# INDOSUEZ FUNDS
## - Latin America Bonds (formerly INDOSUEZ FUNDS -
Fixed Income - Latin America)

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 85.757.374,51 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 81.512.357,69 |
| Cost price |  | 75.683.388,98 |
| Unrealised profit on the securities portfolio |  | 5.828.968,71 |
| Cash at banks and liquidities | Note 2 | 3.010.287,58 |
| Interest receivable |  | 1.228.823,91 |
| Subscriptions receivable |  | 5.905,33 |
| Liabilities |  | 98.653,24 |
| Redemptions payable |  | 23.911,33 |
| Management fees payable | Note 3 | 45.306,56 |
| Other liabilities |  | 29.435,35 |
| Net asset value |  | 85.658.721,27 |

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 | 4.589,121 | 4.052,227 | 5.287,850 | 3.353,498 |
| Classe G | 45.445,730 | 18.321,140 | 31.829,861 | 31.937,009 |
| Classe GX | 7.687,795 | 8.360,741 | 7.368,121 | 8.680,415 |
| Classe M | 14.835,000 | 16.613,487 | 3.415,000 | 28.033,487 |
| Classe P | 188.868,762 | 82.302,287 | 55.680,574 | 215.490,475 |
| Classe PX | 37.960,152 | 28.432,258 | 1.624,649 | 64.767,761 |
| Classe W | 0,000 | 153,891 | 0,000 | 153,891 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 85.658.721,27 | 89.194.759,51 | 62.740.365,68 |
| Classe F Number of shares |  | 3.353,498 | 4.589,121 | 3.748,549 |
| Net asset value per share | USD | 1.168,59 | 1.109,92 | 979,43 |
| Classe G Number of shares |  | 31.937,009 | 45.445,730 | 31.675,393 |
| Net asset value per share | USD | 1.157,94 | 1.103,13 | 976,38 |
| Classe GX Number of shares |  | 8.680,415 | 7.687,795 | 4.644,306 |
| Net asset value per share | USD | 1.066,37 | 1.056,68 | 972,34 |
| Dividend per share |  | 40,00 | 40,00 | 4,00 |
| Classe M Number of shares |  | 28.033,487 | 14.835,000 | 13.025,000 |
| Net asset value per share | USD | 114,78 | 109,65 | 97,39 |
| Classe P Number of shares |  | 215.490,475 | 188.868,762 | 216.314,923 |
| Net asset value per share | USD | 112,75 | 108,22 | 96,59 |
| Classe PX Number of shares |  | 64.767,761 | 37.960,152 | 15.805,201 |
| Net asset value per share | USD | 99,46 | 99,56 | 92,58 |
| Dividend per share |  | 4,00 | 4,00 | 4,00 |
| Classe W Number of shares |  | 153,891 | 0,000 | 0,000 |
| Net asset value per share | USD | 10.041,54 | 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
| Bonds | 68.814.383,62 | 80,33 |
| --- | --- | --- |
| Luxembourg | 9.911.693,75 | 11,58 |
| 1.750.000,00 COSAN LUXEMBOURG SA 7.00 16-27 20/01S	USD | 1.892.625,00 | 2,21 |
| 250.000,00 HIDROVIAS INT FIN  5.95 18-25 24/01S | USD | 263.857,50 | 0,31 |
| 1.750.000,00 REDE D'OR FIN SARL  4.95 18-28 17/01S | USD | 1.883.892,50 | 2,20 |
| 500.000,00 RUMO LUX SARL | 5.875 18-25 18/01S | USD | 530.175,00 | 0,62 |
| 1.250.000,00 RUMO LUXEMBOURG SARL 7.375 17-24 09/02S | USD | 1.301.006,25 | 1,52 |
| 1.500.000,00 ULTRAPAR INTL 5.25 19-29 06/06S | USD | 1.671.997,50 | 1,95 |
| 2.000.000,00 VM HOLDING SA	6.5 20-28 18/01S	USD | 2.368.140,00 | 2,77 |
| The Netherlands | 7.666.634,64 | 8,95 |
| 750.000,00 BRASKEM NETHERLANDS | 4.50 17-28 10/01S | USD | 788.163,75 | 0,92 |
| 1.500.000,00 BRASKEM NETHERLANDS | 5.875 19-50 31/01S | USD | 1.557.465,00 | 1,82 |
| 500.000,00 EMBRAER NETHERL	6.9500 20-28 17/01S | USD | 567.700,00 | 0,66 |
| 500.000,00 PETROBRAS GLOBAL	7.25 14-44 17/03S | USD | 647.567,50 | 0,76 |
| 500.000,00 PETROBRAS GLOBAL FIN 6.85 15-15 05/06S | USD | 623.305,00 | 0,73 |
| 2.600.000,00 PETROBRAS GLOBAL FIN 7.375 17-27 17/01S | USD | 3.227.523,00 | 3,76 |
| 222.000,00 PETROBRAS GLOBAL FINANC 5.6 20-31 30/01S	USD | 254.910,39 | 0,30 |
| United States of America | 3.159.510,00 | 3,69 |
| 750.000,00 GRUPO ENERGIA B	4.8750 20-30 15/05S | USD | 885.855,00 | 1,03 |
| 1.500.000,00 GRUPO INVERSION REGS 5.50 16-26 29/04S | USD | 1.713.112,50 | 2,01 |
| 500.000,00 GUSAP III LP	4.25 19-30 21/01S | USD | 560.542,50 | 0,65 |
| Austria |  | 4.516.197,50 | 5,27 |
| 1.250.000,00 BRF REGS	4 | 35 16-26 29/09S | USD | 1.322.887,50 | 1,55 |
| 1.000.000,00 KLABIN AUSTRIA GMBH  5.75 19-29 03/04S | USD | 1.166.755,00 | 1,36 |
| 750.000,00 KLABIN AUSTRIA GMBH 7.00 19-49 03/04S | USD | 962.520,00 | 1,12 |
| 1.000.000,00 SUZANO AUSTRIA	3.75 20-31 15/01S | USD | 1.064.035,00 | 1,24 |
| Canada |  | 2.341.430,00 | 2,73 |
| 2.000.000,00 ST MARYS CEMENT INC 5.75 16-27 28/01S	USD | 2.341.430,00 | 2,73 |
| The Netherlands Antilles | 1.652.070,00 | 1,93 |
| 1.500.000,00 SUAM FINANCE BV REGS 4.875 14-24 17/04S	USD | 1.652.070,00 | 1,93 |
| Cayman Islands | 4.730.487,50 | 5,52 |
| 500.000,00 BANCO BRADESCO	3.2000 20-25 27/01S	USD | 524.217,50 | 0,61 |
| 1.500.000,00 BCO BARSIL CAYMAN REGS 9.00 14-XX 18/12S	USD | 1.678.072,50 | 1,96 |
| 500.000,00 GRUPO AVAL LTD | 4.75 12-22 26/09S | USD | 524.960,00 | 0,61 |
| 250.000,00 GRUPO AVAL LTD | 4.3750 20-30 04/02S | USD | 266.887,50 | 0,31 |
| 500.000,00 VALE OVERSEAS | 6.25 16-26 10/08S | USD | 621.550,00 | 0,73 |
| 1.000.000,00 VALE OVERSEAS | 3.75 20-30 08/07S | USD | 1.114.800,00 | 1,30 |
| Bermuda | 2.418.361,25 | 2,82 |
| 1.250.000,00 COSAN LTD	5.5000 19-29 20/09S	USD | 1.376.481,25 | 1,60 |
| 1.000.000,00 CREDICORP LTD	2.7500 20-25 17/06S | USD | 1.041.880,00 | 1,22 |
| Mexico |  | 5.603.060,00 | 6,54 |
| 250.000,00 ALFA SAB 6.875 14-44 25/03S	USD | 333.737,50 | 0,39 |
| 250.000,00 BANCO SANTANDER	5.375 20-25 17/04S	USD | 286.727,50 | 0,33 |
| 1.500.000,00 CEMEX SAB DE CV | 5.45 19-29 19/11S | USD | 1.652.707,50 | 1,93 |
| 250.000,00 CEMEX SAB DE CV | 7.375 20-27 05/06S | USD | 284.525,00 | 0,33 |
| 500.000,00 CEMEX SAB DE CV REGS 5.2 20-30 17/09S	USD | 549.805,00 | 0,64 |
| 1.500.000,00 NEMAK SAB DE CV	4.75 18-25 23/01S	USD | 1.557.127,50 | 1,82 |
| 750.000,00 ORBIA ADVANCE CORPO 5.875 14-44 17/09S	USD | 938.430,00 | 1,10 |
| Brazil | 7.768.249,48 | 9,07 |
| 1.000.000,00 BANCO VOTORANTI	4.3750 20-25 29/07S	USD | 1.067.615,00 | 1,25 |
| 1.000.000,00 BRAZIL	12.50 06-22 05/01S	BRL | 211.031,98 | 0,25 |
| 1.500.000,00 BRF - BRASIL FOODS S 4.875 19-30 24/01S	USD | 1.633.657,50 | 1,90 |
| 250.000,00 BRF SA	5.7500 20-50 21/09S	USD | 278.320,00 | 0,32 |
| 500.000,00 CEMIG GERACAO E TRANS 9.25 17-24 05/12S	USD | 579.777,50 | 0,68 |
| 1.000.000,00 CENTRAIS ELETRI	4.6250 20-30 04/02S	USD | 1.071.880,00 | 1,25 |
| 500.000,00 ELETROBRAS	9.00 20-25 04/02S	USD | 520.730,00 | 0,61 |
| 500.000,00 GLOBO COMMUNICA	4.8750 20-30 22/01S | USD | 536.230,00 | 0,63 |
| 500.000,00 ITAU UNIBANCO H	3.2500 20-25 24/01S | USD | 524.452,50 | 0,61 |
| 1.000.000,00 VALE EMTN	5.625 12-42 11/09S	USD | 1.344.555,00 | 1,57 |
| Argentina | 543.487,00 | 0,63 |
| 700.000,00 YPF REGS	8.5 15-25 28/07A	USD | 543.487,00 | 0,63 |

on another regulated market	
80.718.527,37	94,23
.
Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Peru |  | 1.584.647,50 | 1,85 |
| --- | --- | --- | --- |
| 500.000,00 INRETAIL PHARMA SA 5.375 18-23 02/05S | USD | 520.532,50 | 0,61 |
| 1.000.000,00 TRANSMANTARO	4.375 13-23 07/05 | USD | 1.064.115,00 | 1,24 |
| Colombia |  | 6.876.587,50 | 8,03 |
| 1.600.000,00 BANCO BOGOTA REGS  6.25 16-26 12/05S | USD | 1.853.160,00 | 2,16 |
| 400.000,00 BANCO BOGOTA REGS SUB 5.375 13-23 19/02S | USD | 428.590,00 | 0,50 |
| 2.500.000,00 BANCOLOMBIA SA	3.00 20-25 29/01S | USD | 2.607.225,00 | 3,05 |
| 500.000,00 BBVA	4.875 15-25 21/04S | USD | 543.657,50 | 0,63 |
| 500.000,00 ECOPETROL	5.875 14-45 28/05S | USD | 605.512,50 | 0,71 |
| 250.000,00 OLEODUCTO CENTRAL SA 4.00 20-27 14/07S | USD | 272.147,50 | 0,32 |
| 500.000,00 SURA ASSET MANAGEM 4.375 17-27 11/04S | USD | 566.295,00 | 0,66 |
| British Virgin Islands |  | 2.860.433,75 | 3,34 |
| 800.000,00 ARCOS DOR HDGS REGS 5.875 17-27 04/04S | USD | 846.020,00 | 0,99 |
| 1.250.000,00 GERDAU TRADE	4.875 17-27 24/10S | USD | 1.448.531,25 | 1,69 |
| 500.000,00 GTL TRADE REGS	5.893 14-24 29/04S | USD | 565.882,50 | 0,66 |
| Chile |  | 7.181.533,75 | 8,38 |
| 250.000,00 AES GENER REGS	6.35 19-79 07/10S | USD | 276.740,00 | 0,32 |
| 2.500.000,00 AES GENER SA	7.125 19-79 26/03S | USD | 2.785.750,00 | 3,25 |
| 1.000.000,00 FALABELLA REGS	3.75 17-27 30/10S | USD | 1.078.620,00 | 1,26 |
| 250.000,00 INVERSIONES CMP	3.8500 20-30 13/01S | USD | 281.136,25 | 0,33 |
| 500.000,00 INVERSIONES CMPC	4.375 17-27 04/04S | USD | 570.370,00 | 0,67 |
| 1.500.000,00 INVERSIONES CMPC	4.75 14-24 15/09S | USD | 1.662.187,50 | 1,94 |
| 500.000,00 SACI FALABELLA REGS 3.75 13-23 30/04S | USD | 526.730,00 | 0,61 |
| Floating rate bonds |  | 11.904.143,75 | 13,90 |
| The Netherlands |  | 558.950,00 | 0,65 |
| 500.000,00 BRASKEM NETHERLANDS FI FL.R 20-81 23/06S | USD | 558.950,00 | 0,65 |
| United States of America |  | 1.083.210,00 | 1,26 |
| 1.000.000,00 BBVA BANCOMER SA FL.R  18-33 18/01S | USD | 1.083.210,00 | 1,26 |
| Cayman Islands |  | 4.619.867,50 | 5,40 |
| 1.000.000,00 BCO DO BRASIL CAYMAN FL.R 13-XX 15/04S | USD | 1.028.535,00 | 1,20 |
| 3.500.000,00 ITAU UNIBANCO HLD SA FL.R 17-XX 12/12S | USD | 3.591.332,50 | 4,20 |
| Mexico |  | 4.601.108,75 | 5,37 |
| 250.000,00 BANORTE FL.R 19-XX 27/03Q | USD | 271.558,75 | 0,32 |
| 3.250.000,00 GRUPO BIMBO SAB FL.R 5.95 18-XX 17/01S | USD | 3.503.012,50 | 4,09 |
| 750.000,00 SANTANDER	FL.R 18-28 01/10S | USD | 826.537,50 | 0,96 |
| Peru |  | 513.870,00 | 0,60 |
| 500.000,00 BANCO DE CREDITO DEL FL.R 3.125 20-30 01/07S | USD | 513.870,00 | 0,60 |
| Colombia |  | 527.137,50 | 0,62 |
| 500.000,00 BANCOLOMBIA SA	FL.R 19-29 18/12S | USD | 527.137,50 | 0,62 |
| Other transferable securities |  | 539.557,50 | 0,63 |
| Bonds |  | 539.557,50 | 0,63 |
| Luxembourg |  | 539.557,50 | 0,63 |
| 500.000,00 JSM GLOBAL SARL	4.75 20-30 20/10S | USD | 539.557,50 | 0,63 |
| Money market instruments | 254.272,82 | 0,30 |
| Mexico | 254.272,82 | 0,30 |

5.120.630,00 MEXI GOVE INTL BON ZCP 31-03-21
MXN
254.272,82	0,30
Total securities portfolio	
81.512.357,69	95,16
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 5.039.973,95 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 5.036.037,46 |
| Bank interest on cash account | Note 2 | 3.936,49 |
| Expenses |  | 966.365,97 |
| Management fees & management Company fees | Note 3 | 613.475,65 |
| Custodian & sub-custodian fees | Note 9 | 54.614,54 |
| Taxe d'abonnement | Note 4 | 20.910,74 |
| Administrative expenses | Note 3 | 217.046,17 |
| Professional fees |  | 4.696,87 |
| Bank interest on overdrafts |  | 11,12 |
| Legal fees |  | 7.031,18 |
| Transaction fees | Note 2, 6 | 15.242,10 |
| Other expenses | Note 10 | 33.337,60 |
| Net income from investments |  | 4.073.607,98 |
| Net realised profit / loss on: - sales of investment securities |  | -2.919.107,64 |
| - financial futures |  | 3,00 |
| - foreign exchange |  | -368.265,74 |
| Net realised profit |  | 786.237,60 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 1.848.060,94 |
| Increase in net assets as a result of operations |  | 2.634.298,54 |
| Dividends paid | Note 8 | -669.149,33 |
| Subscription capitalisation shares |  | 35.878.110,07 |
| Subscription distribution shares |  | 11.413.912,35 |
| Redemption capitalisation shares |  | -45.329.727,49 |
| Redemption distribution shares |  | -7.463.482,38 |
| Decrease in net assets |  | -3.536.038,24 |
| Net assets at the beginning of the year |  | 89.194.759,51 |
| Net assets at the end of the year |  | 85.658.721,27 |

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 |