LEMANIK SICAV

LEMANIK SICAV

R.C. No B 44.893

Audited annual report As at May 31,2005

No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus supplemented by t h e latest annual report and the most recent semi-annual report, if published thereafter.

LEMANIK SICAV

TABLE OF CONTENTS

ORGANISATION ....................................................................................................... ................................. 3

REPORT OF THE BOARD OF DIRECTORS ...--.-...._..____..... ................................................................. 7

REPORT OF THE AUDITORS .............................................................................................................. 12

STATEMENT OF NET ASSETS ........................................................................................................... 13

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS .................................... 18

STATISTICAL INFORMATION ............................................................................................................. 23 GLOBAL BALANCED .......................................................................................................................... 28

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................ GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS INDUSTRIAL CLASSIFICATION OF INVESTMENTS .....................................

. . . . . . .

ACTIVE GROWTH __________________.____._._____. ............................................................................................... 33 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .......... GEOGWPHICAL CLASSIFICATION OF INVESTMENTS .................. INDUSTRIAL CLASSIFICATION OF INVESTMENTS .........................

EUROPEAN BOND ............................................................................................................................... 37 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ................................................. GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ......................................................... INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...................................................................... 38

ASIAN OPPORTUNITY ......................................................................................................................... 39 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ....................................................... 39 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS INDUSTRIAL CLASSIFICATION OF INVESTMENTS .......

GLOBAL INCOME ................................................................................................................................ 47 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ....................................................... 47 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS 48 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...................................................................... 48

EUROPEAN SPECIAL SITUATIONS ................................................................................................... 49 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS.. . . . . . . INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...............

ITALY ................................................................................................... .... _........__..___________..__ .._._...__..___. 56 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ....................................................... 56 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS 59 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ...................................................................... 59

EURO OPPORTUNITIES CP .................................................................................................................. 60 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ....................................................... 60 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS .................................. 61 INDUSTRIAL CLASSIFICATION OF INVESTMENTS 61

CONVERTIBLE BOND AND EQUITY (formerly CONVERTIBLE BOND) ........................................ 62 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS 62 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ................... ....................... ........... .......... 66 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ......................................... 67

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LEMANIK SICAV (continued)

EUROIMPULCE PORTFOLIO .............................................................................................................. 68 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ..... ............................ 68 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS., ...... ........................................... 69 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ................ ........................................... 69

SPRING ................................................................................................................................................. 70 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS .................................. 70 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ........ ............................ 73 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ............... ....................................... 74

GLOBAL BOND .................................................................................................................................... 75 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ............................ 75 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ....... ............................ 78 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ........................ .............................. 79

GLOBAL INVESTMENT ....................................................................................................................... 80 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ............................ 80 GEOGRAPHICAL CLASSl Fl CAT1 ON OF INVESTMENTS ........ ............................ 85 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ............... ............................ 86

FLEXIBLE BLUE (formerly BLUE) ...................................................................................................... 87 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ..... ............................. 87 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ............................................................... 89 INDUSTRIAL CLASSIFICATION OF INVESTMENTS .................................. ............................. 90

WORLD PORTFOLIO EQUITIES ......................................................................................................... 91 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ............................. 91 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ........ ......................................... 94 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ......................... ................................ 95

FLEX DURATION (formerly WORLD BONDS) ................................................................................... 96 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ............................. 96 GEOGRAPHICAL CLASSl F KATION OF INVESTMENTS ........ ................................. 97 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ............... ............................. 97

FLEX STRATEGY ................................................................................................................................. 98 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ....................................................... 98 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ........ ............................. 99 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ............... ............................. 99

EURO OPPORTUNITIES CP l l ........................................................................................................... 100 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ..................................................... 100 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS ...... ............................... 101 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ............. ........................... 101

FLEX IDEA (formerly CALCIO MANAGER) ..................................................................................... 102 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS ..................................................... 102 GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS .............. ........................... 103 INDUSTRIAL CLASSIFICATION OF INVESTMENTS ............. ........................... 103

NOTES TO THE FINANCIAL STATEMENTS .................................................................................... 104

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LEMANIK SICAV

ORGAN IS AT ION

Board of Directors

Chairman: Mr Cesare SAGRAMOSO LEMANIK S.A. Chairman via Cantonale 19 CH6900 Lugano

Directors: Mr Carlo CAMPER10 ClANl CASA4FUNDS S.A. Manager via San Salvatore 6 CH6900 Paradiso Until October 28, 2004

Mr Michele ZORZI LEMANIK S.A. Director via Cantonale 19 CH-6900 Lugano From October 28, 2004

Mr Jean Louis CATRYSSE Sella Bank Luxembourg SA. (anciennement IBL Investment Bank Luxembourg S.A.) First Vice President 4, boulevard Royal L-2449 Luxembourg Until September 23, 2004

Mr Carlo SAGRAMOSO LEMANIK S.A. Director via Cantonale I 9 CH-6900 Lugano From October 28, 2004

Mrs Aleccandra DEGIUGNO Sella Bank Luxembourg S.A. (anciennement IBL Investment Bank Luxembourg SA.) Director 4, boulevard Royal L-2449 Luxembourg From October 13, 2004

Mr Roberto DI CARLO Sella Bank Luxembourg S.A. (anciennement IBL Investment Bank Luxembourg SA.) General Manager 4, boulevard Royal L-2449 Luxembourg From June 14, 2005

Mr Pietro TASCA Sella Bank Luxembourg SA. (anciennement IBL Investment Bank Luxembourg S.A.) General Manager 4, boulevard Royal L-2449 Luxembourg Until June 14, 2005

Registered Office

4, boulevard Royal, L-2449 Luxembourg

Domiciliary Agent, Administrative Agent, Registry and Transfer Agent

Sella Bank Luxembourg S.A., 4, boulevard Royal, L-2449 Luxembourg

Custodian Bank and Paying Agent

Sella Bank Luxembourg SA., 4, boulevard Royal, L-2449 Luxembourg

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LEMANIK SICAV

ORGANISATION (continued)

Investment Advisors

Lemanik Asset Management Luxembourg S.A., 4, boulevard Royal, L-2449 Luxembourg

Auditor

Deloitte SA, 560, rue de Neudorf, L-2220 Luxembourg

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LEMANIK SICAV

LEMANIK SICAV is a variable capital investment company incorporated in the Grand Duchy of Luxembourg.

Pavinq and Information Aqent for Germany is:

Merck Finck & Co Neuer Wall 7 D-20354 Hamburg

Principal distributors for Italy are:

- Italian's FSP and banks

Banca Popolare Cornmercio e Industria via della Moscova 33 1-20121 Milano

Aletti Invest Sirn S.p.A. Piazza Pontida 7 1-24122 Bergamo

Ifigest Sim S.p.A Piazza Santa Maria Soprano I 1-50125 Firenze

Xelion Banca S.p.A. via Pirelli 32 1-20124 Milano

Banca Sella S.p.A. via ltalia 2 1-1 3900 Biella (From 12th November 2004)

Banca Arditi Galati S.p.A. viale G. Marconi 45 1-731 00 Lecce (From 12th November 2004)

Inteca Sirn S.p.A. Corco Vittorio Emanuele II 68 I-IO121 Torino

On Line Sirn via Caradosso 14 1-201 23 Milano

ImiWeb Sirn S.p.A. via Cavriana 20 1-201 23 Milano

Piazza Affari Sirn S.p.A Piazza San Giorgio 2 1-20123 Milano

Banca Ifigect S.p.A. Piazza S. Maria Soprano 1-50125 Firenze (From Is t December 2004)

Banca di Palermo via Villareale 2 1-901 40 Palermo (From 12th November 2004)

Banca Bovio Calderari via Osc Mazzurana 63 Palazzo Tabarelli 1-381 00 Trento (From 12th November 2004)

Banca del Valdarno Credit0 Cooperativo Piazza della Liberta 26 1-52027 San Giovanni Valdarno (From 29th September 2003)

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LEMANIK SICAV

Distributor for the comDartment EURO OPPORTUNITIES CP is:

Euro Commercial Bank Strada dei Censiti, 21 1-47891 ROVERETA (Repubblica di San Marino)

- Corresoondant banks in Italy are:

Banca Popolare Commercio e Industria via della Moscova 33 1-20121 Milano

Banca Sella S.p.A. via Italia 2 1-1 3900 Biella

Representative for Switzerland (*) is:

Lemanik S A via Cantonale , I9 CH-6900 Lugano

Listinq aqent is:

Banque et Caisse d'Epargne de I'Etat, Luxembourg

r) no distribution in Switzerland

The statutes, the prospectus and also the annual reports and the semi-annual reports can be obtained free of charge by t h e representative in Switzerland, by the Paying and Information Agent in Germany, by the correspondents and the distributors in Italy as well as at the registered office of the SICAV.

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LEMANIK SICAV

REPORT OF THE BOARD OF DIRECTORS

INTRODUCTION The second half 2004 and first half 2005 have been characterised by global uncertainty about the sustainability of the current pace of growth. Real GDPs growing around 3.6% in US, 2.1% in Japan, 1.8% in UK and 1.1% in Euro zone put the American and Japanese economies on top of the list, even though they definitely live two different stages of the economic cycle.

Stock indices highlight these differences over the reference period: UK, the most advanced in the cycle, had the best performing stock market, peaking in March ‘05, but also the biggest decline from top; US rose in second half ‘04 and was substantially stable in first half ‘05 with economic conditions consolidating; Europe has been picking up recently while Japan still lags.

Monetary policy, as expressed by Central Bank target rates, has been particularly explicit in US, where the Federal Reserve has been raising rates a quarter point at every single meeting, in accordance with its wording of “a pace that is likely to be measured”. The Bank of England is definitely done with interest rate hikes and next move will likely be a cut, while the European Central Bank is keeping a stable policy of low rates to support growth in Euro zone.

Yield curves have generally flattened around the world: sometimes because of higher short term rates, but generally speaking because yields have moved lower and longer rates reached new historic lows. This is mainly due to exceptionally low risk premia for longer maturities and hunger for yield in a very stable inflation environment. The big increase in oil prices looks like the biggest threat to this scenario and to the sustainability of growth.

Another topic of discussion has recently been the housing boom, already slowing and curbing consumption in UK, but still growing in US. This is not a global issue yet: Japan housing market is just starting to show new signs of life. Anyway, US house prices and the related wealth that fuelled consumption and spending in the past years are deemed to slow soon.

Currency markets experienced relevant moves: increasing focus on US twin deficits resulted in a steep decline of the dollar index during the second half of last year. Renewed dollar strength in 2005 came from expectations of superior US growth and favourable interest rate differential.

For the rest of the year the investment community seems to favour Europe and Japan: the former has lagged global growth but should finally benefit of it, also thanks to weaker Euro, and the latter should be at the beginning of a new era of self sustaining growth.

GLOBAL BALANCED The fund kept a low risk profile in 2004 - 2005 with a percentage of highly rated Italian and foreign bonds equal to 70% of the assets (bonds: 80% denominated in Euro and 20% denominated in USD) with a medium-low duration to avoid negative variations, A 20% portfolio share was allocated in Italian equity with a focus on “blue chips”. The fund will keep a wait and see approach until the international scenario clears up.

ACTIVE GROWTH Last year has not been positive for our fund and for the sectors in which we invest. The negative performance of 18.36% has been mainly caused by the devaluation of our Accupoll position, which contributed for over 80% of the fund’s loss, for the reasons we will explain later. The markets that we see as our benchmarks, like NASDAQ or Morgan Stanley Hi Tech have severely underperformed the Europeans one like Dow Jones Eurostoxx 50 (NASDAQ +B.g%,M.St.H.Tech +I .01%, Dow Jones Euro Stoxx +9.6%). The investment policy, which had been very active in 2004, has been instead targeted towards a slower portfolio rotation in 2005, together with a lower equity exposure that has been in average between 60% and 70% of assets.

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LEMANIK SICAV

The main holdings in Europe are today: France Telecom, Sogecable and Vivendi Universal, instead in the USA are: Accupoll, Motorola and Intel. The severe pressure on the Tech sector that we have seen since the beginning of the year ,seems now abating, perhaps also due to the fact that there is a widespread even if tentative sign of economic recovery. The Accupol position, which operates in electronic voting machines in the USA, has been devalued from I$ to 0.25 cents, even if the company has formidable growth opportunities; (since the majority of the shares were rectricted)to account for the fund raising difficulties (that now seem over) and the delay of the assignment of federal funds to the states. We announce also that next fall we will have a substantial shift in the investment strategy and a change in the base currency of the fund.

EUROPEAN BOND The fund maintains a very conservative investment policy, with a bias for variable rate bonds so as to contain market risk.

ASIAN OPPORTUNITY Equity market remained generally unchanged during the first six months of the year. Several factors created uncertainty among investors. China tried to slow its economic growth with restrictions in the real estate, construction and production segment. Strong growth pushed oil prices from US$ 35 to US$ 50, putting global consumption at risk. The Federal Reserve changed its monetary policy towards higher cost of money. The high correlation, Asian countries have versus the global economic cycle and their dependence on oil was reflected in by the markets movement. The second part of the year saw trust returning toward the stock markets. China maintained its growth at around 9.5% and the US consumers did not show any signs of weakness. Inflation in the developed world remained well contained, even as commodity prices saw large advances. This situation pushed markets to new highs in the later part of the year. The fund closed its fiscal year with an increase of 12%, outperforming its benchmark MSCl local Far East by 9.52%. We expect next year to see Japan finally emerging from its deflationary spiral and the fund is largely overweight the country with a sector allocation towards local stocks.

GLOBAL INCOME The fund suffered substantial redemptions which left the directors less of a leeway in the portfolio management. In these circumstances the management had to ensure the fund's continuity and to select a new advisor capable of contributing a new influx of funds.

EUROPEAN SPECIAL SITUATIONS During the fiscal year ended on May 31'' 2005, LEMANIK SlCAV - EUROPEAN SPECIAL SITUATIONS recorded a positive performance of 9.34%. The NAV per share increased from 13.17 to 14,40 Euro. At the same time the benchmark increased by 6.05%. The fund performance has thus been good in relative and absolute terms. The manager has been cautious with regards to the stock markets, forecasting a slow economic activity in Europe. Once again though the markets' reaction in the light of a sluggish economy have been surprising. The Italian market has been mainly driven by the oil related stocks and by the renewed activity (and rumours) in banking and manufacturing industries. The fund has underperformed the benchmark until first quarter 2005 when the markets have receded swiftly. The fund has reacted very well in such situation, thank to the implementation of hedging strategies (sale of fut Ure contracts). The high oil price has up to now failed to impact significantly on corporate earnings thank mainly to the deflationary effect coming from a steep increase in productivity from Asian manufacturers. We nonetheless believe that the risk of inflation and thus an increase in interest rates is still present. Would this be the case, some sectors could be badly hurt, especially the real estate market, so important in offsetting the negative effects that a sluggish economy could have had on consumer spending.

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LEMANIK SICAV

The manager will probably keep the net equity exposure between 30% and 35% through value based investments and special situations like mergers and corporate restructuring. The objective is to maintain a low correlation to equity markets and to produce positive absolute returns reducing volatility and maximum drawdown by the implementation of hedging strategies.

ITALY After posting a result of + I 1.12% in the previous period, also in the period under review (June 2004 - May 2005) the Italian equity market was able to rebound with a result of + 18.04%. The Italy compartment in all this period maintained an equity share around 37% on average, thus stressing its feature as a "moderately balanced" compartment. On consideration of this investment policy, the compartment was able to beat the Mibtel index performance, with a t. 10.09% , with a steady low level of risk, and with funds under management on a considerable increase, having reached 180 mio. This result was obtained thanks to a careful stock selection. These stocks such as Danieli, Dada, Esprinet, warr.Milano, Vittoria Ass, performed markedly better than the index.

EURO OPPORTUNITIES CP Starting on 1st July 2001, the Euro Equity CP fund has been managed with a methodology aimed at protecting the initial investment, i.e. at ensuring that the Nav of the fund reached at least the July 2001 pricing of 10.14 f over a five year period. The protection is ensured by a dynamic, quantitative technique which indicates the percentage to be invested in equity and bonds. The initial amount invested in equity was 50%; subsequently this percentage was gradually reduced owing to the decline of equity markets. Indeed the algorithm requires that a fall in the Nav is followed by a decline in the amount invested in risky assets (Le. equity) and consequently an increase in the percentage invested in bonds. Vice versa, in case of an increase in the Nav of the fund, the percentage allocated in equity can be increased, and that invested in bonds decreased. Starting from April 2002, the algorithm required the percentage invested in equity to be reduced to zero, and it remained substantially unchanged ever since. Therefore the fund was not able to benefit from the increase in equity markets in 2003 and the early months of 2004. However, the objective of protecting the capital at the end of the above mentioned period is fully achievable, also thanks to an OTC option written with an Italian primav financial institution.

As far as the bond component of the fund is concerned, it has necessarily been invested in bonds, maturing around July 2006. Preference has been given to bonds issued by EU governments, although a few corporate bonds with AAA rating are included. No unrated bonds have been included. The strategy adopted led to an out performance with respect to the benchmark, composed by the Eurostoxx 50 index at 60% and by Citigroup Euro 3 - 5 years at 40%, by a percentage which in the period July 2001 to May 2005 was 3.16%.

CONVERTIBLE BOND & EQUITY (formerly Convertible Bond) The price of the fund has decreased from € 11.15 (28'h May 2004) to f 9.54 (31" May 2005) for a loss of 14.44%. The GSBB Global Convertible Bond Index has increased by 0.15 % during the same period from 1432.00 to 1434.26. The comparatively weak performance of the fund is basically due to a high liquidity from the month of August 2004 to the month of May 2005. The price decrease of the fund during the first months of 2005 was accentuated by a price adjustment on non quoted securities. The performance of Convertible bonds has been disappointing from the beginning of 2004 until May 2005, basically because of important redemptions by hedge funds specialized in convertible arbitrage. The convertible bond market offers today interesting valuations on a historical basis. The new rules for the fund in force since loth May 2005 allows the fund manager to invest less than 50% in convertible bonds which offers a higher degree of flexibility. The combination of low historically low valuation of convertible bonds and of equities relative to the low interest rates induces the manager to optimism for fiscal year 2005 -2006.

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LEMANIK SICAV

EUROIMPULSE PORTFOLIO The fund is undergoing a transitional period and has suffered substantial redemptions. The directors' task in these circumstances was to reduce the risks as much as feasible by investing only in governmental and supranational fixed rate bonds.

SPRING Undoubtedly positive year for our Sicav that in the period increases its value of beyond 8.24%. thanks to the growth almost constant on all world-wide securities markets. The composition of our NAV to the 31" May 2005 was not substantially different regarding the end of the previous year: a third partly in equities, a third partly in bonds and the remaining in financial instruments, of which 28% approximately in liquid availabilities. To the inside of the various areas, they have been some variations: in the equity one we have closed the positions on the Australian market, increased those on the Indian market and reduced the presence on the USA markets. In the bond one we have replaced the investments in USD with called obligations of high rating but in emergent country currencies (Poland, Turkey) that they have allowed to raise the rendering of the portfolio, to which then has joined also a gain on the exchange rate (in the first half year 2005, Euro has been devaluated regarding these currencies while it is remained substantially stationary regarding the USD). As far as the present and the next future, we have increased of approximately 15% the equity weight expecting larger profits from companies and we reduced the liquidity by almost 15%.

GLOBAL BOND The management of the fund last year was extremely cautious. Long term yields at record lows and the advanced stage of economic recovery seemed to worsen the riskheward profile of longer durations. Floating rate notes were favoured to reduce the interest rate risk of the portfolio. We added few subordinated issues, while focusing on the best ratio between issuer solidity and Libor spread along the credit curve. Trimming currency exposure and concentrating on the denomination currency avoided its relative strength could narrow the performance. Equity investments were limited to few convertibles, thus respecting the fundamental nature of the fund.

GLOBAL INVESTMENT Since I"' March, activity has been concentrated on the reorganisation of the portfolio, in particular on the reduction of individual positions which are larger than 4% - 5% of the net asset value of the fund. Equity investment represented a significant part of total fund assets, and it is actively managed. The fund invests in large capitalization securities with a medium and long term perspective. Exposure to the various economic sectors is based on earnings growth perspectives. As far as currencies are concerned, hedging operations can be made in order to manage currency risks.

FLEXIBLE BLUE (formerly Blue) The price of the fund has decreased from € 643.68 (28'h May 2004) to € 604.14 (31" May 2005) for a loss of 6.14%. The fund was managed in an equity neutral way from October 2004 up until May 2005. This means that the risks were limited through the forward sale of equity indices and foreign currencies. The equity portfolios were not able to do better than the underlying indices. This is the reason why the result from October 2004 to May 2005 was practically even.

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LEMANIK SICAV

WORLD PORTFOLIO EQUITIES Since 1" March, activity has been concentrated on the reorganisation of the portfolio, in particular on the reduction of individual positions which are larger than 4% - 5% of the net asset value of the fund. The net equity exposure of the fund for the period just ended was around 80% and the equity part was actively managed. The fund invests in large capitalization securities with a medium and long term perspective. Exposure to the various economic sectors is based on earnings growth perspectives. As far as currencies are concerned, hedging operations can be made in order to manage currency risk.

FLEX DURATION (formerly World Bonds) The portfolio which is invested mainly in top quality bonds denominated in Euro posted good returns in the course of the year while maintaining a particularly low volatility. In the meantime the fund has been gradually invested in "grandfathered" bonds which exempt the fund from euro-taxation. The fund's duration has been actively managed through the use of futures on the German Bund.

FLEX STRATEGY During this year, the sub-fund has been invested in its reference benchmark S & P500 without taking any currency risks. US indices have not realised good performances, but only a marginal movement, maybe because of the less attractive valuations than the European indices, maybe because of the monetary tightening. In spite of the upward and downward movements, the sub-fund has been able to manage the volatility but has not been able to perform, because of the underlying market.

EURO OPPORTUNITIES CP II The fund is managed with a methodology aimed at protecting the initial investment: the operations and the variations in the equity component or bond component will be determined only based on the market trends and as a result of a mathematical formula. The equity component tracks the Eurostoxx index while the bond component (in a prevalent way during all this review period) has been composed of 4 highly rated government issues.

FLEX IDEA (formerly Calcio Manager) The sub-fund is exposed to the Japanese market; even this market has been in a trading range for a long period. Finally in the last months the index seems to be set up to rise and therefore the sub- fund is ready to perform.

September 1,2005 The Board of Directors

Notice: The information in this report represents historical data and is not an indication of future results

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Deloitte Deloitte Consulting SaRL 560, rue de Neudorf L-2220 Luxembourg B.P. 1173 L-1011 Luxembourg

Tel: +352 451 451 Fax:+352 451 452 467 www.deloitte.lu

REPORT OF THE AUDITORS

To the Shareholders of LEMANIK SICAV (Investment Company with Variable Capital with multiple compartments)

Following our appointment by the Annual General Meeting of Shareholders, we have audited the financial statements, which consist of the combined statement of net assets, the combined statement of operations and other changes in net assets and the notes to the financial statements of LEMANIK SICAV (Investment Company with Variable Capital with multiple compartments) as well as the statement of net assets, the statement of operations and other changes in net assets, and the statement of investments and other net assets of each of its compartments for the year ended May 31, 2005. These financial statements are the responsibility of the Board of Directors of the SICAV. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the SICAV in preparing the financial statements, as well as evaluating the overall financial statements’ presentation. We believe that our audit provides a reasonable basis for our opinion.

The financial statements include various unquoted investments disclosed in the statement of investments and other net assets under the heading “Other transferable securities - shares” for an amount of USD 142,537.58 (1.07% of the total net assets) in the compartment Active Growth, USD 54,596.52 (3.02% of the total net assets) in the compartment Global Income, EUR 378.07 (0.002% of the total net assets) in the compartment European Special Situations and EUR 32,378.46 (0.73% of the total net assets) in the compartment Convertible Bond & Equity. The financial statements also include quoted investments disclosed in the statement of investments and other net assets under the heading “Transferable securities admitted to another regulated market-shares’’ for an amount of USD 895,873.50 (6.75% of the total net assets) in the compartment Active Growth and EUR 218,364.83 (4.87% of the total net assets) in the compartment Convertible Bond & Equity. These investments have been stated at fair value as determined by the Board of Directors of the Company in the absence of readily ascertainable or representative market values. We have not been able to obtain sufficient information to assess the adequacy of this fair value and, because of the inherent uncertainty of valuation, the Board of Directors’ estimates of fair value may differ significantly from the value that would have been used had a ready market existed, and the difference could be material.

In our opinion, except for any adjustments to the financial statements that might have been found to be necessary had we been able to obtain sufficient evidence concerning the valuation of the assets mentioned in the previous paragraph, the attached financial statements described above give, in conformity with the Luxembourg legal and regulatory requirements, a true and fair view of the financial position of LEMANIK SICAV (Investment Company with Variable Capital with multiple compartments) and of each of its compartments at May 31, 2005 and the results of their operations and changes in their net assets for the year then ended.

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. We have no observations to make concerning such information in the context of the financial statements taken as a whole.

DELOITTE SA Reviseur d’entreprises

Partner Partner

September 1, 2005 Audit. Tax. Consulting. Financial Advisory.

Member of Deloitte Touche Tohrnatsu

12 Societe a Rerponrabilite Limitee au capital de 35.000 EUR RCS Luxembourg B 54.931 Autorisation d’Ctablissement: n‘ 96.519

ASSETS Portfolio: - cost - Net unrealised results

Cash & other liquid assets: - Cash at bank - Time deposits - Deposits on futures

LEMANIK SICAV

STATEMENT OF NET ASSETS as at May 31,2005

Notes COMBINED GLOBAL , .CTIVE EUROPE BALANCED GROWTH BOND

2a

Other assets:

- Receivables on investments sold - Receivables on subscriptions - Dividends 8 coupons - Bank interest - Interest receivable on bonds - Prepaid expenses

- Unrealised gain on forward foreign exchange contracts - Other receivables

- Formation expenses, net 2f

- Unrealised gain on future contracts 7 6

LIABILITIES - Unrealised loss on forward foreign exchange contracts - Unrealised loss on futures contracts -Taxesandexpensespayable I Payables on redemptions

6 7

Payables on securities purchased

NET ASSETS

Net asset value per share Number of shares

Net asset value per share category A Number of shares category A outstanding

Net asset value per share category B Number of shares category B outstanding

Net asset value per share category C Number of shares category C outstanding

Net asset value per share category D Number of shares category D outstanding

N

(in USD) (in EUR) (in USD) (in EUR)

451,879,387.09 3,181,160.89 12,963,298.47 89,647.50 3,294,7503 (379,292.35) (4,025,634.66) 2,233.50

455,174,137.84

33,873,464.05 16,431,584.21 9,910,421.29

7,795.91 3,198,387.83 2,223,480.65

389,460.50 92,832.59

3,369,623.65 5,874.79

566,826.98 1,570,747.24

2,801,868.54 8,937,663.81 91,881 -00

803,093.06 521,280.22 40,033.97 0.00 3,837,581.56 0.00

14,625.96 26,455.68 889.99

0.00 0.00 0.00 0.00

537.64 21,740.53

0.00 0.00 0.00

0.00 0.41 0.00

3,087.00 3,660.09

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

114.39 1,666.02 2,181.09

0.00 0.00

275.65 0.00 0.00 - 0.00 526,814,913.18 3,641,865.73 13,329,728.77 136,766.46

290,373.21 0.00 0.00 0.00 591,101.09 0.00 0.00 0.00

1,697,444.14 16,132.58 53,006.89 5,352.60 1,526,593.50 0.00 1,905.09 0.00

11,947,442.43 0.00 0.00 0.00 16,052,954.37 16,132.58 54,91 I .98 5,352.60

510,761,958.81 3,625,733.1 5 13,274,816.79 131,413.86

6.90 525,258.188

16.39 810,001.395

5.50 23,878.840

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

13

LEMANIK SICAV

STATEMENT OF NET ASSETS (continued) as at May 31,2005



Notes ASIAN GLOBAL EUROPEAN ITALY OPPORTUNITY INCOME SPECIAL

SITUATIONS (in USD) (in USD) (in EUR) (in EUR)

40,723,028.99 367,629.55 16,101,919.76 170,431,242.32 2a 496,342.93 (312,927.43) 18,316.32 4,497,652.54

Other assets:

- Receivables on investments sold - Receivables on subscriptions - Dividends 8 coupons - Bank interest - Interest receivable on bonds - Prepaid expenses

- Unrealised gain on forward foreign exchange contracts - Other receivables

- Formation expenses, net 2f

- Unrealised gain on future contracts 7 6

LIABILITIES - Unrealised loss on forward foreign exchange contracts - Unrealised loss on futures contracts - Taxes and expenses payable - Payables on redemptions

6 7

Payables on securities purchased

NET ASSETS





Net asset value per share category D Number of shares category 0 outstanding

41,219,371.92 54,702.12 16,120,236.08

3,716,392.83 1,743.94 3,148,676.30 0.00 1,712,341.96 3,011,582.81

981,256.94 54,203.49 388,537.98

0.00 2,620,886.80

158,244.16 243,355.22

1,484.88 0.00 0.00 0.00

1,569,433.1 5

0.00 0.00 0.00 0.00

401.99 0.00 0.00 0.00 0.00

0.00 0.00

886,451.35 60,191.64 9,874.91

137,290.66 0.00 0.00 0.00

174,928,894.86

825,903.50 3,467,055.59

19.617.65

0.00 21 3,007.94 669,142.25 28,800.00 3,344.35

1,092,578.58 0.00 0.00 0.00

0.00 0.00 0.00 0.00 50,510,425.90 1,823,393.50 23,762,841 -73 181,248,344.72

0.00 0.00 0.00 0.00 0.00 0.00 5,425.00 0.00

198,646.96 13,434.79 65,743.53 529,021 -97 78,547.52 0.00 37,790.76 897,920.75

5,569,103.1 8 0.00 242,381.73 1,267,183.90 5,846,297.66 13,434.79 351,341.02 2,694,126.62

44,664,128.24 1,809,958.71 23,411,500.71 178,554,218.10

14.40 16.15 - 1,625,775.308 11,054,573.499

9.44 12.39 3,514,954.063 13,087.194

132.83 EUR 8.65 86,546.994 154,876.750


14

LEMANIK SICAV




Notes EURO CONVERTIBLE EUROIMPULSE SPRING OPPORTUNITIES BOND AND PORTFOLIO

CP EQUITY (FORMERLY

CONVERTIBLE BOND)

(in EUR) (in EUR) (in EUR) (in EUR)

3,600,019.27 4,031,303.97 109,397.00 6,099,582.58 2a (3,19427) (636,766.07) 2,948.00 113,202.56

3,596,825.00 3,394,537.90 112,345.00 6,212,785.14

138,465.56 1,295,844.21 51,329.60 1, 875.451.44 0.00 0.00 0.00 90,332.46

6,405.67 116,308.56 4,288.00 588,833.38

Other assets: - Formation expenses, net 2f 0.00 0.00 0.00 104.28 - Receivables on investments sold 0.00 0.00 0.00 175,077.87

- Dividends & coupons 0.00 281.61 0.00 6,257.90

I Interest receivable on bonds 66,987.95 7,338.22 1,970.68 75,321 .I6

- Receivables on subscriptions 0.00 0.00 0.00 0.00

- Bank interest 747.98 4,271.36 146.43 5,747.97

- Prepaid expenses 0.00 0.00 2,593.61 0.00 - Unrealised gain on futures contracts 7 0.00 0.00 0.00 0.00 - Unrealised gain on forward foreign exchange contracts 0.00 0.00 0.00 0.00 - Other receivables 0.00 0.00 0.00 _- 0.00

6

3,809,432.1 6 4,818,581.86 172,673.32 9,029,91 I .60 LIABILITIES - Unrealised loss on forward foreign exchange contracts 6 0.00 174,746.60 0.00 41,254.75 - Unrealised loss on futures contracts 7 0.00 0.00 0.00 80,000.00 - Taxes and expenses payable 26,106.80 25,630.97 5,122.27 39,820.55 - Payables on redemptions 31,281 3 5 129,933.76 0.00 0.00 - Payables on securities purchased 0.00 0.00 0.00 0.00

57,388.15 330,311.33 5,122.27 161,075.30

NET ASSETS






3,752,044.01 4,488,270.53 167,561.05 8,868,836.30

9.80 9.54 6.47 9,602.35 383,018.816 470,463.31 6 25,881.965 923.61 1

The accompanying notes are an integral part of these financial statements,

15

LEMANIK SICAV


Notes GLOBAL GLOBAL FLEXIBLE WORLD BOND INVESTMENT BLUE PORTFOLIO

(FORMERLY BLUE) EQUITIES

(in EUR) (in EUR) (in EUR) (in EUR) ASSETS Portfolio: - cost - Net unrealised results

16,853,289.80 4,862,482.54 1,060,043.54 4,406,489.96 2a 31,641 .I 3 61,324.30 23,137.70 423,703.20

16,884,930.93

342,889.36 0.00

135.01 1.43

4,923,806.84 1,083,181 2 4 4,830,193.16 Cash & other liquid assets: - Cash at bank - Time deposits - Deposits on futures

I ,296,977.1 7 6.648.30 1,121,624.85 0.00 402,409.62 0.00

1,242.34 138,490.34 1,190.58

Other assets: - Formation expenses, net - Receivables on investments sold - Receivables on subscriptions - Dividends & coupons - Bank interest - Interest receivable on bonds - Prepaid expenses

- Unrealised gain on forward foreign exchange contracts - Unrealised gain on futures contracts 7

6 . - Other receivables

2f 559.37 0.00

7,487.04 7.179.87 2,851.96

0.oc 0.oc 0.oc 0.oc 0.oc

5,971,086.82

0.00 0.00

22,375.00 2,381.97

834.08 220,030.99

0.00 0.00 0.00 0.00

17,608,453.76

0.00 45,400.00 44,680.86 20,007.68

162.15 81,274.41 7,135.1 8 6,445.53

9,416.00 0.00 0.00 0.00

224.03 6,330,618.04

3,934.39

152.16 0.00 0.00

4,698.74 312.34

0.00 0.00 0.00 0.00 0.00

1,635,892.74 - LIABILITIES - Unrealised loss on forward foreign exchange contracts - Unrealised loss on futures contracts -Taxesandexpensespayable - Payables on redemptions

6 7

0.00 19,997.76 0.01 0.00 12,891.87 0.0c

14,711.52 27,163.2C 58,394.38 17,522.61 0.00 1,354.0;

- Payables on securities purchased 0.00 0.00 0.00 O.O( 110,088.54 75,916.99 47,601 .I5 28,517.2;

NET ASSETS 17,498,365.22 6,254,701.05 1,588,291.59 5,942,569.56



798.81 5.81 1.74'


8.921.79 604.14 117.0 700.481 2,629.024 I 1 ,I 11.36:


8.96 103.14 1,953,354.653 50.000


9.52 500.000


16

LEMANIK SICAV


Notes FLEX FLEX EURO

(FORMERLY WORLD CP II DURATION STRATEGY OPPORTUNITIES

ASSETS (in EUR) (in EUR) (in EUR) Portfolio: - cost 40,772,765.57 29,048,886.30 21,071,389.01 - Net unrealised results 2a 824,203.1 9 194,107.70 624,759.19

BONDS)

FLEX IDEA (FORMERLY

CALCIO MANAGER)

(in EUR)

1,610,651.12 2,553.55

1,613,204.67 41,596,968.76 29,242,994.00 21,696,148.20 Cash & other liquid assets: - Cash at bank - Time deposits - Deposits on futures

175,013.20 1,080,019.14 0.00 1,872,625.04

2,364,691.25 2,744,443.08

413,046.16 0.00

367.885.69

11,469,881.09 0.00

299,108.48

Other assets:

- Receivables on investments sold - Receivables on subscriptions - Dividends & coupons - Bank interest - Interest receivable on bonds - Prepaid expenses - Unrealised gain on futures contracts 7 - Unrealised gain on forward foreign exchange contracts 6 - Other receivables

~ Formation expenses, net 2f 1,410.00 0.00 0.00 0.00

1,524.82 456,137.69

0.00 300,075.28

1,068.02 0.00

1,337.26 0.00

31,691.69 0.00

795.98 1 97,698.58

0.00 160.61 0.00

0.00 0.00

27,785,368.97

2,051.53 0.00 0.00 0.00

1,309.05 4,143.45

0.00 0.00 0.00 0.00

2,401,640.55

559.33 0.00

54,226.26 0.00

34,593.23 446,321.23

0.00 0.00 0.00 0.00

53,901,658.38 32,542,9 I 4.26 LIABILITIES - Unrealised loss on forward foreign exchange contracts 6 - Unrealised loss on futures contracts 7 - Taxes and expenses payable - Payables on redemptions - Payables on securities purchased

0.00 125,447.05 15,783.93

0.00 0.00

0.00 0.00 0.00 0.00

88,818.05 89,262.83 4,930.25 32,407.41

0.00 0.00 93,748.30 121,670.24

0.00 21 1,250.00 112,392.44

2,193.84 3,674,391 -96 4,000,228.24 141,230.98

NET ASSETS 2,260,409.57 49,901,430.14 32,449,165.96 27,663,698.73


987.35 107.05 32,865.000 258,412.692

887.72 2.546.31 7


1,057.59 47.092.01 7


5,116.66 18.993



The accompanying notes are an integral part of these financial statements

17

.- . -. . . . . .. . . _. - ... . -

LEMANIK SICAV

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS

For the year ended May 31,2005

Notes GLOBAL ACTIVE EUROPEAN COMBINED BALANCED GROWTH BOND

(in USD) (in EUR) (in USD) (in EUR) NET ASSETS AT THE BEGINNING OF THE YEAR 402,206,030.85 2,319,037.98 17,237,574.98 139,354.22

INCOME Income from investments: - Dividends, net ~ Bond interest, net - Bank interest, net Other income

2,980,355.40 9,238.08 1 01 ,141 .OO 0.00 7,263,507.50 62,027.94 0.00 2,797.1 4 1,380,656.90 3,282.25 74,540.70 976.13

117,066.34 0.00 0.00 0.00 11,741,586.14 74,548.27 175,681 -70 3,773.27

EXPENSES Fees:

- Performance fees 4 1,265,680.41 2,820.66 4,529.35 0.23 - Custodian and administration fees 883,059.83 4,994.48 29.51 1.39 258.25

- Advisory fees 3 6,932,755.27 32,714.54 254,496.08 1,354.53

- Placing agent and correspondent bank fees 19,260.47 0.00 0.00 0.00 I Registrar and transfer agent fees 275,003.07 373.50 4,217.43 100.00

Other expenses: ~ Annual tax - Amortisation of formation expenses - Audit and legal fees - Printing and publishing expenses - Administration and other expenses - Bank interest

NET RESULT ON INVESTMENTS Net realised result on: - investments - foreign exchange I futures contracts NET REALISED RESULT Change in net unrealised appreciationl(depreciati0n) on: - investments I forward foreign exchange contracts - futures contracts RESULT OF OPERATIONS

Subscriptions of shares Redemptions of shares

5 237,131.94 4,774.92

252,6 1 0.02 125,651.33

1,004,393.61

I 1,025,747.24 25,426.37 -

71 5,838.90

6,428,900.26 3,547,663.90 (5,616,909L.77J 5,075,493.29

8,043,626.96 (697,907 -66) 289,834.19

12,711,046.78

1,342.84 0.00

10,774.74 4,383.29 4,595.09

62,017.01 17.93 -

12,531.26

150,488.57 2,332.99 (773.04)

164,579.78 --

85,786.69 0.00 0.00

250,366.47

7,528.93 66.97 0.00 0.00

12,971.77 2,779.83 5,948.02 2,549.44

23,494.76 5,215.39 700.84 0.77

343,398.57 12,325.41

(167,716.87)

(2,387,081 -34) 12,425.31

0.00 (2,542,372.90)

(561,160.91) 0.00 0.00

(3,103,533.81)

(8,552.14)

0.00 (12.37)

0.00 (8,564.51)

2,646.00 0.00 0.00

(5,918.51)

341,474,532.71 1,125,518.64 I I 1,049.22 0.00 (247,656,276.81) (69,189.94) (970,273.60) (2,021.85)

93,818,255.90 1,056,328.70 (859,224.38) (2,021.85)

Currency revaluation 2,026,625.28

NET ASSETS AT THE END OF THE YEAR 51 0,761,958.81 3,625,733.1 5 13,274,816.79 131,413.86 c


18

LEMANIK SICAV

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS (continued)


NET ASSETS AT THE BEGINNING OF THE YEAR

INCOME Income from investments: - Dividends, net - Bond interest, net - Bank interest, net Other income

Notes ASIAN GLOBAL EUROPEAN ITALY OPPORTUNITY INCOME SPECIAL

SITUATIONS (in USD) (in USD) (in EUR) (in EUR)

26,012,776.61 1 5,939,723.61 7,714,455.27 39,966,835.21

574,735.90 15.381.83 136,555.22 1 .I 99,978.54 0.00 190,061.05 228,090.41 1,140,463.71

6,290.19 72 I 338.48 32,021.26 468,852.08 22,371 -28 0.00 0.00 0.00

603,397.37 277,781.36 396,666.89 2,809,294.33

EXPENSES Fees: - Advisory fees 3 653,521.15 176,766.77 154,723.96 1,670,448.27 - Performance fees 4 584,470.62 220.86 34,349.39 300,390.89 - Custodian and administration fees 67,171 -57 22,988.23 19,331.34 209,698.21

- Registrar and transfer agent fees 30,852.54 3,136.12 12,770.52 115,937.00 - Placing agent and correspondent bank fees 0.00 0.00 0.00 0.00

Other expenses: - Annual tax - Amortisation of formation expenses - Audit and legal fees - Printing and publishing expenses - Administration and other expenses - Bank interest

5 17,067.96 0.00

21,146.65 6,516.71

11 1,197.41

1,505,401.68 13,457.07 I

NET RESULT ON INVESTMENTS Net realised result on: - investments - foreign exchange - futures contracts NET REALISED RESULT Change in net unrealised appreciationl(depreciation) on: - investments - forward foreign exchange contracts - futures contracts RESULT OF OPERATIONS


NET ASSETS AT THE END OF THE YEAR

(902,004.31)

3,468,962.04 1,452,450.47

433,550.00 4,452,958.20

(687,356.79) 202,694.24 336,225.00

4,304,520.65

2,330.55 6,206.22 63,614.75 0.00 0.00 0.00

11,744.62 11,733.81 31,795.83 7,880.21 5,531 . I7 8,151.78

37,060.23 24,301.67 95,562.1 9 1,178.35 961.36 67.83

263,305.94 269,909.44 2,495,666.75

14.475.42

1,615,577.61 408,510.99

0.00 2,038,564.02

( I ,141,218.20) (39,487.47)

0.00 857,858.35

126,757.45

239,752.91

21,525.00 381,893.21

(6,142.15)

374,172.48 0.00

750,640.69 (5,425.00)

313,627.58

5,089,122.1 1 (2.87)

(260,875.00) 5,141,871.82

3,163,991.58 0.00 0.00

8,305,863.40

21,103,306.84 53,942.22 18,385,117.45 185,557,730.39 (6,756.475.86) (1 5,041,565.47) (3,438,712.70) (55,276,210.89)

14,346,830.98 ( I 4,987,623.25) 14,946,404.75 130,281,519.50

44,664,128.24 1,809,958.71 23,411,500.71 178,554,218.1 0

The accompanying notes are an integral pafl of these financial statements

19

LEMANIK SICAV

STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS (continued)




Notes EURO OPPORTUNITIES

CP

(in EUR)

EXPENSES Fees: - Advisory fees 3 - Performance fees 4 - Custodian and administration fees - Placing agent and correspondent bank fees - Registrar and transfer agent fees


5

NET RESULT ON INVESTMENTS Net realised result on: - investments - foreign exchange - futures contracts NET REALISED RESULT Change in net unrealised appreciationl(depreciati0n) on: - investments - forward foreign exchange contracts - futures contracts RESULT OF OPERATIONS



7,030,014.04

0.00 248,924.38

4,770.72 (4,954.202

258,649.30

101,162.47 635.29

9,701.54 15.653.83 5,003.00

2,337.24 25.14 0.00

4,582.1 4 26,195.47

0.76 165,296.88

93,352.42

(5,958.06) (233.81)

0.00 87,160.55

(98,817.94) 0.00 0.00

(1 1,657.39)

56,359.34 (3,322,671.98) (3,266,312.64)

SPRING CONVERTIBLE EURO- BOND AND IMPULSE

EQUITY PORTFOLIO (FORMERLY

CONVERTl6LE BOND)

(in EUR) (in EUR) (in EUR)

13,099,243.57 183,712.58 8,591,265.99

1 2,179.34 0.00 79,741.78 40,897.82 3,427.38 155,065.07 25,525.94 857.12 23,968.19

0.00 0.00 71,750.90 78,603.1 0 4,284.50 330,525.94

164,91 I .72 3,134.56 107,575.51 96,896.08 0.00 69,645.85 19,864.54 332.35 16,436.52

0.00 0.00 0.00 5.878.50 91.50 222.00

4,595.69 86.23 4,344.99 25.38 0.00 529.33

1 2,068.1 9 2,771.25 4,251 -79 4,641.43 2,307.38 4,685.20

24,403.14 5,375.91 27.145.25 325.97 0.18 744.48

333,610.64 14,099.36 235,580.92

(255,007.54) (9,814.86) 22,557.80

(769,150.8 1 ) 0.00 387,923.78 184,458.70 (10.71) 116,341.45 83,908.56 0.00 196,202.36

(755,791.09) (9,825.57) 723,025.39

(509,523.43) 3,359.00 104,834.97 (1 18,075.42) 0.00 (64,377.93)

0.00 0.00 (82,700.00j (I ,383,389.94) (6,466.57) 680,782.43

754,229.84 0.00 93,307.79 (7,981,812.94) (9,684.96) (496,5 1 9.9 1 1 (7,227,583.1 0) (9,684.96) (403,212.12)

3,752,044.01 4,488,270.53 167,561.05 8,868,836.30 --


20

LEMANIK SICAV

STATEMENT OF OPERATIONS AND OTHER CHANGES


Notes



EXPENSES Fees: - Advisory fees 3 - Performance fees 4 - Custodian and administration fees - Placing agent and correspondent bank fees I Registrar and transfer agent fees


NET RESULT ON INVESTMENTS Net realised result on: - investments - foreign exchange - futures contracts NET REALISED RESULT Change in net unrealised appreciationl(depreciati0n) on: - investments - forward foreign exchange contracts - futures contracts RESULT OF OPERATIONS



5

IN NET ASSETS (continued)

GLOBAL GLOBAL FLEXIBLE WORLD BOND INVESTMENT BLUE PORTFOLIO

(FORMERLY BLUE) EQUITIES (in EUR) (in EUR) (in EUR) (in EUR)

9,902,711.71 42,211,044.24 1,364,555.32 46,330,815.62

2.922.1 4 182,538.30 27,870.1 1 209,426.30 440,269.72 261,184.38 0.00 13,185.33

7 549.34 129,930.87 I I ,486.74 73,389.89 0.00 0.00 257.75 0.00

450,741 -20 573,653.55 39,614.60 296,001.52

146,678.73 483,549.04 36,426.61 390,734.62 0.00 26,599.81 0.00 55.24

27,873.99 58,872.85 3,505.32 39,860.90 0.00 0.00 0.00 0.00

3,503.50 2,397.50 458.00 33,859.50

7,966.49 14,023.13 1,014.21 8,839.99 0.00 625.04 375.40 302.29

11,579.44 8,993.05 9,007.1 4 5,176.1 5 4,167.41 12,033.1 5 5,310.20 4,620.23

39,014.31 45,171.74 14,927.06 70,898.55 188.52 1,869.16 0.04 3,391.89

240,972.99 654,134.47 71,023.98 557,739.36

209,768.21 (80,480.92) (31,409.38) (261,737.84)

(337,194.55) 592,336.80 50,532.35 (1,736,692.79) 4,550.30 168,154.35 45,594.44 385,306.42

( I 59,304.90) (404,436.64) (1 27,486.83) (61 7,233.24) (282,180.94) 275,573.59 (62,769.42) (2,230,357.45)

553,670.29 1,042,671 -81 33,878.13 1,484,146.44 18,116.26 (167,879.72) (46,212.85) (294,312.78)

(34,410.18) 17,544.15 (1 2,326.87) 12,033.49 255,195.43 I ,I 67,909.83 (87,431 .Ol) ( I ,028,490.30)

11,020,989.85 4,167,849.28 971,551.28 873,801.38 (3,680,531.77) (41,292,102.30) (660,384.00) (40,233,557.14) 7,340,458.08 (37,124,253.02) 31 1,167.28 (39,359,755.76)

17,498,365.22 6,254,701.05 1,588,291.59 5,942,569.56


21

LEMANIK SICAV

STATEMENT OF OPERATIONS AND OTHER CHANGES


Notes FLEX DURATION (Formerly World

Bonds)

(in EUR) 37,812,820.27 NET ASSETS AT THE BEGINNING OF THE YEAR

INCOME Income from investments: - Dividends, net 0.00 - Bond interest, net 1,342,071 9 7 - Bank interest, net 93,378.82 Other income 0.00

1,435,450.79

EXPENSES Fees: - Advisory fees 3 405,057.73 - Performance fees 4 8,981.70 - Custodian and administration fees 85,736.54

0.00 - Registrar and transfer agent fees 3,033.00 - Placing agent and correspondent bank fees


NET RESULT ON INVESTMENTS Net realised result on: - investments - foreign exchange - futures contracts NET REALISED RESULT Change in net unrealised appreciation/(depreciation) on: - investments - forward foreign exchange contracts - futures contracts RESULT OF OPERATIONS



5 23,618.26 302.31

20,726.66 5,614.25

35,606.82 0.00

588,677.27

846,773.52

147,260.57 403,462 -90

(1,014,150.00) 383,346.99

I ,110,920.19 0.00

1,263,317.18 (230,950.00)

21,357,423.01 (1 0,532,130.32) 10,825,292.69

IN NET ASSETS (continued)

FLEX OPPORTUNITIES FLEX IDEA STRATEGY CP II (Formerly Calclo

(in EUR) (in EUR) (in EUR) 27,979,570.97 35,667,622.05 190,659.88

Manager)

0.00 0.00 0.00 686,812.52 1,105,330.16 18,353.94 35,385.34 80,942.20 5,316.36

0.00 0.00 0.00 ... . . . .

722,197.86 1,186,272.36 23,670.30

404,473.04 625,586.39 24,372.43 9,364.56 45.02 3.81

61,756.82 59,835.77 2,380.19 0.00 0.00 0.00

567.00 7,897.33 363.50

16,958.01 15,042.71 784.74 522.56 485.17 688.17

17,235.93 10,414.77 8,723.81 5,242.29 6,487.45 5,280.20

71,895.00 169,926.65 16,489.39 444.08 130.35 57.36

588,459.29 895,851.61 59,143.60

133,738.57 290,420.75 (35,473.3C

(847,289.16) 84,320.44 (12,744.7: 38,718.29 (4.62) 18,245.56

(2,972,285.60) 285,440.00 51,993.85 (3,647,117.90) 660,176.57 22,021.38

340,983.55 783,901.65 3,032.70

154,187.60 269,790.00 (125,447.0E (3,179,069.98) I ,713,868.22 ( I 00,392.97

(27,123.23) 0.00 0.00

12,368,700.05 1,343,006.86 2,170,142.66

7,648,664.97 (9,717,791.54) 2,170,142-66 (4,720,035.08) (1 1,060,798.40) 0.00

49,901,430.14 32,449,165.96 27,663,698.73 2,260,409.57


22

LEMANIK SICAV

STATISTICAL INFORMATION as at May 31,2005

Total net assets - as at 31.05.2005 - as at 31.05.2004 - as at 31.05.2003

Number of capitalisation shares outstanding - outstanding at the beginning of the year - subscribed - redeemed - outstanding at the end of the year

Net asset value per capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31.05.2003

GLOBAL BALANCED ACTIVE EUROPEAN ASIAN GROWTH BOND OPPORTUNITY

(in EUR) (in USD) (in EUR) (in USD)

EUR 3,625,733.15 13,274,816.79 131,413.86 44,664,128.24

USD 4,155,544.96 13,981,206.66 12,956,367.11 7,190,609.54 USD 2,978,452.97 I 7,237,574.98 139,354.22 26,012,776.61

369,599.702 857,411.422 24,238.600 166.220.000 5,800.731 10[561.514 53,210.758 359.760 525,258.188 810,001.395 23,878.840

EUR 6.90 16.39 5.50 USD 8.06 20. IO 5.75 USD 7.54 16.33 5.70

Number of A Class capitalisation shares outstanding - outstanding at the beginning of the year - 2,181,382.399 - subscribed - 2,023,147.389 - redeemed - 689,575.625

- 3,514,954.063 - outstanding at the end of the year

Net asset value per A Class capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31.05.2003

9.44 8.45 5.37

Number of B Class capitalisation shares outstanding

- subscribed - redeemed 3,892.432 - outstanding at the end of the year - 86,546.994

- outstanding at the beginning of the year - 64,360.559 - 26,07a.867

Net asset value per B Class capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31.05.2003

132.83 117.85

Number of C Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed - redeemed - outstanding at the end of the year

Net asset value per C Class capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31 -05.2003

Number of D Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed - redeemed - outstanding at the end of the year

Net asset value per D Class capitalisation share - as at 31.05.2005 - as at 31 -05.2004


23

LEMANIK SICAV

STATISTICAL INFORMATION (continued) as at May 31,2005


Number of capitalisation shares outstanding - outstanding at the beginning of the year - subscribed

GLOBAL EUROPEAN INCOME SPECIAL

SITUATIONS

(in USD) (in EUR)

1,809,958.71 23,411,500.71 15,939,723.61 7,714,455.27 19,052,590.90 6,477,216.29

585,605.167 - 1,293,115.360

ITALY EURO OPPORTUNITIES

CP

(in EUR) (in EUR

178,554,218.10 3,752,044.0 1 39,966,835.21 7,030,O 14.04 32,163,591.03 46,808,323.05

2,721,433.798 716,245028 11.81 1.352.351 5.751.873

- redeemed 252,945.21 9 3:478:212.650 338i978.085 - outstanding at the end of the year - 1,625,775.308 11,054,573.499 383,018.816

Net asset value per capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31 -05.2003

14.40 13.17 12.80

Number of A Class capitalisation shares outstanding I outstanding at the beginning of the year 22,087.134

16.15 9.80 14.69 9.82 13.01 9.98

- subscribed - redeemed 9,000.000 - outstanding at the end of the year I 3,087. I 34

Net asset value per A Class capitalisation share - as at 31 -05.2005 - as at 31.05.2004 - as at 31.05.2003

USD 12.39 USD 12.42 USD 12.33

Number of B Class capitalisation shares outstanding - outstanding at the beginning of the year 1,464,308.707 - subscribed 5,157.000 - redeemed 1,314,588.957 - outstanding at the end of the year 154,876.750

Net asset value per B Class capitalisation share - as at 31.05.2005 EUR 8-65 - as at 31.05.2004 EUR 8.75 - as at 31.05.2003 EUR 9-01


Net asset value per C Class capitalisation share - as at 31.05.2005 - as at 31 -05.2004 - as at 31.05.2003

Number of I3 Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed - redeemed - - outstanding at the end of the year

Net asset value per D Class capitalisation share - as at 31.05.2005 - as at 31.05.2004


24

LEMANIK SICAV




CONVERTIBLE EUROIMPULSE SPRING GLOBAL BOND BOND AND EQUITY PORTFOLIO

(FORMERLY CONVERTIBLE BOND)


4,488,270.53 167,561.05 8,868,836.30 17,498,365.22 13,099,243.57 183,712.58 8,591,265.99 9,902,711.71 7,622,974.91 9,403,813.27 4,634,804.41 10,041,779.84

1 ,I 75,341 -41 5 27,343.81 6 968.415 70,370.979 9.860

- redeemed 775,249.078 1,461.851 54.664 - outstanding at the end of the year 470,463.316 25,881.965 923.61 I


Number of A Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed - redeemed

9.54 6.47 9,602.35 11.15 6.72 8,871.47 8.73 6.94 8, i 8 a m

- outstanding at the end of the year

Net asset value per A Class capitalisation share - as at 31.05.2005 - as at 31 -05.2004 - as at 31.05.2003

Number of B Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed

-- - redeemed - outstanding at the end of the year

Net asset value per B Class capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31.05.2003

Number of C Class capitalisation shares outstanding - outstanding at the beginning of the year - 1,123,497.537 - subscribed - 1,244,158.608 - redeemed - 414,301.492 - outstanding at the end of the year - 1,953,354.653

Net asset value per C Class capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31.05.2003

8.96 8.81 9.04

Number of D Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed - redeemed - outstanding at the end of the year

500.000

500.000


9.52 9.36


25

LEMANIK SICAV


Total net assets - as at 31 -05.2005 - as at 31.05.2004 - as at 31.05.2003


GLOBAL FLEXIBLE WORLD FLEX DURATION INVESTMENT BLUE PORTFOLIO (FORMERLY WORLD

BONDS) (FORMERLY BLUE) EQUITIES


6,254,701.05 1,588,291 -59 5,942,569.56 49,901,430.14

37,602,102.67 2,020,751 -66 64,174,176.69 14,949,167.76 42,211,044.24 1,364,555.32 46,330,815.62 37,812,820.27

- redeemed - outstanding at the end of the year


Number of A Class capitalisation shares outstanding 106.340 11,964.647 36,716.622 - outstanding at the beginning of the year

- subscribed 871.713 20,549.460 106.340 7,024.619 IO, 174.065 - redeemed

- outstanding at the end of the year 5,811.741 47,092.017

Net asset value per A Class capitalisation share - as at 31.05.2005 798.80 1,057.59 - as at 31.05.2004 342,218.63 763.41 1,028.36 - as at 31.05.2003 333,177.84 715.60 1,024.76

Number of B Class capitalisation shares outstanding - outstanding at the beginning of the year 690.827 2,119.924 33o,a31.429 1 1.032 - subscribed 487.283 1,574.575 i ,816.938 7.961 - redeemed 477.629 1,065.475 321,537.004 - outstanding at the end of the year 700.481 2,629.024 11,111.363 18.993

Net asset value per B Class capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31 -05.2003

Number of C Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed

8,921 -79 604.14 117.01 5,116.66 8,416.94 643.68 112.43 4,970.59 8.204.48 662.01 105.39

50.000

- redeemed - outstanding at the end of the year 50.000

Net asset value per C Class capitalisation share - as at 31.05.2005 - as at 31 -05.2004 - as at 31.05.2003

Number of 0 Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed

103.14 97.30

- redeemed - outstanding at the end of the year

Net asset value per 0 Class capitalisation share - as at 31.05.2005 - as at 31.05.2004


26

LEMANIK SlCAV


FLEX IDEA (FORMERLY CALCIO

MANAGER)

FLEX EURO STRATEGY OPPORTUNITIES

(in EUR) (in EUR)

CP II

(in EUR) Total net assets - as at 31.05.2005 -as at 31.05.2004 - as at 31.05.2003

32,449,165.96 27,979,570.97 16,807.545.50

27,663,698.73 35,667,622.05 7,202,573.38

2,260,409.57 190,659.88


25,617.000 1 1.667.000

352,440.81 3 12,838.78a

136.375 2,349.342

1 06,867.003 258,412.692 2,546.317

- redeemed 4,419.000 - outstanding at the end of the year 32,865.000

Net asset value per capitalisation share - as at 31.05.2005 987.35 - as at 31.05.2004 1,092.23 - as at 31.05.2003 1,005.12

107.05 101.20 99.67

887.72 970.90

Number of A Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed - redeemed - outstanding at the end of the year

Net asset value per A Class capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31.05.2003

Number of B Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed - redeemed - outstanding at the end of the year

Net asset value per B Class capitalisation share - as at 31 -05.2005 - as at 31.05.2004 - as at 31.05.2003


Net asset value per C Class capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31.05.2003

Number of 0 Class capitalisation shares outstanding - outstanding at the beginning of the year - subscribed - redeemed - outstanding at the end of the year



27

LEMANIK SICAV

GLOBAL BALANCED

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31,2005

(in EUR)

Currency Quantity Description cost Market % of Net Value Assets

Transferable securities admitted to an official Stock Exchanqe

Shares

Banks and other credit institutions

EUR 3,250 BANCA IFlS S.P.A. BANCA IFlS AZ EUR 1,448 BANCA POPOLARE DI LODl EUR 2.474 BANCHE POPOLARI UNITE SCRL

C hernistry

CHF 20 SYNGENTAN

Electronics and semiconductors

EUR 3,000 STMICROELECTRONICS N.V.

Insurance

EUR 9.500 ASSlCURAZlONl GENERAL1

Miscellaneous services

USD 1,800 NVlDlA CORP

Oil

CHF 200 ROYAL DUTCH PETROLEUM

Pharmaceutical and cosmetics industry

CHF 800 NOVARTIS AG-REG SHS NOVARTIS N CHF 150 ROCHE HOLDING AG-GENUSSCHEIN

Telecommunication

EUR 5,121 TELECOM ITALIA S.p.A. EUR 449 TELEFONICA S.A.

EUR 16,506 TELECOM ITALIA-RNC

Total Shares

30,798.00 30.550.00 0.84% 12,187.03 11,482.64 0.32% 36,832.91 40,746.78 1.12% 79,817.94

1 , I 35.12

61,841 .OO

2 14,416.00

30,488.80

5,181 -73

30,293.64

82,779.42 2.28%

I ,683.90 0.05%

37,740.00 1.04%

234,650.00 6.47%

39,777.34 1.10%

9,363.67 0.26%

31,750.53 0.88% 12,586.33 15,373.88 0.42% 42,879.97 47,124.41 1.30%

35,499.38 35,487.90 0.98% 13,255.56 13,365.81 0.37% 5,852.00 6,110.89 0.17% 54,606.94 54,964.60 1.52%

490,367.50 508,083.34 14.02%


28

LEMANIK SICAV

GLOBAL BALANCED

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31.2005

(in EUR)

Currency Nominal Description cost Market % of Net Value Assets

Bonds


50’000 18-Dec-2008 2.266% 50,058.85 50,055.00 1.38% EUR

EUR IOO,OOO RABOBANK NEDERLAND 28-Jul-2015 FRN 100,101.00 99,950.00 2.76%

MONTE DEI PASCHI Dl SlEN

150,159.85 150,005.00 4.14%

Bonds issued by supranational institutions

EUR 200,000

EUR 200,000

EUR 220,000

USD 370,000

Government bonds

EUR 100,000 EUR 100,000 USD 250,000

EUROPEAN INVESTMENT BANK



05-NOV-2026 0%

15-Oct-2007 2.625%

21-NOV-2008 FRN INTER-AMERICAN DEVEL BK 17-Mar-2008 3.375%

CANADA 12-Mar-2010 3.5% ITALY 15-Apr-2009 3% ITALY 15-Dec-2006 2.75%

Holding and finance companies

EUR GE CAPITAL EURO FUNDING 65’000 29-Oct-2008 2.254%

GENERAL ELEC CAP CORP

INTL LEASE FINANCE CORP 230v000 IO-Mar-2006 FRN

65’000 26-Jun-2006 FRN

EUR

EUR

USD 305.000 DEUTSCHE BANK AG 02-Mar-2006 FRN

Insurance

USD 65,000 PRUDENTIAL PLC 16-Aug-2005 7.125%

Miscellaneous

EUR 200,000 KPNQWEST BV 01-Feb-2008 8.875%

Telecommunication

EUR 80,000 FRANCE TELECOM 10-NOV-2005 6.125%

Total Bonds

83,123.00 86,850.60 2.40%

199,461 .OO 201,680.00 5.56%

220,163.00 222,035.00 6.12%

289,219.52 297,317.37 8.20% 791,966.52 807,882.84 22.28%

99,683.00 103,650.00 2.86% 98,131 -00 101,620.00 2.80% ; 5.52%

392,181.34 405,347.28 11.18%

65,330.00 65,227.50 1.80%

230,577.00 230,184.00 6.35%

66,001.65 65,481.00 1.81% 238,118.65 248,134.95 6.84% 600,027.30 609,027.45 16.80%

54,288.45 53,216.66 1.47%

93,600.00 11,500.00 0.32%

84,578.00 81,320.00 2.24%

2,166,801.46 2,118,299.45 58.42%


29

LEMANIK SICAV

GLOBAL BALANCED

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005

(in EUR)


Investment funds

USD 375 SPDR TRUST SERIES I

Total Investment funds

Total transferable securities admitted to an official Stock Exchange

Transferable securities admitted to an other reaulated market

Shares

Electro technical and electronic industry

EUR 1,968 PRIMA INDUSTRIE S.p.A

Internet services

EUR 1,871 DADA S.p.A

Telecommunication

EUR 25 FASTWEB

31,290.44 36,415.00 1.00%

31,290.44 36,415.00 1 .OO%

2,688,459.40 2,662,797.85 73.44%

16,942.85 17,101.92 0.47%

10,277.56 19,551.95 0.54%

1,241.25 887.25 0.02%

Total Shares 128,482.66 139,071.12 3.84%

Bonds


EUR 100,000 HYPOTHEKENBK IN ESSEN 17-Jun-2008 3% 100,021.00 101,530.00 2.80%

Total Bonds 100,021.00 101,530.00 2.80%

Total transferable securities admitted to an other regulated market 228.503.66 240.601 .I2 6.64%

Other transferable securities, Shares

Internet services

EUR 1,000 YLlNE INTERNET BUSINESS

Telecommunication

USD 30,000 GLOBAL TELESYSTEMS INC

Total other transferable securities, Shares Total Investments Other Net Assets Total Net Assets

52,368.10 0.00 0.00%

31 1,850.73 0.00 0.00%

364,218.83 0.00 0.00% 3,181,160.89 2,801,868.54 77.28%

823,864.61 22.72% 3,625,733.15 100.00%


30

LEMANIK SICAV

GLOBAL BALANCED

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005

(in percentage of net assets)

Supranational

Italy

United States

Netherlands Antilles

Netherlands

Canada

Germany

France

Ireland

United Kingdom

Switzerland

Spain Austria

TOTAL

22.28%

20.84%

10.26%

6.84%

4.37%

2.86%

2.80%

2.24%

1 .80%

1.47%

1.35%

0.17% 0.00%

77.28%


31

LEMANIK SICAV

GLOBAL BALANCED

INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005




Government bonds


Insurance

Telecommunication




Mutual funds

Internet services


Miscellaneous

Oil

Chemistry

22.28%

16.80%

11.18%

9.22%

7.94%

3.78%

1.30% 1.10%

1.04%

1 .OO% 0.54% 0.47%

0.32%

0.26%

0.05%

TOTAL 77.28%


32

LEMANIK SICAV

ACTIVE GROWTH


(in USD)

Currency Quantity Description cost Market % of Net

Value Assets

Transferable securities admitted to an official Stock Exchanae,

Shares

Electronics and semiconductors USD 33,174 AGERE SYSTEMS INC 1,094,566.76 451,166.40 3.40% USD 20,000 INTEL CORP 459,332.89 53a,600.00 4.06% USD 5,000 MONOLITHIC POWER SYSTEMS INC 42,759.65 37,100.00 0.28% USD . 90,000 SANMINA-SCI CORP 705,582.35 461,700.00 3.48% USD 20,000 SKYWORKS SOLUTIONS INC 183,848.98 126,600.00 0.95%

2,486,090.63 1,615,166.40 12.17% Graphic and publishing industry USD 20,000 TIME WARNER INC 380,703.61 348,000.00 2.62%

Internet services CAD 40,000 EMERGIS INC USD 25,000 MICROSOFT CORP USD 20,000 ORACLE CORP USD 50,000 SONICWALL INC USD 50,000 WEBMETHODS INC

Office supplies and computer USD 50,000 EXTREME NETWORKS INC

USD 70,000 NETWORK ENGINES INC USD 15,000 HEWLETr-PACKARD CO

Pharmaceutical and cosmetics industry USD 26,451 BIOLASE TECHNOLOGY INC USD 7,000 WYETH

Retail trade USD 10,000 EBAY INC

142,095.99 95,298.58 0.72% 660,686.65 645,000.00 4.86%

405,429.01 309,000.00 2.33% 355,854.72 251,500.00 1.89%

242,490.57 256,400.00 1.93%

1,806,556.94 1,557,198.58 11.73%

380,379.62 22a,500.00 1.72% 31 1,653.49 337,650.00 2.54% 653,592.19 119,000.00 0.90%

1,345,625.30 685,150.00 5.16%

360,702.39 380,100.00 2.86%

Telecommunication EUR 20,000 FRANCE TELECOM S.A. 619,322.12 572,627.96 4.31 % EUR 20,000 SOGECABLE 955,111.86 730,365.19 5.50%

USD 10,000 COMCAST CORP-CL A 328,783.00 322,000.00 2.43% USD 25,000 MOTOROLA INC 398,301.96 434,250.00 3.27%

EUR 20,000 VIVENDI UNIVERSAL S.A. 551,567.00 609,293.87 4.59%

USD 10,000 PREMIERE GLOBAL SERVICES INC 93,737.32 112,500.00 0.85% 2,946,823.26 2,781,037.02 20.95%

Total Shares 9,821,732.51 7,865,352.78 59.25%


33

LEMANIK SICAV

ACTIVE GROWTH


(in USD)

Market % of Net Value Assets

Currency Quantity Description cost

Warrants and riqhts

Telecommunication EUR 20,000 SOG ECABLE-R I G HTS 0.00 8,366.72 0.06%

Total Warrants and riqhts 0.00 8,366.72 0.06%


Transferable securities admitted to an other requlated market

Shares

Building and building materials USD 20,000 REGENT ENERGY CORP

Electro technical and electronic industry USD 3,583,494

Internet services USD 100.000

Miscellaneous USD 20,000

Warrants and riqhts

Miscellaneous US0 60,000

ACCUPOLL HOLDINGS CORP

VERSO TECHNOLOGIES INC

MICROHELIX INC

Total Shares

MICROHELIX INC - M 0 6

Total Warrants and riqhts

Total transferable securities admitted to an other regulated market

9,821,732.51 7,873,719.45 59.31%

33,785.00 200.00 0.00%

667.858.27 895,873.50 6.75%

343,670.32 26,000.00 0.20%

360,236.25 6,800.00 0.05%

1,405,549.84 928,873.50 7.00%

0.00 900.00 0.01%

0.00 900.00 0.01 Yo

1,405,549.84 929,773.50 7.01 Yo


34

LEMANIK SICAV

ACTIVE GROWTH


(in USD)

Currency Quantity Description cost Market % of Net

Value Assets

Other transferable securities

Shares

Energy and water supply

USD 12,000 ENRON CORP

Internet services USD 59,600 YELLOWBRIX A USD 1,354 YELLOWBRIX INC

Telecommunication GBP 392 EPOSSLTD GBP 24,678 EPOSS LTD PREF GBP 915 PRE PAY SOL

Total Shares

Warrants and riqhts

Holding and finance companies USD 496,122 ACCUPOLHG VVTS 2401 IO USD 396,849 ACCUPOLHG W S 210305


Total other transferable securities

Total Investments Other Net Assets Total Net Assets

645,129.60 456.00 0.00%

87,016.00 87,016.00 0.66% 385,031,ll 13.54 0.00% 472,047.1 1 87,029.54 0.66%

571.14 8,547.54 0.06% 35,955.85 44,841.87 0.34% 582,312.42 1,662.63 0.01% 618,839.41 55,052.04 0.41%

1,736,016.12 142,537.58 1.07%

0.00 0.00 0.00% 0.00 0.00 0.00% 0.00 0.00 0.00%

0.00 0.00 0.00%

1,736,016.12 142,537.58 I .07%

12,963,298.47 8,937,663.81 67.33% 4,337,152.98 32.67% 13,274,816.79 100.00%


35

LEMANIK SICAV

ACTIVE GROVVTH



United States

France

Spain

Canada

United Kingdom

51.74%

8.90%

5.56%

0.72%

0.41 %

TOTAL 67.33%



Telecommunication

Internet services



Office supplies and computer


Retail trade

Graphic and publishing industry

Miscellaneous


Building and building materials


21.42%

12.59%

12.17%

6.75%

5.16%

3.70%

2.86%

2.62%

0.06%

0.00%

0.00%

0.00%

TOTAL 67.33%


36

LEMANIK SICAV

EUROPEAN BOND


(in EUR)

Currency Nominal Description cost Market % of Net

Value Assets

Transferable securities admitted to an official Stock Exchanqe, Bonds

Bonds issued by supranational institutions EUR 30,000 EUROPEAN INVESTMENT BANK

30-JuI-2007 3%

Government bonds EUR 30,000 GERMANY 17-Apr-2009 3.25%

Total transferable securities admitted to an official Stock Exchange, Bonds

Transferable securities admitted to an other requlated market, Bonds

Government bonds EUR 30,000 FRANCE 12-Jul-2008 3%

Total transferable securities admitted to an other regulated market, Bonds


30,133.00 30,489.00 23.20%

29,774.50 30,837.00 23.47%

59,907.50 61,326.00 46.67%

29,740.00 30,555.00 23.25%

29,740.00 30,555.00 23.25%

89,647.50 91,881 -00 69.92% 39,532.86 30.08%

131,413.86 100.00%


37

LEMANIK SICAV

EUROPEAN BOND



Germany

France

Supranational

23.47%

23.25%

23.20%

TOTAL 69.92%



Government bonds


TOTAL

46.72%

23.20%

69.92%


38

LEMANIK SICAV

ASIAN OPPORTUNITY


(in USD)


Transferable securities admitted to an official Stock Exehanqe

Shares

Banks and other credit institutions J PY J PY J PY JPY J PY JPY J PY J PY JPY JPY J PY J PY

6,000 22,000

60 12,500 1,800

50,000 7,000

10,000 12,000 60,000 70,000 50,000

AIFUL IBJ LEASING SAPPORO HOKUYO HOLDING SANYO SHINPAN FIN SFCG SHlNKl JAFCO UFJ CENTRAL LEASING DIAMOND LEASE DAIWA SECURITIES GROUP CHIBA BANK LOPRO

Building and building materials J PY J PY JPY JPY J PY JPY J PY JPY J PY

26,000 60,000

100,000 60,000

500 11 8,000 40,000 12,000 20,000

Building societies JPY 400 J PY 40,000 JPY 45,000 J PY 15,000 JPY 80,000 J PY 100,000 J PY 40,000

ADVAN OKUMURA CORP. SHlMlZU CORP. S EKI SU I CHEMICAL SEKlSUl HOUSE DC CO DAIWA HOUSE INDUSTRY TOKEN NlCHlHA CORP.

SUNCITY SUMITOMO REALTY DEV TAKARA LEBEN DIAMOND CITY DAIWA KOSHO LEASE TOKYU LAND CORP. NlSSHlN FUDOSAN

432,757.58 388,121.27 439,674.79

453,193.53 441,433.97 41 8,670.1 2 390,296.12 454,029.72 397,972.41 444,313.24

7a3,3a9.96

441,524.91 391,054.40 434,893.75 869,188.85 458,213.34 455,431.93 375,213.29

471,917.74 381,291.85 477,075.31

383, I 33-84

0.99% 0.88% 0.97% 1.95% 1.03% 1.02% 0.84% 0.86% 1.06% 0.85% 1.07%

401,146.53 367,016.43 0.82% 5,444,999.24 5,505,955.64 12.35%

340,081.88

445,528.74 407,049.45

4,853.90 357,267.38 447,699.17 433,724.26 302,921.73

3,124,364.87

385,238.36 340,031.28 323,821.78 445,761 -49 417,210.65

4,913.51 367,329.57 443,182.70 434,341 -15 292,323.75

3,068,915.88

0.76% 0.73% 1 .OO% 0.93% 0.01% 0.82% 0.99% 0.97% 0.65% 6.86%

405,960.23 408,921.70 0.92% 442,194.72 432,867.56 0.97% 358,331 -07 433,097.81 0.97% 435,288.96 442,077.5 1 0.99% 404,681.18 408,184.90 0.91%

464,440.96 486,285.26 1.09% 436,209.68 439,314.52 0.98%


39

LEMANIK SICAV

ASIAN OPPORTUNITY


(in USD)

Currency Quantity Description

J PY 20,000 FIRST JUNKEN JPY 38,000 MlTSUBlSHl FUDOSAN CO

Chemistry JPY 20,000 CEMEDINE J PY 20,000 TOKYO OHKA KOGYO

Clock and watchmaking industry J PY 40,000 CITIZEN WATCH J PY 200,000 RHYTHM WATCH

Electronics and semiconductors J PY 50,000 KOA J PY 36,000 TAIYO YUDEN CO LTD JPY 80,000 TEIKOKU TSUSHIN J PY 65,000 NlCHlCON J PY 27.000 NIPPON CERAMIC CO LTD

Electro technical and electronic industry J PY 21,000 USHIO INC JPY 48,000 KOKUSAN DENKI J PY 80,000 TOSHIBA TEC

Graphic and publishing industry J PY 4,000 MOSHl MOSHO HOTLINE

Holding and finance companies J PY 18,000 CIRCLE K JAPAN J PY 8,000 T & D HOLDINGS JPY 100,000 NIKKO SECURITIES CO J PY 15,000 MlSUMl GROUP JPY 70 S'TOMO MlTSUl FlNL J PY 45 MlTSUBlSHl TOKYO FIN

Insurance JPY 80.000 AI01 INSURANCE

Internet services J PY 750 EACCESS J PY 30,000 CRC SOLUTIONS

cost Market % of Net Value Assets

400,829.70 368,397.92 0.82% 426,980.54 425,573.28 0.95%

3,774,917.04 3,844,720.46 8.61 %

60,283.62 78.100.36 0.17% 421,844.70 395,106.77 0.88% 482,128.32 473,207.13 1.05%

382,244.57 350,714.82 0.79% 427,159.06 412,605.67 0.92% 809,403.63 763,320.49 1.71%

414,677.56 397,409.26 0.89%

327,323.09 336,715.70 0.75% 846,054.44 857,261.97 1.92% 395,088.90 414,033.22 0.93%

395,198.92 402,843.13 0.90%

2,378,342.91 2,408,263.28 5.40%

406,806.23 406,158.71 0.91% 197,597.50 171,084.00 0.38% 385,588.94 355,135.60 0.80% 989,992.67 932,378.31 2.09%

385,951.32 399,711.75 0.89%

431,891.23 404,500.92 0.91% 381,702.47 402,290.53 0.90% 443,298.66 440,235.52 0.99%

456,641.94 454,510.94 1.02% 373,599.49 375,075.14 0.84%

2,534,123.44 2,538,031.45 5.68%

446,989.65 461,418.40 1.03%

406,717.33 398,606.55 0.89%

539,746.37 486,976.01 1.09% 376,992.00 507,007.64 1.15%


40

LEMANIK SICAV

ASIAN OPPORTUNITY


(in USD)


JPY 180 SIMPLEX TECHNO J PY 13,000 TRANS COSMOS J PY 4,000 NRI J PY 18,500 PCA CORP

Machinery and apparatus construction J PY 70,000 AMADA CO JPY 26,000 KOMORI CORP J PY 40,000 TSUKISHIMA KlKAl JPY 18,000 THK JPY 60,000 NIPPON THOMPSON J PY 43,000 HlTACHl KOKl CO LTD J PY 16,000 MODEC J PY 22,000 MlYACHl CORP. JPY 40,000 MOR1 SElKl

Miscellaneous JPY 9,000 RYOHIN KEIKAKU

Miscellaneous consumer goods J PY 38,000 CLEANUP CORP.

452,263.45 450,919.06 467,596.65 445,393.09

198,103.94 330,545.04 2,410,549.25 2,600,659.10

375,846.84 37931 8.26

433,727.07 393.880. IO 271,183.91 383,682.54 434,554.92 393,574.04 41 4,588.63 412,533.37 429,366.21

3,567,090.79

477,720.01 395,106.77 337,452.50 364,713.94 429,920.38 401,968. I 8 372,081.90 460,957.90 414.079.27

3,654,000.85

410,146.35 409,474.29

1.01 Yo 1 .OO% 0.85% 0.74% 5.84%

1.07% 0.88% 0.76% 0.82% 0.96% 0.90% 0.83% I .03% 0.93% 8.18%

0.92%

402,079.14 367,476.93 0.82%

Miscellaneous services J PY I00 EIGHT CONSULTANTS 313,140.ag 368,397.92 0.82% J PY 30,000 SAPCE 308,7 10.45 365,819.14 0.82%

JPY 16,500 NIHON ESLEAD 355,604.00 415,621 -93 0.93% J PY 12,000 BENESSE ' 395,420.43 384,607.43 0.86%

J PY 16,000 SECOM JOSHINETSU 309,841.37 372,081.90 o.awO

1,682,717.14 1,906,528.32 4.27% Miscellaneous trade JPY 90,000 TOKYO SANGYO

Non ferrous metals J PY 40,000 SUMITOMO EL IND J PY 70,000 DOWA MINING

Office supplies and computer J PY 35,000 JP DIGITAL LAB

Retail trade JPY 25,000 ARC LAND SAKAMOTO J PY 40,000 ISETAN CO LTD.

363,866.83 318,295.81 0.71%

420,589.05 421,447.23 0.94% 456,028.68 453,221 -55 1.01% 876,617.73 874,668.78 1.95%

398,059.8 1 426,788.99 0.96%

355,109.42 379,910.36 0.85% 463,836.71 515,388.70 1.15%


41

LEMANIK SICAV

ASIAN OPPORTUNITY


(in USD)


J PY J PY J PY J PY J PY JPY J PY J PY J PY J PY

18,000 17,000 30,000

300 15,000 13,200 40,000 20,000

400 12.000

AUCNET INC SHI MAC H U AEON HARASHIN FAMILY MART BELLUNA MARUl CO MI N ISTO P LAOX LAWSON

Road vehicles J PY 80,000 NlKKl CO LTD. J PY 25.000 TOYODA GOSH CO LTD

Textile and clothing industry J PY 35,000 ONWARD KASHIYAMA J PY 14,000 WORLD CO LTD.

Transportation J PY 80,000 NIPPON EXPRESS J PY 120,000 MlTSUl SOKO

Total Shares

Warrants and rights

Telecommunication HKD 581,242 CHAMPION WTS 160206



Transferable securities admitted to an other requlated market,

Shares

Building and building materials J PY 54,000 DAllCHl KENSETSU

305,781 -63 406,866.81 465,460.03

1,931.23 464,563.72 421,402.49 496,961.52 354,337.96

3,418.1 7 445,587.98

4,185,257.67

355,596. I O 424,302.31 463,076.19

2,749.17 435,170.05 381,733.93 557,386.06 375,765.88

1,108.88 437,656.73

4,329,844.36

0.80% 0.95% 1 -04% 0.01 Yo 0.97% 0.85% 1.25% 0.84%

0.002% 0.98% 9.70%

414,788.53 355,872.39 0.80% 464,122.82 438,623.78 0.98% 878,911.35 794,496.17 I .78%

452,743.25 426,788.99 0.96% 471,345.72 465,470.78 1 .04% 924,088.97 892,259.77 2.00%

386,444.43 365,450.74 0.82% 409,203.65 407,816.50 0.91% 795,648.08 773,267.24 1.73%

37,295,612.24 37,680,871.55 84%

0.00 10,459.10 0.02%

0.00 10.459.10 0.02%

38,254,240.76 38,608,581.88 86.45%

201,505.36 405,329.82 0.91 %

The accompanying notes are an integral pari of these financial statements.

42

LEMANIK SICAV

ASIAN OPPORTUNITY


(in USD)


Building societies

IDR 950,000 LlPPO KARAWACI

Clock and watchmaking industry J PY 1,316 NAGANO KElKl

Chemistry J PY 30,000 FUJlMl Electro technical and electronic industry

J PY 35,000 ALMEDIO J PY 20,300 LITE-ON JAPAN

Graphic and publishing industry J PY 15,000 TOHOKUSHINSHA FILM

Health services J PY 27,300 TSUKUI Holding and finance companies J PY 26 ARCS

Machinery and apparatus construction

JPY 15,900 TOBA J PY 54 A-ONE SElMlTSU

Miscellaneous services JPY 13,000 ARGO GRAPHICS

Transportation J PY 48,000 DAIWA LOGIST

Total Shares


Other transferable securities,

Shares

Holding and finance companies THB 75.000 DHANA SlAM FIN

Total Shares

159,092.03 146,716.01 0.33%

17,118.80 20,556.01 0.05%

429,576.05 477,996.31 1.07%

172,849.38 165,087.40 0.37% 461,719.56 408,415.15 0.91% 634,568.94 573,502.55 1.28%

355,960.10 332,248.88 0.74%

357,760.30 254,448.76 0.57%

151.21 335.48 0.00%

287,279.83 259,112.68 0.58% 252,643.28 287,751.01 0.64% 539,923.1 1 546,863.69 I .22%

390.185.28 341,228.58 0.76%

341,575.57 428,815.18 0.96%

3,427,416.75 3,528,041.27 7.90%

3,427,416.75 3,528,041.27 7.90%

69,638.36 0.00 0.00%

69,638.36 0.00 0.00%

The accompanying notes are an integral part of lhese financial statements

43

LEMANIK SICAV

ASIAN OPPORTUNITY


(in USD)


Warrants and riqhts

JPY 6,000 KANEMATSU 310306 0.00 0.00 0.00%

Total warrants and riahts 0.00 0.00 0.00%

Total other transferable securities 69,638.36 0.00 0.00%


40,723,028.99 41,219,371.92 92.29% 3,444,756.32 7.71%

- 44,664,128.24 100.00%


44

LEMANIK SICAV

ASIAN OPPORTUNITY



Japan

Bangladesh

Indonesia

Bermuda

Thailand

91.12%

0.82%

0.33%

0.02%

0.00%

TOTAL 92.29%


45

LEMANIK SICAV

AS IAN OPPORTUNITY




Retail trade


Building societies


Internet services





Transportation

Chemistry

Textile and clothing industry

Non ferrous metals

Road vehicles

Clock and watchmaking industry



Miscellaneous

Insurance

Miscellaneous consumer goods

Miscellaneous trade

Health services

Telecommunication

12.35% 9.70%

9.40%

8.93%

5.84% 7.77%

5.69%

5.40%

5.02%

3.37% 2.69%

2.12%

2.00%

1.95%

1.78%

1.76%

1.63%

0.96%

0.92%

0.89% 0.82%

0.71 %

0.57%

0.02%

TOTAL 92.29%


46

LEMANIK SICAV

GLOBAL INCOME


(in USD)


Other transferable securities, Shares

Precious metal and stones USD 704 S U N S H I N E MINING & REFINING

Telecommunication E U R 44,373 THE WAY TO BE LTD

Total other transferable securities, Shares

Total investments Other Net Assets Total Net Assets

101.824.39 105.60 0.01%

265,805.16 54,596.52 3.02%

367,629.55 54,702.12 3.03%

367,629.55 54,702.12 3.03% 1,755,256.59 96.97% 1,809,958.71 100.00%


47

. ...

LEMANIK SICAV

GLOBAL INCOME



United States 3.03%

TOTAL 3.03%



Telecommunication

Precious metal and stones

3.02%

0.01 %

3.03% TOTAL


48

. . .

LEMANIK SICAV

EUROPEAN SPECIAL SITUATIONS

STATEMENTOFINVESTMENTSANDOTHERNETASSETS as at May 31,2005

(in EUR)



Shares

Aeronautical and astronautical industry EUR 203,000 FINMECCANICA S.p.A


EUR 17,920 SANPAOLO IMI S.p.A. EUR 55,400 UNlCREDlTO ITALIAN0 S.p.A.

EUR 4,770 ING GROEP NV-CVA

Building and building materials EUR 32,650 AKTOR S.A. TECHNICAL COMPANY EUR 12,100 ITALMOBILIARE S.p.A.-RNC EUR 28,530 J & P-AVAX SA. EUR 58,010 MlCHANlKl S.A.

Electro technical and electronic industry EUR 1 1,400 SAES GElTERS-RNC

Energy and water supply EUR 1,800 E. ON AG EUR 14,200 ENDESA S.A. EUR 28,940 ENEL S.p.A. EUR 46,430 SNAM RETE GAS

Government bonds EUR 3,400 BELGACOM S A .

Graphic and publishing industry EUR 30,700 CALTAGIRONE EDITORE EUR 25,280 MONDADORI

Holding and finance companies EUR 49,059 CALTAGIRONE S.p.A. EUR 9,400 IFI-PRI

Insurance

EUR 8,790 ASSlCURAZlONl GENERAL1 EUR 20,270 FONDIARIA-SA1 S.p.A - RNC

EUR 60,300 UNIPOL-PRIV

146,218.73 150,220.00 0.64%

103,764.1 I 107,229.60 0.46% 214,340.88 201,779.20 0.86% 230,995.18 232,957.00 1 .OO% 549,100.17 541,965.80 2.32%

101,779.10 ?05,133.00 0.45% 368,729.06 454,839.00 1.94% 102,331.25 108,414.00 0.46% 106,440.70 103,257.80 0.44% 679,280.1 I 771,643.80 3.29%

125,983.34 139,080.00 0.59%

125,594.85 127,080.00 0.54%

190,563.22 21 1,262.00 0.90%

758,881.06 791,226.50 3.37%

250,276.73 250,914.00 1.07%

192,446.26 201,970.50 0.86%

106,445.77 94,554.00 0.40%

226,327.72 223,189.00 0.95% 205,909.45 198,574.40 0.85% 432,237.17 421,763.40 1 BO%

315,666.24 312,996.42 I .34% 85,834.04 103,870.00 0.44% 401,500.28 416,866.42 1.78%

265,891.56 330,401.00 1.41% 198,475.64 217.1 13.00 0.93% 116,558.89 151,202.25 0.65% 580,926.09 698,7 I 6.25 2.99%


49

LEMANIK SICAV



(in EUR)

cost Market % of Net Nominal Value Assets

Currency Quantity/ Description

Miscellaneous services EUR 8,961 FIERA MllANO S.p.A.

Oil EUR 21,530 EN1 S.p.A. EUR 10,880 SAIPEM EUR 1,420 TOTAL S.A

Pharmaceutical and cosmetics industry EUR 15,300 LUXOnICA GROUP S.p.A.

Telecommunication

EUR 9,990 MEDIASET S.p.A. EUR 19,770 DEUTSCHE TELEKOM AG-REG

EUR 95.260 TELECOM ITALIA-RNC

Transportation EUR 13,960 AUTOSTRADA TORINO-MILAN0 S.p.A EUR 135,390 NAVIGAZIONE MONTANARI S.p.A. EUR 148,010 PREMUDA S.p.A. EUR 19,970 SlAS S.p.A.

Total Shares

Bonds

84,569.66 85,084.70 0.36%

350,052.29 446,962.80 1.91 %

250,836.72 254,890.00 1.09% 99,319.48 11 1,628.80 0.48%

700,208.49 813,481.60 3.48%

249,473.10 258,723.00 1.11%

302,022.8 1 298,527.00 1.28% 106,011.76 95,704.20 0.41% 207,960.54 204,809.00 0.87% 615,995.1 1 599,040.20 2.56%

217,485.38 247,929.60 1.06% 304,697.51 375,707.25 1 .SO%

201,243.01 227,787.39 0.97% 207,174.42 225,661.00 0.96% 930,600.32 1,077,085.24 4.59%

6,361,419.40 6,859,450.91 29.28%


EUR 300,000 KFW 14-Sep-2007 2.95% 301,681 .OO 300,450.00 1.28%

GBP 703000 15-Jun-2005 8.625% 108,692.45 103,511.79 0.44% 725,685.45 717,461.79 3.06%

EUR 300,000 CASSA DIRE FRN 21-Jun-2012 315,312.00 313,500.00 1.34%

BAYER HYPO VEREINSBANK


2oovooo 08-Jun-2010 FRN EUR EUROPEAN INVESTMENT BANK

Chemistry EUR 300,000 EDISON S.p.A. 19-Sep-2011 FRN


EUR KONlNKLlJKE PHILIPS ELEC

3003000 16-May-2008 5.75%

201,146.00 203,075.00 0.87%

304,512.00 303,195.00 1.30%

325,621 -00 325,260.00 1.39%


50

LEMANIK SICAV



(in EUR)


Currency Nominal Description cost

Energy and water supply EUR 150,000 ESSENT N.V. 25-Jun-2013 4.5% 155,356.00 EUR 320,000 NATIONAL GRID TRANSCO 22-JuI-2008 3.75% 329,372.00

484,728.00 Government bonds EUR 370,000 ITALY 01-May-2009 4.5% BTP MAG 394,565.00 EUR 200,000 ITALY 01-Mar-2007 4.5% 208,757.00 EUR 195,000 TURKEY 08-May-2007 9.75% 220,857.25 USD 170,000 TURKEY 27-Nov-2006 11.375% 153,491.27

977,670.52

159,420.00 330,176.00 489,596.00

396,233.00

216,937.50 151 -637.73

208,680.00

973,488.23

0.68% 1.41% 2.09%

1.69% 0.89% 0.93% 0.65% 4.16%


EUR

EUR 21 5*000 14-May- 2007 6.125% 221,634.60 219,321.50 0.94% EUR 200,000 CIR INTERNATIONAL SA. IO-Jan-201 1 6.375% 220,691 .OO 221,433.80 0.95% EUR 100,000 CIR INTERNATIONAL S A IO-Mar-2009 5.25% 104,761.00 105,250.00 0.45%

EUR 300'000 31-Mar-2008 FRN 300,373.20 299,940.00 1.28%

EUR 100,000 NBG FINANCE PLC 25-Jun-2012 FRN 1 01,38 1.00 1 00,950.00 0.43%

EUR 300v000 16-Apr-2005 FRN 286,585.71 70,500.00 0.30% I ,752,129.51 I ,530,585.30 6.54%

ALTRIA FINANCE (CI) LTD

BOMBARDIER CAP FUN LP 2oo'ooo 24-Jun-2008 5.625% 214,391.00 213,400.00 0.91%

GE CAPITAL EURO FUNDING

EUR 300,000 INTL LEASE FINANCE GORP 06-Jul-2010 FRN 302,312.00 299,790.00 1.28%

PARMALAT FINANCE CORP B.V.

Insurance

EUR ROYAL & SUN ALLIANCE INS 2oo'ooo 15-Oct-2019 FRN 222.306.00 223,200.00 0.95%

Machinery and apparatus construction EUR 90,000 BOMBARDIER INC 22-Feb-2008 5.75% a5,030.80 89,361 -00 0.38%

Miscellaneous

400'000 29-May-2006 7% 407,092.00 41 2,442.80 1.76% EUR

EUR 150,000 IMPREGILO FLOAT 24-May-2005 4.638% 142,920.00 149,775.00 0.64%

EUR

300'000 30-Apr-2004/14 8% 301,412.00 306,750.00 1.31% EUR

EUR 385,000 LUCCHlNl S.p.A. 24-May-2006 6.75% 386,532.44 386,001 .oo I .65%

CARRARO INTERNATIONAL S.A.

IMPREGILO INT INFRASTRCT

LIGHTHOUSE INTL CO S.A. 175'000 24-Jun-2005 7.25% 172,117.25 175,000.00 0.75%

EUR 325,000 RENO DE MEDIC1 INTL S.A. 04-May-2006 6% 296,193.00 313,218.75 1.34% EUR 130,000 TlSCALl FINANCE SA. 07-JuI-2005 FRN 123,026.71 129,878.97 0.55%

I ,829,293.40 I ,873,066.52 8.00%


51

LEMANIK SICAV



(in EUR)

Currency Quantity/ Description cost Market % of Net Nominal Value Assets

Retai I trade EUR 200,000

Road vehicles

EUR 250.000

Telecommunication EUR 200,000

EUR 200,000

EUR 100,000

EUR 200,000 EUR 200,000

MARKS 8. SPENCER PLC 28-Jan-2007 2.779% 201,307.00 200,738.40 0.86%

GENL MTRS ACCEPT CORP 14-feb-2006 5.75% 250,112.50 250,950.00 1.07%

AT&T CORP 21-Now2006 7.75% 212,901.00 211,800.00 0.90% ERICSSON LM TELEFON AB 31 -May-2006 7.375% 214,661 .OO 209,480.00 0.89% ERICSSON LM TELEFON AB 31-May-2006 7.375% 105,051 .OO 104,740.00 0.45% FRANCE TELECOM 14-Mar-2008 FRN 222,111 .OO 221,720.00 0.95% KONINKLIJKE KPN N.V. 21-Jul-2009 FRN 201,761.00 201,180.00 0.86%

956,485.00 948,920.00 4.05% Textile and clothing industry EUR 350,000 BENETON GROUP S.P.A. 26-Jul-2005 2.633% 342,007.00 349,247.50 1.49%

Tobacco and alcohol EUR 100,000 BAT HOLDINGS BV 15-Jun-201 I 4.375% 101,701 .OO 104,500.00 0.45% EUR 300,000 EALLAHER GROUP PLC 06-Aug-2008 5.875% 327,736.00 327,615.00 1.40%

429,437.00 432,115.00 1.85% Transportation

EUR 150’000 20-Jul-2006 6.625% 153,481.00 153,975.00 0.66% GRAND1 NAVl VELOCI S.p.A.

Total Bonds 9,240,952.18 9,064,234.74 38.72%


Transferable securities admitted to an other reaulated market, Shares

Building and building materials USD 144,247 REGENT ENERGY CORP

Total transferable securities admitted to an other regulated market, Shares

15,602,371.58 15,923,685.65 68.02%

138,412.27 1,172.36 0.01 %

138,412.27 1,172.36 0.01 %


52

LEMANIK SICAV



(in EUR)


Currency Quantity/ Description cost

Nominal


Shares

Telecommunication GBP 256 PRE-PAY SOLUTIONS LTD

Total Shares

Bonds

Banks and other credit institutions EUR 200,000 INTERBANCA 21-Feb-2012 FRN

Total Bonds



1 64,944.9 I 378.07 0.00%

164,944.91 378.07 0.00%

196,191.00 195,000.00 0.83%

196,191.00 195,000.00 0.83%

361,135.91 195,378.07 0.83%

16,101,919.76 16,120,236.08 68.84% 7,291,264.63 31.16% 23,411,500.71 100.00%


53

LEMANIK SICAV




Italy

Luxembourg

Netherlands

United Kingdom

Germany

United States

France

Turkey

Greece

Sweden

Canada

Ireland

Spain

Cayman Island

Belgium

TOTAL

32.94% 7.25% 5.52% 5.05% 3.54% 3.26% 2.04%

1.57% 1.35% 1.34% 1.32% 1.28% 1.07% 0.91% 0.40%

68.84%


54

LEMANIK SICAV





Miscellaneous

Telecommunication



Transportation

Government bonds

Insurance

Oil



Tobacco and alcohol



Chemistry


Road vehicles


Retail trade

Aeronautical and astronautical industry



8.32%

8.00% 6.61 %

6.21%

5.46%

5.25%

4.56% 3.94% 3.48%

3.30%

i .ga%

I ~ 5 %

1.80%

1.49%

I .30% 1.11%

1.07%

0.87%

0.86%

0.64% 0.38%

0.36%

TOTAL 68.84%

The accompanying notes are an integral pari of these financial statements.

55

LEMANIK SICAV

ITALY


(in EUR)



Shares

Banks and other credit institutions EUR 300,000 UNICREDITO ITALIAN0 S.p.A.

Building and building materials EUR 142.770 CEMENTIR

Electro technical and electronic industry EUR 308,987 SAES GETTERS S.p.A EUR 1 19,231 SAES GETTERS-RNC

Energy and water supply EUR 3,400,629 TERNA S.p.A

Food products and non-alcoholic drinks EUR 184,021 LA DORIA S.p.A.

Gastronomy EUR 557,401 I GRAND1 VlAGGl S.p.A.

Holding and finance companies EUR 242,387 IFI-ISTITUTO FlNANZlARlO IND EUR 243,741 IFIL-INVESTMENTS S.P.A.

Insurance EUR 55,111 ALLEANZA ASSlCURAZlONl EUR 1,290,211 MILAN0 ASSlCURAZlONl

EUR 153,059 VlTTORlA ASSlCURAZlONl S.p.A. EUR 520,293 UNIPOL-PFD

Machinery and apparatus construction EUR 248,455 CARRARO S.p.A. EUR 922,435 DANlELl & CO

EUR 83,539 SABAF S.p.A. EUR 143,527 DANlELl & GO-RNC

1,285,973.00 1,261,500.00 0.71%

486,288.68 576,433.88 0.32%

4,786,216.88 4,712,051.75 2.64% 1,079,938.89 1,454,618.20 0.81% 5,866,155.77 6,166,669.95 3.45%

6,733,635.16 7,260,342.92 4.07%

470,158.88 446,250.93 0.25%

448,627.16 551,826.99 0.31%

2,230,085.93 2,678,376.35 1 .So% 793,954.35 816,532.35 0.46%

3,024,040.28 3,494,908.70 1.96%

572,642.87 478,639.04 0.27% 5,870,284.46 5,970,451 -40 3.34% 1,323,310.14 1,304,634.70 0.73%

8,623,857.26 8,978,197.14 5.03% 857,619.79 1,224,472.00 0.69%

1,039,303.15 993,820.00 0.56%

378,010.56 495,168.15 0.28% 1,429,437.70 1,431,023.07 0.80% 6,6 1 3,868.99 7 527,574.05 4.22%

3,767,117.58 4,607,562.83 2.58%


56

LEMANIK SICAV

ITALY


(in EUR)


Road vehicles EUR 98,491 BREMBO S.p.A. EUR 500,000 FIAT S.p.A. EUR 73,038 PININFARINA S.p.A.

Telecommunication

EUR 1,346,907 TELECOM ITALIA S.p.A. EUR 2,100,000 TELECOM ITALIA-RNC

Textile and clothing industry EU R 800,000 BASICNET S.p.A.

Transportation EUR 238,197 AUTOSTRADA TORINO-MILAN0 S.p.A

Total Shares Bonds

Banks and other credit institutions EUR 362,758 RESID 2000-1 A2 25-Oct-2032 2.583% EUR 1,000,000 KFW 15-Nov-2007 3%

Government bonds EUR 19,798,000 ITALY 01-JuI-2009 FRN EUR 25,000,000 ITALY 01-Juri-2010 FRN EUR 25,000,000 ITALY 01-Apr-2008 2.4% EUR 22,000,000 ITALY 01-Dec-2006 2.3%

Holding and finance companies EUR 2,022,000 FIAT FINANCE & TRADE 25-May-2006 5.75% EUR 1,410,000 FIAT FINANCE & TRADE 01-Aug-2005 6.125% EUR 300,000 FIAT FINANCE & TRADE 07-NOV-2011 FRN

GENERAL ELEC CAP CORP l~ooo~ooo 25-Jul-2006 3.75% EUR

EUR 2,365,000 FIAT FINANCE & TRADE 13-Dec-2006 5.5%

EUR SAFILO CAPITAL INTL S A 6oo,ooo 15-May-2013 9.625%

Miscellaneous

EUR

EUR

EN1 COORDINATION CENTER

IMPREGILO INT INFRASTRCT 1~950~000 25-Oct-2007 2.66%

loovooo 24-Jun-2005 7.25%

554,582.92 598.332.83 0.34% 3,024,296.79 2,730,000.00 1.53% 1,678,586.34 1,673,300.58 0.94% 5,257,466.05 5,001,633.41 2.81%

4,586,468.56 4,515,000.00 2.53% 3,875,411.97 3,515,427.27 1.97% 8,461,880.53 8,030,427.27 4.50%

422,228.63 387,600.00 0.22%

3,449,959.26 4,230,378.72 2.37%

51,144,139.65 53,913,743.96 30.22%

365,710.99 364,571.99 0.20% 1,011,031.00 1,016,400.00 0.57% 1,376,741.99 1,380,971.99 0.77%

19,968,879.75 19,952,424.40 11.17% 25,226,638.19 25,202,500.00 14.1 1% 25,195,455.54 25,160,000.00 14.09% 22,118,761.79 22,077,000.00 12.36% 92,509,735.27 92,391,924.40 51 -72%

1,993,655.42 2,028,066.00 1.14% 1,432,279.26 1,412,820.00 0.79%

273,664.00 266,370.00 0.15%

1,019,331.00 1,017,000.00 0.57% 2,329,309.98 2,364,867.56 1.32%

606,714.00 639,000.00 0.36% 7,654,953.66 7,728,123.56 4.33%

1,963,542.00 1,966,331.25 1.10%

100,331.00 100,000.00 0.06% 2,063,873.00 2,066,331.25 1.16%

The accompanying notes are a n integral pari of these financial statements.

57

LEMANIK SICAV

ITALY


(in EUR)

cost Market % of Net Nominal Value Assets

Currency Quantity1 Description

Textile and clothing industry EUR 5,800,000 BENETTON GROUP S.p.A.

26-JuI-2005 2.633% 5,776,746.00 5,787,530.00 3.24%

Transportation EUR 3,000,000 AUTOSTRADE S.p.A. 09-Jun-2011 FRN 3,031,862.00 3,021,000.00 1.69%

Total Bonds 112,413,911.92 I 12,375,88120 62.94%

Warrants and riqhts

Insurance EUR 1,566,250 MllANO ASSICURAZIONI-VVTS 277,862.18 425,236.88 0.24%

Total Warrants and riqhts 277,862.18 425,236.88 0.24%


Transferable securities admitted to an other requlated market, Shares

Electro technical and electronic industry EUR I 1 1,615 DATALOGIC S.p.A. EUR 132,603 PRIMA INDUSTRIE S.p.A.

Internet services EUR 400,155 DADA S.p.A

Telecommunication EUR 32,169 REFLY S.p.A.

Total transferable securities admitted to an other regulated market, Shares


163,8359 13.75 166,714,862.04 93.37%

2,549,332.45 2,42631 0. I O 1.36% 1,160,948.25 1,152,320.07 0.65% 3,710,280.70 3,578,830.17 2.01%

437,859.33 453,582.90 0.25%

6,595,328.57 8,214,032.82 4.60%

170,431,242.32 174,928,894.86 97.97% 3,625,323.24 2.03%

178,554,218. I O 100.00%


58

LEMANIK SICAV

ITALY



Italy

Luxembourg

Belgium

Germany

United States

Netherlands

91.71 %

3.76%

1.10%

0.77%

0.57%

0.06%

97.97% TOTAL



Government bonds



Insurance

Telecommunication



Transportation


Road vehicles

Internet services


Miscellaneous


Gastronomy

Food products and non-alcoholic drinks

51 -72%

6.29%

5.46%

5.27%

4.75%

4.22%

4.07%

4.06%

3.46%

2.81 %

2.34%

1.48%

1.16%

0.32%

0.31%

0.25%

TOTAL 97.97%


59

LEMANIK SICAV

EURO OPPORTUNITIES CP

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31.2005

(in EUR)

Currency Quantity/ Description Cost Market % of Net Nominal Value Assets


EU R 1,000,000 KFW 18-Aug-2006 4.75% EUR 500,000 GERMANY 26-Apr-2006 6.25% EUR 1,000,000 GREECE 19-Feb-2006 6% EUR 1,000,000 ITALY 15-Mar-2006 4.75%


Other transferable securities, Options

EUR 1 LEMANIK SICAV EURO OPPORTUNITIES CP REG CAP PUT 07/06 OTC (note 10)

Total other transferable securities, Options


1,001,641.66 1,030,90.0.00 27.48% 537,444.44 518,465.00 13.82%

1,051,480.00 1,026,900.00 27.37% I ,009,453.17 1,020,460.00 27.20% 3,600,019.27 3,596,725.00 95.87%

3,600,019.27 3,596,725.00 95.87%

0.00 100.00 0.00%

0.00 100.00 0.00%

3,600,0l9.27 3,596,825.00 95.87% 155,219.01 4.13%

3,752,044.01 100.00%


60

LEMANIK SICAV

EURO OPPORTUNITIES CP



Germany

Greece

Italy

41.30%

27.37%

27.20%

TOTAL 95.87%



Government bonds


68.39% 27.48%

TOTAL 95.87%


61

LEMANIK SICAV

CONVERTIBLE BOND AND EQUITY (Formerly Convertible Bond)


(in EUR)



Shares

Banks and other credit institutions EUR 11,000 CREDIT0 EMILIANO S.p.A. EUR 6,000 BANCHE POPOLARI UNITE SCRL

Electrotechnical and electronic industry USD 5,000 EVERGREEN SOLAR

Insurance EUR 36,000 UNIPOL PRlV

Internet services USD 15,000 IMAGEWARE SYS USD 6,000 SYMANTEC

Miscellaneous services HKD 847,750 CHINA TRAVEL INTL

Pharmaceutical and cosmetics industry USD 1,500 JOHNSON & JOHNSON USD 10,000 KING PHARMACEUTICALS

Total Shares

Bonds

Banks and other credit institutions J PY 10,000,000 BANK OF IKEDA

Building and building materials CHF 300,000 GEBERIT AG J PY 1,000,000 CENTRAL GLASS COMPANY J PY I 0,000,000 N I SH I MATS U CONSTRUCTION

Electronics and semiconductors J PY 10,000,000 MIMASU SEMICONDUCTOR IND USD 100,000 UTDMICRO 0% IO-May-2007

101,563.67 100,760.00 2.24% 102,223.37 98,820.00 2.21% 203,787.04 199,580.00 4.45%

19,205.45 2032 1.79 0.46%

101,838.15 90,270.00 2.01 %

49,967.08 40,596.57 0.90% 98,043.35 110,256.86 2.46%

148,010.43 150,853.43 3.36%

187,952.54 190,401.06 4.24%

79,047.40 81,802.69 1.82% 72,680.40 76,885.59 1.71%

151,727.80 158,688.28 3.54%

812,521.41 810,314.56 18.05%

1.77% 78,627.88 79,344.51

202,856.48 204,626.81 4.56% 7,741.95 7,754.80 0.17%

88,991.69 75,384.17 1.68% 299,590.1 2 287,765.78 6.41%

85,177.97 87,578.37 I .95% 98,038.85 97,529.29 2.17%

183,216.82 185,107.66 4.12%


62

LEMANIK SICAV



(in EUR)


Energy and water supply J PY 10,000,000 CHUBU EL PWR 1% 2006 75,910.84 78,146.85 1.74%

Gastronomy J PY 15,000,000 KlSOJl 0% CONV 09-11 USD 105,000 INDIAN HOTELS 1% 09

Holding and finance companies CHF 200,000 ACTELION 0% 15-Oct-2008 EUR 100,000 SWEDISH 0.25% 14-Jut-2009 GBP 150,000 SGACCEP 2.125% 19-Dec-2008

Internet services J PY 10,000,000 TRANSCOSMOS 0 200608

Pharmaceutical and cosmetics industry J PY 20,000,000 NOEVIR 0% 06-Feb-2009

Road vehicles J PY 1,000,000 CALSON CONV 31-Mar-2010

117,442.85 122,272.88 2.72% 96,660.18 109,375.06 2.44%

214,103.03 231,647.94 5.16%

163,683.38 155,627.07 3.47% 103,681 .OO 103,300.00 2.30% 223,858.53 236,475.80 5.27% 491,222.91 495,402.87 11.04%

79.338.06 78,034.58 I .74%

152,901.99 154,946.35 3.45%

7,914.21 9,102.16 0.20%

Total Bonds 1,582,825.86 I ,599,498.70 35.64%

Total Transferable securities admitted to an official Stock Exchange 2,652,430.59 2,442,191.72 54.41%

Transferable securities admitted to an other regulated market

Shares

Building and building materials USD 245,769 REGENT ENERGY

Electrotechnical and electronic industry USD 1,074,704 ACCUPOLL HOLDINGS CORP

Internet services USD 12.121 ANTS SOFTWARE INC

Total Shares

260,204.56 1,997.47 0.04%

266.937.93 218,364.83 4.87%

33,799.87 28,765.71 0.64%

560,942.36 249,128.01 5.55%


63

LEMANIK SICAV



(in EUR)


Bonds

Miscellaneous services USD 150,000FIRST PAC 0% 10-Jan-2010

Pharmaceutical and cosmetics industry USD 150,000APOGENT TECH FRN 2033 USD 200,0001MPAXLAB 1.25% 0q-Apr-2024 USD 50,000MGIPHARM 2.25% 03-Feb-2024

Total Bonds

Warrants and rights

Miscellaneous USD 10,000MICROHELIX WS-B 06

Total Warrants and rjqhts



Shares

Energy and water supply USD 51,831,000MENDELL AMERICAN INC

Health services USD 12,3750RALSCANLAB.F RES

Internet services USD 3,632FASTNET CORPORATION USD 10,OOOWAREONEARTH COMM-INC USD 100,OOOWAREONEARTH 12%

Telecommunication GBP 79EPOSS LTD GBP 4,966EPOSS LTD PREF GBP 9OPRE PAY SOL

Total Shares

121,351.18 124,800.92 2.78%

155,023.59 146,734.89 3.27% 150,916.02 140,542.15 3.13% 38,462.31 30,396.63 0.68%

344,401.92 317,673.67 7.08%

465,753.10 442,474.59 9.86%

0.00 121.91 0.00%

0.00 121.91 0.00%

1,026,695.46 691,724.51 15.41 %

87,003.52 8,425.07 0.19%

104,922.90 15,086.56 0.34%

114,138.52 0.38 0.00% 0.00 0.00 0.00% 0.00 0.00 0.00%

114,138.52 0.38 0.00%

125.15 1,400.03 0.03% 7,867.20 7,333.89 0.16%

57,164.55 132.91 0.00% 65,156.90 8,866.83 0.20%

32,378.84 0.72% 37 I ,22 I -84


64

LEMANIK SICAV



(in EUR)



Nominal

Bonds

Chemistry USD 200,000 UTDPHOSPH 1.5% 06-NOV-2009

Electrotechnical and electronic industry J PY 5,000,000 IRISOELEC 0% 19-Sept-2008

Pharmaceutical and cosmetics industry J PY 5,000,000 TOHO PHAR.O% CONV 2009

Total Bonds


Total Investments Other Net Assets

Total Net Assets

161,256.41 182,867.42 4.07%

38.41 9.01 41,356.45 0.92%

38,363.98 36,397.42 0.81%

238,039.40 260,621.29 5.81%

352,177.92 260,621.67 5-81 %

4,031,303.97 3,394,537.90 75.81% 1,093,732.63 24.19% 4,488,270.53 100.00%


65

LEMANIK SICAV




United States

Japan

India

Italy

Netherlands

Switzerland

Hong Kong

Supranational

Caimans Islands

Sweden

Taiwan

United Kingdom

20.57%

17.19% 6.52% 6.48%

5.28%

4.57%

4.25% 3.48% 2.79% 2.31 %

2.18% 0.19%

TOTAL 75.81%


66

LEMANIK SICAV








Electrotechnical and electronic industry


Internet services

Gastronomy


Chemistry

Insurance


Health services

Road vehicles

Telecommunication

14.92%

11.07%

7.04%

6.46%

6.26%

6.23%

5.75%

5.17%

4.14%

4.08%

2.02%

1.94%

0.34%

0.20%

0.19%

TOTAL 75.81%


67

LEMANIK SICAV

EUROIMPULSE PORTFOLIO


(in EUR)



Bonds issued by supranational institutions EUR 30,000 EUROPEAN INVESTMENT BANK 30-Jut-2007 3%

Government bonds EUR 40,000 GERMANY 17-Apr-2009 3.25%



Government bonds EUR 40.000 FRANCE 12-Jut-2008 3%

Total transferable securities admitted to an other regulated market, Bonds


30,139.00 30,489.00 18.20%

39,653.00 41,116.00 24.54%

69,792.00 71,605.00 42.74%

39,605.00 40,740.00 24.31%

39,605.00 40,740.00 24.31%

109,397.00 112,345.00 67.05% 55,216.05 32.95%

167.561.05 100.00%


68

LEMANIK SICAV

EUROIMPULSE PORTFOLIO



Germany

France

Supranational

24.54%

24.31%

18.20%

TOTAL 67.05%



Government bonds


48.85%

18.20%

67.05% TOTAL

The accompanying notes are a n integral part of these financial statements.

69

LEMANIK SICAV


(in EUR)


Transferable securities admitted to an official Stock Exchanae

Shares

Banks and other credit institutions EUR 4,000 BANCO POPULAR ESPANOL EUR 14,250 CREDIT0 ARTlGlANO EUR 20,000 MEDIOBANCA S.p.A.

Energy and water supply EUR 150,000 AEM S.p.A.

Graphic and publishing industry USD 10,000 TIME WARNER INC

Holding and finance companies J PY 16 MlTSUBlSHl TOKYO FINANCIAL J PY 50 MIZUHO FINANCIAL GROUP INC

Mines and steel works EUR 20,000 THYSSENKRUPP AG

Miscellaneous services EUR 2.500 GENERALE DE SANTE

Oil EUR 70,000 CAM FlNANZlARlA S.p.A.

Paper and wood industry EUR 39,000 M-REAL OYJ-B SHARES

Precious metal and stones EUR 20,000 GAMESA CORP TECNOLOGICA SA.

Retail trade EUR 10,000 GRUPPO COIN S.p.A. JPY 6,000 ITO-YOKADO CO LTD

Telecommunication EUR 20,000 KONINKLIJKE KPN N.V.

Textile and clothing industry EUR 50,000 RATTI S.p.A.

181,356.17 193,560.00 2.18% 47,030.65 47 I 986. a8 0.54%

203,653.13 283,000.00 3.19% 432,039.95 524,546.88 5.91%

234,865.99 255,900.00 2.89%

144,034.05 141,417.47 1.59%

99,153.01 108,387.59 1.22%

198,198.17 300,760.60 3.39% 99,045.16 192,373.01 2.17%

325,856.44 298,600.00 3.37%

25,062.41 46,300.00 0.52%

119,391.07 153,300.00 1.73%

183,008.70 170,820.00 1.93%

226,788.45 220,000.00 2.48%

39,215.85 24,050.00 0.27% 206,741.19 165,725.23 I .87% 245,957.04 189,775.23 2.14%

127,501.50 129,000.00 1.45%

80,025.30 31,500.00 0.36%

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

70

LEMANIK SICAV

SPRING


(in EUR)

Market % of Net Nominal Value Assets


Transportation GBP 25.000 BRITISH AIRWAYS PLC

Total Shares

Bonds


EUR 500,000 KFW 23-May-2020 FRN GBP 140,000 RABOBANK NEDERLAND 30-Sep-2009 4.75% PLN 850.000 HSH NORDBANK AG 17-Dec-2007 4.75%


TRY NORDIC INVESTMENT BANK 350‘000 28-Dec-2007 13.5%


EUR ENEL-SOCIETA PER AZlONl

250’000 12-Dec-2005 5.875%

Government bonds EUR 200,000 ARGENTINA 26-Feb-2008 FRN SEK 3,500,000 SWEDEN 08-Oct-2012 5.5% ZAR 3,000,000 AUSTRIA 24-Feb-2009 9.5%

Telecommunication

EUR COLT TELECOM GROUP PLC 20’ooo 15-Dec-2009 7.625%

Tobacco and alcohol EUR 300,000 GALLAHER GROUP PLC 02-Oct-2006 5.75%

Total Bonds

105,629.97 101,162.17 1.14%

2,448,359.04 2,563,082.35 28.90%

498,781 .OO 498,000.00 5.62% 198,200.86 208,326.1 3 2.35% 202,122.14 201,808.52 2.28%

1,197,721 -22 1,216,261.36 13.72%

200,029.34 206,648.30 2.33%

256.300.00 254,750.00 2.87%

61,431 .OO 50,720.00 0.57% 405.374.97 442,976.44 4.99% 377,099.01 374,071.97 4.22% 843,904.98 867,768.41 9.78%

96,660.00 116,868.00 1.32%

300,135.00 31 2,870.00 3.53%

2,596,133.32 2,667,039.36 30.07%


71

LEMANIK SICAV

SPRING


(in EUR)


Investment funds

Mutual funds USD 12,000 INDIA FUND INC

Total Investment funds Total transferable securities admitted to an official Stock Exchange

Transferable securities admitted to an other requlated market, Shares

Chemistry CHF 2.000

Insurance GBP 100.000

Internet services EUR 50,000

Telecommunication EUR 5,000

LONZA GROUP AG-REG

ROYAL & SUN ALLIANCE INS GROUP

TISCALI S.p.A.

REPLY S.p.A.

Total Shares



AU D BK NEDERLANDSE GEMEENTEN

500’000 05-Nov-2007 5.5%

247,899.57 267,230.26 3.01%

247,899.57 267,230.26 3.01 %

5,820,396.82 6,018,430.50 67.86%

90,174.05 99,236.68 1.12%

139,213.62 113,715.14 I .28%

143,547.50 1 2 I , 250.00 1.37%

44,650.23 70,500.00 0.79%

417,585.40 404,701.82 4.56%

298,617.22 308,126.71 3.47%

Tota Bonds 298,617.22 308,126.71 3.47%

Total transferable securities admitted to an other regulated market 71 6,202.62 71 2,828.53 8.04%

Other transferable securities, Warrants and riqhts

Banks and other credit institutions CHF 400,000 UBS-CWO5 NIKKEI 225 90,988.03 2,604.64 0.03%

Total other transferable securities, Warrants and rights 90,988.03 2,604.64 0.03%


6,099,582.58 6,212,785.14 70.05% 2,656,051.16 29.95% 8,868,836.30 100.00%


72

LEMANIK SICAV

SPRING



Italy

Germany

Netherlands

United Kingdom

Japan

Sweden

Spain

United States

Austria

Supranational

Finland

Switzerland

Argentina

France

14.01%

11.27%

7.28%

7.27%

5.26%

4.99%

4.66%

4.61%

4.22%

2.33%

1.93%

1.15%

0.56%

0.51 %

TOTAL 70.05%


73

LEMANIK SICAV

SPRING




Government bonds


Telecommunication

Tobacco and alcohol


Mines and steel works

Mutual funds

Precious metal and stones


Retail trade

Paper rand wood industry

Oil


Internet services

Insurance

Transportation

Chemistry



TOTAL

19.66%

9.78%

5.76%

3.56% 3.53%

3.39%

3.37%

3.01%

2.48%

2.33%

2.14%

1.93%

1.73%

1.59%

1.37%

1.28%

1.14%

1.12%

0.52%

0.36%

70.05%


74

LEMANIK SICAV

GLOBAL BOND


(in EUR)


Transferable securities admitted to an official Stock Exchanue

Shares

Food products and non-alcoholic drinks EUR 100,000 PARMALAT FINANZIARIA S.p.A.

Telecommunication USD 1 TELEFONICA DE ARGEN-SPON ADR

Total Shares

Bonds

Banks and other credit institutions EUR EUR EUR

EUR

EUR

EUR EUR EUR EUR

EUR

EUR EUR EUR EUR

1,000,000 500,000 100,000

275,000

360,000

200,032 500,000 500,000 300,000

100,000

146,157 600,000 300,000 aoo,ooo

ABN AMRO BANK NV 12-May-2009 4.625% BANCA ITALEASE 15-Oct-2009 FRN BANCA ANTONVENETA S.P.A. 1 3-JuI-2007 FRN BNCA POP COMMERCIO E IND 27-Jun-2011 3.442% BANCA POP EMlLlA ROMAGNA 28-Jun-2012 3.042% BANCA POPOLARE Dl LODl22-Dec-2006 FRN BANQUE FED CRED MUTUEL 29-Dec-1949 FRN COMMERZBANK AG 19-Apr-2012 6.2% DEPFA ACS BANK 29-Oct-2008 3% ENEL-SOCIETA PER AZlONl 20-May-201 1 4.125% MOSAI 1 A 30-Now2018 FRN DEN NORSKE BANK 15-Sep-2013 FRN RABOBANK NEDERLAND 28-Jul-2015 FRN SAN PAOLO IMI 28-Jun-2016 FRN

1 07,970.25 1 1,000.00 0.06%

0.00 6.52 0.00%

107,970.25 11,006.52 0.06%

1,064,931 .OO 499,981 .OO 100,093.00

275.991.00

361,132.77 199,152.85

532,481 .OO 299.881 .OO

498.531 .oo

99,734.00 146,200.94 604,231.00 300,091.00

1,064,800.00 499,750.00 100,075.00

278.319.52

364,230.00 199,011.84 477,500.00 577,340.00 303,870.00

105,470.00 146,390.95 605,340.00 299,850.00

6.09%

0.57% 2.86%

1.59%

2.08% 1.14% 2.73% 3.30% 1.74%

0.60% 0.84% 3.46% 1.71%

799,297.00 802,360.00 4.59% 5,781,728.56 5,824,307.31 33.28%


75

LEMANIK SICAV

GLOBAL BOND


(in EUR)



EUR

EUR


EUROPEAN INVESTMENT BANK 500'000 15-Oct-2007 2.625%

500'000 30-Jun-2013 3.25%

Building societies EUR 400,000 IRISH NATIONWIDE BLDG S 12-Oct-2009 FRN

Government bonds

EUR 200,000 AUSTRIA 22-Apr-2020 FRN EUR 500,000 AUSTRIA 20-Oct-2013 3.8%

EUR 1,275,000 NETHERLANDS 15-Jul-2009 3.75% EUR 670,000 FRANCE 25-Oct-2009 4%


EUR 500,000

EUR 5 0 0,O 0 0

EUR 250,000 EUR 1,000,000 EUR 300,000

EUR 500,000

EUR 450,000

Miscellaneous EUR 500,000 EUR 700,000 EUR 500,000

Retail trade EUR 100,000 EUR 300,000

CASSA DI RISPARM BOLZANO 03-Feb-2012 FRN DEUTSCHE TELEKOM INT FIN

EURL 2 C1 15-Jun-2027 2.885%

GENERAL ELEC CAP CORP 10-Mar-2006 FRN PARMALAT FINANCE CORP BV 23-Jun-2004 4.625% VOLKSWAGEN FIN SERV AG 19-Jan-2007 FRN

23-NOV-2009 FRN

GENERAL ELEC CAP GORP 25-JuI-2006 3.75%

DEUTSCHE POSTBANK FRN 02-Dec-20341 NYMPH 2002-1 C 27-Jan-2025 2.979% PROMS coz-I A 28-oct-2010 FRN

GROUPE AUCHAN S.A. 04-May-2011 4.125% CARREFOUR S A . 17-Dec-2008 3.625%

500,331 .OO 504.200.00 2.88%

487,831.00 500,750.00 2.86% 988,162.00 1,004,950.00 5.74%

399,491 .OO 399,540.00 2.28%

494,014.00 522,500.00 2.99% 199,181 .OO 198,087.60 1.13%

1,321,432.00 1,335,435.00 7.63% 700,851.00 709,061.00 4.05%

2,715,478.00 2,765,083.60 15.79%

499.466.00 500,075.00 2.86%

499,806.00 500,100.00 2.86% 250,125.00 250,000.00 1.43%

1,019,131.00 1,017,000.00 5.81% 300,842.71 300,240.00 1.72%

83,775.00 83,775.00 0.48% 449,577.00 450,945.00 2.58%

3,102,722.71 3,102,135.00 17.74%

498,531 .OO 482,500.00 2.76% 700,350.00 708,750.00 4.05% 500,250.00 500,200.00 2.86%

1,699,131.00 1,691,450.00 9.67%

99,576.00 104,775.00 0.60% 302,412.60 308,400.00 1.76% 401,988.60 413,175.00 2.36%


76

LEMANIK SICAV

GLOBAL BOND


(in EUR)


Transportation EUR 300,000 AUTOSTRADE S.p.A. 09-Jun-2014 5% 298,165.00 327,510.00 I .87%

Total Bonds 15,386,866.87 15,528,150.91 88.74%

Total transferable securities admitted to an official Stock Exchange 15,494,837.12 15,539,157.43 88.80%

Transferable securities admitted to an other reaulated market, Bonds

Banks and other credit institutions EUR 300,000 HYPOTHEKENBK IN ESSEN 26-Sep-2008 3.5% 298,711.00 309,540.00 1.77% EUR 200,000 ISLANDSBANKI HF 02-JuI-2008 FRN 199,949.00 200,085.20 1.14%

498660.00 509625.20 2.91% Office supplies and computer J PY 20,000,000 TOSHIBA CORPORATION 21-JuI-2009 0% 161,480.68 151,398.30 0.87%

Total transferable securities admitted to an other regulated market 660,140.68 661,023.50 3.78%

Other transferable securities, Bonds


EUR 200,000 ME FRlULl VENEZIA GlULlA 07-May-2009 FRN 199,881.00 200,000.00 1.14% 698,312.00 684,750.00 3.91%

EUR 500,000 BANQUE FED CRED MUTUEL 14-0ct-2015 FRN 498,431.00 484,750.00 2.77%

Total other transferable securities, Bonds 698,312.00 684,750.00 3.91%


16,853,289.80 16,884,930.93 96.49% 61 3,434.29 3.51 Yo

17,498,365.22 100.00%

The accompanying notes are an inlegral part of these financial statements.

77

LEMANIK SICAV

GLOBAL BOND



Italy

Netherlands

France

United States

Germany

Ireland

Supranational

United Kingdom

Austria

Norway

Iceland

Japan

Argentina

20.19%

18.77%

11.91%

10.29%

7.65%

6.88%

5.74%

5.48%

4.12%

3.45%

1.14%

0.87%

0.00%

TOTAL 96.49%


78

LEMANIK SICAV

GLOBAL BOND





Government bonds

Miscellaneous


Retail trade

Building societies

Transportation


food products and non-alcoholic drinks

Telecommunication

TOTAL

40.11%

17.74% 15.79%

9.67% 5 * 74%

2.36%

2.28%

1.87%

0.87%

0.06%

0.00%

96.49%


79

. . . . . . . ... .... .... ..

LEMANIK SICAV

GLOBAL INVESTMENT


(in EUR)



Shares

Banks and other credit institutions EUR 5,100 BANK OF IRELAND EUR 1,000 VAN LANSCHOT NV-CVA

Biotechnology USD 820 AMGENINC


EUR 1,650 EIFFAGE EUR 1,500 COMPAGNIE DE SAINT-GOBAIN

Chemistry NOK 745 NORSK HYDRO ASA


EUR 1,200 SCHNEIOER ELECTRIC S.A. EUR 1,000 SAMSUNG ELECTRO-REGS GDR PFD

Energy and water supply EUR 5,000 ENDESA S.A. EUR 1,000 RWEAG EUR 20,000 SNAM RETE GAS

Food products and non-alcoholic drinks EUR 200,000 PARMAIAT FlNANZlARlA S.p.A

Holding and finance companies USD 350 CHICAGO MERCANTILE EXCHANGE USD 3,150 GENERAL ELECTRIC CO USD 800 ZIMMER HOLDINGS INC.

Internet services USD 1,400 FIRST DATA CORP

63,994.65 62,730.00 1 .OO% 50,207.00 49,650.00 0.79%

114,201.65 112,380.00 1.79%

38,363.91 41,706.45 0.67%

68,603.22 70,155.00 1.12% 99,063.18 106,920.00 1.71 %

167,666.40 177,075.00 2.83%

0.79% 43,430.34 49,146.27

103,341.39 128,000.00 2.05% 63,710.87 71,760.00 1.15%

167,052.26 199,760.00 3.20%

80,914.00 88,350.00 1.41 % 41.256.42 49,700.00 0.79% 84,136.75 87,000.00 1.39%

206,307.17 225,050.00 3.59%

200,747.00 22,000.00 0.35%

46,626.24 61,497.50 0.98% 81,572.31 93,394.05 1.49% 47,349.67 49,791 -95 0.80%

175,548.22 204,683.50 3.27%

43,695.66 43,044.55 0.69%


80

LEMANIK SICAV

GLOBAL INVESTMENT


(in EUR)


Machinery and apparatus construction EUR 920 KRONESAG EUR 1,300 MANAG USD 640 CATERPILLAR INC

Mines and steel works USD 5,070 GERDAU S A . -SPON ADR

85,390.87 80,040.00 1.28% 45,159.94 46,904.00 0.75% 42,780.1 8 48,951.90 0.78% 173,330.99 175,895.90 2.81%

42,137.84 41,412.16 0.66%

Miscellaneous trade EUR 6,000 AUTOGRILL S.p.A. 69,411.59 67,800.00 1 . O W 0

EUR 2,000 CIA DlSTRlB INTEGRAL LOGISTA 80,564.24 ai ,020.00 1.30% 149,975.83 148,820.00 2.38%

Non ferrous metals USD 350 ALUMINUM CORP OF CHINA-ADR 16,902.21 14,507.48 0.23%

USD 1,750 INCO LTD 46,988.97 54,886.64 0.88% 129,226.27 187,363.93 3.00%

USD 5,000 CIA VALE DO RIO DOCE-ADR 65,335.09 117,969.81 1.89%


USD 1,500 APPLE COMPUTER INC USD 1,200 INTL BUSINESS MACHINES CORP

CHF 1,000 LOGITECH INTERNATIONAL-REG

Oil EUR EUR USD

2,350 EN1 S.p.A. 400 TOTAL S.A. 850 SCHLUMBERGER LTD

Paper and wood industry EUR 3,950 STORA ENS0 OYJ-R SHS EUR 2,750 UPM-KYMMENE OYJ

Pharmaceutical and cosmetics industry CHF USD USD

Retail trade EUR

Road vehicles USD USD

47,538.30 48,283.46 0.77% 40,461.54 48,411 .IO 0.77% 92,683.3 I 73,683.38 1.18% 180,683.15 170,377.94 2.72%

42,810.99 48,786.00 0.78% 66,209.52 71,800.00 1.15% 41,871.78 47,232.22 0.76%

I 50.892.29 I 67,818.22 2.69%

45,005.12 42,265.00 0.68% 42,303.45 43,147.50 0.69% 87,308.57 85,412.50 1.37%

1,200 NOVARTIS AG-REG SHS 45,125.74 47,625.79 0.76% 1,800 DENTSPLY INTERNATIONAL INC 72,035.43 83,460.69 1.33% 650 FOREST LABORATORIES INC 21,268.59 20,381 .I8 0.33%

138,429.76 151,467.66 2.42%

1,100 SLIGRO FOOD GROUP NV 43,229.66 38,500.00 0.62%

900 HARLEY-DAVIDSON INC 35,960.3 1 35 I 863.96 0.57% 835 TOYOTA MOTOR CORP -SPON ADR 48,407.84 48,665.37 0.78%

84,368.15 84,529.33 1.35%


81

....

GLOBAL INVESTMENT


(in EUR)


Rubber and tyres industry EUR 8,000 NOKIAN RENKMT OYJ

Telecommunication

EUR 3,000 TELEKOM AUSTRIA AG EUR 6,434 TIM S.p.A. EUR 2.600 VIVENDI UNIVERSAL S A

EUR 27,000 TELECOM ITALIA-RNC

Textile and clothing industry USD 1,600 TIMBERLAND CO-CL A

Tobacco and alcohol EUR 1,650 HEINEKEN N.V.

99,795.42 116,000.00 1.85%

65,212.01 58,050.00 0.93% 35,546.32 45,450.00 0.73% 31,479.10 29,081.68 0.46% 63,385.46 64,376.00 1.03%

195,622.89 196,957.68 3.15%

44,623.05 47,932.40 0.77%

40,685.64 42,504.00 0.68%

Transportation CHF 440 UNIQUE ZURICH AIRPORT 48,742.85 50,139.27 0.80% EUR 2,500 AUTOROUTES DU SUD DE LA FRAN 97,948.84 104,800.00 1.68% EUR 3,600 DEUTSCHE POST AG-REG 66,784.58 68,688.00 1.10% HKD 20,600 CHINA SHIPPING DEVELOPMENT-H 12,086.31 13,342.03 0.21%

225,562.58 236,969.30 3.79%

Total Shares 2,942,884.70 2,966,806.79 47.43%

Bonds

Bonds issued by supranational institutions CHF 100,000 EUROPEAN INVESTMENT BANK

07-Mar-2006 4.5%

Government bonds EUR 350,000 GERMANY IO-Mar-2006 2% EUR 150,000 GERMANY 11-Apr-2008 3% EUR 100,000 GERMANY 16-Dec-2005 2.75% EUR 150,000 GERMANY 16-Sep-2005 2.5% EUR 150,000 GERMANY 17-Apr-2009 3.25%

Total Bonds

69,475.11 66,926.15 1.07%

347,853.88 349,790.00 5.59% I 50,208.0 1 1 52,835.00 2.44% 101,014.09 100,362.00 1.60%

I 50,286.76 I 541 85.00 2.47% 899,778.09 907,350.50 14.49%

150,415.35 150,178.50 2.40%

969,253.20 974,276.65 15.56%


82

LEMANIK SICAV

GLOBAL INVESTMENT


(in EUR)

Currency Quantity1 Description Cost Market % of Net Nominal Value Assets

Investment funds

CAD 12,000 YELLOW PAGES INCOME FUND USD 1,600 ISHARES FTSE/XINHUA CHINA 25

102,556.34 109,419.00 1.75% 64,365.78 71,053.34 1.14%

usa USD

425 ISHARES MSCl EMERGING MKT IN 63,376.99 71,363.00 1.14% 630 ISHARES MSCl PACIFIC EX JPN 42,450.48 46,2 I 0.60 0.74%

272,749.59 298,045.94 4.77%

Total Investment funds 272,749.59 298,045.94 4.77%

Warrants and riqhts

Energy and water supply EUR 9,000 VEOLIA ENVIRONNEMENT -CW06 0.00 90.00 0.00%

Total Warrants and riqhts 0.00 90.00 0.00%


Transferable securities admitted to an other requlated market,

Shares

Food products and non-alcoholic drinks GBP 1,800 RECKITT BENCKISER PLC CHF 400 NESTLE SA.-REGISTERED

Insurance CHF 1,200 SWISS LIFE HOLDING CHF 430 ZURICH FINANCIAL SERVICE-REG

Total Shares

Bonds

Government bonds EUR 100,000 FRANCE 12-Jan-2008 3.5% EUR 150,000 FRANCE 12-Mar-ZOO6 2.25%

4,184,887.49 4,239,219.38 67.78%

43,164.50 44,659.04 0.71% 84,536.71 85.562.33 1.37%

127,701.21 130,221.37 2.08%

136,085.05 128,851.40 2.06% 61,108.63 58,099.69 0.93%

197,193.68 186,951.09 2.99%

324,894.89 317,172.46 5.07%

101,759.82 103,080.00 I .65% 149,608.24 150,180.00 2.40% 251,368.06 253,260.00 4.05%

Total Bonds 251,368.06 253,260.00 4.05%



83

LEMANIK SICAV

GLOBAL INVESTMENT


(in EUR)

Currency Quantity/ Description cost Market % of Net Value Assets Nominal

Other transferable securities. Shares

Machinery and apparatus construction EUR 1,700 KONE OYJ-B SHS

Total other transferable securities, Shares


101,332.10 114,155.00 I -83%

101,332.1 0 114,155.00 1.83%

4,862,482.54 4,923,806.84 70.72% 1,330,894.21 21.28% 6,254,701 -05 100.00%


84

LEMANIK SICAV

GLOBAL INVESTMENT



Germany

United States

France

Switzerland

Finland

Italy

Spain

Canada

Brazil

Netherlands

Korea

Luxembourg

Ireland

Norway

Japan

Netherlands Antilles

Austria

United Kingdom

China

18.43%

13.38%

11.88%

6.69%

5.05%

5.00%

2.71%

2.63%

2.54%

2.09%

2.05%

1.06%

1 .OO% 0.79%

0.78%

0.76%

0.73%

0.71%

0.44%

TOTAL 78.72%


85

LEMANIK SICAV

GLOBAL INVESTMENT



Government bonds

Mutual funds


Transportation



Telecommunication

Non ferrous metals

Insurance



Oil



Miscellaneous trade


Rubber and tyres industry


Paper and wood industry

Road vehicles



Chemistry


Internet services

Tobacco and alcohol

Biotechnology


Retail trade

TOTAL

18.54%

4.77%

4.64%

3.79%

3.59%

3.27%

3.15%

3.00%

2.99%

2.83%

2.72%

2.69%

2.43%

2.42%

2.38%

2.05%

1.85%

1.79%

1.37%

1.35%

1.15%

1.07%

0.79%

0.77%

0.69%

0.68%

0.67%

0.66%

0.62%

78.72%


86

...

LEMANIK SICAV

FLEXIBLE BLUE lFormerlv Blue)

STATEMENT OF INVESTMENTS AND OTt as at May 31,2005

(in EUR)

ER JET ASSETS

Currency Quantity Description cost Market YO of Net Value Assets

Transferable securities admitted to an official Stock Exchanae, Shares

Banks and other credit institutions DKK 2,100 DANSKE BANKNS EU R 2,350 FORTIS

Building and building materials EU R 690 ACCIONA SA. EUR 660 CIMENTS FRANCAIS EUR 3,700 ITALCEMENTI S.p.A.

Energy and water supply USD 4.400 KOREA ELEC POWER CORP-SP ADR

Internet services EUR 1,840 TIETOENATOR OYJ

Machinery and apparatus construction USD 1,500 SPX CORP

Mines and steel works CAD 3,300 NORANDA INC EUR 746 WENDEL INVESTISSEMEN1 USD 1,300 POSCO-ADR

Oil EUR 2,400 EN1 S.p.A

Telecommunication

GBP 16,600 BT GROUP PLC EUR 3,770 ELISA OYJ-A SHARES

Total transferable securities admitted to an official Stock Exchange, Shares

44,545.55 48,958.58 3.08% 45,468.27 51,935.00 3.27% 90,013.82 100,893.58 6.35%

49,138.19 51,405.00 3.24% 49,798.08 49,005.00 3.09% 50.047.69 46,435.00 2.92%

148,983.96 146,845.00 9.25%

48,584.61 53,247.74 3.35%

50,765.05 46,073.60 2.90%

48,690.25 54,140.95 3.41%

49,440.21 42,763.17 2.69%

47 I 645.57 47,461 .OO 2.99% 130,003.41 138,527.67 8.72%

32,917.63 48,303.50 3.04%

48,576.02 49,824.00 3.14%

49,869.82 45,805.50 2.88% 49,661.57 52,278.69 3.29% 99,531.39 98,084.19 6.17%

665.148.51 687.636.73 43.30%


87

LEMANIK SICAV

FLEXIBLE BLUE JFormerly Blue)


(in EUR)


Transferable securities admitted to an other resulated market, Shares

Banks and other credit institutions GBP 7,100 LLOYDS TSB GROUP PLC

Building and building materials GBP 4,450 PERSIMMON PLC SEK 5.500 SKANSKA AB-B SHS

Energy and water supply GBP 14,200 CENTRICA PLC GBP 5,500 KELDA GROUP PLC GBP 5,260 UNITED UTILITIES PLC

Food products and non-alcoholic drinks GBP 6,600 TATE 8 LYLE PLC

Health services GBP 19,750 RENTOKIL INITIAL PLC

49,977.60 47,498.96 2.99%

48,803.76 46,722.64 95,526.40

49,631.98 50,237.85 49,929.70

149.799.53

50,236.58

49,124.57 3.09% 56,045.48 3.53%

105,170.05 6.62%

48,652.36 3.06% 52,308.96 3.29% 52,667.54 3.32%

153.628.86 9.67%

46,152. I O 2.91%

49,354.92 43,094.54 2.71%



1,060,043.54 1,083,181.24 68.20% 505,110.35 31.80%

1,588,291 -59 100.00%


88

LEMANIK SICAV

FLEXIBLE BLUE (Formerlv Blue)



United Kingdom

Korea

France

Italy

Finland

Sweden

United States

Belgium

Spain

Denmark

Canada

24.66%

6.34% 6.13%

6.06% 5.78% 3.54%

3.41 %

3.27%

3.24%

3.08% 2.69%

TOTAL 68.20%

The accompanying notes are a n integral part of t hese financial statements

89

. ..

LEMANIK SICAV

FLEXIBLE BLUE lFormerly Blue)







Telecommunication


Oil


Internet services Health services

TOTAL

I 5.88%

13.02%

9.34%

8.72%

6.17%

3.41%

3.14%

2.91 %

2.90%

2.71 %

68.20% -


90

LEMANIK SICAV

WORLD PORTFOLIO EQUITIES


(in EUR)



Transferable securities admitted to an official Stock Exchanae

Shares

Banks and other credit institutions EUR 9,750 BANK OF IRELAND EUR 800 VAN LANSCHOT N.V.-CVA

Building and building materials EUR 1,000 COMPAGNIE DE SAINT-GOBAIN

122,369.02 119,925.00 2.02% 40,177.00 39,720.00 0.67% 162,546.02 159,645.00 2.69%

45,801.60 46,770.00 0.79%

Electronics and semiconductors EUR 1,900 SAMSUNG ELECTRO-REGS GDR PFD 201,542.28 243,200.00 4.09%

Electro technical and electronic industry EUR 2,600 SCHNEIDER ELECTRIC S.A

Energy and water supply EUR 10,500 ENDESA S.A. EUR 2,200 EVNAG EUR 2,300 RWEAG EUR 38,000 SNAM RETE GAS

Holding and finance companies USD 300 CHICAGO MERCANTILE EXCHANGE USD 3,500 GENERAL ELECTRIC CO USD 700 ZIMMER HOLDINGS INC.

Internet services USD 2,700 FIRST DATA CORP

Machinery and apparatus construction EUR 900 KRONESAG EUR 6,000 MANAG USD 1,000 CATERPILLAR INC

Miscellaneous trade EUR 5,000 AUTOGRILL S.P.A. EUR 2,000 CIA DlSTRlB INTEGRAL LOGISTA

Non ferrous metals USD 7,000 CIA VALE DO RIO DOCE-ADR

138,324.30 155,480.00 2.62%

158,064.57 185,535.00 3.12% 92,826.60 123,618.00 2.08% 95,191.38 114,310.00 1.92% 151,101 .I2 165,300.00 2.78% 497,183.67 588,763.00 9.90%

39,938.16 52,712.14 0.89% 90,631 -50 103,771.17 1.75%

1 7 1,964.54 200,05 I. 27 3.37% 41,394.88 43,567.96 0.73%

84,236.96 83,014.50 1.40%

83,373.99 78,300.00 171,859.20 216,480.00 66,897.71 76,487.35 322,130.90 371,267.35

57 I 569.05 56,500.00

139,116.63 137,520.00 81,547.58 81,020.oo

9 1,883.86 165, I 57.73

1.32% 3.64% 1.29% 6.24%

0.95% 1.36% 2.31%

2.78%


91

LEMANIK SICAV



(in EUR)


O f h e supplies and computer

USD 1,300 APPLE COMPUTER INC USD 2,000 DELL INC USD 1,500 INTL BUSINESS MACHINES CORP

CHF 800 LOGITECH INTERNATIONAL-REG

Oil EUR 8,500 EN1 S.P.A. EUR 12,000 SAIPEM EUR 1,100 TOTAL S.A. USD 1,820 SCHLUMBERGER LTD

Paper and wood industry EUR 10,000 STORA ENS0 OYJ-R SHS EUR 7,000 UPM-KYMMENE OYJ

Pharmaceutical and cosmetics industry USD 2,100 DENTSPLY INTERNATIONAL INC USD 1,250 FOREST LABORATORIES INC USD 2,400 GLAXOSMITHKLINE PLC-ADR

Retail trade EUR 2,100 SLIGRO FOOD GROUP NV


38,043.03 38,626.77 0.65% 35,051.52 41,956.29 0.717.. 62,603.70 64,840.72 1.09%

107,258.98 92,104.23 1.55% 242.957.23 237,528.01 4.00%

157,402.57 176,460.00 2.97% 103,103.83 123,120.00 2.07% 183,612.26 197,450.00 3.32% 89,681.53 101,132.51 1.70%

533,800.19 598,162.51 10.06%

114,092.73 107,000.00 1.80% 107,606.56 109,830.00 1.85% 221,699.29 216.830.00 3.65%

84,034.50 97,370.81 1 .64% 40,896.95 39,194.58 0.66% 80,933.38 96,944.12 1.63%

205,864.83 233,509.51 3.93%

82,618.03 73,500.00 1.24%

Road vehicles USD 800 HARLEY-DAVIDSON INC 31,962.73 31,879.07 0.54% USD 1,400 TOYOTA MOTOR CORP SPON ADR 83,065.06 81,594.63 1.37%

115,027.79 113,473.70 1.91 % Telecommunication

EUR 2,400 VIVENDI UNIVERSAL S.A. EUR 52,000 TELECOM ITALIA-RNC

Textile and clothing industry USD 3,000 TIMBERLAND CO-CL A

Tobacco and alcohol EUR 3,200 HEINEKEN NV

Transportation CHF 410 UNIQUE ZURICH AIRPORT EUR 6,750 DEUTSCHE POST AG-REG

125,675.17 111,800.00 1.88% 58,529.48 59,424.00 1 .OO%

184,204.65 171,224.00 2.88%

83,670.98 89,873.24 1.51%

82,456.39 82,432.00 1.39%

45,423.70 46,720.68 0.79%

155,112.1 5 175,510.68 2.96% 109,688.45 128,790.00 2.17%

Total Shares 3,762,142.29 4,142,912.50 69.72%


92

LEMANIK SICAV



(in EUR)


Investment funds

CAD 8.000 YELLOW PAGES INCOME FUND 68,385.23 72,946.00 I .23%

Total Investment funds 68,385.23 72,946.00 1.23%


Transferable securities admitted to an other reqular market, Shares

Food products and non-alcoholic drinks CHF 900 GBP 3,500

Insurance CHF 1,200 CHF 850

NESTLE S.A.-REGISTERED R E C K l n BENCKISER PLC

4,406,489.96 4,830.193.16 81.28%

170,304.89 192,515.25 3.24% 83,950.1 I 86,837.02 1.46% 254,255.00 279,352.27 4.70%

SWISS LIFE HOLDING 122,166.53 128,851.40 2.17% ZURICH FINANCIAL SERVICE-REG 112,005.14 114,848.22 1.93%

234,171.67 243,699.62 4.10% Pharmaceutical and cosmetics industry CHF 2,300 NOVARTIS AG-REG SHS 87,535.77 91,282.77 1.54%

Total transferable securities admitted to an other regular market, Shares 575,962.44 614,334.66 10.34%


4,406,489.96 4,830,193.16 81.28% 1,112,376.40 18.72% 5,942,569.56 100.00%


93

LEMANIK SlCAV




United states

Italy

Switzerland

Germany federal rep

France

Spain

Korea

Finland

Netherlands

United kingdom

Brazil

Austria

Ireland

Japan

Canada

13.76%

10.65%

10.32%

9.04%

7.73%

4.48%

4.08%

3.65%

5.00%

3.09%

2.78%

2.08%

2.02%

1.37%

1.23%

TOTAL 81.28%


94

LEMANIK SICAV




Oil




food products and non-alcoholic drinks

Insurance



Paper and wood industry


Transportation

Telecommunication

Non ferrous metals



Miscellaneous trade

Road vehicles


Internet services

Tobacco and alcohol

Retail trade

Mutual funds


10.06%

9.90%

6.24%

5.47%

4.70%

4.10%

4.08%

4.00%

3.65%

3.37%

2.96%

2.88%

2.78%

2.69%

2.62%

2.31%

1.91 Yo

1.51%

1.40%

1.39%

1.24%

1.23%

0.79%

TOTAL 81 -28%


95

LEMANIK SlCAV

FLEX DURATION lFormerly World Bonds)

STATEMENTOFINVESTMENTSANDOTHERNETASSETS as at May 31.2005

(in EUR)


Transferable securities admitted to an official Stock Exchange. Bonds

Banks and other credit institutions EUR 3,000,000 BAYER HYPO- VEREINSBANK 06-Dec-2009

FRN EUR 3,516,795 BK NEDERLANDSE GEMEENTEN 07-May-

2012 6.125% EUR 2,500,000 KOMMUNALKREDIT AG 14-Sep-2007 FRN EUR 2,000,000 UBS AG JERSEY BRANCH 04-Sep-2008 0.5%

Bonds issued by supranational institutions EUR 8,000,000 COUNCIL OF EUROPE 20-Jan-201 1 4% EUR 3,615,198.29 COUNCIL OF EUROPE 24-Sep-2018 FRN EUR 1,417,674.28 INTL BK RECON 8. DEVELOP

25-F eb-2013 5.375%

Government bonds EUR 8,000,000 AUSTRIA 04-Jan-201 1 5.25%


Transferable securities admitted to an other reqular market. Bonds

Holding and finance companies EUR 2,500,000 BBVA CAPITAL FUNDING LTD

04-De~-2010 2.715%

2,987,131.00 2,990,700.00 5.99%

3,990,891.87 4,178,550.31 8.37% 2,501,031.00 2,502,242.50 5.01% 2,051,031.00 2,002,500.00 4.01%

11,530,084.87 I I ,673,992.81 23.38%

8,174,143.00 8,500,392.00 17.04% 3,669,230.04 3,656,773.07 7.33%

1,531,402.66 1,628,765.88 3.26% 13,374,775.70 13,785,930.95 27.63%

8,748,862.00 9,019,120.00 18.07%

33,653,722.57 34,479,043.76 69.09%

2,523,281.00 2,507,625.00 5.03%

Telecommunication EUR 3,000,000 BRITISH TELECOM PLC 15-Feb-2011 FRN 3,611,731.00 3,603,300.00 7.22%

Total transferable securities admitted to an other regular market, Bonds 613,5012.00 611,0925.00 12.24%

Other transferable securities, Bonds

Banks and other credit institutions EUR 1,000,000 CREDIT SUISSE FB LONDON 02-Apr-2008 0% 984,031 .oo i,oo7,ooo.oo 2.02%

Total other transferable securities, Bonds 984,031.00 1,007,000.00 2.02%


40,772,765.57 41,596,968.76 83.36%

49,901,430.14 100.00% 8,304,461.38 16.64%


96

. . .. ~ ._ .- . .. .. .... . . .

LEMANIK SICAV

FLEX DURATION /Formerly World Bonds)



France

Austria

United Kingdom

Netherlands

Germany

Caiman Island

Jersey

United States

24.37%

23.09%

9.24%

8.37%

5.99%

5.03%

4.01%

3.26%

TOTAL 83.36%

INDUSTRIAL CLASSIFICATION OF INVESTMENTS A s at May 31, 2005




Government bonds

Telecommunication


27.63%

25.40%

18.08%

7.22%

5.03%

TOTAL 83.36%


97

LEMANIK SICAV

FLEX STRATEGY

STATEMENTOFINVESTMENTSANDOTHERNETASSETS as at May 31,2005

(in EUR)


Transferable securities admitted to an official Stock Exchanqe. Bonds


EUR 2,000,000 KOMMUNALKREDIT AG 14-Sep-2007 FRN EUR 2,000,000 KFW 01-AUCJ-2005 FRN

EUR 3,000,000 UBS AG JERSEY BRANCH 04-Sep-2008 0.5%

Bonds issued by supranational institutions EUR 3,000,000 EUROPEAN INVESTMENT BANK

EUR 2,000,000 EUROPEAN INVESTMENT BANK 15-Oct-2005 3.5%

21-Now2008 FRN

Government bonds EUR 2,000,000 BELGIUM 24-Apr-2006 FRN EUR 2,000,000 DENMARK 14-Nov-2008 3.25% EUR 2,000,000 FINLAND 04-Jul-2008 3% EUR 2,000,000 GERMANY 10-Oct-2008 3.5% EUR 2,000,000 NETHERLANDS 15-JuI-2007 3% EUR 3,000,000 SPAIN 30-Jul-2007 3%



Government bonds EUR 2,900,000 FRANCE 12-JuI-2008 3%

2,000,624.80 1,999,000.00 6.16% 2,001,031 .OO 2,001,794.00 6.17% 3,061,335.25 3,003,750.00 9.26% 7,062,991.05 7,004,544.00 21.59%

3,056,731 .OO 3,014,100.00 9.29%

1,996,031 .OO 2,018,500.00 6.22% 5,052.762.00 5,032,600.00 15.51 %

2,001,231 -00 2,000,600.00 6.17% 2,028,431 .OO 2,053,600.00 6.33% 2,037,03 I -00 2,036,800.00 6.28% 2,006,784.80 2,071,700.00 6.38% 1,997,031 .OO 2,031,800.00 6.26% 3,005,342.00 3,050,700.00 9.40%

13,075,850.80 13,245,200.00 40.82%

25,191,603.85 25,282,344.00 77.92%

2,873,251.45 2,953,650.00 9.10%

Total transferable securities admitted to an other regulated market, Bonds 2,873,251.45 2,953,650.00 9.10%

Other transferable securities. Bonds

EUR 1,000,000 CREDIT SUISSE FB LONDON 02-Apr-2008 0% 984,031 -00 1,007,000.00 3.10%

Total other transferable securities, Bonds 984,031 -00 1,007,000.00 3.10%


29,048,886.30 29,242,994.00 90.12% 3,206,171.96 9.08%

32,449,165.96 100.00%


98

LEMANIK SICAV

FLEX STRATEGY



Luxembourg

Germany

Spain

Jersey

France

Denmark

Finland

Netherlands

Belgium

Austria

United Kingdom

15.51 %

12.54%

9.40%

9.26%

9.10%

6.33%

6.28%

6.26%

6.17%

6.17%

3.10%

TOTAL 90.12%



Government bonds



TOTAL

49.92%

24.69%

15.51%

90.12%


99

LEMANIK SICAV

EURO OPPORTUNITIES CP II

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31.2005

(in EUR)


Transferable securities admitted to an official Stock Exehanqe, Bonds

EUR 4,827,000 FRANCE 25-Apr-2010 5.5% EUR 3,840,000 GERMANY 04-Jan-2010 5.375%

EUR 5,105,000 SPAIN 31-Jan-2010 4% EUR 6,141,000 ITALY 01-NOV-2009 4.25%


Other transferable securities, Options

EUR 1 LEMANIK SICAV EURO OPPORTUNITIES CP I I REG CAP PUT 03/10 OTC (note IO)

Total other transferable securities, Options


5,330,944.12 5,445,338.70 19.68% 4,203,307.44 4,292,160.00 15.52% 6,333,659.94 6,555,517.50 23.70% 5,203,477.51 5,403,132.00 19.53%

21,071,389.01 21,696,148.20 78.43%

21,071,389.01 21,696,148.20 78.43%

0.00 0.00 0.00%

0.00 0.00 0.00%

21,071,389.01 21,696,148.20 78.43% 5,967,550.53 21.57%

27,663,698.73 100.00%


100

LEMANIK SICAV

EURO OPPORTUNITIES CP I I



Italy

France

Spain

Germany

23.70% 19.68%

19.53% 15.52%

TOTAL 78.43%



Government bonds 78.43%

TOTAL 78.43%


101

LEMANIK SICAV

FLEX IDEA IFormerly Calcio Manaserj


(in EUR)

Currency Nominal Description cost Mal ..et % of Net Value Assets


Banks and other credit institutions EUR 306,775.1 2 DEPFA PFANDBRIEFBANK 24-Jan-2006 FRN EUR 65,000 FREDDIE MAC 15-Feb-2008 3.5% EUR 100,000 UBS AG JERSEY BRANCH 04-Sep-2008 0.5%

Bonds issued by supranational institutions EUR 309,874 EUROFIMA 23-Aug-2006 FRN EUR 400,000 EUROPEAN INVESTMENT BANK 21-NOW2008

FRN

Government bonds EUR 367,000 BELGIUM 24-Apr-2006 FRN


Other transferable securities. Bonds

Banks and other credit institutions EUR 60,000 CREDIT SUISSE FB LONDON 02-Apr-2008 0%

Total other transferable securities, Bonds


306,990.19 306,314.96 13.55% 65,311.80 66,807.00 2.96%

100,656.00 100,125.00 4.43% 472,957.99 473,246.96 20.94%

309,409.34 308,727.61 13.66%

399,988.44 403,700.00 17.86% 709,397.78 712,427.61 31.52%

367,466.75 367,110.10 16.24%

1,549,822.52 1,552,784.67 68.70%

60,828.60 60,420.00 2.67%

60,828.60 60,420.00 2.67%

1,610,651.12 1,613,204.67 71.37% 647,204.90 28.63%

2,260,409.57 100.00%


102

... .

LEMANIK SICAV

FLEX IDEA /Formerly Calcio Manaqer)



Luxembourg

Belgium

Switzerland

Germany

Jersey

United States

United Kingdom

17.86%

16.24% 13.66%

13.55% 4.43%

2.96% 2.67%

TOTAL 71.37%





Government bonds

31.52%

23.61 %

16.24%

TOTAL 71.37%


103

LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS as at May 31,2005

NOTE 1 - GENERAL INFORMATION

LEMANIK SICAV (the "SICAV) was incorporated in Luxembourg on 1st September 1993 for an unlimited period as a "Societe d'lnvestissement a Capital Variable" with compartments under the laws of the Grand-Duchy of Luxembourg.

As at the date of the report, the following compartments are operational:

- LEMANIK SICAV - GLOBAL BALANCED - LEMANIK SICAV - ACTIVE GROWTH - LEMANIK SICAV - EUROPEAN BOND - LEMANIK SICAV -ASIAN OPPORTUNITY - LEMANIK SICAV - GLOBAL INCOME - LEMANIK SlCAV - EUROPEAN SPECIAL SITUATIONS - LEMANIK SICAV - ITALY

LEMANIK SICAV - EURO OPPORTUNITIES CP - LEMANIK SICAV - CONVERTIBLE BOND AND EQUITY

(formerly CONVERTIBLE BOND) - LEMANIK SICAV - EUROIMPULSE PORTFOLIO - LEMANIK SICAV - SPRING - LEMANIK SICAV - GLOBAL BOND - LEMANIK SICAV - GLOBAL INVESTMENT - LEMANIK SICAV - FLEXIBLE BLUE (formerly BLUE)

(formerly WORLD BONDS)

- LEMANIK SICAV -WORLD PORTFOLIO EQUITIES - LEMANIK SICAV - FLEX DURATION

- LEMANIK SICAV - FLEX STRATEGY - LEMANIK SICAV - EURO OPPORTUNITIES CP I I - LEMANIK SICAV - FLEX IDEA (formerly CALCIO MANAGER)

in EUR (launched at October 30, 1993) in USD (launched at February 25, 1994) in EUR (launched at September 30, 1994) in USD (launched at April 20, 1994) in USD (launched at February 4, 1997) in EUR (launched at September 30, 1998) in EUR (launched at September 30, 1998) in EUR (launched at July 7, 1999) in EUR (launched at July 7, 1999)

in EUR (launched at February 1,2000) in EUR (launched at July 31, 2000) in EUR (launched at September 30, 1994) in EUR (launched at August 27,2000) in EUR (launched at October 18, 2000)

in EUR (launched at April 12, 2002) in EUR (launched at April 12, 2002)

in EUR (launched at February 24,2003) in EUR (launched at March 17,2003) in EUR (launched at June 3,2003)

As at May 10,2005, the compartment - GLOBAL BALANCED changed its currency into EUR (previously USD).

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

4 Valuation of investments in securities

The value of securities listed on any stock exchange or dealt in on any other regulated market is based on the last available price.

In the event that any of the securities held in the compartment 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.

Following a resolution taken by the Board of Directors by circular way, effective May 14, 2003, the Members of the Board of Directors of the LEMANIK SICAV have decided to create a Valuation Committee in order to assist them to take decisions with regards to the pricing of the private equity investments of the LEMANIK SICAV in verifying and certifying the valuation of such investments.

104

LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at May 31,2005

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (continued)

The Valuation Committee meets at least twice a year. Its minutes have to be ratified by a Circular Resolution taken by the Board of Directors of LEMANIK SICAV and are only valid when presently jointly. The final decision is taken by the Board of Directors about what prices to take into consideration based on the minutes of the Valuation Committee.

The Valuation Committee is composed by the following persons unless other information given by the Board of Directors:

- M. Carlo CAMPER10 ClANl (until April 27,2005) - M. Luca PARAVlClNl - M. Massimiliano CAGLIERO (until November 16,2004) - M. Marcel ZIMMERMANN (since April 28,2005) - M. Marco SAGRAMOSO (since October 28,2005)

Last Valuation Committee took place on May 18, 2005.

The Board of Directors of the SICAV has decided by circular way, effective May 18, 2005, to update the current price of the following investments:

Eposs Ltd Eposs Ltd Pref Pre-pay Solutions Ltd Ware On Earth Communications Inc Yellowbrix Inc Mendell American, Inc Synxis Corp Pref Ser B Conv The Way To Be Limited Oralscan Laboratories Inc Pref Ser F Conv Regent Energy Corp Accupoll Holdings Corp Yellowmix Series A Pref.

: GBP : GBP : GBP : USD 1 USD : USD : USD : EUR : USD : USD : USD : USD

12.0000 1 .oooo 1 .oooo 0.0000 0.01 00 0.0002 2.0000 1 .oooo 1 .E1000 0.0100 0.2500 1.4600

b) Valuation of fonvard exchanqe contracts

The unrealised gain/ (loss) on outstanding forward exchange contracts is determined on the basis of the forward exchange rates prevailing at valuation date.

4 Valuation of financial futures

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.

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.

e) Conversion of foreiqn currencies

Bank accounts, other assets and the market value of investments in securities expressed in currencies other than the reference currency of the different compartments are converted at the exchange rate prevailing at valuation date.

105

LEMANIK SICAV


NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (continued)

Income and expenses expressed in currencies other than the reference currency of the different Compartments are converted at the exchange rate prevailing at payment date.

Profit or loss on foreign exchange is included in the statement of operations.

The cost of securities expressed in currencies other than the reference currency of the different compartments is converted at the exchange rate prevailing at purchase date.

The statements of net assets and the statements of operations and other changes in net asset value are convetted at the exchange rates as at the date of the report. The accounts are consolidated in USD with the following exchange rates as at May 31, 2005: I USD= 1,323068 AUD 1 USD = 108.578245 JPY 1 USD= 1.255004 CAD 1 USD= 3.800000 MYR 1 USD= 1.248149 CHF 1 USD= 54.502221 PHP 1 USD= 0.812744 EUR 1 USD= 7.437463 SEK 1 USD= 0.550334 GBP 1 USD= 1.666585 SGD 1 USD= 7.780199 HKD 1 USD= 40.632431 THB 1 USD= 9,518.388575 IDR

9 Formation expenses

The formation expenses are capitalised and written off on a five-year straight line basis

9) Consolidated financial statements

The consolidated financial statements are expressed in USD.

The various items of the consolidated statement of net assets and the consolidated statement of operations are equal to the sum of the corresponding items of the financial statements of each Compartment converted into USD at the exchange rates prevailing at the closing date.

NOTE 3 - INVESTMENT ADVISORY FEES

A new agreement has been signed with LEMANIK Asset Management Luxembourg S.A. dated May 10, 2005. The Investment Advisor shall be paid at the end of each month a commission at an annual rate of:

~ I .65% calculated on the basis of the average net assets of the compartment - ACTIVE GROWTH ;

- 1.85% calculated on the basis of the average net assets of the compartment - ASIAN OPPORTUNIW ;

1.50% calculated on the basis of the average net assets of the following compartments - GLOBAL INCOME - Class B , - GLOBAL INVESTMENT - Class A , - EUROPEAN SPECIAL SITUATIONS and - ITALY ;

1.90% calculated on the basis of the average net assets of the compartment - WORLD PORTFOLIO EQUITIES ;

1.80% calculated on the basis of the average net assets of the compartment - EUROIMPULSE PORTFOLIO ;

-

-

-

106

LEMANIK SICAV

NOTES TO THE FINANCIAL STATEMENTS (continued) as at May 31.2005

NOTE 3 - INVESTMENT ADVISORY FEES (continued)

-

- 1.70% calculated on the basis of the average net assets of the compartment - FLEXIBLE BLUE ;

1.60% calculated on the basis of the average net assets of the compartment - CONVERTIBLE BOND AND EQUITY ;

1.25% calculated on the basis of the average net assets of the following compartments - GLOBAL BALANCED , - GLOBAL INCOME - Class A, - FLEX STRATEGY , - SPRING and - FLEX IDEA ;

1.00% calculated on the basis of the average net assets of the Compartment - GLOBAL BOND , and - EUROPEAN BOND ;

0.90% calculated on the basis of the average net assets of the compartment - FLEX DURATION Class A ;

0.70% calculated on the basis of the average net assets of the compartment - FLEX DURATION Class B ;

2.00% calculated on the basis of the average net assets of the compartments - EURO OPPORTUNITIES CP, - GLOBAL INVESTMENT Class B and C and - EURO OPPORTUNITIES CP II.

-

-

-

-

-

NOTE 4 - PERFORMANCE FEE

Based on an agreement, dated May 10, 2005 (see note 3), the Investment Advisor shall be paid an additional fee relating to the performance of each compartment as follows:

1. The additional fee, computed on the basis of the last net asset value of the month of each compartment, is fixed at 15% of one twelfth of the surplus realised during the month for the compartments - ACTIVE GROVVTH, - ASIAN OPPORTUNITY (each class of shares), - GLOBAL BALANCED, - GLOBAL INCOME - Class A, - GLOBAL BOND, - EUROPEAN BOND and -

EUROPEAN SPECIAL SITUATIONS (each class of shares).

2. The additional fee, computed on the basis of the last net asset value of the month of each compartment, is fixed at 20% of one twelfth of the surplus realised during the month for the compartments - GLOBAL INCOME - Class 6, - EURO OPPORTUNITIES CP (formerly EURO

and - EURO OPPORTUNITIES CP I I . EQUITIES CP), - CONVERTIBLE BOND AND EQUITY, - EUROIMPULSE PORTFOLIO, - SPRING,

3. The additional fee, computed on the basis of the last net asset value of the month of each compartment, is fixed at 25% of one twelfth of the surplus realised during the month for the compartment - ITALY.

4. The additional fee, computed on the basis of the last net asset value of the month of each compartment, is fixed at 30% of one twelfth of the surplus realised during the month for, the compartments - WORLD PORTFOLIO EQUITIES (each class of shares) and - FLEX DURATION (each class of shares).

5. Unlike the other compartments, the Investment Advisor is entitled to an additional commission for the compartments - FLEX STRATEGY and - FLEX IDEA, which is fixed at 10% of the net increase as a result of operations of each quarter.

6. Unlike the other compartments, the Investment Advisor is entitled to an additional commission for the compartment - FLEX BLUE which is fixed at 15% of the net increase as a result of operations of each quarter.

107

LEMANIK SICAV


NOTE 4 - PERFORMANCE FEE (continued)

7. Unlike the other compartments, Global Investment is entitled to an additional commission for the compartment - GLOBAL INVESTMENT which is fixed at 20% of the net increase as a result of operations of each quarter.

The detailed calculation of the additional commission for each compartment is described in the prospectus .

LEMANIK Asset Management Luxemburg S.A., Investment Advisor of LEMANIK SICAV, has decided to renounce as from December 2, 2002, and this till further orders, to the performance fee on the compartment LEMANIK SICAV - EUROIMPULSE PORTFOLIO.

Following the circular resolution of the Board of Directors at June 19, 2002, the Board of Directors of the SICAV acknowledges that the calculation of the performance fee for LEMANIK SICAV - EURO OPPORTUNITIES CP has been suspended.

Lemanik Asset Management S.A. decided to suspend the calculation of the performance fee concerning the compartment LEMANIK SICAV - FLEX DURATION, starting from February 12,2004.

NOTE 5 - TAXATION

Under legislation and regulations currently prevailing in Luxembourg, the SICAV is not subject to any taxes on income or capital gains. The SICAV is, however, liable in Luxembourg to a tax of 0.05%, per annum of its assets, such tax being payable quarterly on the basis of the net assets of the SlCAV at the end of the relevant quarter.

NOTE 6 - FORWARD EXCHANGE CONTRACTS

At the date of the report the following forward exchange contracts are outstanding:

ASIAN OPPORTUNITY Maturity Currency

3010612005 30/0612005 3010612005 30/0612005 3010612005 3010612 005 3010612005 3010612005 3010612005 3010612005 3010612005 30l0612005 30/06/2005 3010612005

USD USD USD USD USD USD USD J PY J PY J PY J PY JPY J PY J PY

Purchase

30,000,000.00 3,000,000.00 4,000,000.00 1,500,000.00 1,500,000.00 2,000,000.00 10,000,000.00 31 9,050,000.00 744,730,000.00

1,066,450,000.00 532,375,000.00 531,225,000.00 532,225,000.00 530,040,000.00

Currency

J PY J PY J PY J PY JPY J PY J PY USD US0 USD USD USD USD USD

Sales

(3,112,500,000.00) (31 0,530,000.00) (41 5,568,000.00) (1 55,940,000.00) (156,802,500.00) (208,760,000.00)

(I ,068,450,000.00) (3,000,000.00) (7,000,000.00)

(5,000,000.00) (5,000,000.00) (5,000,000.00) (5,000,000.00)

(10,000,000.00)

Unrealised gainl(loss)

(in USD) 1,256,786.46 132.309.81 162,340.28 59,938.19 51,994.61 72,181.22 133,880.92 (53,999.60) (123,413.63) (152,759.35) (84,228.29) (94,M 7.00) (85,6 I 3.34) (105,788.89)

108

LEMANIK SICAV


NOTE 6 - FORWARD EXCHANGE CONTRACTS (continued)

3010612005 3010612005 3010612005 3010612005 3010612005 3010612005

J PY USD USD USD USD USD

CONVERTIBLE BOND AND EQUITY Maturity Currency

3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 30/0612005 3010612005

SPRING Maturity

EUR EUR EUR USD USD GBP EUR EUR USD EUR USD EUR USD EUR USD EUR EUR J PY USD EUR USD J PY USD USD EUR

Currency

3010612005 EUR

530,740,000.00 20,000,000.00 10,000,000.00 2,000,000.00

500,000.00 500,000.00

Purchase

500,607.88 1,132,102.68 3,074,558.03 3,800,000.00

200,000.00 500,000.00 21 7,612.07

2,782,931 -35 3,600,000.00 2,797,202.80 3,600,000.00 2,770,509.47 3,600,000.00 2,759,678.04 3,600,000.00 2,749,560.83 1,127,711.54

157,000.000.00 1,600,000.00 1,231,432.31 1,600,000.00

157,000,000.00 1,000,000.00 1,000,000.00 I ,160,212.83

Purchase

770,831.73

USD J PY J PY J PY J PY J PY

Currency

GBP J PY USD EUR EUR EUR GBP USD EUR USD EUR USD EUR US0 EUR USD J PY EUR EUR USD EUR EUR EUR EUR J PY

Currency

USD

(5,000,000.00) (99,325.33) (2,134,900,000.00) 286,181.75 (1,065,630,000.00) 159,852.98

(21 1,570,000.00) 46,301.27 (53,565,000.00) 5,381.63 (53,904,000.00) 2,259.46

1,569,433.1 5

Sales

(350,000.00) (157,000,000.00)

(4,000,000.00) (2,953,980. IO)

(155,183.12) (727,484.36) (150,000.00)

(3,600,000.00) (2,785,730.87) (3,600,000.00) (2,781,641.17) (3,600,000.00) (2,766,124.20) (3,600,000.00) (2,757,141.76) (3,600,000.00)

( 1 57,000,000.00) (1,130,960.96) (1,231,621.89) (1,600,000.00) (1,266,023.10) (1,165,120.59)

(789,328.28) (790,576.33)

Unrealised gainl(loss)

(in EUR) (1 5,160.16) (45,043.63)

(173,795.39) 131,812.67

7,227.03 9,275.15

(3,424.52) (140,573.22) 137,651.75

(126,289.60) 141,741.45

(1 53,005.70) 157,258.42

(163,846.37) 166,240.86

(1 73,972.21) (49,427.21) 46,259.55 67,659.27

(67,907.69) 33,258.06 12,099.92 22,722.45 21,474.40

(157,000,000.00) (16,981.88) (1 74,746.60)

Sales Unrealised (loss)

(in EUR) (1,000,000.00) (41,254.75)

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NOTE 6 - FORWARD EXCHANGE CONTRACTS (continued)

FLEXIBLE BLUE Maturity

3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 3010612005 30106/2005 3010612005 30106l2005 3010612005 30/0612005 3010612005

FLEX STRATEGY Maturity

2211212005 2211 212005 3010612005 3010612005 2211 212005 2211 212005

Currency

EUR EUR EUR EUR EUR EUR EUR USD SEK EUR HKD USD GBP

Currency

EUR USD EUR USD EUR USD

Purchase

127,563.54 42,894.09

259,938.84 128,727.74 120,697.41 48,028.55 12,076.88 89,500.00

585,000.00 3 I 2,897.94

1,422,000.00 15,000.00 50,000.00

Purchase

1,517,508.25 2,000,000.00 1,152,826.35 1,500,000.00 I ,140,120.85 1,500,000.00

Currency

HKD CAD USD GBP SEK DKK H KD EUR EUR GBP EUR EUR EUR

Currency

USD EUR USD EUR USD EUR

Sales Unrealised gainl(1oss)

(in EUR) (1,300,000.00) (8,076.74)

(68,000.00) (1,126.33) (340,000.00) (1 6,172.39) (90,000.00) (3,898.33)

(1,100,000.00) 551.53 (358,000.00) (73.92) (122,000.00) (652.30) (69,090.63) 3,587.91 (63,799.16) 125.02

(215,000.00) (3,918.96) (1 39,634.91) 8,789.18 (1 1,600.03) 580.73 (73,389.1 I ) 286.84

(19,997.76)

Sales Unrealised gainl(1oss)

(in EUR) (2,000,000.00) (95,486.96) (1,496,557.92) 115,548.33 (1,500,000.00) (65,306.30) (1,167,042.71) 51,033.38 (1,500,000.00) (69,609.18) (I ,144,190.94) 64,888.75

1,068.02

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NOTE 7 - FUTURES CONTRACTS

At the date of the report the following futures contracts are outstanding:

EUROPEAN SPECIAL SITUATIONS Type Number of Denomination

contracts Currency Commitments Unrealised (loss)

in currencv (in EUR)

Short (11.00) SP MIB INDEX

SPRING Type Number of Denomination

contracts

EUR (1,748,175) (5,425.00)

Currency Commitments Unrealised (loss) in currency (in EUR)

Short (20.00) DAX INDEX Short (10.00) EURO BUND Short (10.00) SP MIB INDEX

GLOBAL BOND Type Number of Denomination

EUR (2,242,000.00) (40,750.00) EUR (I ,223,100.00) (9,500.00) EUR (1,589,250.00) (29,750.00)

(80,000.00)

Currency Commitments Unrealised (loss) contracts in currency (in EUR)

Short (20.00) EURO BUND EUR (2,446,200.00) (45,400.00)

FLEXIBLE BLUE Type Number of Denomination


in currency (in EUR)

Short (15.00) EURO STOXXSO IDX FUTURE EUR (463,500.00) (8,850.00) Short (5.00) FTSE 100 IDX FUTURE GBP (366,547.04) (701 -49) Short (4.00) MINI S 8 P 500 IDX USD ( 1 93,807.2 1 ) (3,340.38)

(12.891 37)

FLEX DURATION Type Number of Denomination Currency Commitments Unrealised (loss)

contracts in currency (in EUR)

Short (75.00) EURO BUND EUR (9,173,250.00) (21 1,250.00)

FLEX STRATEGY Type Number of Denomination

contracts Currency Commitments Unrealised

in currency gain/( loss) (in EUR)

Long 115.00 S & P 500 IDX FUTURE USD 27,859,763.38 303,377.05 Short (20.00) US 10 YEAR NOTES USD (1,834,261.22) (3,301.77)

300,075.28

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NOTE 7 - FUTURES CONTRACTS (continued)

EURO OPPORTUNITIES CP II Type Number of Denomination Currency Commitments Unrealised gain

contracts in currency (in EUR)

Long 173.00 EURO STOXX50 IDX FUTURE EUR 5,345,700.00 160,610.00

FLEX IDEA Type Number of Denomination


in currency (in EUR) Long 49.00 NIKKEI USD USD 2,230,170.86 (125,447.1 1)

NOTE 8 - CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO

A copy of any changes in the composition of the securities portfolio arising over the period in question may be obtained free of charge:

- at the registered office of the SICAV - by the representative in Switzerland - by the Paying and Information Agent in Germany - by the correspondents and the distributors in Italy.

NOTE 9 -WEB SITE

The portfolio management department has been re-enforced with the goal of providing more frequently and precise information regarding our respective funds, through our web site www.lemanik- - sicav.com.

This web site is regularly updated in order to satisfy our clients’ current needs and objectives.

NOTE 10 - PUT OPTIONS

The Compartment EURO OPPORTUNITIES CP has in its portfolio a European style put option “Lemanik SICAV Euro Opportunity CP Reg Cap PUT 0712006 OTC” with the following characteristics:

IMI Bank (Lux) S A . (the seller of the put option) gives the right to the compartment to transfer the total assets (shares, bonds, warrants, ....) in favour of IMI Bank (Lux) S.A. and receives back an amount that results from the number of shares issued at July 3, 2006 multiplied by the higher of:

- EUR 10.14 (NAV price as at July 2, 2001);

- 90% of the highest NAV obtained between July 2, 2001 and July 3, 2006;

- NAV value as at July 3, 2006 (valuation date).

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I


NOTE 10 - PUT OPTIONS (continued)

The compartment EURO OPPORTUNITIES CPll (launched at 17m March 2003) has in its portfolio an European style put option “Lemanik SICAV Euro Opportunity CPll Reg Cap PUT 12/03/2010 OTC” with the following characteristics:

Banca IMI (the seller of the put option) gives the right to the compartment to transfer the total assets (shares, bords, warrants, ....) in favour of Banca IMI and receives back an amount denominated in EUR determined in accordance with the following formula:

C = R * Max (( 100- Final Value) / 100)); 0) Where: “R” means the Reference Amount as at the Expiration Date (March 12, 2010); “Final Value” means- the value of the Reference Dynamic Portfolio as at the Expiration Date (March 12,2010); “100” is the value of the reference Dynamic Portfolio as at the Initial Valuation Date (August 4, 2003); “Reference Amount” means the amount of EUR 40,840,956.95, provided that, over the life of this transaction, such amount may be reduced or increased by prior written agreement between the Seller and the Buyer.

NOTE I 1 -SUBSEQUENT EVENT

Following a resolution circular dated May 23, 2005, the Board of Directors decided to convert Lemanik SICAV into a UCITS Ill Fund. Therefore, the Board of Directors has convened the shareholders to the Extraordinary General Meeting of shareholders which will be held at the registered office of the SICAV on September 30, 2005 to approve the amendment and update of Article 3 of the Articles pursuant to the amended Law of December 20,2002.

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