# INDOSUEZ FUNDS
## - Total Return Bonds (formerly INDOSUEZ FUNDS -
Fixed Income - US Dollar)

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 99.537.258,66 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 95.216.843,41 |
| Cost price |  | 89.611.510,03 |
| Unrealised profit on the securities portfolio |  | 5.605.333,38 |
| Cash at banks and liquidities | Note 2 | 3.300.138,79 |
| Interest receivable |  | 971.316,26 |
| Subscriptions receivable |  | 48.960,20 |
| Liabilities |  | 77.599,20 |
| Performance fees payable | Note 3 | 2.201,68 |
| Management fees payable | Note 3 | 39.746,05 |
| Other liabilities |  | 35.651,47 |
| Net asset value |  | 99.459.659,46 |

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 | 11.155,966 | 0,000 | 9.668,506 | 1.487,460 |
| Classe G | 843.692,384 | 32.280,329 | 544.098,060 | 331.874,653 |
| Classe GX | 60,413 | 3,191 | 8,175 | 55,429 |
| Classe M | 171.806,342 | 11.421,666 | 82.887,699 | 100.340,309 |
| Classe MX | 1.239,000 | 0,000 | 0,000 | 1.239,000 |
| Classe P | 1.807.541,931 | 96.864,302 | 468.825,841 | 1.435.580,392 |
| Classe PX | 112.851,857 | 4.500,000 | 14.622,000 | 102.729,857 |
| Classe W | 0,000 | 958,045 | 0,000 | 958,045 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 99.459.659,46 | 193.846.742,64 | 255.107.119,70 |
| Classe F Number of shares |  | 1.487,460 | 11.155,966 | 19.921,766 |
| Net asset value per share | USD | 1.248,16 | 1.217,32 | 1.123,41 |
| Classe G Number of shares |  | 331.874,653 | 843.692,384 | 1.311.034,767 |
| Net asset value per share | USD | 160,53 | 156,97 | 145,02 |
| Classe GX Number of shares |  | 55,429 | 60,413 | 87,497 |
| Net asset value per share | USD | 1.093,74 | 1.095,71 | 1.006,30 |
| Dividend per share |  | 26,54 | 0,00 | 6,80 |
| Classe M Number of shares |  | 100.340,309 | 171.806,342 | 104.808,458 |
| Net asset value per share | USD | 113,07 | 110,90 | 102,60 |
| Classe MX Number of shares |  | 1.239,000 | 1.239,000 | 2.902,000 |
| Net asset value per share | USD | 102,74 | 104,92 | 98,77 |
| Dividend per share |  | 4,10 | 1,80 | 0,30 |
| Classe P Number of shares |  | 1.435.580,392 | 1.807.541,931 | 2.071.741,485 |
| Net asset value per share | USD | 15,34 | 15,09 | 14,01 |
| Classe PX Number of shares |  | 102.729,857 | 112.851,857 | 223.394,875 |
| Net asset value per share | USD | 11,31 | 11,56 | 10,92 |
| Dividend per share |  | 0,42 | 0,20 | 0,15 |
| Classe W Number of shares |  | 958,045 | 0,000 | 0,000 |
| Net asset value per share | USD | 10.028,89 | 0,00 | 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	 87.218.332,04 | 87,69 |
| Bonds	 49.765.092,53 | 50,03 |
| The Netherlands	 6.323.565,30 | 6,36 |

| 2.500.000,00 ENEL FIN INTERNTL | 4.25 18-23 14/09S | USD | 2.739.100,00 | 2,76 |
| --- | --- | --- | --- | --- |
| 1.500.000,00 TEVA PHARMA FIN | 4.10 16-46 01/10S | USD | 1.343.155,50 | 1,35 |
| 2.260.000,00 TEVA PHARMA NE | 2.80 16-23 21/07S | USD | 2.241.309,80 | 2,25 |
| Germany | 4.036.010,00 | 4,06 |
| 2.000.000,00 ALLIANZ SE	3.875 16-XX 07/09S	USD | 2.025.180,00 | 2,04 |
| 2.000.000,00 DEUTSCHE BANK AG	6.00 20-XX 30/04A	USD | 2.010.830,00 | 2,02 |
| United States of America | 18.953.354,85 | 19,05 |
| 2.000.000,00 DRESDNER FUNDING TR 8.151 99-31 30/06S	USD | 2.964.970,00 | 2,98 |
| 1.500.000,00 ENCANA	3.90 11-21 15/11S	USD | 1.521.960,00 | 1,53 |
| 2.000.000,00 ENERGY TRANSFER	6.75 20-99 31/12S	USD | 1.834.140,00 | 1,84 |
| 2.000.000,00 NORTONLIFELOCK INC 5.00 17-25 15/04S	USD | 2.045.000,00 | 2,06 |
| 7.000.000,00 USA T NOTES INDEX | 0.375 17-27 15/01S | USD | 8.422.284,85 | 8,46 |
| 2.000.000,00 ZF NA CAPITAL REGS | 4.75 15-25 29/04S | USD | 2.165.000,00 | 2,18 |
| Ireland | 2.048.690,00 | 2,06 |
| 2.000.000,00 CLOVERIE PLC ZURICH 4.75 16-XX 20/01S	USD | 2.048.690,00 | 2,06 |
| Hong Kong | 2.626.250,00 | 2,64 |
| 2.500.000,00 COUNTRY GARDEN 5.125 18-25 17/01S	USD | 2.626.250,00 | 2,64 |
| Singapore | 5.421.394,88 | 5,45 |
| 1.666.667,50 JUBILANT PHARMA	4.875 16-21 06/10S	USD | 1.680.817,51 | 1,68 |
| 1.300.000,00 OLAM INTL	4.50 16-21 12/04S	USD | 1.309.750,00 | 1,32 |
| 1.000.000,00 THETA CAPITAL	6.75 16-26 31/10S	USD | 950.355,00 | 0,96 |
| 1.462.000,00 VENA ENERGY CAP	3.1330 20-25 26/02S	USD | 1.480.472,37 | 1,49 |
| Cayman Islands | 8.357.827,50 | 8,40 |
| 3.500.000,00 ALIBABA GR HLD REGS 3.125 14-21 28/11S | USD | 3.566.447,50 | 3,59 |
| 2.500.000,00 CK HUTCHISON INTL REGS 2.75 17-23 29/03S | USD | 2.610.650,00 | 2,62 |
| 2.000.000,00 SEAGATE HDD CAYMAN 4.875 17-24 03/02S | USD | 2.180.730,00 | 2,19 |
| British Virgin Islands |  | 1.998.000,00 | 2,01 |
| 2.000.000,00 ZHONGYUAN SINC INVEST 3.75 18-21 19/01S | USD | 1.998.000,00 | 2,01 |
| Floating rate bonds | 37.453.239,51 | 37,66 |
| France | 6.899.150,00 | 6,94 |
| 2.000.000,00 BNP	FL.R 86-XX 22/03S	USD | 1.669.880,00 | 1,68 |
| 3.000.000,00 LA MONDIALE | FL.R 17-47 26/01S | USD | 3.447.780,00 | 3,47 |
| 2.000.000,00 STE GLE PARIS | FL.R 86-XX 24/05S | USD | 1.781.490,00 | 1,79 |
| United Kingdom | 2.647.437,50 | 2,66 |
| 2.500.000,00 PHOENIX GROUP HOLDING FL.R 20-XX XX/XXS	USD | 2.647.437,50 | 2,66 |
| The Netherlands | 8.361.080,00 | 8,42 |
| 2.000.000,00 ABN AMRO BANK FL.R 17-28 27/03S | USD | 2.133.740,00 | 2,16 |
| 2.000.000,00 ARGENTUM NETHLD	FL.R 17-XX 15/08A | USD | 2.031.630,00 | 2,04 |
| 2.000.000,00 AT SECURITIES BV  FL.R 17-XX 21/07A | USD | 2.100.000,00 | 2,11 |
| 2.000.000,00 ING GROEP NV	FL.R 16-XX 21/11S	USD | 2.095.710,00 | 2,11 |
| United States of America | 3.682.575,01 | 3,70 |
| 2.500.000,00 JPMORGAN CHASE FL.R 20-XX 01/02S | USD | 2.583.762,50 | 2,60 |
| 1.029.000,00 STANLEY BLACK DECKER FL.R 20-60 15/03S | USD | 1.098.812,51 | 1,10 |
| Norway |  | 1.722.470,00 | 1,73 |
| 2.000.000,00 DEN NORSK CREDITBK  FL.R 85-XX 15/02Q | USD | 1.722.470,00 | 1,73 |
| Guernsey |  | 2.822.792,00 | 2,84 |
| 2.800.000,00 EFG INTL (GUER) | FL.R 17-27 05/04S | USD | 2.822.792,00 | 2,84 |
| Singapore |  |  | 2.072.510,00 | 2,08 |
| 2.000.000,00 UNITED OVERSEAS BANK FL.R 17-XX 19/10S	USD | 2.072.510,00 | 2,08 |
| Cayman Islands | 2.012.660,00 | 2,02 |
| 2.000.000,00 BANCO NACIONAL | FL.R 16-26 11/08S | USD | 2.012.660,00 | 2,02 |
| South Korea |  |  | 1.632.420,00 | 1,64 |
| 1.500.000,00 SHINHAN FINANCIAL  FL.R 18-XX 13/02S	USD | 1.632.420,00 | 1,64 |
| Brazil | 1.036.055,00 | 1,04 |
| 1.000.000,00 ITAU UNIBANCO FL.R 19-29 21/11S	USD | 1.036.055,00 | 1,04 |
| British Virgin Islands | 4.564.090,00 | 4,59 |
| 2.000.000,00 CNRC CAPITALE LTD  FL.R 17-49 31/12S | USD | 2.008.990,00 | 2,02 |
| 2.500.000,00 LEADER GOAL INTL	FL.R 18-XX 19/01S | USD | 2.555.100,00 | 2,57 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
Money market instruments	
7.998.511,37	8,04
United States of America	
7.998.511,37	8,04
8.000.000,00 USA ZCP 250321
USD
7.998.511,37	8,04
Total securities portfolio	
95.216.843,41	95,73
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 5.024.415,24 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 5.012.301,82 |
| Bank interest on cash account | Note 2 | 12.113,42 |
| Expenses |  | 1.033.024,39 |
| Management fees & management Company fees | Note 3 | 593.577,86 |
| Custodian & sub-custodian fees | Note 9 | 77.312,59 |
| Taxe d'abonnement | Note 4 | 28.894,93 |
| Administrative expenses | Note 3 | 271.027,98 |
| Performance fees | Note 3 | 2.201,68 |
| Professional fees |  | 11.027,57 |
| Bank interest on overdrafts |  | 44,24 |
| Legal fees |  | 10.542,85 |
| Transaction fees | Note 2, 6 | 11.372,51 |
| Other expenses | Note 10 | 27.022,18 |
| Net income from investments |  | 3.991.390,85 |
| Net realised profit / loss on: - sales of investment securities |  | -160.018,42 |
| - options |  | -203.125,00 |
| - forward foreign exchange contracts |  | 105.072,38 |
| - financial futures |  | -5.017.808,04 |
| - foreign exchange |  | -102.688,87 |
| Net realised loss |  | -1.387.177,10 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 827.389,80 |
| - forward foreign exchange contracts |  | 51.301,52 |
| - financial futures |  | -840.710,94 |
| Decrease in net assets as a result of operations |  | -1.349.196,72 |
| Dividends paid | Note 8 | -49.763,65 |
| Subscription capitalisation shares |  | 17.278.823,37 |
| Subscription distribution shares |  | 52.457,97 |
| Redemption capitalisation shares |  | -110.138.792,11 |
| Redemption distribution shares |  | -180.612,04 |
| Decrease in net assets |  | -94.387.083,18 |
| Net assets at the beginning of the year |  | 193.846.742,64 |
| Net assets at the end of the year |  | 99.459.659,46 |

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 |