# INDOSUEZ FUNDS
## Other notes to the financial statements

### Other notes to the financial statements as at 31/12/20
NOTE 1 - GENERAL
Indosuez Funds (the “Fund”) was incorporated on 10 February 2012 as a “Société d’Investissement à Capital Variable” (“SICAV”), for an unlimited period. The Fund is organised in accordance with the Luxembourg law of 10 August 1915 on Commercial Companies, as amended and under Part I of the Law of 17 December 2010 relating to Undertaking for Collective Investment (the “Law of 2010”). The Articles of Incorporation of the Fund were modified on 15 January 2016, taking effect on 18 January 2016, and the modification was published in the Memorial C of Grand Duchy of Luxembourg on 15 February 2016.
The Fund is registered with the Luxembourg Trade and Companies Register under number B 166912. As at 31 December 2020, the following Sub-Funds were active:
- INDOSUEZ FUNDS - America Opportunities
- INDOSUEZ FUNDS - America Small & Mid Caps
- INDOSUEZ FUNDS - Asia Bonds (formerly INDOSUEZ FUNDS - Asia Income)
- INDOSUEZ FUNDS - Asia Opportunities
- INDOSUEZ FUNDS - Balanced EUR
- INDOSUEZ FUNDS - Defensive EUR
- INDOSUEZ FUNDS - Defensive USD
- INDOSUEZ FUNDS - Euro Bonds (formerly INDOSUEZ FUNDS - Corporate Bonds Euro)
- INDOSUEZ FUNDS - Europe Growth
- INDOSUEZ FUNDS - Europe Opportunities
- INDOSUEZ FUNDS - Europe Value
- INDOSUEZ FUNDS - FII Euro Equity Opportunities
- INDOSUEZ FUNDS - FII Flexible Euro
- INDOSUEZ FUNDS - Fixed Income - Euro
- INDOSUEZ FUNDS - Global Bonds EUR 2025 (launched on 27 October 2020)
- INDOSUEZ FUNDS - Global Bonds USD 2023
- INDOSUEZ FUNDS - Global Bonds USD 2025 (launched on 16 November 2020)
- INDOSUEZ FUNDS - Global Trends
- INDOSUEZ FUNDS - Latin America Bonds (formerly INDOSUEZ FUNDS - Fixed Income - Latin America)
- INDOSUEZ FUNDS - Navigator
- INDOSUEZ FUNDS - RMB Bonds (formerly INDOSUEZ FUNDS - Fixed Income RMB)
- INDOSUEZ FUNDS - Short Term Euro
- INDOSUEZ FUNDS - Short Term Dollar
- INDOSUEZ FUNDS - Total Return Bonds (formerly INDOSUEZ FUNDS - Fixed Income - US Dollar)
- INDOSUEZ FUNDS - US Dollar Bonds (formerly INDOSUEZ FUNDS - Corporate Bonds US Dollar)On 30 April 2020, the Board of Directors decided to proceed with the liquidation of the sub-fund INDOSUEZ FUNDS - Balanced USD. The last net asset value was calculated on 30 April 2020. As at 31 December 2020, the amount of cash remaining is USD 4.716,10 and will be used to pay the final liquidation fees.

On 7 May 2020, the Board of Directors decided to proceed with the liquidation of the sub-fund INDOSUEZ FUNDS - Tactical Index. The last net asset value was calculated on 7 May 2020. As at 31 December 2020, the amount of cash remaining is USD -4.084,76, CHF-4.505,05 and EUR -30.385,47 and will be used to pay the final liquidation fees.
On 17 July 2020, the Board of Directors decided to proceed with the liquidation of the sub-fund INDOSUEZ FUNDS - Euro Dividend. The last net asset value was calculated on 17 July 2020.
On 9 September 2020, the Board of Directors decided to proceed with the liquidation of the sub-fund INDOSUEZ FUNDS - FII Euro Corporate Bonds. The last net asset value was calculated on 9 September 2020. As at 31 December 2020, the amount of cash remaining is EUR 77.907,01 and USD -1,43 and will be used to pay the final liquidation fees.
On 30 October 2020, the Board of Directors decided to proceed with the liquidation of the sub-fund INDOSUEZ FUNDS - Swiss Franc Bonds (formerly INDOSUEZ FUNDS - Fixed Income - Swiss Franc). The last net asset value was calculated on 30 October 2020. As at 31 December 2020, the amount of cash remaining is CHF 33.803,30 and will be used to pay the final liquidation fees.
The INDOSUEZ FUNDS - Asia Opportunities sub-fund absorbed the INDOSUEZ FUNDS - Asia Small & Mid Caps sub-fund on 3 November 2020. As at 31 December 2020, the amount of cash remaining is USD 5.321,75 and will be used to pay the final liquidation fees.
NOTE 1 - GENERAL (continued)
The INDOSUEZ FUNDS - Asia Bonds (formerly INDOSUEZ FUNDS - Asia Income) sub-fund absorbed the INDOSUEZ FUNDS - Fixed Income - Asia sub-fund on 3 November 2020. The merger ratios applied are described below:
| Absorbed funds | Merger ratios | Absorbing sub-funds |
| --- | --- | --- |
| INDOSUEZ FUNDS - Asia Small & Mid Caps - Class G | 23.437019 | INDOSUEZ FUNDS - Asia Opportunities - Class G |
| INDOSUEZ FUNDS - Asia Small & Mid Caps - Class GX | 28.257858 | INDOSUEZ FUNDS - Asia Opportunities - Class GX |
| INDOSUEZ FUNDS - Asia Small & Mid Caps - Class M | 0.571630 | INDOSUEZ FUNDS - Asia Opportunities - Class M |
| INDOSUEZ FUNDS - Asia Small & Mid Caps - Class MX | 0.647233 | INDOSUEZ FUNDS - Asia Opportunities - Class MX |
| INDOSUEZ FUNDS - Asia Small & Mid Caps - Class ME | 0.652181 | INDOSUEZ FUNDS - Asia Opportunities - Class ME |
| INDOSUEZ FUNDS - Asia Small & Mid Caps - Class P | 2.650809 | INDOSUEZ FUNDS - Asia Opportunities - Class P |
| INDOSUEZ FUNDS - Asia Small & Mid Caps - Class PX | 0.563456 | INDOSUEZ FUNDS - Asia Opportunities - Class PX |
| INDOSUEZ FUNDS - Fixed Income - Asia - Class F | 1.000000 | INDOSUEZ FUNDS - Asia Bonds (formerly INDOSUEZ FUNDS - Asia Income) - Class F |
| INDOSUEZ FUNDS - Fixed Income - Asia - Class G | 1.226526 | INDOSUEZ FUNDS - Asia Bonds (formerly INDOSUEZ FUNDS - Asia Income) - Class G |
| INDOSUEZ FUNDS - Fixed Income - Asia - Class GX | 1.050286 | INDOSUEZ FUNDS - Asia Bonds (formerly INDOSUEZ FUNDS - Asia Income) - Class GX |
| INDOSUEZ FUNDS - Fixed Income - Asia - Class M | 0.961432 | INDOSUEZ FUNDS - Asia Bonds (formerly INDOSUEZ FUNDS - Asia Income) - Class M |
| INDOSUEZ FUNDS - Fixed Income - Asia - Class MX | 1.077361 | INDOSUEZ FUNDS - Asia Bonds (formerly INDOSUEZ FUNDS - Asia Income) - Class MX |
| INDOSUEZ FUNDS - Fixed Income - Asia - Class P | 1.163909 | INDOSUEZ FUNDS - Asia Bonds (formerly INDOSUEZ FUNDS - Asia Income) - Class P |
| INDOSUEZ FUNDS - Fixed Income - Asia - Class PX | 1.077901 | INDOSUEZ FUNDS - Asia Bonds (formerly INDOSUEZ FUNDS - Asia Income) - Class PX |

Within each sub-fund, the Fund’s Executive Board may issue the following share Class:
- Class P: any investor according to the applicable conditions of each sub-funds; From 3 November 2020 :
- Class M: any investor who has signed a specific investment advice contract with an entity of the Credit Agricole group and paying fees relating to this specific investment advice contract, as well as any investor specially approved by the Board of Directors of the Company;
- Class G: any investor who has entered into a discretionary advisory mandate with an Entity of the Crédit Agricole group;
- Class F: reserved for funds and funds of funds managed by an entity of the Crédit Agricole group, and institutional investors specifically approved by the Fund’s Executive Board;
- Class W: reserved for non-institutional investors investing a minimum of either 5,000,000 euros or 10,000,000 euros or the equivalent in other currencies and to any investor approved by the Board of Directors of the CompanyThe classes of distribution will be distinguished by the letter "X".

When the currency of the sub-fund is not the Euro, the classes denominated in this currency will be distinguished by the letter "E".
The classes covered by currency risk will be distinguished by the letter "H".
The company has appointed CA Indosuez Wealth (Asset Management) as Fund Manager (the "Fund Manager"). The Fund Manager is approved under Chapter 15 of the Law of 2010. CA Indosuez Wealth (Asset Management) is also subject to the provisions of the amended Law of 12 July 2013 on alternative investment fund managers and authorised pursuant to the provisions of Chapter 2 thereof.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The financial statements are presented in accordance with generally accepted accounting principles and Luxembourg regulations.
-  ​Cash and cash equivalentsThe value of any cash in hand or on deposit, discount notes, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received, shall be deemed the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Executive Board may consider appropriate in such case to reflect the true value.
-  Valuation of the securities portfolioListed securities or those traded on an official stock exchange or other organised market are valued based on the last available market price or, where appropriate, on a price determined by the Fund’s Executive Board as appropriate.

Unlisted securities or those not traded on another regulated market, as well as those whose prices are not representative, are valued at their last known market value or, in the absence thereof, are based on the probable market value, estimated prudently and in good faith and under the direction of the Fund’s Executive Board.
The purchase price of securities is recorded without accrued interest except in cases where the market price reflects the accrued interest.
-  Valuation of money market instrumentsMonetary instruments with a residual maturity greater than 90 days will be valued at their probable trading value by mark to market, or by applying an actuarial method, the rate used being that of issues of equivalent securities, where necessary, adjusted by a spread representative of the intrinsic characteristics of the issuer.

Money market instruments with a residual maturity of 90 days or less are valued using the amortised cost method (linear method) which approximates the market value.
- Valuation of units or shares in undertakings for collective investment (“UCI")Units or shares of open-ended UCIs are valued based on the latest available NAVs, or if the specified price is not representative of the assets’ fair value, the price will be determined by the Fund’s Executive Board in a fair and equitable manner.

Units or shares of closed-ended UCIs will be valued at their last known market value, or if the price is not representative of their actual values, they will be determined by the Fund’s Executive Board in a fair and equitable manner.
- Valuation of ''futures'' contractsFutures contracts are valued at their net liquidation value based on the last closing price available on the exchange on which they are traded.

The movement in the net unrealised appreciation/depreciation are recorded on the Statement of Operations and Changes in Net Assets.
- Assessment of optionsThe liquidation value of options traded on a stock market is based on the closing prices published by the stock markets on which the company traded the contracts in question. The net liquidation value of the options not traded on stock markets is determined pursuant to the rules set by the Board of Directors of the Company, according to uniform criteria for each category of contracts.

The profit or loss realised and the Variation in the unrealised net capital gain or loss are shown in the Statement of Operations and Changes in Net Assets.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (continued)
- Valuation of forward foreign exchange contractsThe liquidation value of forward foreign exchange contracts is determined in accordance with rules laid down by the Fund’s Executive Board, in accordance with uniform criteria for each contract category. The liquidation value of forward foreign exchange contracts is based on the last available closing price. If a forward foreign exchange contract could not be liquidated on the last available closing price, the criteria for determining the liquidating value of such a forward foreign exchange contract are set by the Fund’s Executive Board prudently and in good faith.

The movement in the net unrealised appreciation/depreciation are recorded on the Statement of Operations and Changes in Net Assets.
-  Conversion of foreign currenciesAssets other than those expressed in the currency of each Sub-Fund are converted to the last known exchange rate. The incomes and expenses expressed in currencies other than the base currency of each Sub-Fund have been converted at exchange rates prevailing at year-end. The exchange rates used for translation of the Fund's assets and liabilities into currencies other than the EUR as at 31 December 2020 are as follows:

| 1 EUR =	1,58560 AUD | 1 EUR = | 0,89510 | GBP | 1 EUR = | 58,75915 | PHP |
| --- | --- | --- | --- | --- | --- | --- |
| 1 EUR =	6,35535 BRL | 1 EUR = | 9,48725 | HKD | 1 EUR = | 10,04850 | SEK |
| 1 EUR =	1,55880 CAD | 1 EUR = | 17.190,87900 | IDR | 1 EUR = | 1,61710 | SGD |
| 1 EUR =	1,08155 CHF | 1 EUR = | 126,32545 | JPY | 1 EUR = | 36,65755 | THB |
| 1 EUR =	7,94900 CNH | 1 EUR = | 1.329,14240 | KRW | 1 EUR = | 34,37930 | TWD |
| 1 EUR =	8,00180 CNY | 1 EUR = | 24,37985 | MXN | 1 EUR = | 1,22355 | USD |
| 1 EUR =	7,44345 DKK | 1 EUR = | 10,47600 | NOK |  |  |  |

The consolidated financial statements of the Fund correspond to the sum of items in the financial statements of each sub- Fund and are in EUR.
For each sub-fund, the net asset value at the start of the year is converted into ("EUR") based on the exchange rates used at 31 December 2019. The exchange rate differences between the net value of the asset at the start of the year converted at the exchange rates used at 31 December 2019 and this value converted at the exchange rates used at 31 December 2020, where applicable, figure in the "revaluation of the opening balance sheet" in the Statement of Operations and Changes in Net Assets.
- Transaction feesTransaction fees include transaction costs, brokerage fees, processing fees and settlement costs related to transactions on securities portfolio, "future" contracts, and forward foreign exchange contracts (see also Note 6 - .Transaction fees).
- Plus (less)-net realised gain on sales of securitiesGains or losses on sales of securities are calculated based on the average purchase cost of these securities at the time of sale.
- Formation expensesFormation expenses have been fully amortised.
- RevenueDividends are recognised as revenue from such time when the securities are listed for the first time without dividend, to the extent that the information related thereto is reasonably available to the Fund.

Interest is accrued on a pro-rata basis during each valuation of the net assets.
NOTE 3 - MANAGEMENT FEES, PERFORMANCE FEES AND MANAGEMENT COMPANY FEES
- Managements feesThe Fund Manager receives, chargeable to the Fund at the end of each month, a management fee at the following maximum annual rates applied to the average net asset value of each class of shares for each Sub-Fund:

|  | Share Classes in % max per year |
| --- | --- |
| Sub-funds | F | G/GE/ GHU/ GHUX/ GHS | M/ME/ MHU/ MHUX/ MHS | P/PE/ PHU/ PHUX/ PHS | W/ WX |
| INDOSUEZ FUNDS - America Opportunities INDOSUEZ FUNDS - America Small & Mid Caps INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Opportunities INDOSUEZ FUNDS - Asia Small & Mid Caps (merged on 2 November 2020) INDOSUEZ FUNDS - Balanced EUR INDOSUEZ FUNDS - Balanced USD (liquidated on 30 April 2020) INDOSUEZ FUNDS - Defensive EUR INDOSUEZ FUNDS - Defensive USD INDOSUEZ FUNDS - Euro Bonds ( formerly  INDOSUEZ FUNDS - Corporate Bonds Euro) INDOSUEZ FUNDS - Euro Dividend (liquidated on 17 July 2020) INDOSUEZ FUNDS - Europe Growth INDOSUEZ FUNDS - Europe Opportunities INDOSUEZ FUNDS - Europe Value INDOSUEZ FUNDS - FII Euro Corporate Bonds (liquidated on 9 September 2020) INDOSUEZ FUNDS - FII Euro Equity Opportunities INDOSUEZ FUNDS - FII Flexible Euro INDOSUEZ FUNDS - Fixed Income - Asia (merged on 2 November 2020) INDOSUEZ FUNDS - Fixed Income - Euro INDOSUEZ FUNDS - Global Bonds EUR 2025 (launched on 27 October 2020) INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Bonds USD 2025 (launched on 16 November 2020) INDOSUEZ FUNDS - Global Emerging Markets Bond Portfolio 2020 (liquidated on 31 December 2020) INDOSUEZ FUNDS - Global Trends INDOSUEZ FUNDS - Latin America Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income - Latin America) INDOSUEZ FUNDS - Navigator INDOSUEZ FUNDS - RMB Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income RMB) INDOSUEZ FUNDS - Short Term Dollar INDOSUEZ FUNDS - Short Term Euro INDOSUEZ FUNDS - Swiss Franc Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income - Swiss Franc) (liquidated on 30 October 2020) INDOSUEZ FUNDS - Tactical Index (liquidé le 7 mai 2020) INDOSUEZ FUNDS - Total Return Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income - US Dollar) INDOSUEZ FUNDS - US Dollar Bonds ( formerly  INDOSUEZ FUNDS - Corporate Bonds US Dollar) | 0,25 0,25 0,20 0,25 0,25 0,20 0,20 0,15 0,15 0,10 0,25 0,25 0,25 0,25 n/a n/a n/a 0,20 0,10 n/a n/a n/a n/a 0,25 0,20 0,25 0,30 0,05 0,05 0,10 0,25 0,10 0,10 | 1,00 1,00 0,50 1,00 1,00 0,85 0,85 0,70 0,70 0,25 0,60 1,00 1,00 1,00 0,40 1,30 0,80 0,70 0,50 0,40 n/a 0,40 0,65 1,00 0,50 0,50 0,50 0,20 0,20 0,50 1,00 0,50 0,25 | 0,50 0,50 0,50 0,50 1,00 0,35 0,85 0,20 0,20 0,25 0,60 0,50 0,50 0,50 n/a n/a n/a 0,70 0,50 0,40 0,25 0,40 0,65 0,50 0,50 0,50 0,50 0,20 0,20 0,50 1,00 0,50 0,25 | 1,20 1,20 0,90 1,20 1,70 0,90 1,40 0,60 0,60 0,60 1,00 1,20 1,20 1,20 0,70 2,00 1,20 1,20 0,80 0,95 0,60 0,95 1,00 1,20 0,90 1,20 1,20 0,50 0,50 0,80 1,70 0,80 0,60 | 0,25 0,25 0,20 0,25 0,25 n/a n/a n/a n/a 0,10 0,25 0,25 0,25 0,25 n/a n/a n/a 0,20 0,10 n/a n/a n/a n/a 0,25 0,20 0,25 0,30 0,05 0,05 0,10 0,25 0,10 0,10 |

The maximum management fee chargeable both to the sub-fund itself and to the target funds, promoted or managed by the Fund Managers or any other affiliated company, in which the sub-fund intends to invest, is 3%.
- Performance feesThe Fund Manager receives, chargeable to the Fund, a performance fee as described below:

| Sub-funds | Perfomance fees |
| --- | --- |
| INDOSUEZ FUNDS - America Opportunities | Maximum 20% of the net outperformance of the MSCI USA Net Return USD Index (M1US). |
| INDOSUEZ FUNDS - America Small & Mid Caps | Maximum 20% of the net outperformance of the Russel 2000 Net Total Return Index (RU20N30U). |
| INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) | Maximum 20% of the net outperformance of  The BoFa Merrill Lynch Asian Dollar Index (ADOL). |
| INDOSUEZ FUNDS - Asia Opportunities | Maximum 20% of the net outperformance of the MSCI AC Asia ex Japan Net Return USD Index (M1ASJ). |
| INDOSUEZ FUNDS - Asia Small & Mid Caps (merged on 2 November 2020 | Maximum 20% of the net outperformance of the MSCI AC Asia Ex-Japan Mid Cap USD Net (MMDUAAJN). |
| INDOSUEZ FUNDS - Balanced EUR | Maximum 20% of the net outperformance composed by 20% MSCI Daily Net TR Europe Euro (MSDEE15N Index) + 20% MSCI Daily TR Net World Ex Eur (NDDUWXEU Index) + 40% Bloomberg Barclays Series-E Euro Govt 1-10 Yr Bond Index (BERP10 Index) + 20% EONIA Total Return (DBDCONIA Index) rebalanced on the last day of each month after close of markets. |
| INDOSUEZ FUNDS - Balanced USD (liquidated on 30 April 2020) | Maximum 20% of the net outperformance of the 40% MCSI Daily TR Net World USD (NDDUWI Index) + 40% Bloomberg Barclays Series-E US Govt 1-10 Yr Bond Index (BEUS10 Index) + 20% US LIBOR 3M (US0003M Index) rebalanced on the last day of each month after close of markets. |
| INDOSUEZ FUNDS - Defensive EUR | Maximum 20% of the net outperformance composed 10% MSCI Daily Net TR Europe Euro (MSDEE15N Index) + 10% MSCI Daily TR Net World Ex Eur (NDDUWXEU Index) + 50% Bloomberg Barclays Series-E Euro Govt 1-10 Yr Bond Index (BERP10 Index) + 30% EONIA Total Return (DBDCONIA Index) rebalanced on the last day of each month after close of markets. |
| INDOSUEZ FUNDS - Defensive USD | Maximum 20% of the net outperformance composed by 20% MSCI Daily TR Net World USD (NDDUWI Index) + 50% Bloomberg Barclays Series-E US Govt 1-10 Yr Bond Index (BEUS10 Index) + 30% US LIBOR 3M (US0003M Index) rebalanced on the last day of each month after close of markets. |
| INDOSUEZ FUNDS - Euro Bonds (formerly INDOSUEZ FUNDS - Corporate Bonds Euro) | Maximum 20% of the net outperformance of the Bloomberg Barclays Euro Corporate bonds 1-5 years TR Index Unhedged EUR (LEC4TREU). |
| INDOSUEZ FUNDS - Euro Dividend (liquidated on 17 July 2020) | Maximum 20% of the net outperformance of the capitalised Eonia (OISEONIA) +3%. |
| INDOSUEZ FUNDS - Europe Growth | Maximum 20% of the net outperformance of the MSCI Europe Growth Net Return Index (M7EU000G). |
| INDOSUEZ FUNDS - Europe Opportunities | Maximum 20% of the net outperformance of the MSCI Europe Net Return EUR Index (M7EU). |
| INDOSUEZ FUNDS - Europe Value | Maximum 20% of the net outperformance of the MSCI Europe Value Net Return EUR Index (M7EU000V) |
| INDOSUEZ FUNDS - FII Euro Corporate Bonds (liquidated on 9 September 2020) | Maximum 20% of the net outperformance of Bloomberg Barclays Series-E Govt 1-10 Yr Bond Index (BERP10). |
| INDOSUEZ FUNDS - FII Euro Equity Opportunities | Maximum 20% of the net outperformance of the DJ Eurostoxx 50 Total Return Net (SX5T). |

| Sub-funds | Perfomance fees |
| --- | --- |
| INDOSUEZ FUNDS - FII Flexible Euro | Maximum 20% of the net outperformance of the EONIA +1%. |
| INDOSUEZ FUNDS - Fixed Income – Asia (merged on 2 November 2020) | Maximum 20% of the net outperformance of the  BofA Merril Lynch Asian Dollar Index (ADOL). |
| INDOSUEZ FUNDS - Fixed Income - Euro | Maximum 20% of the net outperformance of Bloomberg Barclays Series-E Euro Govt 1-10 Yr Bond Index (BERP10). |
| INDOSUEZ FUNDS - Global Bonds EUR 2025 (launched on 27 October 2020) | - |
| INDOSUEZ FUNDS - Global Bonds USD 2023 | - |
| INDOSUEZ FUNDS - Global Bonds USD 2025 (launched on 16 November 2020) | - |
| INDOSUEZ FUNDS - Global Emerging Markets Bond Portfolio 2020 (liquidated on 31 December 2020) | - |
| INDOSUEZ FUNDS - Global Trends | Maximum 20% of the net outperformance of the MSCI World Net Eur Index (MBWO). |
| INDOSUEZ FUNDS - Latin America Bonds (formerly INDOSUEZ FUNDS - Fixed Income - Latin America) | Maximum 20% of the net outperformance of the JP Morgan CEMBI Latin America Broad Index (JCBBLA). |
| INDOSUEZ FUNDS - Navigator | Maximum 10% of the net outperformance of the Eonia capitalised (OISEONIA). |
| INDOSUEZ FUNDS - RMB Bonds (formerly INDOSUEZ FUNDS - Fixed Income RMB) | Maximum 20% of the net outperformance of the Markit IBoxx ALBI China Offshore Investment Grade total Return Index (IBXXJA4N). |
| INDOSUEZ FUNDS - Short Term Dollar | Maximum 20% of the net outperformance of the 1-month Libor (US0001M). |
| INDOSUEZ FUNDS - Short Term Euro | Maximum 20% of the net outperformance of the capitalised Eonia (OISEONIA). Following the resolution of the Board of Directors of 6 December 2016, the calculation of the performance fee has been suspended since 12 December 2016. |
| INDOSUEZ FUNDS - Swiss Franc Bonds (formerly INDOSUEZ FUNDS - Fixed Income - Swiss Franc) (liquidated on 30 October 2020) | Maximum 20% of the net outperformance of Bloomberg Barclays Series-E Switzerland Govt 1-10 Yr (BESW10). |
| INDOSUEZ FUNDS - Tactical Index (liquidated on 7 May 2020) | Maximum 20% of the net outperformance of the capitalised Eonia (OISEONIA). |
| INDOSUEZ FUNDS - Total Return Bonds (formerly INDOSUEZ FUNDS - Fixed Income - US Dollar) | Maximum 20% of the net outperformance of Bloomberg Barclays Series - E US Govt 1-10 Yr Bond Index (LEGATRUH), |
| INDOSUEZ FUNDS - US Dollar Bonds (previously INDOSUEZ FUNDS - Corporate Bonds US Dollar) | Maximum 20% of the net outperformance of the Bloomberg Barclays Euro Corporate bonds 1-5 years TR Index Unhedged USD (BUC1TRUU). |

All sub-funds subject to the above performance fee apply the principle of the High Water Mark in the calculation of the performance fee.
The High Water Mark (relative or absolute) is reset if no performance fee has been paid after a certain period, from one to three years.
The method used to determine the duration of the performance period is as follows:
- at the end of the first year, a new performance period begins if a performance fee is paid.
- if no performance fee is paid in the course of the first year, the performance period is extended for a second year. At the end of this second year, a new performance period begins if a performance fee is paid.
- if no performance fee is paid in the course of the second year, the performance period is extended for a third year. At the end of the final year, a new performance period begins whether a performance fee has been paid or not.
- if no performance fee has been paid for three years, the High Water Mark will be reset.
- Administrative fees (Management company)The Management Company has charged an administrative fee for its services, which is calculated on the basis of the average net assets of each sub-fund using the scale of rates indicated below.

This fee covers all the administrative expenses of the Management Company and is payable monthly.
These fees are summarised under the “administrative fees” heading in the Statement of Operations and Changes in Net Assets.
|  | Classes in % (max. per year) |
| --- | --- |
| Sub-funds | F | G/GE/ GHU/ GHUX/ GHS | M/ME/ MHU/ MHUX/ MHS | P/PE/ PHU/ PHUX/ PHS | W/ WX |
| INDOSUEZ FUNDS - America Opportunities INDOSUEZ FUNDS - America Small & Mid Caps INDOSUEZ FUNDS -  Asia Bonds (formerly INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Opportunities INDOSUEZ FUNDS -  Asia Small & Mid Caps ( merged on 2 November 2020 )  INDOSUEZ FUNDS - Balanced EUR INDOSUEZ FUNDS - Balanced USD  (liquidated on 30 April 2020) INDOSUEZ FUNDS - Defensive EUR INDOSUEZ FUNDS - Defensive USD INDOSUEZ FUNDS -  Euro Bonds (formerly INDOSUEZ FUNDS - Corporate Bonds Euro) INDOSUEZ FUNDS - Euro Dividend  (liquidated on 17 July 2020) INDOSUEZ FUNDS - Europe Growth INDOSUEZ FUNDS - Europe Opportunities INDOSUEZ FUNDS - Europe Value INDOSUEZ FUNDS - FII Euro Corporate Bonds  (liquidated on 9 September 2020) INDOSUEZ FUNDS - FII Euro Equity Opportunities INDOSUEZ FUNDS - FII Flexible Euro INDOSUEZ FUNDS - Fixed Income - Asia  ( merged on 2 November 2020 )  INDOSUEZ FUNDS - Fixed Income - Euro INDOSUEZ FUNDS - Global Bonds EUR 2025  (launched on 27 October 2020) INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Bonds USD 2025  (launched on 16 November 2020)  INDOSUEZ FUNDS - Global Emerging Markets Bond Portfolio 2020 (liquidated on 31 December 2020) INDOSUEZ FUNDS - Global Trends INDOSUEZ FUNDS - Latin America Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income - Latin America) INDOSUEZ FUNDS - Navigator INDOSUEZ FUNDS - RMB Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income RMB) INDOSUEZ FUNDS - Short Term Euro INDOSUEZ FUNDS - Short Term Dollar INDOSUEZ FUNDS -  Swiss Franc Bonds (formerly INDOSUEZ FUNDS - Fixed Income - Swiss Franc) (liquidated on 30 October 2020) INDOSUEZ FUNDS - Tactical Index (liquidated on 7 May 2020) INDOSUEZ FUNDS - Total Return Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income - US Dollar) INDOSUEZ FUNDS - Us Dollar Bonds ( formerly  INDOSUEZ FUNDS - Corporate Bonds US Dollar) | 0,30 0,30 0,15 0,30 0,30 0,30 0,30 0,30 0,30 0,25 0,30 0,30 0,30 0,30 n/a n/a n/a 0,25 0,25 n/a n/a n/a n/a 0,30 0,25 0,30 0,25 0,15 0,15 0,25 0,30 0,25 0,25 | 0,30 0,30 0,15 0,30 0,30 0,30 0,30 0,30 0,30 0,25 0,30 0,30 0,30 0,30 0,25 0,30 0,25 0,25 0,25 0,17 n/a 0,17 0,10 0,30 0,25 0,30 0,25 0,15 0,15 0,25 0,30 0,25 0,25 | 0,50 0,50 0,30 0,50 0,50 0,50 0,50 0,50 0,50 0,45 0,50 0,50 0,50 0,50 n/a n/a n/a 0,45 0,45 0,17 0,20 0,17 0,15 0,50 0,45 0,50 0,45 0,30 0,30 0,45 0,50 0,45 0,45 | 0,50 0,50 0,30 0,50 0,50 0,50 0,50 0,50 0,50 0,45 0,50 0,50 0,50 0,50 0,45 0,50 0,45 0,45 0,45 0,17 0,20 0,17 0,20 0,50 0,45 0,50 0,45 0,30 0,30 0,45 0,50 0,45 0,45 | 0,30 0,30 0,15 0,30 0,30 n/a n/a n/a n/a 0,25 0,30 0,30 0,30 0,30 n/a n/a n/a 0,25 0,25 n/a n/a n/a n/a 0,30 0,25 0,30 0,25 0,15 0,15 0,25 0,30 0,25 0,25 |

NOTE 4 - TAXE D’ABONNEMENT
Under the laws and regulations currently in force in Luxembourg, the Fund is subject to a subscription tax at an annual rate of 0.05 % per annum for Class M and P shares payable on a quarterly basis and calculated on the net asset value of each Sub-Fund at the end of the quarter to which the tax relates.
Class F, G and Wshares enjoy a reduced subscription tax at a rate of 0.01% per annum as provided for in Article 174 (2) of the Law of 2010. Net assets invested in UCIs already subject to subscription tax under section 175 (a) of the Law of 2010 are exempt from the subscription tax.
NOTE 5 - CHANGES IN THE PORTFOLIO STATEMENT
The report on the changes in the portfolio statement is available free of charge upon request at the registered office of the Fund.
NOTE 6 - TRANSACTION FEES
The Fund Managers charge the Fund a transaction fee (on purchases and sales) in its capacity of intermediary receiving and transmitting orders from/to brokers for each transaction executed on behalf of a sub-fund. This fee is debited from the sub-fund’s assets at the maximum rate/amount specific to each sub-fund and applied to the value of the underlying asset of the transaction, whether the underlying is bought or sold.
The combined amount of each transaction fee and the brokerage fees may not exceed 1% of the gross amount of the transaction concerned.
| Sub-funds | Transaction fees |
| --- | --- |
| INDOSUEZ FUNDS - America Opportunities INDOSUEZ FUNDS - America Small & Mid Caps INDOSUEZ FUNDS - Asia Income ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Opportunities INDOSUEZ FUNDS - Asia Small & Mid Caps (merged on 2 November 2020) INDOSUEZ FUNDS - Balanced EUR INDOSUEZ FUNDS - Balanced USD (liquidated on 30 April 2020) INDOSUEZ FUNDS - Defensive EUR INDOSUEZ FUNDS - Defensive USD INDOSUEZ FUNDS - Euro Bonds ( formerly  INDOSUEZ FUNDS - Corporate Bonds Euro) INDOSUEZ FUNDS - Euro Dividend (liquidated on 17 July 2020) INDOSUEZ FUNDS - Europe Growth INDOSUEZ FUNDS - Europe Opportunities INDOSUEZ FUNDS - Europe Value INDOSUEZ FUNDS - FII Euro Corporate Bonds (liquidated on 9 September 2020) INDOSUEZ FUNDS - FII Euro Equity Opportunities INDOSUEZ FUNDS - FII Flexible Euro INDOSUEZ FUNDS - Fixed Income - Asia (merged on 2 November 2020) INDOSUEZ FUNDS - Fixed Income - Euro INDOSUEZ FUNDS - Global Bonds EUR 2025 (launched on 27 October 2020) INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Bonds USD 2025 (launched on 16 November 2020) INDOSUEZ FUNDS - Global Emerging Markets Bond Portfolio 2020 (liquidated on 31 December 2020) INDOSUEZ FUNDS - Global Trends INDOSUEZ FUNDS - Latin America Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income - Latin America) INDOSUEZ FUNDS - Navigator INDOSUEZ FUNDS - RMB Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income RMB) INDOSUEZ FUNDS - Short Term Euro INDOSUEZ FUNDS - Short Term Dollar INDOSUEZ FUNDS - Swiss Franc Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income - Swiss Franc) (liquidated on 30 October 2020) | 1,00% max 1,00% max 0,25% max 1,00% max 1,00% max 0,50% max 0,50% max 0,50% max 0,50% max 0,50% max 0,50% max 1,00% max 1,00% max 1,00% max 1,00% max 1,00% max 1,00% max 0,25% max 0,50% max - - 0,50% max 0,25% max 0,50% max 0,25% max 0,10% max 0,10% max 0,50% max |

NOTE 6 - TRANSACTION FEES (continued)
| Sub-funds | Transaction fees |
| --- | --- |
| INDOSUEZ FUNDS - Tactical Index (liquidated on 7 May 2020) INDOSUEZ FUNDS - Total Return Bonds ( formerly  INDOSUEZ FUNDS - Fixed Income - US Dollar) INDOSUEZ FUNDS - Us Dollar Bonds ( formerly  INDOSUEZ FUNDS - Corporate Bonds US Dollar) | 0,50% max 0,50% max 0,50% max |

NOTE 7 - INVESTMENTS IN AFFILIATES
During the past year, the following sub-funds invested part of their assets in other Undertakings for Collective Investment and/or bonds respectively promoted or issued by the Crédit Agricole group:
- INDOSUEZ FUNDS - Balanced EUR
- INDOSUEZ FUNDS - Defensive EUR
- INDOSUEZ FUNDS - Defensive USDThose investments do not lead to an amendment of management fees carried by the above sub-funds. However, no issue or redemption fees are charged for such investments.

The sub-fund INDOSUEZ FUNDS - Balanced EUR had invested the following amounts in the sub-funds as follows:
| Sub-fundss | Currency | Quantity | Market value (in EUR) | % of net assets |
| --- | --- | --- | --- | --- |
| INDOSUEZ FUNDS - America Opportunities | USD | 2.324,93 | 4.256.709,57 | 6,04 |
| INDOSUEZ FUNDS - America Small & Mid Caps | USD | 1.352,80 | 1.577.229,40 | 2,24 |
| INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Asia Income) | USD | 1.595,34 | 1.695.905,79 | 2,41 |
| INDOSUEZ FUNDS - Asia Opportunities | USD | 2.918,88 | 4.315.849,08 | 6,12 |
| INDOSUEZ FUNDS - Euro Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Corporate Bonds Euro) | EUR | 5.977,00 | 6.578.883,90 | 9,33 |
| INDOSUEZ FUNDS - Europe Growth | EUR | 1.128,78 | 1.360.468,56 | 1,93 |
| INDOSUEZ FUNDS - Europe Opportunities | EUR | 3.134,82 | 4.109.030,63 | 5,83 |
| INDOSUEZ FUNDS - Europe Value | EUR | 3.306,83 | 3.221.778,33 | 4,57 |
| INDOSUEZ FUNDS - Fixed Income - Euro | EUR | 4.111,01 | 4.376.205,93 | 6,21 |
| INDOSUEZ FUNDS - Global Trends | USD | 2.021,85 | 2.394.724,38 | 3,40 |
| INDOSUEZ FUNDS - Latin America Bonds ( formerly |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | USD | 1.485,07 | 1.418.362,92 | 2,01 |
| INDOSUEZ FUNDS - Navigator | EUR | 717,66 | 699.315,64 | 0,99 |
| INDOSUEZ FUNDS - RMB Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Fixed Income RMB) | USD | 2.280,01 | 2.246.710,36 | 3,19 |
| INDOSUEZ FUNDS - Us Dollar Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Corporate Bonds US Dollar) | USD | 1.400,48 | 1.308.961,22 | 1,86 |

The sub-fund INDOSUEZ FUNDS - Defensive EUR had invested the following amounts in the sub-funds as follows:
| Sub-funds | Currency | Quantity | Market value (in EUR) | % of net assets |
| --- | --- | --- | --- | --- |
| INDOSUEZ FUNDS - America Opportunities | USD | 163,07 | 299.568,92 | 2,92 |
| INDOSUEZ FUNDS - America Small & Mid Caps | USD | 109,21 | 127.403,26 | 1,24 |
| INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Asia Income) | USD | 387,19 | 411.726,32 | 4,01 |
| INDOSUEZ FUNDS - Asia Opportunities | USD | 214,34 | 319.173,03 | 3,11 |

NOTE 7 - INVESTMENTS IN AFFILIATES (continued)
| Sub-funds | Currency | Quantity | Market value (in EUR) | % of net assets |
| --- | --- | --- | --- | --- |
| INDOSUEZ FUNDS - Euro Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Corporate Bonds Euro) | EUR | 1.218,00 | 1.340.652,60 | 13,07 |
| INDOSUEZ FUNDS - Europe Growth | EUR | 87,31 | 105.232,46 | 1,03 |
| INDOSUEZ FUNDS - Europe Opportunities | EUR | 198,46 | 259.242,34 | 2,53 |
| INDOSUEZ FUNDS - Europe Value | EUR | 187,21 | 181.646,05 | 1,77 |
| INDOSUEZ FUNDS - Fixed Income - Euro | EUR | 871,83 | 928.327,98 | 9,05 |
| INDOSUEZ FUNDS - Global Trends | USD | 102,88 | 122.073,47 | 1,19 |
| INDOSUEZ FUNDS - Latin America Bonds ( formerly |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | USD | 243,87 | 232.915,73 | 2,27 |
| INDOSUEZ FUNDS - Navigator | EUR | 120,99 | 118.147,94 | 1,15 |
| INDOSUEZ FUNDS - RMB Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Fixed Income RMB) | USD | 494,80 | 487.574,41 | 4,75 |
| INDOSUEZ FUNDS - Us Dollar Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Corporate Bonds US Dollar) | USD | 550,97 | 515.022,96 | 5,02 |

The sub-fund INDOSUEZ FUNDS - Defensive USD had invested the following amounts in the sub-funds as follows:
| Sub-funds | Currency | Quantity | Market value (in EUR) | % of net assets |
| --- | --- | --- | --- | --- |
| INDOSUEZ FUNDS - America Opportunities | USD | 319,57 | 715.905,19 | 4,54 |
| INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Asia Income) | USD | 475,67 | 618.697,06 | 3,92 |
| INDOSUEZ FUNDS - Asia Opportunities | USD | 273,42 | 494.649,63 | 3,14 |
| INDOSUEZ FUNDS - Europe Opportunities | EUR | 182,19 | 292.199,79 | 1,85 |
| INDOSUEZ FUNDS - Europe Value | EUR | 68,39 | 81.525,17 | 0,52 |
| INDOSUEZ FUNDS - Global Trends | USD | 150,05 | 217.458,26 | 1,38 |
| INDOSUEZ FUNDS - Latin America Bonds ( formerly |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | USD | 272,78 | 318.695,11 | 2,02 |
| INDOSUEZ FUNDS - Navigator | EUR | 431,82 | 504.473,72 | 3,20 |
| INDOSUEZ FUNDS - RMB Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Fixed Income RMB) | USD | 601,02 | 724.640,20 | 4,59 |
| INDOSUEZ FUNDS - Short Term Dollar | USD | 413,70 | 448.920,25 | 2,85 |
| INDOSUEZ FUNDS - Total Return Bonds ( formerly |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - US Dollar) | USD | 1.487,46 | 1.856.052,59 | 11,76 |
| INDOSUEZ FUNDS - Us Dollar Bonds ( formerly  INDOSUEZ |  |  |  |  |
| FUNDS - Corporate Bonds US Dollar) | USD | 2.049,87 | 2.344.210,83 | 14,86 |

As at 31 December 2020, the total cross-investments amounted to EUR 52,051,814.70.
NOTE 8 - DIVIDEND DISTRIBUTIONS
The following Classes distributed dividends as at 31 January 2020:
| Sub-funds | Distribution Class | Ex- date | Payment date | Currency | Dividend per share |
| --- | --- | --- | --- | --- | --- |
| INDOSUEZ FUNDS - America Opportunities | Classe GX | 10/06/2020 | 12/06/2020 | USD | 0,55 |
| INDOSUEZ FUNDS - America Opportunities | Classe MEX | 10/06/2020 | 12/06/2020 | EUR | 1,40 |
| INDOSUEZ FUNDS - America Opportunities | Classe MX | 10/06/2020 | 12/06/2020 | USD | 1,40 |
| INDOSUEZ FUNDS - America Opportunities | Classe PX | 10/06/2020 | 12/06/2020 | USD | 0,40 |
| INDOSUEZ FUNDS - America Small & Mid Caps | Classe GX | 10/06/2020 | 12/06/2020 | USD | 10,00 |
| INDOSUEZ FUNDS - America Small & Mid Caps | Classe MX | 10/06/2020 | 12/06/2020 | USD | 1,00 |
| INDOSUEZ FUNDS - America Small & Mid Caps | Classe PX | 10/06/2020 | 12/06/2020 | USD | 1,00 |

| Sub-funds | Distribution Class | Ex- date | Payment date | Currency | Dividend per share |
| --- | --- | --- | --- | --- | --- |
| INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Bonds ( formerly  INDOSUEZ FUNDS - Asia Income) INDOSUEZ FUNDS - Asia Opportunities INDOSUEZ FUNDS - Asia Opportunities INDOSUEZ FUNDS - Asia Opportunities INDOSUEZ FUNDS - Asia Opportunities INDOSUEZ FUNDS - Asia Small & Mid Caps  ( merged on 2 November 2020 ) INDOSUEZ FUNDS - Asia Small & Mid Caps  ( merged on 2 November 2020) INDOSUEZ FUNDS - Asia Small & Mid Caps (merged on 2 November 2020) INDOSUEZ FUNDS - Balanced EUR INDOSUEZ FUNDS - Balanced EUR INDOSUEZ FUNDS - Balanced EUR INDOSUEZ FUNDS - Defensive EUR INDOSUEZ FUNDS - Defensive EUR INDOSUEZ FUNDS - Defensive USD INDOSUEZ FUNDS -  Euro Bonds (formerly INDOSUEZ FUNDS - Corporate Bonds Euro)  INDOSUEZ FUNDS - Euro Bonds  (formerly INDOSUEZ FUNDS - Corporate Bonds Euro)  INDOSUEZ FUNDS - Euro Bonds  (formerly INDOSUEZ FUNDS - Corporate Bonds Euro)  INDOSUEZ FUNDS - Euro Bonds  (formerly INDOSUEZ FUNDS - Corporate Bonds Euro)  INDOSUEZ FUNDS - Euro Bonds  (formerly INDOSUEZ FUNDS - Corporate Bonds Euro)  INDOSUEZ FUNDS - Euro Bonds  (formerly INDOSUEZ FUNDS - Corporate Bonds Euro) INDOSUEZ FUNDS - Euro Bonds  (formerly INDOSUEZ FUNDS - Corporate Bonds Euro) | Classe GX Classe GX Classe GX Classe GX Classe MX Classe MX Classe MX Classe MX Classe PX Classe PX Classe PX Classe PX Classe GX Classe MEX Classe MX Classe PX Classe GX Classe MX Classe PX Classe GX Classe MX Classe PX Classe MX Classe PX Classe PX Classe GX Classe GX Classe GX Classe MX Classe MX Classe MX Classe PX | 12/02/2020 13/05/2020 04/09/2020 04/12/2020 12/02/2020 13/05/2020 04/09/2020 04/12/2020 12/02/2020 13/05/2020 04/09/2020 04/12/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 04/09/2020 04/12/2020 10/06/2020 04/09/2020 04/12/2020 10/06/2020 | 18/02/2020 18/05/2020 10/09/2020 10/12/2020 18/02/2020 18/05/2020 10/09/2020 10/12/2020 18/02/2020 18/05/2020 10/09/2020 10/12/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 10/09/2020 10/12/2020 12/06/2020 10/09/2020 10/12/2020 12/06/2020 | USD USD USD USD USD USD USD USD USD USD USD USD USD EUR USD USD USD USD USD EUR EUR EUR EUR EUR USD EUR EUR EUR EUR EUR EUR EUR | 10,00 10,00 10,00 10,00 1,00 1,00 1,00 1,00 1,00 1,00 1,00 1,00 0,18 0,70 0,60 0,75 10,00 0,80 0,80 21,00 2,00 25,00 1,70 1,70 2,00 11,00 9,81 9,81 1,10 0,95 0,95 110,00 |

| Sub-funds | Distribution Class | Ex- date | Payment date | Currency | Dividend per share |
| --- | --- | --- | --- | --- | --- |
| INDOSUEZ FUNDS - Euro Bonds  (formerly INDOSUEZ FUNDS - Corporate Bonds Euro)  INDOSUEZ FUNDS - Euro Bonds  (formerly INDOSUEZ FUNDS - Corporate Bonds Euro)  INDOSUEZ FUNDS - Euro Dividend  (liquidated on 17 July 2020) INDOSUEZ FUNDS - Europe Growth INDOSUEZ FUNDS - Europe Opportunities INDOSUEZ FUNDS - Europe Opportunities INDOSUEZ FUNDS - Europe Opportunities INDOSUEZ FUNDS - Europe Value INDOSUEZ FUNDS - Europe Value INDOSUEZ FUNDS - Europe Value INDOSUEZ FUNDS - Fixed Income - Asia  ( merged on 2 November 2020) INDOSUEZ FUNDS - Fixed Income - Asia  ( merged on 2 November 2020) INDOSUEZ FUNDS - Fixed Income - Asia  ( merged on 2 November 2020) INDOSUEZ FUNDS - Fixed Income - Asia  ( merged on 2 November 2020) INDOSUEZ FUNDS - Fixed Income - Asia  ( merged on 2 November 2020) INDOSUEZ FUNDS - Fixed Income - Asia  ( merged on 2 November 2020) INDOSUEZ FUNDS -  Fixed Income - Euro  INDOSUEZ FUNDS -  Fixed Income - Euro  INDOSUEZ FUNDS -  Fixed Income - Euro  INDOSUEZ FUNDS -  Fixed Income - Euro  INDOSUEZ FUNDS -  Fixed Income - Euro  INDOSUEZ FUNDS -  Fixed Income - Euro  INDOSUEZ FUNDS -  Fixed Income - Euro  INDOSUEZ FUNDS -  Fixed Income - Euro  INDOSUEZ FUNDS -  Fixed Income - Euro  INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Bonds USD 2023 INDOSUEZ FUNDS - Global Emerging Markets Bond Portfolio 2020 (liquidated on 31 December 2020) INDOSUEZ FUNDS - Global Emerging Markets Bond Portfolio 2020 (liquidated on 31 December 2020) INDOSUEZ FUNDS - Global Emerging Markets Bond Portfolio 2020 (liquidated on 31 December 2020) INDOSUEZ FUNDS - Global Emerging Markets Bond Portfolio 2020 (liquidated on 31 December 2020) INDOSUEZ FUNDS - Global Emerging Markets Bond Portfolio 2020 (liquidated on 31 December 2020) | Classe PX Classe PX Classe GX Classe GX Classe GX Classe MX Classe PX Classe GX Classe MX Classe PX Classe GX Classe GX Classe MX Classe MX Classe PX Classe PX Classe GX Classe GX Classe GX Classe MX Classe MX Classe MX Classe PX Classe PX Classe PX Classe MX Classe MX Classe MX Classe MX Classe PX Classe PX Classe PX Classe PX Classe GX Classe GX Classe GX Classe GX Classe MX | 04/09/2020 04/12/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 10/06/2020 04/09/2020 10/06/2020 04/09/2020 10/06/2020 04/09/2020 10/06/2020 04/09/2020 04/12/2020 10/06/2020 04/09/2020 04/12/2020 10/06/2020 04/09/2020 04/12/2020 12/02/2020 13/05/2020 04/09/2020 04/12/2020 12/02/2020 13/05/2020 04/09/2020 04/12/2020 12/02/2020 13/05/2020 04/09/2020 04/12/2020 12/02/2020 | 10/09/2020 10/12/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 12/06/2020 10/09/2020 12/06/2020 10/09/2020 12/06/2020 10/09/2020 12/06/2020 10/09/2020 10/12/2020 12/06/2020 10/09/2020 10/12/2020 12/06/2020 10/09/2020 10/12/2020 18/02/2020 18/05/2020 10/09/2020 10/12/2020 18/02/2020 18/05/2020 10/09/2020 10/12/2020 18/02/2020 18/05/2020 10/09/2020 10/12/2020 18/02/2020 | EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD USD USD USD USD USD EUR EUR EUR EUR EUR EUR EUR EUR EUR USD USD USD USD USD USD USD USD USD USD USD USD USD | 96,19 96,19 10,00 22,00 0,75 2,50 0,65 30,00 2,70 2,70 25,00 20,89 2,50 2,00 2,50 1,70 5,00 9,65 9,65 0,50 0,87 0,87 0,05 0,08 0,08 1,00 1,00 1,00 1,00 1,00 1,00 1,00 1,00 10,00 10,00 10,00 10,00 1,00 |

| Sub-funds | Distribution Class | Ex- date | Payment date | Currency | Dividend per share |
| --- | --- | --- | --- | --- | --- |
| INDOSUEZ FUNDS - Global Emerging Markets Bond |  |  |  |  |  |
| Portfolio 2020 (liquidated on 31 December 2020) | Classe MX | 13/05/2020 | 18/05/2020 | USD | 1,00 |
| INDOSUEZ FUNDS - Global Emerging Markets Bond |  |  |  |  |  |
| Portfolio 2020 (liquidated on 31 December 2020) | Classe MX | 04/09/2020 | 10/09/2020 | USD | 1,00 |
| INDOSUEZ FUNDS - Global Emerging Markets Bond |  |  |  |  |  |
| Portfolio 2020 (liquidated on 31 December 2020) | Classe MX | 04/12/2020 | 10/12/2020 | USD | 1,00 |
| INDOSUEZ FUNDS - Global Emerging Markets Bond |  |  |  |  |  |
| Portfolio 2020 (liquidated on 31 December 2020) | Classe PX | 12/02/2020 | 18/02/2020 | USD | 1,00 |
| INDOSUEZ FUNDS - Global Emerging Markets Bond |  |  |  |  |  |
| Portfolio 2020 (liquidated on 31 December 2020) | Classe PX | 13/05/2020 | 18/05/2020 | USD | 1,00 |
| INDOSUEZ FUNDS - Global Emerging Markets Bond |  |  |  |  |  |
| Portfolio 2020 (liquidated on 31 December 2020) | Classe PX | 04/09/2020 | 10/09/2020 | USD | 1,00 |
| INDOSUEZ FUNDS - Global Emerging Markets Bond |  |  |  |  |  |
| Portfolio 2020 (liquidated on 31 December 2020) | Classe PX | 04/12/2020 | 10/12/2020 | USD | 1,00 |
| INDOSUEZ FUNDS - Global Trends | Classe GX | 10/06/2020 | 12/06/2020 | USD | 9,00 |
| INDOSUEZ FUNDS - Global Trends | Classe MEX | 10/06/2020 | 12/06/2020 | EUR | 1,00 |
| INDOSUEZ FUNDS - Global Trends | Classe MX | 10/06/2020 | 12/06/2020 | USD | 1,00 |
| INDOSUEZ FUNDS - Global Trends | Classe PEX | 10/06/2020 | 12/06/2020 | EUR | 10,00 |
| INDOSUEZ FUNDS - Global Trends | Classe PX | 10/06/2020 | 12/06/2020 | USD | 0,80 |
| INDOSUEZ FUNDS -  Latin America Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | Classe GX | 12/02/2020 | 18/02/2020 | USD | 10,00 |
| INDOSUEZ FUNDS -  Latin America Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | Classe GX | 13/05/2020 | 18/05/2020 | USD | 10,00 |
| INDOSUEZ FUNDS -  Latin America Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | Classe GX | 04/09/2020 | 10/09/2020 | USD | 10,00 |
| INDOSUEZ FUNDS -  Latin America Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | Classe GX | 04/12/2020 | 10/12/2020 | USD | 10,00 |
| INDOSUEZ FUNDS -  Latin America Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | Classe PX | 12/02/2020 | 18/02/2020 | USD | 1,00 |
| INDOSUEZ FUNDS -  Latin America Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | Classe PX | 13/05/2020 | 18/05/2020 | USD | 1,00 |
| INDOSUEZ FUNDS -  Latin America Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | Classe PX | 04/09/2020 | 10/09/2020 | USD | 1,00 |
| INDOSUEZ FUNDS -  Latin America Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Latin America) | Classe PX | 04/12/2020 | 10/12/2020 | USD | 1,00 |
| INDOSUEZ FUNDS - Navigator | Classe GX | 10/06/2020 | 12/06/2020 | EUR | 15,00 |
| INDOSUEZ FUNDS - Navigator | Classe MX | 10/06/2020 | 12/06/2020 | EUR | 1,50 |
| INDOSUEZ FUNDS - Navigator | Classe MHUX | 10/06/2020 | 12/06/2020 | USD | 1,50 |
| INDOSUEZ FUNDS - Navigator | Classe PX | 10/06/2020 | 12/06/2020 | EUR | 1,50 |
| INDOSUEZ FUNDS - Navigator | Classe PHUX | 10/06/2020 | 12/06/2020 | USD | 1,50 |
| INDOSUEZ FUNDS - Navigator | Classe WX | 10/06/2020 | 12/06/2020 | EUR | 140,00 |
| INDOSUEZ FUNDS -  RMB Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income RMB) | Classe GX | 10/06/2020 | 12/06/2020 | USD | 15,00 |
| INDOSUEZ FUNDS -  RMB Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income RMB) | Classe GX | 04/09/2020 | 10/09/2020 | USD | 18,73 |
| INDOSUEZ FUNDS -  RMB Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income RMB) | Classe GX | 04/12/2020 | 10/12/2020 | USD | 18,73 |
| INDOSUEZ FUNDS -  RMB Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income RMB) | Classe MX | 10/06/2020 | 12/06/2020 | USD | 1,50 |
| INDOSUEZ FUNDS -  RMB Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income RMB) | Classe GX | 04/12/2020 | 10/12/2020 | USD | 18,73 |
| INDOSUEZ FUNDS -  RMB Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income RMB) | Classe MX | 10/06/2020 | 12/06/2020 | USD | 1,50 |

| Sub-funds | Distribution Class | Ex- date | Payment date | Currency | Dividend per share |
| --- | --- | --- | --- | --- | --- |
| INDOSUEZ FUNDS -  RMB Bonds (formerly INDOSUEZ FUNDS - Fixed Income RMB) | Classe MX | 04/09/2020 | 10/09/2020 | USD | 1,74 |
| INDOSUEZ FUNDS -  RMB Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income RMB) | Classe MX | 04/12/2020 | 10/12/2020 | USD | 1,74 |
| INDOSUEZ FUNDS -  RMB Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income RMB) | Classe PX | 10/06/2020 | 12/06/2020 | USD | 1,50 |
| INDOSUEZ FUNDS -  RMB Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income RMB) | Classe PX | 04/09/2020 | 10/09/2020 | USD | 1,76 |
| INDOSUEZ FUNDS -  RMB Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income RMB) | Classe PX | 04/12/2020 | 10/12/2020 | USD | 1,76 |
| INDOSUEZ FUNDS - Short Term Euro | Classe GX | 10/06/2020 | 12/06/2020 | EUR | 1,00 |
| INDOSUEZ FUNDS - Short Term Euro | Classe GX | 04/09/2020 | 10/09/2020 | EUR | 1,23 |
| INDOSUEZ FUNDS - Short Term Euro | Classe GX | 04/12/2020 | 10/12/2020 | EUR | 1,23 |
| INDOSUEZ FUNDS - Short Term Euro | Classe MX | 10/06/2020 | 12/06/2020 | EUR | 0,10 |
| INDOSUEZ FUNDS - Short Term Euro | Classe MX | 04/09/2020 | 10/09/2020 | EUR | 0,08 |
| INDOSUEZ FUNDS - Short Term Euro | Classe MX | 04/12/2020 | 10/12/2020 | EUR | 0,08 |
| INDOSUEZ FUNDS - Short Term Euro | Classe PX | 10/06/2020 | 12/06/2020 | EUR | 0,10 |
| INDOSUEZ FUNDS - Short Term Euro | Classe PX | 04/09/2020 | 10/09/2020 | EUR | 0,03 |
| INDOSUEZ FUNDS - Short Term Euro | Classe PX | 04/12/2020 | 10/12/2020 | EUR | 0,03 |
| INDOSUEZ FUNDS - Short Term Dollar | Classe GX | 10/06/2020 | 12/06/2020 | USD | 7,00 |
| INDOSUEZ FUNDS - Short Term Dollar | Classe GX | 04/09/2020 | 10/09/2020 | USD | 2,36 |
| INDOSUEZ FUNDS - Short Term Dollar | Classe GX | 04/12/2020 | 10/12/2020 | USD | 2,36 |
| INDOSUEZ FUNDS - Short Term Dollar | Classe MX | 10/06/2020 | 12/06/2020 | USD | 0,70 |
| INDOSUEZ FUNDS - Short Term Dollar | Classe MX | 04/09/2020 | 10/09/2020 | USD | 0,19 |
| INDOSUEZ FUNDS - Short Term Dollar | Classe MX | 04/12/2020 | 10/12/2020 | USD | 0,19 |
| INDOSUEZ FUNDS - Short Term Dollar | Classe PX | 10/06/2020 | 12/06/2020 | USD | 0,70 |
| INDOSUEZ FUNDS - Short Term Dollar | Classe PX | 04/09/2020 | 10/09/2020 | USD | 0,14 |
| INDOSUEZ FUNDS - Short Term Dollar | Classe PX | 04/12/2020 | 10/12/2020 | USD | 0,14 |
| INDOSUEZ FUNDS -  Swiss Franc Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Swiss Franc) |  |  |  |  |  |
| (liquidated on 30 October 2020) | Classe GX | 10/06/2020 | 12/06/2020 | CHF | 2,00 |
| INDOSUEZ FUNDS -  Swiss Franc Bonds (formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - Swiss Franc) |  |  |  |  |  |
| (liquidated on 30 October 2020) | Classe GX | 04/09/2020 | 10/09/2020 | CHF | 1,71 |
| INDOSUEZ FUNDS - Total Return Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - US Dollar) | Classe GX | 04/09/2020 | 07/09/2020 | USD | 13,27 |
| INDOSUEZ FUNDS - Total Return Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - US Dollar) | Classe GX | 04/12/2020 | 10/12/2020 | USD | 13,27 |
| INDOSUEZ FUNDS - Total Return Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - US Dollar) | Classe MX | 10/06/2020 | 12/06/2020 | USD | 1,80 |
| INDOSUEZ FUNDS - Total Return Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - US Dollar) | Classe MX | 04/09/2020 | 10/09/2020 | USD | 1,15 |
| INDOSUEZ FUNDS - Total Return Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - US Dollar) | Classe MX | 04/12/2020 | 10/12/2020 | USD | 1,15 |
| INDOSUEZ FUNDS - Total Return Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - US Dollar) | Classe PX | 10/06/2020 | 12/06/2020 | USD | 0,20 |

NOTE 8 - DIVIDEND DISTRIBUTIONS (continued)
| Sub-funds | Distribution Class | Ex- date | Payment date | Currency | Dividend per share |
| --- | --- | --- | --- | --- | --- |
| INDOSUEZ FUNDS - Total Return Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - US Dollar) | Classe PX | 04/09/2020 | 10/09/2020 | USD | 0,11 |
| INDOSUEZ FUNDS - Total Return Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Fixed Income - US Dollar) | Classe PX | 04/12/2020 | 10/12/2020 | USD | 0,11 |
| INDOSUEZ FUNDS - Us Dollar Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Corporate Bonds US Dollar) | Classe GX | 10/06/2020 | 12/06/2020 | USD | 30,00 |
| INDOSUEZ FUNDS - Us Dollar Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Corporate Bonds US Dollar) | Classe GX | 04/09/2020 | 10/09/2020 | USD | 12,91 |
| INDOSUEZ FUNDS - Us Dollar Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Corporate Bonds US Dollar) | Classe GX | 04/12/2020 | 10/12/2020 | USD | 12,91 |
| INDOSUEZ FUNDS - Us Dollar Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Corporate Bonds US Dollar) | Classe MX | 04/09/2020 | 10/09/2020 | USD | 0,42 |
| INDOSUEZ FUNDS - Us Dollar Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Corporate Bonds US Dollar) | Classe MX | 04/12/2020 | 10/12/2020 | USD | 0,42 |
| INDOSUEZ FUNDS - Us Dollar Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Corporate Bonds US Dollar) | Classe PX | 04/09/2020 | 10/09/2020 | USD | 0,86 |
| INDOSUEZ FUNDS - Us Dollar Bonds ( formerly |  |  |  |  |  |
| INDOSUEZ FUNDS - Corporate Bonds US Dollar) | Classe PX | 04/12/2020 | 10/12/2020 | USD | 0,86 |

NOTE 9 - DEPOSITARY FEES
For its services as Depositary agent, CACEIS Bank, Luxembourg Branch is entitled to receive a variable fee of a maximum of 0.03% per annum of the net asset value of each Sub-Fund, payable monthly in arrears and subject to a minimum of EUR 1,000.00 per month for each Sub-Fund, and a supervisory fee of 0.01% of the net asset of each Sub- Fund, payable monthly in arrears.
NOTE 10 - OTHER EXPENSES
As at 31 December 2020, the other expenses include mainly transfer agent fees, banking services fees and fees related to key investor information documents.
NOTE 11 - « SWING PRICING » MECHANISM
The sub-funds may suffer a reduction in the net asset value per share due to transaction costs related to the purchase and sale of their underlying investments and/or the margin between the purchase and sale price of these investments, when trading in the underlying investments is undertaken by the investment manager to satisfy subscription requests, redemptions and/or exchanges entering and leaving the sub-fund.
In order to counterbalance this effect, a "Swing pricing" mechanism has been adopted by the Board of Directors to protect the interests of Shareholders. This mechanism means that in certain circumstances, adjustments shall be made in the calculation of the value. The net asset value per share may be adjusted upwards or downwards to reflect inflows or outflows.
The extent of these adjustments will be set by the Board of Directors to reflect the transaction costs mentioned hereinabove and/or the margin when material. This adjustment shall not exceed 1% of the original net asset value per share of the net assets per share.
NOTE 11 - « SWING PRICING » MECHANISM (continued)
During the year, this “Swing pricing” mechanism applies to the INDOSUEZ FUNDS - Global Bonds EUR 2025 (launched on 27 October 2020), INDOSUEZ FUNDS - Global Bonds USD 2023, INDOSUEZ FUNDS - Global Bonds USD 2025 (launched on 16 November 2020) and INDOSUEZ FUNDS - Global Emerging Markets Bond Portfolio 2020 (liquidated on 31 December 2020).
There was no "Swing pricing" adjustment affecting the NAV per share of a sub-fund as of 31 December 2020. For these compartments, the cost has been set at 1% of subscriptions, redemptions or exchanges.
The “Swing pricing” mechanism was applied during the year but no adjustment related to this mechanism was applied to the net inventory values of these compartments.
NOTE 12 - SECURITIES VALUED AT DISCOUNT
The Board of Directors decided, as a precautionary measure, to value the JACCAR HOLDINGS SAS FL.R 17-22 30/06 A (ISIN Code XS1689663851) bond at 5% with an effective date of 26 May 2020. The bond is held in the portfolio of the sub-fund INDOSUEZ FUNDS - Fixed Income Euro.
NOTE 13 - RISKS RELATED TO INVESTMENTS IN CHINA
Investing in Chinese Securities Causes Exposure to the Following Risks
Political risk: any major change in political order in China can impact investments in Chinese securities / stocks. Exchange risk: the renminbi being subject to exchange restrictions is not a freely convertible currency.
Tax risk: Application and compliance with Chinese tax laws and regulations could have an effect significant unfavorable for the sub-funds, in particular with regard to withholding tax on dividends and capital gains imposed on foreign investors.
NOTE 14 - EVENT OCCURED DURING THE YEAR
In the COVID-19 pandemic context, the fund managers have activated since March 2020 a set of measures to ensure business continuity, in particular through the implementation of home work as recommended by the various governments. Europeans and the World Health Organization. The measures put in place ensure permanent active management of each fund, regardless of the market context.
COVID-19 certainly had an impact on short-term performance with the drop in valuations during the 1st quarter, but at no time was the activity of managers hampered by health measures. In the same way, they were able to take advantage of the market rebound that followed from the end of March and in some cases, they were even able to generate good outperformances.
The Management Company and the managers closely monitor the risks to which the funds are exposed (market, liquidity, credit) in order to control their impacts.
NOTE 15 - EVENEMENTS POST-CLOTURE
The Board of Directors has decided to launch the INDOSUEZ FUNDS - Sustainable Planet sub-fund on 19 February 2021.
The Board of Directors has decided to liquidate the INDOSUEZ FUNDS - Latin America Bonds sub-fund on 23 April 2021.

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 |