Twenty First Funds

Société d'Investissement à Capital Variable

Unaudited semi-annual report as at 30/06/20

RCS Luxembourg B197170

Database Publishing System: CO-Reporter® by CO-Link, Belgium. Twenty First Funds Table of Contents

Page

Organisation and Administration of the SICAV 3

Twenty First Funds - Consolidated 4

Twenty First Funds - Tactical Long/Short 7 Twenty First Funds - Exclusif 21 11 Twenty First Funds - Rendement Euro Plus 15 Twenty First Funds - Smidcaps Flex (closed from 4 March 2020) 20 Twenty First Funds - Q Capital Managed Futures 23 Twenty First Funds - ID France Smidcaps 27

Notes to the financial statements - Schedule of derivative instruments 31

Other notes to the financial statements 36

Additionnal notes 47

No subscription can be received on the basis of these audited financial statements. Subscriptions may only be accepted on the basis of the current prospectus accompanied by an application form, the latest available audited financial statements or unaudited semi-annual report or the KIID of the Sicav if published thereafter.

Page 2 Twenty First Funds

Organisation and Administration of the SICAV

Board of the Directors of the SICAV Stanislas Bernard, CEO of Twenty First Capital Jean-Edouard Mazery, Managing Director of Twenty First Capital (until 17 January 2020) Bertrand Gibeau, Independent Director Vanessa Bernard-Nelidow, Permanent Representative of Twenty First Capital Luxembourg Branch Kareen Wagner

Management Company Twenty First Capital 160, Boulevard Haussmann F-75008 Paris, France

Management Board of the Management Company Stanislas Bernard, CEO of Twenty First Capital Chrys Iliou, Managing Director of Twenty First Capital – Chief Compliance Officer Benjamin Perray, Managing Director of Twenty First Capital - Chief Investment Officer

Supervisory Board of the Management Company Henri Danguy des Déserts, Chairman of the Supervisory Board Christine Leroy, Chairman of Capital Managers & Associés Hervé Touchais, Development Director of La Compagnie Benjamin de Rothschild SA - Genève LBO France Gestion, represented by Robert Daussun Marie-Astrid Auriol, Managing Director of LBO France Gestion

Investment Manager For Twenty First Funds - Q Capital Managed Futures (formerly Q Capital Managed Futures Fund) : Q Capital Management Limited 65 Queen Street West Suite 530, Toronto, Ontario, M5H 2M5, Canada

Depositary, Registrar and Administration Agent CACEIS Bank, Luxembourg Branch 5, Allée Scheffer L-2520 Luxembourg

Principal Placement Agent Twenty First Capital 160, Boulevard Haussmann F-75008 Paris, France

Auditors Ernst &Young S.A. 35E Avenue John F. Kennedy L-1855 Luxembourg

Legal Advisors

Arendt & Medernach SA 41, Avenue JF Kennedy L-2082 Luxembourg

Page 3 Twenty First Funds Consolidated

Page 4 Twenty First Funds Consolidated Financial Statements as at 30/06/20 Statement of net assets as at 30/06/20 Expressed in EUR

Assets 110,575,239.21 Securities portfolio at market value 100,161,611.30 Cost price 98,268,504.93 Unrealised profit on the securities portfolio 1,893,106.37 Options purchased at market value 182,900.00 Options purchased at cost 203,300.00 Cash at banks and liquidities 8,109,207.22 Interest receivable Note 2 235,197.57 Formation expenses Note 2 68,968.36 Receivable on sale of securities 907,173.25 Subscriptions receivable 5,847.40 Dividends receivable Note 2 47,498.92 Unrealised profit on financial futures Note 2 1,347.02 Other assets 855,488.17 Liabilities 4,975,545.96 Bank overdrafts 2,822,884.49 Payable on purchase of securities 768,166.85 Administration fees 17,783.83 Directors fees payable 11,501.08 Taxe d'abonnement payable Note 4 9,517.92 Performance fees Note 6 46,299.68 Redemptions payable 35,719.15 Unrealised loss on forward foreign exchange contracts Note 2 2,327.94 Unrealised loss on financial futures Note 2 154,209.14 Accrued management fees Note 5 132,105.72 Accrued custodian & sub-custodian fees 22,701.76 Accrued administrative fees 46,337.99 Accrued professionnal fees 37,061.71 Other liabilities 868,928.70 Net asset value 105,599,693.25

The accompanying notes form an integral part of these financial statements Page 5 Twenty First Funds Consolidated Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20

Expressed in EUR

Income 997,439.50 Net dividends Note 2 492,997.38 Net interest on bonds Note 2 448,419.28 Bank interest on cash account 16,767.82 Other financial income 39,255.02 Expenses 1,959,574.74 Amortisation of formation expenses Note 2 20,643.97 Advisory fees 274,056.98 Management fees Note 5 721,227.23 Custodian & sub-custodian fees 46,384.20 Taxe d'abonnement Note 4 18,447.31 Administrative expenses 131,338.28 Performance fees Note 6 65,598.03 Domiciliation fees 5,035.88 Professional fees 25,698.67 Bank interest on overdrafts 25,934.61 Legal fees 40,756.62 Transaction fees 380,848.56 Publication and printing fees 5,622.95 Other expenses 197,981.45 Net loss from investments -962,135.24 Net realised profit / loss on: - sales of investment securities Note 2 -6,206,942.89 - options Note 2 846,853.00 - forward foreign exchange contracts Note 2 8,298.07 - financial futures Note 2 -2,394,888.00 - foreign exchange Note 2 -57,808.08 Net realised loss -8,766,623.14 Movement in net unrealised appreciation / depreciation on: - investments -7,423,488.11 - options 9,900.00 - forward foreign exchange contracts -3,401.03 - financial futures 255,445.23 Decrease in net assets as a result of operations -15,928,167.05 Dividends Note 7 -35,320.80 Subscription capitalisation shares 7,401,066.63 Redemption capitalisation shares -41,373,023.82 Redemption distribution shares -137,096.27 Decrease in net assets -50,072,541.31

Reevaluation of opening consolidated NAV -14,355.06

Net assets at the beginning of the period 155,686,589.62

Net assets at the end of the period 105,599,693.25

The accompanying notes form an integral part of these financial statements Page 6 Twenty First Funds - Tactical Long/Short

Page 7 Twenty First Funds - Tactical Long/Short Financial Statements as at 30/06/20 Statement of net assets as at 30/06/20 Expressed in EUR

Assets 10,456,078.70 Securities portfolio at market value 9,654,809.96 Cost price 9,665,606.46 Unrealised loss on the securities portfolio -10,796.50 Cash at banks and liquidities 763,369.21 Interest receivable Note 2 10,421.37 Formation expenses Note 2 26,131.14 Unrealised profit on financial futures Note 2 1,347.02 Liabilities 82,996.45 Bank overdrafts 11,789.75 Directors fees payable 2,327.07 Taxe d'abonnement payable Note 4 1,115.64 Accrued management fees Note 5 15,306.48 Accrued custodian & sub-custodian fees 1,579.78 Accrued administrative fees 3,204.04 Accrued professionnal fees 6,606.27 Other liabilities 41,067.42 Net asset value 10,373,082.25

Key figures

Period ending as at: 30/06/20 31/12/19 31/12/18

Total Net Assets EUR 10,373,082.25 7,891,206.81 9,951,698.34 A - EUR - Capitalisation Number of shares 18,944.1800 10,505.0000 31,346.2200 Net asset value per share EUR 95.57 96.48 91.40 B - EUR - Capitalisation Number of shares 91,400.6600 72,560.0000 78,665.0200 Net asset value per share EUR 93.68 94.79 90.09

The accompanying notes form an integral part of these financial statements Page 8 Twenty First Funds - Tactical Long/Short Securities portfolio as at 30/06/20 Expressed in EUR Quotation % of net Quantity Denomination Market value currency assets

Transferable securities admitted to an official stock exchange listing 9,654,809.96 93.08 Bonds 9,654,809.96 93.08 Italy 6,953,145.75 67.04 600,000.00 ITALY ZCP 13-11-20 EUR 600,054.62 5.78 600,000.00 ITALY ZCP 14-01-21 EUR 601,820.09 5.80 1,250,000.00 ITALY ZCP 14-04-21 EUR 1,247,677.93 12.03 1,500,000.00 ITALY ZCP 14-05-21 EUR 1,499,944.00 14.46 1,800,000.00 ITALY ZCP 14-07-20 EUR 1,803,451.81 17.39 400,000.00 ITALY ZCP 14-12-20 EUR 400,940.20 3.87 800,000.00 ITALY ZCP 30-09-20 EUR 799,257.10 7.71 Portugal 2,701,664.21 26.04 1,300,000.00 PORTUGAL 3.85 05-21 15/04A EUR 1,345,753.50 12.98 500,000.00 PORTUGAL ZCP 15-01-21 EUR 502,489.56 4.84 300,000.00 PORTUGAL ZCP 17-07-20 EUR 301,283.47 2.90 50,000.00 PORTUGAL ZCP 18-09-20 EUR 50,218.95 0.48 100,000.00 PORTUGAL ZCP 19-03-21 EUR 100,339.95 0.97 400,000.00 PORTUGAL ZCP 21-05-21 EUR 401,578.78 3.87

Total securities portfolio 9,654,809.96 93.08

The accompanying notes form an integral part of these financial statements Page 9 Twenty First Funds - Tactical Long/Short Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20 Expressed in EUR

Income 351.39 Bank interest on cash account 351.39 Expenses 119,585.12 Amortisation of formation expenses Note 2 4,889.84 Management fees Note 5 80,806.65 Custodian & sub-custodian fees 2,068.92 Taxe d'abonnement Note 4 2,158.32 Administrative expenses 4,818.21 Domiciliation fees 801.68 Professional fees 822.48 Bank interest on overdrafts 1,213.78 Legal fees 5,001.61 Transaction fees 2,253.90 Publication and printing fees 373.61 Other expenses 14,376.12 Net loss from investments -119,233.73 Net realised profit / loss on: - sales of investment securities Note 2 -2,704.56 - financial futures Note 2 -1,325.70 - foreign exchange Note 2 3,585.70 Net realised loss -119,678.29 Movement in net unrealised appreciation / depreciation on: - investments -9,418.25 - financial futures 1,347.02 Decrease in net assets as a result of operations -127,749.52 Subscription capitalisation shares 3,757,243.88 Redemption capitalisation shares -1,147,618.92 Increase in net assets 2,481,875.44

Net assets at the beginning of the period 7,891,206.81

Net assets at the end of the period 10,373,082.25

The accompanying notes form an integral part of these financial statements Page 10 Twenty First Funds - Exclusif 21

Page 11 Twenty First Funds - Exclusif 21 Financial Statements as at 30/06/20 Statement of net assets as at 30/06/20 Expressed in EUR

Assets 25,734,374.70 Securities portfolio at market value 22,039,982.09 Cost price 18,061,056.13 Unrealised profit on the securities portfolio 3,978,925.96 Options purchased at market value 182,900.00 Options purchased at cost 203,300.00 Cash at banks and liquidities 1,973,827.69 Receivable on sale of securities 710,881.45 Dividends receivable Note 2 26,498.92 Other assets 800,284.55 Liabilities 3,146,473.15 Bank overdrafts 1,440,266.36 Payable on purchase of securities 768,166.85 Administration fees 17,783.83 Performance fees Note 6 2.28 Unrealised loss on financial futures Note 2 117,947.96 Other liabilities 802,305.87 Net asset value 22,587,901.55

Key figures

Period ending as at: 30/06/20 31/12/19 31/12/18

Total Net Assets EUR 22,587,901.55 24,445,111.40 26,048,337.97 C - EUR - Capitalisation Number of shares 8,021.3200 9,643.6000 12,748.8100 Net asset value per share EUR 1,507.47 1,473.07 1,321.83 I - EUR - Capitalisation Number of shares 9,512.2400 9,527.7200 9,604.1300 Net asset value per share EUR 1,103.42 1,074.69 957.56

The accompanying notes form an integral part of these financial statements Page 12 Twenty First Funds - Exclusif 21 Securities portfolio as at 30/06/20 Expressed in EUR Quotation % of net Quantity Denomination Market value currency assets

Transferable securities admitted to an official stock exchange listing 21,621,165.09 95.72 Shares 21,621,165.09 95.72 Canada 1,239,745.06 5.49 10,000.00 FRANCO-NEVADA CORP CAD 1,239,745.06 5.49 Finland 972,125.00 4.30 250,000.00 NOKIA OYJ EUR 972,125.00 4.30 France 9,444,730.00 41.82 10,000.00 ATOS EUR 759,000.00 3.36 40,000.00 AXA SA EUR 744,480.00 3.30 30,000.00 BOUYGUES EUR 912,300.00 4.04 2,000.00 CHRISTIAN DIOR EUR 751,200.00 3.33 30,000.00 CIE DE SAINT-GOBAIN EUR 961,500.00 4.26 40,000.00 KLEPIERRE SA EUR 709,400.00 3.14 4,000.00 L'OREAL SA EUR 1,142,800.00 5.06 10,000.00 SCHNEIDER ELECTRIC SE EUR 988,800.00 4.38 30,000.00 TOTAL SA EUR 1,019,250.00 4.51 30,000.00 VIVENDI SA EUR 685,200.00 3.03 10,000.00 WORLDLINE SA EUR 770,800.00 3.41 Germany 700,800.00 3.10 3,000.00 ADIDAS NAMEN AKT EUR 700,800.00 3.10 Switzerland 1,909,748.65 8.45 10,000.00 NESTLE SA REG SHS CHF 984,167.25 4.35 3,000.00 ROCHE HOLDING AG GENUSSSCHEIN CHF 925,581.40 4.10 The Netherlands 2,459,800.00 10.89 6,000.00 ASM INTERNATIONAL NV EUR 825,300.00 3.65 5,000.00 ASML HLDG EUR 1,634,500.00 7.24 United Kingdom 926,402.64 4.10 10,000.00 ASTRAZENECA PLC GBP 926,402.64 4.10 United States of America 3,967,813.74 17.57 4,000.00 APPLE INC USD 1,299,203.13 5.76 15,000.00 CVS HEALTH USD 867,693.54 3.84 14,000.00 CYRUSONE INC USD 906,824.56 4.01 20,000.00 MASCO USD 894,092.51 3.96

Shares/Units of UCITS/UCIS 418,817.00 1.85 Shares/Units in investment funds 418,817.00 1.85 Luxembourg 418,817.00 1.85 1,900.00 TWENTY FIRST FDS - ID FRANCE SMIDCAPS I EUR 418,817.00 1.85

Total securities portfolio 22,039,982.09 97.57

The accompanying notes form an integral part of these financial statements Page 13 Twenty First Funds - Exclusif 21 Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20 Expressed in EUR

Income 247,194.91 Net dividends Note 2 247,106.63 Bank interest on cash account 88.28 Expenses 285,277.86 Management fees Note 5 64,227.03 Custodian & sub-custodian fees 6,509.38 Administrative expenses 64,092.16 Domiciliation fees 791.66 Professional fees 6,699.37 Bank interest on overdrafts 3,952.00 Legal fees 3,109.75 Transaction fees 120,080.33 Publication and printing fees 651.19 Other expenses 15,164.99 Net loss from investments -38,082.95 Net realised profit / loss on: - sales of investment securities Note 2 -1,106,703.97 - options Note 2 846,853.00 - financial futures Note 2 370,362.45 - foreign exchange Note 2 7,284.85 Net realised profit 79,713.38 Movement in net unrealised appreciation / depreciation on: - investments 556,250.09 - options 9,900.00 - financial futures -80,781.48 Increase in net assets as a result of operations 565,081.99 Subscription capitalisation shares 103,744.99 Redemption capitalisation shares -2,526,036.83 Decrease in net assets -1,857,209.85

Net assets at the beginning of the period 24,445,111.40

Net assets at the end of the period 22,587,901.55

The accompanying notes form an integral part of these financial statements Page 14 Twenty First Funds - Rendement Euro Plus

Page 15 Twenty First Funds - Rendement Euro Plus Financial Statements as at 30/06/20 Statement of net assets as at 30/06/20 Expressed in EUR

Assets 17,508,795.88 Securities portfolio at market value 17,112,626.29 Cost price 17,834,572.88 Unrealised loss on the securities portfolio -721,946.59 Cash at banks and liquidities 145,085.96 Interest receivable Note 2 193,552.86 Formation expenses Note 2 2,327.15 Other assets 55,203.62 Liabilities 85,500.48 Directors fees payable 4,957.91 Taxe d'abonnement payable Note 4 2,116.24 Performance fees Note 6 4,207.89 Redemptions payable 16,715.10 Accrued management fees Note 5 19,988.18 Accrued custodian & sub-custodian fees 4,922.15 Accrued administrative fees 10,122.00 Accrued professionnal fees 10,510.23 Other liabilities 11,960.78 Net asset value 17,423,295.40

Key figures

Period ending as at: 30/06/20 31/12/19 31/12/18

Total Net Assets EUR 17,423,295.40 24,559,130.50 36,248,559.57 C - EUR - Capitalisation Number of shares 123,831.5500 171,684.1900 272,175.1700 Net asset value per share EUR 115.44 122.67 116.14 D - EUR - Distribution Number of shares 30,854.4900 32,177.0500 43,235.3600 Net asset value per share EUR 93.28 100.28 96.86 Dividend per share 1.14 1.97 3.97 I - EUR - Distribution Number of shares 2,646.4100 2,713.2100 4,804.6400 Net asset value per share EUR 94.42 99.98 93.87 Dividend per share 0.00 0.00 0.00

The accompanying notes form an integral part of these financial statements Page 16 Twenty First Funds - Rendement Euro Plus Securities portfolio as at 30/06/20 Expressed in EUR Quotation % of net Quantity Denomination Market value currency assets

Transferable securities admitted to an official stock exchange listing 14,597,645.79 83.78 Bonds 8,581,150.79 49.25 Belgium 306,750.00 1.76 300,000.00 ANHEUSER-BUSCH 1.1250 19-27 01/07A EUR 306,750.00 1.76 France 2,577,969.50 14.81 200,000.00 ACCOR SA 1.25 17-24 25/01A EUR 192,277.00 1.10 400,000.00 BNP PARIBAS 4.032 14-XX 25/11A EUR 430,880.00 2.48 300,000.00 EUTELSAT SA 2.2500 19-27 13/07A EUR 304,326.00 1.75 700,000.00 FRANCE 1.00 16-27 25/05A EUR 766,990.00 4.41 200,000.00 LOXAM 4.5 19-27 15/04S EUR 157,351.00 0.90 4,500.00 MAISON DU MONDE-DY CV 0.125 17-23 06/12A EUR 166,567.50 0.96 300,000.00 MOBILUX FINANCE SA 5.50 16-24 15/11S EUR 287,937.00 1.65 300,000.00 PAPREC 4.0 18-25 29/03S EUR 271,641.00 1.56 Germany 2,085,987.50 11.97 200,000.00 CONSUS REAL ESTATE 9.625 19-24 15/05S EUR 218,012.00 1.25 200,000.00 CTC BONDCO REGS 5.25 17-25 15/12S EUR 196,053.00 1.13 1,000,000.00 GERMANY 0.50 18-28 15/02A EUR 1,087,230.00 6.23 300,000.00 NIDDA BOND CO GMBH 5.00 17-25 30/09S EUR 297,316.50 1.71 300,000.00 TECHEM VERWALTUNGSGES 2.00 20-25 15/07S EUR 287,376.00 1.65 Italy 1,186,746.98 6.81 300,000.00 ASSICURAZ GENERALI 7.75 12-42 12/12A EUR 347,721.00 2.00 300,000.00 ITALY 2.50 14-24 01/12S EUR 324,916.50 1.86 200,000.00 JUVENTUS FOOTBALL 3.375 19-24 19/02A EUR 195,564.00 1.12 300,000.00 KEDRION SPA 3 17-22 12/07A EUR 282,120.00 1.62 100,000.00 OFFICINE MACAFERR REGS5.75 14-21 01/06S EUR 36,425.48 0.21 Luxembourg 1,209,568.81 6.94 300,000.00 GRAND CITY PROPERTIES 1.7 20-24 09/04A EUR 311,938.50 1.79 100,000.00 INTRALOT CAPITAL LUX 5.25 17-24 15/09S EUR 23,005.00 0.13 300,000.00 LHMC FINCO SARL 6.2500 18-23 20/12S EUR 273,937.50 1.57 287,550.00 LSF9 BALTA ISSUER 7.75 15-22 15/09S EUR 186,172.81 1.07 200,000.00 PICARD BONDCO 5.50 17-24 30/11S EUR 199,957.00 1.15 200,000.00 ROSSINI SARL 6.75 18-25 30/10S EUR 214,558.00 1.23 Spain 154,004.00 0.88 200,000.00 TASTY BONDCO 1 SA 6.25 19-26 15/05S EUR 154,004.00 0.88 Sweden 298,059.00 1.71 300,000.00 UNILABS SUBHOLDING AB 5.75 17-25 15/05S EUR 298,059.00 1.71 The Netherlands 502,377.50 2.88 200,000.00 KONGSBERG ACTUATION 5 18-25 15/07 EUR 149,585.00 0.86 300,000.00 MAXEDA DIY HOLDING 6.125 17-22 15/07S EUR 277,288.50 1.59 200,000.00 SELECTA GROUP BV 5.875 18-24 01/02S EUR 75,504.00 0.43 United Kingdom 176,356.00 1.01 200,000.00 EASYJET PLC 1.125 16-23 18/10A EUR 176,356.00 1.01 United States of America 83,331.50 0.48 100,000.00 SUPERIOR IND INTL 6.00 17-25 15/06S EUR 83,331.50 0.48 Convertible bonds 229,800.00 1.32 France 229,800.00 1.32 8,000.00 ELIS SA CONV 0.00 17-23 06/10U EUR 229,800.00 1.32 Floating rate bonds 5,786,695.00 33.21 Austria 952,186.00 5.47 500,000.00 OMV AG FL.R 18-XX 19/06A EUR 503,710.00 2.90 400,000.00 UNIQA INSU GR AG EMTN FL.R 13-43 31/07A EUR 448,476.00 2.57 France 2,003,694.00 11.50 300,000.00 BNP PARIBAS SUB FL.R 15-XX 17/06S EUR 308,373.00 1.77 400,000.00 CNP ASSURANCES FL.R 14-XX 18/11A EUR 428,048.00 2.46 400,000.00 GROUPAMA SA FL.R 14-XX 28/05A EUR 442,216.00 2.54 500,000.00 ORANGE SA FL.R 19-XX 15/04A EUR 507,720.00 2.91 300,000.00 SOGECAP SA FL.R 14-49 29/12A EUR 317,337.00 1.82 Germany 682,548.00 3.92 500,000.00 BERTELSMANN SUB FL.R 15-17 23 04 A EUR 494,030.00 2.84 200,000.00 NOVEM GROUP GMB FL.R 19-24 15/05Q EUR 188,518.00 1.08 Italy 408,436.00 2.34 400,000.00 INTESA SAN PAOLO FL.R 14-XX 17/12A EUR 408,436.00 2.34

The accompanying notes form an integral part of these financial statements Page 17 Twenty First Funds - Rendement Euro Plus Securities portfolio as at 30/06/20 Expressed in EUR Quotation % of net Quantity Denomination Market value currency assets

Luxembourg 267,213.00 1.53 300,000.00 FIRE BC FL.R 18-24 28/09Q EUR 267,213.00 1.53 Spain 308,901.00 1.77 300,000.00 BANCO SANTANDER FL.R 17-XX 25/04Q EUR 308,901.00 1.77 The Netherlands 864,404.00 4.96 400,000.00 ACHMEA BV FL.R 13-17 04 04 A EUR 439,332.00 2.52 400,000.00 IBERDROLA INTL FL.R 19-XX 12/02A EUR 425,072.00 2.44 United Kingdom 299,313.00 1.72 300,000.00 HSBC HLDGS FL.R 14-XX 16/09S EUR 299,313.00 1.72

Transferable securities dealt in on another regulated market 731,440.00 4.20 Bonds 317,527.50 1.82 Luxembourg 317,527.50 1.82 300,000.00 ALTICE FRANCE HOLDING 8.0 19-27 15/05S EUR 317,527.50 1.82 Floating rate bonds 413,912.50 2.38 Italy 215,242.50 1.24 250,000.00 EVOCA S.P.A. FL.R 19-26 01/11Q EUR 215,242.50 1.24 The Netherlands 198,670.00 1.14 200,000.00 VOLKSWAGEN INTL FIN FL.R 18-XX 27/06A EUR 198,670.00 1.14

Shares/Units of UCITS/UCIS 1,783,540.50 10.24 Shares/Units in investment funds 1,783,540.50 10.24 France 1,485,960.00 8.53 14,000.00 RENDEMENT 25 C PARTS -C- EUR 1,485,960.00 8.53 Luxembourg 297,580.50 1.71 1,350.00 TWENTY FIRST FDS - ID FRANCE SMIDCAPS I EUR 297,580.50 1.71

Total securities portfolio 17,112,626.29 98.22

The accompanying notes form an integral part of these financial statements Page 18 Twenty First Funds - Rendement Euro Plus Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20 Expressed in EUR

Income 396,295.44 Net interest on bonds Note 2 358,429.57 Other financial income 37,865.87 Expenses 214,096.04 Amortisation of formation expenses Note 2 3,628.16 Management fees Note 5 134,882.51 Custodian & sub-custodian fees 7,760.38 Taxe d'abonnement Note 4 4,143.52 Administrative expenses 12,132.99 Performance fees Note 6 3,006.12 Domiciliation fees 951.51 Professional fees 4,140.21 Bank interest on overdrafts 637.86 Legal fees 11,972.69 Transaction fees 1,935.00 Publication and printing fees 1,999.58 Other expenses 26,905.51 Net income from investments 182,199.40 Net realised profit / loss on: - sales of investment securities Note 2 -190,474.48 - foreign exchange Note 2 -2.59 Net realised loss -8,277.67 Movement in net unrealised appreciation / depreciation on: - investments -1,399,604.75 Decrease in net assets as a result of operations -1,407,882.42 Dividends Note 7 -35,320.80 Subscription capitalisation shares 135,995.36 Redemption capitalisation shares -5,691,530.97 Redemption distribution shares -137,096.27 Decrease in net assets -7,135,835.10

Net assets at the beginning of the period 24,559,130.50

Net assets at the end of the period 17,423,295.40

The accompanying notes form an integral part of these financial statements Page 19 Twenty First Funds - Smidcaps Flex (closed from 4 March 2020)

Page 20 Twenty First Funds - Smidcaps Flex (closed from 4 March 2020) Key figures

Period ending as at: 04/03/20 31/12/19 31/12/18

Total Net Assets EUR 0.00 1,420,076.49 1,587,594.63 C - EUR - Capitalisation Number of shares 0.0000 16,341.0000 16,356.0000 Net asset value per share EUR 0.00 86.90 97.06

The accompanying notes form an integral part of these financial statements Page 21 Twenty First Funds - Smidcaps Flex (closed from 4 March 2020) Statement of Operations and Changes in Net Assets from 01/01/20 to 04/03/20 Expressed in EUR

Income 161.53 Other financial income 161.53 Expenses 37,683.25 Amortisation of formation expenses Note 2 4,554.83 Management fees Note 5 5,986.38 Custodian & sub-custodian fees 204.16 Taxe d'abonnement Note 4 129.50 Administrative expenses 793.44 Domiciliation fees 175.13 Professional fees 113.27 Bank interest on overdrafts 223.87 Legal fees 1,342.34 Transaction fees 134.20 Publication and printing fees 203.51 Other expenses 23,822.62 Net loss from investments -37,521.72 Net realised profit / loss on: - sales of investment securities Note 2 -117,376.65 - financial futures Note 2 118,305.00 Net realised loss -36,593.37 Movement in net unrealised appreciation / depreciation on: - investments -53,974.80 - financial futures 2,610.00 Decrease in net assets as a result of operations -87,958.17 Redemption capitalisation shares -1,332,118.32 Decrease in net assets -1,420,076.49

Net assets at the beginning of the period 1,420,076.49

Net assets at the end of the period 0.00

The accompanying notes form an integral part of these financial statements Page 22 Twenty First Funds - Q Capital Managed Futures

Page 23 Twenty First Funds - Q Capital Managed Futures Financial Statements as at 30/06/20 Statement of net assets as at 30/06/20 Expressed in USD

Assets 24,841,914.12 Securities portfolio at market value 19,532,066.49 Cost price 19,166,384.56 Unrealised profit on the securities portfolio 365,681.93 Cash at banks and liquidities 5,229,280.25 Interest receivable Note 2 35,068.49 Formation expenses Note 2 45,498.89 Liabilities 1,665,609.03 Bank overdrafts 1,539,645.94 Directors fees payable 4,618.40 Taxe d'abonnement payable Note 4 2,370.15 Unrealised loss on forward foreign exchange contracts Note 2 2,614.63 Unrealised loss on financial futures Note 2 40,726.74 Accrued management fees Note 5 47,363.44 Accrued custodian & sub-custodian fees 6,558.14 Accrued administrative fees 13,573.63 Accrued professionnal fees 5,464.09 Other liabilities 2,673.87 Net asset value 23,176,305.09

Key figures

Period ending as at: 30/06/20 31/12/19 31/12/18

Total Net Assets USD 23,176,305.09 27,841,468.19 12,470,918.28 I1 - EUR - Hedged - Capitalisation Number of shares 34,784.7400 38,899.4900 28,285.8100 Net asset value per share EUR 114.07 121.95 101.51 I1 - CHF - Capitalisation Number of shares 1,000.0000 0.0000 0.0000 Net asset value per share CHF 85.79 0.00 0.00 I1 - USD - Capitalisation Number of shares 6,834.4500 15,868.5500 1,550.0000 Net asset value per share USD 119.09 126.28 103.29 R1 - EUR - Hedged - Capitalisation Number of shares 135,919.8700 138,994.6700 74,713.4300 Net asset value per share EUR 111.06 119.51 100.51 R1 - GBP - Capitalisation Number of shares 705.6800 1,070.6800 0.0000 Net asset value per share GBP 91.38 97.98 0.00 R1 - USD - Capitalisation Number of shares 6,723.8500 13,940.4100 4,336.7600 Net asset value per share USD 116.19 123.94 102.36

The accompanying notes form an integral part of these financial statements Page 24 Twenty First Funds - Q Capital Managed Futures Securities portfolio as at 30/06/20 Expressed in USD Quotation % of net Quantity Denomination Market value currency assets

Transferable securities admitted to an official stock exchange listing 15,284,524.09 65.95 Bonds 15,284,524.09 65.95 United States of America 15,284,524.09 65.95 3,100,000.00 USA ZCP 06-10-20 USD 3,098,411.89 13.38 1,600,000.00 USA ZCP 09-07-20 USD 1,588,429.34 6.85 4,650,000.00 USA ZCP 15-09-20 USD 4,647,977.90 20.06 2,300,000.00 USA ZCP 16-07-20 USD 2,283,772.96 9.85 975,000.00 USA ZCP 23-07-20 USD 969,571.14 4.18 2,700,000.00 USA ZCP 25-02-21 USD 2,696,360.86 11.63

Transferable securities dealt in on another regulated market 4,247,542.40 18.33 Structured products 4,247,542.40 18.33 France 2,123,771.20 9.17 1,942,000.00 SOCIETE GENERALE SA 20-24 28/02U USD 2,123,771.20 9.17 Luxembourg 2,123,771.20 9.16 1,942,000.00 SG ISSUER SA 20-24 28/02U USD 2,123,771.20 9.16

Total securities portfolio 19,532,066.49 84.28

The accompanying notes form an integral part of these financial statements Page 25 Twenty First Funds - Q Capital Managed Futures Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20 Expressed in USD

Income 119,410.91 Net interest on bonds Note 2 101,071.95 Bank interest on cash account 18,338.96 Expenses 530,747.24 Amortisation of formation expenses Note 2 8,503.53 Advisory fees 307,807.11 Custodian & sub-custodian fees 12,069.62 Taxe d'abonnement Note 4 4,556.72 Administrative expenses 22,718.85 Performance fees Note 6 23,027.27 Domiciliation fees 1,353.80 Professional fees 5,813.02 Bank interest on overdrafts 16,846.12 Legal fees 8,743.51 Transaction fees 80,406.84 Publication and printing fees 2,230.08 Other expenses 36,670.77 Net loss from investments -411,336.33 Net realised profit / loss on: - sales of investment securities Note 2 2,000,838.48 - forward foreign exchange contracts Note 2 9,319.98 - financial futures Note 2 -3,237,176.44 - foreign exchange Note 2 -77,133.50 Net realised loss -1,715,487.81 Movement in net unrealised appreciation / depreciation on: - investments -579,321.99 - forward foreign exchange contracts -3,819.87 - financial futures 373,188.71 Decrease in net assets as a result of operations -1,925,440.96 Subscription capitalisation shares 3,104,375.72 Redemption capitalisation shares -5,844,097.86 Decrease in net assets -4,665,163.10

Net assets at the beginning of the period 27,841,468.19

Net assets at the end of the period 23,176,305.09

The accompanying notes form an integral part of these financial statements Page 26 Twenty First Funds - ID France Smidcaps

Page 27 Twenty First Funds - ID France Smidcaps Financial Statements as at 30/06/20 Statement of net assets as at 30/06/20 Expressed in EUR

Assets 34,757,917.16 Securities portfolio at market value 33,963,758.96 Cost price 35,642,421.46 Unrealised loss on the securities portfolio -1,678,662.50 Cash at banks and liquidities 571,019.00 Receivable on sale of securities 196,291.80 Subscriptions receivable 5,847.40 Dividends receivable Note 2 21,000.00 Liabilities 177,595.88 Directors fees payable 104.09 Taxe d'abonnement payable Note 4 4,175.77 Performance fees Note 6 42,089.51 Redemptions payable 19,004.05 Accrued management fees Note 5 54,640.88 Accrued custodian & sub-custodian fees 10,360.77 Accrued administrative fees 20,926.63 Accrued professionnal fees 15,080.24 Other liabilities 11,213.94 Net asset value 34,580,321.28

Key figures

Period ending as at: 30/06/20 31/12/19

Total Net Assets EUR 34,580,321.28 72,567,974.63 C - EUR - Capitalisation Number of shares 113,116.8500 199,693.6700 Net asset value per share EUR 292.80 346.82 I - EUR - Capitalisation Number of shares 6,621.5000 12,716.5000 Net asset value per share EUR 220.43 260.38

The accompanying notes form an integral part of these financial statements Page 28 Twenty First Funds - ID France Smidcaps Securities portfolio as at 30/06/20 Expressed in EUR Quotation % of net Quantity Denomination Market value currency assets

Transferable securities admitted to an official stock exchange listing 33,963,758.96 98.22 Shares 33,963,758.96 98.22 France 33,963,758.96 98.22 65,000.00 AKWELSA EUR 937,300.00 2.71 30,000.00 ALBIOMA EUR 1,098,000.00 3.18 35,000.00 ASSYSTEM EUR 778,750.00 2.25 30,000.00 AUBAY EUR 840,000.00 2.43 60,000.00 AXWAY SOFTWARE EUR 1,068,000.00 3.09 30,000.00 BASTIDE LE CONFORT MEDICAL EUR 1,041,000.00 3.01 70,000.00 BIGBEN INTERACTIVE EUR 784,000.00 2.27 185,000.00 CLARANOVA - SHS EUR 949,050.00 2.74 10,000.00 DEVOTEAM EUR 729,000.00 2.11 190,000.00 EKINOPS SA EUR 1,105,800.00 3.20 14,600.00 FOUNTAINE PAJOT TRAWLER CATAMARAN EUR 911,040.00 2.63 40,000.00 GROUP LDLC EUR 876,000.00 2.53 220,000.00 HIGH CO EUR 803,000.00 2.32 4,300.00 ID LOGISTICS EUR 741,320.00 2.14 22,310.00 INFOTEL EUR 767,464.00 2.22 10,000.00 IPSEN EUR 756,500.00 2.19 35,000.00 IPSOS SA EUR 780,500.00 2.26 38,000.00 LE BELIER EUR 1,337,600.00 3.87 95,236.00 LUMIBIRD SA EUR 1,081,880.96 3.13 80,000.00 MAISON DU MONDE SAS EUR 932,000.00 2.70 13,000.00 MANUTAN INTERNATIONAL EUR 670,800.00 1.94 120,000.00 MEDIAWAN SA EUR 1,435,200.00 4.14 35,000.00 MERSEN EUR 742,000.00 2.15 22,936.00 MICROWAVE VISION EUR 550,464.00 1.59 162,000.00 MUNIC --- SHS EUR 801,900.00 2.32 180,000.00 NACON SHS EUR 923,400.00 2.67 20,000.00 NEOEN SPA EUR 720,000.00 2.08 7,000.00 ORPEA SA EUR 720,300.00 2.08 12,000.00 PHARMAGEST INTERACTIVE EUR 936,000.00 2.71 5,000.00 PRECIA EUR 875,000.00 2.53 16,500.00 RUBIS EUR 705,870.00 2.04 30,000.00 SECHE ENVIRONNEMENT SA EUR 978,000.00 2.83 7,000.00 SOPRA STERIA GROUP EUR 767,900.00 2.22 18,000.00 THERMADOR EUR 936,000.00 2.71 500,000.00 VERIMATRIX SA EUR 1,130,000.00 3.27 5,000.00 VIRBAC SA EUR 975,000.00 2.82 35,000.00 WAVESTONE SA EUR 698,600.00 2.02 14,000.00 WORLDLINE SA EUR 1,079,120.00 3.12

Total securities portfolio 33,963,758.96 98.22

The accompanying notes form an integral part of these financial statements Page 29 Twenty First Funds - ID France Smidcaps Statement of Operations and Changes in Net Assets from 01/01/20 to 30/06/20 Expressed in EUR

Income 247,118.37 Net dividends Note 2 245,890.75 Other financial income 1,227.62 Expenses 830,380.07 Management fees Note 5 435,324.65 Custodian & sub-custodian fees 19,095.14 Taxe d'abonnement Note 4 7,958.88 Administrative expenses 29,273.68 Performance fees Note 6 42,089.51 Domiciliation fees 1,110.54 Professional fees 8,747.70 Bank interest on overdrafts 4,908.11 Legal fees 11,545.42 Transaction fees 184,854.66 Publication and printing fees 409.50 Other expenses 85,062.28 Net loss from investments -583,261.70 Net realised profit / loss on: - sales of investment securities Note 2 -6,571,135.76 Net realised loss -7,154,397.46 Movement in net unrealised appreciation / depreciation on: - investments -6,000,939.33 Decrease in net assets as a result of operations -13,155,336.79 Subscription capitalisation shares 640,092.16 Redemption capitalisation shares -25,472,408.72 Decrease in net assets -37,987,653.35

Net assets at the beginning of the period 72,567,974.63

Net assets at the end of the period 34,580,321.28

The accompanying notes form an integral part of these financial statements Page 30 Twenty First Funds Notes to the financial statements - Schedule of derivative instruments

Page 31 Twenty First Funds OPTIONS As at 30/06/20, the following option contracts were outstanding :

Twenty First Funds - Exclusif 21 Commitment Market value Unrealised Quantity Denomination Currency (in absolute value) (in EUR) (in EUR) Purchase of options Listed options Options on index 100.00 DJ EURO STOXX OCT 3500.0 16.10.20 CALL EUR 3,234,070.00 57,800.00 3,100.00 300.00 ESTX50 EUR P SEP 3500.0 18.09.20 CALL EUR 2,085,975.15 125,100.00 -23,500.00 Total Purchase of options 182,900.00 -20,400.00

Page 32 Twenty First Funds FORWARD FOREIGN EXCHANGE CONTRACTS As at 30/06/20, the following forward contracts were outstanding : The contracts market with a * are those specifically related to Share Class Hedging.

Twenty First Funds - Q Capital Managed Futures Currency Quantity Currency Maturity Unrealised purchased purchased sold Quantity sold date (in USD) Counterparty CHF 3,000.00 USD 3,174.27 14/09/20 -7.01 * CACEIS Bank, Luxembourg Branch CHF 880.00 USD 939.87 14/09/20 -8.92 * CACEIS Bank, Luxembourg Branch CHF 81,480.00 USD 86,699.30 14/09/20 -760.89 * CACEIS Bank, Luxembourg Branch CHF 3,000.00 USD 3,173.60 14/09/20 2.38 * CACEIS Bank, Luxembourg Branch USD 3,174.94 CHF 3,000.00 14/09/20 7.15 * CACEIS Bank, Luxembourg Branch CHF 1,400.00 USD 1,477.88 14/09/20 2.75 * CACEIS Bank, Luxembourg Branch CHF 130,000.00 USD 137,537.03 14/09/20 0.00 * CACEIS Bank, Luxembourg Branch GBP 70,265.00 USD 88,910.52 14/09/20 -2,055.58 * CACEIS Bank, Luxembourg Branch USD 9,090.76 GBP 7,300.00 14/09/20 67.16 * CACEIS Bank, Luxembourg Branch GBP 1,700.00 USD 2,096.10 14/09/20 5.28 * CACEIS Bank, Luxembourg Branch EUR 1,100.00 USD 1,235.96 03/07/20 -0.47 CACEIS Bank, Luxembourg Branch USD 135,854.64 CHF 128,600.00 03/07/20 133.52 CACEIS Bank, Luxembourg Branch -2,614.63

Page 33 Twenty First Funds FUTURES As at 30/06/20, the following future contracts were outstanding :

Twenty First Funds - Tactical Long/Short Commitment Quantity (in EUR) Unrealised (purchase/(sale)) Denomination Currency (in absolute value) (in EUR) Broker Futures on index -10 MINI MSCI EMG MKT 09/20 USD 442,994.39 2,582.02 CACEIS Bank, Paris -13 STOXX EUR 600 09/20 EUR 234,221.00 -1,235.00 CACEIS Bank, Paris 1,347.02

Twenty First Funds - Exclusif 21 Commitment Quantity (in EUR) Unrealised (purchase/(sale)) Denomination Currency (in absolute value) (in EUR) Broker Futures on index -100 CAC40 10 EURO 07/20 EUR 4,935,990.00 -14,500.00 CACEIS Bank, Paris -200 DJ EURO STOXX 50 09/20 EUR 6,468,140.00 -78,340.00 CACEIS Bank, Paris -20 S&P 500 EMINI INDEX 09/20 USD 2,760,352.58 -25,107.96 CACEIS Bank, Paris -117,947.96

Twenty First Funds - Q Capital Managed Futures Commitment Quantity (in USD) Unrealised (purchase/(sale)) Denomination Currency (in absolute value) (in USD) Broker Futures on interest rates 35 KOREA 3YR BOND 09/20 KRW 29,097.56 1,995.26 Newedge Group 1,995.26 Futures on bonds 32 AUSTR 10YR BOND 09/20 AUD 32,781.04 35,337.85 Newedge Group 10 AUSTR 3YR BOND 09/20 AUD 8,059.57 -79.04 Newedge Group 40 BTP03YR ITALY 09/20 EUR 46,222.34 7,862.05 Newedge Group 15 CAN 10YR BOND (MSE) 09/20 CAD 11,013.07 6,806.08 Newedge Group 2 EURO BUXL FUTURE 09/20 EUR 3,757.07 5,233.88 Newedge Group 1 JPN 10 YEARS BOND 09/20 JPY 940,121.34 834.22 Newedge Group 24 LONG GILT FUTURE-LIF 09/20 GBP 4,369,298.15 29,147.53 Newedge Group 85,142.57 Futures on index 1 CAC40 10 EURO 07/20 EUR 55,438.57 -22.46 Newedge Group 1 DJ EURO STOXX 50 09/20 EUR 36,323.46 -33.69 Newedge Group 5 DJIA MINI FUTURE-CBT 09/20 USD 645,322.00 6,295.00 Newedge Group 7 E-MINI RUSSELL 2000 09/20 USD 504,477.75 12,922.50 Newedge Group 2 FTSE MIB INDEX 09/20 EUR 217,616.15 1,364.63 Newedge Group 2 FTSE 100 INDEX 09/20 GBP 188,606.17 -240.94 Newedge Group -6 FTSE/JSE TOP40 09/20 ZAR 173,265.85 -1,888.92 Newedge Group 66 FTSE/XINHUA CHIN-SGX 07/20 USD 904,365.00 6,750.00 Newedge Group 1 HANG SENG INDEX 07/20 HKD 157,585.04 -961.23 Newedge Group 3 H-SHARES IDX (HKG) 07/20 HKD 188,865.05 -632.22 Newedge Group 6 IBEX 35 INDEX 07/20 EUR 487,316.81 -1,922.83 Newedge Group -6 KOSPI 200 INDEX(KSE) 09/20 KRW 349,282.97 8,718.88 Newedge Group -41 MINI BOVESPA 0.2 08/20 BRL 141,956.86 704.56 Newedge Group 1 NASDAQ 100 E-MINI 09/20 USD 203,137.00 10,240.00 Newedge Group 1 NIKKEI 225 (OSAKA) 09/20 JPY 206,591.63 648.84 Newedge Group 45 OMXS30 INDEX (OML) 07/20 SEK 803,905.56 211.99 Newedge Group 3 S&P MID 400 EMINI 09/20 USD 534,963.00 4,750.00 Newedge Group 4 S&P 500 EMINI INDEX 09/20 USD 620,058.00 7,727.50 Newedge Group 1 SPI 200 INDEX (SFE) 09/20 AUD 101,517.29 0.00 Newedge Group 7 S&P/TSE CAN 60 INDEX 09/20 CAD 954,393.00 7,753.20 Newedge Group 13 SWISS MARKET INDEX 09/20 CHF 1,378,162.30 -14,447.66 Newedge Group 10 TAIEX INDEX (FTX) 07/20 TWD 787,760.02 8,710.53 Newedge Group

Page 34 Twenty First Funds FUTURES

Twenty First Funds - Q Capital Managed Futures Commitment Quantity (in USD) Unrealised (purchase/(sale)) Denomination Currency (in absolute value) (in USD) Broker 2 TOPIX (OSE) 09/20 JPY 288,968.78 4,310.14 Newedge Group 4 YEN DENOM NIKKEI 09/20 JPY 413,183.26 6,233.49 Newedge Group 67,191.31 Futures on currency -17 DOLLAR INDEX (FNX) 09/20 USD 1,654,933.00 -2,753.00 Newedge Group -12 EUR/GBP (CME) 09/20 GBP 1,853,382.84 -16,726.78 Newedge Group 2 EURO E-MINI (CME) 09/20 USD 125,000.00 -512.50 Newedge Group 4 EURO E-MINI (CME) 09/20 USD 250,000.00 -1,656.25 Newedge Group 22 EUR/SWISS FRANC(CME) 09/20 CHF 2,902,196.38 -11,793.47 Newedge Group 8 EUR/USD - CME 09/20 USD 100,000.00 -663.75 Newedge Group 10 EUR/USD - CME 09/20 USD 125,000.00 -1,010.00 Newedge Group 4 EUR/USD (CME) 09/20 USD 500,000.00 -818.75 Newedge Group 30 EUR/USD (CME) 09/20 USD 3,750,000.00 -33,606.25 Newedge Group 118 EUR/USD (CME) 09/20 USD 14,750,000.00 -129,726.25 Newedge Group -26 JPN YEN CURR FUT 09/20 USD 32,500.00 27,185.00 Newedge Group 16 USD/AUD (CME) 09/20 USD 16,000.00 4,570.00 Newedge Group -15 USD/BRL - BMF 08/20 BRL 136.59 202.70 Newedge Group 24 USD/CAD (CME) 09/20 USD 24,000.00 -575.00 Newedge Group -24 USD/CHF (CME) 09/20 USD 30,000.00 5,137.50 Newedge Group 15 USD/GBP (CME) 09/20 USD 9,375.00 -13,818.75 Newedge Group 67 USD/KRW (KFE) 07/20 KRW 557.01 2,594.67 Newedge Group 70 USD/MXN (CME) 09/20 USD 350,000.00 -26,105.00 Newedge Group 21 USD/NZD (CME) 09/20 USD 21,000.00 5,020.00 Newedge Group -195,055.88

Page 35 Twenty First Funds Other notes to the financial statements

Page 36 Twenty First Funds

Other notes to the financial statements

1. GENERAL INFORMATIONS

Twenty First Funds (the “SICAV”) is an investment company organised as a société anonyme under the laws of the Grand-Duchy of Luxembourg and qualifies as a société d'investissement à capital variable subject to Part I of the amended law of 17 December 2010. The SICAV was incorporated in Luxembourg on 22 May 2015. The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg under number RCS Luxembourg B197170.

Twenty First Capital, a limited liability company by shares has been designated to serve as Management Company of the SICAV in accordance with the provisions of the UCI Law.

The Board of Directors of the SICAV decided to liquidate the Smidcaps Flex Sub-fund with effect from 4 March 2020, as the total net assets of the Sub-fund had fallen below a level sufficient to manage the Sub-Fund in an economically efficient manner.

The SICAV is an umbrella structure with multiple sub-funds (the “sub-funds”) which offers nine classes of shares: - Class A, I and I1 Shares are open for investment by institutional investors - Class B, C, D, R, R1 and P Shares are open for investment by retail clients.

As at 30 June 2020, the following sub-funds and shares are active:

Sub-Funds Classes of Currency Effective launch Closing date Shares date Tactical Long/Short Class A EUR 18 June 2015 - Class B EUR 18 June 2015 - Exclusif 21 Class C EUR 26 September 2016 - Class I EUR 26 September 2016 - Rendement Euro Plus Class C EUR 26 September 2016 - Class D EUR 26 September 2016 - Class I EUR 20 March 2018 - Smidcaps Flex Class C EUR 26 September 2016 4 March 2020 Q Capital Managed Futures Class I1-E EUR 27 February 2018 - Class I1-S CHF 19 February 2020 - Class I1-U USD 27 February 2018 - Class R1-E EUR 27 February 2018 - Class R1-G GBP 29 July 2019 - Class R1-U USD 27 February 2018 - ID France Smidcaps Class C EUR 10 September 2019 - Class I EUR 10 September 2019 -

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Fund maintains books and records of each individual sub-fund in its respective currency and prepares combined statements in EUR. The financial statements have been prepared in conformity with legal and regulatory requirements in Luxembourg.

The financial statements are prepared based on the last Net Asset Value of the period which has been calculated on 30 June 2020 with the last available prices as at 30 June 2020 in accordance with the accounting valuation principles as mentioned in the last prospectus of the SICAV.

Page 37 Twenty First Funds

Other notes to the financial statements (continued)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) a) Determination of the Net Asset Value

The Net Asset Value per Shares of each sub-fund shall be expressed in the reference currency of the relevant sub- fund. The Net Asset Value shall be determined by the Administration Agent on each Calculation Day and on any such day that the Board of Directors may decide from time to time by dividing the net assets of the SICAV attributable to each Class by the number of outstanding Shares of that Class.

The value of the assets of each Class of Shares of each sub-fund is determined as follows:

- The assets of the SICAV contain the following:

all fixed-term deposits, money market instruments, cash in hand or cash expected to be received or cash contributions including interest accrued;

all debts which are payable upon presentation as well as all other money claims including claims for purchase price payment not yet fulfilled that arise from the sale of investment fund Shares or other assets;

all investment fund Shares;

all dividends and distributions due in favour of the SICAV, as far as they are known to the SICAV;

all interest accrued on interest-bearing securities that the SICAV holds, as far as such interest is not contained in the principal claim;

all financial rights which arise from the use of derivative instruments;

the provisional expenses of the SICAV, as far as these are not deducted, under the condition that such provisional expenses may be amortised directly from the capital of the SICAV;

all other assets of what type or composition, including prepaid expenses.

- The value of such assets is fixed as follows:

Investment funds are valued at their net asset value.

Liquid assets are valued at their nominal value plus accrued interest.

Fixed term deposits are valued at their nominal value plus accrued interest. Fixed term deposits with an original term of more than 30 calendar days can be valued at their yield adjusted price if an arrangement between the SICAV and the bank, with which the fixed term deposit is invested has been concluded including that the fixed term deposits are terminable at any time and the yield adjusted price corresponds to the realisation value. Other money market instruments with a residual maturity of no more than 12 months are valued as follows (linear valuation): the determining rate for these investments will be gradually adapted during repayment starting from the net acquisition price and keeping the resulting return constant. If there are notable changes in market conditions, the bias for valuation of money market instruments will be adapted to new market returns.

Page 38 Twenty First Funds

Other notes to the financial statements (continued)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Commercial papers are valued at their nominal value plus accrued interest. Commercial papers with an original term of more than 90 calendar days can be valued at their yield adjusted price if an arrangement between the SICAV and the bank, with which the commercial paper is invested has been concluded including that the commercial papers are terminable at any time and the yield adjusted price corresponds to the realisation value. Securities or financial instruments admitted for official listing on a Regulated Market are valued on the basis of the last available closing price at the time when the valuation is carried out. If the same security is quoted on Regulated Market, the quotation on the principal market for this security will be used.

If there is no relevant quotation or if the quotations are not representative of the fair value, the evaluation will be made in good faith by the Board of Directors or their delegate.

Unlisted securities or financial instruments are valued on the basis of their probable value realisation as determined by the Board of Directors or their delegate using valuation principles in order to reach a proper and fair valuation of the total assets of each sub-funds.

Any other assets are valued on the basis of their probable value realisation as determined by the Board of Directors or their delegate using valuation principles, in order to reach a proper and fair valuation of the total assets of each Sub funds.

OTC derivative financial instruments must be value at their «fair value» in accordance with CSSF Circular 08/356. b) Foreign currency translation

Investments as well as other assets and liabilities denominated in foreign currencies are converted at the exchange rates prevailing as at 30 June 2020. Transactions in foreign currency during the year are converted at the rates prevailing at the date of transaction. Realised and unrealised exchange gains and losses are recorded in the statement of operations and changes in net assets.

The following exchanges rates have been applied for the conversion as at 30 June 2020:

1EUR = 1.63130 AUD 1EUR = 1350.98100 KRW 1EUR = 6.16700 BRL 1EUR = 10.83500 NOK 1EUR = 1.52975 CAD 1EUR = 10.46400 SEK 1EUR = 1.06425 CHF 1EUR = 33.13800 TWD 1EUR = 0.90900 GBP 1EUR = 1.12315 USD 1EUR = 8.70495 HKD 1EUR = 19.51475 ZAR 1EUR = 121.17105 JPY c) Formation expenses

Set-up costs and expenses are charged pro rata to the net assets of each sub-fund and are written of over a period of five years. d) Realised profit and loss on sales of investment securities

The net realised profits and loss on sales of investment securities are determined on the basis of the average cost of the securities sold and are recorded in the statement of operations and changes in net assets.

Page 39 Twenty First Funds

Other notes to the financial statements (continued)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) e) Valuation of future contracts

Futures contracts are valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised profits and losses on futures contracts are recorded in the statement of net assets and their variations in the statement of operations and other changes in net assets.

For the details of outstanding future contracts, please refer to the section “Note to the financial statements - Schedule of derivative instruments”. f) Valuation of options

Options contracts are valued at the last settlement or close price on the stock exchanges or regulated markets. Variations of unrealised profits and losses on options contracts are recorded in the statement of operations and other changes in net assets.

For the details of outstanding option contracts, please refer to the section “Note to the financial statements - Schedule of derivative instruments”. g) Valuation of Forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Realised and unrealised profits and losses are recorded in the statement of operations and other changes in net assets.

For the details of outstanding option contracts, please refer to the section “Note to the financial statements - Schedule of derivative instruments”. h) Dividend and interest income

Dividend income is recorded as of the ex-dividend date and net of withholding tax. Interest income is recorded on an accrual basis and net of withholding tax. i) Combined statements

The combined financial statements of the SICAV are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each sub-fund. j) Cross-Investments between sub-funds

Target Sub-Funds Ccy Market Value in EUR % TWENTY FIRST FUNDS - RENDEMENT EURO PLUS EUR 297,580.50 1.71 TWENTY FIRST FUNDS - EXCLUSIF 21 EUR 418,817.00 1.85

As at 30 June 2020, the total of cross-investments within sub-funds’ investments amounts to EUR 716,397.50. The total combined NAV at period-end without cross-investments amounts to EUR 104,883,295.75. k) Abbreviations

FL.R : Floating Rate Notes Q : Quarter XX : Perpetual Bonds A : Annual CV : Convertible ZCP : Zero Coupon Bond

Page 40 Twenty First Funds

Other notes to the financial statements (continued)

3. CHANGES IN THE COMPOSITION OF THE PORTFOLIO

The details of the changes in the composition of the portfolio are held at the disposal of the Shareholders at the registered office of the SICAV and are available upon request free of charge.

4. TAXATION

Under current law and practice, the SICAV is not liable to any Luxemburg income tax, nor are dividends paid by the SICAV liable to any Luxemburg withholding tax.

However, any Class reserved to retail investors is liable to a “taxe d’abonnement” of 0.05% per annum and any Class reserved to institutional investors is liable to 0.01 % per annum, such taxes being payable quarterly and calculated on the total net asset value of each Class at the end of the relevant quarter. For sub-funds whose exclusive policy is the investment in money market instruments, any class is liable to 0.01% per annum.

The rate of the annual tax is reduced to 0.00% on the value of the assets represented by shares or units in other undertaking for collective investment whose shares or units have already been subject to the “taxe d’abonnement”.

5. MANAGEMENT FEES

- The management fees

The Management Company receives management fees in payment for its services, which are payable in quarterly instalments, and calculated on the average net assets of each sub-fund during the relevant quarter.

Depending on the sub-fund, the maximum annual management fees are:

Sub-Funds Classes of Shares Annual rate Class A 1.50% Tactical Long/Short Class B 1.90% Exclusif 21 * Class C 1.45% Class I 0.90% Rendement Euro Plus Class C 1.40% Class D 1.40% Class I 0.65% Smidcaps Flex (closed from 4 March 2020) Class C 2.50% Q Capital Managed Futures ** Class I1-E 0.50% Class I1-S 0.50% Class I1-U 0.50%

Page 41 Twenty First Funds

Other notes to the financial statements (continued)

5. MANAGEMENT FEES (continued)

Sub-Funds Classes of Shares Annual rate Q Capital Managed Futures ** (continued) Class R1-E 0.50% Class R1-G 0.50% Class R1-U 0.50% ID France Smidcaps Class C 1.95% Class I 1.30%

* The management fees are calculated daily on an “all in” rate basis of 1.65% for Class C and 1.00% for Class I - the “Taxe d’abonnement” is included respectively for 0.05% and 0.01%, on an annualised basis since the beginning of the fiscal year. **The Investment Manager Fee is payable monthly to the Investment Manager and is calculated on each Valuation Day on the basis of the Net Asset Value of the relevant Share Class (before deduction of any Performance Fee). For Class I1-E, Class I1-S and Class I1-U the Investment Manager Fee is 1% and for Class R1-E, Class R1-G and Class R1-U the Investment Manager Fee is 2.30%.

6. PERFORMANCE FEES

- The performance fees

The Management Company is entitled to receive a performance fee applicable to the share classes of the sub-funds and as disclosed in the SICAV’s prospectus.

- Twenty First Funds - Tactical Long/Short

The performance period for the sub-fund shall be each period from 1 January to 31 December in each year (the “Performance Period).

The Performance Fee is payable yearly to the Investment Manager as of 31 December of each year and covers each 12 month period starting on 1 January of each year.

The sub-fund is subject to a Performance Fee of 15% upon Hurdle Rate defined by EONIA (Bloomberg ticker: EONIA Index) with HighWater Mark ("HWM"), taking subscriptions and redemptions into account and payable monthly to the Management Company (as described further below).

The Performance Fee amounts 15% of any positive difference between the percentage change in the net asset value per Share of the relevant Class and the reference Hurdle Rate. However, if and when EONIA is negative, the Hurdle Rate is considered as zero.

The Performance Fee is calculated and accrued in the calculation of the net asset value per Share for each Performance Period, on the basis of the number of Shares currently in issue, including Shares which fall to be redeemed and excluding Shares which fall to be issued. The difference in yield between the percentage change in the net asset value per Share and the percentage change in the reference Hurdle Rate is calculated as follows: (1+yield of net asset value per Share) – (1+yield of reference Hurdle Rate) = yield difference

The calculation of the Performance Fee entails a mechanism that ensures the Performance Fee to be due only if the cumulative difference since the sub-fund’s launch date, calculated pursuant to the aforementioned method, has reached a new high (HighWater Mark principle).

Page 42 Twenty First Funds

Other notes to the financial statements (continued)

6. PERFORMANCE FEES (continued)

- Twenty First Funds - Tactical Long/Short (continued)

The Performance Fee will then be payable for the difference between the cumulative prior high (before withdrawal of the Performance Fee) and the new high.

Any refund of this Performance Fee is not contemplated, even if the net asset value per Share falls down again after the Performance Fee has been paid.

- Twenty First Funds - Exclusif 21

The performance period for the sub-fund shall be each period from 1 October of each year to 30 September of the following year, except for the first performance period which shall commence on the first allotment of Shares in a Class and end on 30 September 2017 (the “Performance Period”).

The Performance Fee is payable yearly to the Management Company as of 30 September of each year and covers each 12 month period starting on 1 October of each year and shall terminate on 30 September of the following year, except for the first Performance Period which will start on the sub-fund’s launch date and will terminate on 30 September 2017.

A Performance Fee is due only if the net asset value as of 30 September is higher than the net asset value as of 30 September of the previous year upon Hurdle Rate of 5%, except for the first Performance Period where a Performance Fee is due only if the net asset value of the relevant Class as of 30 September is higher than 1,395.74 for Class C and 990.97 for Class I with an Hurdle Rate of 5%.

The sub-fund is subject to a Performance Fee of 10% upon Hurdle Rate of 5%, taking subscriptions and redemptions into account and payable yearly to the Management Company.

The Performance Fee is calculated and accrued in the calculation of the net asset value per Share for each Valuation Day, on the basis of the number of Shares currently in issue, including Shares which fall to be redeemed and excluding Shares which fall to be issued.

The Performance Fee in respect of each Performance Period will be calculated by reference to the Net Asset Value before deduction for any accrued Performance Fee.

If a Share is redeemed (or converted) other than at the end of a Performance Period, the Performance Fee calculated in respect of such Share as at the Valuation Day as of which such Share is redeemed shall be crystallized and become payable to the Management Company.

Any refund of this Performance Fee is not contemplated, even if the net asset value per Share falls down again after the Performance Fee has been paid.

- Twenty First Funds - Rendement Euro Plus

The performance period for the sub-fund shall be each period from 1 July of each year and shall terminate on 30 June of the following year, except for the first performance period which shall commence on the first allotment of Shares in a Class and end on 30 June 2017 (the “PerformancePeriod”).

The Performance Fee is payable yearly to the Management Company as of 30 June of each year and covers each 12 month period starting on 1 July of each year and shall terminate on 30 June of the following year, except for the first period which will start on the sub-fund’s launch date and will terminate on 30 June 2017.

Page 43 Twenty First Funds

Other notes to the financial statements (continued)

6. PERFORMANCE FEES (continued)

- Twenty First Funds - Rendement Euro Plus (continued)

A Performance Fee is due only if the net asset value as of 30 June is higher than the net asset value as of 30 June of the previous year, except for the first Performance Period where a Performance Fee is due only if the net asset value of the relevant Class as of 30 June 2017 is higher than 117.58 for Class C and 105.14 for Class D.

The sub-fund is subject to a Performance Fee of 20% for Class C and Class D Shares and to a Performance Fee of 10% for Class I Shares upon Hurdle Rate defined by the Euro MTS 3-5 years index + 1%, taking subscriptions and redemptions into account.

The Performance Fee in respect of each Performance Period will be calculated by reference to the Net Asset Value before deduction for any accrued Performance Fee.

Any refund of this Performance Fee is not contemplated, even if the net asset value per Share falls down again after the Performance Fee has been paid.

- Twenty First Funds - Smidcaps Flex (closed from 4 March 2020)

The performance period for the sub-fund shall be each period from 1 February to 31 January in each year, except for the first performance period which shall commence on the first allotment of Shares in a Class and end on 31 January of the following year (the “Performance Period”).

The Performance Fee is payable yearly to the Management Company as of 31 January of each year and covers each 12 month period starting on 1 February of each year and shall terminate on 31 January of the following year, except for the first Performance Period which will start on the sub-fund’s launch date and will terminate on 31 January 2017.

A Performance Fee is due only if the net asset value as of 31 January is higher than the net asset value as of 31 January of the previous year upon Hurdle Rate of 5%, except for the first Performance Period where a Performance Fee is due only if the net asset value as of 31 January is higher than 100 for Class C with a Hurdle Rate of 5%.

The sub-fund is subject to a Performance Fee of 10% upon Hurdle Rate of 5%, taking subscriptions and redemptions into account and payable yearly to the Management Company.

The Performance Fee in respect of each Performance Period will be calculated by reference to the Net Asset Value before deduction for any accrued Performance Fee.

Page 44 Twenty First Funds

Other notes to the financial statements (continued)

6. PERFORMANCE FEES (continued)

- Twenty First Funds - Smidcaps Flex (closed from 4 March 2020) (continued)

Any refund of this Performance Fee is not contemplated, even if the net asset value per Share falls down again after the Performance Fee has been paid.

- Twenty First Funds - Q Capital Managed Futures

All Shares of the sub-fund are subject to a Performance Fee of 20% with High Water Mark ("HWM"), taking subscriptions and redemptions into account and payable quarterly to the Investment Manager (as described further below).

The Performance Fee Calculation Date is either:

(i) the last Business Day of each calendar year, commencing in December 2017; (ii) the date on which the sub-fund terminates; or (iii) the date on which the Investment Management Agreement terminates

The sub-fund shall pay the Investment Manager, on an annual calendar basis, within 10 Business Days following each Performance Fee Calculation Date, out of the assets of the sub-fund, an amount equal to 20% of the amount, if any, that the Net Asset Value of the sub-fund as of the relevant Performance Fee Calculation Date (after deduction of the Management Company Fee and other expenses, but before deduction of any Performance Fee) exceeds the HWM.

For the avoidance of doubt, if the Net Asset Value of the sub-fund is below the HWM, no Performance Fee will be payable to the Investment Manager until the Net Asset Value of the sub-fund has exceeded the HWM as of a Performance Fee Calculation Date.

The Investment Manager will not be paid a Performance Fee with respect to the sub-fund if the sub-fund has suffered net losses until, as a result of subsequent net profits, the Net Asset Value of the sub-fund exceeds the net losses carried forward, adjusted for redemptions and subscriptions.

Although the Performance Fee is paid as of the end of a calendar year, such Performance Fee is accrued on each Valuation Day. For the purpose of determining the Net Asset Value of the sub-fund the Performance Fee is accrued (and deducted as a liability), and the accruals are reversed (and added as a credit) to reflect losses, as of each Valuation Day.

A redemption or distribution from a Share Class other than as of a Performance Fee Calculation Date, at a time when there is an accrued Performance Fee, will result in a proportional Performance Fee payment to the Investment Manager in respect of either the redeemed Shares or ny distribution (as appropriate).

Any refund of this Performance Fee is not contemplated, even if the net asset value per Share falls down again after the Performance Fee has been paid.

Page 45 Twenty First Funds

Other notes to the financial statements (continued)

6. PERFORMANCE FEES (continued)

- Twenty First Funds - ID France Smidcaps

The sub-fund is subject to a Performance Fee of 15% for Class I and Class C Shares above benchmark defined by: - For Class I Shares:CACMS net dividend reinvested; And - For Class C Shares:CACMS net dividend reinvested (being together referred to as the “Benchmark” or the “Benchmarks”).

The performance Fee for the sub-fund is crystallized and accrued upon launch of the sub-fund. The Performance Fee is calculated annually with the first year starting on 1 January 2019 (the “Performance Period”).

The first Performance Fee is paid on 31 December 2019 and will cover the period starting from 1 January 2019 and ending on 31 December 2019. The following Performance Periods will be calculated over a one year period.

The Performance Fee is calculated and accrued in the calculation of the net asset value per Share for each Performance Period, on the basis of the number of Shares currently in issue, including Shares which fall to be redeemed and excluding Shares which fall to be issued, if the performance of the sub-fund before deduction for any accrued performance fee is positive during the performance period.

If a Share is redeemed (or converted) other than at the end of a Performance Period, the Performance Fee calculated in respect of such Share as at the Valuation Day as of which such Share is redeemed (or converted) shall be crystallized and become payable to the Management Company.

Any refund of this Performance Fee is not contemplated, even if the net asset value per Share falls down again after the Performance Fee has been paid.

7. DIVIDENDS

During the year the following dividends have been paid :

Dividend per Record Ex-dividend Payment Sub-Funds share class Ccy share date date date Twenty First Funds - Rendement Euro Plus - EUR 1.14 02/03/20 03/03/20 06/03/20 Class D

8. SUBSEQUENT EVENTS

The Board of Directors of the Fund decided to start liquidating the sub-fund Twenty First Funds SICAV - Smidcaps Flex sub-fund as of 4 March 2020.

The change of the composition of the Board of Directors is in progress following the resignation of Jean-Edouard Mazery on 17 January 2020.

Page 46 Twenty First Funds

Additional notes

SFTR (Securities Financing Transactions and of Reuse Regulation)

The Regulation on Transparency of Securities Financing Transactions and of Reuse (the « SFTR ») entered into force on January 12, 2016 aiming to improve transparency in securities and commodities lending, repurchase transactions, margin loans and certain collateral arrangements.

As at 30 June 2020, the SICAV does not use any instruments falling into the scope of SFTR.

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