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Annual report including audited financial statements as at 31st December 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

Report on activities of the Board of Directors..................................................................................... 8

Report of the réviseur d'entreprises agréé ........................................................................................11

Combined statement of net assets .....................................................................................................13

Combined statement of operations and other changes in net assets ............................................14

SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH ...........................................................15 Statement of net assets ......................................................................................................................15 Statement of operations and other changes in net assets .................................................................16 Statistical information ..........................................................................................................................17 Statement of investments and other net assets .................................................................................18 Industrial and geographical classification of investments ...................................................................19

SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA ...........................................................20 Statement of net assets ......................................................................................................................20 Statement of operations and other changes in net assets .................................................................21 Statistical information ..........................................................................................................................22 Statement of investments and other net assets .................................................................................23 Industrial and geographical classification of investments ...................................................................24

SELECTRA INVESTMENTS SICAV - ICAM FIRST..............................................................................25 Statement of net assets ......................................................................................................................25 Statement of operations and other changes in net assets .................................................................26 Statistical information ..........................................................................................................................27 Statement of investments and other net assets .................................................................................28 Industrial and geographical classification of investments ...................................................................29

SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE ......................................................................30 Statement of net assets ......................................................................................................................30 Statement of operations and other changes in net assets .................................................................31 Statistical information ..........................................................................................................................32 Statement of investments and other net assets .................................................................................33 Industrial and geographical classification of investments ...................................................................35

SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE ......................................................................36 Statement of net assets ......................................................................................................................36 Statement of operations and other changes in net assets .................................................................37 Statistical information ..........................................................................................................................38 Statement of investments and other net assets .................................................................................39 Industrial and geographical classification of investments ...................................................................41

Notes to the financial statements .......................................................................................................42

Additional Information (unaudited) ....................................................................................................49


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)

Raimondo MARCIALIS Founder and CEO MC ADVISORY SRL FINANCIAL ADVISORY (since 28th November 2016) Andrea TASSISTO Operations Manager and Sub-Broker FARAD INTERNATIONAL S.A. 9, rue Schiller L-2519 LUXEMBOURG (since 28th November 2016)

Olivier GOÏOT FARAD GLOBAL SERVICES E.I.G. 9, rue Schiller L-2519 LUXEMBOURG (until 18th February 2016)


Organisation (continued)

3

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 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. LAMARCK BIOTECH and SELECTRA INVESTMENTS SICAV - J. LAMARCK 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



4

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. LAMARCK PHARMA J. LAMARCK SCF 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 Nassa 15 CH-6900 LUGARO

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



5

Swiss representative agent ACOLIN FUND SERVICES AG Affolternstrasse 56 CH-8050 ZÜRICH (since 22nd January 2016)

Swiss paying agent CORNER BANCA S.A.

Via Canova 16 CH-6900 LUGANO (since 22nd January 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. 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

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


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. Share Class A for the Sub-Funds CRYSTAL BLUE and CRYSTAL ROSE is reserved only to Instituional 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. 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).


8

Report on activities of the Board of Directors

The following sections review the operations for each Sub-Fund during the year, and have been written in cooperation with the Investment Manager and the Investment Advisor of the Company. Markets Review 2016 During 2016 global financial markets experienced very tricky dynamics with extreme and also irrational movements and moods. The first day of the year global equity markets started a heavy 5 weeks-sell off, very unexpected especially considering the calendar. This situation, also dragged by the sharp correction of the Oil price, awoke and spread new worst-case scenarios like the financial crisis of 2008, this time with a hard-landing, driven also by fears and doubts about China’s real economy situation and outlook. In the following months global markets rebounded but with very dispersal dynamics, with US and some emerging markets acting as most solid performer, while Europe and Japan lagged behind, the first because of the banking sector problems (bad loans and the negative interest rates threat for their business), the second hit by the sharp strengthen of the YEN (safe haven and globally USD weakness due to the postpone of possible US rate increases). In June we assisted at the “Brexit” shock, with extreme volatility levels and different dynamics on markets recovery following “the day after” markets collapse. If global markets showed a sign of recovery, European stocks continued to laggard, driven by the banking sector that hit especially the Italian market. From August until November we assisted at quite lateral market but with continuing attempts to break in one or the other direction, still with stress moves on European Banks, this time also including Deutsche Bank, close to a worst-case scenario. Markets became much more nervous just before the US elections, with a strong rebound just after the so “markets unfriendly feared” Trump’s election. After the Brexit another amazing market development after an election, after a shock opening developed markets started a so called “Trump rally” led by US and Japan. European equities started their rally only in December, just after the election in Italy, driven by the whole bank stocks. However in this last context there were also asset classes that became under stress and registered negative returns, such as emerging markets (equities, bonds and currencies) and global bonds prices, all hit by new dynamics of the FED to switch to a more “hawkish” economy policy, with an output of higher interest rates. J. LAMARCK BIOTECH & PHARMA 2016 initiated with a worst four-day start ever registered for the US Stock market. Problems in China spread very quickly to the rest of the world with a subsequent 19,26 % draw down for SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH and a more mitigated decline of 5,6% for SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA. The rest of 2016 was influenced mainly by BREXIT and the US elections; biotech and pharma faced increased exposure and public pressure about its pricing policy. The unexpected election of Donald Trump ended this uncertainty and at the end of the 2016 SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH was slightly down for the year (-2,93%), although SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA did not participate in the rally. The continued Quantitative Easing by the ECB helped the USD climb during the year and maintained yields on some European government bonds into negative territory. During the year, Assets under Management of SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH declined from € 75,58 million to € 55,83 million (-26%) on profit-taking behavior. Assets under Management of SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA declined from € 4,86 million to € 3,76 million.


Report on activities of the Board of Directors (continued)

9

After a relief rally following the US elections we believe the healthcare sector has enough room to grow further. The Nasdaq Biotech Index is still 33% below its all-time high (July 2015) although other major stock indexes trade close to their highs. The same should be true for the pharma sector, although drug pricing will remain a concern. There were not many acquisitions in 2016. However, expectations are high that M&As will increase in 2017 as a potential tax reform and cash repatriation are expected to lead to a boost in this area. The healthcare sector will experience growth in the future as new technologies, like CRISPR, come to market to address a population boom. ICAM FIRST In a year marked by volatility and political upheaval, at the end of 2016 global stocks rallied on signs of improving U.S. economic growth and aggressive central bank stimulus measures around the world. U.S. stocks led developed markets higher, particularly late in the year as investors cheered Donald Trump’s unexpected victory over Hillary Clinton in the U.S. presidential election. Emerging markets also enjoyed strong returns, supported by rising commodity prices and political reform efforts. In Europe, political turmoil claimed several high-profile leaders, including British Prime Minister David Cameron, who resigned in the wake of the Brexit vote. Italian Prime Minster Matteo Renzi announced his resignation after voters rejected a proposed constitutional referendum to streamline Italy’s federal government. Economically sensitive sectors outpaced defensive areas of the market, highlighted by strong returns in energy, materials and industrial stocks. Health care and other traditionally high-dividend-paying sectors lagged the overall market. Investment-grade bonds advanced despite a modest rise in interest rates and signs of higher inflation. The U.S. dollar rose against the euro, the yen and most other currencies. CRYSTAL BLUE and CRYSTAL ROSE In this market environment, CRYSTAL Sub-Funds closed the year 2016 with a negative performance of -2,15% and -4,42% respectively for CRYSTAL BLUE and CRYSTAL ROSE both the institutional class, mainly due to dynamics related to equity markets and related investments. The yearly negative return was mainly caused by three difficult months: January and February (-2,20% and -4,58% respectively for CRYSTAL BLUE and CRYSTAL ROSE during the sharp equity sell-off started on the 1st of January) and June (-1,77% and -4,91% respectively for CRYSTAL BLUE and CRYSTAL ROSE, due to the one-day markets collapse on Brexit); this means a cumulative loss of -3,97% for CRYSTAL BLUE and -9,49% for CRYSTAL ROSE during the three worst months of the year. In general during this three particular tricky and negative months, and also during the whole year, the equity exposure was quite underweight for both Sub-Funds. However this lower exposure had a negative impact due to a small positioning on the European banking sector that has been hit with particular violence, and a neutral exposure on Japanese equity markets that suffered as well more than average suffering the most from a strong Dollar during this period. Best markets in the first half of the year were emerging markets (equities and currencies), even if with high dispersion of performance on a country basis. We had only a marginal positioning in this markets, because before considering a much higher exposure, we have been awaiting the stress test this markets were supposed to experience once the FED would have started with its interest rates hike. We supposed this would have been happening still within the first half of 2016, but the FED decided (maybe with much more political interests rather than considering the economic environment) to realize this step only in December, during the first meeting after the US election. And in fact emerging markets experienced quite heavy corrections in the short term. This to explain why we did not profit much more about the outperformance of emerging markets especially during the first six months, that would have supported much more the portfolio in order to trim the above mentioned losses. The heavy loss of the GBP just after the Brexit had only a marginal negative impact on the whole portfolio as the allocation was quite small. During the following months, market were very uncertain and continued to change direction. The portfolio started well into the last quarter but slowed down during November, with the small exposure on Italian banks hardly hit on weakness for the entire


Report on activities of the Board of Directors (continued)

10

sector and moreover issues about the Italian referendum. Straight after this political event especially European markets rallied towards year’s end let by banks on a sector basis and Italy on a country basis, having a very positive impact in last months’ performance of the whole portfolio, trimming the losses on a yearly basis down to -2,15% for CRYSTAL BLUE and to -4,42% for CRYSTAL ROSE. Luxembourg, 21st March 2017 The Board of Directors Note: The information in this report represents historical data and is not an indication of future results.

Deloitte.

Report of the reviseur d'entreprises agree

To the Shareholders of SELECTRA INVESTMENTS SICAV

Deloitte Aud it Societe a responsabilite limitee 560, rue de Neudorf L-2220 Lu xembourg BP 1173 L- 1011 Lu xembourg

Tel: +352 451 451 www.deloitte .lu

Following our appointment by the general meeting of the shareholders, we have audited the accompanying financial statements of SELECTRA INVESTMENTS SICAV ("the Company")and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at 31st December 2016 and the statement of operations and other changes in net assets for the year then ended , and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the Company for the financial statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the reviseur d'entreprises agree

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the reviseur d'entreprises agree's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the reviseur d'entreprises agree considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.

Sodete a responsabilite limitee au capital de 35.000 € RCS Luxembourg B 67.895 Autorisation d'etabl issement 10022179

11

Deloitte.

Report of the reviseur d'entreprises agree (continued)

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of SELECTRA INVESTMENTS SICAV and of each of its sub-funds as at 31st December 2016, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other information

The Board of Directors of the Company is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our report of the reviseur d 'entreprises agree thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If,. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

For Deloitte Audit, Cabinet de , ion agree

harlier, Reviseur d'entreprises agree

24th April 2017 560, rue de Neudorf L-2220 LUXEMBOURG

12


Combined statement of net assets (in EUR) as at 31st December 2016

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

13

Assets Securities portfolio at market value 78,631,645.70 Cash at banks 8,767,170.95 Formation expenses, net 54,182.65 Receivable on issues of shares 505,570.50 Income receivable on portfolio 113,690.67 Interest receivable on bank accounts 171.29 Unrealised gain on forward foreign exchange contracts 499.58

Total assets 88,072,931.34

Liabilities Payable on redemptions of shares 77,285.83 Expenses payable 218,233.22 Other liabilities 129,035.23

Total liabilities 424,554.28

Net assets at the end of the year 87,648,377.06


Combined statement of operations and other changes in net assets (in EUR) from 1st January 2016 to 31st December 2016


14

Income Dividends, net 605,652.97 Interest on bonds and other debt securities, net 395,915.32 Interest on bank accounts 213.42 Other income 1,018.85

Total income 1,002,800.56

Expenses Advisory fees 1,497,489.06 Management fees 454,789.84 Performance fees 860.03 Depositary fees 57,036.18 Banking charges and other fees 27,265.19 Transaction fees 218,238.50 Central administration costs 281,973.06 Professional fees 37,476.58 Other administration costs 288,455.93 Subscription duty ("taxe d'abonnement") 51,612.60 Bank interest paid 9,318.21 Other expenses 146,329.76

Total expenses 3,070,844.94

Net investment loss -2,068,044.38

Net realised gain/(loss) - on securities portfolio 16,540,480.66 - on forward foreign exchange contracts 2,237.45 - on foreign exchange 8,517.87

Realised result 14,483,191.60

Net variation of the unrealised gain/(loss) - on securities portfolio -18,368,199.43 - on forward foreign exchange contracts 499.58

Result of operations -3,884,508.25

Subscriptions 23,060,602.41

Redemptions -41,948,492.68

Total changes in net assets -22,772,398.52

Total net assets at the beginning of the year 110,420,775.58

Total net assets at the end of the year 87,648,377.06

SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH

Statement of net assets (in EUR) as at 31st December 2016


15

Assets Securities portfolio at market value 53,354,883.15 Cash at banks 2,281,839.23 Receivable on issues of shares 505,570.50


Liabilities Payable on redemptions of shares 76,313.70 Expenses payable 147,126.42 Other liabilities 95,272.40



Number of Share Class A outstanding 28,178.457 Net asset value per Share Class A 292.25

Number of Share Class B outstanding 171,691.259 Net asset value per Share Class B 274.95

Number of Share Class C outstanding 302.697 Net asset value per Share Class C USD 292.61

Number of Class D Shares outstanding 3,088.000 Net asset value per Class D Share 96.60


Statement of operations and other changes in net assets (in EUR) from 1st January 2016 to 31st December 2016


16

Income Dividends, net 183,689.49

Total income 183,689.49

Expenses Advisory fees 1,344,287.58 Management fees 201,267.02 Performance fees 860.03 Depositary fees 32,149.55 Banking charges and other fees 6,678.65 Transaction fees 48,651.30 Central administration costs 103,747.07 Professional fees 7,135.54 Other administration costs 66,863.93 Subscription duty ("taxe d'abonnement") 36,671.01 Bank interest paid 6,093.14 Other expenses 75,260.79

Total expenses 1,929,665.61

Net investment loss -1,745,976.12

Net realised gain/(loss) - on securities portfolio 17,757,414.23 - on forward foreign exchange contracts 2,547.64 - on foreign exchange -22,869.37

Realised result 15,991,116.38

Net variation of the unrealised gain/(loss) - on securities portfolio -18,921,617.52

Result of operations -2,930,501.14







Statistical information (in EUR) as at 31st December 2016


17

Total net assets

- as at 31.12.2016 55,823,580.36 - as at 31.12.2015 75,575,537.68 - as at 31.12.2014 68,016,756.51

Number of Share Class A

- outstanding at the beginning of the year 28,538.457 - issued 5,822.744 - redeemed -6,182.744

- outstanding at the end of the year 28,178.457

Net asset value per Share Class A

- as at 31.12.2016 292.25 - as at 31.12.2015 297.12 - as at 31.12.2014 242.02

Number of Share Class B



Net asset value per Share Class B

- as at 31.12.2016 274.95 - as at 31.12.2015 282.48 - as at 31.12.2014 232.56

Number of Share Class C

- outstanding at the beginning of the year 709.880 - issued 0.000 - redeemed -407.183

- outstanding at the end of the year 302.697

Net asset value per Share Class C

- as at 31.12.2016 USD 292.61 - as at 31.12.2015 USD 309.58 - as at 31.12.2014 USD 277.36

Number of Class D Shares

- outstanding at the beginning of the year 10.000 - issued 3,097.000 - redeemed -19.000


Net asset value per Class D Share

- as at 31.12.2016 96.60 - as at 31.12.2015 99.52 - as at 31.12.2014 -


Statement of investments and other net assets (in EUR) as at 31st December 2016


18

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 1,540,369.31 2.76 DKK 12,200 Genmab A/S 69,510.66 1,924,533.70 3.45

1,230,766.87 3,464,903.01 6.21

SEK 100,000 Swedish Orphan Biovitrum AB 1,222,099.89 1,112,824.76 1.99 USD 45,300 Alkermes Plc 588,556.13 2,387,420.82 4.28 USD 36,300 Alnylam Pharmaceuticals Inc 730,154.60 1,288,708.52 2.31 USD 28,800 Amgen Inc 2,318,764.38 3,992,838.99 7.15 USD 681,000 Array BioPharma Inc 2,345,226.01 5,676,076.24 10.17 USD 9,150 Biogen Inc 1,169,830.44 2,460,418.17 4.41 USD 31,900 BioMarin Pharmaceutical Inc 1,190,356.05 2,505,780.39 4.49 USD 60,000 Editas Medicine Inc 1,198,306.19 923,383.27 1.65 USD 171,046 Exelixis Inc 490,634.19 2,418,258.92 4.33 USD 59,100 Gilead Sciences Inc 2,751,021.34 4,013,039.07 7.19 USD 24,950 Incyte Corp Ltd 992,100.14 2,372,213.64 4.25 USD 60,000 Intellia Therapeutics Inc 1,226,846.74 745,875.21 1.34 USD 122,073 Ionis Pharmaceuticals Inc 2,694,010.24 5,536,460.83 9.92 USD 68,700 Medicines Co 1,349,859.03 2,210,959.61 3.96 USD 1,799,846 Oncolytics Biotech Inc 1,833,993.20 354,473.74 0.64 USD 6,150 Regeneron Pharmaceuticals Inc 196,041.34 2,140,720.18 3.83 USD 177,000 Regulus Therapeutic Inc 1,402,194.86 377,631.33 0.68 USD 14,000 Shire Plc spons ADR repr 3 Shares 1,441,297.35 2,261,824.39 4.05 USD 26,200 Spark Therapeutics Inc 982,371.59 1,239,692.77 2.22 USD 406,800 Spectrum Pharmaceuticals Inc 2,458,764.35 1,708,822.30 3.06 USD 55,000 uniQure BV 908,253.19 292,053.86 0.52 USD 31,200 Vertex Pharmaceuticals Inc 1,564,161.59 2,179,503.13 3.90

29,832,742.95 47,086,155.38 84.35

Total shares 32,285,609.71 51,663,883.15 92.55

Open-ended investment funds

Investment funds (UCITS)

EUR 20,000 Selectra Inv SICAV J. Lamarck Pharma A EUR Cap* 2,000,000.00 1,691,000.00 3.03

Total investment funds (UCITS) 2,000,000.00 1,691,000.00 3.03

Total investments in securities 34,285,609.71 53,354,883.15 95.58

Cash at banks 2,281,839.23 4.09

Other net assets/(liabilities) 186,857.98 0.33

Total 55,823,580.36 100.00

*see Note 8


Industrial and geographical classification of investments as at 31st December 2016

19

Industrial classification

(in percentage of net assets)

Pharmaceuticals and biotechnology 92.55 %

Investment funds 3.03 %

Total 95.58 %

Geographical classification

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

United States of America 74.86 %

Denmark 6.21 %

Ireland 4.28 %

Jersey 4.05 %

Luxembourg 3.03 %

Sweden 1.99 %

Canada 0.64 %

The Netherlands 0.52 %

Total 95.58 %

SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA



20

Assets Securities portfolio at market value 3,472,508.38 Cash at banks 311,010.83 Formation expenses, net 20,982.60 Income receivable on portfolio 2,238.16


Liabilities Expenses payable 10,487.73 Other liabilities 33,762.83





Number of Class D Shares outstanding 305.000 Net asset value per Class D Share 86.92




21

Income Dividends, net 72,848.46


Expenses Advisory fees 37,368.45 Management fees 30,000.00 Depositary fees 4,105.10 Banking charges and other fees 2,142.90 Transaction fees 8,922.45 Central administration costs 45,272.08 Professional fees 7,135.54 Other administration costs 20,952.82 Subscription duty ("taxe d'abonnement") 1,905.74 Bank interest paid 487.41 Other expenses 17,346.55

Total expenses 175,639.04

Net investment loss -102,790.58

Net realised gain/(loss) - on securities portfolio -434,311.00 - on foreign exchange 654.46

Realised result -536,447.12

Net variation of the unrealised gain/(loss) - on securities portfolio -140,910.40

Result of operations -677,357.52









22

Total net assets

- as at 31.12.2016 3,762,489.41 - as at 31.12.2015 4,860,953.93





- as at 31.12.2016 84.55 - as at 31.12.2015 95.84





- as at 31.12.2016 83.93 - as at 31.12.2015 95.60





- as at 31.12.2016 86.92 - as at 31.12.2015 99.06




23





Shares

CHF 2,000 Novartis AG Reg 170,053.58 138,286.97 3.67 CHF 850 Roche Holding Ltd Pref 206,955.56 184,485.26 4.90

377,009.14 322,772.23 8.57

EUR 2,000 Fresenius SE & Co KGaA 129,399.71 148,520.00 3.95 EUR 4,000 Grifols SA A 78,812.13 75,520.00 2.01 EUR 2,800 Sanofi SA 215,832.46 215,320.00 5.72

424,044.30 439,360.00 11.68

JPY 3,700 Takeda Pharmaceutical Co Ltd 161,135.70 145,451.69 3.87 USD 2,800 AbbVie Inc 161,659.98 166,258.30 4.42 USD 820 Allergan Plc 182,162.67 163,292.43 4.34 USD 990 Amgen Inc 140,417.16 137,253.84 3.65 USD 9,100 AstraZeneca Plc ADR repr 1 Share 258,581.16 235,740.57 6.27 USD 480 Biogen Inc 128,233.44 129,071.12 3.43 USD 4,600 Bristol Myers Squibb Co 237,228.85 254,906.13 6.77 USD 750 Celgene Corp 76,316.41 82,317.94 2.19 USD 1,250 Dr Reddy's Laboratories Ltd spons ADR repr 1 Share 72,482.47 53,669.64 1.43 USD 1,150 Eli Lilly & Co 86,076.12 80,203.39 2.13 USD 2,400 Gilead Sciences Inc 183,083.58 162,966.05 4.33 USD 2,200 GlaxoSmithKline Plc ADR repr 2 Shares 82,463.76 80,335.67 2.13 USD 800 Johnson & Johnson 70,054.36 87,396.17 2.32 USD 2,800 Merck & Co Inc 136,350.50 156,301.92 4.15 USD 2,700 Mylan N.V. 115,922.82 97,672.10 2.60 USD 4,600 Novo Nordisk AS ADR Repr 1 Share B 195,890.46 156,415.70 4.16 USD 4,800 Pfizer Inc 150,225.66 147,832.35 3.93 USD 1,018 Shire Plc spons ADR repr 3 Shares 156,686.82 164,466.94 4.37 USD 1,300 Taro Pharm Industries Ltd A 148,353.96 129,765.79 3.45 USD 2,300 Teva Pharma Ind Ltd ADR repr 1 Share 124,514.47 79,058.41 2.10

2,706,704.65 2,564,924.46 68.17


Cash at banks 311,010.83 8.27

Other net assets/(liabilities) -21,029.80 -0.56

Total 3,762,489.41 100.00



24




Total 92.29 %




Switzerland 8.57 %

United Kingdom 8.40 %

France 5.72 %

Israel 5.55 %

Jersey 4.37 %

Ireland 4.34 %

Denmark 4.16 %

Germany 3.95 %

Japan 3.87 %


Spain 2.01 %

India 1.43 %

Total 92.29 %

SELECTRA INVESTMENTS SICAV - ICAM FIRST



25

Assets Securities portfolio at market value 8,408,239.42 Cash at banks 5,323,976.24 Formation expenses, net 19,596.81 Income receivable on portfolio 17,528.65 Interest receivable on bank accounts 110.71


Liabilities Expenses payable 32,564.59







26

Income Dividends, net 264,056.81 Interest on bonds and other debt securities, net 152,255.08 Interest on bank accounts 183.70 Other income 1,018.85


Expenses Advisory fees 115,833.03 Management fees 30,229.01 Depositary fees 8,874.97 Banking charges and other fees 5,426.55 Transaction fees 95,210.10 Central administration costs 32,377.32 Professional fees 8,934.42 Other administration costs 130,196.83 Subscription duty ("taxe d'abonnement") 6,181.80 Bank interest paid 2,475.24 Other expenses 19,060.04



Net realised gain/(loss) - on securities portfolio -57,266.90 - on foreign exchange -16,377.42


Net variation of the unrealised gain/(loss) - on securities portfolio 502,428.51

Result of operations 391,499.32



Total changes in net assets 512,310.50






27

Total net assets

- as at 31.12.2016 13,736,887.24 - as at 31.12.2015 13,224,576.74





- as at 31.12.2016 99.60 - as at 31.12.2015 97.71




28





Shares

EUR 10,000 Ingenico Group SA 752,105.00 758,700.00 5.52 EUR 70,000 Nokia Oyj 328,713.80 321,160.00 2.34

1,080,818.80 1,079,860.00 7.86

USD 3,500 Monsanto Co 334,706.46 349,170.30 2.54

Total shares 1,415,525.26 1,429,030.30 10.40

Bonds

EUR 200,000 Barclays Plc VAR Conv Sub 14/15.09.Perpetual 169,000.00 194,463.00 1.42 EUR 650,000 Bayer AG VAR Reg S Sub 15/02.04.75 613,440.00 621,289.50 4.52 EUR 200,000 Petrobras Global Finance BV 3.75% 14/14.01.21 192,120.00 200,468.00 1.46 EUR 200,000 Petrobras Global Finance BV 4.25% Reg S Ser 2023

12/02.10.23 185,880.00 196,664.00 1.43

EUR 200,000 Société Générale VAR Reg S Sub 07.10.Perpetual 184,500.00 205,592.00 1.50

1,344,940.00 1,418,476.50 10.33

GBP 200,000 Barclays Bank Plc VAR Conv Barclays Sub 14/15.09.Perpetual 275,040.04 223,024.62 1.62

Total bonds 1,619,980.04 1,641,501.12 11.95



EUR 21,700 Platinum UCITS Fds SICAV Gl Div B EUR Dist 1,297,226.00 1,224,531.00 8.91


Tracker funds (UCITS)

EUR 4,600 Amundi ETF Cash 3 Months EuroMTS Inv Grade UCITS C Cap 551,955.84 551,724.00 4.02 EUR 9,000 db x-trackers II EONIA UCITS ETF 1C Cap 1,249,416.00 1,248,948.00 9.09 EUR 1,250 Lyxor Index Fd Smart Cash UCITS ETF C-EUR Cap 1,248,564.75 1,248,325.00 9.09 EUR 10,000 Lyxor UCITS ETF Euro Cash Dist 1,064,633.02 1,064,180.00 7.75

Total tracker funds (UCITS) 4,114,569.61 4,113,177.00 29.95


Cash at banks 5,323,976.24 38.76


Total 13,736,887.24 100.00



29




Technology hardware and equipment 7.86 %

Banks 4.54 %


Special Purpose Vehicle (SPV) 2.89 %

Raw materials 2.54 %

Total 61.21 %



Luxembourg 27.09 %

France 18.79 %

Germany 4.52 %




Finland 2.34 %

Total 61.21 %

SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE



30

Assets Securities portfolio at market value 5,770,061.56 Cash at banks 558,901.37 Formation expenses, net 6,801.62 Income receivable on portfolio 56,072.09 Interest receivable on bank accounts 23.22 Unrealised gain on forward foreign exchange contracts 166.53


Liabilities Expenses payable 12,555.60





Number of Class D Shares outstanding 1,455.000 Net asset value per Class D Share 97.28




31

Income Dividends, net 22,249.52 Interest on bonds and other debt securities, net 140,460.66 Interest on bank accounts 20.15


Expenses Management fees 87,875.93 Depositary fees 5,789.48 Banking charges and other fees 6,313.35 Transaction fees 19,975.96 Central administration costs 48,501.82 Professional fees 7,135.54 Other administration costs 35,381.64 Subscription duty ("taxe d'abonnement") 3,293.17 Bank interest paid 186.36 Other expenses 16,817.19



Net realised gain/(loss) - on securities portfolio -223,476.83 - on forward foreign exchange contracts 12.46 - on foreign exchange 9,770.18


Net variation of the unrealised gain/(loss) - on securities portfolio 49,708.43 - on forward foreign exchange contracts 166.53


Subscriptions 683,533.84








32

Total net assets

- as at 31.12.2016 6,379,470.79 - as at 31.12.2015 8,177,669.39


- outstanding at the beginning of the year 34,400.000 - issued 0.000 - redeemed -2,800.000



- as at 31.12.2016 94.79 - as at 31.12.2015 96.87





- as at 31.12.2016 93.65 - as at 31.12.2015 96.38


- outstanding at the beginning of the year 20.000 - issued 1,455.000 - redeemed -20.000



- as at 31.12.2016 97.28 - as at 31.12.2015 100.13




33





Shares

EUR 65,500 Banca Popolare di Milano 52,986.06 23,468.65 0.37 EUR 22,635 Banco Pop Societa Cooperativa 104,396.38 51,879.42 0.81 EUR 24 Cairo Communication SpA 58.49 91.44 0.00 EUR 27,500 Intesa Sanpaolo SpA 69,036.14 66,715.00 1.05

Total shares 226,477.07 142,154.51 2.23

Bonds

BRL 550,000 EIB 10.5% EMTN Sen 14/21.12.17 137,666.74 160,413.38 2.51 EUR 100,000 Banca IMI SpA VAR EMTN Reg S Ser 9 16/26.01.26 100,500.00 100,430.00 1.57 EUR 200,000 Banco BPM SpA 2.375% EMTN 14/22.01.18 199,803.00 201,511.00 3.16 EUR 50,000 Banco BPM SpA 4.75% EMTN Sub 10/28.04.17 50,750.00 50,241.25 0.79 EUR 100,000 Bulgarian Energy Hg EAD 4.25% Reg S Sen 13/07.11.18 102,750.00 102,902.00 1.61 EUR 160,000 Deutschland 1.5% 12/04.09.22 174,329.60 177,464.80 2.78 EUR 300,000 Fiat Chrysler Fin North America Inc 5.625% EMTN 07/12.06.17 315,215.00 307,248.00 4.82 EUR 133,000 Italia 2.5% BTP Sen 14/01.05.19 142,747.16 140,810.43 2.21 EUR 230,000 Italia 4.5% BTP 08/01.08.18 257,324.00 247,002.75 3.87 EUR 200,000 Petrobras Global Finance BV 2.75% 14/15.01.18 182,730.00 202,727.00 3.18 EUR 100,000 Petrobras Global Finance BV 3.75% 14/14.01.21 100,250.00 100,234.00 1.57 EUR 50,000 Portugal 4.35% 07/16.10.17 52,870.00 51,822.50 0.81 EUR 280,000 Portugal 4.45% 08/15.06.18 309,688.00 298,137.00 4.67 EUR 100,000 Royal Bank of Scotland Plc 4.35% EMTN Sub 06/23.01.17 102,422.00 100,274.50 1.57 EUR 100,000 Trafigura Funding SA 5.25% EMTN Reg S Sen 13/29.11.18 104,500.00 104,500.50 1.64

2,195,878.76 2,185,305.73 34.25

RUB 8,500,000 Banca IMI SpA 8.5% EMTN Reg S Ser 17 16/06.07.18 118,735.28 130,224.49 2.04 USD 50,000 Total Capital International SA 1.5% Sen 12/17.02.17 45,385.94 47,430.31 0.74 USD 100,000 Unicredito Luxembourg Finance SA 6% Reg S Sub T3

07/31.10.17 92,462.50 96,804.47 1.52

137,848.44 144,234.78 2.26

Total bonds 2,590,129.22 2,620,178.38 41.06

Transferable securities dealt in on another regulated market

Bonds

EUR 280,000 Italia 4% 10/01.09.20 324,643.20 318,829.00 5.00

Total bonds 324,643.20 318,829.00 5.00



EUR 25,000 ANIMA Fds Plc Star Bond Prestige EUR Cap 138,462.50 139,495.00 2.19 EUR 3,000 Dynasty SICAV Global Convertibles B EUR Cap 321,120.00 323,490.00 5.07 EUR 73 Oyster Japan Opportunities R EUR HP PR Cap 122,790.38 134,219.99 2.10 EUR 1,000 Pictet Russian Equities I EUR Cap 66,240.00 66,050.00 1.04

Total investment funds (UCITS) 648,612.88 663,254.99 10.40


Statement of investments and other net assets (in EUR) (continued) as at 31st December 2016


34




EUR 3,250 db x-trackers II EONIA UCITS ETF 1C Cap 451,280.50 451,009.00 7.07 EUR 1,910 Lyxor UCITS ETF CAC 40 (DR) D EUR 85,655.63 91,087.90 1.43 EUR 3,750 Lyxor UCITS ETF Da Dble ShBund 139,364.64 139,162.50 2.18 EUR 4,800 Lyxor UCITS ETF Euro Cash 511,197.48 510,830.40 8.01 EUR 1,800 Lyxor UCITS ETF FTSE MIB 33,283.72 33,874.20 0.53 EUR 2,800 Lyxor UCITS ETF IboxxEURLiqHY30 Ex-Fin 323,721.56 327,292.00 5.13 EUR 300 Multi Units Luxembourg Lyxor DAX UCITS ETF Cap 32,652.00 32,940.00 0.52 EUR 1,500 Multi Uts France Lyxor UCITS ETF Daily DS 10Y US T C USD

Cap 106,320.45 119,745.00 1.88

1,683,475.98 1,705,941.00 26.75

GBP 3,000 Multi Units France Lyxor UCITS ETF FTSE 100 29,819.53 32,349.71 0.51 USD 300 Lyxor Index Fd Smart Cash UCITS ETF C-USD Cap 271,432.40 287,353.97 4.50



Cash at banks 558,901.37 8.76


Total 6,379,470.79 100.00



35




Countries and governments 19.34 %

Banks 12.88 %

Diversified financial services 7.20 %


International institutions 2.51 %

Utilities 1.61 %

Total 90.45 %



Luxembourg 25.97 %

Italy 20.87 %

France 20.41 %

Portugal 5.48 %



Germany 2.78 %

Ireland 2.19 %

Bulgaria 1.61 %


Total 90.45 %

SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE



36

Assets Securities portfolio at market value 7,625,953.19 Cash at banks 291,443.28 Formation expenses, net 6,801.62 Income receivable on portfolio 37,851.77 Interest receivable on bank accounts 37.36 Unrealised gain on forward foreign exchange contracts 333.05


Liabilities Payable on redemptions of shares 972.13 Expenses payable 15,498.88





Number of Class D Shares outstanding 103.000 Net asset value per Class D Share 95.01




37

Income Dividends, net 62,808.69 Interest on bonds and other debt securities, net 103,199.58 Interest on bank accounts 9.57


Expenses Management fees 105,417.88 Depositary fees 6,117.08 Banking charges and other fees 6,703.74 Transaction fees 45,478.69 Central administration costs 52,074.77 Professional fees 7,135.54 Other administration costs 35,060.71 Subscription duty ("taxe d'abonnement") 3,560.88 Bank interest paid 76.06 Other expenses 17,845.19



Net realised gain/(loss) - on securities portfolio -501,878.84 - on forward foreign exchange contracts -322.65 - on foreign exchange 37,340.02


Net variation of the unrealised gain/(loss) - on securities portfolio 142,191.55 - on forward foreign exchange contracts 333.05




Total changes in net assets -636,088.58






38

Total net assets

- as at 31.12.2016 7,945,949.26 - as at 31.12.2015 8,582,037.84





- as at 31.12.2016 92.12 - as at 31.12.2015 96.38





- as at 31.12.2016 90.86 - as at 31.12.2015 95.83





- as at 31.12.2016 95.01 - as at 31.12.2015 100.26




39





Shares

EUR 800 Banca Monte Paschi Siena SpA Rg 30,475.17 12,064.00 0.15 EUR 231,000 Banca Popolare di Milano 120,125.48 82,767.30 1.04 EUR 50,574 Banco Pop Societa Cooperativa 193,115.00 115,915.61 1.46 EUR 1,760 BNP Paribas SA A 72,915.63 106,568.00 1.34 EUR 8,000 BPER Banca Spa 41,788.10 40,480.00 0.51 EUR 146 Cairo Communication SpA 278.03 556.26 0.01 EUR 58,000 Intesa Sanpaolo SpA 127,360.64 140,708.00 1.77 EUR 3,150 Moncler SpA 41,619.50 52,069.50 0.66 EUR 5,000 Unicredit SpA Post Raggruppamento 9,899.99 13,670.00 0.17 EUR 6,000 Unione di Banche Italiane SpA 20,875.12 15,672.00 0.20

658,452.66 580,470.67 7.31

GBP 3,600 Ashtead Group Plc 65,157.30 66,639.56 0.84 GBP 8,000 Tesco Plc 16,518.51 19,387.33 0.24

81,675.81 86,026.89 1.08

USD 80 Alphabet Inc C 59,919.09 58,548.83 0.74 USD 112 Amazon.com Inc 75,502.98 79,637.25 1.00 USD 1,000 Bank of America Corp 22,320.91 20,955.81 0.26 USD 500 Cantel Medical Corp 39,393.12 37,336.43 0.47 USD 540 Caterpillar Inc 48,050.56 47,486.82 0.60 USD 50 Chipotle Mexican Shares A 18,458.32 17,889.25 0.22 USD 400 Gilead Sciences Inc 29,885.63 27,161.01 0.34 USD 100 Goldman Sachs Group Inc 23,456.88 22,705.29 0.29 USD 345 Jack in the Box Inc 35,649.10 36,521.71 0.46 USD 960 Jacobs Engineering Group Inc 54,522.38 51,886.97 0.65 USD 300 Mc Donald's Corp 32,790.09 34,625.45 0.44 USD 940 Microsoft Corp 55,485.77 55,387.45 0.70 USD 2,080 Ross Stores Inc 121,961.86 129,383.65 1.63 USD 800 Shake Shack Inc A 29,455.96 27,149.63 0.34 USD 640 Thor Industries Inc 63,354.55 60,716.86 0.76

710,207.20 707,392.41 8.90

Total shares 1,450,335.67 1,373,889.97 17.29

Closed-ended investment funds

USD 1,000 NorthStar Realty Europe 9,757.52 11,919.21 0.15

Total closed-ended investment funds 9,757.52 11,919.21 0.15

Bonds

BRL 820,000 EIB 10.5% EMTN Sen 14/21.12.17 205,603.19 239,161.77 3.01 EUR 100,000 Anglo American Capital Plc 1.75% EMTN Sen 13/20.11.17 97,500.00 101,346.00 1.28 EUR 100,000 Banca IMI SpA VAR EMTN Reg S Ser 9 16/26.01.26 100,500.00 100,430.00 1.26 EUR 50,000 Banco BPM SpA 4.75% EMTN Sub 10/28.04.17 50,750.00 50,241.25 0.63 EUR 145,000 Deutschland 1.5% 12/04.09.22 157,986.20 160,827.48 2.02 EUR 150,000 Fiat Chrysler Fin Europe SA 6.75% EMTN Sen 13/14.10.19 171,375.00 172,746.00 2.17 EUR 150,000 Fiat Chrysler Fin North America Inc 5.625% EMTN 07/12.06.17 158,235.00 153,624.00 1.93 EUR 100,000 Petrobras Global Finance BV 2.75% 14/15.01.18 93,250.00 101,363.50 1.28 EUR 100,000 Petrobras Global Finance BV 3.75% 14/14.01.21 100,250.00 100,234.00 1.26 EUR 200,000 Portugal 4.45% 08/15.06.18 221,190.00 212,955.00 2.68 EUR 100,000 Trafigura Funding SA 5.25% EMTN Reg S Sen 13/29.11.18 104,500.00 104,500.50 1.31

1,255,536.20 1,258,267.73 15.82

RUB 15,000,000 Banca IMI SpA 8.5% EMTN Reg S Ser 17 16/06.07.18 207,899.60 229,807.93 2.89 RUB 9,000,000 Russia 6.2% Ser 25081 13/31.01.18 136,251.15 136,480.27 1.72

344,150.75 366,288.20 4.61


Statement of investments and other net assets (in EUR) (continued) as at 31st December 2016


40



Total bonds 1,805,290.14 1,863,717.70 23.44

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 18,301.53 0.23

Total bonds 13,230.99 18,301.53 0.23



EUR 29,000 ANIMA Fds Plc Star Bond Prestige EUR Cap 160,616.50 161,814.20 2.04 EUR 4,500 Dynasty SICAV Global Convertibles B EUR Cap 481,590.00 485,235.00 6.11 EUR 102 Oyster Japan Opportunities R EUR HP PR Cap 171,570.12 187,540.26 2.36 EUR 3,000 Pictet Russian Equities I EUR Cap 198,720.00 198,150.00 2.49



EUR 5,200 Amundi ETF Cash 3 Months EuroMTS Inv Grade UCITS C Cap 625,025.00 623,688.00 7.85 EUR 3,420 db x-trackers II EONIA UCITS ETF 1C Cap 474,949.08 474,600.24 5.97 EUR 1,100 iShares III Plc EUR Corp Bond ex Fin 1-5yr UCITS ETF Dist 121,627.00 121,220.00 1.53 EUR 370 Lyxor Index Fd Smart Cash UCITS ETF C-EUR Cap 369,786.06 369,504.20 4.65 EUR 4,700 Lyxor UCITS ETF CAC 40 (DR) D EUR 209,496.61 224,143.00 2.82 EUR 4,300 Lyxor UCITS ETF Da Dble ShBund 159,805.54 159,573.00 2.01 EUR 2,900 Lyxor UCITS ETF Euro Cash 308,988.90 308,626.70 3.88 EUR 4,000 Lyxor UCITS ETF FTSE MIB 73,960.00 75,276.00 0.95 EUR 2,800 Lyxor UCITS ETF IboxxEURLiqHY30 Ex-Fin 323,721.56 327,292.00 4.12 EUR 700 Multi Units Luxembourg Lyxor DAX UCITS ETF Cap 76,181.00 76,860.00 0.97 EUR 1,950 Multi Uts France Lyxor UCITS ETF Daily DS 10Y US T C USD

Cap 136,150.28 155,668.50 1.96

EUR 4,000 SSGA SPDR ETFs Europe I Plc Bar 0-3 Y EUR CBd UCITS ETF Dist

121,880.00 121,520.00 1.53

3,001,571.03 3,037,971.64 38.24

GBP 8,000 Multi Units France Lyxor UCITS ETF FTSE 100 82,788.19 86,265.90 1.09 USD 210 Lyxor Index Fd Smart Cash UCITS ETF C-USD Cap 190,823.30 201,147.78 2.53



Cash at banks 291,443.28 3.67


Total 7,945,949.26 100.00



41




Banks 11.91 %

Countries and governments 6.42 %

Diversified financial services 5.70 %

International institutions 3.01 %

Retailing 2.87 %


Hotels, restaurants and leisure 1.46 %

Software and services 1.44 %

Raw materials 1.28 %

Capital goods 1.25 %

Investment companies 0.84 %

Automobiles and components 0.76 %

Consumer durables and apparel 0.66 %

Health care equipment and services 0.47 %


Real estate funds 0.15 %

Media 0.01 %

Total 95.97 %



Luxembourg 31.57 %

France 26.25 %


Italy 10.75 %

Ireland 5.10 %

Portugal 2.68 %



Germany 2.02 %

Russia 1.72 %

Total 95.97 %


Notes to the financial statements as at 31st December 2016

42

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.

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. The realised gains and losses on securities portfolio are recorded net in the statement of operations and other changes in net assets. 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 31st December 2016

43

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. Unrealised gains or losses are recorded in the 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. Net realised gains or losses on foreign exchange are recorded in the statement of operations and other changes in net assets. 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. j) Transaction fees Transaction costs disclosed under the item "Transaction fees" in the expenses of the statement of operations and other changes in net assets are mainly composed of broker fees incurred by the Company of fees relating to liquidation of transactions paid to the depositary agent as well as of transaction fees on financial instruments and derivatives and of fees relating to term deposits. 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



44

Sub-Fund Rates % p.a.

- 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

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

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 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:


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



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Effective rates at the date of the

report (% p.a.)


- 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

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 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, 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

No performance fee is applicable.

At the date of the financial statements the perfomance fee was recorded for the following Sub-Fund and amounted to :

J. LAMARCK BIOTECH EUR 860.03



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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. 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. The item "Central administration costs" and “Depositary fees” are disclosed in the statement of operations and other changes in net assets. The item “Central administration costs” is mainly composed of administrative agent and transfer agent fees. 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.



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Note 8 - Cross investments As at 31st December 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 - Class A

EUR 20,000 1,691,000.00 3.03

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. Note 9 - Forward foreign exchange contracts As at 31st December 2016, the following Sub-Funds are committed in the following forward foreign exchange contracts with KBL EUROPEAN PRIVATE BANKERS S.A. :

SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

RUB 2,000,000.00 EUR 30,830.89 09.01.2017 166.53

166.53

SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

RUB 4,000,000.00 EUR 61,661.79 09.01.2017 333.05

333.05

Note 10 - Subsequent 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 13th 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). 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 31st May 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.



48

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.


Additional Information (unaudited) as at 31st December 2016

49

1 - Risk management According to the Risk Management Process, the Board of Directors of the Company decided to adopt the VaR approach as a method of determining the global exposure for all the Sub-Funds. The following methodology and limits have been defined for the Sub-Funds:

Sub-Fund Global Exposure method Limit Reference Portfolio

J. LAMARCK BIOTECH Relative VaR 100% Nasdaq Biotech Index

J. LAMARCK PHARMA Relative VaR 100% MSCI World Health Care Index

ICAM First Absolute VaR (99%, 20 business days)

10% N.A.

Crystal Blue Absolute VaR (99%, 20 business days)

6% N.A.

Crystal Rose Absolute VaR (99%, 20 business days)

10% N.A.

The global exposure monitoring has been outsourced to Arkus Financial Services L. The methodology used for calculating the global risk is based on the internal model approach meaning that the risk is measured using Value at Risk ("VaR"). The internal model used by Arkus Financial Services is sourced from a third party vendor, EMA, and uses 200 weeks of weekly returns data. The model is updated on a monthly basis. It is a linear multi-factor mean-variance model based on statistical factors rather than explicit ones. The key advantage of the statistical factor model is the removal of the bias introduced by the factor specification or the order of the factors’ regression. The following VaR values and leverage level have been calculated during 2016:

Sub-Fund Lowest Highest Average Leverage (average)

J. LAMARCK BIOTECH 35.07% 72.40% 52.66% 0.00%

J. LAMARCK PHARMA 24.12% 61.26% 38.75% 0.00%

ICAM First 2.27% 15.07% 6.93% 0.00%

Crystal Blue 1.13% 5.23% 2.21% 0.00%

Crystal Rose 2.19% 13.00% 4.68% 0.00%


Additional Information (unaudited) (continued) as at 31st December 2016

50

2 - Remuneration The remuneration policy of SELECTRA Management Company S.A. has been updated in April 2016 and then in June 2016 for the new rules regarding the implementation of UCITS V. The variable remuneration that has been given to some Employees of SELECTRA was part of :

- Bonus linked to individual performance on internal organisational project

- The variable remuneration does not concern Senior Management or positions considered by the remuneration policy as «risky function»: (Risk Manager or Investment Managers).

For the period ended 31st December 2016, the total remuneration paid by the Management Company to its staff amounted to EUR 584,388.21, thereof EUR 13,290.22 of variable remuneration. As at 31st December 2016 the number of the employees of the Management Company was 9. 3 - 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 corresponding transactions were carried out during the reporting period.

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