# INDOSUEZ FUNDS
## - Global Bonds USD 2025 (launched on 16 November
2020)

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 61.263.375,52 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 55.181.354,85 |
| Cost price |  | 53.631.246,80 |
| Unrealised profit on the securities portfolio |  | 1.550.108,05 |
| Cash at banks and liquidities | Note 2 | 5.350.190,33 |
| Interest receivable |  | 681.718,04 |
| Subscriptions receivable |  | 50.112,30 |
| Liabilities |  | 572.736,11 |
| Bank overdrafts |  | 19.604,65 |
| Unrealised loss on forward foreign exchange contracts | Note 2 | 513.395,01 |
| Management fees payable | Note 3 | 22.070,16 |
| Other liabilities |  | 17.666,29 |
| Net asset value |  | 60.690.639,41 |

Changes in number of shares outstanding from 16/11/20 to 31/12/20
|  | Shares outstanding as at 16/11/20 | Shares issued | Shares redeemed | Shares outstanding as at 31/12/20 |
| --- | --- | --- | --- | --- |
| Classe G | 0,000 | 2.610,000 | 0,000 | 2.610,000 |
| Classe P | 0,000 | 47.790,429 | 3.571,000 | 44.219,429 |
| Classe PX | 0,000 | 24.290,356 | 0,000 | 24.290,356 |
| Classe M | 0,000 | 217.534,709 | 0,000 | 217.534,709 |
| Classe MX | 0,000 | 306.116,079 | 1.279,473 | 304.836,606 |

Key figures
Total Net Assets
Classe G
Number of shares
Year ending as at:
USD
31/12/20
60.690.639,41
2.610,000
Net asset value per share	USD
Classe P
Number of shares
Net asset value per share	USD
101,41
44.219,429
102,19
Key figures
Total Net Assets
Classe PX
Number of shares
Net asset value per share Dividend per share
Classe M
Number of shares
Year ending as at:
USD
USD
31/12/20
60.690.639,41
24.290,356
102,20
0,00
217.534,709
Net asset value per share	USD
Classe MX
Number of shares
102,27
304.836,606
Net asset value per share Dividend per share
USD
102,27
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	 54.006.429,88 | 88,99 |
| Bonds	 44.979.157,12 | 74,12 |
| Luxembourg	 2.880.012,28 | 4,75 |

| 510.000,00 ARCELORMITTAL	6.125 15-25 01/06 | USD | 610.062,00 | 1,01 |
| --- | --- | --- | --- |
| 400.000,00 CNH INDUSTRIAL  0.00	-24 01/04U | EUR | 489.522,78 | 0,81 |
| 400.000,00 GARFUNKELUX HOLDCO 3 6.75 20-25 01/11S | EUR | 506.207,10 | 0,83 |
| 300.000,00 KENBOURNE INVEST SA 6.875 19-2 26/11S | USD | 327.447,00 | 0,54 |
| 400.000,00 KERNEL HOLDING SA  6.5 19-24 17/10S | USD | 428.784,00 | 0,71 |
| 410.000,00 MATTERHORN REGS	4.00 17-27 15/11S | EUR | 517.989,40 | 0,85 |
| France |  | 2.135.557,76 | 3,52 |
| 500.000,00 ACCOR SA	1.25 17-24 25/01A | EUR | 631.174,39 | 1,04 |
| 500.000,00 CROWN EURO HOLDINGS 3.375 15-25 15/05S | EUR | 665.464,38 | 1,09 |
| 500.000,00 ELIS SA	1.0 19-25 03/04A | EUR | 611.046,99 | 1,01 |
| 200.000,00 SOCIETE GENERALE  4.75 15-25 24/11S | USD | 227.872,00 | 0,38 |
| United Kingdom |  | 5.588.074,48 | 9,21 |
| 500.000,00 G4S INTERN FIN PLC  1.875 18-25 24/05A | EUR | 617.317,68 | 1,02 |
| 530.000,00 INTERN GAME TECH PLC 3.5 18-24 15/07S | EUR | 681.768,06 | 1,12 |
| 400.000,00 MARKS AND SPENCER  4.75 12-25 12/06A | GBP | 614.068,73 | 1,01 |
| 650.000,00 PGH CAPITAL LTD	6.625 15-25 23/12A | GBP | 1.072.088,02 | 1,77 |
| 550.000,00 ROLLS ROYCE PLC 0.875 18-24 09/05A | EUR | 640.321,03 | 1,06 |
| 430.000,00 ROTHESAY LIFE	8.00 15-25 30/10A | GBP | 752.153,41 | 1,24 |
| 760.000,00 STANDARD CHARTERED 5.20 13-24 26/01S | USD | 843.736,80 | 1,39 |
| 250.000,00 WILLIAM HILL	4.875 16-23 07/09S | GBP | 366.620,75 | 0,60 |
| The Netherlands |  | 2.298.819,08 | 3,79 |
| 200.000,00 ABERTIS FINANCE BV  3.248 20-XX XX/XXA | EUR | 255.085,70 | 0,42 |
| 450.000,00 DUFRY ONE BV	2.50 17-24 15/10S | EUR | 534.068,56 | 0,88 |
| 600.000,00 NIBC BANK NV 2.00 19-24 09/04A | EUR | 771.284,32 | 1,27 |
| 650.000,00 PETROBRAS GLOBAL FIN 5.299 18-25 27/07S | USD | 738.380,50 | 1,22 |
| Germany |  | 2.558.703,59 | 4,22 |
| 400.000,00 ADLER REAL ESTATE  2.125 17-24 06/02A | EUR | 498.474,27 | 0,82 |
| 580.000,00 DEUTSCHE BANK	4.50 15-25 01/04S | USD | 630.100,40 | 1,04 |
| 400.000,00 SCHAEFFLER AG	2.75 20-25 12/10A | EUR | 521.672,78 | 0,86 |
| 730.000,00 THYSSENKRUPP AG 2.875	19-24 22/02A | EUR | 908.456,14 | 1,50 |
| Italy |  | 759.328,59 | 1,25 |
| 250.000,00 DOVALUE	5.000 20-25 04/08S | EUR | 321.738,59 | 0,53 |
| 400.000,00 TELECOM ITALIA 5.303 14-24 30/05S | USD | 437.590,00 | 0,72 |
| United States of America |  | 14.439.971,57 | 23,79 |
| 611.000,00 AIR LEASE CORP	2.8750 20-26 15/01S | USD | 649.633,53 | 1,07 |
| 510.000,00 ALLY FINANCIAL INC  5.75 15-25 20/11S | USD | 595.425,00 | 0,98 |
| 650.000,00 AMERICAN ELECTRIC POWE 1.00 20-25 01/11S | USD | 659.990,50 | 1,09 |
| 260.000,00 AMERICAN TOWER CORP 0.6 20-24 15/01S | USD | 261.118,00 | 0,43 |
| 500.000,00 APACHE CORP	4.625 20-25 15/11S | USD | 529.375,00 | 0,87 |
| 570.000,00 BOEING CO	4.875 20-25 01/05S | USD | 650.717,70 | 1,07 |
| 200.000,00 CARDTRONICS INC	5.5000 17-25 01/05S | USD | 209.000,00 | 0,34 |
| 500.000,00 DELL INTL/EMC CORP  5.85 20-25 15/07S | USD | 600.875,00 | 0,99 |
| 300.000,00 DELTA AIR LINES INC 7.0000 20-25 01/05S | USD | 351.585,00 | 0,58 |
| 400.000,00 ENCORE CAPITAL GROUP 4.875 20-25 15/10S | EUR | 511.874,59 | 0,84 |
| 440.000,00 ENLINK MIDSTREAM	4.15 15-25 01/06S | USD | 437.518,40 | 0,72 |
| 380.000,00 EQM MIDSTREAM PART  6.00 20-25 01/07S | USD | 418.475,00 | 0,69 |
| 400.000,00 EQT CORP -STEP CPN-	20-25 01/02S | USD | 460.000,00 | 0,76 |
| 540.000,00 EXPEDIA GROUP INC 6.25 20-25 01/05S | USD | 627.872,04 | 1,03 |
| 300.000,00 FORD MOTOR CRED	2.7480 20-24 14/06A | GBP | 411.866,54 | 0,68 |
| 690.000,00 FORD MOTOR CREDIT CO 2.33 19-25 25/11A | EUR | 864.705,66 | 1,42 |
| 200.000,00 GRUPO DE INVERSIONES 5.5 16-26 29/04S | USD | 228.858,00 | 0,38 |
| 650.000,00 ISTAR INC	4.2500 19-25 01/08S | USD | 645.844,55 | 1,06 |
| 370.000,00 MACYS INC.	8.375 20-25 15/06S | USD | 411.546,56 | 0,68 |
| 760.000,00 MARRIOTT INTL INC 5.75 20-25 01/05S | USD | 889.681,08 | 1,47 |
| 640.000,00 OCCIDENTAL PETROLE 3.50 15-25 15/06S | USD | 620.568,96 | 1,02 |
| 400.000,00 SPRINT	7.625 15-25 15/02S | USD | 480.000,00 | 0,79 |
| 307.000,00 THE AES CORP	1.375 20-26 15/01S | USD | 310.079,21 | 0,51 |
| 2.200.000,00 USA T NOTES	3.625 11-21 15/02S | USD | 2.209.281,25 | 3,65 |
| 400.000,00 VOLKSWAGEN GROU	1.2500 20-25 24/11S | USD | 404.080,00 | 0,67 |
| Sweden |  | 804.707,06 | 1,33 |
| 630.000,00 INTRUM AB	4.8750 20-25 15/08A | EUR | 804.707,06 | 1,33 |

| Quantity	Denomination | Quotation currency | Market value | % of net assets |
| --- | --- | --- | --- |
| Canada |  | 425.474,00 | 0,70 |
| 400.000,00 NOVA CHEMICALS	5.00 14-25 01/05S | USD | 425.474,00 | 0,70 |
| India |  | 1.896.826,30 | 3,13 |

| 200.000,00 ADANI GREEN ENERGY  6.25 19-24 10/12S | USD | 222.980,00 | 0,37 |
| --- | --- | --- | --- |
| 400.000,00 ADANI PORTS AND	3.3750 19-24 24/07S | USD | 418.460,00 | 0,69 |
| 370.000,00 BHARTI AIRTEL REGS 4.375 15-25 10/06S | USD | 404.820,70 | 0,67 |
| 430.000,00 GMR HYDERABAD INTL  5.375 19-24 10/04S | USD | 440.457,60 | 0,72 |
| 400.000,00 MUTHOOT FINANCE LTD 4.4 20-23 02/09S | USD | 410.108,00 | 0,68 |
| Ireland | 1.480.784,40 | 2,44 |
| 720.000,00 AERCAP IRELAND CAP 6.50 20-25 15/07S	USD | 861.098,40 | 1,42 |
| 600.000,00 CBOM FINANCE PLC	4.7 20-22 24/10S | USD | 619.686,00 | 1,02 |
| Hong Kong |  | 605.488,80 | 1,00 |
| 560.000,00 COUNTRY GARDEN	5.1250 20-27 14/01S | USD | 605.488,80 | 1,00 |
| The Netherlands Antilles | 523.387,21 | 0,86 |
| 410.000,00 TEVA PHARMA	4.5 18-25 01/03U	EUR | 523.387,21 | 0,86 |
| Cayman Islands | 2.125.589,50 | 3,50 |
| 600.000,00 AAC TECHNOLOGIES HOLDI 3.00 19-24 27/11S | USD | 614.334,00 | 1,01 |
| 200.000,00 BANCO DO BRASIL	4.625 17-25 15/01S | USD | 218.614,00 | 0,36 |
| 560.000,00 BRASKEM FINANCE LTD 6.45 14-24 03/02S | USD | 618.335,20 | 1,02 |
| 250.000,00 NAGACORP LTD	7.9500 20-24 06/07S | USD | 261.717,50 | 0,43 |
| 380.000,00 SHIMAO GROUP	4.60 20-30 13/07S | USD | 412.588,80 | 0,68 |
| Bermuda |  | 875.735,40 | 1,44 |
| 820.000,00 AIRCASTLE LTD	4.125 17-24 01/05S | USD | 875.735,40 | 1,44 |
| Philippines |  | 525.100,00 | 0,87 |
| 500.000,00 RIZAL COMMER BK 3.00	19-24 11/09S | USD | 525.100,00 | 0,87 |
| Mexico |  | 2.218.892,10 | 3,66 |
| 300.000,00 BANCO SANTANDER	5.375 20-25 17/04S | USD | 345.249,00 | 0,57 |
| 390.000,00 CREDITO REAL SA	7.2500 16-23 20/07S	USD | 398.837,40 | 0,66 |
| 580.000,00 NEMAK SAB DE CV	4.75 18-25 23/01S	USD | 604.818,20 | 1,00 |
| 790.000,00 PETROLEOS MEXICANOS 6.875 20-25 16/10S	USD | 869.987,50 | 1,43 |
| Brazil | 261.367,50 | 0,43 |
| 250.000,00 ELETROBRAS	9.00 20-25 04/02S | USD | 261.367,50 | 0,43 |
| Colombia |  | 232.366,00 | 0,38 |
| 200.000,00 BANCO BOGOTA REGS  6.25 16-26 12/05S | USD | 232.366,00 | 0,38 |
| British Virgin Islands |  | 578.869,50 | 0,95 |
| 550.000,00 FORTUNE STAR BV	5.9500 20-25 19/10S | USD | 578.869,50 | 0,95 |
| Morocco |  | 624.264,00 | 1,03 |
| 570.000,00 OCP REGS	4.50 15-25 22/10S | USD | 624.264,00 | 1,03 |
| Oman |  | 615.948,00 | 1,01 |
| 600.000,00 SULTANATE OF OMAN  4.875 19-25 01/02S | USD | 615.948,00 | 1,01 |
| Georgia |  | 523.890,00 | 0,86 |
| 500.000,00 TBC BANK JSC	5.7500 19-24 19/06S | USD | 523.890,00 | 0,86 |
| Floating rate bonds |  | 9.027.272,76 | 14,87 |
| Luxembourg |  | 911.925,27 | 1,50 |
| 700.000,00 CPI PROPERTY GROUP  FL.R 4.875 19-XX 16/10A | EUR | 911.925,27 | 1,50 |
| France |  | 1.662.603,79 | 2,74 |
| 300.000,00 SOCIETE GENERALE	FL.R 20-30 24/11A | EUR | 369.014,12 | 0,61 |
| 1.100.000,00 UNIBAIL RODAMCO FL.R 18-XX 25/04A | EUR | 1.293.589,67 | 2,13 |
| United Kingdom |  | 1.235.420,20 | 2,04 |
| 660.000,00 HSBC HLDGS	FL.R 14-XX 17/09S	USD | 713.275,20 | 1,18 |
| 500.000,00 RBS GPR | FL.R 16-XX 30/09Q | USD | 522.145,00 | 0,86 |
| Italy |  |  | 661.047,36 | 1,09 |
| 500.000,00 BANCO BPM SPA	FL.R 20-30 14/09A | EUR | 661.047,36 | 1,09 |
| Spain |  | 2.174.263,04 | 3,57 |
| 200.000,00 ABANCA CORP BAN	FL.R 19-30 07/04A | EUR | 258.071,17 | 0,43 |
| 600.000,00 BANCO DE SABADELL SA FL.R 20-30 17/01A | EUR | 719.902,56 | 1,18 |
| 1.000.000,00 IBERCAJA BANCO	FL.R 20-30 23/07A | EUR | 1.196.289,31 | 1,96 |
| Canada |  | 610.517,60 | 1,01 |
| 560.000,00 TRANSCANADA TRUST  FL.R 15-75 20/05S | USD | 610.517,60 | 1,01 |
| Japan |  | 464.004,00 | 0,76 |
| 400.000,00 MEIJI YASUDA LIFE  FL.R 5.20 15-45 20/10S | USD | 464.004,00 | 0,76 |
| Peru |  | 672.631,50 | 1,11 |
| 450.000,00 BANCO DE CREDITO DEL FL.R 3.125 20-30 01/07S	USD | 464.269,50 | 0,77 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 200.000,00 BANCO INTERNACIONAL FL.R 20-30 08/07S | USD | 208.362,00 | 0,34 |
| --- | --- | --- | --- |
| Colombia |  | 634.860,00 | 1,05 |
| 600.000,00 BANCOLOMBIA SA	FL.R 19-29 18/12S | USD | 634.860,00 | 1,05 |
| Other transferable securities |  | 1.174.924,97 | 1,94 |
| Bonds |  | 1.174.924,97 | 1,94 |
| The Netherlands |  | 602.356,60 | 1,00 |
| 480.000,00 PPF TELECOM GR 2.125	19-25 31/01A | EUR | 602.356,60 | 1,00 |
| United States of America |  | 572.568,37 | 0,94 |
| 400.000,00 GENERAL MOTORS FINAN 2.350 19-25 03/09A | GBP | 572.568,37 | 0,94 |

Total securities portfolio	
55.181.354,85	90,92
| Income |  | 225.854,31 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 225.787,94 |
| Bank interest on cash account | Note 2 | 66,37 |
| Expenses |  | 61.515,03 |
| Management fees & management Company fees | Note 3 | 29.787,20 |
| Custodian & sub-custodian fees | Note 9 | 4.419,42 |
| Taxe d'abonnement | Note 4 | 7.560,00 |
| Administrative expenses | Note 3 | 11.165,84 |
| Professional fees |  | 61,49 |
| Bank interest on overdrafts |  | 790,70 |
| Legal fees |  | 1.396,19 |
| Transaction fees | Note 2, 6 | 4.358,76 |
| Other expenses | Note 10 | 1.975,43 |
| Net income from investments |  | 164.339,28 |
| Net realised profit / loss on: - forward foreign exchange contracts |  | -6.805,31 |
| - foreign exchange |  | -10.434,86 |
| Net realised profit |  | 147.099,11 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 1.550.108,05 |
| - forward foreign exchange contracts |  | -513.395,01 |
| Increase in net assets as a result of operations |  | 1.183.812,15 |
| Subscription capitalisation shares |  | 26.890.757,65 |
| Subscription distribution shares |  | 33.105.656,88 |
| Redemption capitalisation shares |  | -361.129,87 |
| Redemption distribution shares |  | -128.457,40 |
| Increase in net assets |  | 60.690.639,41 |
| Net assets at the beginning of the year |  | 0,00 |
| Net assets at the end of the year |  | 60.690.639,41 |

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 |