# INDOSUEZ FUNDS
## - Navigator

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 152.044.940,14 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 112.892.685,83 |
| Cost price |  | 113.834.822,04 |
| Unrealised loss on the securities portfolio |  | -942.136,21 |
| Options purchased at market value | Note 2 | 118.507,62 |
| Options purchased at cost |  | 195.918,34 |
| Cash at banks and liquidities | Note 2 | 4.823.386,02 |
| Margin accounts on financial futures |  | 32.057.014,63 |
| Subscriptions receivable |  | 93.339,83 |
| Unrealised profit on financial futures | Note 2 | 2.060.006,21 |
| Liabilities |  | 1.886.870,41 |
| Options sold at market value | Note 2 | 1.651.379,69 |
| Options sold at cost |  | 1.403.316,82 |
| Performance fees payable | Note 3 | 35.011,89 |
| Redemptions payable |  | 4.437,05 |
| Unrealised loss on forward foreign exchange contracts | Note 2 | 63.536,53 |
| Management fees payable | Note 3 | 64.838,27 |
| Other liabilities |  | 67.666,98 |
| Net asset value |  | 150.158.069,73 |

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 | 6.572,038 | 5.520,078 | 4.421,963 | 7.670,153 |
| Classe G | 92.082,433 | 13.713,206 | 51.006,901 | 54.788,738 |
| Classe GX | 24.778,422 | 2.198,138 | 15.954,592 | 11.021,968 |
| Classe GHU | 22.653,098 | 1.528,791 | 4.376,275 | 19.805,614 |
| Classe M | 260.196,431 | 46.201,882 | 127.232,906 | 179.165,407 |
| Classe MX | 30.381,537 | 4.295,253 | 13.607,411 | 21.069,379 |
| Classe MHU | 7.674,402 | 5.762,097 | 6.556,400 | 6.880,099 |
| Classe MHS | 2.400,000 | 152,000 | 56,000 | 2.496,000 |
| Classe MHUX | 5.000,000 | 0,000 | 5.000,000 | 0,000 |

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 P | 193.464,442 | 37.872,787 | 141.771,031 | 89.566,198 |
| Classe PX | 14.066,747 | 2.916,189 | 5.135,449 | 11.847,487 |
| Classe PHU | 26.400,168 | 2.800,000 | 22.563,453 | 6.636,715 |
| Classe PHS | 20.877,000 | 677,889 | 20.877,000 | 677,889 |
| Classe PHUX | 1.313,000 | 0,000 | 0,000 | 1.313,000 |
| Classe W | 1.783,000 | 0,000 | 0,000 | 1.783,000 |
| Classe WX | 789,448 | 10,060 | 464,856 | 334,652 |
|  | Key figures |  |  |  |
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| Total Net Assets | EUR | 150.158.069,73 | 245.308.496,69 | 225.629.372,16 |
| Classe F Number of shares |  | 7.670,153 | 6.572,038 | 14.730,162 |
| Net asset value per share | EUR | 976,51 | 1.008,38 | 908,30 |
| Classe G Number of shares |  | 54.788,738 | 92.082,433 | 67.503,076 |
| Net asset value per share | EUR | 1.068,44 | 1.105,95 | 1.000,64 |
| Classe GX Number of shares |  | 11.021,968 | 24.778,422 | 13.013,369 |
| Net asset value per share | EUR | 1.017,01 | 1.069,34 | 981,33 |
| Dividend per share |  | 15,00 | 15,00 | 10,00 |
| Classe GHU Number of shares |  | 19.805,614 | 22.653,098 | 19.867,539 |
| Net asset value per share | USD | 1.170,62 | 1.194,64 | 1.057,21 |
| Classe GHUX Number of shares |  | 0,000 | 0,000 | 14,898 |
| Net asset value per share | USD | 0,00 | 0,00 | 987,02 |
| Dividend per share |  | 0,00 | 0,00 | 4,00 |
| Classe M Number of shares |  | 179.165,407 | 260.196,431 | 239.906,114 |
| Net asset value per share | EUR | 103,85 | 108,14 | 98,40 |
| Classe MX Number of shares |  | 21.069,379 | 30.381,537 | 59.549,989 |
| Net asset value per share | EUR | 99,81 | 105,58 | 97,47 |
| Dividend per share |  | 1,50 | 1,50 | 1,00 |

| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| EUR | 150.158.069,73 | 245.308.496,69 | 225.629.372,16 |

Key figures
Total Net Assets
Classe MHU
| Number of shares |  | 6.880,099 | 7.674,402 | 28.524,051 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 113,82 | 117,01 | 104,19 |

Classe MHS
| Number of shares |  | 2.496,000 | 2.400,000 | 2.400,000 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 96,34 | 100,64 | 91,87 |

Classe MHUX
| Number of shares |  | 0,000 | 5.000,000 | 5.000,000 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 0,00 | 104,16 | 94,15 |
| Dividend per share |  | 1,50 | 1,50 | 0,20 |

Classe P
| Number of shares |  | 89.566,198 | 193.464,442 | 307.571,608 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 101,00 | 105,90 | 96,93 |

Classe PX
| Number of shares |  | 11.847,487 | 14.066,747 | 20.841,090 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 97,12 | 103,58 | 96,19 |
| Dividend per share |  | 1,50 | 1,50 | 1,00 |

Classe PHU
| Number of shares |  | 6.636,715 | 26.400,168 | 34.011,772 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 110,87 | 114,60 | 102,63 |

Classe PHS
| Number of shares |  | 677,889 | 20.877,000 | 23.734,000 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 95,64 | 100,38 | 92,28 |

Classe PHUX
| Number of shares |  | 1.313,000 | 1.313,000 | 1.684,000 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 100,50 | 105,54 | 95,92 |
| Dividend per share |  | 1,50 | 1,50 | 0,40 |

Classe W
| Number of shares |  | 1.783,000 | 1.783,000 | 1.783,000 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 10.270,33 | 10.647,35 | 9.611,32 |

Classe WX
| Number of shares |  | 334,652 | 789,448 | 3.002,670 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 9.329,48 | 9.791,21 | 8.937,53 |
| Dividend per share |  | 140,00 | 140,00 | 0,00 |

Securities portfolio as at 31/12/20
Expressed in EUR
Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Shares/Units of UCITS/UCIS | 6.913.056,00 | 4,60 |
| --- | --- | --- |
| Shares/Units in investment funds | 6.913.056,00 | 4,60 |
| Ireland |  | 6.913.056,00 | 4,60 |
| 67.300,00 ISHARES HY CORP BD EUR | EUR | 6.913.056,00 | 4,60 |
| Money market instruments | 105.979.629,83 | 70,58 |
| France | 51.138.735,55 | 34,06 |
| 9.000.000,00 FRAN TREA BILL BTF ZCP 21-04-21 | EUR | 9.018.225,00 | 6,01 |
| 4.000.000,00 FRANCE TREASURY BILL ZCP 080921 | EUR | 4.017.880,00 | 2,68 |
| 3.000.000,00 FRANCE TREASURY BILL ZCP 100321 | EUR | 3.003.979,00 | 2,00 |
| 6.000.000,00 FRANCE TREASURY BILL ZCP 110821 | EUR | 6.024.450,00 | 4,01 |
| 7.000.000,00 FRANCE TREASURY BILL ZCP 140721 | EUR | 7.025.025,00 | 4,68 |
| 6.000.000,00 FRANCE TREASURY BILL ZCP 160621 | EUR | 6.018.000,00 | 4,01 |
| 7.000.000,00 FRANCE TREASURY BILL ZCP 190521 | EUR | 7.017.815,00 | 4,67 |
| 1.500.000,00 FRANCE TREASURY BILL ZCP 240221 | EUR | 1.501.430,30 | 1,00 |
| 7.500.000,00 FRANCE TREASURY BILL ZCP 240321 | EUR | 7.511.931,25 | 5,00 |
| Italy |  | 5.001.209,78 | 3,33 |
| 5.000.000,00 ITALY 14-01-21 | EUR | 5.001.209,78 | 3,33 |
| Spain |  | 20.061.505,00 | 13,36 |
| 7.000.000,00 SECR GENE DEL TESO ZCP 16-04-21 | EUR | 7.013.790,00 | 4,67 |
| 7.000.000,00 SPAI LETR DEL TESO ZCP 13-08-21 | EUR | 7.028.875,00 | 4,68 |
| 6.000.000,00 SPAIN LETRAS DEL TES ZCP 090721 | EUR | 6.018.840,00 | 4,01 |
| United States of America |  | 14.707.237,53 | 9,79 |
| 4.000.000,00 UNIT STAT TREA BIL ZCP 15-07-21 | USD | 3.267.737,32 | 2,18 |
| 9.000.000,00 UNIT STAT TREA BIL ZCP 28-01-21 | USD | 7.355.122,01 | 4,89 |
| 5.000.000,00 US TREASURY BILL ZCP 120821 | USD | 4.084.378,20 | 2,72 |
| Canada |  | 4.041.496,64 | 2,69 |
| 6.300.000,00 CANADIAN TREASURY BI ZCP 070121 | CAD | 4.041.496,64 | 2,69 |
| Portugal |  | 11.029.445,33 | 7,35 |
| 4.000.000,00 PORT TREA BILL ZCP 17-09-21 | EUR | 4.019.860,00 | 2,68 |
| 7.000.000,00 PORT TREA BILL ZCP 19-03-21 | EUR | 7.009.585,33 | 4,67 |

Total securities portfolio	
112.892.685,83	75,18
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 1.247.515,47 |
| --- | --- | --- |
| Net dividends |  | 595.753,53 |
| Net interest on bonds | Note 2 | 632.490,12 |
| Bank interest on cash account | Note 2 | 16.429,82 |
| Other financial income |  | 2.842,00 |
| Expenses |  | 2.394.035,33 |
| Management fees & management Company fees | Note 3 | 1.218.768,24 |
| Custodian & sub-custodian fees | Note 9 | 89.366,32 |
| Taxe d'abonnement | Note 4 | 45.380,99 |
| Administrative expenses | Note 3 | 689.311,90 |
| Performance fees | Note 3 | 97.517,66 |
| Professional fees |  | 10.595,14 |
| Bank interest on overdrafts |  | 92.121,33 |
| Legal fees |  | 11.936,19 |
| Transaction fees | Note 2, 6 | 75.844,16 |
| Other expenses | Note 10 | 63.193,40 |
| Net loss from investments |  | -1.146.519,86 |
| Net realised profit / loss on: - sales of investment securities |  | -2.066.545,66 |
| - options |  | 302.412,81 |
| - forward foreign exchange contracts |  | -1.612.841,44 |
| - financial futures |  | -8.025.570,03 |
| - foreign exchange |  | -2.241.744,26 |
| Net realised loss |  | -14.790.808,44 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | -1.468.713,46 |
| - options |  | -325.473,59 |
| - forward foreign exchange contracts |  | 181.412,88 |
| - financial futures |  | 1.694.420,67 |
| Decrease in net assets as a result of operations |  | -14.709.161,94 |
| Dividends paid | Note 8 | -416.081,86 |
| Subscription capitalisation shares |  | 31.036.414,43 |
| Subscription distribution shares |  | 3.014.413,12 |
| Redemption capitalisation shares |  | -92.321.026,11 |
| Redemption distribution shares |  | -21.754.984,60 |
| Decrease in net assets |  | -95.150.426,96 |
| Net assets at the beginning of the year |  | 245.308.496,69 |
| Net assets at the end of the year |  | 150.158.069,73 |

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 |