NEXT AM FUND Société D'investissement À Capital Variable R.C.S

NEXT AM FUND Société d'Investissement à Capital Variable R.C.S. Luxembourg B 168.626 (Unaudited) Semi-Annual Report as at June 30, 2019 NEXT AM FUND

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document ("KIID") which will be accompanied by a copy of the latest Annual Report and a copy of the latest available semi-annual report, if published after such Annual Report. NEXT AM FUND

Table of Contents

Organisation of the SICAV 2

Information to shareholders 4

Statistics 5

NEXT AM FUND - TENDANCE FINANCE Statement of Net Assets as at June 30, 2019 6 Statement of Operations and Changes in Net Assets for the period ended June 30, 2019 6 Statement of Changes in Number of Shares 6 Securities Portfolio as at June 30, 2019 7 Financial derivative instruments as at June 30, 2019 7 Portfolio Breakdowns 8 Top Ten Holdings 8

Notes to the Financial Statements 9

Unaudited Information 13

1 NEXT AM FUND

Organisation of the SICAV Registered Office

NEXT AM FUND 60, Avenue John Fitzgerald Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

Board of Directors of the SICAV

Chairman

Alain GERBALDI La Française AM International (until March 1, 2019) 2, Boulevard de la Foire L-1528 Luxembourg Grand Duchy of Luxembourg

La Française AM International (since March 2, 2019) 60, Grande Rue L-1661 Luxembourg Grand-Duché de Luxembourg

Directors

Pascale AUCLAIR La Française Asset Management 128, Boulevard Raspail F-75006 Paris France

Lior DERHY New Alpha Asset Management 128, Boulevard Raspail F-75006 Paris France

Philippe PAQUET New Alpha Asset Management 128, Boulevard Raspail F-75006 Paris France

Antoine ROLLAND New Alpha Asset Management 128, Boulevard Raspail F-75006 Paris France

Management Company

La Française AM International (until March 1, 2019) 2, Boulevard de la Foire L-1528 Luxembourg Grand Duchy of Luxembourg

La Française AM International (since March 2, 2019) 60, Grande Rue L-1661 Luxembourg Grand-Duché de Luxembourg

Depositary Bank, Domiciliation and Listing Agent

BNP Paribas Securities Services - Luxembourg Branch 60, Avenue John Fitzgerald Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

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Organisation of the SICAV (continued) Administrative Agent

BNP Paribas Securities Services - Luxembourg Branch 60, Avenue John Fitzgerald Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

Investment Manager - Investment Advisor

For the Sub-Fund: NEXT AM FUND - TENDANCE FINANCE

Investment Manager New Alpha Asset Management 128, Boulevard Raspail F-75006 Paris France

Investment Advisor Tendance Finance 128, Boulevard Raspail F-75006 Paris France

Cabinet de révision agréé

Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg

Clearing Broker

Newedge Group 52, Avenue des Champs Elysées F-75008 Paris France

Paying Agent / Representative Agent

France

BNP Paribas Securities Services Paris Les Grands Moulins de Pantin, 9 rue du Débarcadère F-93500 Pantin France

3 NEXT AM FUND

Information to shareholders Incorporation

NEXT AM FUND (the "SICAV") is an investment Company with variable capital potentially comprising multiple Sub-Funds, subject to Part I of the amended 2010 Law (the "Law") relating to Undertakings for Collective Investment. The Part I of the Law covers the provisions of the European Directive dated July 13, 2009 (2009/65/EC). The SICAV has been incorporated on May 3, 2012 for an unlimited period. The SICAV's Articles of Association were published in the Mémorial, Recueil des Sociétés et Associations on May 25, 2012.

The minimum capital of the SICAV is EUR 1,250,000. The SICAV's capital is expressed in EUR and is at all times equal to the sum of the values of the net assets of its Sub-Fund, categories and classes of shares and represented by shares of no per value.

Communications and reports to shareholders

1. Periodic reports

Annual Reports for the year ended December 31, unaudited semi-annual reports for the six months ended June 30 and the list of changes made to the composition of the Securities Portfolio are available to shareholders free of charge at the office of the Custodian Bank as well as at the SICAV's Registered Office. These reports cover the Sub-Fund and the assets of the SICAV as a whole.

Annual Reports are available within four months of the financial year-end.

Semi-annual reports are published within two months of the end of the six-month period they cover.

2. Information to shareholders a) Net asset value

The net asset values of the share in the Sub-Fund, category or class of share of the SICAV are available weekly at the Registered Office of the SICAV. The Board of Directors of the SICAV may subsequently decide to publish such net assets in newspapers of the countries where the shares of the SICAV are offered or sold. They are posted weekly on Fundsquare and Bloomberg.

They may also be obtained at the Registered Office of the Custodian Bank. b) Subscription and redemption prices

The subscription and redemption prices of the shares of the SICAV, category or class of shares of the SICAV are published weekly at the Custodian Bank. c) Notifications to shareholders

Other information intended for the shareholders are published in the Mémorial, Recueil Spécial des Sociétés et Associations in Luxembourg, if such publication is required by law. They may also be published in a Luxembourg newspaper.

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Statistics

June 30, 2019 December 31, 2018 December 31, 2017

NEXT AM FUND - TENDANCE FINANCE

Net asset value EUR 20,393,192.40 18,079,382.66 9,100,228.21

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− Net asset value per share

Class A Institutional Capitalisation EUR 1,480.52 1,236.27 1,264.40 Class C Institutional Capitalisation EUR 1,059.07 - -

Class A Institutional Capitalisation 5,614.26 14,624.18 7,197.26 Class C Institutional Capitalisation 11,407.31 - -

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

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NEXT AM FUND - TENDANCE FINANCE (in EUR) Statement ofof Operations Net Assets and as atChanges June 30, in Net2019 Assets for the Statement of Operations and Changes in Net Assets for period ended June 30, 2019 the period ended June 30, 2019 Notes EUR Notes EUR

Assets Income Investment in securities at cost 9,139,005.51 Bank interest 3.3 7,677.74 Unrealised appreciation / (depreciation) on securities (4,926.48) Other income 11 26.47

Investment in securities at market value 3.2 9,134,079.03 Total income 7,704.21 Cash at bank 3.2 10,400,768.84 Expenses Receivable on Fund shares sold 1,003,408.00 Management fees 7 215,488.53 Net unrealised appreciation on futures contracts 3.2, 9 765,318.41 Performance fees 7 770,359.96 Total assets 21,303,574.28 Operating costs 8 56,934.26 Transaction costs 11 66,197.36 Liabilities Taxe d'abonnement 5 1,188.19 Bank overdraft 10,047.38 Bank interest and charges 22,522.41 Accrued expenses 12 900,334.50 Other expenses 10 2,907.79 Total liabilities 910,381.88 Total expenses 1,135,598.50 Net assets at the end of the period 20,393,192.40 Net investment income / (loss) (1,127,894.29)

Net realised gain / (loss) on: Investments 3.2 (48,261.26) Foreign currencies transactions 3.1 (39,326.84) Futures contracts 3.2 4,562,163.01

Net realised gain / (loss) for the period 3,346,680.62

Net change in unrealised appreciation / (depreciation) on: Investments 6,608.26 Futures contracts 3.2, 9 685,761.68

Increase / (Decrease) in net assets as a result of 4,039,050.56 operations

Proceeds received on subscription of shares 14,087,614.25 Net amount paid on redemption of shares (15,812,855.07) Net assets at the beginning of the period 18,079,382.66

Net assets at the end of the period 20,393,192.40

Statement of Changes in Number of Shares Number of shares in issue at Number of shares Number of shares Number of shares in issue at the beginning of the period subscribed redeemed the end of the period Class A Institutional Capitalisation 14,624.18 1,952.00 (10,961.92) 5,614.26

Class C Institutional Capitalisation - 11,407.31 - 11,407.31

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

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NEXT AM FUND - TENDANCE FINANCE (in EUR) Securities Portfolio as at June 30, 2019

Quantity/ Name Currency Market value % Quantity Name Currency Commitment Unrealised Nominal in EUR NAV in EUR appreciation / (depreciation) in EUR

Other transferable securities 23.00 US LONG BOND FUT (CBT) USD 3,142,480.03 92,147.44 19/09/2019 52.00 US 10YR NOTE FUT (CBT) 19/09/2019 USD 5,843,321.93 112,350.98 Money market instruments Government 765,318.41 1,500,000.00 GERMAN T-BILL 0% 19-14/08/2019 EUR 1,501,065.00 7.36 Total Futures contracts 765,318.41 2,400,000.00 LETRAS 0% 18-12/07/2019 EUR 2,400,374.71 11.77 2,000,000.00 PORTUGAL T-BILL 0% 18-19/07/2019 EUR 2,000,400.00 9.81 Total Financial derivative instruments 765,318.41 5,901,839.71 28.94

5,901,839.71 28.94 Summary of net assets % Bonds and other debt instruments NAV Government Total Securities Portfolio 9,134,079.03 44.79 1,400,000.00 FRENCH BTF 0% 19-21/08/2019 EUR 1,400,994.00 6.87 Total Financial derivative instruments 765,318.41 3.75 1,400,994.00 6.87 Cash at bank 10,390,721.46 50.95 1,400,994.00 6.87 Other assets and liabilities 103,073.50 0.51 Funds Total net assets 20,393,192.40 100.00 Undertakings for collective investment Open-ended Funds 16.96 LFP TRESORERIE - Class I EUR 1,831,245.32 8.98 1,831,245.32 8.98

1,831,245.32 8.98

Total Securities Portfolio 9,134,079.03 44.79

Financial derivative instruments as at June 30, 2019

Quantity Name Currency Commitment Unrealised in EUR appreciation / (depreciation) in EUR

Futures contracts

7.00 AEX - AMSTERDAM EXCHANGES EUR 785,302.00 1,022.00 INDX 19/07/19 52.00 AUST 10 YR BONDS FUTURE AUD 4,603,035.96 30,308.87 16/09/2019 13.00 CAC40 EURO FUT 19/07/2019 EUR 719,290.00 4,105.00 45.00 CAN 10YR BOND FUT. 19/09/2019 CAD 4,322,189.37 35,992.20 2.00 DAX INDEX - FUTURE 20/09/2019 EUR 619,400.00 5,075.00 11.00 EURO BUXL 30Y BONDS 06/09/2019 EUR 2,231,900.00 54,600.00 4.00 EURO FX CURR FUT (CME) USD 502,568.49 3,753.95 16/09/2019 34.00 EURO OAT FUTURE FRENCH GOVT EUR 5,605,580.00 81,650.00 B 06/09/2019 22.00 EURO STOXX 50 - FUTURE EUR 762,520.00 5,880.00 20/09/2019 16.00 EURO-BTP FUTURE 06/09/2019 EUR 2,148,800.00 70,290.00 31.00 EURO-BUND FUTURE 06/09/2019 EUR 5,354,940.00 50,080.00 10.00 FTSE 100 INDEX 20/09/2019 GBP 823,535.99 4,034.42 6.00 FTSEMIB INDEX - FTSE / MIB IN EUR 634,680.00 2,730.00 20/09/2019 4.00 HANG SENG INDEX 30/07/2019 HKD 640,784.99 8,250.06 8.00 IBEX35 EURO 19/07/2019 EUR 733,840.00 1,040.00 12.00 JPN 10Y BOND (TSE) 12/09/2019 JPY 15,047,147.65 39,366.11 55.00 KOREAN 10YR 5% BND FUTURE KRW 5,489,896.71 471.52 17/09/2019 30.00 LONG GILT FUTURE (LIFFE) GBP 4,368,573.98 30,341.98 26/09/2019 7.00 MINI DOW JONES INDUS AVG 5$ USD 817,312.08 2,766.07 20/09/2019 5.00 NASDAQ E-MINI FUTURE 20/09/2019 USD 675,601.51 1,527.05 103.00 OMX30 INDEX 19/07/2019 SEK 1,579,947.47 30,953.06 21.00 SMI SWISS MARKET INDEX - FUTURE CHF 1,863,493.49 (9,321.38) 20/09/19 9.00 S&P / TSE 60 IX FUTURE 19/09/2019 CAD 1,182,622.14 5,080.30 7.00 S&P 500 E-MINI FUTURE 20/09/2019 USD 904,888.92 5,376.27 11.00 S&P/ASX 200 INDEX (AS51) AUD 1,111,489.40 14,743.04 19/09/2019 15.00 ULTRA LONG TERM US TREASURY B USD 2,338,810.59 80,704.47 19/09/2019

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

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NEXT AM FUND - TENDANCE FINANCE (in EUR)

Portfolio Breakdowns

Nature allocation % of portfolio % of net assets

Money market instruments 64.61 28.94 Undertakings for collective investment 20.05 8.98 Bonds and other debt instruments 15.34 6.87

100.00 44.79

Country allocation % of portfolio % of net assets

France 35.39 15.85 Spain 26.28 11.77 Portugal 21.90 9.81 Germany 16.43 7.36

100.00 44.79

Top Ten Holdings

Top Ten Holdings Sector Market value % of net EUR assets

LETRAS 0% 18-12/07/2019 Government 2,400,374.71 11.77 PORTUGAL T-BILL 0% 18-19/07/2019 Government 2,000,400.00 9.81 LFP TRESORERIE - Class I Open-ended Funds 1,831,245.32 8.98 GERMAN T-BILL 0% 19-14/08/2019 Government 1,501,065.00 7.36 FRENCH BTF 0% 19-21/08/2019 Government 1,400,994.00 6.87

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

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Notes to the Financial Statements as at June 30, 2019

Note 1 - General information

NEXT AM FUND (the “SICAV”), is an open-ended investment SICAV organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as a société d’investissement à capital variable (“SICAV”), incorporated under the form of a public limited liability SICAV (société anonyme) on May 3, 2012 for an unlimited period of time and authorised by the Part I of the amended law of December 17, 2010 (the “Law”) relating to Undertakings for Collective Investment in transferable securities. The articles of incorporation of the SICAV were published in the Recueil Électronique des Sociétés et Associations (“RESA”) on May 25, 2012 (the “Articles of Incorporation”). The Articles of Incorporation were last amended on February 25, 2016.

The SICAV is registered with the Trade and Companies Register in Luxembourg under number B 168.626.

La Française AM International (the “Management Company”) has been appointed as Management Company of the SICAV. The Management Company is accredited as Management Company in accordance with the Chapter 15 of the Law.

As at June 30, 2019, the SICAV comprises the following Sub-Fund:

NEXT AM FUND - TENDANCE FINANCE

The management objective of the Sub-Fund is to combine a maximisation of growth and capital return.

The Sub-Fund is mainly exposed to equity indices and interest-rate and foreign-exchange derivatives in the main international financial centres. The Sub- Fund may be exposed simultaneously to equity, interest rate and currency products.

Note 2 - Shares of the SICAV

As at June 30, 2019, only the “Institutional” Share class is available for subscription. This “Institutional” category (“Class A Institutional Capitalisation”) is exclusively reserved for Institutional Investors, within the meaning of article 174 of the Law.

The Reference Currency of the Sub-Fund is the Euro (EUR).

Note 3 - Accounting principles

The financial statements are prepared in accordance with the legal and regulatory requirements in force in Luxembourg relating to Undertakings for Collective Investment in Transferable securities and generally accepted accounting principles in Luxembourg.

3.1 Currency conversion

The accounts of the Sub-Fund are kept in the currency of its net asset value and the financial statements are expressed in the same currency.

The acquisition cost of securities purchased in a currency other than that of the Sub-Fund is converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on the date on which the securities are acquired.

Income and expenses denominated in a currency other than that of the Sub-Fund are converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on the transaction date.

At the end of the period, the security valuations (determined as described below), receivables, bank deposits and debts denominated in a currency other than that of the Sub-Fund are converted into the currency of the Sub-Fund on the basis of the exchange rates prevailing on that date; the foreign exchange differences resulting from the conversion of receivables, bank deposits and debts are included in the net realised gain / (loss) on foreign currencies transactions in the Statement of Operations and Changes in Net Assets.

3.2 Valuation of investments

The assets and liabilities of the Sub-Fund are valued on the basis of the following principles: a) The value of cash in hand or on deposit, notes and bills payable on demand and all accounts receivable, prepaid costs, dividends and interest due but not yet received shall correspond to the full par value, unless it proves to be unlikely that the full value shall be received; in which case the value shall be calculated by subtracting a certain amount which appears to be appropriate in order to reflect the true value of such assets with prudence and in good faith by the Board of Directors of the SICAV; b) The valuation of transferable securities, money market instruments or financial derivative instruments listed or traded on an official stock market or other regulated market which operates regularly and is recognised and open to the public, shall be based on the last known price and if that transferable security / money market instrument is traded on several markets, on the basis of the last known price on the principal market for that security or instrument. If the last known price is not representative, the valuation shall be based on the probable realisation value estimated with prudence and in good faith by the Board of Directors of the SICAV;

NEXT AM FUND

Notes to the Financial Statements as at June 30, 2019 (continued)

Note 3 - Accounting Principles (continued)

3.2 Valuation of investments (continued) c) Securities not listed or traded on an official stock exchange or on another regulated market which operates regularly and is recognized and open to the public shall be valued on the basis of their probable sale price as estimated prudently and in accordance with the principle of prudence and good faith by the Board of Directors of the SICAV; d) Prices of securities denominated in currencies other than the currency of account of the Sub-Fund shall be converted at the last available exchange rate; e) The settlement value of futures contracts and option contracts which are not traded on regulated markets shall be equivalent to their net settlement value determined in accordance with the policies established by the Board of Directors of the SICAV, on a basis applied consistently to each type of contract. The settlement value of futures contracts or option contracts traded on regulated markets shall be based on the last price available for settlement of those contracts on the regulated markets on which those futures contracts or those option contracts are traded by the SICAV; insofar as if a futures contract or an option contract cannot be settled on the day on which the net assets are valued, the basis which shall serve to determine the settlement value of that contract shall be determined by the Board of Directors of the SICAV in a fair and reasonable manner. All gains and losses realised and changes in unrealised appreciation and depreciation are included netted in the Statement of Operations and Changes in Net Assets; f) The Board of Directors of the SICAV may authorise the use of amortised cost method of valuation for short-term transferable debt securities in the Sub- Fund. This method involves valuing a security at its cost and thereafter assuming a constant amortisation to maturity of any discount or premium regardless of the impact of fluctuating interest rates on the market value of the security or other instrument. While this method provides certainty in valuation, it may result in periods during which value as determined by amortised cost, is higher or lower than the price the Sub-Fund would receive if it sold the securities. This method of valuation will only be used in accordance with ESMA guidelines concerning eligible assets for investments by UCITS and only with respect to securities with a maturity at issuance or residual term to maturity of 397 days or less or securities that undergo regular yield adjustments at least every 397 days; g) The Shares of UCITS and/or other UCI shall be valued at their last known Net Asset Value per Share; h) All other securities and assets shall be valued at their market value determined in good faith, in accordance with the procedures established by the Board of Directors of the SICAV; i) All other asset balances shall be valued on the basis of their probable realisation price, as estimated prudently and in accordance with the principle of prudence and good faith of the Board of Directors of the SICAV.

Net realised gains and losses on investments are usually determined on the average cost basis.

3.3 Income

Interests are accrued at the time of each Net Asset Value calculation. Interests received by the SICAV on its investments are in many cases subject to irrevocable withholding taxes at source.

Note 4 - Exchange rates as at June 30, 2019

The exchange rates used in the conversion of the SICAV's assets or liabilities denominated in currencies other than the Euro (EUR) are:

1 EUR = 1.622800 AUD 1 EUR = 122.694350 JPY 1 EUR = 10.566000 SEK 1 EUR = 1.488100 CAD 1 EUR = 1,314.915450 KRW 1 EUR = 1.540750 SGD 1 EUR = 1.1103500 CHF 1 EUR = 21.878200 MXN 1 EUR = 1.138800 USD 1 EUR = 0.894800 GBP 1 EUR = 9.709500 NOK 1 EUR = 16.058550 ZAR 1 EUR = 8.896900 HKD 1 EUR = 4.246800 PLN

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Notes to the Financial Statements as at June 30, 2019 (continued)

Note 5 - Taxe d'abonnement

The SICAV is not subject to any taxes in Luxembourg on income or capital gains. The only tax to which the SICAV in Luxembourg is subject is the “taxe d’abonnement” of 0.05% p.a. based on the Net Asset Value of the Sub-Fund at the end of the relevant quarter, calculated and paid quarterly. In respect of any Share class which comprises only Institutional Investors, the tax levied is at the rate of 0.01% p.a..

In accordance with article 175 a) of the Law, the portion of the net assets invested in UCIs already subject to the taxe d’abonnement is exempt from this tax.

Note 6 - Subscription fees

Subscription fees are applicable as follows:

Classes Maximum Subscription fees

NEXT AM FUND - TENDANCE FINANCE Class A Institutional Capitalisation 2% of the NAV applicable per Share

Note 7 - Management fees and performance fees

The Board of Directors of the SICAV has appointed La Française AM International to serve as the Management Company of the SICAV. The Management Company is a UCITS management company authorised under chapter 15 of the 2010 Law La Française AM International is a company incorporated under Luxembourg law with Registered Office at 60, Grande rue, L-1661 Luxembourg (2, Boulevard de la Foire, L-1528 Luxembourg until March 10, 2019).

The Management Company has to provide, subject to the overall control of the Board of Directors of the SICAV and without limitation, asset management services, central administration, registrar and transfer agency services and distribution services to the SICAV.

The Management Company and the Investment Manager are remunerated for their services to the SICAV out of a fixed management fee, calculated on the average of the net asset values of the Sub-Fund, of the category or class of Shares, at the end of each quarter and payable in the month following the end of the quarter as follows:

Classes Maximum Management fees Investment Manager Class A Institutional 2% p.a. New Alpha Asset Managment Capitalisation NEXT AM FUND - TENDANCE FINANCE Class C Institutional 1.5% p.a. (until June 1st, 2019) New Alpha Asset Managment Capitalisation 2% p.a. (since June 1st, 2019)

In addition, the Investment Manager is entitled to receive an annual performance fee based on the following formula:

Classes Performance fees 20% of the performance with the high-water Class A Institutional Capitalisation mark NEXT AM FUND - TENDANCE FINANCE 15% of the performance with the high-water Class C Institutional Capitalisation mark

The principle is based on a high water mark with the reference value at the start of the year always being equal to the highest reference value at the end of the preceding financial year (and of the original NAV) serving as the reference.

During the period ended June 30, 2019, the Sub-Fund NEXT AM FUND - TENDANCE FINANCE booked a performance of EUR 770,359.96.

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Notes to the Financial Statements as at June 30, 2019 (continued)

Note 8 - Operating costs, including Management Company fee

BNP Paribas Securities Services - Luxembourg Branch has been appointed Administrative Agent, Domiciliation Agent, Depositary and Listing Agent of the SICAV pursuant to an administrative services agreement and custody agreement entered into between the Management Company and BNP Paribas Securities Services - Luxembourg Branch.

The operating costs will be charged on a degressive basis based on the net assets of the Sub-Fund during the respective quarter and payable in the month following the end of the quarter.

The following fees will apply, depending on the NAV of the Sub-Fund: - NAV below EUR 25 million: 0.50% p.a. - NAV between EUR 25 and 50 million: 0.40% p.a. - NAV between EUR 50 and 75 million: 0.35% p.a. - NAV between EUR 75 and 100 million: 0.30% p.a. - NAV beyond EUR 100 million: 0.25% p.a.

Note 9 - Futures contracts

As at June 30, 2019, the Sub-Fund NEXT AM FUND - TENDANCE FINANCE held positions in Futures contracts. The counterparty for all these positions is Newedge and the Sub-Fund did not receive any collateral.

Note 10 - Other expenses

The caption “Other expenses” is mainly composed of professional fees.

Note 11 - Transaction costs

The SICAV incurred transaction costs which have been defined as brokerage fees, certain taxes and certain depositary fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets. The global amounts of transaction costs are taken into account through the Statements of Operations and Changes in Net Assets. In line with market practices for debt securities, the transaction fees are included in the spreads relating to the purchase and sale of transferable securities or money market instruments.

Note 12 - Accrued Expenses

The caption “Accrued expenses” is mainly composed of Management fees to be paid.

Note 13 - Changes in the composition of the investment portfolio

The report on changes in the composition of the Securities Portfolio for the Sub-Fund for the period ended June 30, 2019 is available upon request and free of charge at the Depositary Bank and Registered Office of the SICAV.

Note 14 - Related party transactions

During the period ended June 30, 2019, the Sub-Fund NEXT AM FUND - TENDANCE FINANCE invested part of its assets in the UCI “LFP TRESORERIE - Class I” of the Group La Française. No subscription or redemption fees were charged to the SICAV but this UCI paid Management fees (Max 0.10% of the NAV).

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Unaudited Information

SFT Regulation

During the period ending June 30, 2019, the SICAV did not engage in transactions which are the subject of EU Regulation No 2015/2365 on the transparency of securities financing transactions and of reuse. Accordingly, no global, concentration or transaction data, or information on the reuse or safekeeping of collateral is required to be reported.