VAM MANAGED FUNDS (LUX)

VAM MANAGED FUNDS (LUX) Société d'investissement à Capital Variable (Investment Company organised under the laws of the Grand Duchy of Luxembourg) SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS As of 31 December 2014 R.C.S. Luxembourg B 129 579 No subscriptions can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and key investor information documents, accompanied by the latest available annual report and audited financial statements and semi-annual report and undaudited financial statements if published thereafter.

TABLE OF CONTENTS SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS MANAGEMENT AND ADMINISTRATION 1 STATEMENT OF NET ASSETS 4 STATEMENT OF OPERATIONS 5 STATEMENT OF CHANGES IN NET ASSETS 6 CHANGES IN THE NUMBER OF SHARES OUTSTANDING 7 STATISTICAL INFORMATION 8 STATEMENT OF THE SECURITIES PORTFOLIO DRIEHAUS FUND 9 MANAGED FUND 11 NOTES TO THE FINANCIAL STATEMENTS 13 SHAREHOLDER INFORMATION 21

MANAGEMENT AND ADMINISTRATION BOARD OF DIRECTORS CHAIRMAN Mr Peter John DE PUTRON Chairman, VAM Advisory S.A. 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg MEMBERS Mr Michael HUNT Director, VAM Advisory S.A. 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Mr Benoni DUFOUR Civil Engineer 15, op der Sank L-5713 Aspelt, Grand Duchy of Luxembourg The Hon. James CRIPPS Consultant 36 Napier Avenue GB-London SW6 3PT, United Kingdom DAY-TO-DAY MANAGERS OF THE MANAGEMENT COMPANY (from 1 July 2014 and until 31 December 2014) Mr Rolf Diderrich Executive Director, VPB Finance S.A. 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Mr Ralf FUNK Executive Director, VPB Finance S.A. 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg (until 30 September 2014) Mr Jos WAUTRAETS Executive Director, VPB Finance S.A. 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg 1

MANAGEMENT AND ADMINISTRATION (continued) REGISTERED OFFICE 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg MAILING ADDRESS 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg REGISTRATION NUMBER R.C.S. Luxembourg B 129 579 Luxembourg VAT number LU23763606 ADVISORY COMPANY VAM Advisory S.A. 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg INVESTMENT MANAGER(S) For the Compartment VAM MANAGED FUNDS (LUX) DRIEHAUS FUND Driehaus Capital Management LLC 25 East Erie Street USA-Chicago, Illinois 60611, United States of America For the Compartment VAM MANAGED FUNDS (LUX) MANAGED FUND Newscape Capital Group Limited 86 Jermyn Street GB-London SW1Y 6JD, United Kingdom 2

MANAGEMENT AND ADMINISTRATION (continued) MANAGEMENT COMPANY, CENTRAL ADMINISTRATION AGENT, CORPORATE AND DOMICILIARY AGENT, REGISTRAR AND TRANSFER AGENT VPB Finance S.A. 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg CUSTODIAN BANK AND PAYING AGENT VP Bank (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg REGISTRATION COUNTRIES Luxembourg Singapore United Kingdom (only for the compartment VAM Managed Funds (Lux) Driehaus Fund) FACILITIES AGENT IN THE UNITED KINGDOM Société Générale London Branch Société Générale Securities Services Custody London SG House 41 Tower Hill GB-London EC3N 4SG, United Kingdom RÉVISEUR D'ENTREPRISES AGRÉÉ Ernst & Young S.A. 7, rue Gabriel Lippmann Parc d Activité Syrdall 2 L-5365 Munsbach, Grand Duchy of Luxembourg LEGAL ADVISOR IN LUXEMBOURG Elvinger, Hoss & Prussen 2, place Winston Churchill L-1340 Luxembourg, Grand Duchy of Luxembourg 3

STATEMENT OF NET ASSETS As of 31 December 2014 VAM Managed Funds (Lux) - Driehaus Fund VAM Managed Funds (Lux) - Managed Fund Combined (in USD) (in USD) (in USD) ASSETS Securities portfolio (at cost) 152,919,872.52 5,930,842.91 158,850,715.43 Unrealised appreciation/depreciation (-) 28,106,244.70 200,380.26 28,306,624.96 Securities portfolio at market value 181,026,117.22 6,131,223.17 187,157,340.39 Cash at banks 64,669.04 151,256.83 215,925.87 Receivables on subscriptions 99,989.88-99,989.88 Receivables on securities sold 4,520,751.99 800,790.13 5,321,542.12 Receivables on spot foreign exchange transactions 64,825.41 179,120.74 243,946.15 Formation expenses (net) - 17,276.75 17,276.75 Unrealised gain on forward foreign exchange contracts 151,950.79-151,950.79 TOTAL ASSETS 185,928,304.33 7,279,667.62 193,207,971.95 LIABILITIES Bank overdrafts -3,466,677.22-773,582.44-4,240,259.66 Payables on redemptions -180,953.89-277,489.04-458,442.93 Payables on spot foreign exchange transactions -64,735.28-178,879.67-243,614.95 Accrued expenses -348,673.88-19,088.37-367,762.25 Unrealised loss on forward foreign exchange contracts A250 - -10,899.64-10,899.64 TOTAL LIABILITIES -4,061,040.27-1,259,939.16-5,320,979.43 NET ASSETS 181,867,264.06 6,019,728.46 187,886,992.52 The accompanying notes form an integral part of these financial statements. 4

STATEMENT OF OPERATIONS For the year/period ended 31 December 2014 VAM Managed Funds (Lux) - Driehaus Fund VAM Managed Funds (Lux) - Managed Fund Combined (in USD) (in USD) (in USD) INCOME 1 Dividends, net - 9,534.44 9,534.44 Other income 286.21 26.39 312.60 TOTAL INCOME 286.21 9,560.83 9,847.04 EXPENSES Investment advisory and management fees -1,631,587.43-63,462.67-1,695,050.10 Administration fees -12,467.82-12,467.82-24,935.64 Custodian and management company fees -158,497.07-6,165.00-164,662.07 Subscription tax -141.23-235.77-377.00 Depreciation of formation expenses - -3,039.12-3,039.12 Professional fees -16,518.18-545.44-17,063.62 Transaction costs -4,954.45-9,329.89-14,284.34 Other charges -123,873.73-4,320.26-128,193.99 Interest paid on bank overdraft -8,415.71-1,368.26-9,783.97 TOTAL EXPENSES -1,956,455.62-100,934.23-2,057,389.85 NET INCOME/LOSS (-) FROM INVESTMENTS -1,956,169.41-91,373.40-2,047,542.81 Net realised gain/loss (-) on foreign exchange -4,678.95 1,244.78-3,434.17 Net realised gain/loss (-) on forward foreign exchange contracts -9,587,779.12-533,655.34-10,121,434.46 Net realised gain/loss (-) on sales of securities 6,123,703.85 79,644.85 6,203,348.70 NET REALISED PROFIT/LOSS (-) FOR THE YEAR/PERIOD -5,424,923.63-544,139.11-5,969,062.74 NET CHANGE IN UNREALISED APPRECIATION/DEPRECIATION (-) - on foreign exchange -8,973.77 2,357.12-6,616.65 - on forward foreign exchange contracts -272,436.72-32,227.02-304,663.74 - on securities -7,379,755.74-217,692.93-7,597,448.67 INCREASE/DECREASE (-) IN NET -13,086,089.86-791,701.94-13,877,791.80 ASSETS AS A RESULT OF OPERATIONS The accompanying notes form an integral part of these financial statements. 5

STATEMENT OF CHANGES IN NET ASSETS For the year/period ended 31 December 2014 VAM Managed Funds (Lux) - Driehaus Fund VAM Managed Funds (Lux) - Managed Fund Combined (in USD) (in USD) (in USD) 1 NET ASSETS Beginning of the year/period 193,578,405.29 6,392,159.67 199,970,564.96 CHANGES FROM INVESTMENT ACTIVITIES Increase/decrease (-) in net assets as a result of operations for the year/period -13,086,089.86-791,701.94-13,877,791.80 CHANGES FROM CAPITAL TRANSACTIONS Proceeds from shares issued 18,356,681.23 2,286,632.84 20,643,314.07 Payments for shares redeemed -16,981,732.60-1,867,362.11-18,849,094.71 1,374,948.63 419,270.73 1,794,219.36 NET ASSETS End of the year/period 181,867,264.06 6,019,728.46 187,886,992.52 The accompanying notes form an integral part of these financial statements. 6

CHANGES IN THE NUMBER OF SHARES OUTSTANDING For the year/period ended 31 December 2014 VAM Managed Funds (Lux) - Driehaus Fund Class A EUR Class A GBP Class A USD Number of shares at the beginning of the year/period 35,365.999 330,751.929 807,282.874 Number of shares issued 5,987.009 30,915.315 81,251.395 Number of shares redeemed -4,473.411-32,911.893-68,057.586 Number of shares outstanding at the end of the year/period 36,879.597 328,755.351 820,476.683 VAM Managed Funds (Lux) - Managed Fund Class A EUR Class A GBP Class A USD Number of shares at the beginning of the year/period 13,212.935 16,413.807 14,275.306 Number of shares issued 3,269.267 5,857.212 7,962.841 Number of shares redeemed -1,105.862-6,251.695-6,876.182 Number of shares outstanding at the end of the year/period 15,376.340 16,019.324 15,361.965 The accompanying notes form an integral part of these financial statements. 7

STATISTICAL INFORMATION For the year/period ended 31 December 2014 31 December 2014 30 June 2014 30 June 2013 Total Fund Net Assets of the Fund (in USD) 187,886,992.52 199,970,564.96 136,442,104.23 VAM Managed Funds (Lux) - Driehaus Fund Total net assets (in USD) 181,867,264.06 193,578,405.29 132,904,091.08 Class A EUR Shares outstanding 36,879.597 35,365.999 29,423.083 Net asset value per share (in share class currency) 173.16 176.26 156.52 Class A GBP Shares outstanding 328,755.351 330,751.929 277,743.770 Net asset value per share (in share class currency) 176.55 179.35 158.80 Class A USD Shares outstanding 820,476.683 807,282.874 656,950.438 Net asset value per share (in share class currency) 101.95 103.57 91.32 VAM Managed Funds (Lux) - Managed Fund Total net assets (in USD) 6,019,728.46 6,392,159.67 3,538,013.15 Class A EUR Shares outstanding 15,376.340 13,212.935 10,707.262 Net asset value per share (in share class currency) 99.91 103.58 95.12 Class A GBP Shares outstanding 16,019.324 16,413.807 11,918.441 Net asset value per share (in share class currency) 103.24 106.84 97.89 Class A USD Shares outstanding 15,361.965 14,275.306 4,584.417 Net asset value per share (in share class currency) 103.00 106.46 97.01 The accompanying notes form an integral part of these financial statements. 8

VAM MANAGED FUNDS (LUX - DRIEHAUS FUND Statement of the Securities Portfolio as of 31 December 2014 (in USD) UCITS/other UCIs in accordance with Article 41 (1) e) of the Luxembourg law of 17 December 2010 Investment funds Nominal Value/ % of Currency Quantity Description Market Value Net Assets USD 19,514.2400 VAM FDS (LUX) - EMERGING MARKETS GROWTH FD -C- 21,972,643.96 12.08 USD 10,000.0000 VAM FDS (LUX) - FRONTIER MKTS EQUITY FD -C- 9,426,500.00 5.19 USD 27,653.7980 VAM FDS (LUX) - INTL EX-USA GROWTH FD -C- 30,427,750.48 16.73 USD 11,426.1910 VAM FDS (LUX) - INTL REAL ESTATE EQUITY FD -C- 17,835,255.79 9.81 USD 56,003.6380 VAM FDS (LUX) - US LARGE CAP GROWTH FD -C- 20,486,130.78 11.26 USD 48,892.8550 VAM FDS (LUX) - US MICRO CAP GROWTH FD -C- 26,730,701.69 14.70 USD 5,654.9490 VAM FDS (LUX) - US MID CAP GROWTH FD -C- 11,242,773.76 6.18 USD 56,130.4280 VAM FDS (LUX) - US SMALL CAP GROWTH FD -C- 17,315,114.43 9.52 USD 25,182.7960 VAM FDS (LUX) - WORLD GROWTH FD -C- 25,589,246.33 14.07 Total investment funds 181,026,117.22 99.54 TOTAL SECURITIES PORTFOLIO 181,026,117.22 99.54 The accompanying notes form an integral part of these financial statements. 9

VAM MANAGED FUNDS (LUX) - DRIEHAUS FUND Statement of the Securities Portfolio as of 31 December 2014 (in USD) (continued) Breakdown by country % of Net Assets Luxembourg 99.54 TOTAL 99.54 Breakdown by currency % of Net Assets USD 99.54 TOTAL 99.54 The accompanying notes form an integral part of these financial statements. 10

VAM MANAGED FUNDS (LUX) - MANAGED FUND Statement of the Securities Portfolio as of 31 December 2014 (in USD) UCITS/other UCIs in accordance with Article 41 (1) e) of the Luxembourg law of 17 December 2010 Investment funds Nominal Value/ % of Currency Quantity Description Market Value Net Assets GBP 89,477.0000 BLACKROCK WORLD MINING TRUST PLC 432,955.50 7.19 USD 12,130.0000 FRANKLIN TEMPLETON GLOBAL BOND FD -A DIST- 253153.1 4.21 USD 166,708.0000 HERMES INVT FDS PLC - HERMES ASIA EX-JAPAN EQUITY FUND -F- 321,062.94 5.33 USD 3,290.0000 JPM FDS - EUROPE DYNAMIC FUND CAPITALISATION -B- 473562.6 7.87 USD 3,193.0000 LEGG MASON GBL FD - BRANDYWINE GBL FIXED INC ABS RET FD 361447.6 6 USD 328,010.0000 NB GLOBAL FLOAT RATE INC FD LTD USD 328,420.01 5.44 GBP 95,500.0000 SCHRODER TOKYO FUND -A- GBP 325,486.99 5.41 USD 495.2600 VAM FDS (LUX) - AMERICAS ALL CAP FD -C- 498,132.51 8.28 USD 358.4640 VAM FDS (LUX) - EMERGING MARKETS GROWTH FD -C- 403,623.29 6.71 USD 227.1900 VAM FDS (LUX) - INTL EX-USA GROWTH FD -C- 249,979.43 4.15 USD 240.7840 VAM FDS (LUX) - INTL REAL ESTATE EQUITY FD -C- 375,842.15 6.24 USD 1,512.4130 VAM FDS (LUX) - US LARGE CAP GROWTH FD -C- 553,240.68 9.19 USD 241.9720 VAM FDS (LUX) - US MICRO CAP GROWTH FD -C- 132,290.93 2.20 USD 189.5000 VAM FDS (LUX) - US MID CAP GROWTH FD -C- 376,750.64 6.26 USD 822.3250 VAM FDS (LUX) - US SMALL CAP GROWTH FD -C- 253,670.82 4.21 USD 449.1620 VAM FDS (LUX) - VAM ASIA FIXED INCOME FD -C- 466,230.16 7.75 USD 561.7590 VAM FDS (LUX) - VAM COMMODITIES EQUITY FD -C- 74,017.37 1.23 USD 247.3640 VAM FDS (LUX) - WORLD GROWTH FD -C- 251,356.45 4.18 Total investment funds 6,131,223.17 101.85 * These securities will be converted into shares TOTAL SECURITIES PORTFOLIO 6,131,223.17 101.85 The accompanying notes form an integral part of these financial statements. 11

VAM MANAGED FUNDS (LUX) - MANAGED FUND Statement of the Securities Portfolio as of 31 December 2014 (in USD) (continued) Breakdown by country % of Net Assets Guernsey 5.44 Ireland 11.33 Luxembourg 72.48 United Kingdom 12.60 TOTAL 101.85 Breakdown by currency % of Net Assets GBP 12.60 USD 89.25 TOTAL 101.85 The accompanying notes form an integral part of these financial statements. 12

Semi-Annual Report and Audited Financial Statements NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2014 Note 1 Organisation and objective of the company VAM Managed Funds (Lux) (the "Fund") is an open-ended investment fund organised as a "société anonyme" under the laws of the Grand Duchy of Luxembourg and qualifies as a "Société d Investissement à Capital Variable" ("SICAV"). The Fund is subject to Part I of the amended law to Undertakings for Collective Investment dated 17 December 2010 (the 2010 Law ). It has been established for an unlimited period. The Fund operates separate compartments (the Compartments ), each of which is represented by one or more classes of shares (each such class being a Class of Shares ). The Compartments are distinguished by their specific investment policy or any other specific features. The Fund constitutes a single legal entity, but the assets of each Compartment shall be invested for the exclusive benefit of the Shareholders of the corresponding Compartment and the assets of a specific Compartment are solely accountable for the liabilities, commitments and obligations of that Compartment. The Board of Directors of the Fund has designated VPB Finance S.A. to act as Management Company for the Fund under the terms of the Management Company Services Agreement dated 1 July 2013. The Management Company is a public limited company ( Société Anonyme ). Its articles of incorporation have been amended on 20 June 2006 in order to allow it to act as a Management Company for undertakings for collective investment, currently in accordance with Chapter 15 of the 2010 Law; they have been amended on 1 August 2014 in order to allow it to act as alternative investment fund manager in accordance with the law of 12 July 2013. It exists for an unlimited period of time. As such, the Management Company will perform and render without limitation: (i) investment management services, (ii) administrative agency, corporate and domiciliary agency, registrar and transfer agency services, and (iii) marketing, principal distribution and sales services. VPB Finance S.A. is also acting as Management Company for other undertakings for collective investments. The names of the other undertakings for collective investments are available upon request from the Management Company. The Fund contains the following Compartments and Classes of Shares: VAM Managed Funds (Lux) Driehaus Fund (reference currency: USD) Class A Shares available in EUR, GBP and USD VAM Managed Funds (Lux) Managed Fund (reference currency: USD) Class A Shares available in EUR, GBP and USD Class A Shares may be subscribed by institutional and non-institutional investors, subject to the minimum initial subscription and holding requirements set forth in the prospectus of the Fund. As of 31 December 2014, the following Classes of Shares were active: VAM Managed Funds (Lux) Driehaus Fund Class A Shares in EUR Class A Shares in GBP Class A Shares in USD 13

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2014 (continued) VAM Managed Funds (Lux) Managed Fund Class A Shares in EUR Class A Shares in GBP Class A Shares in USD Note 2 Summary of significant accounting policies The financial statements of the Fund have been prepared in accordance with Luxembourg legal and regulatory requirements applicable to investment funds. The following is a summary of significant accounting policies followed by the Fund. a) Foreign currency translation For the preparation of the combined financial statements as of 31 December 2014 in USD, the statements of each Compartment denominated in currencies other than USD (the reference currency ) are translated at the exchange rates prevailing as at year/period-end (please refer to Note 10). Combined statements are obtained by the arithmetic sum of statements of each individual Compartment. In each Compartment, investments as well as other assets and liabilities stated in foreign currencies are translated into the reference currency at the exchange rates prevailing as at year/period-end. The costs of investments are at historical exchange rates. Transactions in foreign currency during the year/period are translated at the rates prevailing at the date of transaction. Realised and unrealised exchange gains and losses, if any, are recorded in the statement of operations of each Compartment. b) Investments The value of securities, which are dealt in on a stock exchange or dealt in on an other regulated market providing reliable price quotations are valued at the latest price available on the valuation day. In the event that any securities held in the portfolio are not listed on any stock exchange or not traded on any other regulated market or if the price obtained as described above is not representative of the fair market value of the securities, the value of such securities will be based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Fund. Shares in investment funds are valued on the basis of the net asset value per share of such funds as of valuation date as confirmed by the administration agents or other representatives of such funds. In instances where no such values are available, the funds are valued either at estimated net asset values per share, as made available by the respective administration agents or fund representatives, or at the latest available published net asset values per share. Such values may significantly differ from price quotes, which would have been determined as of year/period-end date. In general, the net asset values per share applied for the purpose of valuing investment funds are derived from unaudited financial statements provided by the respective funds or agents. The value attributed to the underlying investment funds may differ from the value that would have been used had underlying audited financial statements of such investments been available and such difference could be material. 14

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2014 (continued) The cost of investments sold is determined on the basis of the weighted average price method. c) Options written When a Compartment writes call and put options, an amount equal to the premium received is recorded as an equivalent liability. The amount of the liability is subsequently marked-tomarket to reflect the current value of the option written. d) Forward foreign exchange contracts Outstanding forward foreign exchange contracts as of year/period-end are valued based on forward market rates for the remaining period up to final maturity. Realised and unrealised exchange gains and losses, if any, are recorded in the statement of operations of each Compartment. To the extent that forward foreign exchange contracts are contracted to hedge the currency exposure of a given Class of Shares, such results are directly attributed to that respective Class of Shares. e) Futures contracts Initial margin deposits are made upon entering into future contracts and can be made either in cash or securities. During the period for which the future contract is open, changes in the value of the contract are recognised as unrealised gains or losses by marking to market on a daily basis to reflect the value of the contract at the end of each day s trading. Variation margin payments are made or received, depending on whether unrealised gains or losses are incurred. When the contract is closed, the Compartment records a realised gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Compartment basis in the contract. Future contracts on securities remaining open at the closing date are valued by reference to the last known market price. Any unrealised gains and losses, if any, are included in the statement of net assets. f) Income recognition Interest income is accounted for on an accrual basis. Dividends are accrued on the date upon which the relevant security becomes ex-dividend. These are accounted for net of any applicable withholding taxes in the relevant country. Note 3 Net asset value a) Computation The net asset value of a share in each Compartment will be calculated by dividing the net assets attributable to that Class of Share by the total number of shares outstanding of that Class of Share. The net assets of a Compartment correspond to the difference between the total assets and the total liabilities of the Compartment. 15

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2014 (continued) b) Redemption of shares Each Shareholder of any Class of Shares of a Compartment has the right to request at any time the redemption of his/her shares at an amount equal to the net asset value of the relevant Class of Shares of the Compartment as described in the preceding paragraph. For each Compartment, the Fund may temporarily suspend the calculation of the net asset value per share, the redemption and the conversion of shares under certain well defined circumstances as disclosed in the prospectus of the Fund. VAM Managed Funds (Lux) Driehaus Fund and VAM Managed Funds (Lux) Managed Fund are investing substantially all of their assets in various compartments of VAM Funds (Lux) (as detailed in Note 12) and no subscription or redemption fees are charged to the Compartments on account of their investments in the Class C Shares of various compartments of VAM Funds (Lux). Note 4 Investment advisory and management fees The Fund has appointed as investment adviser VAM Advisory S.A. (the Advisory Company ), which has selected the following investment managers for the Compartments shown below: Driehaus Capital Management LLC for VAM Managed Funds (Lux) Driehaus Fund, and Newscape Capital Group Limited for VAM Managed Funds (Lux) Managed Fund. In relation to VAM Managed Funds (Lux) Driehaus Fund and VAM Managed Funds (Lux) Managed Fund, the Advisory Company is entitled to receive from the Compartments fees, payable on a monthly basis at a total annual rate of 1.75% for Class A Shares of the average net asset value, as determined during the relevant month. The investment managers are remunerated by the Advisory Company out of the fees that it receives from the Compartments. Note 5 Custodian and management company fees The commissions and fees paid by the Fund to the Custodian Bank and the Management Company (the Service Fee ) are calculated on the daily average net asset value of each month as defined in the Custodian and Paying Agent Agreement with VP Bank (Luxembourg) SA dated 1 July 2013 and as defined in the Management Company Services Agreement with VPB Finance S.A. dated 1 July 2013 and are debited at the end of each month for the past month. The Fund pays the Service Fee to the Custodian Bank and Management Company in accordance with the following scale of fees, calculated as a percentage per year of the average total net assets of the daily Compartments listed above (any taxes being excluded), payable monthly in arrears: 16

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2014 (continued) up to EUR 30,000,000 0.35% (*) above EUR 30,000,000 0.25% (*) subject to a minimum fee of EUR 28,000 p.a. per Compartment. (*) rate applied to the part of the total net assets of the Compartments falling within that range. As per a side letter dated 27 June 2013, and signed by the Custodian Bank and the Management Company, the service fees structure has been reduced as from 1 July 2013 as follows: up to USD 250,000,000 0.17% from USD 250,000,000 to USD 500,000,000 0.13% from USD 500,000,000 to USD 1,000,000,000 0.07% above USD 1,000,000,000 0.06% subject to a minimum fee of EUR 18,000 p.a. per Compartment. Note 6 Administration fees For the administration of the Classes of Shares denominated in currencies other than the Compartment base currency, VPB Finance S.A. will charge EUR 10,000.00 p.a. per Class of Share to the relevant Compartment. Note 7 Taxes In accordance with the 2010 Law, the Fund is not subject to any tax on income, capital gains tax or wealth tax. Moreover, no dividends distributed by the Fund, if any, are subject to withholding tax. However, income collected by the Fund on securities in its portfolios may be subject to withholding tax which, in normal circumstances, cannot be reclaimed. The Fund is only subject to the Luxembourg subscription tax ("taxe d abonnement") payable quarterly, at a rate of 0.05% per annum based on the net asset value of each Compartment at the end of the relevant quarter, calculated and paid quarterly. In respect of any Class of Shares which comprises only institutional investors (within the meaning of article 174 of the 2010 Law), the tax levied will be at the rate of 0.01% per annum. The tax is not levied on the part of assets invested in funds already subject to that tax. Note 8 Formation expenses The costs and expenses incurred in connection with the formation of the Fund respectively in connection with the launching of new Compartments or Classes of Shares are amortised over a period not exceeding 5 years. 17

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2014 (continued) Note 9 Transaction costs In accordance with the 2010 Law, the transaction costs are disclosed separately in the Statement of Operations and are representing broker transaction fees in relation to the purchases and sales of securities during the reporting period/year. Note 10 Exchange rates The exchange rates used as of 31 December 2014 are: 1 USD = EUR 0.826430 1 USD = GBP 0.641386 Note 11 Forward foreign exchange contracts As of 31 December 2014, the following forward foreign exchange contracts were open and were only invested in to hedge the Classes of shares denominated in currencies other than the compartment base currency: VAM Managed Funds (Lux) Driehaus Fund The counterparty for all the financial derivative instruments listed in the table below is VP Bank (Luxembourg) SA. Currency Purchases Currency Sales Maturity Unrealised gains/losses (-) (in USD) EUR 6,343,151.15 USD 7,748,412.86 31 March 2015-69,273.56 GBP 58,033,669.59 USD 90,190,706.25 31 March 2015 221,224.35 TOTAL 151,950.79 VAM Managed Funds (Lux) Managed Fund The counterparty for all the financial derivative instruments listed in the table below is VP Bank (Luxembourg) SA. Currency Purchases Currency Sales Maturity Unrealised gains/losses (-) (in USD) EUR 1,552,253.78 USD 1,896,140.08 31 March 2015-16,952.16 GBP 1,774,901.02 USD 2,758,391.42 31 March 2015 6,765.93 USD 141,449.37 GBP 91,251.18 31 March 2015-713.41 TOTAL -10,899.64 18

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2014 (continued) Note 12 Related party transactions All transactions with related parties were entered into the ordinary course of business and under normal commercial terms. The related parties to the Fund are the Investment Managers, Investment Advisory and Advisory Company. The fees for the related parties are described in Note 4. As of 31 December 2014, there were no direct shareholdings in the Fund by any member of the Board of Directors of the Fund. The Compartment VAM Managed Funds (Lux) Driehaus Fund had invested in the following related funds: VAM Managed Funds (Lux) Driehaus Fund Nominal Value/ Market Value Description Quantity (USD) % of Net Assets 19,514.240 VAM FDS (LUX) - EMERGING MARKETS GROWTH FD -C- 21,972,643.96 12.08 10,000.000 VAM FDS (LUX) - FRONTIER MKTS EQUITY FD -C- 9,426,500.00 5.19 27,653.798 VAM FDS (LUX) - INTL EX-USA GROWTH FD -C- 30,427,750.48 16.73 11,426.191 VAM FDS (LUX) - INTL REAL ESTATE EQUITY FD -C- 17,835,255.79 9.81 56,003.638 VAM FDS (LUX) - US LARGE CAP GROWTH FD -C- 20,486,130.78 11.26 48,892.855 VAM FDS (LUX) - US MICRO CAP GROWTH FD -C- 26,730,701.69 14.70 5,654.949 VAM FDS (LUX) - US MID CAP GROWTH FD -C- 11,242,773.76 6.18 56,130.428 VAM FDS (LUX) - US SMALL CAP GROWTH FD -C- 17,315,114.43 9.52 25,182.796 VAM FDS (LUX) WORLD GROWTH FD -C- 25,589,246.33 14.07 TOTAL 181,026,117.22 99.54 Furthermore the Compartment VAM Managed Funds (Lux) Managed Fund had invested in the following related parties: VAM Managed Funds (Lux) Managed Fund Nominal Value/ Market Value Description Quantity (USD) % of Net Assets 495.260 VAM FDS (LUX) - AMERICAS ALL CAP FD -C- 498,132.51 8.28 358.464 VAM FDS (LUX) - EMERGING MARKETS GROWTH FD -C- 403,623.29 6.71 227.190 VAM FDS (LUX) - INTL EX-USA GROWTH FD -C- 249,979.43 4.15 240.784 VAM FDS (LUX) - INTL REAL ESTATE EQUITY FD -C- 375,842.15 6.24 1,512.413 VAM FDS (LUX) - US LARGE CAP GROWTH FD -C- 553,240.68 9.19 241.972 VAM FDS (LUX) - US MICRO CAP GROWTH FD -C- 132,290.93 2.20 189.500 VAM FDS (LUX) - US MID CAP GROWTH FD -C- 376,750.64 6.26 822.325 VAM FDS (LUX) - US SMALL CAP GROWTH FD -C- 253,670.82 4.21 449.162 VAM FDS (LUX) - VAM ASIA FIXED INCOME FD -C- 466,230.16 7.75 561.759 VAM FDS (LUX) - VAM COMMODITIES EQUITY FD -C- 74,017.37 1.23 247.364 VAM FDS (LUX) - WORLD GROWTH FD -C- 251,356.45 4.18 TOTAL 3,635,134.43 60.40 Note 13 Changes in securities portfolio Information about the changes that have occurred in the securities portfolio of each Compartment during the reporting period/year can be obtained at the Registered Office or from the Custodian. 19

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2014 (continued) Note 14 Risk Management Process The global exposure of each Compartment is calculated using the commitment approach as detailed in applicable laws and regulations including but not limited to the CSSF Circular 11/512. Note 15 Corporate governance statement The Board of Directors of the Fund confirms its adherence with the principles contained in the ALFI (Association Luxembourgeoise des Fonds d Investissements) Code of Conduct for Luxembourg Investment Funds. Note 16 Subsequent events As from 1 January 2015, Mr Eduard von Kymmel has been appointed as CEO of VPB Finance S.A., Luxembourg being as well a day-to-day manager of the Management Company. 20

SHAREHOLDER INFORMATION The articles of incorporation, the prospectus, the key investor information documents, and the statement of changes in the composition of the portfolios, the annual report and audited financial statements and semi-annual report and unaudited financial statements are available at the registered office of VAM Managed Funds (Lux) at 26, avenue de la Liberté, L-1930-Luxembourg, as well as at the facilities agents and custodian bank and paying agent mentioned under chapter Management and Administration. The annual report and audited financial statements and the semi-annual report and unaudited financial statements contain general information about the Fund as well as data showing the Fund's development and its total net assets. The business year of the Fund begins on 1 July and ends on 30 June of the following year. 21