SPECIAL OPPORTUNITIES FUND SICAV

SPECIAL OPPORTUNITIES FUND SICAV

Société d'Investissement à Capital Variable

Semi-Annual Report and UnauditedFinancial Statements

as atJune 30, 2019

R.C.S. Luxembourg B 171173

2


TABLE OF CONTENTS

STATEMENT OF NET ASSETS......................................................................................................................................................................................... 6STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS............................................................................................................................ 7STATISTICAL INFORMATION ........................................................................................................................................................................................ 8CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE............................................................. 11STATEMENT OF INVESTMENT IN SECURITIES AND OTHER NET ASSETS ......................................................................................................... 12GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENT IN SECURITIES........................................................................................................ 15ECONOMIC CLASSIFICATION OF THE INVESTMENT IN SECURITIES.................................................................................................................. 16

NOTES TO THE FINANCIAL STATEMENTS....................................................................................................................................... . 17

WORLD SELECT FUND ........................................................................................................................................................................... .WORLD SELECT FUNDSPECIAL OPPORTUNITIES FUND SICAV - 6

DIRECTORS AND ADMINISTRATION................................................................................................................................................. . 3

INFORMATION TO THE SHAREHOLDERS......................................................................................................................................... . 4


3

DIRECTORS AND ADMINISTRATION REGISTERED OFFICE ASIAN SPECIAL OPPORTUNITIES FUND SICAV (until March 25, 2019) 20, Boulevard Emmanuel Servais L-2535 Luxembourg SPECIAL OPPORTUNITIES FUND SICAV (since March 25, 2019) 20, Boulevard Emmanuel Servais L-2535 Luxembourg BOARD OF DIRECTORS Chairman Mr Benoit DESCOURTIEUX President OP INVESTMENT MANAGEMENT LIMITED Directors Mr Mark BEAMES Independent Director Mrs Maureen Rita O’BRIEN Independent Director GLOBAL DISTRIBUTOR OP INVESTMENT MANAGEMENT LIMITED 9/F, The Wellington, 198 Wellington Street, Central, Hong Kong MANAGEMENT COMPANY EDMOND DE ROTHSCHILD ASSET MANAGEMENT (LUXEMBOURG) 20, Boulevard Emmanuel Servais L-2535 Luxembourg

INVESTMENT MANAGER OP INVESTMENT MANAGEMENT LIMITED 9/F, The Wellington, 198 Wellington Street, Central, Hong Kong DEPOSITARY BANK AND DOMICILIARY AGENT EDMOND DE ROTHSCHILD (EUROPE) 20, Boulevard Emmanuel Servais L-2535 Luxembourg REGISTRAR AND TRANSFER AGENT, ADMINISTRATIVE AND PAYING AGENT EDMOND DE ROTHSCHILD ASSET MANAGEMENT (LUXEMBOURG) 20, Boulevard Emmanuel Servais L-2535 Luxembourg AUDITOR PRICEWATERHOUSECOOPERS, Société coopérative 2, Rue Gerhard Mercator, B.P. 1443 L-1014 Luxembourg LEGAL ADVISER ALLEN & OVERY, société en commandite simple 33, Avenue J.F. Kennedy L-1855 Luxembourg


4

INFORMATION TO THE SHAREHOLDERS

Notices concerning the Company are published in newspapers designated by the Board of Directors and, if prescribed by law, are published in the Mémorial, the official gazette of Luxembourg, and are lodged with the Registrar of the Luxembourg District Court. Copies of the most recent prospectus, KIID, articles of incorporation, annual and semi-annual reports may be obtained, upon request and free of charge, or inspected, free of charge, during usual business hours on any weekday.

Subscriptions for Shares can be accepted only on the basis of the current prospectus. The Company produces an annual report containing the audited accounts and semi-annual report containing the unaudited accounts. These reports in their latest version will form an integral part of the prospectus.

NET ASSET VALUE PER SHARE The Net Asset Value per Share of each Class in the Sub-Fund SPECIAL OPPORTUNITIES FUND SICAV – WORLD SELECT FUND is calculated daily on each Business Day with the exception of Good Friday, 24th December and bank holidays in Hong Kong, South Korea and Japan.

When preparing the audited annual report and the unaudited semi-annual report, the Company calculates for the relevant Sub-Fund an additional valuation of the securities portfolio using closing prices of the same date as the report.


5

SFTR (Securities Financing Transactions and of Reuse Regulation) (Unaudited information)

CONTRACTS FOR DIFFERENCE Special Opportunities

Fund SICAV – World Select Fund

Assets used In EUR Absolute value 494,961

As a % of total net asset value 1.37% Transactions classified according to residual maturities

In EUR

Less than 1 day - From 1 day to 1 week -

From 1 week to 1 month - From 1 month to 3 months -

From 3 months to 1 year - Above 1 year 494,961

Open maturity - The 10 largest counterparties In EUR

First name Goldman Sachs International

Gross value of open trades 494,961 Main country of domicile United Kingdom

Collateral received In EUR Type: Cash

-

Quality

-

Currency

-

Classification according to residual maturities: Less than 1 day -

From 1 day to 1 week - From 1 week to 1 month -

From 1 month to 3 months - From 3 months to 1 year -

Above 1 year - Open maturity -

Revenue and expenditure components

Revenue component of the fund: Absolute value 84,329

As a % of gross revenue 100% Expenditure component of the fund (981,486)

The revenue and expenditure components of the Fund include interest, dividends, net realised results and change in net unrealised appreciation / (depreciation) on CFDs.

6

SPECIAL OPPORTUNITIES FUND SICAV WORLD SELECT FUND

STATEMENT OF NET ASSETSJune 30, 2019

(in EUR)

The notes are an integral part of these financial statements.

ASSETS

Portfolio: (see notes)- Cost 30,456,123- Net unrealised result 634,778

31,090,901

Cash:- Cash 4,845,484- Cash at broker 264- Margin deposits (see notes) 1,143,680

Other assets:- Interest receivable 40,629- Dividend receivable 40,470- Incorporation/organisational expenses, net 25,977- Unrealised gain on forward foreign exchange contracts (see notes) 8,066- Unrealised gain on contracts for difference (see notes) 163

37,195,634

LIABILITIES

Bank overdraft:- Cash at broker 171,102

Other liabilities:- Taxes and expenses payable 129,554- Unrealised loss on forward foreign exchange contracts (see notes) 267,938- Unrealised loss on contracts for difference (see notes) 494,961- Unrealised loss on spot transactions 1,328- Dividend payable on contracts for difference 46,700

1,111,583

NET ASSETS 36,084,051

14,041.44610 84.35 per shareUSDShares of category Class I - USD with a value of1,200.00000 73.92 per shareEURShares of category Class I - EUR with a value of4,003.01893 82.06 per shareUSDShares of category Class F1 - USD with a value of

697.79681 74.62 per shareEURShares of category Class F1 - EUR with a value of3,554.59273 74.99 per shareCHFShares of category Class F1 - CHF with a value of

121,233.60406 99.92 per shareUSDShares of category Class W - USD with a value of187,842.08796 98.99 per shareEURShares of category Class W - EUR with a value of

40,000.00000 98.72 per shareGBPShares of category Class W - GBP with a value of3,368.39369 98.86 per shareCHFShares of category Class W - CHF with a value of2,300.00000 98.47 per shareEURShares of category Class J - EUR with a value of2,300.00000 98.38 per shareCHFShares of category Class J - CHF with a value of

Represented by:

14,041.44610 84.35 per shareUSDShares of category Class I - USD with a value of1,200.00000 73.92 per shareEURShares of category Class I - EUR with a value of4,003.01893 82.06 per shareUSDShares of category Class F1 - USD with a value of

697.79681 74.62 per shareEURShares of category Class F1 - EUR with a value of3,554.59273 74.99 per shareCHFShares of category Class F1 - CHF with a value of

121,233.60406 99.92 per shareUSDShares of category Class W - USD with a value of187,842.08796 98.99 per shareEURShares of category Class W - EUR with a value of

40,000.00000 98.72 per shareGBPShares of category Class W - GBP with a value of3,368.39369 98.86 per shareCHFShares of category Class W - CHF with a value of2,300.00000 98.47 per shareEURShares of category Class J - EUR with a value of2,300.00000 98.38 per shareCHFShares of category Class J - CHF with a value of

7


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from January 1, 2019 to June 30, 2019

NET ASSETS AT THE BEGINNING OF THE PERIOD 2,735,427

INCOME

Income from investments:- Dividends, net (see notes) 54,843- Bond interest, net 17,089- Dividends income on contracts for difference 84,329Other income 19

156,280

EXPENSES

Bank interest, net 22,179

Fees:- Investment Management fee (see notes) 97,556- Dividends expenses on contracts for difference 309,380- Depositary and Safekeeping, Registrar, AdministrativeAgent, Transfer and Paying Agent fees and ManagementCompany Fee

(see notes) 50,993

Other expenses:- Annual tax (see notes) 1,549- Amortisation of incorporation/organisational expenses (see notes) 401- Audit and legal fees 9,261- Transaction fees (see notes) 44,501- Domiciliation and other expenses 23,599

559,419

NET OPERATING RESULT (403,139)

Net realised result on:- Sales of investments (see notes) (348,327)- Foreign exchange (see notes) (184,436)- Contracts for difference (see notes) 189,350

NET REALISED RESULT (746,552)

Change in net unrealised appreciation/(depreciation) on:- Investments 968,225- Forward foreign exchange contracts (165,355)- Contracts for difference (482,756)

NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS

(426,438)

MOVEMENTS IN CAPITAL

Subscription of shares 34,960,404Redemption of shares (1,185,342)

33,775,062

NET ASSETS AT THE END OF THE PERIOD 36,084,051

(in EUR)


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STATISTICAL INFORMATIONPeriod from January 1, 2019 to June 30, 2019

Class I - USD

Shares outstanding at the beginning of the period 14,954.77110

Subscription of shares 0.00000

Redemption of shares (913.32500)

Shares outstanding at the end of the period 14,041.44610

NET ASSET VALUE PER SHARE USD

Highest 85.4103.22.19

Lowest 82.3601.04.19

At the end of the period 84.35

Class I - EUR

1,200.00000

0.00000

0.00000

1,200.00000

EUR

85.4503.18.19

72.6605.06.19

73.92

Class F1 - USD

19,364.43701

0.00000

(15,361.41808)

4,003.01893

USD

83.0806.24.19

80.0101.04.19

82.06

Class F1 - EUR

697.79681

0.00000

0.00000

697.79681

EUR

86.0303.18.19

73.2505.06.19

74.62

Class F1 - CHF

4,151.61875

0.00000

(597.02602)

3,554.59273

CHF

76.4803.22.19

68.5901.04.19

74.99

SHARES

9



Class W - USD

Shares outstanding at the beginning of the period 0.00000

Subscription of shares 121,233.60406

Redemption of shares 0.00000


NET ASSET VALUE PER SHARE USD

Highest 101.0606.24.19

Lowest 97.4505.06.19


Class W - EUR

0.00000

187,842.08796

0.00000

187,842.08796

EUR

100.5004.03.19

97.1805.06.19

98.99

Class W - GBP

0.00000

40,000.00000

0.00000

40,000.00000

GBP

99.9904.03.19

96.7605.06.19

98.72

Class W - CHF

0.00000

3,368.39369

0.00000

3,368.39369

CHF

100.4204.03.19

97.0505.06.19

98.86

Class J - EUR

0.00000

2,300.00000

0.00000

2,300.00000

EUR

100.2104.03.19

96.8005.06.19

98.47

SHARES

10



Class J - CHF

Shares outstanding at the beginning of the period 0.00000

Subscription of shares 2,300.00000

Redemption of shares 0.00000


NET ASSET VALUE PER SHARE CHF

Highest 100.1704.03.19

Lowest 96.7205.06.19


SHARES

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CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND

IN NET ASSET VALUE PER SHARE

Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

* first valuation** last valuation

77,914.45428 97.247,576,26612.31.16 Class I - USD USD10,195.00000 90.64924,070Class I - EUR EUR18,790.00000 90.431,699,120Class F1 - USD USD

2,537.79681 88.66225,002Class F1 - EUR EUR5,720.00000 88.09503,851Class F1 - CHF CHF9,853.53268 91.55902,092Class Z - USD USD

27,721.51610 113.323,141,478Class I - USD USD12.31.1741,123.36245 105.134,323,332Class I - EUR EUR20,333.06322 108.512,206,257Class F1 - USD USD

5,235.29875 104.61547,655Class F1 - EUR EUR8,199.47934 103.74850,616Class F1 - CHF CHF4,788.42963 111.78535,247Class Z - USD USD

112,350.00000 100.2311,260,563Class W - USD03.29.19* USD148,900.00000 100.2714,929,757Class W - EUR EUR

2,670.00000 100.22267,576Class W - CHF CHF2,300.00000 100.02230,036Class J - EUR04.01.19* EUR

40,000.00000 99.953,997,949Class W - GBP04.02.19* GBP2,300.00000 100.11230,264Class J - CHF CHF

1,919.72620 83.27159,86211.19.18 Class Z - USD** USD14,954.77110 78.561,174,911Class I - USD12.31.18 USD

1,200.00000 69.9783,960Class I - EUR EUR19,364.43701 76.051,472,711Class F1 - USD USD

697.79681 70.2949,046Class F1 - EUR EUR4,151.61875 70.64293,290Class F1 - CHF CHF

14,041.44610 84.351,184,382Class I - USD06.30.19 USD1,200.00000 73.9288,705Class I - EUR EUR4,003.01893 82.06328,472Class F1 - USD USD

697.79681 74.6252,072Class F1 - EUR EUR3,554.59273 74.99266,548Class F1 - CHF CHF

121,233.60406 99.9212,114,138Class W - USD USD187,842.08796 98.9918,594,141Class W - EUR EUR

40,000.00000 98.723,948,609Class W - GBP GBP3,368.39369 98.86332,984Class W - CHF CHF2,300.00000 98.47226,472Class J - EUR EUR2,300.00000 98.38226,264Class J - CHF CHF

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STATEMENT OF INVESTMENT AND OTHER NET ASSETS

June 30, 2019(in EUR)


Quantity Description Cost Valueper

security

Marketvalue

(see notes)

% ofnet

assets

21,488 ALTIUM AUD 34.200 452,852 1.26420,006

AUSTRALIA

EQUITIES

TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET

330,904 BEACH ENERGY AUD 1.985 404,760 1.12427,3412,760 CSL LTD AUD 215.000 365,664 1.01350,148

19,427 NEWCREST MINING LTD AUD 31.950 382,483 1.06301,69819,528 WOODSIDE PETROLEUM AUD 36.360 437,539 1.21444,102

5.662,043,2981,943,295TOTAL AUSTRALIA

5,500 AUTOHOME -A- SPONS ADR REPR 1 SH-A- USD 85.620 413,514 1.15450,527

CAYMAN ISLANDS

11,100 CTRIP.COM INTL ADR REPR 1/4TH SH USD 36.910 359,766 1.00439,780231,000 GEELY AUTOMOBILE HKD 13.360 346,880 0.96347,978

19,700 HUYA SP ADR-A USD 24.710 427,455 1.18430,83512,500 MOMO -A- ADR USD 35.800 392,958 1.09358,158

6,100 YY INC -A- SPONS ADR REPR 20 SHS -A- USD 69.690 373,296 1.03370,6106.412,313,8692,397,888TOTAL CAYMAN ISLANDS

726,000 CHINA SHIPPING DEVELOPMENT CO -H- HKD 4.620 376,999 1.04348,358

CHINA

1.04376,999348,358TOTAL CHINA

78,446 NOKIA OYJ EUR 4.366 342,495 0.95353,580

FINLAND

0.95342,495353,580TOTAL FINLAND

2,500 WIRECARD AG EUR 148.050 370,125 1.03358,137

GERMANY

1.03370,125358,137TOTAL GERMANY

192,000 GUANGDONG INVEST -RC- HKD 15.460 333,635 0.92350,029

HONG KONG

0.92333,635350,029TOTAL HONG KONG

3,000 ACCENTURE - SHS CLASS A USD 184.770 486,749 1.35467,748

IRELAND

1.35486,749467,748TOTAL IRELAND

3,000 CYBERARKSOFTWARE LTD USD 127.840 336,776 0.93307,518

ISRAËL

0.93336,776307,518TOTAL ISRAËL

15,100 TS TECH CO LTD JPY 2,933.000 360,964 1.00349,151

JAPAN

1.00360,964349,151TOTAL JAPAN

Ccy

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security

Marketvalue

(see notes)

% ofnet

assets

3 CHINA CRYSTAL NEW MATERIAL HLDGS KRW 2,365.000 5 0.008

SOUTH KOREA

4,665 KOREA SHIPBUILDING &OFFSHORE ENGINEERING KRW 118,500.000 420,409 1.17441,39610,600 SAMSUNG ELECTRONICS CO LTD KRW 47,000.000 378,884 1.05348,403

6,080 SPIGEN KOREA - REGISTERED KRW 65,000.000 300,552 0.83349,3693.051,099,8501,139,176TOTAL SOUTH KOREA

225,000 CHIPBOND TECHNOLOGY CORP TWD 60.500 384,854 1.07443,353

TAIWAN

60,000 MAKALOT INDUSTRIAL CO LTD TWD 210.000 356,228 0.99347,44176,000 REALTEK SEMICONDUCTOR CORP TWD 228.500 490,972 1.35438,479

489,000 UNIMICRON TECHNOLOGY CORP TWD 35.250 487,333 1.35423,7934.761,719,3871,653,066TOTAL TAIWAN

239,300 SRISAWAD CORP PUBLIC COMPANY LTD THB 56.250 385,425 1.07349,518

THAILAND

1.07385,425349,518TOTAL THAILAND

2,940 AIRBUS GROUP EUR 124.680 366,559 1.02351,292

THE NETHERLANDS

1.02366,559351,292TOTAL THE NETHERLANDS

3,100 ATLASSIAN -A- USD 130.840 356,168 0.99298,856

UNITED KINGDOM

0.99356,168298,856TOTAL UNITED KINGDOM

1,800 ADOBE INC USD 294.650 465,727 1.29444,761

UNITED STATES OF AMERICA

12,700 ADVANCED MICRO DEVICES INC USD 30.370 338,689 0.94284,407400 ALPHABET -C- USD 1,080.910 379,666 1.05428,204300 AMAZON.COM INC USD 1,893.630 498,849 1.39472,728

3,300 AMERICAN EXPRESS CO COM. USD 123.440 357,703 0.99320,3141,600 ARISTA NETWORKS INC USD 259.620 364,763 1.01445,499

400 AUTOZONE INC USD 1,099.470 386,185 1.07371,4175,900 AXON ENTERPRISE - REGISTERED USD 64.210 332,665 0.92361,965

300 BOOKING HLDG USD 1,874.710 493,865 1.37485,8225,600 CELGENE CORP USD 92.440 454,570 1.26439,0759,400 CISCO SYSTEMS INC USD 54.730 451,758 1.25446,4167,400 CONOCOPHILLIPS CO USD 61.000 396,382 1.10437,4431,100 CREDIT ACCEPTANCE CORP USD 483.830 467,345 1.30438,435

17,300 DROPBOX INC USD 25.050 380,545 1.05353,1422,200 FACEBOOK -A- USD 193.000 372,849 1.03366,7771,300 FAIR ISAAC CORP USD 314.020 358,470 0.99306,5536,100 FORTINET USD 76.830 411,541 1.14446,791

10,700 HOLOGIC INC USD 48.020 451,189 1.25450,6141,900 INTUIT USD 261.330 436,009 1.21437,3285,800 KEYSIGHT TECHNOLOGIES INC USD 89.810 457,410 1.27445,9672,200 LULULEMON ATHLETICA INC SHS WHEN ISSUED USD 180.210 348,140 0.96330,9542,100 MASTERCARD INC -A- USD 264.530 487,806 1.35437,9545,400 MATCH GROUP USD 67.270 318,983 0.88268,007

500 METTLER TOLEDO INTERNATIONAL USD 840.000 368,809 1.02313,0232,400 MONGODB INC USD 152.090 320,527 0.89355,5202,300 MSCI USD 238.790 482,277 1.34442,5444,800 PAYPAL HOLDINGS INC WI USD 114.460 482,445 1.34442,6103,600 RH REGISTERED SHS USD 115.600 365,437 1.01363,3214,400 SYNOPSYS USD 128.690 497,222 1.39444,6414,700 T ROWE PRICE GROUP INC USD 109.710 452,790 1.25439,9873,000 VISA INC -A- USD 173.550 457,192 1.27432,1973,900 XILINX INC USD 117.920 403,836 1.12365,726

36.7013,241,64412,820,142TOTAL UNITED STATES OF AMERICA

TOTAL EQUITIES 66.8824,133,94323,487,754

Ccy

14




security

Marketvalue

(see notes)

% ofnet

assets

1,800,000 ONTARIO (PROV.OF) 4.00 09-19 03/12A EUR 101.931 1,834,757 5.081,853,460

CANADA

BONDS

5.081,834,7571,853,460TOTAL CANADA

1,800,000 FRENCH REP ZCP 29-01-20 EUR 100.365 1,806,561 5.011,800,000

FRANCE

5.011,806,5611,800,000TOTAL FRANCE

1,500,000 BRD 0.00 15-20 17/04A EUR 100.543 1,508,138 4.181,508,250

GERMANY

4.181,508,1381,508,250TOTAL GERMANY

1,800,000 SPAI LETR DEL TESO ZCP 12-06-20 EUR 100.406 1,807,502 5.011,806,660

SPAIN

5.011,807,5021,806,660TOTAL SPAIN

TOTAL BONDS 19.286,956,9586,968,370

TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET

86.1631,090,90130,456,124

TOTAL INVESTMENT IN SECURITIES 86.1631,090,90130,456,124

Cash/(bank overdraft) 16.125,818,326Other assets and liabilities (2.28)(825,176)

TOTAL NET ASSETS 100.0036,084,051

Ccy

15


GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENT IN SECURITIES

June 30, 2019(in %)

United States of America 36.70Cayman Islands 6.41Australia 5.66Germany 5.21Canada 5.08France 5.01Spain 5.01Taiwan 4.76South Korea 3.05Ireland 1.35Thailand 1.07China 1.04The Netherlands 1.02Japan 1.00United Kingdom 0.99Finland 0.95Israël 0.93Hong Kong 0.92

TOTAL INVESTMENT IN SECURITIES

Other assets/(liabilities) and liquid assets 13.84NET ASSETS 100.00

86.16

% ofnet

assets

COUNTRIES

16


ECONOMIC CLASSIFICATIONOF THE INVESTMENT IN SECURITIES

June 30, 2019(in %)

Internet and software services 18.75Countries and central governments 14.20Holding and finance companies 7.89Electronics and semiconductors 7.47Cantons, Federal States, Provinces Etc. 5.08Banks and other credit institutions 3.64Oil 3.43Miscellaneous services 2.62Electrotechnical and electronic industry 2.62Retail trade 2.46Biotechnology 2.27Road vehicles 2.15Textiles and clothing industry 1.95Hotels, restaurants and leisure 1.88Office supplies and computers 1.25Pharmaceutical and cosmetics industry 1.25Graphic industry and publishing houses 1.18Mechanical engineering and industrial equipment 1.17Precious stones and metals 1.06Transportation 1.04Aeronautical and astronomical industry 1.02Data transmission 0.95Miscellaneous consumer goods 0.83

ECONOMIC SECTORS % ofnet

assets

TOTAL INVESTMENT IN SECURITIES

Other assets/(liabilities) and liquid assets 13.84NET ASSETS 100.00

86.16


17

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2019 GENERAL

SPECIAL OPPORTUNITIES FUND SICAV (formerly ASIAN SPECIAL OPPORTUNITIES FUND SICAV) (the "Company") is an undertaking for collective investment in transferable securities (a "UCITS"), incorporated under the laws of the Grand Duchy of Luxembourg as an investment company with variable capital (société d'investissement à capital variable) for the purpose of the Council Directive 2009/65/CE, as amended (the “UCITS Directive”). The Company is registered in the Grand Duchy of Luxembourg pursuant to Part I of the Luxembourg law of 17 December 2010, as amended, on collective investment undertakings (the "Law of 2010"). (See note) The Company is registered on the Registre de Commerce et des Sociétés de Luxembourg under number B 171 173. The main objective of the Company is to provide investors with a choice of professionally managed sub-funds (the "Sub-Funds", each a "Sub-Fund") investing in a wide range of transferable securities, most of them being quoted on one or several official stock exchanges and/or other liquid financial assets permitted by law in order to achieve an optimum return from capital invested, while reducing investment risk through diversification. The name of the Sub-Fund was changed to Special Opportunities Fund SICAV and the reference currency to EUR from March 25, 2019. As at June 30, 2019, the Company offers the following Sub-Fund: - Special Opportunities Fund SICAV - World Select

Fund The main objective of Special Opportunities Fund SICAV - World Select Fund is to achieve long-term capital appreciation principally by investing in securities listed on stock exchanges or dealt in on regulated markets of countries throughout North & South America, Western Europe and Asia. As at June 30, 2019, the following Classes of Shares are active:

- Class I – USD - Class I – EUR - Class F1 – USD - Class F1 – EUR - Class F1 – CHF - Class W – USD - Class W – EUR - Class W – CHF - Class W – GBP - Class J – EUR - Class J – CHF

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company prepares its financial statements in conformity with legal and regulatory requirements in Luxembourg. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported assets and liabilities and disclosure of contingent assets and liabilities during the reporting period. Actual results could differ from those estimates. The significant accounting policies used by the Company are as follows: a) Financial statements

The statements are expressed in EUR, being the currency of the Sub-Fund. All figures disclosed in the financial statements are reported without decimals. As a result, small rounding differences may occur.

b) Valuation of investment in securities

Securities listed on an exchange are valued at the last sale price reflected on the consolidated tape at the close of the exchange on the Business Day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the security is valued in good faith at fair value by, or in accordance with procedures established by the Management Company.

Securities traded on more than one exchange are valued in accordance with the above paragraph by reference to the principal exchange on which the securities are traded.

Securities traded on the OTC market, including securities listed on an exchange whose primary market is believed to be OTC are valued at the mean of the current bid and ask prices.


18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

c) Valuation of OTC, other derivatives and other

securities

OTC and other derivatives are valued on the basis of a quoted bid price or spread from a major broker-dealer in such security. All other securities are valued in accordance with readily available market quotations as determined in accordance with procedures established by the Management Company. In the event that extraordinary circumstances render such a valuation impracticable or inadequate, the Management Company is authorised to follow other rules prudently and in good faith in order to achieve a fair valuation of the assets of the Company.

Contracts for difference are valued based on the closing market price of the underlying security, less any financing charges attributable to each contract.

d) Income and expense recognition

Dividends are taken into account on the date upon which the relevant investments are first listed as ex-dividend. Interest income is accrued on a daily basis. Income is recorded net of withholding tax, if any. Expenses are accounted for on an accrual basis. Expenses are charged to the Statement of Operations and Changes in Net Assets except for expenses incurred on the acquisition of an investment which are included within the cost of that investment, and the expenses incurred on the disposal of an investment which are deducted from the disposal proceeds.

e) Conversion on foreign currency

Assets and liabilities expressed in currencies other than the Sub-Fund’s reporting currency are converted into the reporting currency at the exchange rates prevailing on the Valuation date. Income and expenses in currencies other than the Sub-Fund’s reporting currency are converted at the rate of exchange prevailing at payment date.

ISSUE, CONVERSION AND REPURCHASE OF SHARES

Special Opportunities Fund SICAV - World Select Fund The minimum subscription amount is EUR 10,000,000 for Class I and F1, 1,000,000 for Class W and 10,000 for Class J. For Class I, Class F1, Class W and Class J Shares, a one-time Entry Fee of up to 5% may be charged at subscription and calculated in the daily Net Asset Value.

The Global Distributor receives the Entry Fee. No redemption fee is applied to the Sub-Fund. No conversion fee is applied to the Sub-Fund.

EXCHANGE RATES AS AT JUNE 30, 2019

1 EUR = 1.6228 AUD 1 EUR = 1.4881 CAD 1 EUR = 7.8216 CNY 1 EUR = 1.11035 CHF 1 EUR = 0.8948 GBP 1 EUR = 8.8969 HKD 1 EUR = 122.69435 JPY 1 EUR = 1314.91545 KRW 1 EUR = 10.566 SEK 1 EUR = 1.54075 SGD 1 EUR = 34.92415 THB 1 EUR = 35.3706 TWD 1 EUR = 1.1388 USD

MANAGEMENT COMPANY FEES, INVESTMENT MANAGEMENT FEES

Pursuant to the Management Agreement dated August 1, 2012, EDMOND DE ROTHSCHILD ASSET MANAGEMENT (LUXEMBOURG) has been designated as the Management Company of the Company in accordance with the provisions of the Law of 2010. The Management Company is entitled to receive a Management Company Fee of a maximum 0.075% p.a. of the total net assets of the Company (with a minimum of EUR 50,000 p.a.). The Management Company Fee includes the Depositary bank and Administrative fees. These fees are charged to the Sub-Fund in proportion to its net assets. The Management Company, Depositary bank and Administrative Agent fees are disclosed under the caption “Depositary and Safekeeping, Registrar, Administrative Agent, Transfer and Paying Agent fees and Management Company Fee” in the Statement of operations and Changes in net assets. Pursuant to the Investment Management Agreement dated August 1, 2012, the Management Company has appointed OP INVESTMENT MANAGEMENT LIMITED as Investment Manager to manage the assets of the Sub-Fund. The Investment Manager is entitled to receive an Investment Management Fee calculated as a percentage of the total net assets of the Sub-Fund. The Investment Manager may appoint one or more investment advisors subject to the prior approval of the Management Company.


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For Special Opportunities Fund SICAV - World Select Fund : - Class I: 1.925% p.a. - Class F: 0.925% p.a. - Class W: 1% p.a. - Class J: 2% p.a. The Management Company (as administrative agent) is also entitled to receive an Administrative Agent Fee that is calculated on the basis of total quarter end net asset value and is paid quarterly in arrears to the Management Company by the Company. This fee is disclosed under the caption “Depositary and Safekeeping, Registrar, Administrative Agent, Transfer and Paying Agent fees and Management Company Fee” in the Statement of operations and Changes in net assets.

PERFORMANCE FEES Special Opportunities Fund SICAV - World Select Fund For each Class, the Investment Manager receives out of the assets of the Sub-Fund a Performance Fee, calculated and is accrued on each Valuation Day, based on the Net Asset Value per Share of the relevant Class, subject to a High Water Mark (as defined below) and paid annually as at the end of the relevant Calculation Period (as defined below), equivalent to: - For Classes H, I and J: up to 20% (twenty per cent) of

the performance of the Net Asset Value per Share of the relevant Class subject to the High Water Mark.

- For Classes F1 and W: up to 10% (ten per cent) of the

performance of the Net Asset Value per Share of the relevant Class subject to the High Water Mark.

The Performance Fee is calculated on the basis of the Net Asset Value of the relevant Class after deduction of all expenses, liabilities, and the Investment Management Fee (but not the Performance Fee) attributable to that Class and is adjusted to take into account all subscriptions and redemptions that have taken place during the relevant Calculation Period. The High Water Mark in respect of each Class is the greater of the following figures: - the latest highest Net Asset Value per Share of that

Class on which a Performance Fee has been paid; or - the initial Net Asset Value per Share of that Class (i.e.,

the Net Asset Value per Share of that Class upon issue of the first Shares of that Class).

The first Calculation Period began on the date each Class was launched and terminated at the end of the relevant

financial year, i.e. 31 December of the Class’ specific launch year. Thereafter, the Calculation Period corresponds to the fiscal year of the Company. For the period ended June 30, 2019, there is no performance fee.

FORMATION EXPENSES The formation expenses are paid by the Company and will be amortised over a five-year period in equal instalments. DEPOSITARY BANK AND DOMICILIARY

AGENT FEES Edmond de Rothschild (Europe) has been appointed, in accordance with the Depositary Bank Agreement signed on August 1, 2012, as amended on May 1, 2015 as per signed Service Fees Proposal, as Depositary of the Company for: (i) the supervision/oversight of all assets of the Company, including those that are not entrusted to, or kept in safe custody by, the Depositary Bank, as well as for (ii) the custody/safekeeping of the assets of the Company that are entrusted to, or kept in safe custody by, the Depositary Bank and the operations concerning the day-to-day administration of such assets. Edmond de Rothschild (Europe) has also been appointed as Domiciliary Agent of the Company. As remuneration for its services, Edmond de Rothschild (Europe) is entitled to receive a fee payable quarterly and based on the net assets of the Company. This fee is in line with Luxembourg practice. The Depositary bank fee is disclosed under the caption “Depositary and Safekeeping, Registrar, Administrative Agent, Transfer and Paying Agent fees and Management Company Fee” in the Statement of operations and Changes in net assets.

ANNUAL TAX Under current law and practice, the Company is not liable to any Luxembourg income tax. But the Company is liable in Luxembourg to a subscription tax of 0.05% per annum of its net assets, such tax being payable quarterly on the basis of the net asset value of the Company at the end of each quarter. The rate of the subscription tax can be reduced to 0.01% for Sub-Funds of a Luxembourg SICAV as well as for individual Classes of Shares issued within such SICAV or within a Sub-Fund of the latter provided that the shares of such Sub-Funds or classes of shares are reserved for institutional investors as defined by the Luxembourg supervisory authority.


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No tax will be charged on the value of the Company's investments in other Luxembourg undertakings for collective investment.

DISTRIBUTION FEES AND RETROCESSIONS

For certain Classes of Shares, a Distribution Fee in favour of a distributor may be charged on the Net Asset Value of the relevant Class. The Distribution Fee is accrued daily and paid periodically in arrears. A distributor has the right, at its own discretion, to retrocede the distribution fee, in whole or in part, to any sub-distributor. The Investment Manager may enter into retrocession fee arrangements with any distributor or any sub-distributor in relation to their distribution services. Any retrocession fee will be paid by the Investment Manager out of its own assets (or remuneration). The Investment Manager may instruct the Company from time to time in writing to pay a part of its own remuneration directly to the distributor(s). The Global Distributor may from time to time and at its sole discretion and out of its own resources decide to rebate to some or all shareholders (or their agents including the Directors) or to distributors, or business contributors part or all of its distribution fee.

SOFT COMMISSIONS The Company has authorised the Investment Manager and any of its affiliated persons to effect soft commission transactions by or through the agency of selected broker/dealers with whom the Investment Manager has arrangements under which these broker/dealers will, from time to time, provide to, or procure for the Investment Manager, goods and services or other benefits such as, but not limited to, consultancy, research and advisory services, computer hardware associated with specialised software or research services and performance methods, portfolio valuation and analysis, market price services, etc. The provision of such services can reasonably be expected to benefit the Company as a whole and may contribute an improvement to the Company’s performance and that of the Investment Manager in providing services to the Company and for which no direct payment is made but instead the Investment Manager and any of its affiliated persons undertake to place investment business with these broker/dealers. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general

administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments. The Investment Manager and any affiliated person shall not retain the benefit of any cash commission rebate, being cash commission repayment made by a broker/dealer to the Investment Manager and/or any affiliated persons paid or payable for any such broker/ dealer in respect of any investment business placed with such a broker/dealer by the Investment Manager or any affiliated persons for the account of and on behalf of the Company or a Sub-Fund of the Company. Any such cash commission rebate received from any such broker/dealer shall be held by the Investment Manager and any affiliated persons for the account of the relevant Sub-Fund.

COLLATERAL HELD AT BROKERS The total amount of cash collateral as at June 30, 2019 is disclosed in the statement of net assets under: - “Margin deposits” for the collateral relating to the

outstanding Forward foreign exchange contracts.

TRANSACTION FEES The total amount of transaction fees is included in the Statement of Operations and Changes in Net Assets and includes custodial and safekeeping fees, correspondent’s expenses and brokerage fees.

DELEGATION Edmond de Rothschild Asset Management (Luxembourg) and Edmond de Rothschild (Europe) may delegate all or part of their functions and duties to a sub-contractor which, having regard to the nature of the functions and duties to be delegated, must be qualified and capable of undertaking the duties in question.

CHANGES IN THE SECURITIES

PORTFOLIO A copy of the changes in the securities portfolio for the period ended June 30, 2019, is available free of charge at the Registered Office of the Company.


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CONTRACTS FOR DIFFERENCE A contract for difference (CFD) is a contract between two parties, typically described as "buyer" and "seller", stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time (if the difference is negative, then the buyer pays instead to the seller). In effect, CFDs are financial derivatives that allow for the taking of advantage of prices moving up (long positions) or prices moving down (short positions) on underlying financial instruments. As of June 30, 2019, the Sub-Fund Special Opportunities Fund SICAV – World Select Fund has entered into contracts for difference (“CFD”) with Goldman Sachs. As at June 30, 2019, the aggregate amount of commitments relating to long positions amounts to EUR 12,628,072 with a net unrealised appreciation (depreciation) of EUR 123,404. The aggregate amount of commitments relating to short positions amounts to EUR (36,175,198) with net unrealised appreciation (depreciation) of EUR (618,365).

DETAILS OF CONTRACTS FOR DIFFERENCE AS AT JUNE 30, 2019 For Special Opportunities Fund SICAV - World Select Fund (in EUR):

Underlying description Underlying Country

Maturity Date

Long Short Commitment (in EUR)

Unrealised (in EUR)

SHIDEIDO JPN 04.26.29 (6,600) 455,673 18,827 QUALCOM INC USA 05.21.29 (4,700) 309,847 (4,105) INFINEON TECHNOLOGIES REG SHS DEU 05.17.29 (21,388) 320,820 (11,763) CS GROUP AG CHE 05.31.29 (34,080) 352,963 (6,299) BOMBARDIER INC -B- CAN 05.09.29 (235,700) 355,730 7,273 TENARIS SA - REG.SHS LUX 04.04.29 35,208 405,596 (352) GRAFTON GRP UNITS CONS IRL 05.16.29 33,040 303,989 (6,378) WALT DISNEY HOLDING USA 05.16.29 (2,900) 358,132 2,533 AUTODESK INC USA 06.06.29 (2,500) 357,287 (326) PARTNERS GROUP HLDG NAMEN AKT CHE 05.15.29 522 353,713 6,870 UNITEDHEALTH GROUP INC USA 05.10.29 1,600 342,644 187 TESCO PLC GBR 05.16.29 123,917 309,648 4,300 ELIS SA FRA 04.03.29 (22,827) 359,982 (4,109) FLUTTER ENTERTAINMENT PLC IRL 04.05.29 (6,256) 397,162 (16,610) DASSAULT SYSTEMES SA FRA 04.03.29 2,471 344,705 1,977 BOLLORE INVESTISSEMENT FRA 04.18.29 (107,227) 416,041 0 CARREFOUR SA FRA 04.04.29 (27,005) 450,308 (8,237) ESSILORLUXOTTICA SA FRA 05.31.29 (3,370) 367,836 (18,872) AIR LIQUIDE SA FRA 04.04.29 (3,908) 471,696 (9,184) EVOTEC SE DEU 05.17.29 14,900 355,365 10,877 DIEBOLD NIXDORF USA 05.25.29 (41,400) 316,081 (16,923) BRAMBLES LTD AUS 04.05.29 (58,987) 464,876 (3,298) MONSTER BEVERAGE CORP USA 04.18.29 (6,100) 341,244 (663) BANKIA BEARER SHS ESP 04.04.29 (191,188) 390,597 (6,692) NETFLIX INC USA 04.03.29 (1,400) 446,020 (5,550) TENCENT CYM 05.10.29 7,900 310,679 2,413 RELX PLC GBR 04.12.29 (22,910) 493,197 4,299 SPOTIFY TECHNOLOGY LUX 04.25.29 (3,600) 449,960 (12,274) 8X8 INC USA 04.03.29 (16,200) 328,731 (14,104) A.P. MOELLER-MAERSK -A- DNK 04.03.29 (411) 408,250 (11,360) ALIBABA GR ADR CYM 05.31.29 2,500 371,603 390 AMERICAN INTERNATIONAL GROUP INC USA 04.03.29 (7,400) 340,157 (6,061) BILIBILI INC SADR CYM 05.17.29 (28,300) 397,529 (6,792) BIOMARIN PHARMACEUTICAL INC USA 04.03.29 (5,700) 415,881 (12,820) COVANTA HOLDING CORP USA 04.03.29 (28,700) 445,558 (5,809)


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Maturity Date


Unrealised (in EUR)

FEDEX CORP USA 06.01.29 (2,800) 393,857 (9,842) FORD MOTOR USA 04.03.29 (37,800) 329,491 (10,072) HESKA CORPORATION USA 04.03.29 (5,800) 418,688 (15,090) INOGEN INC USA 05.17.29 (5,400) 305,504 (11,060) MACERICH CO USA 04.03.29 (11,500) 325,710 (12,483) MATTEL USA 05.17.29 (38,100) 355,564 (19,481) NUTANIX -A- USA 04.03.29 (13,500) 296,147 (11,360) NVIDIA CORP USA 04.03.29 (2,800) 392,232 (11,565) PTC INC USA 04.03.29 (5,500) 422,091 (11,418) SEEK LTD AUS 04.05.29 (27,203) 353,362 (1,343) SPRINT SERIES -1- USA 04.03.29 (53,700) 309,853 45 STANDARD LIFE --- REGISTERED SHS GBR 04.03.29 (147,416) 476,972 (8,374) TERADATA USA 05.17.29 (11,400) 350,754 (8,124) UBIQUITI NETWORKS INC USA 05.17.29 (3,400) 384,276 (8,331) WAYFAIR INC USA 04.03.29 (3,300) 423,232 156 MAZDA MOTOR CORP JPN 04.05.29 (42,400) 384,693 (3,905) TANGSHAN JIDONG CEMENT CO CHN 04.09.29 177,500 386,554 13,080 HANGZHOU HIK-VISION DIG. TECHN CHN 04.09.29 90,900 303,661 16,864 CFD KAKAO KOR 04.04.29 (3,680) 362,611 (5,412) CFD SK TELEKOM KOR 04.05.29 (2,328) 458,782 234 CFD INDUST ALLIANCE CYM 04.06.29 (483,000) 453,912 (18,398) ABCAM PLC GBR 04.05.29 (21,792) 350,967 (8,012) AUTO TRADER GROUP PLC GBR 04.05.29 73,069 460,947 (13,615) FEVERTREE DRINKS PLC GBR 06.20.29 (12,960) 335,837 106 NEW WORLD DEVELOPMENT HKG 04.09.29 (284,000) 389,784 (293) NMC HEALTH PLC GBR 04.05.29 (15,702) 414,067 (7,613) OCADO GROUP PLC GBR 04.05.29 (27,661) 350,225 (10,530) MEDYTOX USD CFD KOR 05.17.29 (952) 321,186 (4,615) AMOREPACIFIC CORP CFD KOR 04.11.29 (2,826) 351,572 (1,970) LYFT INC USA 05.17.29 (7,000) 387,712 (16,195) REA GROUP AUS 04.16.29 (6,192) 361,721 (4,732) ANHUI CONCH CEMENT CO -H- CHN 04.18.29 76,000 414,493 3,652 INFOSYS LTD IND 04.16.29 (45,200) 423,812 (881) KEYENCE CORP JPN 04.19.29 800 429,270 1,915 KOSE CORP JPN 04.19.29 2,600 382,040 79 M3 JPN 04.19.29 (30,600) 496,050 4,981 YULON MOTOR TWN 04.18.29 (775,000) 502,868 3,301 AU OPTRONICS CORP TWN 04.25.29 (1,367,000) 350,934 (8,492) MANDO CORP. KOR 05.17.29 (15,800) 346,237 (8,235) SAMSUNG ENGINEERING CO LTD KOR 04.25.29 34,501 452,840 (2,855) CANOPY GROWTH CORP CAN 04.25.29 (10,200) 356,328 (6,063) NABORS INDUSTRIES LTD BMU 04.30.29 (172,800) 430,138 (9,904) PATTERSON-UTI ENERGY INC USA 04.30.29 (27,200) 290,446 15,532 SYNAPTICS INC USA 04.30.29 (10,500) 263,123 (5,554) TARGA RESOURCES CORP USA 04.30.29 (10,000) 336,617 (8,132) DOLBY LABORATORIES INC USA 05.03.29 6,200 352,237 (533) KIRKLAND LAKE GOLD CAN 05.03.29 12,500 472,815 1,112 GUANGDONG TAPAI GROUP CO LTD CHN 05.10.29 240,000 353,135 5,257 JIANGSU HENGLI HYDRAULIC CO LTD CHN 05.10.29 91,800 360,861 7,437 NIPPON YUSEN KABUSHIKI KAISHA JPN 05.10.29 (22,800) 312,211 (9,085) TENCENT MUSIC ENTERTAINMENT CYM 05.10.29 23,500 304,679 4,651 UNITED MICROELECTRONICS CORP TWN 05.11.29 (716,000) 279,358 (3,029) CFD INFOMART CORP JPN 05.15.29 (27,000) 390,535 20,616 UBER TECHNOLOGIES INC USA 05.14.29 (10,000) 373,824 (33,447) JD SPORTS FASHION PLC GBR 05.16.29 48,387 316,892 208 SNAP INC USA 05.16.29 (37,200) 481,319 14,196


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Maturity Date


Unrealised (in EUR)

ZOETIS INC USA 05.16.29 (3,800) 377,861 (838) SCHIBSTED ASA NOR 05.17.29 (15,156) 356,326 (10,965) MELEXIS NV BEL 05.09.29 (4,815) 270,844 (15,649) A-LIVING SERVICES CO., LTD CHN 05.18.29 264,000 399,818 (7,537) THE TRADE DESK INC USA 05.18.29 2,000 397,484 2,551 JIANGSU YANGHE BREWERY CHN 05.24.29 22,300 344,471 2,106 SZ INOVANCE TEC CHN 05.24.29 (113,300) 333,419 1,555 HONGFA TECHNOLOGY CO LTD CHN 05.24.29 (119,000) 364,910 (4,797) CARVANA REGISTERED SHS -A- USA 05.21.29 (5,600) 290,960 (16,824) GLU MOBILE USA 05.23.29 43,400 264,546 9,086 SHENZHEN LUXSHARE CHN 05.25.29 (134,000) 391,088 (33,615) MEDIA TEK INCORPORATION TWN 05.21.29 (42,000) 368,706 (4,146) CFD SHANGHAI 2345 NETWORK HLD CHN 05.25.29 663,780 334,307 (4,182) CFD IGG INC CYM 05.24.29 330,000 315,332 7,735 CFD NCR CORP USA 05.25.29 (12,200) 330,298 (2,877) CFD TESLA MOTORS INC USA 05.25.29 (2,000) 385,733 (6,715) CFD LUZHOU LAOJIAO CO LTD CHN 05.31.29 36,900 363,218 18,114 THE TORONTO-DOMINION BANK CAN 05.30.29 6,900 352,728 2,079 ABBVIE INC USA 06.01.29 4,900 293,078 19,820 APOLLO GLOBAL MANAGEMENT USA 06.01.29 (12,700) 374,443 (8,074) CONSTELLATION SOFTWARE CAN 06.01.29 (500) 403,024 (11,683) EXPERIAN PLC JEY 06.01.29 (13,100) 349,686 665 HANESBRANDS INC USA 06.01.29 (25,100) 373,553 (5,989) HYATT HOTELS CORP USA 06.01.29 (5,300) 342,875 (11,435) IDEXX LABORATORIES INC USA 06.01.29 1,600 379,826 7,009 CFD RETAIL PROPERTIES OF AMERICA INC USA 06.01.29 (32,600) 327,176 (9,473) VEEVA SYSTEMS INC USA 06.01.29 2,800 383,020 15,564 ROLLS ROYCE HOLDINGS GBR 06.04.29 (36,000) 341,134 3,020 ZILLOW GROUP INC USA 06.06.29 (9,100) 351,465 (19,231) KRUNGTHAI CARD PUBLIC COMPANY LTD TWN 06.11.29 283,600 357,816 (6,607) CFD COSCO SHIPPING ENERGY TRANSP CHN 06.14.29 425,900 354,062 (670) CFD WPX ENERGY INC USA 06.13.29 (35,700) 360,172 (653) ZSCALER INC USA 06.13.29 (5,200) 339,836 (10,118) ALNYLAM PHARMACEUTICALS INC USA 06.14.29 (5,700) 348,397 (14,785) CFD CHESAPEAKE ENERGY CORP USA 06.20.29 (223,400) 375,314 (7,221) CFD EASYJET PLC GBR 06.20.29 (35,330) 339,668 (36,691) APPLE USA 04.03.29 (2,600) 456,927 5,055 BOEING USA 05.31.29 (1,100) 362,771 11,163 DAIMLER NAMEN-AKT DEU 04.03.29 (9,796) 471,335 (7,935) COCA-COLA CO USA 04.03.29 (10,700) 481,119 2,682 48,803,269 (494,961)

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FORWARD FOREIGN EXCHANGE CONTRACTS

SPECIAL OPPORTUNITIES FUND SICAV - WORLD SELECT FUND

Sale Purchase Maturity

EUR 729,655 USD 850,000 03.20.20 2,492 * EDMOND DE ROTHSCHILD(EUROPE)

Unrealised inEUR

Counterparties

EUR 4,638,794 GBP 4,000,000 03.20.20 (211,778) * EDMOND DE ROTHSCHILD(EUROPE)

EUR 120,125 CHF 135,000 03.20.20 1,820 * EDMOND DE ROTHSCHILD(EUROPE)

EUR 10,523,461 USD 12,155,000 03.20.20 (55,500) * EDMOND DE ROTHSCHILD(EUROPE)



EUR 607,859 USD 705,000 03.20.20 (660) * EDMOND DE ROTHSCHILD(EUROPE)

The unrealised gain/(loss) result on the outstanding forward foreign exchange contract(s) as at June 30, 2019 for SPECIALOPPORTUNITIES FUND SICAV - WORLD SELECT FUND is included in the statement of net assets.

(259,871)

As at June 30, 2019, the following forward foreign exchange contract(s) was (were) outstanding:

The value of investments for holders of shares belonging to a class denominated in a currency other than the reference currency of theSub-Fund that issued these shares may increase or decrease due to exchange rate fluctuations between the two currencies. To avoidsuch risk, in the case of share classes denominated in currencies other than the Sub-Fund's reference currency, an exchange rate riskhedge transaction will be executed.

Forward foreign exchange contracts marked with a * are those specifically related to Share Class Hedging.

SPECIAL OPPORTUNITIES FUND SICAV

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