lemanik sicav
TRANSCRIPT
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
ASSETS Portfolio: - cost - Net unrealised results
Cash & other liquid assets: - Cash at bank - Time deposits - Deposits on futures
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 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 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
The accompanying notes are an integral part of these financial statements.
14
LEMANIK SICAV
STATEMENT OF NET ASSETS (continued) as at May 31,2005
ASSETS Portfolio: - cost - Net unrealised results
Cash & other liquid assets: - Cash at bank - Time deposits - Deposits on futures
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
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
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
STATEMENT OF NET ASSETS (continued) as at May 31,2005
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
Net asset value per share Number of shares
Net asset value per share category A Number of shares category A outstanding
798.81 5.81 1.74'
Net asset value per share category B Number of shares category B outstanding
8.921.79 604.14 117.0 700.481 2,629.024 I 1 ,I 11.36:
Net asset value per share category C Number of shares category C outstanding
8.96 103.14 1,953,354.653 50.000
Net asset value per share category D Number of shares category D outstanding
9.52 500.000
The accompanying notes are an integral part of these financial statements.
16
LEMANIK SICAV
STATEMENT OF NET ASSETS (continued) as at May 31,2005
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
Net asset value per share Number of shares
987.35 107.05 32,865.000 258,412.692
887.72 2.546.31 7
Net asset value per share category A Number of shares category A outstanding
1,057.59 47.092.01 7
Net asset value per share category B Number of shares category B outstanding
5,116.66 18.993
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
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
The accompanying notes are an integral part of these financial statements.
18
LEMANIK SICAV
STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS (continued)
For the year ended May 31,2005
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
Subscriptions of shares Redemptions of shares
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)
For the year ended May 31,2005
NET ASSETS AT THE BEGINNING OF THE YEAR
INCOME Income from investments: - Dividends, net - Bond interest, net - Bank interest, net Other income
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
Other expenses: - Annual tax - Amortisation of formation expenses - Audit and legal fees - Printing and publishing expenses - Administration and other expenses - Bank interest
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
Subscriptions of shares Redemptions of shares
NET ASSETS AT THE END OF THE YEAR
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 --
The accompanying notes are an integral part of these financial statements
20
LEMANIK SICAV
STATEMENT OF OPERATIONS AND OTHER CHANGES
For the year ended May 31,2005
Notes
NET ASSETS AT THE BEGINNING OF THE YEAR
INCOME Income from investments: - Dividends, net - Bond interest, net - Bank interest, net Other income
EXPENSES Fees: - Advisory fees 3 - Performance fees 4 - Custodian and administration fees - Placing agent and correspondent bank fees I Registrar and transfer agent fees
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 - futures contracts NET REALISED RESULT Change in net unrealised appreciationl(depreciati0n) on: - investments - forward foreign exchange contracts - futures contracts RESULT OF OPERATIONS
Subscriptions of shares Redemptions of shares
NET ASSETS AT THE END OF THE YEAR
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
The accompanying notes are an integral part of these financial statements
21
LEMANIK SICAV
STATEMENT OF OPERATIONS AND OTHER CHANGES
For the year ended May 31,2005
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
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 - futures contracts NET REALISED RESULT Change in net unrealised appreciation/(depreciation) on: - investments - forward foreign exchange contracts - futures contracts RESULT OF OPERATIONS
Subscriptions of shares Redemptions of shares
NET ASSETS AT THE END OF THE YEAR
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
The accompanying notes are an integral part of these financial statements
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
The accompanying notes are an integral part of these financial statements
23
LEMANIK SICAV
STATISTICAL INFORMATION (continued) 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
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
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 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
The accompanying notes are an integral part of these financial statements.
24
LEMANIK SICAV
STATISTICAL INFORMATION (continued) 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
CONVERTIBLE EUROIMPULSE SPRING GLOBAL BOND BOND AND EQUITY PORTFOLIO
(FORMERLY CONVERTIBLE BOND)
(in EUR) (in EUR) (in EUR) (in EUR)
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
Net asset value per capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31.05.2003
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
Net asset value per D Class capitalisation share - as at 31.05.2005 - as at 31.05.2004
9.52 9.36
The accompanying notes are an integral part of these financial statements.
25
LEMANIK SICAV
STATISTICAL INFORMATION (continued) 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
GLOBAL FLEXIBLE WORLD FLEX DURATION INVESTMENT BLUE PORTFOLIO (FORMERLY WORLD
BONDS) (FORMERLY BLUE) EQUITIES
(in EUR) (in EUR) (in EUR) (in EUR)
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
Net asset value per capitalisation share - as at 31.05.2005 - as at 31.05.2004 - as at 31.05.2003
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
The accompanying notes are an integral part of these financial statements.
26
LEMANIK SlCAV
STATISTICAL INFORMATION (continued) as at May 31,2005
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
Number of capitalisation shares outstanding - outstanding at the beginning of the year - subscribed
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
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 0 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
The accompanying notes are an integral part of these financial statements.
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%
The accompanying notes are an integral part of these financial statements.
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
Banks and other credit institutions
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
EUROPEAN INVESTMENT BANK
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%
The accompanying notes are an integral part of these financial statements.
29
LEMANIK SICAV
GLOBAL BALANCED
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Currency Quantity Description cost Market % of Net Value Assets
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
Banks and other credit institutions
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%
The accompanying notes are an integral part of these financial statements.
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%
The accompanying notes are an integral part of these financial statements
31
LEMANIK SICAV
GLOBAL BALANCED
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Bonds issued by supranational institutions
Holding and finance companies
Government bonds
Banks and other credit institutions
Insurance
Telecommunication
Pharmaceutical and cosmetics industry
Miscellaneous services
Electronics and semiconductors
Mutual funds
Internet services
Electro technical and electronic industry
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%
The accompanying notes are an integral part of these financial statements.
32
LEMANIK SICAV
ACTIVE GROWTH
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31,2005
(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%
The accompanying notes are an integral part of these financial statements.
33
LEMANIK SICAV
ACTIVE GROWTH
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(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%
Total transferable securities admitted to an official Stock Exchange
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
The accompanying notes are an integral part of these financial statements.
34
LEMANIK SICAV
ACTIVE GROWTH
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(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 Warrants and riqhts
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%
The accompanying notes are an integral part of these financial statements.
35
LEMANIK SICAV
ACTIVE GROVVTH
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
United States
France
Spain
Canada
United Kingdom
51.74%
8.90%
5.56%
0.72%
0.41 %
TOTAL 67.33%
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Telecommunication
Internet services
Electronics and semiconductors
Electro technical and electronic industry
Office supplies and computer
Pharmaceutical and cosmetics industry
Retail trade
Graphic and publishing industry
Miscellaneous
Holding and finance companies
Building and building materials
Energy and water supply
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%
The accompanying notes are an integral part of these financial statements.
36
LEMANIK SICAV
EUROPEAN BOND
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31,2005
(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
Total Investments Other Net Assets Total Net Assets
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%
The accompanying notes are an integral part of these financial statements.
37
LEMANIK SICAV
EUROPEAN BOND
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Germany
France
Supranational
23.47%
23.25%
23.20%
TOTAL 69.92%
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Government bonds
Bonds issued by supranational institutions
TOTAL
46.72%
23.20%
69.92%
The accompanying notes are an integral part of these financial statements.
38
LEMANIK SICAV
ASIAN OPPORTUNITY
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31,2005
(in USD)
Currency Quantity Description cost Market % of Net Value Assets
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%
The accompanying notes are an integral part of these financial statements.
39
LEMANIK SICAV
ASIAN OPPORTUNITY
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(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%
The accompanying notes are an integral part of these financial statements
40
LEMANIK SICAV
ASIAN OPPORTUNITY
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in USD)
Currency Quantity Description cost Market % of Net Value Assets
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%
The accompanying notes are an integral part of these financial statements.
41
LEMANIK SICAV
ASIAN OPPORTUNITY
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in USD)
Currency Quantity Description cost Market % of Net Value Assets
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
Total Warrants and riqhts
Total transferable securities admitted to an official Stock Exchange
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
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in USD)
Currency Quantity Description cost Market % of Net Value Assets
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
Total transferable securities admitted to an other regulated market
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
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in USD)
Currency Quantity Description cost Market % of Net Value Assets
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%
Total Investments Other Net Assets Total Net Assets
40,723,028.99 41,219,371.92 92.29% 3,444,756.32 7.71%
- 44,664,128.24 100.00%
The accompanying notes are an integral part of these financial statements.
44
LEMANIK SICAV
ASIAN OPPORTUNITY
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Japan
Bangladesh
Indonesia
Bermuda
Thailand
91.12%
0.82%
0.33%
0.02%
0.00%
TOTAL 92.29%
The accompanying notes are an integral part of these financial statements
45
LEMANIK SICAV
AS IAN OPPORTUNITY
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Banks and other credit institutions
Retail trade
Machinery and apparatus construction
Building societies
Building and building materials
Internet services
Holding and finance companies
Electronics and semiconductors
Miscellaneous services
Electro technical and electronic industry
Transportation
Chemistry
Textile and clothing industry
Non ferrous metals
Road vehicles
Clock and watchmaking industry
Graphic and publishing industry
Office supplies and computer
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%
The accompanying notes are an integral part of these financial statements
46
LEMANIK SICAV
GLOBAL INCOME
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31,2005
(in USD)
Currency Quantity Description cost Market % of Net Value Assets
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%
The accompanying notes are an integral part of these financial statements
47
. ...
LEMANIK SICAV
GLOBAL INCOME
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
United States 3.03%
TOTAL 3.03%
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Telecommunication
Precious metal and stones
3.02%
0.01 %
3.03% TOTAL
The accompanying notes are an integral part of these financial statements
48
. . .
LEMANIK SICAV
EUROPEAN SPECIAL SITUATIONS
STATEMENTOFINVESTMENTSANDOTHERNETASSETS 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
Aeronautical and astronautical industry EUR 203,000 FINMECCANICA S.p.A
Banks and other credit institutions
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%
The accompanying notes are an integral part of these financial statements
49
LEMANIK SICAV
EUROPEAN SPECIAL SITUATIONS
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(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%
Banks and other credit institutions
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
Bonds issued by supranational institutions
2oovooo 08-Jun-2010 FRN EUR EUROPEAN INVESTMENT BANK
Chemistry EUR 300,000 EDISON S.p.A. 19-Sep-2011 FRN
Electro technical and electronic industry
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%
The accompanying notes are an integral part of these financial statements.
50
LEMANIK SICAV
EUROPEAN SPECIAL SITUATIONS
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Market % of Net Value Assets
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%
Holding and finance companies
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%
The accompanying notes are an integral part of these financial statements.
51
LEMANIK SICAV
EUROPEAN SPECIAL SITUATIONS
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(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%
Total transferable securities admitted to an official Stock Exchange
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 %
The accompanying notes are an integral part of these financial statements
52
LEMANIK SICAV
EUROPEAN SPECIAL SITUATIONS
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Market % of Net Value Assets
Currency Quantity/ Description cost
Nominal
Other transferable securities
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
Total other transferable securities
Total Investments Other Net Assets Total Net Assets
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%
The accompanying notes are an integral part of these financial statements.
53
LEMANIK SICAV
EUROPEAN SPECIAL SITUATIONS
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
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%
The accompanying notes are an integral part of these financial statements
54
LEMANIK SICAV
EUROPEAN SPECIAL SITUATIONS
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Holding and finance companies
Miscellaneous
Telecommunication
Banks and other credit institutions
Energy and water supply
Transportation
Government bonds
Insurance
Oil
Building and building materials
Electro technical and electronic industry
Tobacco and alcohol
Graphic and publishing industry
Textile and clothing industry
Chemistry
Pharmaceutical and cosmetics industry
Road vehicles
Bonds issued by supranational institutions
Retail trade
Aeronautical and astronautical industry
Machinery and apparatus construction
Miscellaneous services
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
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 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%
The accompanying notes are an integral part of these financial statements
56
LEMANIK SICAV
ITALY
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Currency Nominal Description cost Market % of Net Value Assets
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
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(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%
Total transferable securities admitted to an official Stock Exchange
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
Total Investments Other Net Assets Total Net Assets
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%
The accompanying notes are an integral part of these financial statements.
58
LEMANIK SICAV
ITALY
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Italy
Luxembourg
Belgium
Germany
United States
Netherlands
91.71 %
3.76%
1.10%
0.77%
0.57%
0.06%
97.97% TOTAL
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Government bonds
Holding and finance companies
Electro technical and electronic industry
Insurance
Telecommunication
Machinery and apparatus construction
Energy and water supply
Transportation
Textile and clothing industry
Road vehicles
Internet services
Banks and other credit institutions
Miscellaneous
Building and building materials
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%
The accompanying notes are an integral part of these financial statements.
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
Transferable securities admitted to an official Stock Exchanqe, Bonds
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%
Total transferable securities admitted to an official Stock Exchange, Bonds
Other transferable securities, Options
EUR 1 LEMANIK SICAV EURO OPPORTUNITIES CP REG CAP PUT 07/06 OTC (note 10)
Total other transferable securities, Options
Total Investments Other Net Assets Total Net Assets
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%
The accompanying notes are an integral part of these financial statements
60
LEMANIK SICAV
EURO OPPORTUNITIES CP
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Germany
Greece
Italy
41.30%
27.37%
27.20%
TOTAL 95.87%
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Government bonds
Banks and other credit institutions
68.39% 27.48%
TOTAL 95.87%
The accompanying notes are an integral part of these financial statements.
61
LEMANIK SICAV
CONVERTIBLE BOND AND EQUITY (Formerly Convertible Bond)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31,2005
(in EUR)
Currency Quantity/ Description cost Market % of Net Nominal Value Assets
Transferable securities admitted to an official Stock Exchanqe
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%
The accompanying notes are an integral part of these financial statements.
62
LEMANIK SICAV
CONVERTIBLE BOND AND EQUITY (Formerly Convertible Bond)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Currency Quantity Description cost Market % of Net Value Assets
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%
The accompanying notes are an integral part of these financial statements.
63
LEMANIK SICAV
CONVERTIBLE BOND AND EQUITY (Formerly Convertible Bond)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Currency Quantity/ Description cost Market % of Net Nominal Value Assets
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
Total transferable securities admitted to an other regulated market
Other transferable securities
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
The accompanying notes are an integral part of these financial statements.
64
LEMANIK SICAV
CONVERTIBLE BOND AND EQUITY (Formerly Convertible Bond)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Market % of Net Value Assets
Currency Quantity/ Description cost
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 other transferable securities
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%
The accompanying notes are an integral part of these financial statements.
65
LEMANIK SICAV
CONVERTIBLE BOND AND EQUITY (Formerly Convertible Bond)
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
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%
The accompanying notes are an integral part of these financial statements
66
LEMANIK SICAV
CONVERTIBLE BOND AND EQUITY (Formerly Convertible Bond)
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Pharmaceutical and cosmetics industry
Holding and finance companies
Miscellaneous services
Building and building materials
Electrotechnical and electronic industry
Banks and other credit institutions
Internet services
Gastronomy
Electronics and semiconductors
Chemistry
Insurance
Energy and water supply
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%
The accompanying notes are an integral part of these financial statements.
67
LEMANIK SICAV
EUROIMPULSE PORTFOLIO
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31,2005
(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-Jut-2007 3%
Government bonds EUR 40,000 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 40.000 FRANCE 12-Jut-2008 3%
Total transferable securities admitted to an other regulated market, Bonds
Total Investments Other Net Assets Total Net Assets
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%
The accompanying notes are an integral part of these financial statements
68
LEMANIK SICAV
EUROIMPULSE PORTFOLIO
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Germany
France
Supranational
24.54%
24.31%
18.20%
TOTAL 67.05%
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Government bonds
Bonds issued by supranational institutions
48.85%
18.20%
67.05% TOTAL
The accompanying notes are a n integral part of these financial statements.
69
LEMANIK SICAV
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 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
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Market % of Net Nominal Value Assets
Currency Quantity/ Description cost
Transportation GBP 25.000 BRITISH AIRWAYS PLC
Total Shares
Bonds
Banks and other credit institutions
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%
Bonds issued by supranational institutions
TRY NORDIC INVESTMENT BANK 350‘000 28-Dec-2007 13.5%
Energy and water supply
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%
The accompanying notes are an integral part of these financial statements
71
LEMANIK SICAV
SPRING
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Currency Quantity Description cost Market % of Net Value Assets
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
Transferable securities admitted to an other requlated market, Bonds
Banks and other credit institutions
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%
Total Investments Other Net Assets Total Net Assets
6,099,582.58 6,212,785.14 70.05% 2,656,051.16 29.95% 8,868,836.30 100.00%
The accompanying notes are an integral part of these financial statements
72
LEMANIK SICAV
SPRING
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
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%
The accompanying notes are an integral part of these financial statements.
73
LEMANIK SICAV
SPRING
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Banks and other credit institutions
Government bonds
Energy and water supply
Telecommunication
Tobacco and alcohol
Holding and finance companies
Mines and steel works
Mutual funds
Precious metal and stones
Bonds issued by supranational institutions
Retail trade
Paper rand wood industry
Oil
Graphic and publishing industry
Internet services
Insurance
Transportation
Chemistry
Miscellaneous services
Textile and clothing industry
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%
The accompanying notes are an integral part of these financial statements
74
LEMANIK SICAV
GLOBAL BOND
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31,2005
(in EUR)
Currency Quantity/ Description cost Market % of Net Nominal Value Assets
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%
The accompanying notes are an integral part of these financial statements
75
LEMANIK SICAV
GLOBAL BOND
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 issued by supranational institutions
EUR
EUR
EUROPEAN INVESTMENT BANK
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%
Holding and finance companies
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%
The accompanying notes are an integral part of these financial statements
76
LEMANIK SICAV
GLOBAL BOND
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31.2005
(in EUR)
Currency Nominal Description cost Market % of Net Value Assets
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
Banks and other credit institutions
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%
Total Investments Other Net Assets Total Net Assets
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
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
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%
The accompanying notes are an integral part of these financial statements.
78
LEMANIK SICAV
GLOBAL BOND
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Banks and other credit institutions
Holding and finance companies
Government bonds
Miscellaneous
Bonds issued by supranational institutions
Retail trade
Building societies
Transportation
Office supplies and computer
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%
The accompanying notes are an integral part of these financial statements
79
. . . . . . . ... .... .... ..
LEMANIK SICAV
GLOBAL INVESTMENT
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 5,100 BANK OF IRELAND EUR 1,000 VAN LANSCHOT NV-CVA
Biotechnology USD 820 AMGENINC
Building and building materials
EUR 1,650 EIFFAGE EUR 1,500 COMPAGNIE DE SAINT-GOBAIN
Chemistry NOK 745 NORSK HYDRO ASA
Electronics and semiconductors
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%
The accompanying notes are an integral part of these financial statements
80
LEMANIK SICAV
GLOBAL INVESTMENT
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Currency Quantity Description cost Market % of Net Value Assets
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%
Office supplies and computer
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%
The accompanying notes are an integral part of these financial statements.
81
....
GLOBAL INVESTMENT
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Currency Quantity/ Description cost Market % of Net Nominal Value Assets
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%
The accompanying notes are an integral part of these financial statements.
82
LEMANIK SICAV
GLOBAL INVESTMENT
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(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%
Total transferable securities admitted to an official Stock Exchange
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%
Total transferable securities admitted to an other regulated market 576,262.95 570,432.46 9.12%
The accompanying notes are an integral part of these financial statements.
83
LEMANIK SICAV
GLOBAL INVESTMENT
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(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
Total Investments Other Net Assets Total Net Assets
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%
The accompanying notes are an integral part of these financial statements.
84
LEMANIK SICAV
GLOBAL INVESTMENT
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
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%
The accompanying notes are an integral part of these financial statements.
85
LEMANIK SICAV
GLOBAL INVESTMENT
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Government bonds
Mutual funds
Machinery and apparatus construction
Transportation
Energy and water supply
Holding and finance companies
Telecommunication
Non ferrous metals
Insurance
Building and building materials
Office supplies and computer
Oil
Food products and non-alcoholic drinks
Pharmaceutical and cosmetics industry
Miscellaneous trade
Electronics and semiconductors
Rubber and tyres industry
Banks and other credit institutions
Paper and wood industry
Road vehicles
Electro technical and electronic industry
Bonds issued by supranational institutions
Chemistry
Textile and clothing industry
Internet services
Tobacco and alcohol
Biotechnology
Mines and steel works
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%
The accompanying notes are an integral part of these financial statements.
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%
The accompanying notes are an integral part of these financial statements.
87
LEMANIK SICAV
FLEXIBLE BLUE JFormerly Blue)
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31.2005
(in EUR)
Currency Quantity Description cost Market % of Net Value Assets
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%
Total transferable securities admitted to an other regulated market 394,895.03 395,544.51 24.90%
Total Investments Other Net Assets Total Net Assets
1,060,043.54 1,083,181.24 68.20% 505,110.35 31.80%
1,588,291 -59 100.00%
The accompanying notes are an integral part of these financial statements.
88
LEMANIK SICAV
FLEXIBLE BLUE (Formerlv Blue)
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
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)
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Building and building materials
Energy and water supply
Banks and other credit institutions
Mines and steel works
Telecommunication
Machinery and apparatus construction
Oil
Food products and non-alcoholic drinks
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% -
The accompanying notes are an integral part of these financial statements.
90
LEMANIK SICAV
WORLD PORTFOLIO EQUITIES
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31,2005
(in EUR)
cost Market % of Net Value Assets
Currency Quantity Description
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%
The accompanying notes are an integral part of these financial statements.
91
LEMANIK SICAV
WORLD PORTFOLIO EQUITIES
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Currency Quantity Description
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
cost Market % of Net Value Assets
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%
The accompanying notes are an integral part of these financial statements.
92
LEMANIK SICAV
WORLD PORTFOLIO EQUITIES
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) as at May 31,2005
(in EUR)
Currency Quantity Description cost Market % of Net Value Assets
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%
Total transferable securities admitted to an official Stock Exchange
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%
Total Investments Other Net Assets Total Net Assets
4,406,489.96 4,830,193.16 81.28% 1,112,376.40 18.72% 5,942,569.56 100.00%
The accompanying notes are an integral part of these financial statements.
93
LEMANIK SlCAV
WORLD PORTFOLIO EQUITIES
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
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%
The accompanying notes are an integral part of these financial statements.
94
LEMANIK SICAV
WORLD PORTFOLIO EQUITIES
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Oil
Energy and water supply
Machinery and apparatus construction
Pharmaceutical and cosmetics industry
food products and non-alcoholic drinks
Insurance
Electronics and semiconductors
Office supplies and computer
Paper and wood industry
Holding and finance companies
Transportation
Telecommunication
Non ferrous metals
Banks and other credit institutions
Electro technical and electronic industry
Miscellaneous trade
Road vehicles
Textile and clothing industry
Internet services
Tobacco and alcohol
Retail trade
Mutual funds
Building and building materials
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%
The accompanying notes are an integral part of these financial statements.
95
LEMANIK SlCAV
FLEX DURATION lFormerly World Bonds)
STATEMENTOFINVESTMENTSANDOTHERNETASSETS as at May 31.2005
(in EUR)
Currency Nominal Description cost Market % of Net Value Assets
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%
Total transferable securities admitted to an official Stock Exchange, Bonds
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%
Total Investments Other Net Assets Total Net Assets
40,772,765.57 41,596,968.76 83.36%
49,901,430.14 100.00% 8,304,461.38 16.64%
The accompanying notes are an integral part of these financial statements.
96
. . .. ~ ._ .- . .. .. .... . . .
LEMANIK SICAV
FLEX DURATION /Formerly World Bonds)
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
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
(in percentage of net assets)
Bonds issued by supranational institutions
Banks and other credit institutions
Government bonds
Telecommunication
Holding and finance companies
27.63%
25.40%
18.08%
7.22%
5.03%
TOTAL 83.36%
The accompanying notes are an integral part of these financial statements
97
LEMANIK SICAV
FLEX STRATEGY
STATEMENTOFINVESTMENTSANDOTHERNETASSETS as at May 31,2005
(in EUR)
Currency Nominal Description cost Market % of Net Value Assets
Transferable securities admitted to an official Stock Exchanqe. Bonds
Banks and other credit institutions
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%
Total transferable securities admitted to an official Stock Exchange, Bonds
Transferable securities admitted to an other requlated market, Bonds
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%
Total Investments Other Net Assets Total Net Assets
29,048,886.30 29,242,994.00 90.12% 3,206,171.96 9.08%
32,449,165.96 100.00%
The accompanying notes are an integral part of these financial statements
98
LEMANIK SICAV
FLEX STRATEGY
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
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%
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Government bonds
Banks and other credit institutions
Bonds issued by supranational institutions
TOTAL
49.92%
24.69%
15.51%
90.12%
The accompanying notes are an integral part of these financial statements.
99
LEMANIK SICAV
EURO OPPORTUNITIES CP II
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31.2005
(in EUR)
Currency Nominal Description cost Market % of Net Value Assets
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%
Total transferable securities admitted to an official Stock Exchange, Bonds
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
Total Investments Other Net Assets Total Net Assets
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%
The accompanying notes are an integral part of these financial statements
100
LEMANIK SICAV
EURO OPPORTUNITIES CP I I
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Italy
France
Spain
Germany
23.70% 19.68%
19.53% 15.52%
TOTAL 78.43%
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Government bonds 78.43%
TOTAL 78.43%
The accompanying notes are an integral part of these financial statements.
101
LEMANIK SICAV
FLEX IDEA IFormerly Calcio Manaserj
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS as at May 31,2005
(in EUR)
Currency Nominal Description cost Mal ..et % of Net Value Assets
Transferable securities admitted to an official Stock Exchanqe, Bonds
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
Total transferable securities admitted to an official Stock Exchange, Bonds
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
Total Investments Other Net Assets Total Net Assets
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%
The accompanying notes are an integral part of these financial statements.
102
... .
LEMANIK SICAV
FLEX IDEA /Formerly Calcio Manaqer)
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
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%
INDUSTRIAL CLASSIFICATION OF INVESTMENTS As at May 31,2005
(in percentage of net assets)
Bonds issued by supranational institutions
Banks and other credit institutions
Government bonds
31.52%
23.61 %
16.24%
TOTAL 71.37%
The accompanying notes are an integral part of these financial statements
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
NOTES TO THE FINANCIAL STATEMENTS (continued) as at May 31,2005
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
NOTES TO THE FINANCIAL STATEMENTS (continued) as at May 31,2005
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
NOTES TO THE FINANCIAL STATEMENTS (continued) as at May 31,2005
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)
109
LEMANIK SICAV
NOTES TO THE FINANCIAL STATEMENTS (continued) as at May 31.2005
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
110
LEMANIK SICAV
NOTES TO THE FINANCIAL STATEMENTS (continued) as at May 31,2005
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
contracts Currency Commitments Unrealised (loss)
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
111
NOTES TO THE FINANCIAL STATEMENTS (continued) as at May 31.2005
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
contracts Currency Commitments Unrealised (loss)
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).
112
LEMANIK SICAV
I
NOTES TO THE FINANCIAL STATEMENTS (continued) as at May 31,2005
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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