# INDOSUEZ FUNDS
## - US Dollar Bonds (formerly INDOSUEZ FUNDS -
Corporate Bonds US Dollar)

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 248.075.417,66 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 237.859.178,55 |
| Cost price |  | 232.713.936,48 |
| Unrealised profit on the securities portfolio |  | 5.145.242,07 |
| Cash at banks and liquidities | Note 2 | 7.143.905,74 |
| Margin accounts on financial futures |  | 403.049,90 |
| Interest receivable |  | 2.524.059,98 |
| Subscriptions receivable |  | 145.223,49 |
| Liabilities |  | 2.811.481,78 |
| Interest payable |  | 7.101,25 |
| Brokers payable |  | 829.377,60 |
| Performance fees payable | Note 3 | 33.467,40 |
| Redemptions payable |  | 92.790,03 |
| Unrealised loss on forward foreign exchange contracts | Note 2 | 1.569.422,47 |
| Unrealised loss on financial futures | Note 2 | 26.796,89 |
| Management fees payable | Note 3 | 62.644,02 |
| Margin accounts on financial futures |  | 112.101,63 |
| Other liabilities |  | 77.780,49 |
| Net asset value |  | 245.263.935,88 |

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 | 11.672,893 | 23.202,778 | 22.789,234 | 12.086,437 |
| Classe G | 1.053.827,140 | 558.617,684 | 570.278,301 | 1.042.166,523 |
| Classe GX | 15.757,568 | 8.991,398 | 14.890,877 | 9.858,089 |
| Classe M | 4.344,698 | 152.430,053 | 6.718,331 | 150.056,420 |
| Classe MX | 0,000 | 29.802,434 | 1.475,000 | 28.327,434 |
| Classe P | 69.254,338 | 286.636,827 | 59.458,653 | 296.432,512 |
| Classe PX | 0,000 | 106.317,634 | 0,000 | 106.317,634 |
| Classe W | 0,000 | 1.521,452 | 0,000 | 1.521,452 |

Key figures
| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| Total Net Assets | USD | 245.263.935,88 | 172.865.158,76 | 178.223.301,48 |
| Classe F Number of shares |  | 12.086,437 | 11.672,893 | 7.441,253 |
| Net asset value per share | USD | 1.143,73 | 1.092,19 | 1.019,14 |
| Classe G Number of shares |  | 1.042.166,523 | 1.053.827,140 | 1.296.289,598 |
| Net asset value per share | USD | 134,13 | 128,27 | 119,81 |
| Classe GX Number of shares |  | 9.858,089 | 15.757,568 | 9.257,377 |
| Net asset value per share | USD | 1.045,02 | 1.053,95 | 1.013,31 |
| Dividend per share |  | 55,82 | 30,00 | 7,50 |
| Classe M Number of shares |  | 150.056,420 | 4.344,698 | 1.281,676 |
| Net asset value per share | USD | 113,76 | 109,01 | 102,02 |
| Classe MX Number of shares |  | 28.327,434 | 0,000 | 0,000 |
| Net asset value per share | USD | 103,00 | 0,00 | 0,00 |
| Dividend per share |  | 0,84 | 0,00 | 0,00 |
| Classe P Number of shares |  | 296.432,512 | 69.254,338 | 54.517,717 |
| Net asset value per share | USD | 118,10 | 113,57 | 106,66 |
| Classe PX Number of shares |  | 106.317,634 | 0,000 | 0,000 |
| Net asset value per share | USD | 104,40 | 0,00 | 0,00 |
| Dividend per share |  | 1,72 | 0,00 | 0,00 |
| Classe W Number of shares |  | 1.521,452 | 0,000 | 0,000 |
| Net asset value per share | USD | 10.025,86 | 0,00 | 0,00 |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
217.862.900,12	88,83
|  | 144.768.772,46 | 59,03 |
| --- | --- | --- |
| 1.733.568,00 | 0,71 |
| USD | 885.288,00 | 0,36 |
| USD | 848.280,00 | 0,35 |
|  | 22.583.162,84 | 9,20 |
| USD | 1.019.625,00 | 0,42 |
| USD | 405.058,00 | 0,17 |
| USD | 2.043.940,00 | 0,83 |
| USD | 4.570.840,00 | 1,85 |
| EUR | 2.106.565,84 | 0,86 |
| USD | 2.374.018,50 | 0,97 |
| USD | 1.117.060,00 | 0,46 |
| USD | 2.827.012,50 | 1,15 |
| EUR | 1.128.378,00 | 0,46 |
| USD | 1.688.550,00 | 0,69 |
| USD | 3.302.115,00 | 1,34 |
|  | 9.160.678,75 | 3,74 |
| USD | 2.600.250,00 | 1,06 |
| USD | 537.655,00 | 0,22 |
| USD | 2.426.970,00 | 0,99 |
| USD | 3.160.710,00 | 1,29 |
| USD | 435.093,75 | 0,18 |
|  | 2.006.042,19 | 0,82 |
| USD | 822.187,50 | 0,34 |
| USD | 1.026.800,00 | 0,42 |
| USD | 157.054,69 | 0,06 |
|  | 3.154.871,98 | 1,29 |
| USD | 3.037.770,00 | 1,24 |
| EUR | 117.101,98 | 0,05 |
|  | 6.347.256,96 | 2,59 |
| EUR | 2.655.579,46 | 1,08 |
| USD | 3.691.677,50 | 1,51 |
|  | 22.286.953,35 | 9,08 |
| USD | 1.745.625,00 | 0,71 |
| USD | 1.052.210,00 | 0,43 |
| USD | 764.085,00 | 0,31 |
| USD | 1.031.250,00 | 0,42 |
| USD | 928.865,60 | 0,38 |
| USD | 612.320,00 | 0,25 |
| USD | 544.092,50 | 0,22 |
| USD | 1.058.010,00 | 0,43 |
| USD | 606.542,50 | 0,25 |
| USD | 589.232,50 | 0,24 |
| USD | 1.082.990,00 | 0,44 |
| USD | 931.140,00 | 0,38 |
| USD | 1.136.390,00 | 0,46 |
| USD | 495.276,75 | 0,20 |
| USD | 3.239.070,00 | 1,32 |
| USD | 1.666.305,00 | 0,68 |
| USD | 905.516,00 | 0,37 |
| USD | 565.257,50 | 0,23 |
| USD | 3.332.775,00 | 1,36 |
|  | 3.423.294,39 | 1,40 |
| USD | 1.564.725,00 | 0,64 |
| EUR | 1.858.569,39 | 0,76 |
|  | 2.048.690,00 | 0,84 |
| USD | 2.048.690,00 | 0,84 |
|  | 4.879.951,00 | 1,99 |
| USD | 1.419.532,50 | 0,58 |
| USD | 1.081.290,00 | 0,44 |
| USD | 840.136,00 | 0,34 |
| USD | 1.538.992,50 | 0,63 |

Bonds
Luxembourg
800.000,00 KLABIN FIN REGS	5.25 14-24 16/07S
800.000,00 RUMO LUX SARL	5.875 18-25 18/01S
France
1.000.000,00 AXA SUB	4.50 16-XX 15/03S
400.000,00 BANQUE PSA FIN REGS 5.75 11-21 04/04S
2.000.000,00 BNP PARIBAS	2.588 20-35 12/08S
4.000.000,00 BNP PARIBAS TR1 REGS 4.375 15-25 28/09S
1.700.000,00 BOLLORE	2.00 17-22 25/01A
2.100.000,00 BPCE REGS SUB	4.50 14-25 15/03S
1.000.000,00 BPCE SUB	4.625 14-25 11/07S
2.500.000,00 BPCE SUB REGS	5.70 13-23 22/10S
900.000,00 CASINO GUICHARD . 5.976 11-21 26/05A
1.500.000,00 CREDIT AGRICOLE REGS 4.375 15-25 17/03S
3.000.000,00 SOCIETE GENERALE	5.00 14-24 17/01S
United Kingdom
2.500.000,00 BARCLAYS BANK	10.179 09-21 12/06S
500.000,00 FIAT CHRYSLER AUTO  5.25 15-23 15/04S
2.100.000,00 HSBC HLDGS	4.375 16-26 23/11S
3.000.000,00 STANDARD CHARTERED 3.95 13-23 11/01S
425.000,00 TIZIR LTD	9.50 17-22 19/07S
The Netherlands
750.000,00 ALCOA NEDERLAND	6.1250 18-28 15/05S
1.000.000,00 BRASKEM NETHERLANDS 3.50 17-23 10/01S
156.250,00 SAMVARDHANA MOTHERSON 4.875 16-21 16/12S
Germany
3.000.000,00 ALLIANZ SE	3.875 16-XX 07/09S
1.200.000,00 WIRECARD AG	0.5000 19-24 11/09A
Italy
1.900.000,00 INTESA SANPAOLO 6.625 13-23 13/09A
3.500.000,00 UNICREDIT SPA	6.572 19-22 15/01S
United States of America
1.500.000,00 ALLY FINANCIAL INC  5.75 15-25 20/11S
1.000.000,00 APACHE CORP	4.625 20-25 15/11S
700.000,00 BROADCOM INC	3.15 20-25 15/11S
1.000.000,00 CENTURYLINK INC	4.0000 20-27 15/02S
800.000,00 EXPEDIA GROUP	6.25 20-25 01/05S
500.000,00 FORD MOTOR CO 9.00 20-25 22/04S
500.000,00 FORD MOTOR CRED	5.1250 20-25 16/06S
1.000.000,00 FORD MOTOR CREDIT  4.389 16-26 08/01S
500.000,00 GENERAL MOTORS	6.1250 20-25 01/10S
500.000,00 GENERAL MOTORS FIN  5.25 16-26 01/03S
1.000.000,00 HARLEY DAVIDSON	3.35 20-25 08/06S
800.000,00 HCA	4.50 16-27 15/02S
1.000.000,00 HP ENTERPRISE CO 4.65 20-24 01/10S
500.000,00 ISTAR INC	4.2500 19-25 01/08S
3.000.000,00 KRAFT HZ FOODS	3.875 20-27 15/05S
1.500.000,00 NETFLIX	4.375 17-26 15/11S
800.000,00 NETFLIX INC  4.875 17-28 15/04S
500.000,00 VMWARE INC	3.90 17-27 21/08S
3.000.000,00 WESTERN DIGITAL CORP 4.75 18-26 15/02S
India
1.500.000,00 ADANI PORTS AND	3.3750 19-24 24/07S
1.500.000,00 ONCG VIDESH	2.75 14-21 15/07A
Ireland
2.000.000,00 CLOVERIE PLC ZURICH 4.75 16-XX 20/01S
Hong Kong
1.500.000,00 CNAC HK FINBRIDGE CO 3.000 20-30 22/09S
1.000.000,00 COUNTRY GARDEN 5.40 20-25 27/05S
800.000,00 COUNTRY GARDEN HOLDINGS 4.2 20-26 06/02S
1.500.000,00 COUNTRY GARDEN REGS 4.75 16-23 28/09S
Quantity	Denomination	Quotation
currency
Market value
% of net assets
Singapore	
7.385.955,00	3,01
| 4.000.000,00 BOC AVIATION LTD	3.5 18-23 31/01S | USD | 4.160.540,00 | 1,70 |
| --- | --- | --- | --- |
| 1.000.000,00 FLEXTRONICS INTL L 4.875 20-30 12/05S | USD | 1.205.995,00 | 0,49 |
| 2.000.000,00 UNITED OVERSEAS BANK 1.75 20-31 16/03S | USD | 2.019.420,00 | 0,82 |
| Australia | 1.498.159,00 | 0,61 |
| 1.300.000,00 ANZ BANKING GRP REGS 4.40 16-26 19/05S	USD | 1.498.159,00 | 0,61 |
| The Netherlands Antilles | 1.014.890,00 | 0,41 |
| 1.000.000,00 TEVA PHARMA IV	3.65 11-21 10/11S	USD | 1.014.890,00 | 0,41 |
| Cayman Islands | 26.224.521,00 | 10,68 |
| 2.000.000,00 BAIDU	3.50 12-22 28/11S	USD | 2.098.140,00 | 0,86 |
| 1.200.000,00 BAIDU.COM INC	3.075 20-2507/04S	USD | 1.285.680,00 | 0,52 |
| 2.000.000,00 BANCO BRADESCO	3.2000 20-25 27/01S	USD | 2.096.870,00 | 0,85 |
| 3.500.000,00 BANCO BRASIL  4.875 18-23 19/04S | USD | 3.742.095,00 | 1,52 |
| 2.000.000,00 BRASKEM FINANCE LTD 6.45 14-24 03/02S | USD | 2.200.700,00 | 0,90 |
| 1.500.000,00 CHINA RESOURCES LAND 3.75 19-XX XX/XXS | USD | 1.540.140,00 | 0,63 |
| 2.000.000,00 JD. COM INC	3.125 16-21 29/04S	USD | 2.012.950,00 | 0,82 |
| 500.000,00 LOGAN GROUP CO LTD  4.85 20-26 14/12S | USD | 509.442,50 | 0,21 |
| 1.500.000,00 LONGFOR GROUP HLDG  4.50 18-28 16/01S | USD | 1.669.065,00 | 0,68 |
| 500.000,00 POWERLONG REAL ESTATE 6.95 19-23 23/07S | USD | 523.940,00 | 0,21 |
| 710.000,00 SEAGATE HDD CAYMAN  4.25 17-22 01/03S | USD | 732.187,50 | 0,30 |
| 1.600.000,00 SEAGATE HDD CAYMAN 4.875 15-27 01/06S | USD | 1.784.656,00 | 0,73 |
| 1.000.000,00 SHIMAO PROPERTY HLDG 5.20 18-25 30/01S | USD | 1.055.800,00 | 0,43 |
| 2.000.000,00 SHIMAO PROPERTY HLDG 6.125 19-24 21/02S | USD | 2.123.630,00 | 0,87 |
| 2.500.000,00 TENCENT HOLDINGS LTD 3.975 19-29 11/04S | USD | 2.849.225,00 | 1,15 |
| Bermuda | 2.494.328,00 | 1,02 |
| 1.000.000,00 AIRCASTLE LTD	4.125 17-24 01/05S	USD | 1.062.787,50 | 0,43 |
| 1.300.000,00 COSAN LTD	5.5000 19-29 20/09S	USD | 1.431.540,50 | 0,59 |
| Malaysia |  |  | 1.052.380,00 | 0,43 |
| 1.000.000,00 1MDB ENERGY | 5.99 12-22 11/05S | USD | 1.052.380,00 | 0,43 |
| Indonesia |  |  | 2.312.295,00 | 0,94 |
| 1.000.000,00 INDONESIA ASAHAN ALUM 6.53 18-28 15/11S	USD | 1.259.190,00 | 0,51 |
| 1.000.000,00 PERTAMINA REG S	4.875 12-22 03/05S | USD | 1.053.105,00 | 0,43 |
| China |  | 9.849.000,00 | 4,02 |
| 4.000.000,00 BANK OF CHINA	5.00 14-24 13/11S | USD | 4.481.760,00 | 1,83 |
| 800.000,00 CHINA GEZHOUBA GROUP 4.15 20-99 31/12S	USD | 801.100,00 | 0,33 |
| 4.000.000,00 ICBC B REGS | 4.875 15-25 21/09S | USD | 4.566.140,00 | 1,86 |
| Mexico |  |  | 2.763.455,00 | 1,13 |
| 1.000.000,00 ALPEK REGS | 5.375 13-23 08/08S | USD | 1.097.630,00 | 0,45 |
| 1.000.000,00 CEMEX SAB DE CV	7.375 20-27 05/06S	USD | 1.138.100,00 | 0,46 |
| 500.000,00 SANTANDER BR REGS  4.125 12-22 09/11S	USD | 527.725,00 | 0,22 |
| Brazil | 2.720.860,00 | 1,11 |
| 2.000.000,00 BNDES REGS	4.75 17-24 09/05S	USD | 2.182.960,00 | 0,89 |
| 500.000,00 BRF REGS	4.75 14-24 22/05S | USD | 537.900,00 | 0,22 |
| Colombia |  | 2.085.780,00 | 0,85 |
| 2.000.000,00 BANCOLOMBIA SA	3.00 20-25 29/01S	USD | 2.085.780,00 | 0,85 |
| British Virgin Islands |  | 1.566.390,00 | 0,64 |
| 500.000,00 FORTUNE STAR BV	5.9500 20-25 19/10S | USD | 525.100,00 | 0,21 |
| 1.000.000,00 HUARONG FINANCE 2019 3.25 19-24 13/11S | USD | 1.041.290,00 | 0,43 |
| Oman | 2.018.430,00 | 0,82 |
| 2.000.000,00 SULTANAT D'OMAN 4.125 | 18-23 17/01S | USD | 2.018.430,00 | 0,82 |
| Togo |  |  | 4.157.860,00 | 1,70 |
| 1.000.000,00 BANQUE OUEST	5.0 17-27 27/07S	USD | 1.112.125,00 | 0,45 |
| 3.000.000,00 BQ OUEST AFRICAINE  5.50 16-21 06/05S | USD | 3.045.735,00 | 1,25 |
| Floating rate bonds |  | 73.094.127,66 | 29,80 |
| France |  | 11.243.344,90 | 4,58 |
| 500.000,00 BNP PARIBAS	FL.R 14-26 20/03A	EUR | 615.430,36 | 0,25 |
| 2.000.000,00 CREDIT AGRICOLE ASSUR FL.R 14-XX 14/10A | EUR | 2.804.168,60 | 1,14 |
| 2.700.000,00 DANONE SA EMTN	FL.R 17-XX 23/06A | EUR | 3.403.055,94 | 1,38 |
| 2.000.000,00 LA MONDIALE	FL.R 17-47 26/01S | USD | 2.298.520,00 | 0,94 |
| 2.000.000,00 SCOR SE	FL.R 18-XX XX/XXS	USD | 2.122.170,00 | 0,87 |
| United Kingdom | 3.251.460,00 | 1,33 |
| 2.000.000,00 BP CAPITAL MARK	FL.R | 20-XX XX/XXS | USD | 2.138.750,00 | 0,88 |
| 1.000.000,00 BP CAPITAL MARK	FL.R | 20-XX XX/XXS | USD | 1.112.710,00 | 0,45 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| The Netherlands |  | 16.124.150,09 | 6,57 |
| --- | --- | --- | --- |
| 4.200.000,00 ABN AMRO BANK FL.R 17-28 27/03S | USD | 4.480.854,00 | 1,82 |
| 2.500.000,00 AT SECURITIES BV  FL.R 17-XX 21/07A | USD | 2.625.000,00 | 1,07 |
| 3.300.000,00 ING GROUP NV	FL.R 18-28 22/03S | USD | 3.538.491,00 | 1,44 |
| 2.200.000,00 RABOBANK FL.R 17-29 10/04S | USD | 2.373.074,00 | 0,97 |
| 2.500.000,00 TELEFONICA EUROPE BV FL.R 17-XX 07/06M | EUR | 3.106.731,09 | 1,27 |
| Switzerland |  | 5.851.342,50 | 2,39 |
| 3.500.000,00 CREDIT SUISSE GROUP FL.R 20-26 05/06S | USD | 3.656.922,50 | 1,50 |
| 2.000.000,00 UBS GROUP FUNDING  FL.R 19-99 31/07S | USD | 2.194.420,00 | 0,89 |
| Germany |  | 613.182,00 | 0,25 |
| 600.000,00 ALLIANZ SE	FL.R 20-XX XX/XXA | USD | 613.182,00 | 0,25 |
| Spain |  | 1.893.082,68 | 0,77 |
| 1.500.000,00 CAIXABANK SA	FL.R 17-27 15/02A | EUR | 1.893.082,68 | 0,77 |
| United States of America |  | 22.371.722,50 | 9,12 |
| 2.500.000,00 ALLSTATE CORP B	FL.R 13-53 15/08S | USD | 2.680.450,00 | 1,09 |
| 2.000.000,00 BANK OF AMERICA CORP FL.R 20-XX XX/XXS | USD | 2.052.360,00 | 0,84 |
| 3.500.000,00 BANK OF AMERICA CORP FL.R 20-31 29/04S | USD | 3.745.437,50 | 1,53 |
| 1.000.000,00 CENTERPOINT ENE	FL.R 18-XX XX/XXS | USD | 1.049.185,00 | 0,43 |
| 2.000.000,00 CITIGROUP INC	FL.R 20-26 08/04S | USD | 2.187.820,00 | 0,89 |
| 1.000.000,00 CMS ENERGY CORP	FL.R 20-50 01/06S | USD | 1.125.335,00 | 0,46 |
| 2.000.000,00 JPMORGAN CHASE & CO FL.R 19-XX XX/XXS | USD | 2.109.180,00 | 0,86 |
| 2.000.000,00 JPMORGAN CHASE & CO FL.R 20-28 01/06S | USD | 2.120.930,00 | 0,86 |
| 2.000.000,00 METLIFE INC 144A	FL.R 20-49 31/12S | USD | 2.103.160,00 | 0,86 |
| 3.000.000,00 WELLS FARGO FL.R 20-28 02/06S | USD | 3.197.865,00 | 1,30 |
| Ireland |  | 2.043.590,00 | 0,83 |
| 2.000.000,00 BANK OF IRELAND GRP FL.R 17-27 19/09S | USD | 2.043.590,00 | 0,83 |
| Singapore |  | 763.780,50 | 0,31 |
| 700.000,00 DBS GP	FL.R 18-28 11/12S | USD | 763.780,50 | 0,31 |
| Cayman Islands |  | 2.765.070,00 | 1,13 |
| 2.700.000,00 CK HUTCHISON CAP REGS FL.R 17-XX 12/05S | USD | 2.765.070,00 | 1,13 |
| South Korea |  | 1.514.422,49 | 0,62 |
| 1.500.000,00 HEUNGKUK INSURANCE CO FL.R 17-47 09/11S | USD | 1.514.422,49 | 0,62 |
| China |  | 3.581.130,00 | 1,46 |
| 3.500.000,00 CHINA CONSTRUCTION BK FL.R 20-30 24/06S | USD | 3.581.130,00 | 1,46 |
| Mexico |  | 1.077.850,00 | 0,44 |
| 1.000.000,00 GRUPO BIMBO SAB FL.R 5.95 18-XX 17/01S | USD | 1.077.850,00 | 0,44 |
| Money market instruments | 19.996.278,43 | 8,15 |
| United States of America | 19.996.278,43 | 8,15 |

20.000.000,00 USA ZCP 250321
USD
19.996.278,43	8,15
Total securities portfolio	
237.859.178,55	96,98
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 6.956.177,63 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 6.946.892,02 |
| Bank interest on cash account | Note 2 | 9.285,61 |
| Expenses |  | 1.225.694,46 |
| Management fees & management Company fees | Note 3 | 566.812,80 |
| Custodian & sub-custodian fees | Note 9 | 101.935,12 |
| Taxe d'abonnement | Note 4 | 41.321,83 |
| Administrative expenses | Note 3 | 355.284,02 |
| Performance fees | Note 3 | 33.467,40 |
| Professional fees |  | 22.455,71 |
| Bank interest on overdrafts |  | 14.773,02 |
| Legal fees |  | 13.413,10 |
| Transaction fees | Note 2, 6 | 25.595,20 |
| Other expenses | Note 10 | 50.636,26 |
| Net income from investments |  | 5.730.483,17 |
| Net realised profit / loss on: - sales of investment securities |  | 1.940.832,37 |
| - forward foreign exchange contracts |  | 1.647.090,00 |
| - financial futures |  | -165.361,42 |
| - foreign exchange |  | -33.088,10 |
| Net realised profit |  | 9.119.956,02 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 4.848.621,46 |
| - forward foreign exchange contracts |  | -2.758.747,35 |
| - financial futures |  | -16.015,63 |
| Increase in net assets as a result of operations |  | 11.193.814,50 |
| Dividends paid | Note 8 | -765.307,11 |
| Subscription capitalisation shares |  | 161.569.946,66 |
| Subscription distribution shares |  | 23.203.914,33 |
| Redemption capitalisation shares |  | -106.916.460,75 |
| Redemption distribution shares |  | -15.887.130,51 |
| Increase in net assets |  | 72.398.777,12 |
| Net assets at the beginning of the year |  | 172.865.158,76 |
| Net assets at the end of the year |  | 245.263.935,88 |

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 |