SELECTRA INVESTMENTS SICAV · No subscription can be received on the basis of this financial...

Unaudited semi-annual report as at 30th June 2017

SELECTRA INVESTMENTS SICAV Société d'Investissement à Capital Variable organised under the laws of Luxembourg

R.C.S. Luxembourg B 136 880

No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current issue prospectus and the key investor information document ("KIID") accompanied by the subscription form, the latest annual report and the most recent semi-annual report, if published thereafter.

SELECTRA INVESTMENTS SICAV

Contents

1

Organisation ..................................................................................................................................................... 2

General information ......................................................................................................................................... 5

Combined statement of net assets ................................................................................................................. 7

SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH ....................................................................... 8 Statement of net assets .................................................................................................................................. 8 Statement of investments and other net assets ............................................................................................. 9 Industrial and geographical classification of investments ............................................................................. 10

SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA ..................................................................... 11 Statement of net assets ................................................................................................................................ 11 Statement of investments and other net assets ........................................................................................... 12 Industrial and geographical classification of investments ............................................................................. 13

SELECTRA INVESTMENTS SICAV - ICAM FIRST........................................................................................ 14 Statement of net assets ................................................................................................................................ 14 Statement of investments and other net assets ........................................................................................... 15 Industrial and geographical classification of investments ............................................................................. 17

SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE ................................................................................ 18 Statement of net assets ................................................................................................................................ 18 Statement of investments and other net assets ........................................................................................... 19 Industrial and geographical classification of investments ............................................................................. 21

SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE ................................................................................ 22 Statement of net assets ................................................................................................................................ 22 Statement of investments and other net assets ........................................................................................... 23 Industrial and geographical classification of investments ............................................................................. 25

SELECTRA INVESTMENTS SICAV - ICAM BOND GLOBAL FIRST............................................................ 26 Statement of net assets ................................................................................................................................ 26 Statement of investments and other net assets ........................................................................................... 27 Industrial and geographical classification of investments ............................................................................. 28

Notes to the financial statements ................................................................................................................. 29

Additional information ................................................................................................................................... 35


2

Organisation

Registered office 11, rue Aldringen

L-1118 LUXEMBOURG Board of Directors Chairman Marco CALDANA

Chief Executive Officer FARAD INTERNATIONAL S.A. 9, rue Schiller L-2519 LUXEMBOURG Directors Marco CIPOLLA

Managing Partner SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller

L-2519 LUXEMBOURG

Francesco NARDO Relationship & Business Coordinator Manager

SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller

L-2519 LUXEMBOURG

Raimondo MARCIALIS Founder and CEO MC ADVISORY SRL FINANCIAL ADVISORY Andrea TASSISTO Operations Manager FARAD INTERNATIONAL S.A. 9, rue Schiller L-2519 LUXEMBOURG

Management Company SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Board of Directors of the Management Company Chairman Marco CALDANA SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Directors Marco CIPOLLA SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller

L-2519 LUXEMBOURG Marco CLAUS SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG


Organisation (continued)

3

Serge D’ORAZIO Independent Director KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG Marcus PETER Independent Director GSK LUXEMBOURG S.A. 44, avenue John F. Kennedy L-1855 LUXEMBOURG Investment Managers For the Sub-Funds SELECTRA INVESTMENTS SICAV - J. LAMARK BIOTECH and SELECTRA INVESTMENTS SICAV - J. LAMARK PHARMA

SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG

For the Sub-Funds SELECTRA INVESTMENTS SICAV - ICAM FIRST, SELECTRA INVESTMENTS SICAV - ICAM BOND GLOBAL FIRST, SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE and SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE

FIA ASSET MANAGEMENT S.A. 9, rue Schiller

L-2519 LUXEMBOURG Depositary and paying agent KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG Administrative, domiciliary, KREDIETRUST LUXEMBOURG S.A. registrar and transfer agent 11, rue Aldringen

L-2960 LUXEMBOURG Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 LUXEMBOURG Investment Advisors For the Sub-Funds SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH and SELECTRA INVESTMENTS SICAV - J. LAMARK PHARMA J. LAMARCK SIM S.p.A. Via Anelli 28 L-25015 DESENZANO DEL GARDA (BS)


Organisation (continued)

4

For the Sub-Fund SELECTRA INVESTMENTS SICAV - ICAM FIRST and SELECTRA INVESTMENTS SICAV - ICAM BOND GLOBAL FIRST

ICAM & PARTNERS S.A. Via A. Ciseri 10 CH-6601 LOCARNO

General distributor SELECTRA MANAGEMENT COMPANY S.A.

9, rue Schiller L-2519 LUXEMBOURG

Italian paying agents

BANCA SELLA HOLDING S.p.A. Piazza Gaudenzio Sella, 1 I-13900 BIELLA

ALLFUNDS BANK S.A. Via Santa Margherita, 7 I-20121 MILANO

French paying agent CM - CIC SECURITIES

6, avenue de Provence F-75441 PARIS Cedex 9

Swiss representative ACOLIN FUND SERVICES AG

Affolternstrasse 56 CH-8050 ZÜRICH

Swiss paying agent CORNER BANCA S.A.

Via Canova 16 CH-6900 LUGANO


5

General information

SELECTRA INVESTMENTS SICAV (the "Company") is organised as a "société d'investissement à capital variable" under the Luxembourg laws. It qualifies as an Undertaking for Collective Investment in transferable securities under the amended Council Directive 2009/65/EC and is governed by Part I of the amended law of 17th December 2010 (the "2010 Law") relating to Undertakings for Collective Investment. The Directive 2014/91/EU of the European Parliament and of the Council of 23rd July 2014 amending the Directive 2009/65/EC had been transposed by the law of 10th May 2016 coming into force on 1st June 2016 and amending the amended law of 17th December 2010. It was incorporated on 28th February 2008 for an unlimited period. Its Articles of Incorporation were published in the Mémorial Recueil des Sociétés on 25th March 2008. The Company has appointed SELECTRA MANAGEMENT COMPANY S.A. as Management Company of the Company, in accordance with Chapter 15 of the 2010 Law. At the date of the financial statements, the Company offers the following Sub-Funds: - SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH (hereafter J. LAMARCK BIOTECH)

in EUR

- SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA (hereafter - J. LAMARCK PHARMA)

in EUR

- SELECTRA INVESTMENTS SICAV - ICAM FIRST (hereafter - ICAM FIRST)

in EUR

- SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE (hereafter - CRYSTAL BLUE)

in EUR

- SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE (hereafter - CRYSTAL ROSE)

in EUR

-SELECTRA INVESTMENTS SICAV - ICAM BOND GLOBAL FIRST (hereafter ICAM BOND GLOBAL FIRST) (launched 13th January 2017)

In EUR

At the date of the financial statements, only capitalisation shares are available:

Sub-Fund Share Class Currency

- J. LAMARCK BIOTECH Class A EUR Class B EUR Class C USD Class D EUR

- J. LAMARCK PHARMA Class A EUR Class B EUR Class D EUR

- ICAM FIRST Class B EUR

- CRYSTAL BLUE Class A EUR Class B EUR Class D EUR

- CRYSTAL ROSE Class A EUR Class B EUR Class D EUR

- ICAM BONG GLOBAL FIRST Class B EUR

The Share Classes are opened to all types of investors, except the Share Class A which is reserved to Institutional Investors and/or High Net Worth Individuals (HNWI), where:

"Institutional Investor" means an investor which qualifies as an institutional investor within the meaning of article 174 of the 2010 Law,

High Net Worth Individual means an individual with a net worth of at least EUR 1,000,000.


General information (continued)

6

Share Class A for the Sub-Funds CRYSTAL BLUE and CRYSTAL ROSE is reserved only to Institutional Investors. If investors in Share Class A no longer fulfil the conditions of eligibility, the Management Company may convert their shares, free of charge, into Share Class B. The financial year ends on 31st December of each year. The Prospectus, the Articles of Incorporation, the KIID, the most recent annual and semi-annual reports as well as the Net Asset Value per Share and the subscription and redemption prices of the Sub-Funds are available and may be obtained free of charge at the registered office of the Company. Information for investors in Netherlands, Switzerland, Italy and France J. LAMARCK BIOTECH is authorized for distribution in the Netherlands, Switzerland and Italy. ICAM FIRST is authorized for distribution in Italy. ICAM BOND GLOBAL FIRST is authorized for distribution in Italy. J. LAMARCK PHARMA, is authorized for distribution in Italy, Switzerland and Netherlands. CRYSTAL BLUE and CRYSTAL ROSE are authorized for distribution in Italy, France and Switzerland. Share Classes D of the sub-funds CRYSTAL BLUE, CRYSTAL ROSE, J. LAMARCK BIOTECH and J. LAMARCK PHARMA are listed on ETFplus market of the Italian Stock Exchange (Borsa Italiana S.p.A).


Combined statement of net assets (in EUR) as at 30th June 2017

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

7

Assets Securities portfolio at market value 84,988,246.11 Cash at banks 2,765,639.93 Formation expenses, net 50,555.85 Receivable on issues of shares 2,551,202.95 Income receivable on portfolio 222,071.03 Interest receivable on bank accounts 46.53 Prepaid expenses 844.77

Total assets 90,578,607.17

Liabilities Bank overdrafts 86,288.65 Payable on redemptions of shares 837,200.00 Interest payable on bank overdrafts 555.53 Expenses payable 213,280.30 Other liabilities 48,922.56

Total liabilities 1,186,247.04

Net assets at the end of the period 89,392,360.13

SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH

Statement of net assets (in EUR) as at 30th June 2017


8

Assets Securities portfolio at market value 55,018,536.87 Cash at banks 294,576.54 Receivable on issues of shares 375,841.00 Prepaid expenses 744.33


Liabilities Payable on redemptions of shares 837,200.00 Interest payable on bank overdrafts 187.09 Expenses payable 137,674.42 Other liabilities 6,779.46

Total liabilities 981,840.97


Breakdown of net assets per share class

Share class Number of

shares

Currency of

share class

NAV per share in currency of

share class

Net assets per share class

(in EUR)

A 44,359.705 EUR 321.71 14,271,173.48 B 132,312.085 EUR 301.98 39,955,769.95 C 315.697 USD 346.92 96,036.82 D 3,680.000 EUR 104.59 384,877.52

54,707,857.77


Statement of investments and other net assets (in EUR) as at 30th June 2017


9

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Shares

DKK 46,000 Bavarian Nordic A/S 1,161,256.21 2,372,894.05 4.34 SEK 138,000 Swedish Orphan Biovitrum AB 1,774,370.53 1,865,027.72 3.41 USD 47,800 Alkermes Plc 848,012.42 2,429,819.36 4.44 USD 36,700 Alnylam Pharmaceuticals Inc 1,146,701.39 2,566,811.65 4.69 USD 32,700 Amgen Inc 3,118,096.73 4,938,548.75 9.03 USD 595,057 Array BioPharma Inc 2,394,844.13 4,367,438.70 7.98 USD 11,550 Biogen Inc 1,626,892.11 2,748,340.93 5.02 USD 28,500 BioMarin Pharmaceutical Inc 1,063,484.25 2,269,703.61 4.15 USD 4,575 Bioverativ Inc Reg S 170,172.29 241,387.01 0.44 USD 104,000 Editas Medicine Inc 1,967,913.09 1,530,270.08 2.80 USD 212,046 Exelixis Inc 1,193,485.73 4,579,702.72 8.37 USD 68,000 Gilead Sciences Inc 3,337,743.09 4,220,484.04 7.72 USD 22,750 Incyte Corp Ltd 904,620.37 2,511,796.30 4.59 USD 60,000 Intellia Therapeutics Inc 1,226,846.74 841,809.89 1.54 USD 55,573 Ionis Pharmaceuticals Inc 1,226,431.98 2,478,953.45 4.53 USD 52,000 Medicines Co 1,021,727.36 1,733,181.34 3.17 USD 599,529 Oncolytics Biotech Inc 610,903.44 210,287.27 0.38 USD 6,150 Regeneron Pharmaceuticals Inc 196,041.34 2,648,641.70 4.84 USD 14,000 Shire Plc spons ADR repr 3 Shares 1,441,297.35 2,028,919.68 3.71 USD 26,200 Spark Therapeutics Inc 982,371.59 1,372,490.35 2.51 USD 378,000 Spectrum Pharmaceuticals Inc 2,284,692.54 2,469,396.70 4.51 USD 55,000 uniQure BV 908,253.19 298,535.60 0.55 USD 22,800 Vertex Pharmaceuticals Inc 1,143,041.16 2,576,495.97 4.71

28,813,572.29 49,063,015.10 89.68

Total shares 31,749,199.03 53,300,936.87 97.43

Open-ended investment funds

Investment funds (UCITS)

EUR 20,000 Selectra Inv SICAV J. Lamarck Pharma A EUR Cap 2,000,000.00 1,717,600.00 3.14

Total investment funds (UCITS) 2,000,000.00 1,717,600.00 3.14

Total investments in securities 33,749,199.03 55,018,536.87 100.57

Cash at banks 294,576.54 0.54

Other net assets/(liabilities) -605,255.64 -1.11

Total 54,707,857.77 100.00


Industrial and geographical classification of investments as at 30th June 2017

10

Industrial classification

(in percentage of net assets)

Pharmaceuticals and biotechnology 97.43 %

Investment funds 3.14 %

Total 100.57 %

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

United States of America 80.60 %

Ireland 4.44 %

Denmark 4.34 %

Jersey 3.71 %

Sweden 3.41 %

Luxembourg 3.14 %

The Netherlands 0.55 %

Canada 0.38 %

Total 100.57 %

SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA



11

Assets Securities portfolio at market value 6,182,317.44 Cash at banks 91,949.54 Formation expenses, net 17,965.64 Receivable on issues of shares 2,175,168.59 Income receivable on portfolio 3,180.68


Liabilities Expenses payable 14,706.01 Other liabilities 42,143.10





shares

Currency of

share class


share class


(in EUR)

A 30,673.307 EUR 85.88 2,634,286.02 B 67,297.300 EUR 85.04 5,723,257.27 D 638.000 EUR 88.07 56,189.49

8,413,732.78




12





Shares

CHF 3,380 Novartis AG Reg 269,286.86 246,912.01 2.93 CHF 1,620 Roche Holding Ltd Pref 389,781.34 362,145.67 4.30

659,068.20 609,057.68 7.23

EUR 3,410 Fresenius SE & Co KGaA 236,801.51 255,954.60 3.04 EUR 10,000 Grifols SA A 228,096.31 243,850.00 2.90 EUR 5,630 Sanofi SA 455,617.34 471,568.80 5.61

920,515.16 971,373.40 11.55

JPY 4,750 Takeda Pharmaceutical Co Ltd 207,472.87 211,643.05 2.52 USD 3,900 AbbVie Inc 227,656.69 247,973.52 2.95 USD 1,360 Allergan Plc 297,147.84 289,900.39 3.45 USD 1,270 Amgen Inc 182,420.36 191,802.96 2.28 USD 13,500 AstraZeneca Plc ADR repr 1 Share 377,620.27 403,555.77 4.80 USD 850 Biogen Inc 211,928.33 202,258.86 2.40 USD 7,100 Bristol Myers Squibb Co 361,463.73 346,906.35 4.12 USD 1,480 Celgene Corp 159,188.12 168,544.02 2.00 USD 3,210 Dr Reddy's Laboratories Ltd spons ADR repr 1 Share 145,782.50 118,615.75 1.41 USD 3,150 Eli Lilly & Co 235,387.56 227,328.13 2.70 USD 4,100 Gilead Sciences Inc 285,765.24 254,470.36 3.02 USD 4,330 GlaxoSmithKline Plc ADR repr 2 Shares 162,730.57 163,722.90 1.95 USD 1,530 Johnson & Johnson 152,931.68 177,484.83 2.11 USD 6,800 Merck & Co Inc 367,415.74 382,157.14 4.54 USD 4,980 Mylan N.V. 194,627.95 169,522.62 2.02 USD 7,300 Novo Nordisk AS ADR Repr 1 Share B 285,163.25 274,550.16 3.26 USD 8,300 Pfizer Inc 256,396.34 244,472.99 2.91 USD 1,318 Shire Plc spons ADR repr 3 Shares 205,836.01 191,008.30 2.27 USD 1,670 Taro Pharm Industries Ltd A 188,026.54 164,100.49 1.95 USD 5,900 Teva Pharma Ind Ltd ADR repr 1 Share 234,994.68 171,867.77 2.04

4,532,483.40 4,390,243.31 52.18


Cash at banks 91,949.54 1.09

Other net assets/(liabilities) 2,139,465.80 25.43

Total 8,413,732.78 100.00



13




Total 73.48 %




Switzerland 7.23 %

United Kingdom 6.75 %

France 5.61 %

Israel 3.99 %

Ireland 3.45 %

Denmark 3.26 %

Germany 3.04 %

Spain 2.90 %

Japan 2.52 %

Jersey 2.27 %


India 1.41 %

Total 73.48 %

SELECTRA INVESTMENTS SICAV - ICAM FIRST



14

Assets Securities portfolio at market value 12,628,800.74 Cash at banks 114,688.26 Formation expenses, net 16,520.35 Income receivable on portfolio 136,548.05 Interest receivable on bank accounts 45.24


Liabilities Bank overdrafts 86,288.65 Interest payable on bank overdrafts 362.43 Expenses payable 29,008.10





shares

Currency of

share class


share class


(in EUR)

B 124,209.313 EUR 102.90 12,780,943.46

12,780,943.46




15





Shares

EUR 2,750 Arkema 259,662.11 256,932.50 2.01 EUR 3,500 BASF SE Reg 293,218.47 283,815.00 2.22 EUR 3,500 Bayerische Motorenwerke AG 293,132.17 284,480.00 2.23 EUR 7,500 Bilfinger SE 259,355.52 257,250.00 2.01 EUR 5,250 Cie de Saint-Gobain SA 248,527.28 245,595.00 1.92 EUR 4,900 Daimler AG Reg 317,271.40 310,513.00 2.43 EUR 40,000 ENI SpA 556,908.69 526,400.00 4.12 EUR 23,000 Gemalto 1,178,247.15 1,208,650.00 9.46 EUR 3,500 Hugo Boss AG Reg 215,950.00 214,550.00 1.68 EUR 16,000 Royal Dutch Shell Plc A 380,174.70 371,760.00 2.91 EUR 9,000 Total SA 406,739.80 389,565.00 3.05 EUR 2,000 Volkswagen AG Pref 271,922.65 266,700.00 2.09 EUR 3,500 Wacker Chemie AG 336,342.30 332,675.00 2.60

5,017,452.24 4,948,885.50 38.73

USD 18,500 Global Blood Therapeutics Inc 514,270.10 443,682.04 3.47 USD 70,000 Oclaro Inc Reg 608,456.50 573,307.61 4.48

1,122,726.60 1,016,989.65 7.95

Total shares 6,140,178.84 5,965,875.15 46.68

Bonds

EUR 200,000 Barclays Plc VAR Conv Sub 14/15.09.Perpetual 169,000.00 207,044.00 1.62 EUR 200,000 Casino Guichard Perrachon VAR EMTN Sub

13/31.01.Perpetual 196,825.00 203,029.00 1.59

EUR 300,000 Intesa Sanpaolo SpA VAR EMTN Reg S Sub 16/19.07.Perpetual

295,050.00 316,600.50 2.48

EUR 300,000 Obrascon Huarte Lain SA 7.625% EMTN Reg s Sen 12/15.03.20

275,250.00 296,377.50 2.32

EUR 200,000 Société Générale SA VAR Reg S Sub 07.10.Perpetual 184,500.00 219,554.00 1.72

1,120,625.00 1,242,605.00 9.73

GBP 200,000 Barclays Bank Plc VAR Conv Barclays Sub 14/15.09.Perpetual 275,040.04 233,143.67 1.82 RUB 25,000,000 VimpelCom Hgs BV 9% Reg S Sen 13/13.02.18 401,940.72 370,092.38 2.90 TRY 1,550,000 EIB 10.75% EMTN Reg S Ser 2099/0100 14/15.11.19 385,089.75 387,107.99 3.03 TRY 1,700,000 EIB 8.75% EMTN Sen 14/18.09.21 389,472.70 401,000.83 3.14 TRY 1,700,000 EIB 9.25% EMTN Reg S Sen 14/03.10.24 394,007.39 403,059.73 3.15

1,168,569.84 1,191,168.55 9.32

USD 200,000 Electricité de France VAR Reg S Sub 14/22.07.Perpetual 177,691.23 180,519.99 1.41

Total bonds 3,143,866.83 3,217,529.59 25.18



EUR 21,700 Platinum UCITS Fds SICAV Gl Div B EUR Dist 1,297,226.00 1,201,746.00 9.40


Tracker funds (UCITS)

EUR 23,000 Lyxor Index Fd BTP Daily Short UCITS ETF C EUR Cap 1,124,355.00 1,101,930.00 8.62 EUR 23,000 Lyxor Index Fd Bund Daily Short UCITS ETF C EUR Cap 1,141,352.31 1,141,720.00 8.93

Total tracker funds (UCITS) 2,265,707.31 2,243,650.00 17.55



Statement of investments and other net assets (in EUR) (continued) as at 30th June 2017


16



Cash at banks 114,688.26 0.90

Bank overdrafts -86,288.65 -0.68

Other net assets/(liabilities) 123,743.11 0.97

Total 12,780,943.46 100.00



17




Energy 10.08 %

Semiconductors and semiconductor equipment 9.46 %

International institutions 9.32 %

Banks 7.64 %

Raw materials 6.83 %

Automobiles and components 6.75 %

Capital goods 6.25 %

Technology hardware and equipment 4.48 %


Telecommunication services 2.90 %

Consumer durables and apparel 1.68 %

Food retailing, drugstores and pharmacies 1.59 %

Utilities 1.41 %

Total 98.81 %



Luxembourg 36.27 %


Germany 15.26 %

France 11.70 %


Italy 6.60 %


Spain 2.32 %

Total 98.81 %

SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE



18

Assets Securities portfolio at market value 4,111,246.11 Cash at banks 252,058.71 Formation expenses, net 5,766.33 Receivable on issues of shares 193.36 Income receivable on portfolio 17,040.52 Prepaid expenses 63.28


Liabilities Interest payable on bank overdrafts 6.01 Expenses payable 9,535.99





shares

Currency of

share class


share class


(in EUR)

A 18,300.000 EUR 93.93 1,718,838.40 B 27,229.621 EUR 92.46 2,517,568.15 D 1,462.000 EUR 96.05 140,419.76

4,376,826.31




19





Shares

EUR 24 Cairo Communication SpA 58.49 92.06 0.00 EUR 27,500 Intesa Sanpaolo SpA 65,822.53 76,340.00 1.74

Total shares 65,881.02 76,432.06 1.74

Bonds

EUR 100,000 Banca IMI SpA VAR EMTN Reg S Ser 9 16/26.01.26 100,500.00 98,165.00 2.24 EUR 200,000 Banco BPM SpA 2.375% EMTN 14/22.01.18 199,803.00 202,175.00 4.62 EUR 100,000 Bulgarian Energy Hg EAD 4.25% Reg S Sen 13/07.11.18 102,750.00 104,362.00 2.38 EUR 100,000 GPB Eurobond Finance Plc 4% Reg S Gazprombank

14/01.07.19 104,380.00 104,929.00 2.40

EUR 50,000 Obrascon Huarte Lain SA 7.625% EMTN Reg s Sen 12/15.03.20

46,480.00 49,396.25 1.13

EUR 100,000 Petrobras Global Finance BV 3.75% 14/14.01.21 100,250.00 103,657.00 2.37 EUR 100,000 Rallye SA 4% EMTN 14/02.04.21 99,980.00 104,671.50 2.39 EUR 100,000 Trafigura Funding SA 5.25% EMTN Reg S Sen 13/29.11.18 104,500.00 103,818.50 2.37

Total bonds 858,643.00 871,174.25 19.90

Transferable securities dealt in on another regulated market

Bonds

EUR 50,000 Safilo Group SpA 1.25% Conv 14/22.05.19 47,725.00 48,603.50 1.11

Total bonds 47,725.00 48,603.50 1.11



EUR 25,000 ANIMA Fds Plc Star Bond Prestige EUR Cap 138,462.50 139,982.50 3.20 EUR 130 Banor SICAV EURO Bond Absolute Return I Cap 162,068.40 163,462.00 3.73 EUR 110 Candriam Bonds Emerging Mks I EUR Hedged Cap 154,133.14 161,307.30 3.69 EUR 3,000 Dynasty SICAV Global Convertibles B EUR Cap 321,120.00 334,470.00 7.64 EUR 8,000 Franklin Templeton Inv Fds Global Conv Securities I Cap 129,360.00 126,880.00 2.90 EUR 1,170 GAM Multibond Absolute Return Bond C Cap 162,524.70 163,694.70 3.74 EUR 1,300 GAM Multibond Absolute Return Emerging Bd Fd C Cap 162,279.00 163,306.00 3.73 EUR 1,500 Nordea 1 SICAV Flexible Fixed Income Fd BI Cap 163,260.00 162,630.00 3.72 EUR 465 Nordea 1 SICAV North American High Yield Bond Fd HB EUR

Cap 50,364.15 50,220.00 1.15

EUR 13,700 PIMCO Fds Gl Investors Ser Plc Cred Abs Ret Istl (H) EUR Cap 162,208.00 164,400.00 3.76 EUR 1,550 Vontobel Fd TwentyFour Absolute Return Cred HI EUR Hgd

Cap 163,757.50 164,951.00 3.77



EUR 8,400 Lyxor FTSE MIB UCITS ETF 174,577.90 172,309.20 3.94 EUR 6,600 Lyxor UCITS ETF CAC 40 (DR) D EUR 348,346.22 340,560.00 7.78 EUR 2,500 Lyxor UCITS ETF Stoxx Europe 600 Bks Dist 56,511.75 55,200.00 1.26 EUR 1,100 Multi Units France Lyxor FTSE Italia MidCap UCITS ETF C Cap 145,860.00 139,007.00 3.18 EUR 1,800 Multi Units Lux Lyxor Italia Equity PIR UCITS ETF C EUR Cap 177,426.00 174,708.00 3.99 EUR 920 Multi Units Luxembourg Lyxor DAX UCITS ETF Cap 112,213.24 108,219.60 2.47 EUR 2,000 Multi Uts France Lyxor UCITS ETF BOF EUR HY ExF Dist 231,229.69 239,840.00 5.48 EUR 950 PIMCO FxInc Source ETFs Plc STHY Corp Bd Idx UCI EUR Hg

Dist 90,255.90 89,889.00 2.05

Total tracker funds (UCITS) 1,336,420.70 1,319,732.80 30.15





20



Cash at banks 252,058.71 5.76


Total 4,376,826.31 100.00



21




Banks 8.60 %

Diversified financial services 4.77 %

Retailing 2.39 %

Utilities 2.38 %

Energy 2.37 %


Health care equipment and services 1.11 %

Total 93.93 %



Luxembourg 42.90 %

France 24.03 %

Ireland 11.41 %

Italy 9.71 %

Bulgaria 2.38 %


Spain 1.13 %

Total 93.93 %

SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE



22

Assets Securities portfolio at market value 4,573,656.90 Cash at banks 510,420.55 Formation expenses, net 5,766.33 Income receivable on portfolio 14,213.12 Interest receivable on bank accounts 1.29 Prepaid expenses 37.16


Liabilities Expenses payable 11,486.84





shares

Currency of

share class


share class


(in EUR)

A 18,451.080 EUR 91.98 1,697,114.11 B 37,478.741 EUR 90.35 3,386,046.74 D 100.000 EUR 94.48 9,447.66

5,092,608.51




23





Shares

EUR 13,500 Amplifon SpA Post Frazionamento 161,984.99 156,060.00 3.06 EUR 21,900 Ascopiave SpA 78,731.90 76,212.00 1.50 EUR 8,100 Autogrill SpA 86,837.96 85,941.00 1.69 EUR 800 Banca Monte Paschi Siena SpA Rg 30,475.17 12,064.00 0.24 EUR 17,998 Banco BPM SpA Reg 58,574.29 52,734.14 1.04 EUR 3,500 Biesse SpA 101,571.35 109,830.00 2.16 EUR 880 BNP Paribas SA A 36,457.81 55,492.80 1.09 EUR 2,600 Brunello Cucinelli SpA 61,522.56 59,852.00 1.18 EUR 146 Cairo Communication SpA 278.03 560.06 0.01 EUR 10,000 Carraro SpA 26,813.48 30,400.00 0.60 EUR 10,400 Cerved Information Sol SpA 99,718.65 97,448.00 1.91 EUR 3,000 Chargeurs SA 75,418.75 72,180.00 1.42 EUR 3,050 Danieli & C Off Meccaniche SpA 69,346.80 65,117.50 1.28 EUR 3,100 Datalogic SpA Post Frazionamento 78,504.99 73,067.00 1.43 EUR 13,000 Davide Campari SpA Reg 80,232.51 80,210.00 1.57 EUR 3,720 De'Longhi SpA 105,065.32 102,076.80 2.00 EUR 1,600 DiaSorin SpA 110,709.05 107,600.00 2.11 EUR 1,500 EI Towers 81,300.00 75,975.00 1.49 EUR 2,000 Fiat Chrysler Automobiles NV A Reg 17,760.00 18,460.00 0.36 EUR 30,000 Fincantieri SpA 27,960.00 29,280.00 0.57 EUR 810 Gruppo Mutuionline SpA 8,950.50 9,671.40 0.19 EUR 49,000 Hera SpA 136,642.75 131,124.00 2.57 EUR 1,000 Industria Macchine Automat SpA 79,529.13 80,450.00 1.58 EUR 4,225 Interpump Group SpA 103,889.66 101,146.50 1.99 EUR 38,000 Intesa Sanpaolo SpA 81,213.92 105,488.00 2.07 EUR 38,000 Iren SpA 82,241.23 77,064.00 1.51 EUR 1,500 Jeronimo Martins SA 26,520.00 25,635.00 0.50 EUR 4,600 Marr SpA 101,596.23 95,726.00 1.88 EUR 8,600 OVS SpA 53,459.76 53,578.00 1.05 EUR 1,100 Prysmian SpA 27,302.00 28,325.00 0.56 EUR 493 Reply SpA 76,532.80 79,767.40 1.57 EUR 3,200 Soc de Inv e Gestao SA SEMAPA Reg 53,964.19 54,320.00 1.07 EUR 6,600 Vittoria Assicurazioni SpA 80,498.15 78,870.00 1.55

Total shares 2,301,603.93 2,281,725.60 44.80

Bonds

EUR 100,000 A2A SpA 3.625% EMTN Sen 13/13.01.22 114,700.00 113,760.50 2.23 EUR 130,000 EI Towers 3.875% Sen 13/26.04.18 134,810.00 134,104.75 2.63 EUR 150,000 ENI SpA 0.75% EMTN Reg S Sen 16/17.05.22 152,160.00 151,693.50 2.98 EUR 100,000 Ferrovie dello Stato FS SPA 3.5% EMTN Ser 2 Sen 13/13.12.21 113,350.00 112,519.00 2.21 EUR 100,000 Iren SpA 3% Reg S Sen 14/14.07.21 109,300.00 108,942.50 2.14 EUR 100,000 Linea Group Holding S.p.A. 3.875% Sen 13/28.11.18 106,060.00 105,427.00 2.07 EUR 100,000 Mediobanca SpA 0.75% EMTN Reg S Sen 17/17.02.20 101,162.00 100,896.00 1.98 EUR 50,000 Obrascon Huarte Lain SA 7.625% EMTN Reg s Sen

12/15.03.20 46,480.00 49,396.25 0.97

EUR 100,000 Petrobras Global Finance BV 3.75% 14/14.01.21 100,250.00 103,657.00 2.04 EUR 100,000 Poste Vita SpA 2.875% Sub 14/30.05.19 105,480.00 105,012.00 2.06 EUR 100,000 Rallye SA 4% EMTN 14/02.04.21 99,980.00 104,671.50 2.06

Total bonds 1,183,732.00 1,190,080.00 23.37

Transferable securities dealt in on another regulated market

Bonds

EUR 50,000 Safilo Group SpA 1.25% Conv 14/22.05.19 47,725.00 48,603.50 0.95

Total bonds 47,725.00 48,603.50 0.95




24





EUR 3,200 Eurizon Fd Equity Small Mid Cap Italy Z Cap 417,608.00 419,424.00 8.24

Total investment funds (UCITS) 417,608.00 419,424.00 8.24


EUR 8,500 Lyxor FTSE MIB UCITS ETF 171,774.87 174,360.50 3.42 EUR 3,400 Multi Units France Lyxor FTSE Italia MidCap UCITS ETF C Cap 437,682.31 429,658.00 8.44 EUR 315 PIMCO FxInc Source ETFs Plc STHY Corp Bd Idx UCI EUR Hg

Dist 30,082.50 29,805.30 0.59

Total tracker funds (UCITS) 639,539.68 633,823.80 12.45


Cash at banks 510,420.55 10.02


Total 5,092,608.51 100.00



25




Utilities 12.02 %

Consumer durables and apparel 9.77 %


Banks 6.42 %

Energy 5.02 %

Health care equipment and services 4.01 %

Insurance 3.61 %


Transportation 2.21 %


Diversified financial services 2.10 %

Retailing 2.06 %

Hotels, restaurants and leisure 1.69 %

Food, beverage and tobacco 1.57 %

Software and services 1.57 %

Technology hardware and equipment 1.43 %


Automobiles and components 0.96 %

Media 0.01 %

Total 89.81 %



Italy 59.61 %

France 16.43 %

Luxembourg 8.24 %


Portugal 1.57 %

Spain 0.97 %

Ireland 0.59 %

Total 89.81 %

SELECTRA INVESTMENTS SICAV - ICAM BOND GLOBAL FIRST



26

Assets Securities portfolio at market value 2,473,688.05 Cash at banks 1,501,946.33 Formation expenses, net 4,537.20 Income receivable on portfolio 51,088.66


Liabilities Expenses payable 10,868.94





shares

Currency of

share class


share class


(in EUR)

B 40,754.202 EUR 98.65 4,020,391.30

4,020,391.30




27





Bonds

EUR 200,000 Barclays Plc VAR Conv Sub 14/15.09.Perpetual 201,500.00 207,044.00 5.15 EUR 100,000 Casino Guichard Perrachon VAR EMTN Sub

13/31.01.Perpetual 98,725.00 101,514.50 2.52

EUR 200,000 Intesa Sanpaolo SpA VAR EMTN Reg S Sub 16/19.07.Perpetual

196,700.00 211,067.00 5.25

EUR 200,000 Petrobras Global Finance BV 4.25% Reg S Ser 2023 12/02.10.23

199,475.00 204,612.00 5.09

EUR 300,000 Vallourec Usines Tubes 2.25% 14/30.09.24 244,810.00 239,611.50 5.96

941,210.00 963,849.00 23.97

RUB 10,000,000 VimpelCom Hgs BV 9% Reg S Sen 13/13.02.18 160,264.75 148,036.96 3.68 TRY 450,000 EIB 10.75% EMTN Reg S Ser 2099/0100 14/15.11.19 107,741.28 112,386.19 2.80 TRY 450,000 EIB 8.75% EMTN Sen 14/18.09.21 98,922.67 106,147.28 2.64 TRY 450,000 EIB 9.25% EMTN Reg S Sen 14/03.10.24 99,042.76 106,692.28 2.65

305,706.71 325,225.75 8.09

USD 100,000 Electricité de France VAR Reg S Sub 14/22.07.Perpetual 88,835.09 90,260.00 2.25 USD 200,000 Petrobras Global Finance BV 4.375% Sen 13/20.05.23 172,966.43 165,916.34 4.13

261,801.52 256,176.34 6.38

Total bonds 1,668,982.98 1,693,288.05 42.12



EUR 8,000 Lyxor Index Fd BTP Daily Short UCITS ETF C EUR Cap 391,080.00 383,280.00 9.53 EUR 8,000 Lyxor Index Fd Bund Daily Short UCITS ETF C EUR Cap 399,641.82 397,120.00 9.88

Total tracker funds (UCITS) 790,721.82 780,400.00 19.41


Cash at banks 1,501,946.33 37.36


Total 4,020,391.30 100.00



28




Banks 10.40 %

Energy 9.22 %

International institutions 8.09 %


Telecommunication services 3.68 %


Utilities 2.25 %

Total 61.53 %



Luxembourg 27.50 %


France 10.73 %

Italy 5.25 %


Total 61.53 %


Notes to the financial statements as at 30th June 2017

29

Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Company are prepared in accordance with Luxembourg legal and regulatory requirements concerning undertakings for collective investment and with generally accepted accounting principles in Luxembourg. b) Valuation of assets

1) The value of cash and deposits, drafts and bills payable on demand, receivables, expenditures paid in advance, dividends and interests announced or due but not yet received, is constituted by the nominal value of these assets, unless it appears unlikely that this value can be realized. In this case the value is determined by subtracting an amount deemed to be appropriate by the Management Company to reflect the real value of these assets.

2) The valuation of any transferable securities or money market instruments or derivatives traded

or listed on a stock exchange is made on the basis of the closing price as at the Valuation Day unless such price is not representative.

3) The value of any transferable securities or money market instruments traded on another

regulated market is determined on the basis of the closing price as at the Valuation Day.

4) In as much as transferable securities and money market instruments on a dedicated Valuation Day are neither officially traded nor listed on an exchange or regulated market, or in the case where, for securities and money market instruments officially listed or traded on a stock exchange or another regulated market, the price as determined pursuant to paragraphs 2 and 3 here above is not representative of the true value of such transferable securities or money market instruments, the valuation is made on the basis of their likely value of realisation, estimated with due care and good faith by the Management Company.

5) Shares/units of UCITS and other UCI’s are valued on the basis of their last available Net Asset

Value at the Valuation Day. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain/(loss) on securities portfolio The realised gains and losses on securities portfolio are calculated on the basis of the average acquisition cost. e) Investment portfolio income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income is accrued on a prorata temporis basis, net of any withholding tax. f) Valuation of forward foreign exchange contract Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Net unrealised gains or losses are recorded in the


Notes to the financial statements (continued) as at 30th June 2017

30

statement of net assets. Net variation of the unrealised gains or losses and net realised gains or losses are recorded in the statement of operations and other changes in net assets. g) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. If the launch of a Sub-Fund occurs after the launch date of the Company, the costs of formation expenses in relation to the launch of the new Sub-Fund is charged to such Sub-Fund alone and may be amortised over a maximum of 5 years with effect from the Sub-Fund’s launch date. h) Conversion of foreign currencies Cash at banks, other net assets and liabilities and the market value of the securities in portfolio expressed in currencies other than the reference currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the reference currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. i) Combined financial statements The combined financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund. Note 2 - Management Company, Advisory, Management and Distribution fees SELECTRA MANAGEMENT COMPANY S.A. has been appointed as Management Company for the Company. It is in charge of the management and administration of the Company. Management Company fee

The Management Company is entitled to a management company fee which is payable monthly and based on the total net assets of the Sub-Fund managed at the relevant Valuation Day, in accordance with the annual rates below:

Sub-Fund Rates % p.a.

- J. LAMARCK BIOTECH - up to 25 million EUR 0.37 - from 25 million EUR to 50 million EUR 0.34 - from 50 million EUR to 100 million EUR 0.32 - above 100 million EUR 0.27

- J. LAMARCK PHARMA - up to 50 million EUR 0.275 - from 50 million EUR to 100 million EUR 0.25 - above 100 million EUR 0.225 - with an annual minimum of EUR 30.000

- ICAM FIRST - up to 50 million EUR 0.07 - from 50 million EUR to 100 million EUR 0.06 - ICAM BOND GLOBAL FIRST - above 100 million EUR 0.05 - with an annual minimum of EUR 10.000

- CRYSTAL BLUE - up to 50 million EUR 0.09 - from 50 million EUR to 100 million EUR 0.08 - CRYSTAL ROSE - from 100 million EUR to 200 million EUR 0.07 - above 200 million EUR 0.06 - with an annual minimum of EUR 10.000



31

The item “Management Company fee” is disclosed in the statement of operations and other changes included in the item “Management fee”. Management fees

Under an Investment Management Agreement, the Management Company delegated the day-to-day investment management to the Investment Managers. Such Management fee is payable monthly and based on the total net assets of the Sub-Fund at the relevant Valuation Day, in accordance with the annual rates below:

Sub-Fund Share Class Maximum rates (% p.a.)

Effective rates at the date of the report

(% p.a.)

- ICAM FIRST - ICAM BOND GLOBAL FIRST

Share Class B up to 0.14 with an annual minimum of

EUR 20.000

- up to 50 million EUR: 0.14 - from 50 to 100 million EUR: 0.12 - above 100 million: 0.10

- CRYSTAL BLUE

Share Class A up to 0.60 0.60

Share Class B up to 1.30 1.30

Share Class D up to 1.30 1.30

- CRYSTAL ROSE

Share Class A up to 0.70 0.70



No Management fee is charged for the Sub-Funds J. LAMARCK BIOTECH, J. LAMARCK PHARMA and ICAM BOND GLOBAL FIRST. Advisory fees

Under an Investment Advisory Agreement, the Management Company has commissioned the Investment Advisors to advise it in the choice of its investments and the focus of its investment policy for the Sub-Funds. Such Advisory fee is payable monthly and based on the total net assets of the Sub-Fund at the relevant Valuation Day, in accordance with the annual rates below:

Sub-Fund Share Class Maximum rates (% p.a.)

Effective rates at the date of the

report (% p.a.)

- J. LAMARCK BIOTECH Share Class A up to 1.30 1.30


Share Class C up to 2.50 2.50


- J. LAMARCK PHARMA Share Class A up to 0.80 0.80

Share Class B Share Class D

up to 1.30 up to 1.30

1.30 1.30

- ICAM FIRST Share Class B up to 0.85 0.85

- ICAM BOND GLOBAL FIRST Share Class B Up to 0.50 0.50



32

Distribution fee

The item “Distribution Fees” is disclosed in the statement of operations and other changes in the item “Other administration costs” and are expressed as a percentage of the total net assets of the Sub-Fund and are calculated and payable at the end of each month to the Management Company, in accordance with the annual rates below:

Sub-Fund Share Class Maximum rate (% p.a.)

Effective rate (% p.a.)

- ICAM FIRST Share Class B up to 0.85 0.85

-ICAN BOND GLOBAL FIRST Share Class B up to 0.50 0.50

No Distribution fee is charged for the Sub-Funds J. LAMARCK BIOTECH, J. LAMARCK PHARMA, CRYSTAL BLUE and CRYSTAL ROSE. Note 3 - Performance fee In addition to the Management fee or the Advisory fee, the Investment Manager and the Investment Advisor are entitled to receive a performance fee. For the Sub-Fund J. LAMARCK BIOTECH

A performance fee of 20% of the increase in the Net Asset Value per Share of the Sub-Fund, taking subscriptions and redemptions into account, is accrued at each Net Asset Value per Share and payable monthly.

For the Sub-Fund J. LAMARCK PHARMA For the Sub-Fund CRYSTAL BLUE For the Sub-Fund CRYSTAL ROSE

A Performance Fee of 10% of the increase in the Net Asset Value per Share of the Sub-Fund taking subscriptions and redemptions into account, is accrued at each Net Asset Value per Share and payable monthly.

For the Sub-Fund ICAM FIRST

For the Sub-Fund ICAM BOND GLOBAL FIRST

No performance fee is applicable. At the date of the financial statements the performance fee was recorded for the following Sub-Fund and amounted to : J. LAMARCK BIOTECH EUR 781,901.19 Note 4 - Subscription, redemption and conversion fees After the initial subscription period, Shares of the Company are issued at a price corresponding to the Net Asset Value per Share of the relevant Sub-Fund plus a subscription fee of maximum 3% in favour of the General Distributor, where applicable.



33

No Subscription fee was charged for the Sub-Funds CRYSTAL BLUE and CRYSTAL ROSE. There are no redemptions fees. A conversion fee of 1% of the Net Asset Value of the initial Sub-Fund will be levied in favour of such initial Sub-Fund. Note 5 - Central administration costs and Depositary fees Central administration costs and Depositary fees are based on variable annual rates as defined by their respective contracts. Note 6 - Subscription duty ("Taxe d’abonnement") The Company is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Company is subject to an annual "taxe d’abonnement" of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. Pursuant to Article 174 of the amended Law of 17th December 2010, this rate is reduced to 0.01% for Share classes reserved to institutional investors. Pursuant to Article 175 (a) of the amended law of 17th December 2010 the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax. Note 7 - Statement of changes in investments

The statement of changes in investments for the reporting period is available free of charge at the

registered office of the Company as well as at the Italian paying agents, the French paying agent, the

Swiss representative and the Swiss paying agent. Note 8 - Cross investments As at 30th June 2017, the Sub-Fund J.LAMARCK BIOTECH invested in the Sub-Fund J.LAMARCK PHARMA as described below:

Sub-Fund Description Currency Quantity Market value % of total net

assets

J.LAMARCK BIOTECH J.LAMARCK PHARMA - Class A

EUR 20,000 1,717,600.00 3.14

The combined statement of net assets has not been adjusted to remove the impact of the above.

The commission on subscriptions and redemptions detailed in note 4 and the management fees detailed in note 2 are not applied to these assets.



34

Note 9 - Forward foreign exchange contracts As at 30th June 2017, the Sub-Funds of the Company are not committed in any forward foreign exchange contracts. Note 10 - Events A new Sub-Fund named ICAM Bond Global First has been offered to investors for the period from 1st December 2016 to 13th January 2017, with a first NAV on 13rd January 2017. The Sub-Fund invests in a diversified portfolio of bonds or debt instruments across markets in the OECD countries which can be issued by governments, agencies, supra-nationals and listed or unlisted companies including high-yield or non-investment grade securities with a minimum Standard & Poor’s credit rating B (rating lower than B shall be out of scope). Note 11 - Subsequent events Two new Sub-Funds named Best of SRI Balanced and Best of SRI Bonds have been offered to investors with an initial subscription period from 18th April 2017 to 18th July 2017, with a first NAV on 18th July 2017. The main objective of Best of SRI Balanced Sub-Fund is to generate a capital appreciation over the medium to long term by investing its assets only in shares/units of UCITS and other UCIs that take in consideration environmental, social and governance criteria (ESG) within their investment policy or portfolio management processes. The main objective of the Best of SRI Bonds Sub-Fund is to maintain the real value of the assets over the medium term by investing its assets only in shares/units of UCITS and other UCIs that take in consideration environmental, social and governance criteria (ESG) within their investment policy or portfolio management processes. The Board of Directors has decided to liquidate the Sub-Fund CRYSTAL BLUE with effect date on 13th July 2017.


Additional information as at 30th June 2017

35

Information concerning the transparency of securities financing transactions and of reuse of cash collateral (regulation EU 2015/2365, hereafter "SFTR") At the date of the financial statements, the Company is not in the scope of the publication requirements of SFTR. No transactions were carried out during the reporting period.

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