Lemanik Sicav

LEMANIK SICAV

Société d’Investissement à Capital Variable

Unaudited Semi-Annual Report as at November 30, 2016 R.C.S.: Luxembourg B 44.893

The State of the origin of the Fund is Luxembourg. This document may only be distributed in or from Switzerland to qualified investors within the meaning of Art. 10 Para. 3, 3bis and 3ter CISA. In Switzerland, the Representative is ACOLIN Fund Services AG, Affolternstrasse 56, CH – 8050 Zurich, whilst the Paying agent is Banque Cantonale de Genève, 17 quai de l’IIe, CH – 1204 Genève. In respect of the units distributed in Switzerland, the competent Courts shall be at the registered office of the Representative in Switzerland. The Basic documents of the Fund as defined in Art. 13a CISO as well as the annual and, if applicable, semi-annual reports may be obtained free of charge at the office of the representative.

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 including audited financial statements, the Key Investor Information Document (KIID) and the most recent semi-annual report, if published thereafter.

LEMANIK SICAV

TABLE OF CONTENTS

Page

ORGANISATION ...... 4 STATEMENT OF NET ASSETS...... 9 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS...... 17 STATISTICAL INFORMATION ...... 25 LEMANIK SICAV - ASIAN OPPORTUNITY ...... 49 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 49 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 54 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 55 LEMANIK SICAV - ITALY ...... 56 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 56 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 62 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 63 LEMANIK SICAV - SELECTED BOND ...... 64 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 64 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 67 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 68 LEMANIK SICAV - SHORT DURATION ...... 69 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 69 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 72 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 73 LEMANIK SICAV - ACTIVE SHORT TERM CREDIT ...... 74 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 74 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 83 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 84 LEMANIK SICAV - EUROPEAN SPECIAL SITUATIONS ...... 85 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 85 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 92 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 93 LEMANIK SICAV - SPRING ...... 94 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 94 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 99 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 100 LEMANIK SICAV - FLEX STRATEGY ...... 101 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 101 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 105 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 106 LEMANIK SICAV - HIGH GROWTH ...... 107 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 107 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 112 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 113 LEMANIK SICAV - ALL STARS FUND ...... 114 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 114 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 115 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 116

LEMANIK SICAV

Page

LEMANIK SICAV - WORLD DAYTONA ...... 117 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 117 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 119 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 120 LEMANIK SICAV - WORLD TREND ...... 121 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 121 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 122 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 123 LEMANIK SICAV - FLEX QUANTITATIVE HR6 ...... 124 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 124 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 125 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 126 LEMANIK SICAV - FUNDAMENTAL GLOBAL EQUITY ...... 127 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 127 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 128 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 129 LEMANIK SICAV - WORLD YIELD ...... 130 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 130 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 132 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 133 LEMANIK SICAV - ADWISE LONG/SHORT ...... 134 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 134 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 138 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 139 LEMANIK SICAV - ADWISE BOND ...... 140 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 140 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 144 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 145 LEMANIK SICAV - GLOBAL STRATEGY FUND ...... 146 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ...... 147 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... 152 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...... 153 NOTES TO THE FINANCIAL STATEMENTS ...... 154

LEMANIK SICAV

ORGANISATION

Board of Directors of the company

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.à 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

106, Route d’Arlon L-8210 Mamer

Management Company

Lemanik Asset Management S.A. 106, Route d’Arlon L-8210 Mamer

Custodian Bank and Paying Agent

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

Domiciliary Agent

Lemanik Asset Management S.A. 106, Route d’Arlon L-8210 Mamer

LEMANIK SICAV

ORGANISATION (continued)

Sub-Administrative Agent and Sub-Registrar 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

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

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

Praude Asset Management Limited Level 14, Portomaso Business Tower Portomaso, ST Julian’s, STJ 4011 Malta for the Sub-Fund: Lemanik SICAV - Asian Opportunity

Intermonte SIM S.p.A. Corso Vittorio Emanuele II, 9, Milano MI, Italie new address since March 31, 2016: 7/8 Galleria de Cristoforis, I-20122 Milano I for the Sub-Fund: Lemanik Sicav - European Special Situations

Pairstech Capital Management LLP 1st Floor, 12 Old Bond Street, Mayfair UK-London W1S 4PW for the Sub-Fund: Lemanik Sicav - Flex Quantitative HR6

AQA Capital Ltd 171 Old Bakery Street Valletta Valletta, VLT1455, Malta for the Sub-Funds: Lemanik Sicav - Adwise Long/Short and Lemanik Sicav - Adwise Bond

Cabinet de révision agréé

Deloitte Audit, Société à Responsabilité Limitée 560, Rue de Neudorf L-2220 Luxembourg

LEMANIK SICAV

ORGANISATION (continued)

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 Cassa Lombarda S.p.A. 1, Via Esperanto 12/14, Via Manzoni I-39100 Bolzano I-20121 Milano

Banca Sella S.p.A. Banca Profilo S.p.A. 1, Piazza Gaudenzio Sella 49, Corso Italia I-13900 Biella I-20122 Milano

Intermonte SIM S.p.A. Banca Patrimoni Sella e C. S.p.A. 9, C.so Vittorio Emanuele II 255, Piazza C.L.N I-20122 Milano I-10123 Torino

Banca Generali S.p.A. Consultinvest Investimenti Sim S.p.A. 4, Via Macchiavelli 33, Piazza Grande I-34132 Trieste I-41100 Modena

Banca Monte dei Paschi di Siena S.p.A. Gruppo Cassa di Risparmio di Ferrara 3, Piazza Salimbeni 108, Corso Giovecca I-53100 Siena I-44121 Ferrara

Banca Intermobiliare di Investimenti e Gestioni S.p.A. Banca Antonveneta S.p.A. 7, Via Gramsci 2, Piazzetta F. Turati I-10121 Torino I-5040 Padova

Banca Ifigest S.p.A. Valori & Finanza Investimenti SIM S.p.A. 1, Piazza S. Maria Soprarno 30, Via R. D’Aronco I-50125 Firenze I-33100 Udine

IW Bank S.p.A. Banca Fideuram S.p.A. 20, Via Cavriana 31, Piazzale Giulio Douhet I-20134 Milano I-00143 Roma

Finecobank S.p.A. 11, Piazza Durante I-20131 Milano

Allfunds Bank S.A. - succursale di Milano 7, Via Santa Margherita I-20121 Milano

LEMANIK SICAV

ORGANISATION (continued)

Distributors for Italy are (continued):

Online SIM S.p.A. Widiba S.p.A. 7/9, Via Santa Maria Segreta 16, Via Rosellini I-20123 Milano I-20124 Milano

Sanpaolo Invest SIM S.p.A. CGM Italia SIM S.p.A. 43, Via del Serafico 9, Via Santa Maria Segreta I-00143 Roma I-20123 Milano

Banca del Fucino S.p.A. Banca Galileo S.p.A. 107, Via Tomacelli 40, Corso Venezia I-00186 Roma I-20121 Milano

Correspondent banks in Italy are:

RBC Investor Services Bank S.A. - succursale di Milano Banca Monte dei Paschi di Siena (until June 14, 2016) 26, Via Vittor Pisani 3, Piazza Salimbeni I-20124 Milano I-53100 Siena

State Street Bank International GmbH - Succursale Italia 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 3, Piazza Lina Bo Bardi I-20124 Milano Société Générale Securities Services S.p.A. Maciachini Center MAC 2 19/A, Via Benigno Crespi I- 20159 Milano

Representative for Switzerland* is:

ACOLIN Fund Services AG 56, Affolternstrasse CH-8050 Zurich

Representative for Spain is:

Allfunds Bank S.A. 6, Calle Estafeta S-28109 La Moraleja Madrid

* Distribution in Switzerland for Qualified Investors

LEMANIK SICAV

ORGANISATION (continued)

Listing agent is:

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

Information agent for Germany:

Marcard, Stein & Co AG 36, Ballindamm D-20095 Hamburg

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.

LEMANIK SICAV

STATEMENT OF NET ASSETS as at November 30, 2016

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

ASSETS - Investments in securities at market value (2) 1,147,424,533.98 66,274,297.82 47,536,878.87 - Cash at bank 236,088,552.32 1,537,846.98 9,579,409.61 - Amounts receivable on sale of investments 4,644,714.56 880,715.57 191,278.86 - Amounts receivable on subscriptions 7,398,024.73 1,066,383.65 16,472.36 - Interest and dividend receivable, net 10,211,912.99 196,370.02 132,095.09 - Net formation expenses capitalized 37,605.00 - - - Net unrealised gain on forward foreign exchange contracts (7) 1,837,462.66 1,837,462.66 - - Net unrealised gain on futures contracts (2) (8) 659,985.57 - - - Other assets / receivables 657,066.25 - - TOTAL ASSETS 1,408,959,858.06 71,793,076.70 57,456,134.79

LIABILITIES - Amounts payable on purchase of investments 11,732,189.14 - 49,579.29 - Amounts payable on redemptions 13,401,693.63 2,393,679.78 560,138.10 - Net unrealised loss on contracts for difference (9) 48,079.00 - - - Net unrealised loss on forward foreign exchange contracts (7) 13,959,928.02 - - - Net unrealised loss on futures contracts (2) (8) 3,497,223.36 - 497,380.00 - Management fees payable (3) 1,434,837.70 89,650.98 79,602.20 - Performance fees payable (5) 408,419.55 317,528.35 - - Unrealised capital gain tax on investments 47,882.44 47,882.44 - - Taxes and expenses payable 944,075.62 29,578.44 73,378.06 - Other liabilities 4,326,175.28 - - TOTAL LIABILITIES 49,800,503.74 2,878,319.99 1,260,077.65 TOTAL NET ASSETS 1,359,159,354.32 68,914,756.71 56,196,057.14

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

LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2016

Notes SELECTED SHORT FLEX BOND DURATION DURATION (1) (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 84,529,800.88 5,977,584.93 - - Cash at bank 13,146,060.32 335,196.39 19,971.38 - Amounts receivable on sale of investments - - - - Amounts receivable on subscriptions 104,186.58 - - - Interest and dividend receivable, net 1,357,104.61 97,660.53 - - Net formation expenses capitalized - - - - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (2) (8) - - - - Other assets / receivables - - - TOTAL ASSETS 99,137,152.39 6,410,441.85 19,971.38

LIABILITIES - Amounts payable on purchase of investments 1,046,966.49 - - - Amounts payable on redemptions 4,264,994.02 - - - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) - 110,009.71 - - Net unrealised loss on futures contracts (2) (8) 1,685,006.01 - - - Management fees payable (3) 113,678.00 3,056.93 - - Performance fees payable (5) - - - - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 55,354.69 13,692.66 19,971.38 - Other liabilities - - - TOTAL LIABILITIES 7,165,999.21 126,759.30 19,971.38 TOTAL NET ASSETS 91,971,153.18 6,283,682.55 -

(1) Dormant as of October 21, 2016

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

LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2016

Notes ACTIVE SHORT EUROPEAN SPRING TERM CREDIT SPECIAL SITUATIONS (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 242,446,629.28 44,197,985.76 5,481,029.27 - Cash at bank 26,639,818.84 20,340,302.56 363,714.35 - Amounts receivable on sale of investments 31,423.01 563,118.30 - - Amounts receivable on subscriptions 2,842,691.97 35,192.70 - - Interest and dividend receivable, net 3,628,185.44 370,403.86 17,456.86 - Net formation expenses capitalized - - - - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (2) (8) - 179,709.10 - - Other assets / receivables 4,578.36 27,170.16 2,374.41 TOTAL ASSETS 275,593,326.90 65,713,882.44 5,864,574.89

LIABILITIES - Amounts payable on purchase of investments 991,226.49 - - - Amounts payable on redemptions 1,552,894.52 251,453.59 - - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) 8,305,415.74 - - - Net unrealised loss on futures contracts (2) (8) - - - - Management fees payable (3) 231,987.23 56,145.45 7,175.19 - Performance fees payable (5) 81,299.78 - - - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 112,582.78 37,358.45 14,802.40 - Other liabilities 10,000.00 - - TOTAL LIABILITIES 11,285,406.54 344,957.49 21,977.59 TOTAL NET ASSETS 264,307,920.36 65,368,924.95 5,842,597.30

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

LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2016

Notes MULTI-ASSETS FLEX GLOBAL DYNAMIC STRATEGY PORTFOLIO (1) GROWTH (1) (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) - 28,655,104.53 - - Cash at bank 14,560.41 453,582.67 16,855.75 - Amounts receivable on sale of investments - - - - Amounts receivable on subscriptions - - - - Interest and dividend receivable, net - 559,630.33 - - Net formation expenses capitalized - - - - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (2) (8) - - - - Other assets / receivables - - - TOTAL ASSETS 14,560.41 29,668,317.53 16,855.75

LIABILITIES - Amounts payable on purchase of investments - 281,759.41 - - Amounts payable on redemptions - - - - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) - - - - Net unrealised loss on futures contracts (2) (8) - 44,082.30 - - Management fees payable (3) - 35,297.21 - - Performance fees payable (5) - - - - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 14,560.41 21,467.34 16,855.75 - Other liabilities - - - TOTAL LIABILITIES 14,560.41 382,606.26 16,855.75 TOTAL NET ASSETS - 29,285,711.27 -

(1) Dormant as of October 21, 2016

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

LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2016

Notes HIGH ALL STARS WORLD GROWTH FUND DAYTONA (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 132,476,502.08 5,388,340.99 22,652,194.49 - Cash at bank 3,817,685.62 1,880,898.70 731,231.37 - Amounts receivable on sale of investments 950,148.68 - - - Amounts receivable on subscriptions 55,397.56 - - - Interest and dividend receivable, net - - 25,218.33 - Net formation expenses capitalized - - - - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (2) (8) 173,183.48 - - - Other assets / receivables 806.26 - - TOTAL ASSETS 137,473,723.68 7,269,239.69 23,408,644.19

LIABILITIES - Amounts payable on purchase of investments 159,743.03 - - - Amounts payable on redemptions 1,650,348.26 10,993.84 20,514.88 - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) - 11,623.22 548,845.41 - Net unrealised loss on futures contracts (2) (8) - - - - Management fees payable (3) 198,290.85 12,053.92 26,834.89 - Performance fees payable (5) - - - - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 68,463.72 14,210.02 36,858.77 - Other liabilities - - - TOTAL LIABILITIES 2,076,845.86 48,881.00 633,053.95 TOTAL NET ASSETS 135,396,877.82 7,220,358.69 22,775,590.24

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

LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2016

Notes WORLD FLEX PHOENIXTREND TREND QUANTITATIVE BOND (1) HR6 (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 9,161,768.62 32,707,379.01 2,917,374.57 - Cash at bank 436,685.13 14,255,087.82 222,506.85 - Amounts receivable on sale of investments - 942,495.50 503,312.91 - Amounts receivable on subscriptions 56,391.12 - - - Interest and dividend receivable, net - - - - Net formation expenses capitalized - - 8,855.00 - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (2) (8) - 250,968.60 - - Other assets / receivables - - - TOTAL ASSETS 9,654,844.87 48,155,930.93 3,652,049.33

LIABILITIES - Amounts payable on purchase of investments - 8,833,175.45 - - Amounts payable on redemptions 39,736.12 198,710.02 159,214.70 - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) - 1,589,817.18 - - Net unrealised loss on futures contracts (2) (8) - - - - Management fees payable (3) 18,737.55 37,287.35 7,171.39 - Performance fees payable (5) - - - - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 17,607.87 51,007.29 37,281.79 - Other liabilities - - 3,448,381.45 TOTAL LIABILITIES 76,081.54 10,709,997.29 3,652,049.33 TOTAL NET ASSETS 9,578,763.33 37,445,933.64 -

(1) Liquidated as of October 28, 2016

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

LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2016

Notes PHOENIXTREND FUNDAMENTAL WORLD AGGRESSIVE (1) GLOBAL YIELD EQUITY (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 862,638.62 6,090,778.01 6,446,174.65 - Cash at bank 62,093.77 80,110.69 500,752.52 - Amounts receivable on sale of investments 103,314.10 - - - Amounts receivable on subscriptions - - 2,987.47 - Interest and dividend receivable, net - - 106,357.95 - Net formation expenses capitalized - 11,500.00 11,500.00 - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (2) (8) - - 51,410.97 - Other assets / receivables - - - TOTAL ASSETS 1,028,046.49 6,182,388.70 7,119,183.56

LIABILITIES - Amounts payable on purchase of investments - - - - Amounts payable on redemptions 158,365.89 38,182.25 80,463.73 - Net unrealised loss on contracts for difference (9) - - - - Net unrealised loss on forward foreign exchange contracts (7) - - - - Net unrealised loss on futures contracts (2) (8) - - - - Management fees payable (3) 2,364.52 12,170.78 14,269.37 - Performance fees payable (5) - - - - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 37,755.84 10,499.20 15,832.18 - Other liabilities 829,560.24 10,980.90 9,078.61 TOTAL LIABILITIES 1,028,046.49 71,833.13 119,643.89 TOTAL NET ASSETS - 6,110,555.57 6,999,539.67

(1) Liquidated as of October 28, 2016

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

LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at November 30, 2016

Notes ADWISE LONG/ ADWISE GLOBAL SHORT BOND STRATEGY FUND (in EUR) (in EUR) (in EUR)

ASSETS - Investments in securities at market value (2) 17,274,435.39 61,563,304.08 285,952,845.96 - Cash at bank 3,961,148.80 5,484,024.87 131,882,911.13 - Amounts receivable on sale of investments 478,907.63 - - - Amounts receivable on subscriptions 25,375.96 - 3,192,945.36 - Interest and dividend receivable, net 29,108.89 1,155,526.30 2,420,318.62 - Net formation expenses capitalized 2,875.00 2,875.00 - - Net unrealised gain on forward foreign exchange contracts (7) - - - - Net unrealised gain on futures contracts (2) (8) 4,713.42 - - - Other assets / receivables 15,426.74 - 6,710.32 TOTAL ASSETS 21,791,991.83 68,205,730.25 423,455,731.39

LIABILITIES - Amounts payable on purchase of investments 369,738.98 - - - Amounts payable on redemptions 10,842.00 11,990.64 1,999,171.29 - Net unrealised loss on contracts for difference (9) 48,079.00 - - - Net unrealised loss on forward foreign exchange contracts (7) 689,890.95 593,692.62 2,110,633.19 - Net unrealised loss on futures contracts (2) (8) - 206,910.00 1,063,845.05 - Management fees payable (3) 28,022.27 64,288.80 370,719.24 - Performance fees payable (5) 750.40 - 8,841.02 - Unrealised capital gain tax on investments - - - - Taxes and expenses payable 31,537.46 47,789.06 140,942.10 - Other liabilities 2,745.23 2,269.66 10,000.00 TOTAL LIABILITIES 1,181,606.29 926,940.78 5,704,151.89 TOTAL NET ASSETS 20,610,385.54 67,278,789.47 417,751,579.50

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

LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the period ended November 30, 2016

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

NET ASSETS AT THE BEGINNING OF THE PERIOD 1,256,069,799.53 61,626,220.95 70,952,710.82 INCOME Income from investments: - Dividends, net (2) 3,801,600.86 796,158.01 499,362.12 - Bond interests, net (2) 15,362,740.46 - 135,816.44 - Bank interests 5,181.81 - - - Interest on swaps 19,721.96 - - - Securities lending (11) 294,206.39 14,527.73 56,430.77 - Trailer fees (4) 29,793.39 - - - Other income (5) 28,632.35 19.61 19.62 - Interests on contracts for difference 97.51 - - TOTAL INCOME 19,541,974.73 810,705.35 691,628.95

EXPENSES Fees: - Advisory fees 25,068.89 - - - Performance fees (5) 1,766,729.51 651,765.07 - - Management fees (3) 8,563,637.78 524,805.18 520,076.30 - Administration and transfer agent fees (2) 2,406,995.02 61,208.03 138,003.47 - Custodian fees (2) 211,214.11 10,366.35 10,309.44

Other Expenses: - Audit and legal fees 249,195.64 8,787.07 9,347.64 - Liquidation fees 24,780.00 - - - Subscription tax (6) 241,643.40 13,677.97 13,442.78 - Transaction fees (13) 1,773,106.49 162,211.23 59,002.07 - Bank interests 283,459.86 1,389.21 23,938.41 - Amortisation of formation expenses (2) 8,202.53 - - - Other charges 924,569.24 76,953.02 120,025.47 - Interests on contracts for difference 49,980.77 - 985.69 TOTAL EXPENSES 16,528,583.24 1,511,163.13 895,131.27

NET RESULT ON INVESTMENTS 3,013,391.49 (700,457.78) (203,502.32) Net realised result on: - Investments 495,238.41 2,188,949.22 (3,513,139.89) - Options contracts 621,847.53 - - - Forward foreign exchange contracts (7,897,848.60) (3,032,514.29) - - Futures contracts (275,581.63) - 1,750,504.27 - Foreign exchange 4,862,860.11 (3,380.63) 3,326.80 - Contracts for difference 1,200,028.81 - 279,499.73 NET REALISED PROFIT/(LOSS) 2,019,936.12 (1,547,403.48) (1,683,311.41) Change in net unrealised appreciation/(depreciation) on: - Investments 13,151,708.42 5,844,524.21 (602,116.37) - Capital gain tax on investments (17,111.03) (17,111.03) - - Options contracts 796,105.74 - - - Forward foreign exchange contracts (8,278,558.94) 2,361,212.25 - - Futures contracts (2,211,393.49) - (854,230.00) NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 5,460,686.82 6,641,221.95 (3,139,657.78) MOVEMENTS IN CAPITAL Subscriptions of shares 351,314,133.63 11,373,340.28 1,219,745.32 Redemptions of shares (251,646,794.95) (10,726,026.47) (12,836,741.22) Dividend paid (2) (2,038,470.71) - -

NET ASSETS AT THE END OF THE PERIOD 1,359,159,354.32 68,914,756.71 56,196,057.14

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

LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2016

Notes SELECTED SHORT FLEX BOND DURATION DURATION (1) (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 109,277,647.22 6,556,783.94 3,523,867.67 INCOME Income from investments: - Dividends, net (2) - - - - Bond interests, net (2) 3,002,233.49 106,946.10 35,287.92 - Bank interests - 18.17 8.40 - Interest on swaps - - - - Securities lending (11) - - - - Trailer fees (4) - - - - Other income (5) 19.61 19.60 19.91 - Interests on contracts for difference - - - TOTAL INCOME 3,002,253.10 106,983.87 35,316.23

EXPENSES Fees: - Advisory fees - - - - Performance fees (5) 127,229.04 - - - Management fees (3) 717,159.47 19,254.62 13,434.93 - Administration and transfer agent fees (2) 243,799.70 24,476.87 33,555.99 - Custodian fees (2) 16,525.14 1,051.10 486.18

Other Expenses: - Audit and legal fees 8,094.11 6,840.56 6,324.90 - Liquidation fees - - 9,040.00 - Subscription tax (6) 19,957.46 1,588.27 697.45 - Transaction fees (13) 153,007.63 9,269.35 14,510.98 - Bank interests 6,592.00 611.14 1,440.01 - Amortisation of formation expenses (2) - - - - Other charges 18,833.34 6,316.84 5,643.78 - Interests on contracts for difference - - - TOTAL EXPENSES 1,311,197.89 69,408.75 85,134.22

NET RESULT ON INVESTMENTS 1,691,055.21 37,575.12 (49,817.99) Net realised result on: - Investments (1,065,021.43) (44,001.21) (88,325.84) - Options contracts 25,836.86 - - - Forward foreign exchange contracts (10,287.92) 5,492.06 1,631.99 - Futures contracts 685,044.17 17,844.23 303,542.14 - Foreign exchange 99,894.13 (1,389.19) (2,862.17) - Contracts for difference - - - NET REALISED PROFIT/(LOSS) 1,426,521.02 15,521.01 164,168.13 Change in net unrealised appreciation/(depreciation) on: - Investments 1,068,928.57 45,429.50 57,844.37 - Capital gain tax on investments - - - - Options contracts - - - - Forward foreign exchange contracts - (51,610.45) 4,570.00 - Futures contracts (1,683,190.74) - 107,316.41 NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 812,258.85 9,340.06 333,898.91 MOVEMENTS IN CAPITAL Subscriptions of shares 16,759,150.02 226,075.90 338,256.29 Redemptions of shares (33,484,545.92) (508,517.35) (4,196,022.87) Dividend paid (2) (1,393,356.99) - -

NET ASSETS AT THE END OF THE PERIOD 91,971,153.18 6,283,682.55 -

(1) Dormant as of October 21, 2016

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

LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2016

Notes ACTIVE SHORT EUROPEAN SPRING TERM CREDIT SPECIAL SITUATIONS (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 155,894,289.00 76,228,197.59 6,009,672.87 INCOME Income from investments: - Dividends, net (2) - 415,412.92 64,945.35 - Bond interests, net (2) 5,663,123.65 479,458.33 26,237.43 - Bank interests - - 53.39 - Interest on swaps - 4,096.47 - - Securities lending (11) - 39,513.79 456.66 - Trailer fees (4) - - - - Other income (5) 19.60 19.61 19.60 - Interests on contracts for difference - - - TOTAL INCOME 5,663,143.25 938,501.12 91,712.43

EXPENSES Fees: - Advisory fees - - - - Performance fees (5) 345,261.12 924.92 - - Management fees (3) 1,120,238.19 365,615.61 44,239.63 - Administration and transfer agent fees (2) 347,439.79 66,210.15 24,848.30 - Custodian fees (2) 31,970.42 11,711.20 967.72

Other Expenses: - Audit and legal fees 9,871.93 9,347.64 8,094.11 - Liquidation fees - - - - Subscription tax (6) 45,361.31 16,821.17 1,403.43 - Transaction fees (13) 54,609.70 253,211.87 2,434.42 - Bank interests 30,478.96 28,896.55 441.61 - Amortisation of formation expenses (2) - - - - Other charges 17,235.88 56,791.95 17,685.61 - Interests on contracts for difference - 6,864.97 - TOTAL EXPENSES 2,002,467.30 816,396.03 100,114.83

NET RESULT ON INVESTMENTS 3,660,675.95 122,105.09 (8,402.40) Net realised result on: - Investments (661,886.77) (1,312,608.01) (60,644.35) - Options contracts - 629,775.25 - - Forward foreign exchange contracts (4,024,075.40) - - - Futures contracts - 141,526.14 - - Foreign exchange 2,856,592.51 102,273.67 5,604.88 - Contracts for difference - 57,712.04 - NET REALISED PROFIT/(LOSS) 1,831,306.29 (259,215.82) (63,441.87) Change in net unrealised appreciation/(depreciation) on: - Investments 6,321,104.57 (652,701.07) 282,561.76 - Capital gain tax on investments - - - - Options contracts - 6,940.00 - - Forward foreign exchange contracts (6,405,286.58) - - - Futures contracts - 220,844.10 - NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 1,747,124.28 (684,132.79) 219,119.89 MOVEMENTS IN CAPITAL Subscriptions of shares 134,213,186.88 1,140,243.52 120,002.07 Redemptions of shares (27,546,679.80) (10,670,269.65) (506,197.53) Dividend paid (2) - (645,113.72) -

NET ASSETS AT THE END OF THE PERIOD 264,307,920.36 65,368,924.95 5,842,597.30

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

LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2016

Notes MULTI-ASSETS FLEX GLOBAL DYNAMIC STRATEGY PORTFOLIO (1) GROWTH (1) (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 928,455.30 24,480,832.80 418,989.94 INCOME Income from investments: - Dividends, net (2) 359.22 - - - Bond interests, net (2) 7,960.18 614,867.81 5,286.90 - Bank interests 0.01 1.89 0.01 - Interest on swaps - - - - Securities lending (11) 3.15 - - - Trailer fees (4) - - - - Other income (5) 19.58 19.60 19.53 - Interests on contracts for difference - - - TOTAL INCOME 8,342.14 614,889.30 5,306.44

EXPENSES Fees: - Advisory fees - - - - Performance fees (5) - 71,670.64 - - Management fees (3) 4,122.56 204,600.92 1,586.34 - Administration and transfer agent fees (2) 23,652.31 30,815.95 23,291.66 - Custodian fees (2) 104.48 4,504.14 50.42

Other Expenses: - Audit and legal fees 6,324.90 8,094.11 6,324.90 - Liquidation fees 9,040.00 - 6,700.00 - Subscription tax (6) 64.30 6,225.09 90.53 - Transaction fees (13) 5,454.02 48,917.95 3,094.77 - Bank interests 109.25 709.68 31.72 - Amortisation of formation expenses (2) - - - - Other charges 6,756.15 7,876.78 10,303.63 - Interests on contracts for difference - - - TOTAL EXPENSES 55,627.97 383,415.26 51,473.97

NET RESULT ON INVESTMENTS (47,285.83) 231,474.04 (46,167.53) Net realised result on: - Investments (14,818.68) 170,206.91 (8,276.55) - Options contracts - 6,352.08 - - Forward foreign exchange contracts - - - - Futures contracts - 7,185.74 - - Foreign exchange 98.81 2,640.37 3.54 - Contracts for difference - - - NET REALISED PROFIT/(LOSS) (62,005.70) 417,859.14 (54,440.54) Change in net unrealised appreciation/(depreciation) on: - Investments 7,281.49 48,849.44 3,509.90 - Capital gain tax on investments - - - - Options contracts - - - - Forward foreign exchange contracts - - - - Futures contracts - (47,170.11) - NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (54,724.21) 419,538.47 (50,930.64) MOVEMENTS IN CAPITAL Subscriptions of shares 19,998.04 5,038,943.57 3,985.99 Redemptions of shares (893,729.13) (653,603.57) (372,045.29) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD - 29,285,711.27 -

(1) Dormant as of October 21, 2016

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

LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2016

Notes HIGH ALL STARS WORLD GROWTH FUND DAYTONA (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 177,087,474.48 7,369,154.58 22,544,294.91 INCOME Income from investments: - Dividends, net (2) 1,581,456.35 2,664.51 230,953.40 - Bond interests, net (2) - - - - Bank interests 0.12 - 0.11 - Interest on swaps - - - - Securities lending (11) 175,968.71 41.46 795.55 - Trailer fees (4) - 1,638.37 - - Other income (5) 19.60 19.60 19.61 - Interests on contracts for difference - - - TOTAL INCOME 1,757,444.78 4,363.94 231,768.67

EXPENSES Fees: - Advisory fees - - - - Performance fees (5) 1.48 - - - Management fees (3) 1,305,580.36 74,151.58 163,954.80 - Administration and transfer agent fees (2) 143,680.29 23,672.62 118,596.71 - Custodian fees (2) 25,064.63 1,214.22 3,673.83

Other Expenses: - Audit and legal fees 9,347.64 6,840.56 6,840.56 - Liquidation fees - - - - Subscription tax (6) 26,673.09 1,084.65 4,901.89 - Transaction fees (13) 158,050.29 3,916.79 44,636.41 - Bank interests 15,054.53 4,191.89 248.32 - Amortisation of formation expenses (2) - - - - Other charges 355,494.38 7,798.15 75,180.38 - Interests on contracts for difference 1,268.21 - - TOTAL EXPENSES 2,040,214.90 122,870.46 418,032.90

NET RESULT ON INVESTMENTS (282,770.12) (118,506.52) (186,264.23) Net realised result on: - Investments (8,198,790.78) (17,246.30) 306,674.48 - Options contracts - - - - Forward foreign exchange contracts - 42,261.65 (43,517.39) - Futures contracts (932,156.32) - - - Foreign exchange 4,376.26 (1,138.81) 14,659.87 - Contracts for difference 258,075.70 - - NET REALISED PROFIT/(LOSS) (9,151,265.26) (94,629.98) 91,552.73 Change in net unrealised appreciation/(depreciation) on: - Investments (3,225,104.43) 53,504.86 818,436.49 - Capital gain tax on investments - - - - Options contracts - - - - Forward foreign exchange contracts - 7,073.40 (457,718.71) - Futures contracts 246,548.48 - - NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (12,129,821.21) (34,051.72) 452,270.51 MOVEMENTS IN CAPITAL Subscriptions of shares 11,335,610.82 419,197.50 451,930.09 Redemptions of shares (40,896,386.27) (533,941.67) (672,905.27) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD 135,396,877.82 7,220,358.69 22,775,590.24

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

LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2016

Notes WORLD FLEX PHOENIXTREND TREND QUANTITATIVE BOND (1) HR6 (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 9,650,136.06 42,911,723.97 14,899,491.56 INCOME Income from investments: - Dividends, net (2) - - - - Bond interests, net (2) - - - - Bank interests - - - - Interest on swaps - - - - Securities lending (11) - - - - Trailer fees (4) 4,654.32 16,058.65 2,023.14 - Other income (5) 19.62 19.63 453.21 - Interests on contracts for difference - - - TOTAL INCOME 4,673.94 16,078.28 2,476.35

EXPENSES Fees: - Advisory fees - - - - Performance fees (5) - 932.96 - - Management fees (3) 115,425.64 239,840.43 101,283.73 - Administration and transfer agent fees (2) 45,333.62 197,970.37 34,586.66 - Custodian fees (2) 1,575.44 6,379.41 1,682.48

Other Expenses: - Audit and legal fees 4,333.72 9,347.64 28,528.10 - Liquidation fees - - - - Subscription tax (6) 697.91 2,772.99 - - Transaction fees (13) 7,587.76 99,667.67 15,960.36 - Bank interests 526.65 4,979.59 4,082.35 - Amortisation of formation expenses (2) - - 3,564.56 - Other charges 7,979.35 16,000.83 9,963.38 - Interests on contracts for difference - - - TOTAL EXPENSES 183,460.09 577,891.89 199,651.62

NET RESULT ON INVESTMENTS (178,786.15) (561,813.61) (197,175.27) Net realised result on: - Investments 383,647.80 3,223,467.49 214,076.79 - Options contracts - - - - Forward foreign exchange contracts - (63,703.45) - - Futures contracts - (1,462,521.67) 43,750.00 - Foreign exchange (2,003.82) 417,422.70 6.17 - Contracts for difference - - - NET REALISED PROFIT/(LOSS) 202,857.83 1,552,851.46 60,657.69 Change in net unrealised appreciation/(depreciation) on: - Investments 221,330.17 (831,624.28) 61,404.90 - Capital gain tax on investments - - - - Options contracts - - - - Forward foreign exchange contracts - (1,611,186.66) - - Futures contracts - 236,308.60 (6,900.00) NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 424,188.00 (653,650.88) 115,162.59 MOVEMENTS IN CAPITAL Subscriptions of shares 498,135.75 2,822,318.74 94,644.47 Redemptions of shares (993,696.48) (7,634,458.19) (15,109,298.62) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD 9,578,763.33 37,445,933.64 -

(1) Liquidated as of October 28, 2016

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

LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2016

Notes PHOENIXTREND FUNDAMENTAL WORLD AGGRESSIVE (1) GLOBAL EQUITY YIELD (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 5,659,769.19 7,092,571.65 8,879,312.31 INCOME Income from investments: - Dividends, net (2) 15,401.81 8,257.87 3,974.06 - Bond interests, net (2) - - 142,242.61 - Bank interests - - 27.65 - Interest on swaps - - - - Securities lending (11) 17.62 737.15 - - Trailer fees (4) 1,722.03 3,696.88 - - Other income (5) 19.61 - - - Interests on contracts for difference - - - TOTAL INCOME 17,161.07 12,691.90 146,244.32

EXPENSES Fees: - Advisory fees - - - - Performance fees (5) - - - - Management fees (3) 35,769.58 78,073.52 97,928.37 - Administration and transfer agent fees (2) 25,854.70 37,773.28 41,684.09 - Custodian fees (2) 601.02 1,072.56 1,347.67

Other Expenses: - Audit and legal fees 28,153.00 4,333.72 8,094.11 - Liquidation fees - - - - Subscription tax (6) 47.33 875.11 1,905.48 - Transaction fees (13) 14,987.76 7,299.26 30,266.17 - Bank interests 560.32 235.97 615.45 - Amortisation of formation expenses (2) - 1,417.89 1,130.39 - Other charges 10,015.96 7,458.23 6,667.00 - Interests on contracts for difference - - - TOTAL EXPENSES 115,989.67 138,539.54 189,638.73

NET RESULT ON INVESTMENTS (98,828.60) (125,847.64) (43,394.41) Net realised result on: - Investments 282,483.13 376,100.95 (553,914.71) - Options contracts - - (16,200.00) - Forward foreign exchange contracts (16,539.90) - - - Futures contracts (8,454.52) - 170,972.93 - Foreign exchange 9,836.49 259.68 20,698.73 - Contracts for difference - - - NET REALISED PROFIT/(LOSS) 168,496.60 250,512.99 (421,837.46) Change in net unrealised appreciation/(depreciation) on: - Investments (216,559.49) (19,906.70) 208,075.15 - Capital gain tax on investments - - - - Options contracts - - - - Forward foreign exchange contracts 16,600.04 - - - Futures contracts 26,637.95 - 51,410.97 NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (4,824.90) 230,606.29 (162,351.34) MOVEMENTS IN CAPITAL Subscriptions of shares - 6,975.06 224,753.10 Redemptions of shares (5,654,944.29) (1,219,597.43) (1,942,174.40) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD - 6,110,555.57 6,999,539.67

(1) Liquidated as of October 28, 2016

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

LEMANIK SICAV

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (continued) for the period ended November 30, 2016

Notes ADWISE LONG/ ADWISE GLOBAL SHORT BOND STRATEGY FUND (in EUR) (in EUR) (in EUR)

NET ASSETS AT THE BEGINNING OF THE PERIOD 25,298,146.99 66,743,572.54 312,510,196.77 INCOME Income from investments: - Dividends, net (2) 153,676.36 12,669.17 16,309.71 - Bond interests, net (2) - 1,647,722.14 3,306,680.76 - Bank interests - 0.02 4,033.62 - Interest on swaps 15,625.49 - - - Securities lending (11) 5,713.80 - - - Trailer fees (4) - - - - Other income (5) - - 19.59 - Interests on contracts for difference 97.51 - - TOTAL INCOME 175,113.16 1,660,391.33 3,327,043.68

EXPENSES Fees: - Advisory fees - - 25,068.89 - Performance fees (5) 750.40 - 568,193.88 - Management fees (3) 193,427.81 389,889.17 2,075,664.50 - Administration and transfer agent fees (2) 82,878.79 137,272.36 500,389.31 - Custodian fees (2) 3,890.72 11,148.44 58,181.81

Other Expenses: - Audit and legal fees 9,347.64 8,094.11 29,684.05 - Liquidation fees - - - - Subscription tax (6) 4,234.89 15,051.25 64,069.05 - Transaction fees (13) 133,086.71 62,641.88 406,931.89 - Bank interests 19,180.70 5,568.51 128,621.39 - Amortisation of formation expenses (2) 339.77 267.89 - - Other charges 43,009.25 15,185.58 14,973.13 - Interests on contracts for difference 40,861.90 - - TOTAL EXPENSES 531,008.58 645,119.19 3,871,777.90

NET RESULT ON INVESTMENTS (355,895.42) 1,015,272.14 (544,734.22) Net realised result on: - Investments 165,194.99 108,853.37 8,824,350.75 - Options contracts 27,764.03 (51,680.69) - - Forward foreign exchange contracts 112,522.35 (65,824.25) (803,294.05) - Futures contracts 100,143.87 - (1,092,962.61) - Foreign exchange (84,812.23) 71,596.58 1,377,587.18 - Contracts for difference 604,741.34 - - NET REALISED PROFIT/(LOSS) 569,658.93 1,078,217.15 7,760,947.05 Change in net unrealised appreciation/(depreciation) on: - Investments 1,360,696.29 470,752.37 1,297,955.37 - Capital gain tax on investments - - - - Options contracts 596,589.81 192,575.93 - - Forward foreign exchange contracts (580,020.72) (474,541.95) (1,087,649.56) - Futures contracts 4,713.42 (206,910.00) (306,772.57) NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 1,951,637.73 1,060,093.50 7,664,480.29 MOVEMENTS IN CAPITAL Subscriptions of shares 1,508,817.48 4,074,440.32 159,424,382.42 Redemptions of shares (8,148,216.66) (4,599,316.89) (61,847,479.98) Dividend paid (2) - - -

NET ASSETS AT THE END OF THE PERIOD 20,610,385.54 67,278,789.47 417,751,579.50

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

LEMANIK SICAV

STATISTICAL INFORMATION as at November 30, 2016

ASIAN ITALY SELECTED SHORT OPPORTUNITY BOND DURATION (in EUR) (in EUR) (in EUR) (in EUR)

Total net assets - as at November 30, 2016 68,914,756.71 56,196,057.14 91,971,153.18 6,283,682.55 - as at May 31, 2016 61,626,220.95 70,952,710.82 109,277,647.22 6,556,783.94 - as at May 31, 2015 65,418,585.09 87,879,131.46 115,049,621.97 5,730,484.51

Number of Capitalisation Retail EUR shares outstanding - outstanding at the beginning of the period 3,230,385.791 - 273,270.270 - - subscribed 334,969.512 - 87,459.101 - - redeemed (494,195.033) - (130,568.644) - - outstanding at the end of the period 3,071,160.270 - 230,160.727 -

Net asset value per Capitalisation Retail EUR share - as at November 30, 2016 17.29 - 122.12 - - as at May 31, 2016 15.61 - 121.16 - - as at May 31, 2015 17.31 - 123.49 -*

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, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - -* -

Number of Capitalisation Retail EUR A shares outstanding - outstanding at the beginning of the period - 2,183,245.488 - 7,416.688 - subscribed - 37,670.919 - 255.732 - redeemed - (290,937.197) - (576.535) - outstanding at the end of the period - 1,929,979.210 - 7,095.885

Net asset value per Capitalisation Retail EUR A share - as at November 30, 2016 - 23.65 - 885.54 - as at May 31, 2016 - 24.79 - 884.06 - as at May 31, 2015 - 27.92 - 919.26*

Number of Distribution Retail EUR A shares outstanding - outstanding at the beginning of the period - - 10,219,761.025 - - subscribed - - 1,125,307.836 - - redeemed - - (2,897,569.933) - - outstanding at the end of the period - - 8,447,498.928 -

Net asset value per Distribution Retail EUR A share - as at November 30, 2016 - - 5.25 - - as at May 31, 2016 - - 5.34 - - as at May 31, 2015 - - 5.74* -

* Change of name of share class 25

LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2016

ASIAN ITALY SELECTED SHORT OPPORTUNITY BOND DURATION (in EUR) (in EUR) (in EUR) (in EUR)

Number of Capitalisation Institutional EUR A shares outstanding - outstanding at the beginning of the period - - 77,166.487 - - subscribed - - 1,433.526 - - redeemed - - (23,901.548) - - outstanding at the end of the period - - 54,698.465 -

Net asset value per Capitalisation Institutional EUR A share - as at November 30, 2016 - - 102.40 - - as at May 31, 2016 - - 101.21 - - as at May 31, 2015 - - 102.58 -

Number of Capitalisation Retail EUR B shares outstanding - outstanding at the beginning of the period - 750,415.311 - - - subscribed - 18,717.502 - - - redeemed - (175,235.355) - - - outstanding at the end of the period - 593,897.458 - -

Net asset value per Capitalisation Retail EUR B share - as at November 30, 2016 - 11.48 - - - as at May 31, 2016 - 12.06 - - - as at May 31, 2015 - 13.63 - -

Number of Class R Retail EUR Shares B shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Class R Retail EUR Shares B share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

Number of Capitalisation Institutional 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 Institutional EUR B share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2016

ASIAN ITALY SELECTED SHORT OPPORTUNITY BOND DURATION (in EUR) (in EUR) (in EUR) (in EUR)

Number of Class I Institutional EUR Shares B shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Class I Institutional EUR Shares B share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

Number of Capitalisation Institutional EUR shares outstanding - outstanding at the beginning of the period 47,783.186 63,363.829 - - - subscribed 23,730.332 862.718 - - - redeemed (10,739.861) (32,419.912) - - - outstanding at the end of the period 60,773.657 31,806.635 - -

Net asset value per Capitalisation Institutional EUR share - as at November 30, 2016 260.30 117.66 - - - as at May 31, 2016 234.06 122.82 - - - as at May 31, 2015 256.74 137.39 - -

Number of Distribution Institutional EUR shares outstanding - outstanding at the beginning of the period - - 138,368.779 - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - 138,368.779 -

Net asset value per Distribution Institutional EUR share - as at November 30, 2016 - - 100.54 - - as at May 31, 2016 - - 99.34 - - as at May 31, 2015 - - - -

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 value per Capitalisation Retail EUR T share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - - 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 value per Distribution Retail EUR T share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2016

ASIAN ITALY SELECTED SHORT OPPORTUNITY BOND DURATION (in EUR) (in EUR) (in EUR) (in EUR)

Number of Distribution Retail EUR K 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 K share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

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

Net asset value per Capitalisation R Retail EUR share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

Number of Capitalisation R Retail USD shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Capitalisation R Retail USD share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

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

Net asset value per Capitalisation R Retail USD B share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

Number of Capitalisation Institutional EUR S 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 S share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2016

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

Total net assets - as at November 30, 2016 - 264,307,920.36 65,368,924.95 5,842,597.30 - as at May 31, 2016 3,523,867.67 155,894,289.00 76,228,197.59 6,009,672.87 - as at May 31, 2015 5,829,931.50 189,491,482.02 90,354,067.11 8,269,344.84

Number of Capitalisation Retail EUR shares outstanding - outstanding at the beginning of the period - - 294,681.015 657.079 - subscribed - - 9,555.976 13.060 - redeemed - - (68,406.119) (54.814) - outstanding at the end of the period - - 235,830.872 615.325

Net asset value per Capitalisation Retail EUR share - as at November 30, 2016 - - 15.40 9,495.14 - as at May 31, 2016 - - 15.57 9,146.04 - as at May 31, 2015 - - 16.67 11,317.76

Number of Distribution Retail EUR shares outstanding - outstanding at the beginning of the period - - 57,254.894 - - subscribed - - 806.116 - - redeemed - - (7,807.483) - - outstanding at the end of the period - - 50,253.527 -

Net asset value per Distribution Retail EUR share - as at November 30, 2016 - - 1,228.52 - - as at May 31, 2016 - - 1,251.26 - - as at May 31, 2015 - 101.16 1,355.41* -

Number of Capitalisation Retail EUR A shares outstanding - outstanding at the beginning of the period 4,132.978 1,444,125.896 - - - subscribed 358.893 963,642.975 - - - redeemed (4,491.870) (232,138.858) - - - outstanding at the end of the period - 2,175,630.013 - -

Net asset value per Capitalisation Retail EUR A share - as at November 30, 2016 - 93.27 - - - as at May 31, 2016 852.62 92.44 - - - as at May 31, 2015 1,080.45 92.01 -* -

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 Distribution Retail EUR A share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

(1) Dormant as of October 21, 2016 * Change of name of share class

LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2016

FLEX ACTIVE SHORT EUROPEAN SPRING DURATION (1) TERM CREDIT SPECIAL SITUATIONS (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, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

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, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - 100.70 - -

Number of Class R Retail EUR Shares B shares outstanding - outstanding at the beginning of the period - - - - - subscribed - - - - - redeemed - - - - - outstanding at the end of the period - - - -

Net asset value per Class R Retail EUR Shares B share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

Net asset value per Capitalisation Institutional EUR B share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

(1) Dormant as of October 21, 2016

LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at November 30, 2016

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

Net asset value per Class I Institutional EUR Shares B share - as at November 30, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -

Number of Capitalisation Institutional EUR shares outstanding - outstanding at the beginning of the period - 225,648.304 - - - subscribed - 444,899.440 - - - redeemed - (59,568.774) - - - outstanding at the end of the period - 610,978.970 - -

Net asset value per Capitalisation Institutional EUR share - as at November 30, 2016 - 100.47 - - - as at May 31, 2016 - 99.28 - - - as at May 31, 2015 - 98.28 - -

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, 2016 - - - - - as at May 31, 2016 - - - - - as at May 31, 2015 - - - -