# INDOSUEZ FUNDS
## - Global Bonds EUR 2025 (launched on 27 October
2020)

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 58.049.766,17 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 57.356.668,49 |
| Cost price |  | 55.588.044,37 |
| Unrealised profit on the securities portfolio |  | 1.768.624,12 |
| Cash at banks and liquidities | Note 2 | 33.049,42 |
| Interest receivable |  | 612.063,38 |
| Subscriptions receivable |  | 47.984,88 |
| Liabilities |  | 41.194,28 |
| Management fees payable | Note 3 | 23.938,31 |
| Other liabilities |  | 17.255,97 |
| Net asset value |  | 58.008.571,89 |

Changes in number of shares outstanding from 27/10/20 to 31/12/20
|  | Shares outstanding as at 27/10/20 | Shares issued | Shares redeemed | Shares outstanding as at 31/12/20 |
| --- | --- | --- | --- | --- |
| Classe G | 0,000 | 175.790,210 | 4.132,000 | 171.658,210 |
| Classe GX | 0,000 | 23.949,391 | 3.326,904 | 20.622,487 |
| Classe M | 0,000 | 144.116,167 | 1.067,124 | 143.049,043 |
| Classe MX | 0,000 | 134.061,891 | 5.068,884 | 128.993,007 |
| Classe P | 0,000 | 66.811,939 | 0,000 | 66.811,939 |
| Classe PX | 0,000 | 25.604,765 | 0,000 | 25.604,765 |

Key figures
Total Net Assets
Classe G
Number of shares
Year ending as at:
EUR
31/12/20
58.008.571,89
171.658,210
Net asset value per share	EUR
Classe GX
Number of shares
104,22
20.622,487
Net asset value per share Dividend per share
EUR
104,22
0,00
Key figures
Total Net Assets
Classe M
Number of shares
Year ending as at:
EUR
31/12/20
58.008.571,89
143.049,043
Net asset value per share	EUR
Classe MX
Number of shares
104,21
128.993,007
Net asset value per share Dividend per share
Classe P
Number of shares
EUR
104,21
0,00
66.811,939
Net asset value per share	EUR
Classe PX
Number of shares
104,10
25.604,765
Net asset value per share Dividend per share
EUR
104,10
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	 52.060.165,75 | 89,75 |
| Bonds	 49.830.865,00 | 85,91 |
| Luxembourg	 5.023.066,50 | 8,66 |
| 800.000,00 ADLER GROUP	3.250 20-25 05/08A	EUR	834.636,00 | 1,44 |

| 700.000,00 ARCELORMITTAL SA	1.75 19-25 19/11A | EUR | 721.458,50 | 1,24 |
| --- | --- | --- | --- |
| 1.000.000,00 CPI PROPERTY GROUP  2.125 17-24 04/10A | EUR | 1.045.740,00 | 1,81 |
| 800.000,00 LINCOLN FINANCING S.A 3.625 19-24 01/04S | EUR | 810.752,00 | 1,40 |
| 800.000,00 RUBIS TERMINAL INFRA 5.625 20-25 15/05S | EUR | 854.956,00 | 1,47 |
| 800.000,00 VIVION INVESTMENTS	3.5 19-25 01/11A | EUR | 755.524,00 | 1,30 |
| France |  | 9.776.573,00 | 16,86 |
| 800.000,00 ACCOR SA | 1.25 17-24 25/01A | EUR | 822.064,00 | 1,42 |
| 1.000.000,00 ALTAREIT | 2.875  18-25 02/07A | EUR | 1.071.040,00 | 1,85 |
| 800.000,00 BANIJAY | 3.50 20-25 01/03S | EUR | 801.060,00 | 1,38 |
| 1.100.000,00 COVIVIO HOTEL SACA  1.875 18-25 24/09A	EUR | 1.123.974,50 | 1,94 |
| 800.000,00 ELIS SA	1.0 19-25 03/04A	EUR | 794.908,00 | 1,37 |
| 800.000,00 FAURECIA | 2.625 18-25 15/06S | EUR | 814.632,00 | 1,40 |
| 800.000,00 GETLINK SE | 3.50 20-25 30/10S | EUR | 828.880,00 | 1,43 |
| 400.000,00 IMERYS SA | 2.00 14-24 10/12A | EUR | 424.840,00 | 0,73 |
| 300.000,00 INFRA FOCH SAS	2.125 14-25 16/04A	EUR | 323.704,50 | 0,56 |
| 800.000,00 LOXAM SAS 3.25 19-25 14/01S	EUR | 803.680,00 | 1,39 |
| 500.000,00 ORANO EMTN	4.875 09-24 23/09A	EUR | 574.510,00 | 0,99 |
| 800.000,00 RENAULT | 1.00 17-25 28/11A | EUR | 778.244,00 | 1,34 |
| 600.000,00 VALEO SA | 1.5000 18-25 18/06A | EUR | 615.036,00 | 1,06 |
| United Kingdom | 6.025.443,50 | 10,40 |
| 1.100.000,00 EASYJET PLC	0.8750 19-25 11/06A	EUR | 1.055.428,00 | 1,83 |
| 600.000,00 FIAT CHRYSLER AUTO 3.75 16-24 29/03A	EUR | 659.904,00 | 1,14 |
| 1.000.000,00 INFORMA PLC	2.1250 20-25 06/10A	EUR | 1.055.170,00 | 1,82 |
| 800.000,00 INTERN GAME TECH PLC 3.5 18-24 15/07S | EUR | 836.520,00 | 1,44 |
| 900.000,00 ROLLS ROYCE PLC 0.875 18-24 09/05A | EUR | 851.377,50 | 1,47 |
| 700.000,00 SYNTHOMER PLC	3.8750 20-25 01/07S | EUR | 735.700,00 | 1,27 |
| 800.000,00 VICTORIA PLC	5.2500 19-24 15/07S	EUR | 831.344,00 | 1,43 |
| The Netherlands | 5.436.502,50 | 9,37 |
| 1.000.000,00 CITYCON TREASURY BV 2.50 14-24 01/10A	EUR | 1.040.380,00 | 1,79 |
| 800.000,00 DUFRY ONE BV	2.50 17-24 15/10S	EUR | 770.736,00 | 1,33 |
| 1.100.000,00 NE PROPERTY BV	1.75 17-24 23/11A	EUR | 1.129.650,50 | 1,95 |
| 700.000,00 NIBC BANK NV 2.00 19-24 09/04A	EUR | 733.383,00 | 1,26 |
| 100.000,00 NN GROUP NV	4.375 14-XX 13/06A	EUR | 111.121,00 | 0,19 |
| 800.000,00 PHOENIX PIB DUTCH FI 2.375 20-26 05/08A	EUR | 821.992,00 | 1,42 |
| 800.000,00 SAIPEM FIN INTL BV  2.625 17-25 07/01A | EUR | 829.240,00 | 1,43 |
| Germany |  | 5.923.614,50 | 10,21 |
| 900.000,00 DEUTSCHE LUFTHA	0.2500 19-24 06/09A | EUR | 835.704,00 | 1,44 |
| 700.000,00 HT TROPLAST AG	9.2500 20-25 15/07S	EUR | 781.504,50 | 1,35 |
| 800.000,00 KS AKTUELL AG	3.25 18-24 18/07A	EUR | 781.228,00 | 1,35 |
| 500.000,00 LB BADEN-WUERTT REGS 3.625 15-25 16/06A	EUR | 552.220,00 | 0,95 |
| 700.000,00 SCHAEFFLER AG	2.75 20-25 12/10A	EUR | 743.498,00 | 1,28 |
| 600.000,00 TECHEM VERWALTUNGSGES 2.00 20-25 15/07S	EUR | 597.336,00 | 1,03 |
| 800.000,00 THYSSENKRUPP AG | 2.50 15-25 25/02S | EUR | 802.916,00 | 1,38 |
| 800.000,00 ZF FINANCE GMBH | 3.0000 20-25 21/09A | EUR | 829.208,00 | 1,43 |
| Italy |  |  | 3.264.687,00 | 5,63 |
| 200.000,00 BANCO BPM SPA | 2.5 19-24 21/06A | EUR | 211.156,00 | 0,36 |
| 550.000,00 FINMECCANICA SPA | 4.875 05-25 24/03A | EUR | 631.631,00 | 1,09 |
| 700.000,00 INTESA SANPAOLO SUB 2.855 15-25 23/04A | EUR | 738.332,00 | 1,27 |
| 100.000,00 PIAGGIO & C. SPA	3.625 18-25 30/04S | EUR | 102.481,50 | 0,18 |
| 700.000,00 TELECOM ITALIA 3.00 16-25 30/09A | EUR | 748.541,50 | 1,29 |
| 900.000,00 WEBUILD	1.75 17-24 26/10A | EUR | 832.545,00 | 1,44 |
| Spain |  | 1.148.655,50 | 1,98 |
| 800.000,00 EL CORTE INGLES SA  3.625 20-24 15/03S | EUR | 833.432,00 | 1,44 |
| 300.000,00 MERLIN PROPERTIES 1.75 17-25 26/05A | EUR | 315.223,50 | 0,54 |
| United States of America	 4.083.821,50	7,04 |
| 700.000,00 FORD MOTOR CREDIT CO 2.33 19-25 25/11A | EUR | 713.503,00 | 1,23 |
| 800.000,00 GENERAL MOTORS FINAN 1.694 18-25 26/03A | EUR | 843.644,00 | 1,45 |
| 300.000,00 HARLEY-DAVIDSON FIN 0.90 19-24 19/11A | EUR | 304.639,50 | 0,53 |
| 1.000.000,00 HUNTSMAN INTL	4.25 16-25 01/04S	EUR | 1.125.955,00 | 1,94 |
| 1.000.000,00 PVH CORP 3.625 16-24 15/07S	EUR | 1.096.080,00 | 1,89 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
Sweden	
2.263.565,00	3,90
500.000,00 DOMETIC GROUP AB	3.00 18-23 13/09A
EUR
522.180,00	0,90
| 800.000,00 INTRUM AB  3.125 17-24 15/07S	EUR | 803.500,00 | 1,39 |
| --- | --- | --- |
| 200.000,00 SCANIA CV AB | 2.25 20-25 03/06A | EUR | 216.045,00 | 0,37 |
| 700.000,00 VOLVO CAR AB	2.00 17-25 24/01A | EUR | 721.840,00 | 1,24 |
| Norway |  | 818.568,00 | 1,41 |
| 800.000,00 ADEVINTA ASA	2.625 20-25 25/11A | EUR | 818.568,00 | 1,41 |
| Austria |  | 206.615,00 | 0,36 |
| 200.000,00 IMMOFINANZ AG	2.625 19-23 27/01A | EUR | 206.615,00 | 0,36 |
| Ireland |  | 1.370.799,50 | 2,36 |
| 300.000,00 EIRCOM FINANCE	1.75 19-24 01/11S | EUR | 295.669,50 | 0,51 |
| 1.000.000,00 RYANAIR DAC	2.875 20-25 15/09A | EUR | 1.075.130,00 | 1,85 |
| Jersey Island |  | 1.968.460,50 | 3,39 |
| 1.000.000,00 ATRIUM EUROPEAN REAL 3.0 18-25 11/09A | EUR | 1.025.940,00 | 1,77 |
| 900.000,00 HEATHROW FUNDING LIMI 1.5 20-25 12/10A | EUR | 942.520,50 | 1,62 |
| The Netherlands Antilles | 762.790,00 | 1,31 |
| 700.000,00 TEVA PHARMACEUTICAL 6.0 20-25 31/01A	EUR | 762.790,00 | 1,31 |
| Romania | 1.757.703,00 | 3,03 |
| 1.000.000,00 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A	EUR | 1.062.015,00 | 1,83 |
| 700.000,00 RCS & RDS SA	2.50 20-25 05/02S | EUR | 695.688,00 | 1,20 |
| Floating rate bonds |  | 2.229.300,75 | 3,84 |
| France |  | 1.115.829,50 | 1,93 |
| 400.000,00 BNP PARIBAS SUB	FL.R 15-XX 17/06S | EUR | 425.396,00 | 0,73 |
| 100.000,00 CREDIT AGRICOLE ASSUR FL.R 15-XX 13/01A | EUR | 112.316,00 | 0,19 |
| 400.000,00 GROUPAMA SA FL.R 14-XX 28/05A | EUR | 462.202,00 | 0,81 |
| 100.000,00 LA MONDIALE REGS SUB FL.R 14-XX 17/12A | EUR | 115.915,50 | 0,20 |
| The Netherlands | 113.083,50 | 0,19 |
| 100.000,00 ASR NEDERLAND NV SUB FL.R 14-XX 30/09A	EUR | 113.083,50 | 0,19 |
| Switzerland | 210.071,00 | 0,36 |
| 200.000,00 UBS GROUP SUB	FL.R 15-XX 19/02A | EUR | 210.071,00 | 0,36 |
| Italy |  | 371.652,75 | 0,64 |
| 100.000,00 ASSICURAZ GENERALI FL.R 14-XX 21/11A	EUR | 112.571,50 | 0,19 |
| 250.000,00 UNICREDIT SPA	FL.R 19-25 03/07A | EUR | 259.081,25 | 0,45 |
| Spain |  | 418.664,00 | 0,72 |
| 400.000,00 BANCO SANTANDER SA FL.R | 17-49 01/12Q | EUR | 418.664,00 | 0,72 |
| er transferable securities |  |  | 2.982.926,50 | 5,14 |
| Bonds |  |  | 2.332.418,50 | 4,02 |
| The Netherlands |  |  | 833.120,00 | 1,44 |
| 800.000,00 OCI N.V.	3.625 20-25 15/10S	EUR | 833.120,00 | 1,44 |
| Germany | 981.013,50 | 1,69 |
| 900.000,00 MTU AERO ENGINES GMBH 3.00 20-25 01/07A	EUR | 981.013,50 | 1,69 |
| Spain | 518.285,00 | 0,89 |
| 500.000,00 BANCO DE SABADELL SA 1.75 19-24 10/05A	EUR | 518.285,00 | 0,89 |
| Floating rate bonds | 650.508,00 | 1,12 |
| United Kingdom | 439.576,00 | 0,76 |
| 400.000,00 HSBC HLDGS	FL.R 15-XX 29/09S | EUR | 439.576,00 | 0,76 |
| Italy |  | 210.932,00 | 0,36 |
| 200.000,00 UNICREDIT SPA	FL.R 17-49 03/12S | EUR | 210.932,00 | 0,36 |
| res/Units of UCITS/UCIS |  | 2.313.576,24 | 3,99 |
| Shares/Units in investment funds | 2.313.576,24 | 3,99 |
| France | 2.313.576,24 | 3,99 |
| 173,67 BFT MONETAIRE CT C ACT.-C- 4 DEC	EUR | 2.313.576,24 | 3,99 |
| al securities portfolio | 57.356.668,49 | 98,88 |

Oth
Sha
Tot
| Income |  | 231.853,39 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 231.853,39 |
| Expenses |  | 92.804,66 |
| Management fees & management Company fees | Note 3 | 45.522,66 |
| Custodian & sub-custodian fees | Note 9 | 6.114,11 |
| Taxe d'abonnement | Note 4 | 5.247,23 |
| Administrative expenses | Note 3 | 15.967,84 |
| Professional fees |  | 1.906,04 |
| Bank interest on overdrafts |  | 1.063,68 |
| Legal fees |  | 1.648,58 |
| Transaction fees | Note 2, 6 | 9.690,80 |
| Other expenses | Note 10 | 5.643,72 |
| Net income from investments |  | 139.048,73 |
| Net realised profit / loss on: - sales of investment securities |  | 53.334,94 |
| - financial futures |  | 0,02 |
| Net realised profit |  | 192.383,69 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 1.768.624,12 |
| Increase in net assets as a result of operations |  | 1.961.007,81 |
| Subscription capitalisation shares |  | 38.891.111,22 |
| Subscription distribution shares |  | 18.551.816,21 |
| Redemption capitalisation shares |  | -535.887,05 |
| Redemption distribution shares |  | -859.476,30 |
| Increase in net assets |  | 58.008.571,89 |
| Net assets at the beginning of the year |  | 0,00 |
| Net assets at the end of the year |  | 58.008.571,89 |

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 |