# INDOSUEZ FUNDS
## - RMB Bonds (formerly INDOSUEZ FUNDS - Fixed
Income RMB)

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 322.820.252,06 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 316.576.984,76 |
| Cost price |  | 299.111.875,36 |
| Unrealised profit on the securities portfolio |  | 17.465.109,40 |
| Cash at banks and liquidities | Note 2 | 1.622.686,18 |
| Interest receivable |  | 4.385.836,93 |
| Subscriptions receivable |  | 234.744,19 |
| Liabilities |  | 327.312,55 |
| Performance fees payable | Note 3 | 3.171,26 |
| Redemptions payable |  | 100.493,43 |
| Management fees payable | Note 3 | 139.215,07 |
| Other liabilities |  | 84.432,79 |
| Net asset value |  | 322.492.939,51 |

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 | 42.378,619 | 54.342,012 | 17.857,233 | 78.863,398 |
| Classe G | 95.873,785 | 103.106,489 | 64.666,413 | 134.313,861 |
| Classe GX | 10.866,123 | 13.020,500 | 10.214,164 | 13.672,459 |
| Classe M | 2.036,018 | 111.018,646 | 6.847,204 | 106.207,460 |
| Classe MX | 3.212,596 | 56.017,004 | 956,356 | 58.273,244 |
| Classe MC | 0,000 | 2.900,000 | 0,000 | 2.900,000 |
| Classe P | 16.637,168 | 111.774,609 | 13.900,367 | 114.511,410 |
| Classe PX | 1.980,365 | 34.944,642 | 1.830,365 | 35.094,642 |
| Classe PC | 0,000 | 8.045,052 | 0,000 | 8.045,052 |
| Classe W | 0,000 | 835,546 | 0,000 | 835,546 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 322.492.939,51 | 168.733.006,39 | 131.148.557,18 |
| Classe F Number of shares |  | 78.863,398 | 42.378,619 | 11.102,838 |
| Net asset value per share | USD | 1.206,28 | 1.098,73 | 1.051,76 |
| Classe G Number of shares |  | 134.313,861 | 95.873,785 | 87.319,452 |
| Net asset value per share | USD | 1.233,87 | 1.124,43 | 1.076,39 |
| Classe GX Number of shares |  | 13.672,459 | 10.866,123 | 20.037,437 |
| Net asset value per share | USD | 1.138,66 | 1.087,95 | 1.055,92 |
| Dividend per share |  | 52,46 | 15,00 | 10,00 |
| Classe M Number of shares |  | 106.207,460 | 2.036,018 | 19.400,985 |
| Net asset value per share | USD | 119,24 | 108,90 | 104,42 |
| Classe MX Number of shares |  | 58.273,244 | 3.212,596 | 1.265,936 |
| Net asset value per share | USD | 105,88 | 101,47 | 98,77 |
| Dividend per share |  | 4,98 | 1,50 | 1,00 |
| Classe MC Number of shares |  | 2.900,000 | 0,000 | 0,000 |
| Net asset value per share | CNH | 1.009,72 | 0,00 | 0,00 |
| Classe P Number of shares |  | 114.511,410 | 16.637,168 | 18.766,740 |
| Net asset value per share | USD | 117,09 | 107,84 | 104,35 |
| Classe PX Number of shares |  | 35.094,642 | 1.980,365 | 2.120,459 |
| Net asset value per share | USD | 106,42 | 102,84 | 100,99 |
| Dividend per share |  | 5,02 | 1,50 | 0,00 |
| Classe PC Number of shares |  | 8.045,052 | 0,000 | 0,000 |
| Net asset value per share | CNH | 1.005,70 | 0,00 | 0,00 |
| Classe W Number of shares |  | 835,546 | 0,000 | 0,000 |
| Net asset value per share | USD | 10.045,22 | 0,00 | 0,00 |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
305.393.581,36	94,70
| Bonds |  | 304.102.937,61 | 94,30 |
| --- | --- | --- | --- |
|  | Luxembourg | 7.410.824,86 | 2,30 |
| 48.000.000,00 ARAB PETROLEUM INVST 4.70 18-21 13/03A | CNH | 7.410.824,86 | 2,30 |
| The Netherlands |  | 39.736.735,69 | 12,32 |
| 35.000.000,00 BMW FINANCE NV	2.8 20-23 11/08A | CNH | 5.371.025,08 | 1,67 |
| 44.000.000,00 DAIMLER	4.8 18-21 09/04A | CNH | 6.803.787,66 | 2,11 |
| 19.000.000,00 DAIMLER INTER FINANCE 3.78 19-22 22/03A | CNH | 2.954.391,46 | 0,92 |
| 59.000.000,00 DAIMLER INTERNATIONAL 3.45 19-22 27/09A | CNH | 9.163.265,08 | 2,84 |
| 33.000.000,00 DAIMLER INTERNATIONAL 4.5 18-21 21/09A | CNH | 5.136.137,04 | 1,59 |
| 67.000.000,00 VOLKSWAGEN INTL	3.4000 20-23 08/12A | CNH | 10.308.129,37 | 3,19 |
| Germany |  | 782.447,07 | 0,24 |
| 5.000.000,00 BSH BOSCH SIEMENS  4.375 12-22 25/07S | CNH | 782.447,07 | 0,24 |
| United States of America |  | 14.141.488,90 | 4,39 |
| 92.000.000,00 HYUNDAI CAPITAL	3.55 20-23 21/09A | CNH | 14.141.488,90 | 4,39 |
| Hong Kong |  | 48.049.946,22 | 14,90 |
| 92.000.000,00 AGRICULTURAL BK CHINA 3.8 20-30 27/10S | CNH | 14.733.989,41 | 4,57 |
| 60.000.000,00 CHINA CONSTRUCT BANK 2.95 20-22 19/03S | CNH | 9.245.429,48 | 2,87 |
| 2.900.000,00 CHINA SOUTH CITY  11.5 20-21 11/08S | USD | 2.953.084,50 | 0,92 |
| 2.000.000,00 CHINA SOUTH CITY HOL 6.75 16-21 13/09 | USD | 1.974.420,00 | 0,61 |
| 6.340.000,00 COUNTRY GARDEN HOL  5.80 18-21 12/03S | CNH | 981.242,25 | 0,30 |
| 61.000.000,00 FAR EAST HORIZON LTD 4.90 18-21 27/02S | CNH | 9.378.112,08 | 2,91 |
| 10.000.000,00 HKCG FINANCE LT	4.4500 18-21 26/09A | CNH | 1.556.751,50 | 0,48 |
| 32.540.000,00 SINOPEC CENTURY	4  18-21 31/10 | CNH | 5.053.347,92 | 1,57 |
| 14.000.000,00 VANKE REAL ESTATE HK 3.85 19-22 13/06S | CNH | 2.173.569,08 | 0,67 |
| Cayman Islands |  | 65.042.429,23 | 20,16 |
| 1.000.000,00 CFLD CAYMAN INVEST  8.75 20-22 28/09S | USD | 920.435,00 | 0,29 |
| 16.000.000,00 CIFI HOLDINGS GROUP 6.7 19-22 23/04S | CNH | 2.539.972,20 | 0,79 |
| 1.000.000,00 FANTASIA HOLDIN	15.0000 18-21 18/12 | USD | 1.076.290,00 | 0,33 |
| 200.000,00 FANTASIA HOLDIN	9.2500 20-23 28/07S | USD | 201.845,00 | 0,06 |
| 3.000.000,00 FANTASIA HOLDINGS  12.25 19-22 18/10S | USD | 3.215.505,00 | 1,00 |
| 1.700.000,00 FANTASIA HOLDINGS  9.875 20-23 19/10S | USD | 1.728.288,00 | 0,54 |
| 7.000.000,00 QNB FINANCE	5.1 18-21 | CNH | 1.085.771,71 | 0,34 |
| 34.000.000,00 QNB FINANCE LTD	3.5 20-26 09/03U | CNH | 5.297.455,85 | 1,64 |
| 5.000.000,00 QNB FINANCE LTD	5.2 18-21 07/06A | CNH | 776.767,23 | 0,24 |
| 30.000.000,00 QNB FINANCE LTD	3.8 20-25 17/06A | CNH | 4.663.212,41 | 1,45 |
| 45.000.000,00 QNB FINANCE LTD	3.85 20-25 10/07A | CNH | 7.055.391,97 | 2,18 |
| 41.500.000,00 QNB FINANCE LTD	4.35 19-22 29/01A | CNH | 6.461.604,65 | 2,00 |
| 15.000.000,00 QNB FINANCE LTD	5.10 18-21 08/03A | CNH | 2.329.193,44 | 0,72 |
| 2.000.000,00 RONSHINE CHINA	5.2500 20-21 03/12S | USD | 1.994.710,00 | 0,62 |
| 1.400.000,00 RONSHINE CHINA HLDG 8.75 19-22 25/10S | USD | 1.449.882,00 | 0,45 |
| 13.640.000,00 SHIMAO PROPERTY HLDGS 5.75 18-21 15/03S | CNH | 2.112.659,41 | 0,66 |
| 74.000.000,00 SUN HUNG KAI PROPERTIES 3.2 20-27 14/08S | CNH | 11.345.117,63 | 3,51 |
| 70.000.000,00 ZHENRO PROPERTIES GROUP 7.4 20-21 12/08S | CNH | 10.788.327,73 | 3,34 |
| South Korea |  | 5.518.737,59 | 1,71 |
| 30.000.000,00 EXPORT-IMPORT B	2.6500 20-23 03/08A | CNH | 4.587.134,10 | 1,42 |
| 6.000.000,00 THE KOREA DEVP BANK 4.6 18-21 03/07A | CNH | 931.603,49 | 0,29 |
| China |  | 51.046.266,24 | 15,83 |
| 92.000.000,00 CHINA	3.03 19-24 24/06S | CNH | 14.362.614,50 | 4,46 |
| 9.500.000,00 CHINA	4.15 17-27 04/12S | CNH | 1.594.083,70 | 0,49 |
| 20.000.000,00 CHINA	4.29 14-29 22/05S | CNH | 3.425.108,80 | 1,06 |
| 12.500.000,00 CHINA	3.39 15-25 21/05S | CNH | 1.982.563,90 | 0,61 |
| 26.000.000,00 CHINA DEV.BANK	4.20 12-27 19/01S | CNH | 4.249.137,17 | 1,32 |
| 80.000.000,00 CHINA DEVELOPME	3.2300 20-25 27/11S | CNH | 12.417.808,80 | 3,85 |
| 10.000.000,00 CHINA EXIMBANK	4.15 12-27 18/06S | CNH | 1.633.467,72 | 0,51 |
| 61.000.000,00 CHINA EXIMBANK	4.40 14-24 14/05S | CNH | 9.836.879,46 | 3,05 |
| 4.000.000,00 CHINA 3.48 12-27 29/06U | CNH | 643.729,84 | 0,20 |
| 1.000.000,00 CHINA 3.60 13-28 27/06S | CNH | 162.376,27 | 0,05 |
| 4.500.000,00 CHINA 3.85 16-26 12/12S | CNH | 738.496,08 | 0,23 |
| British Virgin Islands |  | 38.881.825,65 | 12,06 |
| 65.000.000,00 EASTERN CREATION II 3.40 19-22 26/11S | CNH | 10.070.109,73 | 3,13 |
| 5.950.000,00 EASY TACTIC LTD	7.00 18-21 25/04S | USD | 5.882.556,75 | 1,82 |
| 3.700.000,00 EASY TACTIC LTD	8.875 18-21 27/09S | USD | 3.658.615,50 | 1,13 |
| 2.630.000,00 FRANSHION BRILLIANT 5.20 18-21 08/03S | CNH | 405.531,24 | 0,13 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 13.740.000,00 GREENLAND GLOBAL INV 7.125 18-21 20/03S | CNH | 2.078.542,44 | 0,64 |
| --- | --- | --- | --- |
| 5.000.000,00 RONGXINGDA DEVELO 9.0 150721 | USD | 5.036.268,72 | 1,56 |
| 1.000.000,00 RONGXINGDA DEVELOPMENT 8.75 20-21 28/01S | USD | 1.001.500,00 | 0,31 |
| 69.000.000,00 WHARF REIC FINANCE BVI 3.7 20-25 16/07A | CNH | 10.748.701,27 | 3,34 |
| United Arab Emirates |  | 19.626.426,97 | 6,09 |
| 88.000.000,00 NATIONAL BK OF ABU  3.4 20-25 18/08A | CNH | 13.601.615,35 | 4,23 |
| 36.000.000,00 NATIONAL BK OF ABU  3.5 20-25 02/07A | CNH | 5.560.058,10 | 1,72 |
| 3.000.000,00 NATIONAL BK OF ABU  4.8 18-21 01/06A | CNH | 464.753,52 | 0,14 |
| Honduras |  | 4.270.780,57 | 1,32 |
| 27.500.000,00 CENTRAL AMERICAN BK 4.20 16-21 21/09S | CNH | 4.270.780,57 | 1,32 |
| Macao |  | 9.595.028,62 | 2,98 |
| 62.000.000,00 BANK OF CHINA/MACAU 3.15 20-22 21/09S | CNH | 9.595.028,62 | 2,98 |
| Floating rate bonds |  | 1.290.643,75 | 0,40 |
| Cayman Islands |  | 1.290.643,75 | 0,40 |
| 1.250.000,00 REDCO PROPERTIES	FL.R 20-22 06/08S | USD | 1.290.643,75 | 0,40 |
| Other transferable securities |  | 11.183.403,40 | 3,47 |
| Bonds |  | 11.183.403,40 | 3,47 |
| Cayman Islands |  | 1.157.964,26 | 0,36 |
| 1.000.000,00 CDBL FUNDING 2	3.80 19-21 27/02A | CNH | 153.934,26 | 0,05 |
| 1.000.000,00 REDCO PROPERTIES	8.5 20-21 19/08S | USD | 1.004.030,00 | 0,31 |
| China |  | 3.071.412,19 | 0,95 |
| 15.000.000,00 AGRICULTURAL DEVELOPME 2.85 20-25 11/08S | CNH | 2.297.954,35 | 0,71 |
| 5.000.000,00 CHINA DEVELOPMENT BANK 3.03 20-23 27/11S | CNH | 773.457,84 | 0,24 |
| British Virgin Islands |  | 5.860.201,11 | 1,82 |
| 10.000.000,00 VIGOROUS CHAMPION INT 3.30 20-21 07/12U | CNH | 1.540.366,17 | 0,48 |
| 28.000.000,00 WHARF REIC FINANCE  3.20 20-23 15/09A | CNH | 4.319.834,94 | 1,34 |
| United Arab Emirates |  | 1.093.825,84 | 0,34 |
| 7.000.000,00 EMIRATES BANK NBD  4.05 20-25 24/09A | CNH | 1.093.825,84 | 0,34 |

Total securities portfolio	
316.576.984,76	98,17
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 11.127.930,68 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 11.121.157,45 |
| Bank interest on cash account | Note 2 | 6.773,23 |
| Expenses |  | 1.656.868,36 |
| Management fees & management Company fees | Note 3 | 938.296,11 |
| Custodian & sub-custodian fees | Note 9 | 144.668,51 |
| Taxe d'abonnement | Note 4 | 35.071,95 |
| Administrative expenses | Note 3 | 404.525,63 |
| Performance fees | Note 3 | 3.171,26 |
| Professional fees |  | 19.595,20 |
| Bank interest on overdrafts |  | 1.322,81 |
| Legal fees |  | 23.967,91 |
| Transaction fees | Note 2, 6 | 23.969,85 |
| Other expenses | Note 10 | 62.279,13 |
| Net income from investments |  | 9.471.062,32 |
| Net realised profit / loss on: - sales of investment securities |  | -1.081.744,84 |
| - forward foreign exchange contracts |  | -5.672,48 |
| - foreign exchange |  | 2.302.096,98 |
| Net realised profit |  | 10.685.741,98 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 19.369.704,05 |
| Increase in net assets as a result of operations |  | 30.055.446,03 |
| Dividends paid | Note 8 | -1.251.331,25 |
| Subscription capitalisation shares |  | 211.817.745,36 |
| Subscription distribution shares |  | 23.508.167,82 |
| Redemption capitalisation shares |  | -98.723.332,16 |
| Redemption distribution shares |  | -11.646.762,68 |
| Increase in net assets |  | 153.759.933,12 |
| Net assets at the beginning of the year |  | 168.733.006,39 |
| Net assets at the end of the year |  | 322.492.939,51 |

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 |