607,278.00 0.82% 8,597,198.05 8,863,556.66 11.91%

Miscellaneous USD 800,000 CSG GG FRN 11-24.02.41 666,172.64 685,292.58 0.92% 666,172.64 685,292.58 0.92%

Mortgage & Funding Institutions EUR 1,000,000 NYKREDIT 4% 14-03.06.36 1,000,350.00 1,000,390.00 1.34% 1,000,350.00 1,000,390.00 1.34%

News Transmission EUR 800,000 ALTICE 7.25% 14-15.05.22 860,000.00 833,184.00 1.12% EUR 500,000 AMER MOVIL 5.125%(FRN) 06.09.73 498,450.00 544,135.00 0.73%

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

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ADWISE BOND

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

USD 900,000 NV KON KNP 7%(FRN) 13-28.03.73 674,211.77 757,295.15 1.02% EUR 600,000 ORANGE 5% 14-PERP 621,960.00 627,180.00 0.84% EUR 800,000 TEL ITALIA FRN 07-07.06.16 EMTN 796,000.00 798,176.00 1.07% EUR 800,000 TELECOM IT 4.875% 13-25.09.20 791,305.60 882,400.00 1.19% EUR 600,000 TELEFONICA 6.5%/FRN 13-PERP 632,319.00 657,318.00 0.88% EUR 600,000 TELEFONICA 7.625%/FRN 13-PERP 652,685.00 697,506.00 0.94% 5,526,931.37 5,797,194.15 7.79%

Public Services EUR 1,200,000 ENEL 5% 14-15.01.75 1,200,465.00 1,276,032.00 1.71% EUR 1,100,000 ENEL 6.5% (FRN) 13-10.01.74 1,102,950.00 1,217,865.00 1.64% EUR 1,000,000 RWE FRN 10-PERP 1,016,790.00 1,015,630.00 1.36% EUR 200,000 SUEZ ENV 4.82%(FRN)10-PERP/SUB 205,966.67 205,034.00 0.28% 3,526,171.67 3,714,561.00 4.99%

Retail EUR 1,000,000 CASINO GP 4.87% 13-PERP 1,000,948.00 1,039,920.00 1.40% EUR 600,000 CASINO GUICHARD FRN 05-PERP. 410,325.00 477,348.00 0.64% EUR 600,000 RALLYE 5% 15.10.18 EMTN 635,578.00 657,228.00 0.88% 2,046,851.00 2,174,496.00 2.92%

Supranational BRL 3,000,000 EIB 10.5% 14-21.12.17 1,016,162.74 951,546.71 1.28% 1,016,162.74 951,546.71 1.28% Total - Bonds 63,496,316.82 65,140,612.35 87.51%

Total - Transferable securities listed on an official stock exchange or on another regulated market 63,496,316.82 65,140,612.35 87.51%

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 18,000 L UC ETF DAILY D SH ACT 737,460.00 643,410.00 0.87% EUR 14,000 LYXOR ETF DLY DBL SHORT BUND 829,936.00 661,360.00 0.89% 1,567,396.00 1,304,770.00 1.76% Total - Investment Funds 1,567,396.00 1,304,770.00 1.76%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 1,567,396.00 1,304,770.00 1.76%

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

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ADWISE BOND

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities admitted to another regulated market

Bonds

Banks and Financial Institutions USD 1,000,000 ICICI BANK 7.25% 06-...PERP 751,445.04 819,748.93 1.10% 751,445.04 819,748.93 1.10%

Insurance EUR 800,000 ASSGEN 7.75% 12-12.12.42 /SUB 891,930.20 1,015,888.00 1.37% EUR 500,000 ASSGEN 10.125% 12-10.07.42 FTF 617,960.00 700,400.00 0.94% 1,509,890.20 1,716,288.00 2.31%

Public Services USD 800,000 RWE AG FRN 12-12.10.72 /SUB 676,700.89 696,375.09 0.93% 676,700.89 696,375.09 0.93% Total - Bonds 2,938,036.13 3,232,412.02 4.34%

Total Transferable securities admitted to another regulated market 2,938,036.13 3,232,412.02 4.34%

Other Transferable securities

Bonds

Banks and Financial Institutions EUR 240,000 UNICREDIT ST-UP 11-31.10.18 250,121.02 259,680.00 0.35% 250,121.02 259,680.00 0.35% Total - Bonds 250,121.02 259,680.00 0.35%

Total Other Transferable securities 250,121.02 259,680.00 0.35%

Total Investments 68,251,869.97 69,937,474.37 93.96% Other Net Assets 4,499,543.71 6.04% Total Net Assets 74,437,018.08 100.00%

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

151 LEMANIK SICAV

ADWISE BOND

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Italy 31.29% France 11.81% Luxembourg 5.41% Netherlands 5.20% Germany 4.84% United States of America 4.62% Switzerland 4.56% Great Britain 4.31% Spain 4.24% Ireland 4.15% Cayman Islands 2.97% Portugal 2.40% India 1.96% Denmark 1.34% Belgium 1.29% Austria 1.08% Guernsey 0.92% Mexico 0.73% Australia 0.55% Norway 0.29%

TOTAL 93.96%

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

152 LEMANIK SICAV

ADWISE BOND

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Banks and Financial Institutions 46.91% Insurance 14.22% Holding and Financial Companies 10.04% News Transmission 7.79% Public Services 5.92% Retail 2.92% Investment Funds 1.76% Mortgage & Funding Institutions 1.34% Supranational 1.28% Miscellaneous 0.92% Chemicals 0.86%

TOTAL 93.96%

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

153 LEMANIK SICAV

PHOENIXTREND BOND

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 1,756 AXA W.-GL.HY BD/I-EUR HEDG/CAP 314,651.35 313,819.74 0.80% EUR 2,522 AXA WF EURO 10+LT -I- EUR/CAP 469,619.41 481,723.94 1.23% EUR 21,637 EURIZE BD HY -Z-/CAP 4,649,566.43 4,662,324.81 11.89% EUR 91,372 EURIZON ASA-90-31.12.50-CAP 2,534,788.20 2,591,225.64 6.61% EUR 0 EURIZON AZIONI TECN.AVAN./ACC. 0.00 0.01 0.00% EUR 27,983 EURIZON EASYFUND CASH EUR -Z- 3,342,695.86 3,342,556.69 8.53% EUR 297,432 EURIZON T EUR B-08-31.12.50-CAP 2,420,620.57 2,419,905.95 6.17% EUR 219,506 FONDIT BD GL HY -UNITS-T- 3,904,750.70 3,906,323.90 9.97% EUR 1,288,546 IGNIS AR GOV BD -I2-EURH- CAP 1,449,820.21 1,480,668.39 3.78% EUR 515,246 INTERF BD GL HY -CAP- 5,049,193.05 5,031,897.21 12.84% EUR 293,738 INTERFUND EU BD 1-3 -CAP 2,195,691.46 2,195,103.98 5.60% EUR 12,603 LEMANIK ADW BD EUR -CAP* 1,471,729.29 1,477,274.43 3.77% EUR 21,510 LEMANIK ADW L/S I EUR/CAP* 2,295,460.94 2,428,694.10 6.20% EUR 16,937 PICTET EUR HIGH YELD/-I-CAP 4,062,148.81 4,066,984.20 10.37% EUR 7,259 PICTET EUR SH MD TER BD/-I-CAP 989,972.01 990,539.78 2.53% 35,150,708.29 35,389,042.77 90.29% Total - Investment Funds 35,150,708.29 35,389,042.77 90.29%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 35,150,708.29 35,389,042.77 90.29%

Total Investments 35,150,708.29 35,389,042.77 90.29% Other Net Assets 3,807,025.17 9.71% Total Net Assets 39,196,067.94 100.00%

* Cross Sub-Funds investment, see Note 14, for further details. The accompanying notes form an integral part of these financial statements.

154 LEMANIK SICAV

PHOENIXTREND BOND

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Luxembourg 77.51% Italy 12.78%

TOTAL 90.29%

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

155 LEMANIK SICAV

PHOENIXTREND BOND

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Investment Funds 90.29%

TOTAL 90.29%

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

156 LEMANIK SICAV

PHOENIXTREND AGGRESSIVE

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Equities

Aerospace Technology USD 800 GENERAL DYNAMICS CORP 51,183.24 93,280.39 0.41% 51,183.24 93,280.39 0.41%

Automobile Industry USD 4,200 FORD MOTOR CO 53,753.05 52,994.83 0.23% 53,753.05 52,994.83 0.23%

Biotechnology USD 600 AMGEN INC. 50,155.09 79,562.03 0.35% 50,155.09 79,562.03 0.35%

Consumer Goods GBP 1,026 RECKITT BENCKISER GROUP PLC 58,152.17 67,730.03 0.30% 58,152.17 67,730.03 0.30%

Electronic Semiconductor USD 1,900 ALTERA CORP 51,666.28 57,336.06 0.25% USD 3,000 INTEL CORP. 52,623.32 89,640.24 0.40% 104,289.60 146,976.30 0.65%

Food and Distilleries EUR 2,000 DANONE 108,734.54 113,500.00 0.50% 108,734.54 113,500.00 0.50%

Graphic Art, Publishing USD 1,100 OMNICOM GROUP INC. 53,868.72 68,180.32 0.30% GBP 3,548 PEARSON PLC 56,298.23 54,865.95 0.24% 110,166.95 123,046.27 0.54%

Healthcare Education & Social Services USD 1,100 AETNA INC 50,705.27 76,977.50 0.34% USD 800 HUMANA INC. 53,965.33 88,538.08 0.39% USD 800 WELLPOINT INC 51,375.00 82,082.38 0.36% 156,045.60 247,597.96 1.09%

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

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PHOENIXTREND AGGRESSIVE

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Holding and Financial Companies USD 1,200 DIREC TV 54,469.85 84,427.87 0.37% USD 800 ZIMMER HOLDINGS INC 51,361.20 72,058.72 0.32% 105,831.05 156,486.59 0.69%

Internet Software USD 1,200 CHECK POINT SOFTWARE TECHNO 51,293.58 74,417.04 0.33% USD 2,100 MICROSOFT CORP 53,088.20 80,536.64 0.35% USD 2,200 ORACLE CORP 52,716.30 74,842.18 0.33% 157,098.08 229,795.86 1.01%

Miscellaneous EUR 6,000 SAFE BAG S.P.A. 13,848.87 6,420.00 0.03% 13,848.87 6,420.00 0.03%

News Transmission GBP 5,080 BRITISH SKY BROADCASTING GROUP 56,503.28 59,475.87 0.26% USD 4,900 CORNING INC. 54,455.08 82,619.82 0.36% USD 1,000 QUALCOMM INC. 50,196.06 58,476.72 0.26% GBP 30,000 VODAFONE GROUP PLC 80,418.68 88,166.89 0.39% 241,573.10 288,739.30 1.27%

Office Equipment, Computers USD 3,200 CISCO SYSTEMS INC. 52,439.18 70,948.54 0.31% USD 2,900 EMC CORPORATION 51,293.47 70,601.21 0.31% 103,732.65 141,549.75 0.62%

Petrol USD 3,500 CHESAPEAKE ENERGY 62,628.01 56,880.44 0.25% USD 1,200 HALLIBURTON CO 49,804.73 40,620.86 0.18% USD 900 NATIONAL OILWELL VARCO INC 47,684.32 48,398.51 0.21% 160,117.06 145,899.81 0.64%

Pharmaceuticals and Cosmetics USD 1,300 MEDTRONIC INC. 53,437.96 77,031.24 0.34% USD 2,400 PFIZER INC. 53,737.61 59,968.72 0.26% EUR 700 SANOFI-AVENTIS 52,156.37 54,502.00 0.24% USD 1,800 TEVA PHM./ADR REP.1SHS 53,003.58 82,271.69 0.36% 212,335.52 273,773.65 1.20%

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

158 LEMANIK SICAV

PHOENIXTREND AGGRESSIVE

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Public Services EUR 7,500 E.ON - AG 101,873.48 106,912.50 0.47% EUR 16,200 ENERTRONICA S.P.A. 56,371.70 43,059.60 0.19% EUR 5,000 GDF SUEZ 93,794.07 99,075.00 0.44% EUR 14,700 GRUPPO GREEN POWER S.P.A. 198,608.76 93,933.00 0.41% EUR 3,500 RWE AG (NEU). ESSEN A 99,686.96 101,955.00 0.45% 550,334.97 444,935.10 1.96%

Retail USD 1,900 BED BATH & BEYOND INC. 103,887.45 111,822.08 0.49% 103,887.45 111,822.08 0.49%

Textile EUR 300 DIOR SA.CHRISTIAN 43,559.80 46,200.00 0.20% 43,559.80 46,200.00 0.20%

Tobacco and Spirits USD 1,500 LORILLARD INC 52,605.45 75,971.60 0.33% 52,605.45 75,971.60 0.33% Total - Equities 2,437,404.24 2,846,281.55 12.51%

Warrants

Public Services EUR 47,000 GGP 30.06.16 CW /GGP 61,148.88 60,583.00 0.27% 61,148.88 60,583.00 0.27% Total - Warrants 61,148.88 60,583.00 0.27%

Total - Transferable securities listed on an official stock exchange or on another regulated market 2,498,553.12 2,906,864.55 12.78%

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 0 EURIZE EQUITY SM EU -Z-/CAP 1.53 1.77 0.00% EUR 5,971 EURIZON EASYFD-EQ JAP LTE -ZH- 635,352.91 642,988.78 2.83% EUR 14,799 EURIZON EASYFUND CASH EUR -Z- 1,767,687.68 1,767,687.63 7.77% EUR 12,352 EURIZON EQ PHARM LTE -Z- /CAP 1,818,221.12 1,858,929.35 8.17% EUR 15,000 IGNIS FD - AR EM DBT -I- H C 150,135.00 149,980.50 0.66% EUR 444,297 INTERF BD GL HY -CAP- 4,348,832.38 4,339,003.03 19.08%

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

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PHOENIXTREND AGGRESSIVE

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

EUR 24,135 LEMANIK ADW L/S I EUR/CAP* 2,545,761.69 2,725,082.85 11.98% EUR 4,613 PICTET-GENERICS -I-/EUR/CAP 1,008,773.90 1,030,638.59 4.53% EUR 13,243 PICTET-STMM EUR / -I- CAP 1,861,357.07 1,861,357.07 8.18% 14,136,123.28 14,375,669.57 63.20% Total - Investment Funds 14,136,123.28 14,375,669.57 63.20%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 14,136,123.28 14,375,669.57 63.20%

Total Investments 16,634,676.40 17,282,534.12 75.98% Other Net Assets 5,463,271.78 24.02% Total Net Assets 22,745,805.90 100.00%

* Cross Sub-Funds investment, see Note 14, for further details. The accompanying notes form an integral part of these financial statements.

160 LEMANIK SICAV

PHOENIXTREND AGGRESSIVE

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Luxembourg 63.20% United States of America 7.70% France 1.38% Great Britain 1.19% Germany 0.92% Italy 0.90% Israel 0.69%

TOTAL 75.98%

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

161 LEMANIK SICAV

PHOENIXTREND AGGRESSIVE

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Investment Funds 63.20% Public Services 2.23% News Transmission 1.27% Pharmaceuticals and Cosmetics 1.20% Healthcare Education & Social Services 1.09% Internet Software 1.01% Holding and Financial Companies 0.69% Electronic Semiconductor 0.65% Petrol 0.64% Office Equipment, Computers 0.62% Graphic Art, Publishing 0.54% Food and Distilleries 0.50% Retail 0.49% Aerospace Technology 0.41% Biotechnology 0.35% Tobacco and Spirits 0.33% Consumer Goods 0.30% Automobile Industry 0.23% Textile 0.20% Miscellaneous 0.03%

TOTAL 75.98%

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

162 LEMANIK SICAV

FUNDAMENTAL GLOBAL EQUITY

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds USD 13,175 ABERDEEN GL./ASIA PAC./-I2-CAP 768,692.03 837,418.07 6.83% USD 19,285 ALGER SCV-ALGER AMER.ASS.REG-A 484,760.34 749,031.16 6.11% EUR 58,305 FRANKLIN MUTUAL EUR.-A-ACC/CAP 1,100,979.83 1,332,852.30 10.87% USD 30,500 GAM STAR CHINA EQ-OPEN-USD ACC 547,857.73 563,048.13 4.59% EUR 54,390 HEND HOR P EUROP EQ -I2- /CAP 1,091,333.25 1,436,983.80 11.72% USD 70,915 HSBC GL.INV.EM.MKT.EQ.-I-/CAP 900,459.05 942,461.57 7.69% USD 16,085 ISHARES MSCI NORTH AMERICA 371,068.62 513,780.69 4.19% USD 61,100 ISHARES S&P500 / ETF USD 827,794.77 1,012,574.50 8.26% EUR 546,740 JO HAMBRO/CONT.EUROP.-INST- 1,211,758.22 1,596,480.80 13.02% USD 43,145 MACQ DEL INV US LCV -I-USD/DIS 483,779.81 742,011.63 6.05% EUR 48,755 POLAR CAP JAPAN FD -R- EURH 576,379.07 695,246.30 5.67% USD 34,100 SISF ASIAN EQ YIELD -C- /CAP 661,992.01 756,045.40 6.17% USD 6,705 THE STRALEM US EQUITY -I- CAP 574,227.83 781,268.44 6.37% 9,601,082.56 11,959,202.79 97.54% Total - Investment Funds 9,601,082.56 11,959,202.79 97.54%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 9,601,082.56 11,959,202.79 97.54%

Total Investments 9,601,082.56 11,959,202.79 97.54% Other Net Assets 302,029.71 2.46% Total Net Assets 12,261,232.50 100.00%

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

163 LEMANIK SICAV

FUNDAMENTAL GLOBAL EQUITY

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Luxembourg 55.76% Ireland 41.78%

TOTAL 97.54%

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

164 LEMANIK SICAV

FUNDAMENTAL GLOBAL EQUITY

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Investment Funds 97.54%

TOTAL 97.54%

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

165 LEMANIK SICAV

WORLD YIELD

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Bonds

Aerospace Technology USD 100,000 MECCANICA 6.25% 09-15.07.19 REGS 78,565.16 87,005.17 0.67% 78,565.16 87,005.17 0.67%

Banks and Financial Institutions EUR 100,000 BANCA IMI 5.75%/FRN 12-28.02.17 95,750.00 98,414.00 0.76% EUR 100,000 BCO ESP SAN 5.875% 12-09.11.15 101,125.00 99,378.00 0.77% EUR 300,000 BPM CAPITAL 8.393% 01-PERP. 259,935.00 293,964.00 2.28% EUR 150,000 CITIGP 4% 11-18.03.20 STEP UP 161,568.46 153,375.00 1.19% EUR 150,000 INTESA FRN 09-PERP 154,125.00 178,120.50 1.38% EUR 651,000 MEDIO LOMBARDO 4.5% (TV) 98-18 712,905.52 736,606.50 5.71% EUR 300,000 RABOBK FRN 05-15.02.25 EMTN 0% COPY 297,750.00 318,000.00 2.47% EUR 100,000 ROYAL BK SCOT 5.5% 04-PERP/FLAT 83,500.00 97,265.00 0.76% EUR 200,000 UNICREDIT 6.125% 11-19.04.21 212,200.00 228,950.00 1.78% 2,078,858.98 2,204,073.00 17.10%

Construction, Building Material EUR 50,000 ABENGOA 9.625% 09-25.02.15 45,500.00 49,970.50 0.39% 45,500.00 49,970.50 0.39%

Forest Products and Paper Industry EUR 100,000 ENCE ENER 7.25% 13-15.02.20 108,000.00 105,535.00 0.82% 108,000.00 105,535.00 0.82%

Holding and Financial Companies USD 200,000 BBVA INTL 5.919% (FRN) 07-PERP 141,693.02 164,686.16 1.28% EUR 200,000 BBVASM 3.5% 14-11.04.24 207,428.00 207,088.00 1.61% GBP 100,000 CABOT FIN 8.375% 13-01.08.20 135,817.43 129,126.77 1.00% EUR 330,000 FIAT FT 4.75% 14-15.07.22 340,774.50 350,156.40 2.72% GBP 150,000 FINMECC FIN 8% 09-16.12.19 216,485.14 219,512.75 1.70% GBP 350,000 GENER.F.6.214%(TV)06..PERP 447,246.02 454,419.07 3.52% GBP 250,000 LOWELL GRP 10.75% 12-01.04.19 350,422.65 342,756.08 2.66% EUR 400,000 SOLVAY FIN 5.425%/FRN 13-PERP 433,687.50 439,872.00 3.41% EUR 100,000 WIND ACQ 4% 14-15.07.20 101,060.00 100,156.00 0.78% 2,374,614.26 2,407,773.23 18.68%

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

166 LEMANIK SICAV

WORLD YIELD

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Insurance EUR 300,000 AEGON 4% 14-25.04.44 304,500.00 311,265.00 2.41% GBP 400,000 AXA SA 6.6666%(TV)06...PERP 528,224.09 523,009.22 4.06% 832,724.09 834,274.22 6.47%

Miscellaneous GBP 100,000 AA BOND 9.5% 13-31.07.43 134,664.03 138,650.08 1.07% 134,664.03 138,650.08 1.07%

News Transmission EUR 300,000 CABLE COMM 7.5% 13-01.11.20 321,500.00 308,268.00 2.39% EUR 200,000 OTE PLC 7.875% 13-07.02.18 223,500.00 224,250.00 1.74% 545,000.00 532,518.00 4.13%

Other Services EUR 100,000 LINEA GROUP 3.875% 13-28.11.18 99,444.00 105,272.00 0.82% 99,444.00 105,272.00 0.82%

Petrol EUR 200,000 ONGC VIDESH 2.75% 14-15.07.21 201,000.00 203,386.00 1.58% 201,000.00 203,386.00 1.58%

Pharmaceuticals and Cosmetics EUR 200,000 KEDRION GRO 4.625% 14-24.04.19 199,000.00 200,162.00 1.55% 199,000.00 200,162.00 1.55%

Public Services EUR 200,000 ENEL 6.5% (FRN) 13-10.01.74 197,912.00 221,430.00 1.72% 197,912.00 221,430.00 1.72%

Retail GBP 300,000 COOP GROUP 6.25% 11-08.07.26 409,111.35 399,157.26 3.10% EUR 100,000 MAISONS MDE 9% 13-01.08.20 105,230.00 95,786.00 0.74% 514,341.35 494,943.26 3.84%

States, Provinces, and Municipalities AUD 300,000 AUSTRALIA 2.75% 14-21.10.19 211,151.86 207,132.16 1.61% EUR 300,000 ITALY 2.25% 13-22.04.17 BTP/INFL 300,090.00 310,281.90 2.41% EUR 1,000,000 SPAIN 4.4% 13-31.10.23 1,020,285.00 1,222,580.00 9.48% 1,531,526.86 1,739,994.06 13.50%

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

167 LEMANIK SICAV

WORLD YIELD

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Supranational EUR 189,000 EIB FRN 05-17.08.30 161,500.50 185,465.70 1.44% INR 30,000,000 IBRD 6% 14-20.12.16 384,071.07 394,589.67 3.06% EUR 237,000 IBRD FRN 05-07.10.25 225,803.67 242,948.70 1.88% 771,375.24 823,004.07 6.38% Total - Bonds 9,712,525.97 10,147,990.59 78.72%

Total - Transferable securities listed on an official stock exchange or on another regulated market 9,712,525.97 10,147,990.59 78.72%

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010

Investment Funds

Investment Funds EUR 10,000 DBXT2 I CR2SDU 1CC / CAP 254,000.00 245,900.00 1.90% 254,000.00 245,900.00 1.90% Total - Investment Funds 254,000.00 245,900.00 1.90%

Total Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of December 17, 2010 254,000.00 245,900.00 1.90%

Transferable securities admitted to another regulated market

Bonds

Banks and Financial Institutions EUR 100,000 MEDIOBCA (5%) FRN 30.11.17 REGS 89,600.00 95,110.00 0.74% NOK 2,250,000 NED WATBK 3.375% 12-03.04.17 317,135.07 268,338.34 2.08% 406,735.07 363,448.34 2.82% Total - Bonds 406,735.07 363,448.34 2.82%

Total Transferable securities admitted to another regulated market 406,735.07 363,448.34 2.82%

Total Investments 10,373,261.04 10,757,338.93 83.44% Other Net Assets 2,134,249.54 16.56% Total Net Assets 12,891,588.47 100.00%

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

168 LEMANIK SICAV

WORLD YIELD

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

Italy 18.75% Spain 13.58% Netherlands 12.87% Luxembourg 10.28% Great Britain 8.26% France 7.47% United States of America 7.20% Australia 1.61% India 1.58% Jersey 1.07% Portugal 0.77%

TOTAL 83.44%

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

169 LEMANIK SICAV

WORLD YIELD

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Banks and Financial Institutions 19.92% Holding and Financial Companies 18.68% States, Provinces, and Municipalities 13.50% Insurance 6.47% Supranational 6.38% News Transmission 4.13% Retail 3.84% Investment Funds 1.90% Public Services 1.72% Petrol 1.58% Pharmaceuticals and Cosmetics 1.55% Miscellaneous 1.07% Forest Products and Paper Industry 0.82% Other Services 0.82% Aerospace Technology 0.67% Construction, Building Material 0.39%

TOTAL 83.44%

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

170 LEMANIK SICAV

ADWISE LONG/SHORT

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Transferable securities listed on an official stock exchange or on another regulated market

Equities

Automobile Industry EUR 16,500 BMW-BAYER.MOTORENWERKE 1,414,427.10 1,517,175.00 2.51% EUR 10,200 VOLKSWAGEN AG /VORZUG. 1,782,092.49 1,889,040.00 3.12% 3,196,519.59 3,406,215.00 5.63%

Biotechnology USD 5,500 AMGEN INC. 460,949.82 729,318.57 1.21% 460,949.82 729,318.57 1.21%

Construction, Building Material GBP 60,000 AMEC PLC 851,463.79 704,355.26 1.16% 851,463.79 704,355.26 1.16%

Electronic Semiconductor USD 90,000 MARVELL TECHNOLOGY GROUP 979,677.88 1,033,810.61 1.71% 979,677.88 1,033,810.61 1.71%

Food and Distilleries EUR 35,389 DANONE 1,871,682.60 2,008,325.75 3.32% 1,871,682.60 2,008,325.75 3.32%

Graphic Art, Publishing EUR 18,000 PUBLICIS GROUPE SA 965,962.00 1,063,080.00 1.76% GBP 62,500 WPP PLC SHS 928,946.91 1,052,073.36 1.74% 1,894,908.91 2,115,153.36 3.50%

Healthcare Education & Social Services USD 15,000 AETNA INC 840,264.53 1,049,693.18 1.73% USD 6,500 HUMANA INC. 493,940.84 719,371.92 1.19% USD 15,000 UNITEDHEALTH GROUP INC 820,092.60 1,186,740.46 1.96% USD 6,000 WELLPOINT INC 389,285.08 615,617.86 1.02% 2,543,583.05 3,571,423.42 5.90%

Holding and Financial Companies USD 300,000 SIRIUS XM HOLDINGS INC 809,015.77 873,541.09 1.44% 809,015.77 873,541.09 1.44%

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

171 LEMANIK SICAV

ADWISE LONG/SHORT

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Internet Software USD 40,000 MICROSOFT CORP 1,060,483.23 1,534,031.21 2.54% USD 60,000 ORACLE CORP 1,709,957.67 2,041,150.29 3.37% 2,770,440.90 3,575,181.50 5.91%

Leisure GBP 405,000 WILLIAM HILL PLC 1,764,847.44 1,704,358.85 2.82% 1,764,847.44 1,704,358.85 2.82%

Mechanics, Machinery USD 21,000 CATERPILLAR INC. 1,524,617.07 1,694,621.59 2.80% USD 20,500 DEERE & CO. 1,351,378.07 1,424,385.35 2.35% USD 8,000 JOY GLOBAL INC 341,271.79 314,699.39 0.52% 3,217,266.93 3,433,706.33 5.67%

News Transmission USD 33,000 AT & T 913,382.69 936,541.93 1.55% GBP 111,311 BRITISH SKY BROADCASTING GROUP 1,158,099.86 1,303,212.41 2.15% USD 23,500 QUALCOMM INC. 1,283,337.07 1,374,202.86 2.27% 3,354,819.62 3,613,957.20 5.97%

Office Equipment, Computers USD 20,500 APPLE INC. 1,176,716.04 1,955,693.26 3.23% USD 10,000 EMC CORPORATION 211,706.48 243,452.45 0.40% USD 37,000 NETAPP INC 1,260,438.84 1,262,864.48 2.09% USD 9,000 SANDISK CORP 611,908.86 746,913.73 1.24% 3,260,770.22 4,208,923.92 6.96%

Petrol GBP 295,031 BP PLC 1,719,981.65 1,557,345.27 2.57% USD 75,000 CHESAPEAKE ENERGY 1,390,419.80 1,218,866.56 2.01% USD 33,500 DIAMOND OFFSHORE DRILLING 947,506.81 789,231.14 1.30% USD 20,000 ENSCO PLC 631,759.22 542,253.24 0.90% USD 30,300 NATIONAL OILWELL VARCO INC 1,721,187.97 1,629,416.44 2.69% EUR 35,000 OMV AG 1,115,064.67 814,100.00 1.35% EUR 20,974 REPSOL YPF SA. MADRID 349,574.82 378,580.70 0.63% USD 12,500 SCHLUMBERGER LTD 973,851.58 861,809.65 1.42% EUR 20,000 TOTAL SA 971,469.95 899,800.00 1.49% 9,820,816.47 8,691,403.00 14.36%

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

172 LEMANIK SICAV

ADWISE LONG/SHORT

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at November 30, 2014 (in EUR)

Currency Quantity/ Description Cost Market % of net nominal value assets

Pharmaceuticals and Cosmetics GBP 30,000 ASTRAZENECA PLC 1,575,235.36 1,801,400.84 2.98% USD 34,500 MEDTRONIC INC. 1,442,562.62 2,044,290.69 3.38% EUR 18,000 SANOFI-AVENTIS 1,418,170.52 1,401,480.00 2.31% 4,435,968.50 5,247,171.53 8.67%

Retail USD 29,000 BED BATH & BEYOND INC. 1,520,441.17 1,706,758.11 2.82% USD 34,500 KOHL S CORP. 1,586,678.77 1,649,933.82 2.73% USD 30,000 WAL-MART STORES INC 1,672,871.42 2,106,605.70 3.48% 4,779,991.36 5,463,297.63 9.03%

Tobacco and Spirits EUR 207,382 C&C GROUP PLC 891,289.20 779,756.32 1.29% 891,289.20 779,756.32 1.29% Total - Equities 46,904,012.05 51,159,899.34 84.55%

Total - Transferable securities listed on an official stock exchange or on another regulated market 46,904,012.05 51,159,899.34 84.55%

Financial Instruments

Options

Electronic Semiconductor USD (300) PUT INTEL CORP. 17/01/15 32 (22,451.08) (3,128.39) (0.01)% (22,451.08) (3,128.39) (0.01)%

Holding and Financial Companies USD 800 PUT SEARS HOLDINGS CORP 20/03/15 24 133,965.95 179,681.55 0.30% 133,965.95 179,681.55 0.30% Total - Options 111,514.87 176,553.16 0.29%

Total - Financial Instruments 111,514.87 176,553.16 0.29%

Total Investments (Including Options) 47,015,526.92 51,336,452.50 84.84% Other Net Assets 9,171,591.47 15.16% Total Net Assets 60,508,043.97 100.00%

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

173 LEMANIK SICAV

ADWISE LONG/SHORT

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (by Country of incorporation - in percentage of net assets)

United States of America 49.61% Great Britain 12.58% France 8.88% Germany 5.63% Jersey 1.74% Bermuda 1.71% Netherlands Antilles 1.42% Austria 1.35% Ireland 1.29% Spain 0.63%

TOTAL 84.84%

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

174 LEMANIK SICAV

ADWISE LONG/SHORT

INDUSTRIAL CLASSIFICATION OF INVESTMENTS as at November 30, 2014 (in percentage of net assets)

Petrol 14.36% Retail 9.03% Pharmaceuticals and Cosmetics 8.67% Office Equipment, Computers 6.96% News Transmission 5.97% Internet Software 5.91% Healthcare Education & Social Services 5.90% Mechanics, Machinery 5.67% Automobile Industry 5.63% Graphic Art, Publishing 3.50% Food and Distilleries 3.32% Leisure 2.82% Holding and Financial Companies 1.74% Electronic Semiconductor 1.70% Tobacco and Spirits 1.29% Biotechnology 1.21% Construction, Building Material 1.16%

TOTAL 84.84%

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

175 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS as at November 30, 2014

NOTE 1 - GENERAL INFORMATION

LEMANIK SICAV ("the Company") was incorporated in Luxembourg as an Undertaking for Collective Investment ("UCI") pursuant to both the amended Law of December 17, 2010 related to UCI and the Law of August 10, 1915 on commercial companies as amended. It is subject in particular to the provisions of Part I of the amended Law of December 17, 2010, which relates specifically to UCI as defined by the European Directive.

The Company was incorporated in Luxembourg for an unlimited period on September 1, 1993.

The Company’s Articles of Incorporation were published in the Me´morial C, Recueil des Socie´te´s et Associations (the ‘‘Me´morial’’) on October 5, 1993. These Articles of Incorporation were last amended on November 15, 2010.

Lemanik Asset Management S.A. (the "Management Company") is appointed as management company, principal distributor, administrative agent, registrar and transfer agent, as well as domiciliary agent of the Company pursuant to the agreement signed on June 4, 2008 between the Company and the Management Company.

The Management Company was incorporated for an unlimited period in Luxembourg on September 1, 1993 in the form of a joint stock company (i.e., a Socie´te´ Anonyme), in accordance with the 1915 Law.The deed of incorporation of the Management Company was published in the Me´morial as at October 5, 1993 (Registre de Commerce et des Socie´te´s of Luxembourg n˚ 44 870). The coordinated Articles of Incorporation have been published in the "Me´morial C" on October 5, 1993.

The Articles of Incorporation were last amended by notarial deed as at July 11, 2014 and published in the Me´morial as at July 23, 2014.

As at period-end, the following Sub-Funds are operational:

LEMANIK SICAV - ASIAN OPPORTUNITY in EUR LEMANIK SICAV - ITALY in EUR LEMANIK SICAV - WORLD EQUITIES in EUR - (formerly known as MC WORLD EQUITIES: until October 6, 2014) LEMANIK SICAV - SELECTED BOND in EUR LEMANIK SICAV - SHORT DURATION in EUR LEMANIK SICAV - FLEX DURATION in EUR LEMANIK SICAV - ACTIVE SHORT TERM CREDIT in EUR - (formerly known as VALUE OPPORTUNITIES: until October 6, 2014) LEMANIK SICAV - EUROPEAN SPECIAL SITUATIONS in EUR LEMANIK SICAV - SPRING in EUR LEMANIK SICAV - MULTI ASSET DYNAMIC GROWTH in EUR - (formerly known as DYNAMIC GROWTH: until October 6, 2014) LEMANIK SICAV - FLEX STRATEGY in EUR LEMANIK SICAV - DYNAMIC FLEX in EUR - (formerly known as MC DYNAMIC FLEX: until October 6, 2014) LEMANIK SICAV - GLOBAL PORTFOLIO in EUR - (formerly known as ALPHA BETA SIGMA: until October 6, 2014) LEMANIK SICAV - HIGH GROWTH in EUR LEMANIK SICAV - ALL STARS FUND in EUR LEMANIK SICAV - WORLD DAYTONA in EUR LEMANIK SICAV - WORLD TREND in EUR LEMANIK SICAV - FLEX QUANTITATIVE HR6 in EUR LEMANIK SICAV - ADWISE BOND in EUR LEMANIK SICAV - PHOENIXTREND BOND in EUR LEMANIK SICAV - PHOENIXTREND AGGRESSIVE in EUR LEMANIK SICAV - FUNDAMENTAL GLOBAL EQUITY in EUR LEMANIK SICAV - WORLD YIELD in EUR LEMANIK SICAV - ADWISE LONG/SHORT in EUR

176 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Presentation of financial statements

The financial statements are prepared in accordance with Luxembourg laws and regulations relating to Undertaking for Collective Investment and generally accepted accounting principles. b) Combined financial statements

The combined financial statements are expressed in EUR.

The various items of the combined statement of net assets and the combined statement of operations and changes in net assets are equal to the sum of the corresponding items of the financial statements of each Sub-Fund.

The combined statement of net assets and the combined statement of operations and changes in net assets have not been adjusted to remove the impact of the cross investments detailed in note 14. c) Valuation of the investments

The value of transferable securities listed on an official stock exchange or on another regulated market is based on the last available price.

In the event that any of the transferable securities held in the Sub-Fund portfolios are not listed on any stock exchange or quoted on any other regulated markets or if, with respect to securities listed on any stock exchange or quoted on any other regulated market, the price is not representative of the fair market value of the relevant securities, the value of such securities will be determined based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Company.

Units of Undertakings for Collective Investment in Transferable Securities (‘‘UCITS’’) and/or other Undertakings for Collective Investment (‘‘UCI’’) will be evaluated at their last determined and available net asset value or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the Board of Directors of the Company on a fair and equitable basis. Units or shares of a closed-ended UCI will be valued at their last available stock market value.

All other securities and other assets will be valued at fair market value as determined in good faith pursuant to procedures established by the Board of Directors of the Company.

The unrealised gain/(loss) on forward foreign exchange contracts is determined on the basis of the forward exchange rates prevailing at the relevant valuation date for the remaining period to maturity.

Options officially listed on a stock exchange or any other organised market are valued at the last known price and, if traded on several markets, at the last known price of the market on which the contract was signed by the Company. Options not listed or traded on a stock exchange or any other organised market are valued at their probable realisable value, as estimated prudently and in good faith by the Board of Director of the Company. Gains and losses resulting from sales of options are recorded in the statement of operations and changes in net assets.

Outstanding financial futures are valued on the basis of the last known market prices. The resulting unrealised gains or losses are booked and reflected in the statement of net assets. Contracts for Differences are valued at their market value established by reference to the applicable index or financial instrument on the period end date. d) Net realised profit/(loss) on sales of investments

The net realised profit/(loss) on sales of securities is determined on the basis of the average cost of securities sold.

177 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) e) Conversion of foreign currencies

Cash at bank, other net assets and the market value of investments in securities expressed in currencies other than the reference currency of the respective Sub-Funds are converted at the exchange rates prevailing as at November 30, 2014.

Income and expenses expressed in currencies other than the reference currency of the respective Sub-Funds are converted at the exchange rates prevailing at the transaction date.

Resulting realised and unrealised foreign exchange gains and losses are included in the statement of operations and changes in net assets.

The cost of investments expressed in currencies other than the reference currency of the respective Sub-Funds is converted at the exchange rate prevailing at purchase date.

The exchange rates used for the conversion into EUR of assets and liabilities as at November 30, 2014 are as follows:

1 EUR = 1.460633 AUD 1 EUR = 3.211435 BRL 1 EUR = 1.421492 CAD 1 EUR = 1.201147 CHF 1 EUR = 7.660661 CNY 1 EUR = 7.440865 DKK 1 EUR = 1.000000 EUR 1 EUR = 0.796047 GBP 1 EUR = 9.667776 HKD 1 EUR = 15,214.181108 IDR 1 EUR = 77.359603 INR 1 EUR = 147.958736 JPY 1 EUR = 1380.564784 KRW 1 EUR = 17.328061 MXN 1 EUR = 2.203710 NLG 1 EUR = 8.733834 NOK 1 EUR = 1.588089 NZD 1 EUR = 61.675654 RUB 1 EUR = 9.277464 SEK 1 EUR = 1.625009 SGD 1 EUR = 40.934165 THB 1 EUR = 2.763946 TRY 1 EUR = 1.246650 USD 1 EUR = 13.771182 ZAR

The combined figures of the Company are expressed in EUR and include the total of the financial statements of the different Sub-Funds. f) Formation expenses

The formation expenses are capitalised and written off on a five-year straight line basis. g) Revenue recognition

Dividends are recorded at ex-date. Interests income are recorded on an accrual basis.

178 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h) Securities lending

Securities lending income are accrued on a monthly basis. i) Administration and Transfer Agent fees

RBC Investor Services Bank S.A. has been appointed as Administrative Agent, Registrar and Transfer Agent. In consideration for its services, it is entitled to receive out of the assets of the Sub-Funds the following fees:

Net assets Administration fees Daily NAV Calculation EUR 1 - above 12 basis points per annum Minimum 30,000 EUR per annum per sub-fund *

* For one share class + 5,000 EUR per additional share class (index 685.169).

The fees are calculated and accrued on the basis of the Sub-Funds net assets as at each Valuation Day and are payable monthly in arrears. In addition, the Administrative Agent is entitled to be reimbursed by the Fund for its reasonable out-of-pocket expenses and disbursements and for the charges of any correspondents. j) Custodian fees

RBC Investor Services Bank S.A. has been appointed as Custodian Agent. In consideration for its services, it is entitled to receive out of the assets of the Sub-Funds the following fees:

Net assets Custodian fee EUR 1 Billion 2.5 basis points per annum (excluding sub-custody fees) EUR 1 Billion - EUR 3 Billion 2.125 basis points per annum Over EUR 3 Billion 1.625 basis points per annum

The fees are calculated and accrued on the basis of the Sub-Funds average net assets each month.

No minimum is applied. However if the Global Safekeeping Custody Charges added to the Global Supervisory Custody charges are below (EUR 5,000 x number of Sub-Fund), RBC Investor Services Bank S.A. will charge this Global minimum amount.

In order to not impact smaller Sub-Funds (if applicable), the minimum Global Custody splitting of fees is calculated with the following rule: in proportion of each Sub-Fund into the combined net asset value (percentage reviewed on a monthly basis).

Net assets Supervisory fee EUR 1 - EUR 1 Billion 0.5 basis points per annum Over EUR 1 Billion 0.375 basis points per annum

These supervisory custody charges are subject to a 12% VAT.

The fees are calculated on a monthly basis, on the average net asset value of the month of the Sub-Funds.

Such fee is calculated and accrued on the basis of the Sub-Fund’s net assets as at each Valuation Day and will be payable monthly in arrears. In addition, the Custodian Agent is entitled to be reimbursed by the Fund for its reasonable out-of-pocket expenses and disbursements and for the charges of any correspondents.

179 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 3 - MANAGEMENT FEES

The management fees are expressed in annual rate but are calculated on the basis of the average net assets for the past month and payable at the end of each month.

The management fees are to be paid to Lemanik Asset Management S.A..

The Sub-Funds are charged with the following management fees:

Sub-Funds Classes of Shares Management fees LEMANIK SICAV - ASIAN OPPORTUNITY Capitalisation Retail EUR 1.85% Capitalisation Institutional EUR 0.75% LEMANIK SICAV - ITALY Capitalisation Retail EUR A 1.70% Capitalisation Retail EUR B 2.00% Capitalisation Institutional EUR 0.85% LEMANIK SICAV - WORLD EQUITIES (1) Capitalisation Retail EUR 2.00% Capitalisation Institutional EUR 1.00% LEMANIK SICAV - SELECTED BOND Capitalisation Retail EUR 1.50% Distribution Retail EUR A 1.50% Distribution Institutional EUR 1.20% Capitalisation Institutional EUR A 1.00% Capitalisation Institutional EUR B 0.60% Distribution Retail EUR FI 1.20% LEMANIK SICAV - SHORT DURATION Capitalisation Retail EUR A 0.60% Capitalisation Retail EUR L 0.30% LEMANIK SICAV - FLEX DURATION Capitalisation Retail EUR A 0.90% Capitalisation Institutional EUR 0.75% LEMANIK SICAV - ACTIVE SHORT TERM CREDIT (1) Capitalisation Retail EUR A 1.25% Capitalisation Retail EUR B (since October 10, 2014) 1.00% Capitalisation Institutional EUR 0.60% Distribution Retail EUR 1.25% Distribution Institutional EUR 0.60% LEMANIK SICAV - EUROPEAN SPECIAL SITUATIONS Capitalisation Retail EUR 1.50% Distribution Retail EUR 1.00% LEMANIK SICAV - SPRING Capitalisation Retail EUR 1.25% LEMANIK SICAV - MULTI ASSET DYNAMIC GROWTH (1) Capitalisation Retail EUR 1.80% Capitalisation Institutional EUR 1.00% LEMANIK SICAV - FLEX STRATEGY Capitalisation Institutional EUR 1.20% Capitalisation Retail EUR 1.50% LEMANIK SICAV - DYNAMIC FLEX (1) Capitalisation Retail EUR 2.00% Capitalisation Institutional EUR 1.00% LEMANIK SICAV - GLOBAL PORTFOLIO (1) Capitalisation Retail EUR 1.80% Capitalisation Institutional EUR 1.00% LEMANIK SICAV - HIGH GROWTH Capitalisation Retail EUR 2.00% Capitalisation Institutional EUR 1.00% LEMANIK SICAV - ALL STARS FUND Capitalisation Retail EUR B 2.00%

180 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 3 - MANAGEMENT FEES (continued)

Sub-Funds Classes of Shares Management fees Capitalisation Retail EUR 1.50% LEMANIK SICAV - WORLD DAYTONA Capitalisation Institutional EUR 1.25% LEMANIK SICAV - WORLD TREND Capitalisation Retail EUR T 2.40% Capitalisation Retail EUR A 2.40% Capitalisation Institutional EUR 0.75% LEMANIK SICAV - FLEX QUANTITATIVE HR6 Capitalisation Retail EUR A 1.00% Capitalisation Retail EUR B 1.90% Capitalisation Institutional EUR 0.90% Distribution Retail EUR K (2) 1.50% LEMANIK SICAV - ADWISE BOND Capitalisation Retail EUR 1.20% Capitalisation Institutional EUR 0.80% LEMANIK SICAV - PHOENIXTREND BOND Capitalisation Retail EUR 2.00% Capitalisation Institutional EUR 1.00% LEMANIK SICAV - PHOENIXTREND AGGRESSIVE Capitalisation Retail EUR 2.00% Capitalisation Institutional EUR 1.00% LEMANIK SICAV - FUNDAMENTAL GLOBAL EQUITY Capitalisation Retail EUR T 2.40% Capitalisation Retail EUR A 2.40% Capitalisation Institutional EUR 0.75% LEMANIK SICAV - WORLD YIELD Distribution Retail EUR T 2.40% Distribution Retail EUR A 2.40% Capitalisation Institutional EUR 0.75% LEMANIK SICAV - ADWISE LONG/SHORT Capitalisation Retail EUR 2.00% Capitalisation Institutional EUR A 1.20% Capitalisation Institutional EUR B 0.25%

(1) Sub-Fund name changed, see Note 1, for further details. (2) launched on November 23, 2014.

With regards to the investments in the units of other UCITS and/or other UCIs that are managed by the same Management Company, no subscription/redemption fees are charged on such transactions.

With regard to the investments within the same umbrella structure, any management fee received by the Management Company from the underlying investment is fully refunded to the Sub-Fund that made the investment. The Management Company may decide not to repay the fund only in case of very small amounts.

With regard to Sub-Funds investing in investment funds, the Investment Manager shall ensure that in respect of the Company investments in UCITS and/or other UCIs, linked to the Company, the total management fee (excluding any performance fee, if any) charged to the Company and each of the UCITS and/or UCIs in which it invests, shall not exceed 4.50% of the relevant net assets under management, as per art. 46 (3) of the amended Law of December 17, 2010 relating to Undertakings for Collective Investments.

NOTE 4 - TRAILER FEES

Trailer fees are paid to the Company by the target funds in which the Company invests.

181 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 5 - PERFORMANCE FEES

Performance fees for each Sub-Fund are computed as described below:

Sub-Funds Performance Fee 15% of one twelfth of the excess obtained over the month (calculated on the last net assets of the month). LEMANIK SICAV - ASIAN OPPORTUNITY The reference index taken into consideration is MSCI Combined Far East Free. 25% of one twelfth of the excess obtained over the month (calculated on the last net assets of the month). LEMANIK SICAV - ITALY The reference index taken into consideration is 50% FTSE Italia All share - 50% Euribor 3 months. 30% of the excess return obtained over the month against a reference benchmark. LEMANIK SICAV - WORLD EQUITIES (1) The reference index taken into consideration is 40% Dow Jones Stoxx 50 Price Index (SX5E), 50% Standard & Poors 100 Index (OEX), for the remaining 10% Topix Core 30 (TPXC30). 10% of one twelfth of the excess obtained over the month (calculated on the last net assets of the month). LEMANIK SICAV - SELECTED BOND The reference index taken into consideration is JP Morgan Cash Index Euro Currency 6 months + 200 basis points. 20% of one twelfth of the excess obtained over the month against a reference benchmark. LEMANIK SICAV - SHORT DURATION The reference index taken into consideration is the Euro Cash Index LIBOR Total Return 1 month. LEMANIK SICAV - FLEX DURATION 10% of the net increase as a result of operations of each month. LEMANIK SICAV - ACTIVE SHORT TERM CREDIT 15% of the net increase as a result of operations of each quarter. (1)

20% of one third of the excess obtained over the month (calculated on the last net assets of the month). LEMANIK SICAV - EUROPEAN SPECIAL The reference index taken into consideration is the EuroStoxx 50 Index for SITUATIONS 30%, FTSE MIB Italy for 20% and Euro Cash Indices Libor Total Return 3 months for 50%. 20% of one twelfth of the excess obtained over the month (calculated on the LEMANIK SICAV - SPRING last net assets of the month). The reference index taken into consideration is the Libor 3-months bid. LEMANIK SICAV - MULTI ASSET DYNAMIC 10% of the net increase as a result of operations of each month. GROWTH (1) LEMANIK SICAV - FLEX STRATEGY 10% of the net increase as a result of operations of each month. LEMANIK SICAV - DYNAMIC FLEX (1) 20% of the net increase as a result of operations of each quarter. 10% of one twelfth of the excess obtained over the month (calculated on the LEMANIK SICAV - GLOBAL PORTFOLIO (1) last net assets of the month). The reference index taken into consideration is 100% Dow Jones Euro Stoxx. 10% of the net income as a result of operations of each month LEMANIK SICAV - HIGH GROWTH (performance fees suspended on class Capitalisation Institutional since April 11, 2013).

182 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 5 - PERFORMANCE FEES (continued)

Sub-Funds Performance Fee LEMANIK SICAV - ALL STARS FUND 10% of the net increase as a result of operations of each quarter. 25% of the excess return obtained over the month against a reference LEMANIK SICAV - WORLD DAYTONA benchmark. The reference benchmark taken into consideration is Euribor 3 months. 30% of the difference between the net increase as a result of operations LEMANIK SICAV - FLEX QUANTITATIVE HR6 obtained over the year and the minimum yearly increase of 6% (hurdle rate). LEMANIK SICAV - PHOENIXTREND BOND 20% of the net increase as a result of operations of each quarter. LEMANIK SICAV - PHOENIXTREND AGGRESSIVE 20% of the net increase as a result of operations of each quarter. LEMANIK SICAV - ADWISE LONG/SHORT 20% of the net increase as a result of operations of each quarter.

(1) Sub-Fund name changed, see Note 1, for further details.

The performance fees are to be paid to Lemanik Asset Management S.A..

The Sub-Funds LEMANIK SICAV - WORLD TREND, LEMANIK SICAV - ADWISE BOND, LEMANIK SICAV - FUNDAMENTAL GLOBAL EQUITY and LEMANIK SICAV - WORLD YIELD are not subject to performance fees.

NOTE 6 - SUBSCRIPTION TAX

Under legislation and regulations currently prevailing in Luxembourg, the Company is not subject to any taxes on income or capital gains. The Company is, however, liable in Luxembourg to "subscription tax" at the annual rate of 0.05% on retail classes and 0.01% on institutional classes, per annum of its assets, such tax being payable quarterly on the basis of the net assets of the Company at the end of the relevant quarter.

No such tax is due on the portion of the assets of the Company invested in other Luxembourg UCITs or UCIs (if any) provided that such assets have already been subject to the subscription tax.

183 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 7 - FORWARD FOREIGN EXCHANGE CONTRACTS

At the date of the report the following forward foreign exchange contracts are outstanding:

LEMANIK SICAV - ASIAN OPPORTUNITY

Maturity Currency Purchase Currency Sales Unrealised gain Date (in EUR) 27/02/2015 EUR 30,636,212.00 JPY 4,500,000,000.00 213,642.82 213,642.82

LEMANIK SICAV - SELECTED BOND

Maturity Currency Purchase Currency Sales Unrealised gain/ Date (loss) (in EUR) 30/12/2014 EUR 32,570,251.47 USD 41,900,000.00 (1,038,673.97) 30/12/2014 EUR 7,041,061.83 GBP 5,540,000.00 84,837.69 30/12/2014 USD 4,400,000.00 EUR 3,470,209.04 59,125.34 (894,710.94)

LEMANIK SICAV - SHORT DURATION

Maturity Currency Purchase Currency Sales Unrealised loss Date (in EUR) 19/12/2014 EUR 1,402,415.27 USD 1,800,000.00 (41,306.93) (41,306.93)

LEMANIK SICAV - ACTIVE SHORT TERM CREDIT (1)

Maturity Currency Purchase Currency Sales Unrealised gain/ Date (loss) (in EUR) 19/12/2014 EUR 1,287,527.08 SGD 2,080,000.00 7,837.63 19/12/2014 EUR 157,813,129.28 USD 195,925,000.00 668,520.55 19/12/2014 EUR 2,001,566.74 JPY 290,000,000.00 41,578.33 19/12/2014 EUR 3,882,226.64 CHF 4,665,000.00 (1,687.15) 19/12/2014 EUR 55,315,644.91 NOK 467,207,000.00 1,869,247.06 19/12/2014 EUR 6,679,957.24 MXN 115,600,000.00 19,640.04 19/12/2014 EUR 9,622,037.71 SEK 89,000,000.00 29,445.47 19/12/2014 MXN 22,500,000.00 EUR 1,330,282.55 (33,934.28) 19/12/2014 USD 18,000,000.00 EUR 14,397,685.73 39,492.90 2,640,140.55

(1) Sub-Fund name changed, see Note 1, for further details.

184 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 7 - FORWARD FOREIGN EXCHANGE CONTRACTS (continued)

LEMANIK SICAV - ALL STARS FUND

Maturity Currency Purchase Currency Sales Unrealised gain Date (in EUR) 30/12/2014 EUR 760,167.24 GBP 600,000.00 6,784.49 6,784.49

LEMANIK SICAV - WORLD DAYTONA

Maturity Currency Purchase Currency Sales Unrealised gain Date (in EUR) 30/12/2014 EUR 9,593,640.37 USD 11,950,000.00 8,289.33 8,289.33

LEMANIK SICAV - FLEX QUANTITATIVE HR6

Maturity Currency Purchase Currency Sales Unrealised gain/ Date (loss) (in EUR) 17/12/2014 EUR 27,187,390.89 USD 35,000,000.00 (886,171.51) 17/12/2014 USD 17,600,000.00 EUR 13,861,184.94 255,778.92 (630,392.59)

LEMANIK SICAV - ADWISE BOND

Maturity Currency Purchase Currency Sales Unrealised loss Date (in EUR) 14/01/2015 EUR 3,129,155.91 USD 4,000,000.00 (79,126.87) (79,126.87)

LEMANIK SICAV - PHOENIXTREND AGGRESSIVE

Maturity Currency Purchase Currency Sales Unrealised loss Date (in EUR) 30/12/2014 EUR 1,712,062.26 USD 2,200,000.00 (52,606.79) (52,606.79)

LEMANIK SICAV - ADWISE LONG/SHORT

Maturity Currency Purchase Currency Sales Unrealised gain/ Date (loss) (in EUR) 30/12/2014 EUR 34,005,082.55 USD 43,250,000.00 (686,694.44) 30/12/2014 EUR 7,595,075.40 GBP 5,935,000.00 142,898.35 30/12/2014 USD 1,250,000.00 EUR 983,365.91 19,285.91 (524,510.18)

The unrealised gain/(loss) is recorded in the statement of net assets of the respective Sub-Funds.

185 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 8 - FUTURES CONTRACTS

At the date of the report the following futures contracts are outstanding:

LEMANIK SICAV - ITALY

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency loss (in EUR) Long 6 FTSE MIB INDEX 19/12/2014 EUR 601,080.00 (45.00) (45.00)

LEMANIK SICAV - WORLD EQUITIES (1)

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency gain (in EUR) Long 39 DJ EURO STOXX/BANKS/PRICE IND 19/12/2014 EUR 281,580.00 1,365.00 Long 3 NIKKEI 225 INDICES D 11/12/2014 JPY 52,350,000.00 35,422.04 36,787.04

LEMANIK SICAV - SELECTED BOND

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency gain (in EUR) Long 40 10Y BTP ITALIAN BOND 08/12/2014 EUR 5,360,800.00 71,170.00 71,170.00

LEMANIK SICAV - FLEX DURATION

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency loss (in EUR) Short (20) RUSSELL INDICES- E MINI RUSSEL 19/12/2014 USD (2,343,200.00) (20,374.60) (20,374.60)

LEMANIK SICAV - ACTIVE SHORT TERM CREDIT (1)

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency gain/(loss) (in EUR) Short (8) JAPANESE GOV. BDS FUTURE 10Y 11/12/2014 JPY (1,175,280,000.00) (61,098.11) Short (142) 10Y TREASURY NOTES USA 20/03/2015 USD (18,040,656.26) (51,625.86) Long 47 EURO BUND 08/12/2014 EUR 7,183,950.00 187,960.00 75,236.03

(1) Sub-Fund name changed, see Note 1, for further details.

186 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 8 - FUTURES CONTRACTS (continued)

LEMANIK SICAV - EUROPEAN SPECIAL SITUATIONS

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency gain/(loss) (in EUR) Long 5 FTSE MIB INDEX 19/12/2014 EUR 500,900.00 (975.00) Long 20 10Y BTP ITALIAN BOND 08/12/2014 EUR 2,680,400.00 51,520.00 Long 160 EURO STOXX 50 PR 19/12/2014 EUR 5,190,400.00 216,600.00 267,145.00

LEMANIK SICAV - SPRING

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency gain (in EUR) Long 10 FTSE MIB INDEX 19/12/2014 EUR 1,001,800.00 70,625.00 Long 5 DAX-INDEX 19/12/2014 EUR 1,246,812.50 36,062.50 106,687.50

LEMANIK SICAV - MULTI ASSET DYNAMIC GROWTH (1)

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency loss (in EUR) Short (21) DAX-INDEX 19/12/2014 EUR (5,236,612.50) (339,375.00) Short (28) FTSE MIB INDEX 19/12/2014 EUR (2,805,040.00) (165,415.00) Short (40) CAC 40 19/12/2014 EUR (1,753,200.00) (78,442.50) (583,232.50)

LEMANIK SICAV - FLEX STRATEGY

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency gain (in EUR) Short (10) JPY/USD SPOT CROSS 15/12/2014 USD (1,053,000.00) 4,010.75 Long 15 NIKKEI 225 INDICES D 11/12/2014 USD 1,310,250.00 2,687.20 Long 50 EURO STOXX 50 PR 19/12/2014 EUR 1,622,000.00 58,000.00 64,697.95

LEMANIK SICAV - DYNAMIC FLEX (1)

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency gain (in EUR) Long 43 DJ EURO STOXX/BANKS/PRICE IND 19/12/2014 EUR 310,460.00 1,505.00 1,505.00

(1) Sub-Fund name changed, see Note 1, for further details.

187 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 8 - FUTURES CONTRACTS (continued)

LEMANIK SICAV - GLOBAL PORTFOLIO (1)

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency loss (in EUR) Short (35) FTSE MIB INDEX 19/12/2014 EUR (3,506,300.00) (212,325.00) Short (10) DAX-INDEX 19/12/2014 EUR (2,493,625.00) (182,675.00) Short (45) CAC 40 19/12/2014 EUR (1,972,350.00) (89,240.00) (484,240.00)

LEMANIK SICAV - HIGH GROWTH

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency gain (in EUR) Long 409 FTSE MIB INDEX 19/12/2014 EUR 40,973,620.00 1,229,745.00 1,229,745.00

LEMANIK SICAV - WORLD TREND

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency loss (in EUR) Short (1) NIKKEI 225 INDICES D 11/12/2014 JPY (17,450,000.00) (1,824.83) (1,824.83)

LEMANIK SICAV - FLEX QUANTITATIVE HR6

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency gain/(loss) (in EUR) Long 84 DJ STOXX SMALL CAP 200 19/12/2014 EUR 957,600.00 905.00 Long 15 IBEX-35 INDICES BOLSA ESPANOL. 19/12/2014 EUR 1,614,045.00 16,195.00 Long 23 DT BOERSE MID CAP INDEX 19/12/2014 EUR 1,952,700.00 18,090.00 Long 49 MSEMI - MSCI EMER MKTS INDEX 19/12/2014 USD 2,445,835.00 (33,862.75) Long 34 MSCI EAFE 19/12/2014 USD 3,121,880.00 (7,768.82) Long 60 MEXICO BOLSA INDEX 19/12/2014 MXN 26,506,200.00 (19,719.46) (26,161.03)

LEMANIK SICAV - PHOENIXTREND AGGRESSIVE

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency loss (in EUR) Short (9) S&P 500 EMINI INDEX 19/12/2014 USD (929,812.50) (18,319.10) (18,319.10)

(1) Sub-Fund name changed, see Note 1, for further details.

188 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 8 - FUTURES CONTRACTS (continued)

LEMANIK SICAV - WORLD YIELD

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency loss (in EUR) Short (60) 10Y TREASURY NOTES USA 20/03/2015 USD (7,622,812.50) (40,608.83) (40,608.83)

LEMANIK SICAV - ADWISE LONG/SHORT

Type Number of Denomination Maturity Currency Commitments in Unrealised contracts Date Currency loss (in EUR) Short (65) S&P 500 EMINI INDEX 19/12/2014 USD (6,715,312.50) (207,105.05) Short (10) DAX-INDEX 19/12/2014 EUR (2,493,625.00) (162,437.50) (369,542.55)

The unrealised gain/(loss) is recorded in the statement of net assets of the respective Sub-Funds.

No collateral have been received in relation with the future contracts. Related cash balances held as margin against the above positions are included in cash at bank.

NOTE 9 - CONTRACTS FOR DIFFERENCE

At the date of the report the following contracts for difference were outstanding:

LEMANIK SICAV - ADWISE LONG/SHORT

Type Number of Denomination Currency Commit- Unrealised contracts ments gain/(loss) in Currency (in EUR)

Long 80,000 DEUTSCHE TELEKOM /NAM. EUR 1,096,000.00 0.00 Short (70,000) DIAGEO PLC GBP (1,386,700.00) 0.00 Long 75,000 E.ON - NAMEN AKT. EUR 1,069,125.00 0.00 Long 50,000 EMC CORP USD 1,517,500.00 0.00 Long 135,000 FRANCE TELECOM SA EUR 1,912,275.00 0.00 Long 58,000 GDF SUEZ EUR 1,149,270.00 0.00 Long 59,000 INTEL CORP. USD 2,197,750.00 0.00 Short (30,000) KATE SPADE & CO USD (960,900.00) 0.00 Short (65,000) LKQ USD (1,888,250.00) 0.00 Long 40,000 RWE EUR 1,165,200.00 0.00 Short (3,250) TESLA MTRS USD (794,690.00) 0.00 Short (16.500) UNDER ARMOUR INC /-A- USD (1,196,085.00) 0.00 Short (40,000) WARTSILA CORPORATION -B- EUR (1,440,800.00) 0.00 0.00

189 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 10 - OPTIONS

At the date of the report the following options are outstanding:

LEMANIK SICAV - ITALY Type Quantity Denomination Date Strike Currency Commitments in Base Commitments currency Currency (in EUR) Short (25) PUT TERNA- RETE 19/12/2014 3.60 EUR (90,000) EUR (90,000) ELETTRIC* Short (5) PUT ENEL 16/01/2015 3.80 EUR 4,103 EUR 4,103 Short (5) PUT FTSE MIB INDEX 19/12/2014 17,000.00 EUR 5,504 EUR 5,504 Short (5) PUT FTSE MIB INDEX 19/12/2014 17,000.00 EUR 5,504 EUR 5,504 Short (50) PUT FIAT CHRYSLER 19/12/2014 8.00 EUR 6,018 EUR 6,018 AUTOMO* Short (50) PUT FIAT CHRYSLER 19/12/2014 8.00 EUR 6,018 EUR 6,018 AUTOMO* Short (10) PUT ENEL 16/01/2015 3.80 EUR 8,206 EUR 8,206 Short (10) PUT FTSE MIB INDEX 19/12/2014 17,000.00 EUR 11,008 EUR 11,008 Long 5 PUT FTSE MIB INDEX 19/12/2014 18,000.00 EUR 14,261 EUR 14,261 Short (20) PUT ENEL 16/01/2015 3.80 EUR 16,412 EUR 16,412 Short (20) PUT ENEL 16/01/2015 3.80 EUR 16,412 EUR 16,412 Short (25) PUT ENEL 16/01/2015 3.80 EUR 20,516 EUR 20,516 Short (20) PUT FTSE MIB INDEX 19/12/2014 17,000.00 EUR 22,016 EUR 22,016 Long 10 PUT FTSE MIB INDEX 19/12/2014 18,000.00 EUR 28,521 EUR 28,521 Long 4 CALL FTSE MIB INDEX 19/12/2014 21,000.00 EUR 34,025 EUR 34,025 Short (50) PUT ENEL 19/12/2014 3.80 EUR 39,091 EUR 39,091 Short (50) PUT ENEL 19/12/2014 3.80 EUR 39,091 EUR 39,091 Long 15 PUT FTSE MIB INDEX 19/12/2014 18,000.00 EUR 42,782 EUR 42,782 Long 15 PUT FTSE MIB INDEX 19/12/2014 18,000.00 EUR 42,782 EUR 42,782 Long 6 CALL FTSE MIB INDEX 19/12/2014 21,000.00 EUR 51,038 EUR 51,038 Short (50) CALL FIAT CHRYSLER 19/12/2014 10.50 EUR 82,497 EUR 82,497 AUTO* Long 10 CALL FTSE MIB INDEX 19/12/2014 21,000.00 EUR 85,063 EUR 85,063 Short (5) CALL FTSE MIB INDEX 16/01/2015 20,000.00 EUR 125,843 EUR 125,843 Short (5) CALL FTSE MIB INDEX 16/01/2015 20,000.00 EUR 125,843 EUR 125,843 Short (5) CALL FTSE MIB INDEX 16/01/2015 20,000.00 EUR 125,843 EUR 125,843 Long 20 CALL FTSE MIB INDEX 19/12/2014 21,000.00 EUR 170,126 EUR 170,126 Long 20 CALL FTSE MIB INDEX 19/12/2014 21,000.00 EUR 170,126 EUR 170,126 Long 20 CALL FTSE MIB INDEX 19/12/2014 21,000.00 EUR 170,126 EUR 170,126 Long 20 CALL FTSE MIB INDEX 19/12/2014 21,000.00 EUR 170,126 EUR 170,126 Long 20 CALL FTSE MIB INDEX 19/12/2014 21,000.00 EUR 170,126 EUR 170,126 Long 50 CALL FIAT CHRYSLER 19/12/2014 9.50 EUR 189,066 EUR 189,066 AUTOM* Short (10) PUT FTSE MIB INDEX 19/12/2014 20,000.00 EUR 243,680 EUR 243,680 Short (10) PUT FTSE MIB INDEX 19/12/2014 20,000.00 EUR 243,680 EUR 243,680 Short (10) PUT FTSE MIB INDEX 19/12/2014 20,000.00 EUR 243,680 EUR 243,680 Short (10) CALL FTSE MIB INDEX 16/01/2015 20,000.00 EUR 251,686 EUR 251,686 Long 5 CALL FTSE MIB WEEK 1* 05/12/2014 20,800.00 EUR 260,000 EUR 260,000 Long 5 CALL FTSE MIB WEEK 1* 05/12/2014 20,800.00 EUR 260,000 EUR 260,000 Long 5 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 261,250 EUR 261,250 Long 5 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 261,250 EUR 261,250 Long 8 CALL FTSE MIB WEEK 4* 28/11/2014 20,200.00 EUR 404,000 EUR 404,000 Long 10 PUT FTSE MIB WEEK 4 * 28/11/2014 19,500.00 EUR 460,000 EUR 460,000 Long 10 PUT FTSE MIB WEEK 4 * 28/11/2014 19,500.00 EUR 460,000 EUR 460,000 Long 10 PUT FTSE MIB WEEK 4 * 28/11/2014 19,500.00 EUR 487,500 EUR 487,500

190 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 10 - OPTIONS (continued) Type Quantity Denomination Date Strike Currency Commitments in Base Commitments currency Currency (in EUR) Long 10 PUT FTSE MIB WEEK 4 * 28/11/2014 19,700.00 EUR 487,500 EUR 487,500 Long 10 PUT FTSE MIB WEEK 4 * 28/11/2014 20,200.00 EUR 487,500 EUR 487,500 Long 10 PUT FTSE MIB WEEK 4 28/11/2014 20,200.00 EUR 492,500 EUR 492,500 Long 10 CALL FTSE MIB WEEK 4* 28/11/2014 20,800.00 EUR 505,000 EUR 505,000 Long 10 CALL FTSE MIB WEEK 4* 28/11/2014 20,800.00 EUR 505,000 EUR 505,000 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,800.00 EUR 520,000 EUR 520,000 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,800.00 EUR 520,000 EUR 520,000 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,800.00 EUR 520,000 EUR 520,000 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,800.00 EUR 520,000 EUR 520,000 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,800.00 EUR 520,000 EUR 520,000 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,800.00 EUR 520,000 EUR 520,000 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,800.00 EUR 520,000 EUR 520,000 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 522,500 EUR 522,500 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 522,500 EUR 522,500 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 522,500 EUR 522,500 Long 20 CALL FTSE MIB WEEK 1* 05/12/2014 20,800.00 EUR 1,040,000 EUR 1,040,000 Long 50 CALL EURO STOXX 50 PR 19/12/2014 3,325.00 EUR 1,662,500 EUR 1,662,500 EUR 16,132,319

LEMANIK SICAV - SELECTED BOND Type Quantity Denomination Date Strike Currency Commitments in Base Commitments currency Currency (in EUR) Long 15 PUT FTSE MIB INDEX 20/03/2015 19,500.00 EUR 295,719 EUR 295,719 EUR 295,719

LEMANIK SICAV - EUROPEAN SPECIAL SITUATIONS Type Quantity Denomination Date Strike Currency Commitments in Base Commitments currency Currency (in EUR) Short (50) PUT FIAT CHRYSLER AUTOMO* 19/12/2014 6.40 EUR 1,755 EUR 1,755 Long 100 CALL ENEL 19/12/2014 4.40 EUR 5,820 EUR 5,820 Long 100 CALL ENEL 19/12/2014 4.40 EUR 5,820 EUR 5,820 Long 50 CALL MONTE PASCHI SIENA * 19/12/2014 1.30 EUR 65,000 EUR 65,000 Long 150 CALL MONTE PASCHI SIENA * 19/12/2014 1.30 EUR 195,000 EUR 195,000 EUR 273,395

191 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 10 - OPTIONS (continued)

LEMANIK SICAV - MULTI ASSET DYNAMIC GROWTH (1) Type Quantity Denomination Date Strike Currency Commitments in Base Commitments currency Currency (in EUR) Long 1 CALL UNIONE DI BANCHE IT* 19/12/2014 7.60 EUR 62 EUR 62 Long 50 CALL AZIMUT HOLDING SPA 19/12/2014 22.00 EUR 463 EUR 463 Long 30 CALL MEDIOBANCA BCA 19/12/2014 9.00 EUR 648 EUR 648 CRED* Long 30 CALL MEDIOBANCA BCA 19/12/2014 9.00 EUR 648 EUR 648 CRED* Long 13 CALL UNIONE DI BANCHE IT* 19/12/2014 7.60 EUR 803 EUR 803 Long 15 CALL UNIONE DI BANCHE IT* 19/12/2014 7.60 EUR 927 EUR 927 Long 4 CALL MEDIOBANCA BCA 19/12/2014 8.00 EUR 1,253 EUR 1,253 CRED* Long 21 CALL UNIONE DI BANCHE IT* 19/12/2014 7.60 EUR 1,298 EUR 1,298 Long 50 CALL UNIPOL GRUPPO 19/12/2014 5.00 EUR 2,477 EUR 2,477 FINAN* Long 200 CALL A2A SPA 19/12/2014 1.10 EUR 3,352 EUR 3,352 Long 30 CALL CNH INDUSTRIAL N.V. 19/12/2014 9.00 EUR 3,494 EUR 3,494 Long 150 CALL A2A SPA 19/12/2014 1.00 EUR 6,285 EUR 6,285 Long 100 CALL UNICREDIT AZ 19/12/2014 7.80 EUR 6,540 EUR 6,540 Long 20 CALL FTSE MIB INDEX 19/12/2014 23,000.00 EUR 8,006 EUR 8,006 Long 200 CALL A2A SPA 19/12/2014 1.00 EUR 8,380 EUR 8,380 Long 46 CALL MEDIOBANCA BCA 19/12/2014 8.00 EUR 14,407 EUR 14,407 CRED* Long 50 CALL UNIONE DI BANCHE IT* 19/12/2014 7.00 EUR 14,987 EUR 14,987 Long 50 CALL MEDIOBANCA BCA 19/12/2014 8.00 EUR 15,660 EUR 15,660 CRED* Long 100 CALL UNICREDIT AZ 19/12/2014 7.00 EUR 23,186 EUR 23,186 Long 100 CALL FTSE MIB INDEX 19/12/2014 23,000.00 EUR 40,030 EUR 40,030 Long 180 CALL ENEL 19/12/2014 4.20 EUR 41,904 EUR 41,904 Long 50 CALL MEDIOBANCA BCA 19/12/2014 7.40 EUR 63,540 EUR 63,540 CRED* Long 200 CALL UNIPOLSAI - SAI * 19/12/2014 2.36 EUR 166,602 EUR 166,602 Long 30 CALL FTSE MIB INDEX 19/12/2014 24,000.00 EUR 1,800,000 EUR 1,800,000 Long 30 CALL FTSE MIB INDEX 19/12/2014 24,000.00 EUR 1,800,000 EUR 1,800,000 Long 50 CALL DAX-INDEX 19/12/2014 9,000.00 EUR 2,235,710 EUR 2,235,710 EUR 6,260,662

(1) Sub-Fund name changed, see Note 1, for further details.

192 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 10 - OPTIONS (continued)

LEMANIK SICAV - GLOBAL PORTFOLIO (1) Type Quantity Denomination Date Strike Currency Commitments in Base Commitments currency Currency (in EUR) Short (200) CALL MONTE PASCHI SIENA 19/12/2014 0.70 EUR (140,000) EUR (140,000) * Long 50 CALL AZIMUT HOLDING SPA 19/12/2014 22.00 EUR 463 EUR 463 Long 50 CALL UNIPOL GRUPPO 19/12/2014 5.00 EUR 2,477 EUR 2,477 FINAN* Long 50 CALL UNIONE DI BANCHE IT* 19/12/2014 7.60 EUR 3,090 EUR 3,090 Long 50 CALL UNIONE DI BANCHE IT* 19/12/2014 7.00 EUR 14,987 EUR 14,987 Long 50 CALL MEDIOBANCA BCA 19/12/2014 8.00 EUR 15,660 EUR 15,660 CRED* Long 50 CALL MEDIOBANCA BCA 19/12/2014 8.00 EUR 15,660 EUR 15,660 CRED* Long 50 CALL MEDIOBANCA BCA 19/12/2014 8.00 EUR 15,660 EUR 15,660 CRED* Long 40 CALL FTSE MIB INDEX 19/12/2014 23,000.00 EUR 16,012 EUR 16,012 Long 100 CALL UNICREDIT AZ 19/12/2014 7.00 EUR 23,186 EUR 23,186 Long 100 CALL UNICREDIT AZ 19/12/2014 7.00 EUR 23,186 EUR 23,186 Long 50 CALL MEDIOBANCA BCA 19/12/2014 7.40 EUR 63,540 EUR 63,540 CRED* Long 60 CALL UNICREDIT AZ 19/12/2014 6.40 EUR 75,264 EUR 75,264 Long 30 CALL MEDIOBANCA BCA 19/12/2014 6.80 EUR 102,000 EUR 102,000 CRED* Long 30 CALL MEDIOBANCA BCA 19/12/2014 6.80 EUR 102,000 EUR 102,000 CRED* Long 30 CALL MEDIOLANUM SPA 19/12/2014 7.00 EUR 105,000 EUR 105,000 Long 250 CALL ASSICURAZIONI 19/12/2014 16.50 EUR 366,494 EUR 366,494 GENE* Long 250 CALL ASSICURAZIONI 19/12/2014 16.50 EUR 366,494 EUR 366,494 GENE* Long 30 CALL FTSE MIB INDEX 19/12/2014 24,000.00 EUR 1,800,000 EUR 1,800,000 Long 40 CALL FTSE MIB INDEX 19/12/2014 24,000.00 EUR 2,400,000 EUR 2,400,000 EUR 5,371,173

(1) Sub-Fund name changed, see Note 1, for further details.

193 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 10 - OPTIONS (continued)

LEMANIK SICAV - HIGH GROWTH Type Quantity Denomination Date Strike Currency Commitments in Base Commitments currency Currency (in EUR) Short (75) PUT TERNA- RETE 19/12/2014 3.60 EUR (270,000) EUR (270,000) ELETTRIC* Short (50) PUT FIAT CHRYSLER 19/12/2014 8.00 EUR 6,018 EUR 6,018 AUTOMO* Short (50) PUT FIAT CHRYSLER 19/12/2014 8.00 EUR 6,018 EUR 6,018 AUTOMO* Long 30 CALL WORLD DUTY FREE S.* 19/12/2014 10.00 EUR 6,423 EUR 6,423 Long 20 CALL WORLD DUTY FREE S. 19/12/2014 9.00 EUR 9,186 EUR 9,186 P* Long 20 CALL WORLD DUTY FREE S. 19/12/2014 9.00 EUR 9,186 EUR 9,186 P* Long 20 CALL WORLD DUTY FREE S. 19/12/2014 9.00 EUR 9,186 EUR 9,186 P* Long 20 CALL WORLD DUTY FREE S. 19/12/2014 9.00 EUR 9,186 EUR 9,186 P* Long 20 CALL WORLD DUTY FREE S. 19/12/2014 9.00 EUR 9,186 EUR 9,186 P* Short (500) PUT FIAT CHRYSLER 19/12/2014 6.20 EUR 10,030 EUR 10,030 AUTOMO* Short (15) PUT ENEL 16/01/2015 3.80 EUR 12,309 EUR 12,309 Long 30 CALL WORLD DUTY FREE S. 19/12/2014 9.00 EUR 13,779 EUR 13,779 P* Long 30 CALL WORLD DUTY FREE S. 19/12/2014 9.00 EUR 13,779 EUR 13,779 P* Long 30 CALL WORLD DUTY FREE S. 19/12/2014 9.00 EUR 13,779 EUR 13,779 P* Short (30) PUT ENEL 16/01/2015 3.80 EUR 24,619 EUR 24,619 Short (50) PUT ENEL 19/12/2014 3.80 EUR 39,091 EUR 39,091 Short (50) PUT ENEL 19/12/2014 3.80 EUR 39,091 EUR 39,091 Short (60) PUT ENEL 16/01/2015 3.80 EUR 49,237 EUR 49,237 Short (60) PUT ENEL 16/01/2015 3.80 EUR 49,237 EUR 49,237 Short (75) PUT ENEL 16/01/2015 3.80 EUR 61,547 EUR 61,547 Short (50) CALL ENI SPA ROMA 19/12/2014 17.00 EUR 63,075 EUR 63,075 Short (50) CALL ENI SPA ROMA 19/12/2014 17.00 EUR 63,075 EUR 63,075 Short (100) CALL FIAT CHRYSLER 19/12/2014 10.50 EUR 164,994 EUR 164,994 AUTO* Long 50 CALL FIAT CHRYSLER 19/12/2014 9.50 EUR 189,066 EUR 189,066 AUTOM* Long 100 CALL UNIPOLSAI - SAI NPV* 16/01/2015 2.40 EUR 240,000 EUR 240,000 Long 100 CALL UNIPOLSAI - SAI NPV* 16/01/2015 2.40 EUR 240,000 EUR 240,000 Long 100 CALL UNIPOLSAI - SAI NPV* 16/01/2015 2.40 EUR 240,000 EUR 240,000 Long 100 CALL UNIPOLSAI - SAI NPV* 16/01/2015 2.40 EUR 240,000 EUR 240,000 Long 200 CALL INTESA SANPAOLO 19/12/2014 2.40 EUR 326,600 EUR 326,600 SPA Long 200 CALL UNIPOLSAI - SAI NPV* 16/01/2015 2.40 EUR 480,000 EUR 480,000 Long 200 CALL UNIPOLSAI - SAI NPV* 16/01/2015 2.40 EUR 480,000 EUR 480,000 Long 200 CALL UNIPOLSAI - SAI NPV* 16/01/2015 2.40 EUR 480,000 EUR 480,000 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 522,500 EUR 522,500 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 522,500 EUR 522,500 Long 10 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 522,500 EUR 522,500

194 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 10 - OPTIONS (continued) Type Quantity Denomination Date Strike Currency Commitments in Base Commitments currency Currency (in EUR) Long 17 CALL FTSE MIB WEEK 4* 28/11/2014 20,200.00 EUR 858,500 EUR 858,500 Long 20 CALL FTSE MIB WEEK 4* 28/11/2014 20,200.00 EUR 1,010,000 EUR 1,010,000 Long 20 CALL FTSE MIB WEEK 4* 28/11/2014 20,200.00 EUR 1,010,000 EUR 1,010,000 Long 20 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 1,045,000 EUR 1,045,000 Long 20 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 1,045,000 EUR 1,045,000 Long 20 CALL FTSE MIB WEEK 1* 05/12/2014 20,900.00 EUR 1,045,000 EUR 1,045,000 Long 100 CALL EURO STOXX 50 PR 19/12/2014 3,325.00 EUR 3,325,000 EUR 3,325,000 EUR 14,233,697

LEMANIK SICAV - ADWISE LONG/SHORT Type Quantity Denomination Date Strike Currency Commitments in Base Commitments currency Currency (in EUR) Short (64) PUT INTEL CORP. 17/01/2015 32.00 USD 16,450 EUR 13,195 Short (236) PUT INTEL CORP. 17/01/2015 32.00 USD 60,658 EUR 48,657 Long 350 PUT SEARS HOLDINGS CORP 20/03/2015 24.00 USD 840,000 EUR 673,806 Long 450 PUT SEARS HOLDINGS CORP 20/03/2015 24.00 USD 1,080,000 EUR 866,322 EUR 1,601,980

NOTE 11 - SECURITIES LENDING

Since March 27, 2012, RBC Investor Services Bank S.A. has been instructed (in its capacity as correspondent bank) to lend in the name of the Custodian Bank, but on behalf of the Company, marketable securities held on the securities account opened at the Custodian Bank as part of the automatic securities lending system organised by RBC Investor Services Trust, Canada.

On November 30, 2014, the overall value of the securities lent by each Sub-Fund is detailed below:

Market Value of securities Currency lending LEMANIK SICAV - ASIAN OPPORTUNITY EUR 2,266,660.61 LEMANIK SICAV - ITALY EUR 9,175,824.58 LEMANIK SICAV - EUROPEAN SPECIAL SITUATION EUR 2,303,898.15 LEMANIK SICAV - SPRING EUR 322,031.13 LEMANIK SICAV - HIGH GROWTH EUR 24,626,072.31 LEMANIK SICAV - ADWISE LONG/SHORT EUR 1,057,330.16 EUR 39,751,816.95

The collateral amounts are in form of equities and bonds (105% of the lended value).

195 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 12 - CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO

A copy of any changes in the composition of the securities portfolio of each Sub-Fund arising during the period ended November 30, 2014, may be obtained free of charge:

– at the registered office of the Company, – from the correspondents and the distributors in Italy.

NOTE 13 - RELATED PARTIES TRANSACTIONS

All transactions with related parties were entered into the ordinary course of business and under normal commercial terms.

Lemanik Asset Management S.A. is the Management Company of the Company and serves as its main distributor.

Lemanik S.A., a Swiss Asset Management Company, is the Investment Manager of the Company.

NOTE 14 - CROSS SUB-FUNDS INVESTMENTS

As at November 30, 2014, the Sub-Funds LEMANIK SICAV - ITALY, LEMANIK SICAV - MULTI ASSET DYNAMIC GROWTH (formerly known as DYNAMIC GROWTH), LEMANIK SICAV - GLOBAL PORTFOLIO (formerly known as ALPHA BETA SIGMA), LEMANIK SICAV - PHOENIXTREND BOND and LEMANIK SICAV - PHOENIXTREND AGGRESSIVE invested in the following Sub-Funds:

% of total net Sub-Fund Description Currency Quantity Market value assets LEMANIK SICAV - ITALY LEMANIK SELECT BOND RET-EUR-CAP EUR 21,260.00 2,562,042.60 2.92%

LEMANIK SICAV - MULTI ASSET DYNAMIC GROWTH (1) LEMANIK SELECT BOND RET-EUR-CAP EUR 4,936.00 594,837.36 1.86%

LEMANIK SICAV - GLOBAL PORTFOLIO (1) LEMANIK SELECT BOND RET-EUR-CAP EUR 8,262.00 995,653.62 4.51%

LEMANIK SICAV - PHOENIXTREND BOND LEMANIK ADW BD EUR -CAP EUR 12,603.00 1,477,274.43 3.77% LEMANIK ADW L/S I EUR/CAP EUR 21,510.00 2,428,694.10 6.20%

LEMANIK SICAV - PHOENIXTREND AGGRESSIVE LEMANIK ADW L/S I EUR/CAP EUR 24,135.00 2,725,082.85 11.98%

(1)Sub-Fund name changed, see Note 1, for further details.

As per Article 181(8) of the amended Law of December 17, 2010 relating to Undertakings for Collective Investment, the commission on subscriptions and redemptions and the management fees detailed in Note 3 are not applied to the assets of the Sub-Funds LEMANIK SICAV - ITALY, LEMANIK SICAV - MULTI ASSET DYNAMIC GROWTH (formerly known as DYNAMIC GROWTH), LEMANIK SICAV - GLOBAL PORTFOLIO (formerly known as ALPHA BETA SIGMA), LEMANIK SICAV - PHOENIXTREND BOND and LEMANIK SICAV - PHOENIXTREND AGGRESSIVE invested in other Sub-Funds of the Company. The combined statement of net assets and the combined statement of operations and changes in net assets have not been adjusted to remove the impact of the above.

196 LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at November 30, 2014

NOTE 15 - SUBSEQUENTS EVENTS : CHANGE OF REGISTERED OFFICE AND CHANGE OF ADDRESS OF THE MANAGEMENT COMPANY AND DOMICILIARY AGENT

The registered office of the Company as well as the address of the Management Company and Domiciliary Agent, Lemanik Asset Management S.A, will be transferred to the following address as from January 1, 2015: 106, Route d’Arlon, L-8210 Mamer, Grand Duchy of Luxembourg.

197