# INDOSUEZ FUNDS
## - Fixed Income - Euro

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 122.184.768,52 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 112.072.682,88 |
| Cost price |  | 120.562.222,67 |
| Unrealised loss on the securities portfolio |  | -8.489.539,79 |
| Cash at banks and liquidities | Note 2 | 8.737.037,34 |
| Margin accounts on financial futures |  | 129.459,24 |
| Interest receivable |  | 1.231.658,06 |
| Subscriptions receivable |  | 13.931,00 |
| Liabilities |  | 104.650,48 |
| Bank overdrafts |  | 9,66 |
| Interest payable |  | 32,32 |
| Performance fees payable | Note 3 | 2.457,42 |
| Unrealised loss on financial futures | Note 2 | 19.600,00 |
| Management fees payable | Note 3 | 42.541,22 |
| Other liabilities |  | 40.009,86 |
| Net asset value |  | 122.080.118,04 |

Changes in number of shares outstanding from 01/01/20 to 31/12/20
|  | Shares outstanding as at 01/01/20 | Shares issued | Shares redeemed | Shares outstanding as at 31/12/20 |
| --- | --- | --- | --- | --- |
| Classe F | 33.109,572 | 193,144 | 24.864,409 | 8.438,307 |
| Classe G | 1.161.820,327 | 94.469,347 | 747.746,744 | 508.542,930 |
| Classe GX | 32.412,962 | 3.823,577 | 15.454,029 | 20.782,510 |
| Classe M | 34.523,340 | 1.584,078 | 14.215,335 | 21.892,083 |
| Classe MX | 13.886,284 | 610,000 | 5.353,102 | 9.143,182 |
| Classe P | 1.704.783,114 | 170.641,736 | 565.436,994 | 1.309.987,856 |
| Classe PX | 176.984,299 | 8.612,970 | 27.913,000 | 157.684,269 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 122.080.118,04 | 256.792.441,56 | 420.579.096,56 |
| Classe F Number of shares |  | 8.438,307 | 33.109,572 | 63.633,042 |
| Net asset value per share | EUR | 1.064,81 | 1.053,67 | 1.016,70 |
| Classe G Number of shares |  | 508.542,930 | 1.161.820,327 | 1.978.298,841 |
| Net asset value per share | EUR | 139,34 | 138,24 | 133,78 |
| Classe GX Number of shares |  | 20.782,510 | 32.412,962 | 45.117,806 |
| Net asset value per share | EUR | 983,06 | 1.000,17 | 972,33 |
| Dividend per share |  | 24,30 | 5,00 | 5,00 |
| Classe M Number of shares |  | 21.892,083 | 34.523,340 | 53.680,016 |
| Net asset value per share | EUR | 99,14 | 98,66 | 95,62 |
| Classe MX Number of shares |  | 9.143,182 | 13.886,284 | 15.435,368 |
| Net asset value per share | EUR | 97,37 | 99,21 | 96,63 |
| Dividend per share |  | 2,24 | 0,50 | 0,50 |
| Classe P Number of shares |  | 1.309.987,856 | 1.704.783,114 | 3.019.290,598 |
| Net asset value per share | EUR | 13,07 | 13,05 | 12,69 |
| Classe PX Number of shares |  | 157.684,269 | 176.984,299 | 236.405,720 |
| Net asset value per share | EUR | 10,30 | 10,50 | 10,26 |
| Dividend per share |  | 0,21 | 0,05 | 0,05 |

| Quantity	Denomination	Quotation	Market value currency | % of net assets |
| --- | --- |
| Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market	 98.558.072,11 | 80,73 |
| Bonds	 48.789.541,96 | 39,97 |
| Luxembourg	 2.002.825,63 | 1,64 |
| 1.493.000,00 ELLAKTOR VALUE PLC 6.375 19-24 15/12S	EUR	1.409.578,63 | 1,15 |

| 1.50  -49 31/12A | EUR | 593.247,00 | 0,49 |
| --- | --- | --- | --- |
|  |  | 9.996.974,00 | 8,19 |
| 18-25 02/07A | EUR | 1.820.768,00 | 1,49 |
| 4.125 20-29 15/01S | EUR | 409.012,00 | 0,34 |

600.000,00 GRAND CITY PROP
France
1.700.000,00 ALTAREIT	2.875
400.000,00 ALTICE FRANCE SA
| 500.000,00 ENGIE SA	1.5000 20-49 31/12A	EUR | 509.817,50 | 0,42 |
| --- | --- | --- |
| 2.000.000,00 GROUPAMA SA 3.375 18-28 24/09A	EUR | 2.258.980,00 | 1,85 |
| 300.000,00 KLEPIERRE SA | 0.8750 20-31 17/02A | EUR | 305.931,00 | 0,25 |
| 400.000,00 LA MONDIALE | 0.7500 20-26 20/04A | EUR | 404.728,00 | 0,33 |
| 600.000,00 ORANO SA | 2.75 20-28 08/03A | EUR | 631.470,00 | 0,52 |
| 500.000,00 ORANO SA | 3.375 19-26 23/04A | EUR | 545.545,00 | 0,45 |
| 2.500.000,00 TIKEHAU CAPITAL SCA 2.25 19-26 14/10A | EUR | 2.607.500,00 | 2,13 |
| 500.000,00 UBISOFT ENTERTA	0.8780 20-27 24/11A | EUR | 503.222,50 | 0,41 |
| United Kingdom |  | 651.027,00 | 0,53 |
| 600.000,00 ROLLS-ROYCE PLC	4.6250 20-26 16/02S | EUR | 651.027,00 | 0,53 |
| The Netherlands |  | 4.242.098,50 | 3,47 |
| 700.000,00 DAVIDE CAMPARI-	1.2500 20-27 06/10A | EUR | 725.627,00 | 0,59 |
| 500.000,00 LOUIS DREYFUS C	2.3750 20-25 27/11A | EUR | 518.602,50 | 0,42 |
| 1.100.000,00 SAIPEM FINANCE INTL 3.3750 20-26 15/07A | EUR | 1.150.083,00 | 0,95 |
| 800.000,00 TELEFONICA EUROPE BV 3.00 18-XX 22/03A	EUR | 822.676,00 | 0,67 |
| 1.000.000,00 ZF EUROPE FINANCE BV 3 19-29 23/10A	EUR | 1.025.110,00 | 0,84 |
| Germany | 441.218,00 | 0,36 |
| 400.000,00 SCHAEFFLER AG	3.375 20-28 12/10A | EUR | 441.218,00 | 0,36 |
| Italy |  | 12.962.906,50 | 10,63 |
| 1.000.000,00 BANCO BPM SPA	2.5 19-24 21/06A | EUR | 1.055.780,00 | 0,86 |
| 500.000,00 INFRASTRUTTURE	1.6250 20-28 20/10A | EUR | 514.247,50 | 0,42 |
| 2.000.000,00 INTESA SANPAOLO 3.928 14-26 15/09A	EUR | 2.250.990,00 | 1,84 |
| 3.000.000,00 ITALY 2.80 18-28 01/08S | EUR | 3.584.775,00 | 2,95 |
| 2.400.000,00 ITALY TREASURY INDEX 1.40 20-25 26/05S | EUR | 2.540.964,00 | 2,09 |
| 1.500.000,00 UNICREDIT	4.375 16-27 03/01A	EUR | 1.557.112,50 | 1,28 |
| 500.000,00 UNIPOL GRUPPO SPA  3.25 20-30 23/09A	EUR | 528.685,00 | 0,43 |
| 900.000,00 WEBUILD SPA	5.8750 20-25 15/12A | EUR | 930.352,50 | 0,76 |
| Spain |  | 809.316,00 | 0,66 |
| 800.000,00 CELLNEX TELECOM	1.7500 20-30 23/10A	EUR | 809.316,00 | 0,66 |
| United States of America | 3.279.508,10 | 2,69 |
| 1.500.000,00 FORD MOTOR CREDIT CO 2.386 19-26 17/02A | EUR | 1.529.737,50 | 1,25 |
| 1.750.000,00 US TREASURY INDEXE 0.625 16-26 15/01S | USD | 1.749.770,60 | 1,44 |
| Sweden	 3.451.699,23 | 2,83 |
| 100.000,00 INTRUM AB | 2.75 17-22 15/07S | EUR | 100.529,00 | 0,08 |
| 1.600.000,00 INTRUM AB | 3.125 17-24 15/07S | EUR | 1.607.000,00 | 1,32 |
| 1.200.000,00 INTRUM AB	4.8750 20-25 15/08A	EUR | 1.245.816,00 | 1,02 |
| 500.000,00 SAMHALLSBYGGNAD	2.6250 20-XX XX/XXA	EUR | 498.354,23 | 0,41 |
| Portugal | 5.105.336,00 | 4,18 |
| 6.000.000,00 BANCO ESPIRITO SANTO 2.625 14-17 08/05A	EUR | 1.069.560,00 | 0,88 |
| 3.200.000,00 PORTUGAL	2.25 18-34 18/04A | EUR | 4.035.776,00 | 3,30 |
| Ireland |  | 630.068,00 | 0,52 |
| 200.000,00 FCA BANK S.P.A. | 0.125 20-23 16/11A | EUR | 200.016,00 | 0,16 |
| 400.000,00 RYANAIR DAC | 2.875 20-25 15/09A | EUR | 430.052,00 | 0,36 |
| The Netherlands Antilles | 931.290,00 | 0,76 |
| 1.000.000,00 TEVA PHARMA  1.125 16-24 15/10A	EUR | 931.290,00 | 0,76 |
| Panama | 1.160.025,00 | 0,95 |
| 1.000.000,00 CARNIVAL CORPORATION 10.125 20-26 01/02S	EUR | 1.160.025,00 | 0,95 |
| Czech Republic | 3.125.250,00 | 2,56 |
| 3.000.000,00 EP INFRASTRUCTU | 2.0450 19-28 09/10A | EUR | 3.125.250,00 | 2,56 |
| Floating rate bonds |  |  | 49.768.530,15 | 40,76 |
| France |  |  | 11.434.862,75 | 9,36 |
| 2.000.000,00 BFCM EMTN | FL.R 04-XX 15/12S | EUR | 1.797.780,00 | 1,47 |
| 2.370.000,00 CASINO GUICHARD SUB FL.R 05-XX 20/01A | EUR | 742.935,75 | 0,61 |
| 2.200.000,00 CREDIT AGRICOLE ASSUR FL.R 15-XX 13/01A | EUR | 2.470.952,00 | 2,01 |
| 800.000,00 ELECTRICITE DE	FL.R 20-XX XX/XXA	EUR | 874.408,00 | 0,72 |

| Quantity	Denomination	Quotation currency | Market value | % of net assets |
| --- | --- | --- |
| 10.874.400,00 JACCAR HOLDINGS SAS FL.R 17-22 30/06A* (note 12)	EUR | 543.720,00 | 0,45 |
| 500.000,00 ORANGE SA	FL.R 20-49 31/12A	EUR | 518.302,50 | 0,42 |
| 1.500.000,00 SOCIETE GENERALE REGS FL.R 14-XX 07/04S	EUR | 1.521.900,00 | 1,25 |

| 1.900.000,00 SUEZ CV | FL.R 19-XX 12/09A | EUR | 1.896.589,50 | 1,55 |
| --- | --- | --- | --- | --- |
| 1.000.000,00 TOTAL SE | FL.R 15-XX 26/02A | EUR | 1.068.275,00 | 0,88 |
| United Kingdom |  | 506.425,00 | 0,41 |
| 500.000,00 HSBC HOLDINGS PLC FL.R 0.309 20-26 13/11A | EUR | 506.425,00 | 0,41 |
| The Netherlands |  | 4.490.649,00 | 3,68 |
| 1.500.000,00 ATF NETHERLANDS BV FL.R 16-XX 20/01A	EUR | 1.564.597,50 | 1,28 |
| 400.000,00 COOPERATIEVE RABOBANK FL.R 20-XX XX-XXS | EUR | 443.362,00 | 0,36 |
| 700.000,00 IBERDROLA INTL BV FL.R 20-99 31/12A | EUR | 736.526,00 | 0,60 |
| 1.700.000,00 TELEFONICA EUROPE BV FL.R 19-XX 24/09A | EUR | 1.746.163,50 | 1,44 |
| Germany | 2.726.537,00 | 2,23 |
| 600.000,00 DEUTSCHE BANK A	FL.R	17-25 19/11A	EUR | 609.996,00 | 0,50 |
| 1.400.000,00 LANDESBANK BADEN-WUER FL.R 19-XX 15/04A	EUR | 1.398.796,00 | 1,14 |
| 700.000,00 MERCK KGAA	FL.R 20-80 09/09A | EUR | 717.745,00 | 0,59 |
| Italy |  | 8.300.303,00 | 6,80 |
| 1.000.000,00 ASSICURAZ GENERALI FL.R 15-47 27/10A	EUR | 1.234.240,00 | 1,01 |
| 1.000.000,00 ENEL SPA	FL.R 18-81 24/11A	EUR | 1.109.880,00 | 0,91 |
| 800.000,00 ENI SPA | FL.R 20-49 31/12A | EUR | 836.940,00 | 0,69 |
| 700.000,00 ENI SPA | FL.R 20-49 31/12A | EUR | 752.762,50 | 0,62 |
| 1.500.000,00 INTESA SANPAOLO	FL.R 20-XX 31/12S	EUR | 1.436.677,50 | 1,17 |
| 600.000,00 INTESA SANPAOLO FL.R 20-49 31/12S	EUR | 639.333,00 | 0,52 |
| 1.200.000,00 UNICREDIT SPA | FL.R 17-XX 03/06S | EUR | 1.227.420,00 | 1,01 |
| 1.000.000,00 UNICREDIT SPA | FL.R 20-27 22/07A | EUR | 1.063.050,00 | 0,87 |
| Spain | 7.528.659,50 | 6,17 |
| 1.800.000,00 BANCO DE SABADELL SA FL.R 17-XX 18/02Q | EUR | 1.794.933,00 | 1,47 |
| 2.500.000,00 BANCO SANT REGS SUB FL.R 14-XX 11/09Q | EUR | 2.566.262,50 | 2,11 |
| 1.400.000,00 BCO BILBAO VIZCAYA FL.R 16-XX 14/04Q | EUR | 1.431.997,00 | 1,17 |
| 1.200.000,00 CAIXABANK SA	FL.R 18-XX 23/03Q | EUR | 1.233.222,00 | 1,01 |
| 500.000,00 CAIXABANK SA	FL.R 20-26 18/11A | EUR | 502.245,00 | 0,41 |
| Sweden |  | 1.080.610,00 | 0,89 |
| 1.000.000,00 VATTENFALL AB	FL.R 15-77 19/03A | EUR | 1.080.610,00 | 0,89 |
| Austria |  | 8.619.906,50 | 7,06 |
| 3.000.000,00 BAWAG GROUP AG	FL.R 19-29 26/03A | EUR | 3.097.095,00 | 2,55 |
| 1.600.000,00 ERSTE GROUP BANK AG  FL.R 19-99 31/12S	EUR | 1.717.360,00 | 1,41 |
| 600.000,00 OMV AG | FL.R 20-49 31/12A | EUR | 625.671,00 | 0,51 |
| 400.000,00 OMV AG | FL.R 20-49 31/12A | EUR | 421.090,00 | 0,34 |
| 1.200.000,00 RAIFFEISEN BANK SUB FL.R 17-XX 15/12S	EUR | 1.251.198,00 | 1,02 |
| 1.500.000,00 VOLKSBANK WIEN	FL.R 17-27 06/10A | EUR | 1.507.492,50 | 1,23 |
| Portugal |  | 2.289.075,00 | 1,88 |
| 2.300.000,00 BANCO COMERCIAL PORT FL.R 17-27 07/12A	EUR | 2.289.075,00 | 1,88 |
| Belgium | 1.260.102,00 | 1,03 |
| 1.200.000,00 KBC GROUP NV	FL.R 18-XX XX/XXS | EUR | 1.260.102,00 | 1,03 |
| Mexico |  | 1.531.400,40 | 1,25 |
| 1.332.000,00 AMERICA MOVIL FL.R 13-73 06/09A	EUR | 1.531.400,40 | 1,25 |
| Other transferable securi | ties	 2.433.354,50 | 1,99 |
| Bonds | 1.911.147,00 | 1,56 |
| France | 849.632,00 | 0,70 |
| 800.000,00 TEREOS FINANCE GROUPE 7.5 20-25 30/10U	EUR | 849.632,00 | 0,70 |
| Italy | 1.061.515,00 | 0,86 |
| 1.000.000,00 TELECOM ITALIA SPA 2.875 18-26 28/01A | EUR | 1.061.515,00 | 0,86 |
| Floating rate bonds |  | 522.207,50 | 0,43 |
| Italy |  | 522.207,50 | 0,43 |
| 500.000,00 ENEL SPA EMTN | FL.R 20-XX XX/XXA | EUR | 522.207,50 | 0,43 |
| Shares/Units of UCITS/UCIS |  |  | 11.081.256,27 | 9,08 |
| Shares/Units in investment funds | 11.081.256,27 | 9,08 |
| France | 11.081.256,27 | 9,08 |
| 51,00 AMUNDI CASH INSTITUTIONS SRI - I (C)	EUR | 11.081.256,27 | 9,08 |
| Total securities portfolio | 112.072.682,88 | 91,80 |

Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 5.561.968,95 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 5.561.908,08 |
| Bank interest on cash account | Note 2 | 60,87 |
| Expenses |  | 1.198.102,68 |
| Management fees & management Company fees | Note 3 | 657.045,85 |
| Custodian & sub-custodian fees | Note 9 | 87.147,18 |
| Taxe d'abonnement | Note 4 | 24.266,50 |
| Administrative expenses | Note 3 | 296.868,36 |
| Performance fees | Note 3 | 2.457,42 |
| Professional fees |  | 13.485,74 |
| Bank interest on overdrafts |  | 46.249,75 |
| Legal fees |  | 13.271,68 |
| Transaction fees | Note 2, 6 | 13.974,47 |
| Other expenses | Note 10 | 43.335,73 |
| Net income from investments |  | 4.363.866,27 |
| Net realised profit / loss on: - sales of investment securities |  | -1.775.972,87 |
| - options |  | 1.030.652,08 |
| - forward foreign exchange contracts |  | 16.180,98 |
| - financial futures |  | -1.618.233,10 |
| - foreign exchange |  | -113.278,49 |
| Net realised profit |  | 1.903.214,87 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | -6.953.467,68 |
| - forward foreign exchange contracts |  | -22.559,12 |
| - financial futures |  | -545.760,00 |
| Decrease in net assets as a result of operations |  | -5.618.571,93 |
| Dividends paid | Note 8 | -660.022,06 |
| Subscription capitalisation shares |  | 14.985.553,82 |
| Subscription distribution shares |  | 3.696.453,65 |
| Redemption capitalisation shares |  | -131.700.850,93 |
| Redemption distribution shares |  | -15.414.886,07 |
| Decrease in net assets |  | -134.712.323,52 |
| Net assets at the beginning of the year |  | 256.792.441,56 |
| Net assets at the end of the year |  | 122.080.118,04 |

Translation (ENFR, 2020-12-31):
# INDOSUEZ FUNDS
## Combiné
INDOSUEZ FUNDS
Combiné

##### Etats Financiers au 31/12/20
Etat du Patrimoine au 31/12/20
Exprimé en EUR
| Actifs |  | 3.769.586.735,25 |
| --- | --- | --- |
| Portefeuille-titres à la valeur d'évaluation | Note 2 | 3.417.214.088,15 |
| Prix d'acquisition |  | 3.021.752.464,97 |
| Plus-value non réalisée sur le portefeuille-titres |  | 395.461.623,18 |
| Options achetées à la valeur de marché | Note 2 | 3.195.651,43 |
| Options achetées au prix d'acquisition |  | 3.871.404,30 |
| Avoirs en banque et liquidités | Note 2 | 234.863.125,69 |
| Compte d'appels de marge sur contrats "futures" |  | 81.493.199,76 |
| Intérêts à recevoir |  | 22.741.132,98 |
| Brokers à recevoir |  | 286.451,15 |
| Souscriptions à recevoir |  | 4.278.475,49 |
| Dividendes à recevoir |  | 243.192,48 |
| Plus-value non réalisée sur contrats de change à terme | Note 2 | 1.027.484,55 |
| Plus-value non réalisée sur contrats "futures" | Note 2 | 4.070.137,44 |
| Autres actifs |  | 173.796,13 |
| Passifs |  | 130.904.273,60 |
| Options vendues à la valeur de marché | Note 2 | 4.230.240,25 |
| Options vendues au prix d'acquisition |  | 5.308.331,27 |
| Dettes bancaires à vue |  | 16.047,84 |
| Intérêts à payer |  | 8.054,84 |
| Brokers à payer |  | 9.295.435,62 |
| Commissions de performance à payer | Note 3 | 14.856.942,16 |
| Rachats à payer |  | 92.484.665,32 |
| Moins-value non réalisée sur contrats de change à terme | Note 2 | 5.686.716,98 |
| Moins-value non réalisée sur contrats "futures" | Note 2 | 546.803,88 |
| Commissions de gestion à payer | Note 3 | 2.004.385,05 |
| Compte d'appels de marge sur contrats "futures" |  | 231.491,80 |
| Autres passifs |  | 1.543.489,86 |
| Valeur nette d'inventaire |  | 3.638.682.461,65 |

Les notes en annexe font partie intégrante de ces états financiers

#####
Combiné
Etat des Opérations et des Variations des Actifs Nets du 01/01/20 au 31/12/20
Exprimé en EUR
| Revenus |  | 83.506.921,39 |
| --- | --- | --- |
| Dividendes nets |  | 13.553.179,27 |
| Intérêts nets sur obligations | Note 2 | 69.813.118,43 |
| Intérêts bancaires à vue | Note 2 | 136.108,20 |
| Autres revenus financiers |  | 4.515,49 |
| Dépenses |  | 52.875.181,37 |
| Commissions de gestion | Note 3 | 21.564.636,19 |
| Commissions de banque dépositaire et sous-dépositaire | Note 9 | 1.861.594,26 |
| Taxe d'abonnement | Note 4 | 807.965,45 |
| Frais administratifs | Note 3 | 8.396.928,82 |
| Commission de performance | Note 3 | 14.970.706,11 |
| Frais professionnels |  | 223.812,68 |
| Intérêts bancaires sur découvert |  | 613.153,55 |
| Frais légaux |  | 256.745,59 |
| Frais de transaction | Note 2, 6 | 3.044.629,43 |
| Autres dépenses | Note 10 | 1.135.009,29 |
| Revenus nets des investissements |  | 30.631.740,02 |
| Bénéfice net / Perte nette réalisé(e) sur : - vente de titres |  | 32.738.049,42 |
| - contrats "options" |  | -560.781,73 |
| - contrats de change à terme |  | 1.042.893,74 |
| - contrats "futures" |  | -59.531.223,74 |
| - swaps |  | 149,95 |
| - change |  | -1.584.687,37 |
| Bénéfice net réalisé |  | 2.736.140,29 |
| Variation de la plus- ou moins-value nette non réalisée sur : - portefeuille-titres |  | 201.196.867,54 |
| - contrats "options" |  | 609.212,45 |
| - contrats de change à terme |  | -4.432.358,71 |
| - contrats " futures" |  | -2.122.617,63 |
| Augmentation des actifs nets résultant des opérations |  | 197.987.243,94 |
| Dividendes distribués | Note 8 | -23.062.334,93 |
| Souscriptions actions de capitalisation |  | 1.676.366.073,53 |
| Souscriptions actions de distribution |  | 349.473.278,20 |
| Rachats actions de capitalisation |  | -1.865.439.399,44 |
| Rachats actions de distribution |  | -385.679.241,77 |
| Diminution des actifs nets |  | -50.354.380,47 |
| Réévaluation de la balance d'ouverture | Note 2 | -163.949.008,21 |
| Actifs nets au début de l'année |  | 3.852.985.850,33 |
| Actifs nets à la fin de l'année |  | 3.638.682.461,65 |