# INDOSUEZ FUNDS
## - Short Term Dollar

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 107.792.088,67 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 98.939.960,58 |
| Cost price |  | 99.924.577,89 |
| Unrealised loss on the securities portfolio |  | -984.617,31 |
| Cash at banks and liquidities | Note 2 | 5.916.714,90 |
| Interest receivable |  | 923.159,43 |
| Subscriptions receivable |  | 2.012.253,76 |
| Liabilities |  | 7.689.027,60 |
| Interest payable |  | 1.649,16 |
| Brokers payable |  | 5.835.517,05 |
| Performance fees payable | Note 3 | 20.403,80 |
| Redemptions payable |  | 1.792.189,99 |
| Management fees payable | Note 3 | 14.113,50 |
| Other liabilities |  | 25.154,10 |
| Net asset value |  | 100.103.061,07 |

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 | 5.218,224 | 2.118,000 | 4.060,023 | 3.276,201 |
| Classe G | 42.900,860 | 24.305,469 | 45.027,899 | 22.178,430 |
| Classe GX | 1.301,369 | 11.334,440 | 11.964,381 | 671,428 |
| Classe M | 164.487,175 | 258.365,341 | 200.928,919 | 221.923,597 |
| Classe MX | 1.671,000 | 3.777,000 | 3.105,000 | 2.343,000 |
| Classe P | 2.405.563,464 | 3.600.725,521 | 1.779.085,057 | 4.227.203,928 |
| Classe PX | 31.689,000 | 17.281,000 | 24.616,000 | 24.354,000 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 100.103.061,07 | 99.790.437,36 | 124.495.564,69 |
| Classe F Number of shares |  | 3.276,201 | 5.218,224 | 6.423,135 |
| Net asset value per share | USD | 1.081,53 | 1.073,45 | 1.047,79 |
| Classe G Number of shares |  | 22.178,430 | 42.900,860 | 75.167,299 |
| Net asset value per share | USD | 1.085,07 | 1.077,49 | 1.052,15 |
| Classe GX Number of shares |  | 671,428 | 1.301,369 | 64,778 |
| Net asset value per share | USD | 1.044,74 | 1.048,96 | 1.031,22 |
| Dividend per share |  | 11,72 | 7,00 | 5,00 |
| Classe M Number of shares |  | 221.923,597 | 164.487,175 | 64.509,365 |
| Net asset value per share | USD | 106,84 | 106,18 | 103,76 |
| Classe MX Number of shares |  | 2.343,000 | 1.671,000 | 665,000 |
| Net asset value per share | USD | 103,04 | 103,47 | 101,81 |
| Dividend per share |  | 1,08 | 0,70 | 0,50 |
| Classe P Number of shares |  | 4.227.203,928 | 2.405.563,464 | 2.826.475,041 |
| Net asset value per share | USD | 10,71 | 10,66 | 10,42 |
| Classe PX Number of shares |  | 24.354,000 | 31.689,000 | 23.177,500 |
| Net asset value per share | USD | 104,62 | 105,02 | 103,40 |
| Dividend per share |  | 0,98 | 0,70 | 0,50 |

| 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	 92.941.077,05 | 92,85 |
| Bonds	 92.941.077,05 | 92,85 |
| France	 6.455.069,50 | 6,45 |

| 970.000,00 BANQUE PSA FIN REGS 5.75 11-21 04/04S | USD | 982.265,65 | 0,98 |
| --- | --- | --- | --- |
| 1.189.000,00 BNP PARIBAS 714	5.00 11-21 15/01S | USD | 1.190.622,98 | 1,19 |
| 750.000,00 BPCE SA	2.65 16-21 03/02S | USD | 751.413,37 | 0,75 |
| 1.500.000,00 DANONE SA  2.077 16-21 03/02S | USD | 1.519.267,50 | 1,52 |
| 2.000.000,00 SOCIETE GENERAL	2.5000 16-21 08/04S | USD | 2.011.500,00 | 2,01 |
| United Kingdom	 5.875.564,99 | 5,87 |
| 1.500.000,00 BARCLAYS PLC | 3.20 16-21 10/08S | USD | 1.525.012,50 | 1,52 |
| 500.000,00 BARCLAYS PLC | 3.25 16-21 12/01S | USD | 500.267,50 | 0,50 |
| 541.000,00 BP CAPITAL MARKETS PLC4.742 11-21 11/03S | USD | 545.674,24 | 0,55 |
| 1.000.000,00 HSBC HOLDINGS PLC	3.40 16-21 08/03S | USD | 1.004.099,00 | 1,00 |
| 2.300.000,00 SANTANDER UK GROUP 3.125 16-21 08/01S | USD | 2.300.511,75 | 2,30 |
| The Netherlands |  | 4.581.413,57 | 4,58 |
| 1.573.000,00 EDP FINANCE	5.25 14-21 14/01S | USD | 1.574.714,57 | 1,57 |
| 1.000.000,00 ING BANK NV	2.7500 16-21 22/03S | USD | 1.005.230,00 | 1,00 |
| 2.000.000,00 RABOBANK NEDERLAND 4.50 11-21 11/01A	USD | 2.001.469,00 | 2,01 |
| Spain | 2.515.867,50 | 2,51 |
| 2.500.000,00 TELEFONICA EMIS SA 5.462 11-21 16/02S	USD | 2.515.867,50 | 2,51 |
| United States of America | 47.240.002,90 | 47,18 |
| 1.641.000,00 ABBVIE INC | 2.30 16-21 14/05S | USD | 1.650.921,48 | 1,65 |
| 612.000,00 AMERICAN EXPRESS CO 3.375 18-21 17/05S | USD | 617.403,96 | 0,62 |
| 1.000.000,00 AMERICAN EXPRESS CRED 2.25 16-21 05/05S | USD | 1.004.965,00 | 1,00 |
| 673.000,00 AMERICAN INTL GROUP 3.30 16-21 01/03S | USD | 674.393,11 | 0,67 |
| 1.200.000,00 BAYER US FINANCE II 3.500 18-21 25/06S | USD | 1.214.538,00 | 1,21 |
| 1.000.000,00 BMW US CAPITAL LLC 3.4000 18-21 13/08S | USD | 1.016.350,00 | 1,02 |
| 812.000,00 BRISTOL-MYERS SQUIBB 2.55 20-21 14/05S | USD | 818.832,98 | 0,82 |
| 400.000,00 BRISTOL-MYERS SQUIBB 2.875 20-21 19/02S | USD | 400.686,40 | 0,40 |
| 1.867.000,00 CAMPBELL SOUP	3.30 18-21 15/03S | USD | 1.877.803,39 | 1,88 |
| 1.631.000,00 CAPITAL ONE FIN	3.4500 18-21 30/04S | USD | 1.643.208,04 | 1,64 |
| 1.000.000,00 CATERPILLAR	3.90 11-21 27/05S | USD | 1.014.420,00 | 1,01 |
| 1.050.000,00 CHEVRON	2.10 16-21 16/05S | USD | 1.055.358,68 | 1,05 |
| 692.000,00 CITIZENS FINANCIAL 2.375 16-21 28/07S | USD | 698.798,90 | 0,70 |
| 2.036.000,00 CONSOLIDATED EDISO 2.00 16-21 15/05S | USD | 2.045.681,18 | 2,03 |
| 546.000,00 CONSTELLATION BRAND 3.75 13-21 01/05S | USD | 551.882,06 | 0,55 |
| 1.063.000,00 CVS HEALTH	2.125 16-21 01/06S | USD | 1.069.340,79 | 1,07 |
| 1.500.000,00 CVS HEALTH CORP	3.35 18-21 09/03S | USD | 1.508.010,00 | 1,51 |
| 1.735.000,00 DAIMLER	3  18-21 22/02S | USD | 1.740.803,57 | 1,74 |
| 1.009.000,00 ENTERPRISE PRODUCTS 2.85 16-21 15/04S | USD | 1.014.275,55 | 1,01 |
| 1.272.000,00 EOG RESOURCES INC  4.10 10-21 01/02S | USD | 1.272.030,53 | 1,27 |
| 3.500.000,00 EQUIFAX INC	2.30 16-21 01/06S | USD | 3.520.125,00 | 3,51 |
| 2.041.000,00 FISERV INC	4.75 11-21 15/06S | USD | 2.080.521,92 | 2,07 |
| 500.000,00 GENERAL MOTORS	4.20 16-21 01/03S | USD | 501.518,75 | 0,50 |
| 1.000.000,00 GENERAL MOTORS FIN  3.20 16-21 06/07S | USD | 1.010.620,00 | 1,01 |
| 1.000.000,00 GOLDMAN SACHS GROUP 5.25 11-21 27/07S | USD | 1.027.690,00 | 1,03 |
| 500.000,00 HYUNDAI CAPITAL	3.7500 18-21 08/07S | USD | 507.767,50 | 0,51 |
| 601.000,00 HYUNDAI CAPITAL AMERI 3.00 16-21 18/03S | USD | 603.785,64 | 0,60 |
| 678.000,00 IBM CREDIT LLC	1.80 17-21 20/01S | USD | 678.274,59 | 0,68 |
| 1.000.000,00 INTERPUBLIC GRO	3.7500 18-21 01/10S | USD | 1.024.487,00 | 1,02 |
| 1.578.000,00 KEURIG DR PEPPER  3.551 19-21 25/05S | USD | 1.598.342,78 | 1,60 |
| 1.938.000,00 KINDER MORGAN ENERGY 3.50 14-21 04/01S | USD | 1.938.162,80 | 1,94 |
| 1.360.000,00 KROGER CO 2.95 14-21 01/11S | USD | 1.386.734,88 | 1,39 |
| 1.000.000,00 MORGAN STANLEY	5.75 11-21 25/01S | USD | 1.002.035,00 | 1,00 |
| 1.000.000,00 MORGAN STANLEY 2.50 16-21 21/04S | USD | 1.006.530,00 | 1,01 |
| 1.000.000,00 NESTLE HOLDINGS EMTN 1.875 16-21 09/03A | USD | 1.002.545,00 | 1,00 |
| 1.355.000,00 ORACLE CORP	1.90 16-21 15/09S | USD | 1.368.638,07 | 1,37 |
| 450.000,00 STARBUCKS	2.10 16-21 02/04S | USD | 450.475,20 | 0,45 |
| 1.000.000,00 TOYOTA MOTOR CREDIT 2.75 14-21 17/05S | USD | 1.009.285,00 | 1,01 |
| 1.800.000,00 WELLS FARGO & CO 2.50 16-21 04/03S | USD | 1.806.120,00 | 1,80 |
| 826.000,00 WELLS FARGO L	3.00 14-21 22/01S | USD | 826.640,15 | 0,83 |
| Sweden |  | 1.506.667,50 | 1,51 |
| 1.500.000,00 SWEDBANK AB	2.65 16-21 10/03S | USD | 1.506.667,50 | 1,51 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Canada |  | 2.527.636,40 | 2,53 |
| --- | --- | --- | --- |
| 1.520.000,00 BANQUE TORONTO-DOMIN 2.55 18-21 25/01S | USD | 1.521.588,40 | 1,52 |
| 1.000.000,00 HYDRO-QUEBEC	9.40 91-21 01/02S | USD | 1.006.048,00 | 1,01 |
| Guernsey |  | 1.008.872,50 | 1,01 |
| 1.000.000,00 CS GR FUNDING	3.45 16-21 16/04S | USD | 1.008.872,50 | 1,01 |
| Japan |  | 6.143.771,05 | 6,14 |
| 1.000.000,00 MITSUBISHI UFJ	2.95 16-21 01/03S | USD | 1.004.286,00 | 1,00 |
| 1.000.000,00 MIZUHO FIN GROUP REGS 2.632 16-21 12/04S | USD | 1.006.245,00 | 1,01 |
| 2.000.000,00 NTT FINANCE REGS	1.90 16-21 21/07S | USD | 2.016.300,00 | 2,01 |
| 436.000,00 SUMITOMO MITSUI FINL 2.934 16-21 03/09S | USD | 438.115,48 | 0,44 |
| 1.664.000,00 SUMITOMO MITSUI FINL 2.058 16-21 14/07S | USD | 1.678.824,57 | 1,68 |
| Hong Kong |  | 1.014.840,00 | 1,01 |
| 1.000.000,00 CITIC PACIFIC	6.625 11-21 15/04S | USD | 1.014.840,00 | 1,01 |
| Australia |  | 2.752.418,80 | 2,75 |
| 2.300.000,00 AUST & NZ BANKING  4.875 11-21 12/01S | USD | 2.302.093,00 | 2,30 |
| 450.000,00 MACQUARIE	2.85 16-21 15/01S | USD | 450.325,80 | 0,45 |
| Cayman Islands |  | 1.005.095,00 | 1,00 |
| 1.000.000,00 THREE GORGES REGS  2.30 16-21 02/06S | USD | 1.005.095,00 | 1,00 |
| South Korea |  | 2.051.370,00 | 2,05 |
| 2.000.000,00 LG DISPLAY CO LTD  3.875 18-21 15/11S | USD | 2.051.370,00 | 2,05 |
| Indonesia |  | 3.351.507,85 | 3,35 |
| 1.500.000,00 INDONESIA 4.875 11-21 05/05S | USD | 1.524.517,50 | 1,52 |
| 1.790.000,00 PERTAMINA REG S	5.25 11-21 23/05S | USD | 1.826.990,35 | 1,83 |
| China |  | 2.008.240,00 | 2,01 |
| 2.000.000,00 CHINA EXIMBANK	2.00 16-21 26/04S | USD | 2.008.240,00 | 2,01 |
| Philippines |  | 1.002.480,00 | 1,00 |
| 1.000.000,00 PHILIPPINES (REP)  4.00 10-21 15/01S | USD | 1.002.480,00 | 1,00 |
| British Virgin Islands |  | 502.977,50 | 0,50 |
| 500.000,00 SINOPEC GRP OVER D  2.75 16-21 03/05S | USD | 502.977,50 | 0,50 |
| Lithuania |  | 1.397.281,99 | 1,40 |
| 1.381.000,00 REPUBLIC OF LITHUANIA 6.125 11-21 09/03S | USD | 1.397.281,99 | 1,40 |
| Money market instruments | 5.998.883,53 | 5,99 |
| United States of America | 5.998.883,53 | 5,99 |
| 6.000.000,00 USA ZCP 250321 | USD | 5.998.883,53 | 5,99 |
| Total securities portfolio | 98.939.960,58 | 98,84 |

Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 2.767.173,40 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 2.764.902,72 |
| Bank interest on cash account | Note 2 | 2.270,68 |
| Expenses |  | 386.310,18 |
| Management fees & management Company fees | Note 3 | 138.388,82 |
| Custodian & sub-custodian fees | Note 9 | 60.032,02 |
| Taxe d'abonnement | Note 4 | 36.044,61 |
| Administrative expenses | Note 3 | 77.830,00 |
| Performance fees | Note 3 | 20.403,80 |
| Professional fees |  | 5.230,24 |
| Bank interest on overdrafts |  | 1.979,34 |
| Legal fees |  | 6.632,80 |
| Transaction fees | Note 2, 6 | 12.698,78 |
| Other expenses | Note 10 | 27.069,77 |
| Net income from investments |  | 2.380.863,22 |
| Net realised profit / loss on: - sales of investment securities |  | -1.227.782,80 |
| - forward foreign exchange contracts |  | -84.262,08 |
| - financial futures |  | 4.123,66 |
| - foreign exchange |  | 115.302,87 |
| Net realised profit |  | 1.188.244,87 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | -759.648,37 |
| - forward foreign exchange contracts |  | 111.210,40 |
| Increase in net assets as a result of operations |  | 539.806,90 |
| Dividends paid | Note 8 | -39.071,08 |
| Subscription capitalisation shares |  | 94.808.960,34 |
| Subscription distribution shares |  | 14.087.819,21 |
| Redemption capitalisation shares |  | -93.641.349,69 |
| Redemption distribution shares |  | -15.443.541,97 |
| Increase in net assets |  | 312.623,71 |
| Net assets at the beginning of the year |  | 99.790.437,36 |
| Net assets at the end of the year |  | 100.103.061,07 |

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 |