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Unaudited semi-annual report as at 30th June 2016

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 ......................................................................................................................................... 6

Combined statement of net assets ................................................................................................................. 8

SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH ....................................................................... 9 Statement of net assets .................................................................................................................................. 9 Statement of investments and other net assets ........................................................................................... 10 Industrial and geographical classification of investments ............................................................................. 11

SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA ..................................................................... 12 Statement of net assets ................................................................................................................................ 12 Statement of investments and other net assets ........................................................................................... 13 Industrial and geographical classification of investments ............................................................................. 14

SELECTRA INVESTMENTS SICAV - ICAM FIRST........................................................................................ 15 Statement of net assets ................................................................................................................................ 15 Statement of investments and other net assets ........................................................................................... 16 Industrial and geographical classification of investments ............................................................................. 18

SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE ................................................................................ 19 Statement of net assets ................................................................................................................................ 19 Statement of investments and other net assets ........................................................................................... 20 Industrial and geographical classification of investments ............................................................................. 22

SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE ................................................................................ 23 Statement of net assets ................................................................................................................................ 23 Statement of investments and other net assets ........................................................................................... 24 Industrial and geographical classification of investments ............................................................................. 26

Notes to the financial statements ................................................................................................................. 27


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

(since 4th April 2016) Olivier GOÏOT Chief Financial Officer FARAD GLOBAL SERVICES E.I.G. 9, rue Schiller L-2519 LUXEMBOURG (until 18th February 2016) Management Company SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Board of Directors of the Management Company Chairman Marco CALDANA Chairman SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG


Organisation (continued)

3

Directors Marco CIPOLLA Managing Director

SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller

L-2519 LUXEMBOURG Marco CLAUS Director SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG 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 - CRYSTAL BLUE and SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE FIA ASSET MANAGEMENT S.A. 9, rue Schiller L-2519 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 I-25015 DESENZANO DEL GARDA (BS) For the Sub-Fund SELECTRA INVESTMENTS SICAV - ICAM FIRST ICAM & PARTNERS S.A. Via A. Ciseri 10 CH-6601 LOCARNO



4

Depositary and paying agent KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG Administrative, domiciliary, registrar and transfer agent KREDIETRUST LUXEMBOURG S.A. 11, rue Aldringen L-2960 LUXEMBOURG General distributor SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 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 (since 11th February 2016)



5

Swiss paying agent CORNER BANCA S.A. Via Canova 16 CH-6900 LUGANO (since 11th February 2016)


6

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. As from 1st June 2016, publications are made in the "Recueil électronique des sociétés et associations (“RESA“)" through the website of "Registre de Commerce et des Sociétés" of Luxembourg. The Company has appointed SELECTRA MANAGEMENT COMPANY S.A. as Management Company of the Company, in accordance with Chapter 15 of the 2010 Law, under the terms of a Management Company Agreement. At the date of the report, 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

At the date of the report, 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


General information (continued)

7

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. 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 and Italy J. LAMARCK BIOTECH is authorized for distribution in the Netherlands, Switzerland and Italy. ICAM FIRST is authorized for distribution in Italy. J. LAMARCK PHARMA, ICAM FIRST, CRYSTAL BLUE and CRYSTAL ROSE are authorized for distribution in Italy and Switzerland. Share Classes D of 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 2016

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

8

Assets Securities portfolio at market value 89,492,670.94 Cash at banks 3,795,856.96 Formation expenses, net 62,499.37 Receivable on issues of shares 40,167.66 Income receivable on portfolio 127,193.60 Interest receivable on bank accounts 119.39 Other receivables 1,000.00

Total assets 93,519,507.92

Liabilities Bank overdrafts 2,628.97 Payable on redemptions of shares 18,967.28 Interest payable on bank overdrafts 10.63 Expenses payable 214,439.96

Total liabilities 236,046.84

Net assets at the end of the period 93,283,461.08

SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH

Statement of net assets (in EUR) as at 30th June 2016


9

Assets Securities portfolio at market value 61,649,973.49 Cash at banks 273,299.30


Liabilities Interest payable on bank overdrafts 1.69 Expenses payable 146,026.77



Number of Share Class A outstanding 34,305.378 Net asset value per Share Class A 242.98

Number of Share Class B outstanding 230,857.068 Net asset value per Share Class B 229.92

Number of Share Class C outstanding 709.880 Net asset value per Share Class C USD 257.40

Number of Class D Shares outstanding 2,459.000 Net asset value per Class D Share 81.00


Statement of investments and other net assets (in EUR) as at 30th June 2016


10

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 50,000 Bavarian Nordic A/S 1,262,235.01 1,565,843.35 2.53 DKK 13,200 Genmab A/S 75,208.25 2,146,751.07 3.48

1,337,443.26 3,712,594.42 6.01

SEK 100,000 Swedish Orphan Biovitrum AB 1,222,099.89 1,092,572.36 1.77 USD 53,000 Alkermes Plc 688,597.69 2,064,773.75 3.34 USD 41,000 Alnylam Pharmaceuticals Inc 824,692.53 2,050,739.14 3.32 USD 40,700 Amgen Inc 3,276,864.94 5,581,850.55 9.04 USD 800,000 Array BioPharma Inc 2,602,721.75 2,567,153.42 4.16 USD 10,920 Biogen Inc 1,396,125.50 2,380,272.58 3.85 USD 36,000 BioMarin Pharmaceutical Inc 1,343,348.52 2,524,607.90 4.09 USD 20,000 Editas Medicine Inc 606,030.74 439,877.41 0.71 USD 948,000 Exelixis Inc 2,719,275.55 6,673,769.61 10.80 USD 74,500 Gilead Sciences Inc 3,467,869.55 5,601,937.98 9.07 USD 41,300 Incyte Corp Ltd 1,642,233.90 2,977,441.86 4.82 USD 28,000 Intellia Therapeutics Inc 628,243.44 538,849.83 0.87 USD 204,000 Ionis Pharmaceuticals Inc 4,293,077.99 4,282,639.26 6.93 USD 94,000 Medicines Co 1,846,968.68 2,849,486.21 4.61 USD 2,946,780 Oncolytics Biotech Inc 3,002,687.15 1,034,055.75 1.67 USD 6,800 Regeneron Pharmaceuticals Inc 216,761.16 2,140,584.10 3.47 USD 177,000 Regulus Therapeutic Inc 1,402,194.86 461,087.07 0.75 USD 18,000 Shire Plc spons ADR repr 3 Shares 1,853,096.60 2,986,695.51 4.83 USD 29,000 Spark Therapeutics Inc 1,087,357.87 1,336,551.29 2.16 USD 450,000 Spectrum Pharmaceuticals Inc 2,719,872.07 2,664,954.03 4.31 USD 55,000 uniQure BV 908,253.19 365,377.68 0.59 USD 34,800 Vertex Pharmaceuticals Inc 1,744,641.78 2,698,301.78 4.37

38,270,915.46 54,221,006.71 87.76

Total shares 40,830,458.61 59,026,173.49 95.54

Open-ended investment funds

Investment funds (UCITS)

EUR 30,000 Selectra Inv SICAV J. Lamarck Pharma A EUR Cap 3,000,000.00 2,623,800.00 4.25

Total investment funds (UCITS) 3,000,000.00 2,623,800.00 4.25

Total investments in securities 43,830,458.61 61,649,973.49 99.79

Cash at banks 273,299.30 0.44

Other net assets/(liabilities) -146,028.46 -0.23

Total 61,777,244.33 100.00


Industrial and geographical classification of investments as at 30th June 2016

11

Industrial classification

(in percentage of net assets)

Pharmaceuticals and biotechnology 95.54 %

Investment funds 4.25 %

Total 99.79 %

Geographical classification

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

United States of America 77.33 %

Denmark 6.01 %

Jersey 4.83 %

Luxembourg 4.25 %

Ireland 3.34 %

Sweden 1.77 %

Canada 1.67 %

The Netherlands 0.59 %

Total 99.79 %

SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA



12

Assets Securities portfolio at market value 2,919,314.79 Cash at banks 174,838.54 Formation expenses, net 24,066.90 Income receivable on portfolio 3,534.31


Liabilities Interest payable on bank overdrafts 8.94 Expenses payable 9,694.38





Number of Class D Shares outstanding 1.000 Net asset value per Class D Share 90.11




13





Shares

CHF 1,400 Novartis AG Reg 138,154.54 103,775.47 3.33 CHF 500 Roche Holding Ltd Pref 135,089.28 118,424.82 3.81

273,243.82 222,200.29 7.14

EUR 1,500 Fresenius SE & Co KGaA 96,106.86 98,730.00 3.17 EUR 5,700 Grifols SA A 112,307.28 115,482.00 3.71 EUR 1,500 Sanofi SA 130,833.08 112,380.00 3.61

339,247.22 326,592.00 10.49

JPY 5,600 Astellas Pharma Inc 76,033.81 78,779.14 2.53 JPY 2,100 Takeda Pharmaceutical Co Ltd 96,351.43 81,684.12 2.63

172,385.24 160,463.26 5.16

USD 2,900 AbbVie Inc 165,511.98 161,834.32 5.20 USD 380 Allergan Plc 103,655.30 79,154.68 2.54 USD 640 Amgen Inc 92,543.99 87,773.57 2.82 USD 6,000 AstraZeneca Plc ADR repr 1 Share 177,746.61 163,277.45 5.25 USD 330 Biogen Inc 89,378.89 71,931.31 2.31 USD 2,600 Bristol Myers Squibb Co 152,869.47 172,372.45 5.54 USD 550 Celgene Corp 59,835.95 48,897.15 1.57 USD 1,850 Dr Reddy's Laboratories Ltd spons ADR repr 1 Share 107,274.06 85,429.51 2.75 USD 1,650 Eli Lilly & Co 123,500.52 117,124.12 3.76 USD 950 Gilead Sciences Inc 92,033.05 71,434.11 2.30 USD 3,100 GlaxoSmithKline Plc ADR repr 2 Shares 116,198.93 121,105.10 3.89 USD 1,100 Johnson & Johnson 96,324.74 120,272.22 3.87 USD 2,800 Merck & Co Inc 131,954.94 145,401.12 4.67 USD 3,900 Mylan N.V. 167,444.08 152,006.49 4.88 USD 3,000 Novo Nordisk AS ADR Repr 1 Share B 155,610.83 145,429.96 4.67 USD 2,900 Pfizer Inc 95,349.08 92,039.84 2.96 USD 918 Shire Plc spons ADR repr 3 Shares 143,529.24 152,321.47 4.89 USD 900 Taro Pharm Industries Ltd A 122,881.13 118,117.90 3.80 USD 2,300 Teva Pharma Ind Ltd ADR repr 1 Share 130,487.15 104,136.47 3.35

2,324,129.94 2,210,059.24 71.02


Cash at banks 174,838.54 5.62

Other net assets/(liabilities) 17,897.89 0.57

Total 3,112,051.22 100.00



14




Total 93.81 %




United Kingdom 9.14 %

Israel 7.15 %

Switzerland 7.14 %

Japan 5.16 %

Jersey 4.89 %


Denmark 4.67 %

Spain 3.71 %

France 3.61 %

Germany 3.17 %

India 2.75 %

Ireland 2.54 %

Total 93.81 %

SELECTRA INVESTMENTS SICAV - ICAM FIRST



15

Assets Securities portfolio at market value 10,843,645.57 Cash at banks 1,612,214.35 Formation expenses, net 22,724.29 Income receivable on portfolio 34,247.93 Interest receivable on bank accounts 49.66


Liabilities Expenses payable 28,731.15







16





Shares

EUR 17,000 Anima Holding SpA 118,672.99 71,570.00 0.57 EUR 11,000 Assicurazioni Generali SpA 156,612.94 116,050.00 0.93 EUR 7,500 Autogrill SpA 58,636.16 54,375.00 0.44 EUR 750 Axel Springer SE 39,088.10 35,343.75 0.28 EUR 17,000 Banca Pop dell'Emilia Ro SCARL 130,519.90 55,726.00 0.45 EUR 16,500 Banco Santander SA 84,668.57 56,578.50 0.45 EUR 2,000 BASF SE Reg 155,762.72 137,280.00 1.10 EUR 2,200 Bayer AG Reg 256,416.59 198,000.00 1.59 EUR 2,100 Bayerische Motorenwerke AG 181,019.17 138,159.00 1.11 EUR 800 Bertrandt AG 81,646.65 70,400.00 0.56 EUR 2,960 BNP Paribas SA A 154,192.62 117,674.80 0.94 EUR 2,517 Boskalis Westminster NV 104,623.81 77,750.13 0.62 EUR 5,400 Bouygues SA 159,265.31 140,022.00 1.12 EUR 11,000 CGG SA 36,853.05 7,040.00 0.06 EUR 500 Christian Dior SE 73,735.75 72,400.00 0.58 EUR 3,000 Daimler AG Reg 201,478.70 160,560.00 1.29 EUR 3,000 Dialog Semiconductor Plc 78,000.00 80,430.00 0.64 EUR 5,000 Distribuidora Int de Alimenta 30,017.63 26,010.00 0.21 EUR 2,000 Drillisch AG 74,070.03 68,880.00 0.55 EUR 20,000 Electricité de France 289,842.76 219,400.00 1.76 EUR 10,000 ENI SpA 151,770.43 145,200.00 1.16 EUR 2,000 Gemalto 114,028.25 109,580.00 0.88 EUR 3,000 Hella KGaA Hueck & Co 104,029.46 86,295.00 0.69 EUR 2,500 Hugo Boss AG Reg 165,164.94 127,250.00 1.02 EUR 500 Iliad SA 95,675.00 91,250.00 0.73 EUR 500 Industria de Diseno Textil SA 15,021.66 14,955.00 0.12 EUR 75,000 Intesa Sanpaolo SpA 197,900.00 127,650.00 1.02 EUR 500 Kering 74,300.00 72,725.00 0.58 EUR 1,500 Korian SA 45,742.91 43,650.00 0.35 EUR 3,800 Lagardère SCA Reg 80,600.11 74,670.00 0.60 EUR 2,500 Linde AG 366,218.50 313,375.00 2.51 EUR 650 LVMH Moët Hennessy L Vuit SE 96,634.12 88,400.00 0.71 EUR 16,500 Nokia Oyj 109,894.10 84,232.50 0.67 EUR 15,000 Obrascon Huarte Lain SA 106,126.99 46,950.00 0.38 EUR 4,000 OVS SpA 26,492.40 20,940.00 0.17 EUR 15,000 Piquadro SpA 23,665.79 15,960.00 0.13 EUR 3,500 Royal Dutch Shell Plc A 83,066.04 86,345.00 0.69 EUR 12,000 Sacyr SA 28,732.31 17,508.00 0.14 EUR 80,500 Saipem SpA 56,346.50 28,859.25 0.23 EUR 2,000 Sanofi SA 160,833.76 149,840.00 1.20 EUR 4,500 SBM Offshore NV 57,821.67 47,182.50 0.38 EUR 1,000 Schneider Electric SE 57,606.22 53,060.00 0.43 EUR 2,000 SES SA FDR repr 1 Reg Sh A 55,197.01 38,820.00 0.31 EUR 6,000 Société Générale 228,821.90 169,260.00 1.36 EUR 2,200 Solvay SA 217,227.51 183,436.00 1.47 EUR 2,100 Tecnicas Reunidas SA 82,537.49 56,196.00 0.45 EUR 180,000 Telecom Italia SpA 156,025.57 132,300.00 1.06 EUR 7,000 Telefonica SA 70,803.26 59,220.00 0.47 EUR 96,000 Unicredit SpA Post Raggruppamento 405,393.10 189,120.00 1.51 EUR 45,000 Unione di Banche Italiane SpA 223,412.07 111,330.00 0.89 EUR 19,148 UnipolSai SpA 42,836.20 25,792.36 0.21 EUR 5,000 Vallourec Usines Tubes 43,455.65 16,070.00 0.13 EUR 2,000 Yoox Net A Porter Group SpA 48,000.00 41,580.00 0.33 EUR 1,000 Zodiac Aerospace 23,815.01 21,110.00 0.17

Total shares 6,280,319.38 4,793,760.79 38.40


Statement of investments and other net assets (in EUR) (continued) as at 30th June 2016


17

Bonds

BRL 350,000 EIB 10.5% EMTN Sen 14/21.12.17 107,545.35 97,796.19 0.78 BRL 350,000 KFW AG 9.5% EMTN Sen 13/15.12.16 104,959.76 97,236.74 0.78

212,505.11 195,032.93 1.56

EUR 400,000 Banco Santander SA VAR Sub 14/12.03.Perpetual 351,000.00 340,510.00 2.73 EUR 200,000 Barclays Plc VAR Conv Sub 14/15.09.Perpetual 169,000.00 177,841.00 1.42 EUR 250,000 Bayer AG VAR Reg S Sub 15/02.04.75 231,837.50 238,337.50 1.91 EUR 400,000 Faurecia SA 3.125% Sen 15/15.06.22 407,075.00 402,326.00 3.22 EUR 200,000 Société Générale VAR Reg S Sub 07.10.Perpetual 184,500.00 189,669.00 1.52 EUR 400,000 Unicredit SpA VAR Reg S Sub 14/10.03.Perpetual 320,900.00 324,780.00 2.60

1,664,312.50 1,673,463.50 13.40

GBP 200,000 Barclays Bank Plc VAR Conv Barclays Sub 14/15.09.Perpetual 275,040.04 212,585.59 1.70 USD 400,000 Credit Suisse Group AG VAR Reg S Sub 14/18.12.Perpetual 356,790.18 340,486.75 2.73 USD 400,000 Crédit Agricole SA VAR Reg S Sub 14/23.12.Perpetual 356,252.26 328,839.01 2.63

713,042.44 669,325.76 5.36

Total bonds 2,864,900.09 2,750,407.78 22.02



EUR 21,700 Platinum UCITS Fds SICAV Gl Div B EUR Dist 1,297,226.00 1,290,282.00 10.34

Total investment funds (UCITS) 1,297,226.00 1,290,282.00 10.34

Tracker funds (UCITS)

EUR 3,000 Amundi ETF Euro Corp ExFin Ib UCITS Cap 324,710.00 329,850.00 2.64 EUR 13,000 Lyxor EURO STOXX 50 D EUR Dist 401,855.93 377,455.00 3.02 EUR 23,000 Lyxor UCITS ETF FTSE MIB 510,835.00 377,982.00 3.03 EUR 20,000 Lyxor UCITS ETF Stoxx Europe 600 Bks Dist 303,000.00 292,800.00 2.35 EUR 6,800 Multi Units Luxembourg Lyxor UCITS ETF DAX 696,398.00 631,108.00 5.06

Total tracker funds (UCITS) 2,236,798.93 2,009,195.00 16.10


Cash at banks 1,612,214.35 12.91


Total 12,484,150.65 100.00



18




Banks 22.73 %

Automobiles and components 6.87 %

Capital goods 6.28 %


Consumer durables and apparel 2.73 %

Raw materials 2.70 %

Energy 2.52 %

Utilities 1.76 %

Telecommunication services 1.53 %

Semiconductors and semiconductor equipment 1.52 %

Technology hardware and equipment 1.22 %

Insurance 1.14 %

Retailing 0.91 %

International institutions 0.78 %

Software and services 0.73 %

Media 0.59 %

Diversified financial services 0.57 %

Hotels, restaurants and leisure 0.44 %

Health care equipment and services 0.35 %

Food retailing, drugstores and pharmacies 0.21 %

Real estate 0.14 %

Total 86.86 %



France 29.13 %

Luxembourg 16.49 %

Germany 13.39 %

Italy 11.70 %

Spain 4.95 %


Switzerland 2.73 %


Belgium 1.47 %

Finland 0.67 %

Total 86.86 %

SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE



19

Assets Securities portfolio at market value 7,159,714.74 Cash at banks 636,507.48 Formation expenses, net 7,854.09 Receivable on issues of shares 20,126.10 Income receivable on portfolio 47,043.48 Interest receivable on bank accounts 12.10 Other receivables 500.00


Liabilities Payable on redemptions of shares 9,191.84 Expenses payable 14,310.50





Number of Class D Shares outstanding 1,451.000 Net asset value per Class D Share 95.86




20





Shares

EUR 1,940 Azimut Holding SpA 42,371.70 28,304.60 0.36 EUR 65,500 Banca Popolare di Milano 52,986.06 24,123.65 0.31 EUR 22,635 Banco Pop Societa Cooperativa 104,396.38 48,529.44 0.62 EUR 1,686 Crédit Agricole SA 20,414.00 12,746.16 0.16 EUR 200 Ferrari NV 8,879.14 7,330.00 0.09 EUR 2,000 Fiat Chrysler Automobiles NV A Reg 16,522.79 10,990.00 0.14 EUR 27,500 Intesa Sanpaolo SpA 69,036.14 46,805.00 0.60 EUR 135 Rizzoli Corri Sera Mediagr SpA 92.24 108.61 0.00 EUR 12,000 Unicredit SpA Post Raggruppamento 45,423.70 23,640.00 0.30 EUR 500 Yoox Net A Porter Group SpA 16,705.00 10,395.00 0.13

376,827.15 212,972.46 2.71

USD 420 Apple Inc 46,921.69 36,192.54 0.46

Total shares 423,748.84 249,165.00 3.17

Bonds

BRL 400,000 EIB 10.5% EMTN Sen 14/21.12.17 96,417.39 111,767.07 1.42 EUR 100,000 Banca IMI SpA VAR EMTN Reg S Ser 9 16/26.01.26 100,500.00 99,250.00 1.26 EUR 100,000 Banca Monte Paschi Siena SpA 3.625% EMTN Sen

14/01.04.19 99,875.00 99,992.50 1.27

EUR 200,000 Banco Pop Societa Cooperativa 2.375% EMTN 14/22.01.18 199,803.00 202,108.00 2.58 EUR 160,000 Deutschland 1.5% 12/04.09.22 174,329.60 180,028.00 2.29 EUR 380,000 Espana 0.5% 14/31.10.17 382,269.99 383,562.50 4.89 EUR 125,000 Espana 1.6% Sen 15/30.04.25 121,640.70 131,668.75 1.68 EUR 117,000 Espana 6% 98/31.01.29 167,872.81 179,308.35 2.28 EUR 300,000 Fiat Chrysler Fin North America Inc 5.625% EMTN 07/12.06.17 315,215.00 311,446.50 3.97 EUR 107,000 France 0.5% OAT Sen 14/25.05.25 103,203.78 111,237.20 1.42 EUR 94,000 France 1.75% OAT Sen 13/25.05.23 102,525.76 106,725.25 1.36 EUR 380,000 Italia 0.25% BOT 15/15.05.18 379,673.50 382,584.00 4.87 EUR 300,000 Italia 1.5% BTP Ser 10Y 15/01.06.25 296,038.00 310,507.50 3.96 EUR 133,000 Italia 2.5% BTP Sen 14/01.05.19 142,747.16 142,526.12 1.82 EUR 343,000 Italia 4.5% BTP 07/01.02.18 377,673.34 367,970.40 4.69 EUR 230,000 Italia 4.5% BTP 08/01.08.18 257,324.00 252,022.50 3.21 EUR 120,000 Italia ILB Ser ICPI 12/22.10.16 123,468.00 120,915.34 1.54 EUR 200,000 Petrobras Global Finance BV 2.75% 14/15.01.18 182,730.00 195,107.00 2.49 EUR 250,000 Portugal 2.875% Sen 15/15.10.25 256,722.39 251,568.75 3.21 EUR 50,000 Portugal 4.35% 07/16.10.17 52,870.00 52,627.50 0.67 EUR 280,000 Portugal 4.45% 08/15.06.18 309,688.00 301,063.00 3.84 EUR 100,000 Royal Bank of Scotland Plc 4.35% EMTN Sub 06/23.01.17 102,422.00 101,848.50 1.30

4,248,592.03 4,284,067.66 54.60

GBP 50,000 Bank of America Corp 5.25% EMTN Reg S Ser 158 06/09.11.16 65,021.66 60,863.87 0.78 GBP 50,000 Volkswagen Financial Serv NV 1.25% EMTN Reg S 13/15.12.16 65,592.37 60,069.41 0.77

130,614.03 120,933.28 1.55

USD 50,000 Total Capital International SA 1.5% Sen 12/17.02.17 45,385.94 45,231.43 0.58 USD 100,000 Unicredito Luxembourg Finance SA 6% Reg S Sub T3

07/31.10.17 92,462.50 93,435.19 1.19

137,848.44 138,666.62 1.77

Total bonds 4,613,471.89 4,655,434.63 59.34




21

Transferable securities dealt in on another regulated market

Bonds

EUR 280,000 Italia 4% 10/01.09.20 324,643.20 325,129.00 4.14

Total bonds 324,643.20 325,129.00 4.14



EUR 880 Deutsche Invest I EUR-Gov Bonds FC Cap 171,380.00 176,695.20 2.25 EUR 1 Natixis Souverains EUR IC Cap 160,448.55 164,708.13 2.10 EUR 93 Oyster Japan Opportunities R EUR HP PR Cap 156,431.58 140,106.36 1.78

488,260.13 481,509.69 6.13

USD 4.71 H20 Multibonds H USD-I Cap 255,072.47 268,033.22 3.41

Total investment funds (UCITS) 743,332.60 749,542.91 9.54


EUR 2,900 Lyx UCITS ETF St Eu Sel Div 30 Dist 45,122.90 44,660.00 0.57 EUR 5,780 Lyxor UCITS ETF CAC 40 (DR) D EUR 251,846.90 249,233.60 3.18 EUR 1,200 Lyxor UCITS ETF Da Dble ShBund 45,391.22 44,100.00 0.56 EUR 10,900 Lyxor UCITS ETF FTSE MIB 186,917.12 179,130.60 2.28 EUR 1,100 Lyxor UCITS ETF Stoxx Europe 600 Bks Dist 18,150.00 16,104.00 0.20 EUR 380 Multi Units France Lyxor UCITS ETF EuroMTS Infl Lk Inv Gr DR 55,970.20 56,494.60 0.72 EUR 3,840 Multi Units Luxembourg Lyxor UCITS ETF DAX 365,509.72 356,390.40 4.54 EUR 3,000 Multi Uts France Lyxor UCITS ETF Daily DS 10Y US T C USD

Cap 212,640.90 203,790.00 2.60

EUR 2,000 UBS ETF SICAV MSCI Japan hedged to EUR UCITS A Cap 34,730.01 30,540.00 0.39



Cash at banks 636,507.48 8.11


Total 7,848,255.65 100.00



22



Countries and governments 45.87 %


Banks 10.37 %


Special Purpose Vehicle (SPV) 2.49 %




Retailing 0.13 %

Total 91.23 %



Italy 31.66 %

France 19.14 %

Luxembourg 11.57 %

Spain 8.85 %

Portugal 7.72 %



Germany 2.29 %


Total 91.23 %

SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE



23

Assets Securities portfolio at market value 6,920,022.35 Cash at banks 1,098,997.29 Formation expenses, net 7,854.09 Receivable on issues of shares 20,041.56 Income receivable on portfolio 42,367.88 Interest receivable on bank accounts 57.63 Other receivables 500.00


Liabilities Bank overdrafts 2,628.97 Payable on redemptions of shares 9,775.44 Expenses payable 15,677.16





Number of Class D Shares outstanding 103.000 Net asset value per Class D Share 91.24




24





Shares

EUR 1,890 Azimut Holding SpA 39,677.40 27,575.10 0.34 EUR 80,000 Banca Monte Paschi Siena SpA post raggruppamento 36,517.32 30,336.00 0.38 EUR 8,000 Banca Pop dell'Emilia Ro SCARL 41,788.10 26,224.00 0.33 EUR 301,000 Banca Popolare di Milano 183,039.14 110,858.30 1.37 EUR 84,574 Banco Pop Societa Cooperativa 322,942.78 181,326.66 2.25 EUR 14,500 Banco Santander SA 56,029.50 49,720.50 0.62 EUR 1,760 BNP Paribas SA A 72,915.63 69,968.80 0.87 EUR 970 Bouygues SA 34,883.05 25,152.10 0.31 EUR 1,226 Carrefour SA 32,148.02 27,229.46 0.34 EUR 600 Casino Guichard Perrachon 28,681.18 30,132.00 0.37 EUR 4,506 Crédit Agricole SA 47,569.62 34,065.36 0.42 EUR 2,000 De'Longhi SpA 45,465.77 42,760.00 0.53 EUR 1,800 Deutsche Bank AG Reg 24,010.00 22,185.00 0.28 EUR 5,500 ENI SpA 71,202.50 79,860.00 0.99 EUR 880 Ferrari NV 35,127.28 32,252.00 0.40 EUR 12,000 Fiat Chrysler Automobiles NV A Reg 85,816.64 65,940.00 0.82 EUR 1,075 Fresenius SE & Co KGaA 65,672.91 70,756.50 0.88 EUR 4,900 Infineon Technologies AG Reg 60,412.84 63,577.50 0.79 EUR 88,000 Intesa Sanpaolo SpA 193,236.84 149,776.00 1.86 EUR 3,150 Moncler SpA 41,619.50 44,541.00 0.55 EUR 617 Renault SA 49,694.36 42,227.48 0.52 EUR 812 Rizzoli Corri Sera Mediagr SpA 481.03 653.25 0.01 EUR 910 SAP SE 64,616.10 61,115.60 0.76 EUR 920 Société Générale 31,377.30 25,953.20 0.32 EUR 1,920 Total SA 75,786.22 83,289.60 1.03 EUR 33,260 Unicredit SpA Post Raggruppamento 111,690.10 65,522.20 0.81 EUR 6,000 Unione di Banche Italiane SpA 20,875.12 14,844.00 0.18 EUR 430 Volkswagen AG Pref 53,398.00 46,569.00 0.58 EUR 1,570 Yoox Net A Porter Group SpA 49,715.80 32,640.30 0.40

1,976,390.05 1,557,050.91 19.31

GBP 10,000 BP Plc 47,157.15 52,661.73 0.65 GBP 8,000 Tesco Plc 16,518.51 16,817.14 0.21

63,675.66 69,478.87 0.86

USD 60 Amazon.com Inc 37,612.70 38,703.08 0.48 USD 700 Apple Inc 78,129.84 60,320.89 0.75 USD 200 Gilead Sciences Inc 15,387.85 15,038.76 0.19 USD 200 Mc Donald's Corp 22,618.65 21,694.61 0.27 USD 600 Ross Stores Inc 29,614.97 30,659.82 0.38 USD 800 Shake Shack Inc A 29,455.96 26,270.06 0.33

212,819.97 192,687.22 2.40

Total shares 2,252,885.68 1,819,217.00 22.57

Closed-ended investment funds

USD 2,000 NorthStar Realty Europe 19,515.05 16,675.68 0.21

Total closed-ended investment funds 19,515.05 16,675.68 0.21

Bonds

BRL 550,000 EIB 10.5% EMTN Sen 14/21.12.17 131,354.35 153,679.73 1.91 EUR 100,000 Anglo American Capital Plc 1.75% EMTN Sen 13/20.11.17 97,500.00 99,449.50 1.23 EUR 100,000 Banca IMI SpA VAR EMTN Reg S Ser 9 16/26.01.26 100,500.00 99,250.00 1.23 EUR 100,000 Banca Monte Paschi Siena SpA 3.625% EMTN Sen

14/01.04.19 99,750.00 99,992.50 1.24

EUR 145,000 Deutschland 1.5% 12/04.09.22 157,986.20 163,150.37 2.02 EUR 268,000 Espana 1.6% Sen 15/30.04.25 265,728.01 282,297.80 3.50 EUR 18,000 Espana 6% 98/31.01.29 25,785.47 27,585.90 0.34




25



EUR 150,000 Fiat Chrysler Fin Europe SA 6.75% EMTN Sen 13/14.10.19 171,375.00 168,834.00 2.09 EUR 150,000 Fiat Chrysler Fin North America Inc 5.625% EMTN 07/12.06.17 158,235.00 155,723.25 1.93 EUR 81,000 France 0.5% OAT Sen 14/25.05.25 78,099.46 84,207.60 1.04 EUR 70,000 France 1.75% OAT Sen 13/25.05.23 76,339.95 79,476.25 0.99 EUR 372,000 Italia 1.5% BTP Ser 10Y 15/01.06.25 370,087.26 385,029.30 4.78 EUR 75,000 Italia 2.5% BTP Sen 14/01.05.19 80,463.29 80,371.87 1.00 EUR 200,000 Italia 4.5% BTP 08/01.08.18 223,760.00 219,150.00 2.72 EUR 100,000 Petrobras Global Finance BV 2.75% 14/15.01.18 93,250.00 97,553.50 1.21 EUR 220,000 Portugal 2.875% Sen 15/15.10.25 218,552.30 221,380.50 2.75 EUR 200,000 Portugal 4.45% 08/15.06.18 221,190.00 215,045.00 2.67

2,438,601.94 2,478,497.34 30.74

RUB 8,800,000 BNP Paribas SA 7% EMTN Reg S Ser 14546 11/03.08.16 110,388.32 123,629.76 1.53

Total bonds 2,680,344.61 2,755,806.83 34.18

Transferable securities dealt in on another regulated market

Bonds

RUB 8,000,000 Cooperatieve Rabobank UA 7.15% EMTN Reg S 12/27.10.16 99,534.45 111,423.23 1.38

Total bonds 99,534.45 111,423.23 1.38

Other transferable securities

Bonds

RUB 1,200,000 BNP Paribas SA 6.25% EMTN Reg S Ser 15401 12/20.06.17 13,230.99 16,262.14 0.20

Total bonds 13,230.99 16,262.14 0.20



EUR 142 Oyster Japan Opportunities R EUR HP PR Cap 238,852.52 213,925.84 2.65 USD 3.5 H20 Multibonds H USD-I Cap 194,184.50 199,175.43 2.47

Total investment funds (UCITS) 433,037.02 413,101.27 5.12


EUR 7,700 Lyx UCITS ETF St Eu Sel Div 30 Dist 121,073.20 118,580.00 1.47 EUR 8,540 Lyxor UCITS ETF CAC 40 (DR) D EUR 369,571.12 368,244.80 4.57 EUR 1,200 Lyxor UCITS ETF Da Dble ShBund 45,388.00 44,100.00 0.55 EUR 18,600 Lyxor UCITS ETF FTSE MIB 315,571.24 305,672.40 3.79 EUR 4,200 Lyxor UCITS ETF Stoxx Europe 600 Bks Dist 68,518.51 61,488.00 0.76 EUR 6,400 Multi Units Luxembourg Lyxor UCITS ETF DAX 609,645.50 593,984.00 7.37 EUR 3,900 Multi Uts France Lyxor UCITS ETF Daily DS 10Y US T C USD

Cap 272,300.56 264,927.00 3.29

EUR 2,000 UBS ETF SICAV MSCI Japan hedged to EUR UCITS A Cap 34,738.23 30,540.00 0.38



Cash at banks 1,098,997.29 13.63

Bank overdrafts -2,628.97 -0.03


Total 8,061,759.23 100.00



26




Countries and governments 21.81 %

Banks 15.27 %


Energy 2.67 %



Retailing 1.47 %

Raw materials 1.23 %

Special Purpose Vehicle (SPV) 1.21 %

Consumer durables and apparel 1.08 %


Semiconductors and semiconductor equipment 0.79 %

Software and services 0.76 %


Food retailing, drugstores and pharmacies 0.71 %

Hotels, restaurants and leisure 0.60 %

Capital goods 0.31 %

Real estate funds 0.21 %

Media 0.01 %

Total 85.84 %



France 24.84 %

Italy 20.97 %

Luxembourg 14.40 %

Portugal 5.42 %

Germany 5.31 %


Spain 4.46 %



Total 85.84 %


Notes to the financial statements as at 30th June 2016

27

Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. 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, except for money market instruments disclosed in point 5) below.

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) Money market instruments with a residual maturity of less than 12 month are valued by the

amortized cost method, which approximates market value.

6) 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 sales of securities The realised gains and losses on sales of securities are determined on the basis of the average acquisition cost. e) Investment 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.


Notes to the financial statements (continued) as at 30th June 2016

28

f) Valuation of forward foreign exchange contract Forward foreign exchange contracts are valued at forward rates for the remaining period from valuation date to the maturity of the contracts. Net unrealised gains or losses are recorded in the statement of 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 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 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 - 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



29

Management fee 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

Share Class A 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 and J. LAMARCK PHARMA. Advisory fee

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 A Share Class B

up to 0.30 up to 0.85

0.30 0.85

No Advisory fee is charged for the Sub-Funds CRYSTAL BLUE and CRYSTAL ROSE.



30

Distribution fee The Distribution Fee 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 A Share Class B

up to 0.30 up to 0.85

0.30 0.85

No Distribution fee is charged for the Sub-Funds J. LAMARCK BIOTECH, 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

No performance fee is applicable.

At the date of the report, no perfomance fee was recorded for the Sub-Funds. 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. 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.



31

Note 5 - 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 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 6 - Statement of changes in investments

The statement of changes in investments for the period in reference to the report 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 7 - Cross investments As at 30th June 2016, 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 EUR 30,000 2,623,800.00 4.25

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.

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