# INDOSUEZ FUNDS
## - Global Bond USD 2023

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 362.214.379,53 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 346.242.213,91 |
| Cost price |  | 329.670.736,01 |
| Unrealised profit on the securities portfolio |  | 16.571.477,90 |
| Cash at banks and liquidities | Note 2 | 11.483.670,00 |
| Interest receivable |  | 4.488.495,62 |
| Liabilities |  | 4.967.772,29 |
| Unrealised loss on forward foreign exchange contracts | Note 2 | 4.742.678,69 |
| Management fees payable | Note 3 | 120.704,82 |
| Other liabilities |  | 104.388,78 |
| Net asset value |  | 357.246.607,24 |

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 M | 605.005,040 | 72.009,968 | 43.949,238 | 633.065,770 |
| Classe MX | 935.847,657 | 254.505,783 | 110.210,696 | 1.080.142,744 |
| Classe P | 414.105,236 | 36.203,297 | 47.425,539 | 402.882,994 |
| Classe PX | 1.054.730,959 | 284.307,607 | 41.531,058 | 1.297.507,508 |

Key figures
Year ending as at:
31/12/20
31/12/19
| Total Net Assets | USD | 357.246.607,24 | 305.898.491,16 |
| --- | --- | --- | --- |
| Classe M Number of shares |  | 633.065,770 | 605.005,040 |
| Net asset value per share | USD | 107,83 | 101,68 |

Classe MX
Number of shares
1.080.142,744	935.847,657
Net asset value per share Dividend per share
Classe P
USD
103,64
4,00
101,68
0,00
| Number of shares |  | 402.882,994 | 414.105,236 |
| --- | --- | --- | --- |
| Net asset value per share | USD | 107,30 | 101,59 |

Key figures
Year ending as at:
31/12/20
31/12/19
Total Net Assets
Classe PX
Number of shares
USD
357.246.607,24	305.898.491,16
1.297.507,508	1.054.730,959
Net asset value per share Dividend per share
USD
103,13
4,00
101,59
0,00
| 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	 344.535.362,91 | 96,44 |
| Bonds	 288.569.182,29 | 80,77 |
| Luxembourg	 11.152.915,15 | 3,12 |

| EUR | 2.397.389,61 | 0,67 |
| --- | --- | --- |
| EUR | 2.163.256,29 | 0,61 |
| USD | 2.902.324,50 | 0,81 |
| USD | 2.136.190,00 | 0,60 |

1.800.000,00 ALTICE FRANCE HOLDING 8.0 19-27 15/05S
1.750.000,00 ARCELORMITTAL	1.0000 19-23 19/05A
2.700.000,00 BANCO BTG PACTUAL SA 5.50 17-23 31/01S
2.000.000,00 MEDIOBANCA INTL	2.5 18-24 29/03A
| 1.450.000,00 SBERBANK REGS	5.25 13-23 23/05S | USD | 1.553.754,75 | 0,43 |
| --- | --- | --- | --- |
| France |  | 24.122.764,55 | 6,75 |
| 1.500.000,00 ALTICE FRANCE SA 5.8750 18-27 01/02S | EUR | 1.958.144,95 | 0,55 |
| 2.316.000,00 AXA SA 5.50 13-XX 22/01S | USD | 2.326.132,50 | 0,65 |
| 2.900.000,00 BANIJAY	3.50 20-25 01/03S	EUR | 3.552.996,49 | 0,99 |
| 2.900.000,00 BPCE 5.70 13-23 22/10S	USD | 3.281.654,50 | 0,92 |
| 900.000,00 CASINO GUICHARD PERR 1.865 17-22 13/0	EUR | 1.116.672,29 | 0,31 |
| 5.800.000,00 LA POSTE	5.3 16-43 01/12S	USD | 6.087.390,00 | 1,71 |
| 4.500.000,00 TIKEHAU CAPTIAL SCA 3.00 17-23 27/11A | EUR | 5.799.773,82 | 1,62 |
| United Kingdom |  | 25.197.957,37 | 7,05 |
| 1.510.000,00 FIAT CHRYSLER AUTO  5.25 15-23 15/04S | USD | 1.623.718,10 | 0,45 |
| 1.800.000,00 FIAT CHRYSLER AUTO 3.375 20-23 07/07A | EUR | 2.351.436,74 | 0,66 |
| 1.300.000,00 HAMMERSON PLC	1.75 16-23 15/03A	EUR | 1.529.964,85 | 0,43 |
| 750.000,00 LLOYDS BANKING GROUP 4.05 18-23 16/08S	USD | 818.715,00 | 0,23 |
| 2.000.000,00 MARKS & SPENCER PL  3.00 16-23 08/12A	GBP | 2.870.182,30 | 0,80 |
| 1.400.000,00 NATWEST GRP | 6.00 13-23 19/12S | USD | 1.595.307,00 | 0,45 |
| 3.150.000,00 NATWEST GRP | 3.875 16-23 12/09S | USD | 3.419.277,75 | 0,96 |
| 3.300.000,00 PGH CAPITAL PLC	4.125 17-22 20/07A	GBP | 4.707.742,93 | 1,32 |
| 1.500.000,00 PINNACLE BIDCO PLC 6.375 18-25 15/02S | GBP | 2.033.569,22 | 0,57 |
| 791.000,00 SANTANDER UK PLC 5.00 13-23 07/11S | USD | 874.715,48 | 0,24 |
| 3.200.000,00 STAND CHART 144A SUB 3.95 13-23 11/01S | USD | 3.373.328,00 | 0,94 |
| The Netherlands |  | 26.946.714,71 | 7,54 |
| 1.050.000,00 BHARTI AIRTEL INTERN 5.125 13-23 11/03S | USD | 1.123.599,75 | 0,31 |
| 400.000,00 BHARTI AIRTEL INTL NL 5.125 13-23 11/03S | USD | 427.942,00 | 0,12 |
| 1.550.000,00 BRASKEM NETHERLANDS 3.50 17-23 10/01S | USD | 1.592.617,25 | 0,45 |
| 1.400.000,00 CONTI-GUMMI FINANCE 2.1250 20-23 27/11A | EUR | 1.812.262,30 | 0,51 |
| 3.550.000,00 ENEL FINANCE IN	4.2500 18-23 14/09S | USD | 3.890.161,00 | 1,09 |
| 1.500.000,00 JABABEKA INTL REGS 6.50 16-23 05/10S | USD | 1.459.545,00 | 0,41 |
| 2.550.000,00 METINVEST	7.7500 18-23 23/04S	USD | 2.732.669,25 | 0,76 |
| 2.438.000,00 NE PROPERTY BV 2.625	19-23 22/05A	EUR | 3.107.167,98 | 0,87 |
| 1.550.000,00 NN GROUP NV | 4.375 14-XX 13/06A | EUR | 2.107.412,54 | 0,59 |
| 3.500.000,00 RABOBANK | 4.625 13-23 01/12S | USD | 3.900.295,00 | 1,09 |
| 2.750.000,00 SABIC CAPITAL II | 4.00  18-23 10/10S | USD | 2.969.491,25 | 0,83 |
| 1.500.000,00 ZF EUROPE FINANCE BV 1.250 16-23 23/10A	EUR | 1.823.551,39 | 0,51 |
| Switzerland | 3.287.152,75 | 0,92 |
| 3.050.000,00 CREDIT SUISSE GRP FDG 3.80 16-23 09/06S	USD | 3.287.152,75 | 0,92 |
| Germany | 12.702.389,14 | 3,56 |
| 1.500.000,00 ADLER REAL ESTATE AG 1.875 18-23 27/04A | EUR | 1.847.300,49 | 0,52 |
| 3.100.000,00 COMMERZBANK AG 8.125 13-23 19/09S | USD | 3.628.689,50 | 1,02 |
| 3.000.000,00 DEUT PFANDBRIEF	1.7500 19-22 21/11A | GBP | 4.159.571,07 | 1,16 |
| 2.500.000,00 THYSSENKRUPP AG	1.875 19-23 06/03A | EUR | 3.066.828,08 | 0,86 |
| Italy | 15.234.706,44 | 4,26 |
| 1.100.000,00 ATLANTIA	5.875 04-24 09/06A	EUR | 1.543.436,75 | 0,43 |
| 500.000,00 BANCA FARMAFACT	1.7500 19-23 23/05A	EUR | 624.738,51 | 0,17 |
| 987.000,00 BANCA IFIS SPA	2.0000 18-23 24/04A	EUR | 1.213.682,07 | 0,34 |
| 2.850.000,00 INTESA SANPAOLO 6.625 13-23 13/09A | EUR | 3.983.369,19 | 1,12 |
| 2.500.000,00 TELECOM ITALIA SPA 5.875 07-23 19/05A | GBP | 3.751.658,42 | 1,05 |
| 1.100.000,00 UNICREDIT SPA	6.572 19-22 14/01S | USD | 1.160.434,00 | 0,32 |
| 2.500.000,00 UNICREDIT SPA	7.8300 18-23 04/12S | USD | 2.957.387,50 | 0,83 |
| Denmark |  | 1.412.422,35 | 0,40 |
| 1.310.000,00 DANSKE BK	3.875 18-23 12/06S	USD | 1.412.422,35 | 0,40 |
| United States of America | 75.959.235,51 | 21,25 |
| 1.750.000,00 ADT CORP	4.125 13-23 15/06S	USD | 1.869.052,50 | 0,52 |
| 2.900.000,00 AMERICAN HONDA	0.8750 20-23 07/07S	USD | 2.935.496,00 | 0,82 |
| 1.500.000,00 APACHE CORP	3.25 12-22 15/04S	USD | 1.500.777,75 | 0,42 |
| 3.050.000,00 BAYER US FINANCE II 3.875 18-23 25/06S | USD | 3.326.482,50 | 0,93 |
| 2.950.000,00 BBVA BANCOMER REGS  6.75 12-22 30/09S | USD | 3.195.661,25 | 0,89 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 2.550.000,00 EMC | 3.375 13-23 01/06S | USD | 2.661.180,00 | 0,74 |
| --- | --- | --- | --- | --- |
| 3.600.000,00 ENERGY TRANSFER	4.2000 18-23 15/09S | USD | 3.881.682,00 | 1,09 |
| 3.900.000,00 EQM MIDSTREAM PART 4.7500 18-23 15/07S | USD | 4.095.000,00 | 1,15 |
| 3.300.000,00 EXPEDIA GROUP INC 3.6000 20-23 15/12S | USD | 3.516.425,55 | 0,98 |
| 3.550.000,00 FORD MOTOR CREDIT CO 3.021 19-24 06/03A | EUR | 4.510.288,25 | 1,26 |
| 3.700.000,00 GENERAL MOTORS FIN 0.955 16-23 07/09A | EUR | 4.620.122,35 | 1,29 |
| 3.000.000,00 KINDER MORGAN 144A  5.625 13-23 15/11S | USD | 3.383.490,00 | 0,95 |
| 2.000.000,00 LUMEN TECH	6.75 13-23 01/12S | USD | 2.227.500,00 | 0,62 |
| 1.500.000,00 MACYS INC.	8.375 20-25 15/06S | USD | 1.661.467,50 | 0,47 |
| 4.000.000,00 MPLX	4.50 16-23 45/07S	USD | 4.359.500,00 | 1,22 |
| 350.000,00 OCCIDENTAL PETROLEUM 6.950 19-24 01/07S	USD | 380.198,53 | 0,11 |
| 5.000.000,00 SASOL	5.875 18-24 27/09S	USD | 5.350.050,00 | 1,50 |
| 1.500.000,00 SPRINGLEAF FINANCE  8.25 13-23 01/10S	USD | 1.719.375,00 | 0,48 |
| 3.050.000,00 SPRINT CORP	7.875 14-23 15/09S	USD | 3.593.494,75 | 1,01 |
| 1.700.000,00 TENET HEALTHCARE	6.75 15-23 15/06S | USD | 1.831.750,00 | 0,51 |
| 10.237.500,00 UNITED STATES TREASURY 0.25 20-23 15/06S | USD | 10.264.693,36 | 2,87 |
| 3.400.000,00 US TREASURY N/B	1.5000 19-21 30/11S | USD | 3.442.964,84 | 0,96 |
| 1.300.000,00 ZF NA CAPITAL	2.75 15-23 27/04A | EUR | 1.632.583,38 | 0,46 |
| Sweden | 3.613.032,00 | 1,01 |
| 3.600.000,00 SWEDBANK AB | 0.6000 20-23 25/09S | USD | 3.613.032,00 | 1,01 |
| Canada |  |  | 1.526.250,00 | 0,43 |
| 1.500.000,00 MDC PARTNERS INC	6.50 16-24 01/05S | USD | 1.526.250,00 | 0,43 |
| Turkey |  | 5.203.011,95 | 1,46 |
| 1.650.000,00 TURK GAR BANK REGS  5.875 17-23 16/03S | USD | 1.713.104,25 | 0,48 |
| 1.730.000,00 TURKIYE VAKIFLAR	5.75 18-23 30/01S | USD | 1.747.628,70 | 0,49 |
| 1.700.000,00 YAPI VE KREDI BANKASI 6.10 18-23 16/03S | USD | 1.742.279,00 | 0,49 |
| India | 7.295.345,30 | 2,04 |
| 1.700.000,00 INDIABULLS HOUSING F 6.375 19-22 28/05S | USD | 1.557.212,90 | 0,44 |
| 5.620.000,00 MUTHOOT FINANCE LTD 4.4 20-23 02/09S | USD | 5.738.132,40 | 1,60 |
| Ireland | 14.994.610,04 | 4,20 |
| 2.000.000,00 ADARGH PACKAGING FIN 4.75 17-27 15/07S | GBP | 2.844.360,76 | 0,80 |
| 3.320.000,00 AERCAP IRELAND	4.5000 20-23 15/09S | USD | 3.602.017,40 | 1,01 |
| 4.200.000,00 AIB GRP	4.75	18-23 12/10S	USD | 4.622.667,00 | 1,30 |
| 1.250.000,00 BANK OF IRELAND GROU 4.5 18-23 25/11S | USD | 1.369.381,25 | 0,38 |
| 1.100.000,00 CBOM FINANCE PLC	5.55 18-23 14/02S | USD | 1.159.625,50 | 0,32 |
| 1.100.000,00 DELL BANK INTER	1.6250 20-24 24/06A | EUR | 1.396.558,13 | 0,39 |
| Hong Kong | 8.391.311,70 | 2,35 |
| 3.640.000,00 CNAC (HK) FINBRIDGE 4.625 18-23 14/03S | USD | 3.774.334,20 | 1,06 |
| 4.500.000,00 COUNTRY GARDEN REGS 4.75 16-23 28/09S | USD | 4.616.977,50 | 1,29 |
| Singapore |  | 2.239.660,50 | 0,63 |
| 2.100.000,00 BOC AVIATION REGS  4.375 13-23 02/05S | USD | 2.239.660,50 | 0,63 |
| Australia |  | 3.040.562,00 | 0,85 |
| 2.800.000,00 CNOOC CURTIS REGS  4.50 13-23 03/10S | USD | 3.040.562,00 | 0,85 |
| Cayman Islands |  | 21.777.340,64 | 6,10 |
| 2.100.000,00 BAIDU INC	3.875 18-23 29/09S	USD | 2.259.075,00 | 0,63 |
| 1.800.000,00 BCO BARSIL CAYMAN REGS 9.00 14-XX 18/12S	USD | 2.013.687,00 | 0,56 |
| 550.000,00 BCO BRASIL 144A SUB 9.00 14-XX 18/06S | USD | 614.993,50 | 0,17 |
| 1.000.000,00 BRASKEM FINANCE LTD 6.45 14-24 03/02S | USD | 1.100.350,00 | 0,31 |
| 1.400.000,00 BRIGHT SCHOLAR	7.45 19-22 31/07S	USD | 1.461.992,00 | 0,41 |
| 1.200.000,00 CK HUTCHISON INTL REGS 2.75 17-23 29/03S | USD | 1.253.112,00 | 0,35 |
| 1.700.000,00 E-HOUSE (CHINA) ENTE 7.75 19-21 28/02S | USD | 1.700.000,00 | 0,48 |
| 3.050.000,00 ITAU UNIBANCO 5.125 12-23 13/05S | USD | 3.267.221,00 | 0,92 |
| 1.700.000,00 REDSUN PROPERTIES GRO 9.95 19-22 11/04S | USD | 1.785.544,00 | 0,50 |
| 1.400.000,00 SANDS CHINA LTD 4.60 18-23 08/08S | USD | 1.499.750,00 | 0,42 |
| 2.910.000,00 SUNRISE CAYMAN LTD  5.25 19-24 11/03S | USD | 3.033.573,14 | 0,85 |
| 1.700.000,00 ZHENRO PROP GRP	8.30 20-23 15/09S | USD | 1.788.043,00 | 0,50 |
| Philippines |  | 1.429.461,00 | 0,40 |
| 1.350.000,00 RIZAL COMMERCIAL CORP 4.125 18-23 16/03S	USD | 1.429.461,00 | 0,40 |
| Mexico | 7.518.515,15 | 2,10 |
| 2.000.000,00 ALPEK REGS	5.375 13-23 08/08S	USD | 2.195.260,00 | 0,61 |
| 1.300.000,00 METALSA SA DE CV	4.90 13-23 24/04S	USD | 1.364.135,50 | 0,38 |
| 3.100.000,00 PEMEX	5.125 16-23 15/03A | EUR | 3.959.119,65 | 1,11 |
| Vietnam |  | 658.598,13 | 0,18 |
| 639.000,00 VIETNAM PROSPER	6.2500 19-22 17/07S	USD | 658.598,13 | 0,18 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| British Virgin Islands |  | 6.571.244,41 | 1,84 |
| --- | --- | --- | --- |
| 1.362.000,00 CHINA CINDA FINANC  3.875 18-23 08/02S | USD | 1.433.920,41 | 0,40 |
| 3.100.000,00 SINOPEC GROUP	4.375 13-23 17/10S	USD | 3.381.666,00 | 0,95 |
| 1.700.000,00 YINGDE GASES INVES  6.25 18-23 19/01S | USD | 1.755.658,00 | 0,49 |
| Malta |  | 3.108.750,00 | 0,87 |
| 3.000.000,00 VISTAJET MALTA FIN  10.5 19-24 01/06S | USD | 3.108.750,00 | 0,87 |
| Oman |  | 3.128.566,50 | 0,88 |
| 3.100.000,00 SULTANAT D'OMAN 4.125  18-23 17/01S | USD | 3.128.566,50 | 0,88 |
| Kenya |  | 2.056.665,00 | 0,58 |
| 1.950.000,00 EASTERN AND SOUTHERN 4.875 19-24 23/05S	USD | 2.056.665,00 | 0,58 |
| Floating rate bonds | 55.966.180,62 | 15,67 |
| Luxembourg | 2.443.159,51 | 0,68 |
| 850.000,00 AROUNDTOWN SA	FL.R 19-XX 25/06A	GBP | 1.219.659,00 | 0,34 |
| 854.000,00 CPI PROPERTY GROUP FL.R 18-XX 09/11A	EUR | 1.088.808,45 | 0,30 |
| 100.000,00 SES SA	FL.R 16-49 29/11A	EUR | 134.692,06 | 0,04 |
| France |  |  | 8.213.187,46 | 2,30 |
| 1.100.000,00 EDF SA 144A | FL.R 14-XX 22/01S | USD | 1.188.885,50 | 0,33 |
| 2.200.000,00 GROUPAMA SA FL.R 14-XX 28/05A	EUR | 3.110.399,91 | 0,87 |
| 200.000,00 SOCIETE GENERALE	FL.R 13-XX 18/12S | USD | 221.698,00 | 0,06 |
| 3.200.000,00 UNIBAIL RODAMCO	FL.R 18-XX 25/04A | EUR | 3.692.204,05 | 1,04 |
| United Kingdom | 10.103.855,21 | 2,84 |
| 1.000.000,00 BARCLAYS PLC	FL.R 17-23 06/10A	GBP | 1.406.248,66 | 0,39 |
| 1.800.000,00 BARCLAYS PLC SUB	FL.R 17-XX 15/03Q	GBP | 2.613.784,94 | 0,74 |
| 2.500.000,00 CYBG PLC	FL.R 18-28 14/12S	GBP | 3.886.831,92 | 1,10 |
| 750.000,00 LLOYDS BANKING GROUP | FL.R 18-28 07/09A | EUR | 946.169,69 | 0,26 |
| 1.200.000,00 SSE PLC FL.R 17-77 16/09S |  | USD | 1.250.820,00 | 0,35 |
| The Netherlands | 5.339.407,71 | 1,49 |
| 3.250.000,00 AT SECURITIES BV  FL.R 17-XX 21/07A | USD | 3.412.500,00 | 0,95 |
| 1.500.000,00 VOLKSWAGEN INTL FIN FL.R 18-XX 27/06A | EUR | 1.926.907,71 | 0,54 |
| Switzerland |  | 999.287,30 | 0,28 |
| 916.000,00 CREDIT SUISSE G	FL.R 18-49 31/12S | USD | 999.287,30 | 0,28 |
| Germany |  | 2.668.679,17 | 0,75 |
| 700.000,00 BAYER AG FL.R 14-74 01/07A |  | EUR | 918.580,17 | 0,26 |
| 1.700.000,00 DEUTSCHE BANK SUB FL.R | 13-28 24/05S | USD | 1.750.099,00 | 0,49 |
| Italy | 2.103.507,36 | 0,59 |
| 1.300.000,00 BANCA IFIS SPA FL.R 17-27 17/10A	EUR | 1.518.862,36 | 0,43 |
| 500.000,00 ENEL 144A SUB	FL.R 13-73 24/09S | USD | 584.645,00 | 0,16 |
| Spain |  | 8.547.260,25 | 2,39 |
| 2.400.000,00 ABANCA CORP BAN | FL.R 19-29 18/01A | EUR | 3.199.132,99 | 0,89 |
| 900.000,00 BANCO DE SABADE | FL.R 20-23 29/06A | EUR | 1.129.737,98 | 0,32 |
| 1.600.000,00 BANCO DE SABADELL SA FL.R 18-28 12/12A | EUR | 2.139.773,60 | 0,60 |
| 1.600.000,00 LIBERBANK SA FL.R 17-27 14/03A | EUR | 2.078.615,68 | 0,58 |
| Canada |  | 1.512.255,00 | 0,42 |
| 1.500.000,00 NATIONAL BANK OF CAN FL.R 20-23 15/08S | USD | 1.512.255,00 | 0,42 |
| Portugal |  | 4.744.186,65 | 1,33 |
| 2.900.000,00 BANCO COMERCIAL PORT FL.R 17-27 07/12A | EUR | 3.531.440,60 | 0,99 |
| 900.000,00 CAIXA GERAL DEPO.DY FL.R 18-28 28/06A | EUR | 1.212.746,05 | 0,34 |
| Ireland | 1.532.692,50 | 0,43 |
| 1.500.000,00 BANK OF IRELAND GRP FL.R 17-27 19/09S	USD | 1.532.692,50 | 0,43 |
| Japan | 861.032,00 | 0,24 |
| 800.000,00 ASAHI MUTUAL LIFE INS FL.R 18-XX 05/03S	USD | 861.032,00 | 0,24 |
| Colombia | 3.106.980,00 | 0,87 |
| 3.000.000,00 BANCOLOMBIA SA	FL.R 17-27 18/10S	USD | 3.106.980,00 | 0,87 |
| British Virgin Islands | 1.528.597,50 | 0,43 |
| 1.500.000,00 HUARONG FINANCE	FL.R 17-XX 24/01S | USD | 1.528.597,50 | 0,43 |
| Kuwait |  | 2.262.093,00 | 0,63 |
| 2.120.000,00 AL AHLI BK	FL.R 18-99 26/09S | USD | 2.262.093,00 | 0,63 |
| ther transferable securities |  | 1.706.851,00 | 0,48 |
| Bonds |  | 1.706.851,00 | 0,48 |
| Cayman Islands |  | 1.706.851,00 | 0,48 |
| 1.700.000,00 REDCO PROPERTIES	8.5 20-21 19/08S | USD | 1.706.851,00 | 0,48 |
| otal securities portfolio |  | 346.242.213,91 | 96,92 |

O

##### T
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 14.412.181,74 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 14.403.498,32 |
| Bank interest on cash account | Note 2 | 8.683,42 |
| Expenses |  | 2.116.461,91 |
| Management fees & management Company fees | Note 3 | 1.295.175,48 |
| Custodian & sub-custodian fees | Note 9 | 161.007,19 |
| Taxe d'abonnement | Note 4 | 164.107,81 |
| Administrative expenses | Note 3 | 391.801,71 |
| Professional fees |  | 16.705,48 |
| Bank interest on overdrafts |  | 4.034,19 |
| Legal fees |  | 21.961,98 |
| Transaction fees | Note 2, 6 | 6.518,41 |
| Other expenses | Note 10 | 55.149,66 |
| Net income from investments |  | 12.295.719,83 |
| Net realised profit / loss on: - sales of investment securities |  | -2.402.264,41 |
| - forward foreign exchange contracts |  | -1.057.128,00 |
| - foreign exchange |  | 308.881,20 |
| Net realised profit |  | 9.145.208,62 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 13.002.219,81 |
| - forward foreign exchange contracts |  | -3.468.180,87 |
| Increase in net assets as a result of operations |  | 18.679.247,56 |
| Dividends paid | Note 8 | -8.699.085,36 |
| Subscription capitalisation shares |  | 11.033.870,21 |
| Subscription distribution shares |  | 54.373.977,13 |
| Redemption capitalisation shares |  | -9.071.455,53 |
| Redemption distribution shares |  | -14.968.437,93 |
| Increase in net assets |  | 51.348.116,08 |
| Net assets at the beginning of the year |  | 305.898.491,16 |
| Net assets at the end of the year |  | 357.246.607,24 |

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 |