# OYSTER
## - Global Diversified Income

### Financial Statements as at 31/12/2021

#### Statement of net assets as at 31/12/2021
Expressed in USD
| Assets |  | 102,757,240.25 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 97,954,420.87 |
| Unrealised profit on the securities portfolio |  | 4,748,484.82 |
| Cash at banks and liquidities |  | 3,709,347.00 |
| Interest receivable | Note 2 | 210,466.21 |
| Dividends receivable | Note 2 | 3,054.95 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 509,751.20 |
| Unrealised profit on financial futures | Note 2 | 306,668.19 |
| Other assets |  | 63,531.83 |
| Liabilities |  | 197,302.51 |
| Redemptions payable | Note 2 | 6,701.71 |
| Management fees payable | Note 3 | 111,951.78 |
| Other liabilities |  | 78,649.02 |
| Net asset value |  | 102,559,937.74 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in USD
| Income |  | 739,404.62 |
| --- | --- | --- |
| Net dividends | Note 2 | 156,396.61 |
| Net interest on bonds |  | 581,649.33 |
| Bank interest on cash account |  | 756.28 |
| Securities lending income | Note 7 | 232.11 |
| Other income |  | 370.29 |
| Expenses |  | 2,008,906.69 |
| Management fees and Management Company fees | Note 3 | 1,379,714.08 |
| Depositary fees | Note 6 | 16,354.28 |
| Taxe d'abonnement | Note 5 | 43,953.49 |
| Administrative expenses | Note 3 | 213,052.63 |
| Bank interest |  | 24,113.99 |
| Legal fees |  | 27,683.43 |
| Transaction fees | Note 8 | 75,427.16 |
| Other expenses | Note 10 | 228,607.63 |
| Net loss from investments |  | (1,269,502.07) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 5,804,554.26 |
| - options | Note 2 | (1,118,645.68) |
| - forward foreign exchange contracts | Note 2 | (5,751,322.41) |
| - financial futures | Note 2 | 3,958,053.08 |
| - foreign exchange | Note 2 | (1,289,717.89) |
| Net realised profit |  | 333,419.29 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | (3,683,471.87) |
| - forward foreign exchange contracts |  | (127,702.98) |
| - financial futures |  | (103,616.98) |
| Decrease in net assets as a result of operations |  | (3,581,372.54) |
| Subscription capitalisation shares |  | 20,421,233.35 |
| Redemption capitalisation shares |  | (17,916,641.44) |
| Decrease in net assets |  | (1,076,780.63) |
| Net assets at the beginning of the year |  | 103,636,718.37 |
| Net assets at the end of the year |  | 102,559,937.74 |

Statistics
|  | Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 102,559,937.74 | 103,636,718.37 | 112,695,214.37 |
| C - CHF - HP - Capitalisation Number of shares |  | 41,755.512 | 32,552.543 | 42,683.562 |
| Net asset value per share | CHF | 220.37 | 214.80 | 196.26 |
| C - EUR - HP - Capitalisation Number of shares |  | 117,112.206 | 123,576.897 | 154,069.968 |
| Net asset value per share | EUR | 347.87 | 337.36 | 307.39 |
| C - USD - Capitalisation Number of shares |  | 5,909.751 | 7,620.814 | 8,767.866 |
| Net asset value per share | USD | 187.11 | 180.23 | 161.21 |
| I - EUR - HP - Capitalisation Number of shares |  | 10,936.853 | 9,583.931 | 12,107.667 |
| Net asset value per share | EUR | 1,541.84 | 1,483.40 | 1,340.59 |
| I - USD - Capitalisation Number of shares |  | 402.583 | 22.000 | 22.000 |
| Net asset value per share | USD | 1,396.56 | 1,333.99 | 1,182.99 |
| N - EUR HP - Capitalisation Number of shares |  | 53,704.942 | 53,195.472 | 69,029.393 |
| Net asset value per share | EUR | 238.84 | 233.79 | 215.34 |
| R - EUR HP - Capitalisation Number of shares |  | 25,491.965 | 26,590.050 | 59,323.461 |
| Net asset value per share | EUR | 218.43 | 210.50 | 190.73 |
| R - USD - Capitalisation Number of shares |  | 9,239.813 | 8,523.777 | 4,571.487 |
| Net asset value per share | USD | 472.68 | 452.13 | 401.58 |

Changes in number of shares outstanding from 01/01/2021 to 31/12/2021
|  | Shares outstanding as at 01/01/2021 | Shares issued | Shares redeemed | Shares outstanding as at 31/12/2021 |
| --- | --- | --- | --- | --- |
| C - CHF - HP - Capitalisation | 32,552.543 | 17,618.340 | 8,415.371 | 41,755.512 |
| C - EUR - HP - Capitalisation | 123,576.897 | 15,949.103 | 22,413.794 | 117,112.206 |
| C - USD - Capitalisation | 7,620.814 | 6,494.092 | 8,205.155 | 5,909.751 |
| I - EUR - HP - Capitalisation | 9,583.931 | 1,967.000 | 614.078 | 10,936.853 |
| I - USD - Capitalisation | 22.000 | 380.583 | 0.000 | 402.583 |
| N - EUR HP - Capitalisation | 53,195.472 | 10,702.885 | 10,193.415 | 53,704.942 |
| R - EUR HP - Capitalisation | 26,590.050 | 2,483.715 | 3,581.800 | 25,491.965 |

Changes in number of shares outstanding from 01/01/2021 to 31/12/2021
Shares outstanding as at 01/01/2021
Shares issued	Shares redeemed
Shares outstanding as at 31/12/2021
R - USD - Capitalisation	8,523.777	1,534.000	817.964	9,239.813
| Quantity	Denomination	Quotation	Cost price currency | Market value | % of net assets |
| --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market	 89,116,501.20 | 93,930,151.53 | 91.59 |
| Shares	 16,729,604.81 | 22,802,679.96 | 22.23 |
| France	 2,392,194.44 | 3,207,091.07 | 3.13 |

| 17,000 DASSAULT SYST. | EUR | 581,777.17 | 1,011,277.84 | 0.98 |
| --- | --- | --- | --- | --- |
| 1,055 KERING | EUR | 825,906.85 | 848,100.45 | 0.83 |
| 3,440 PERNOD RICARD SA | EUR | 545,387.48 | 827,381.23 | 0.81 |
| 4,250 SAFRAN SA | EUR | 439,122.94 | 520,331.55 | 0.51 |
| Germany |  | 775,668.39 | 726,588.92 | 0.71 |
| 3,600 VOLKSWAGEN AG VORZ.AKT | EUR | 775,668.39 | 726,588.92 | 0.71 |
| Ireland |  | 814,610.44 | 970,004.00 | 0.95 |
| 2,800 LINDE PLC | USD | 814,610.44 | 970,004.00 | 0.95 |
| Italy |  | 289,069.91 | 509,624.81 | 0.50 |
| 7,000 MONCLER SPA | EUR | 289,069.91 | 509,624.81 | 0.50 |
| Switzerland |  | 4,387,264.90 | 5,123,185.28 | 4.99 |
| 54,400 CREDIT SUISSE GROUP AG REG SHS | CHF | 603,333.89 | 529,705.71 | 0.52 |
| 10,150 LOGITECH NAMEN AKT | CHF | 846,542.62 | 856,433.48 | 0.84 |
| 6,310 NESTLE SA REG SHS | CHF | 691,712.14 | 882,570.37 | 0.86 |
| 2,235 ROCHE HOLDING LTD | CHF | 720,655.77 | 929,919.88 | 0.90 |
| 250 SGS SA REG SHS | CHF | 606,114.33 | 836,039.28 | 0.82 |
| 1,115 SIEGFRIED HOLDING | CHF | 918,906.15 | 1,088,516.56 | 1.05 |
| Taiwan |  | 340,202.04 | 801,264.60 | 0.78 |
| 6,660 TAIWAN SEMICONDUCTOR CO ADR (REPR 5 SHS) | USD | 340,202.04 | 801,264.60 | 0.78 |
| The Netherlands |  | 511,431.99 | 932,244.72 | 0.91 |
| 1,160 ASML HOLDING NV | EUR | 511,431.99 | 932,244.72 | 0.91 |
| United Kingdom |  | 740,771.76 | 822,776.93 | 0.80 |
| 7,000 ASTRAZENECA PLC | GBP | 740,771.76 | 822,776.93 | 0.80 |
| United States of America |  | 6,478,390.94 | 9,709,899.63 | 9.46 |
| 423 ALPHABET INC -A- | USD | 592,722.00 | 1,225,447.92 | 1.19 |
| 429 AMAZON.COM INC | USD | 1,282,845.06 | 1,430,431.86 | 1.39 |
| 8,380 APPLE INC | USD | 870,824.20 | 1,488,036.60 | 1.45 |
| 12,070 COCA-COLA CO | USD | 599,631.29 | 714,664.70 | 0.70 |
| 3,030 DANAHER CORP | USD | 524,862.28 | 996,900.30 | 0.97 |
| 3,370 HONEYWELL INTERNATIONAL INC | USD | 470,931.25 | 702,678.70 | 0.69 |
| 3,855 JOHNSON & JOHNSON | USD | 516,310.72 | 659,474.85 | 0.64 |
| 2,150 MASTERCARD INC -A- | USD | 630,025.65 | 772,538.00 | 0.75 |
| 3,110 MICROSOFT CORP | USD | 515,387.97 | 1,045,955.20 | 1.02 |
| 4,350 WALT DISNEY CO | USD | 474,850.52 | 673,771.50 | 0.66 |
| Bonds | 65,452,030.60 | 64,430,686.65 | 62.83 |
| Belgium | 610,694.88 | 565,439.72 | 0.55 |
| 500,000 BELFIUS BANQUE SA/NV 0.375 21-27 08/06A | EUR | 610,694.88 | 565,439.72 | 0.55 |
| Canada |  | 559,825.00 | 567,976.02 | 0.55 |
| 500,000 XUNTA DE GALICI	0.2680 21-28 30/07A | EUR | 559,825.00 | 567,976.02 | 0.55 |
| Cayman Islands |  | 862,712.50 | 869,410.15 | 0.85 |
| 600,000 SHIMAO GROUP HOLDINGS 3.45 21-31 11/01S | USD | 357,000.00 | 359,400.00 | 0.35 |
| 500,000 TENCENT HOLDINGS LTD 2.88 21-31 22/04S | USD | 505,712.50 | 510,010.15 | 0.50 |
| France |  | 4,556,047.42 | 4,475,146.03 | 4.36 |
| 500,000 ACCOR SA 2.375 21-28 29/11A | EUR | 560,944.65 | 570,718.03 | 0.55 |
| 400,000 ARGAN	1.011 21-26 17/11A | EUR | 464,629.55 | 454,193.58 | 0.44 |
| 500,000 ATOS SE	1 21-29 12/11A | EUR | 572,483.62 | 564,233.97 | 0.55 |
| 500,000 BPCE SA	2.3750 20-25 14/01S | USD | 497,760.00 | 509,230.20 | 0.50 |
| 400,000 CARMILA SAS 1.625 20-27 30/05A | EUR | 476,213.60 | 466,860.17 | 0.46 |
| 300,000 CREDIT AGRICOLE 0.375 21-28 20/04A | EUR | 355,135.43 | 336,364.32 | 0.33 |
| 400,000 GROUPAMA ASSURANCES 0.75 21-28 07/07A | EUR | 472,011.92 | 441,197.38 | 0.43 |
| 300,000 HOLDING D'INFRASTRUC 0.625 21-28 14/05A | EUR | 355,954.25 | 333,602.28 | 0.33 |
| 800,000 SNCF SA	0.625 20-23 20/05A | USD | 800,914.40 | 798,746.10 | 0.77 |
| Germany |  | 1,156,773.05 | 1,139,653.43 | 1.11 |
| 1,000,000 GERM TREA BILL ZCP 19-01-22 | EUR | 1,156,773.05 | 1,139,653.43 | 1.11 |
| Hong Kong |  | 1,604,329.92 | 1,575,383.78 | 1.54 |
| 500,000 HONG KONG MONETARY AUT 0.00 21-26 24/11A | EUR | 564,862.87 | 565,315.18 | 0.55 |
| 1,000,000 LENOVO GROUP LTD	3.421 20-30 02/11S | USD | 1,039,467.05 | 1,010,068.60 | 0.99 |
| Indonesia |  | 1,897,442.50 | 1,815,477.58 | 1.77 |
| 1,000,000 INDONESIA 1.10 21-33 12/03A | EUR | 1,169,792.50 | 1,099,798.63 | 1.07 |
| 700,000 PT PAKUWOM JATI TBK 4.875 21-28 29/04S | USD | 727,650.00 | 715,678.95 | 0.70 |

Quantity	Denomination	Quotation
currency
Cost price
Market value
% of net assets
| Ireland | 2,220,773.87 | 2,122,810.10 | 2.07 |
| --- | --- | --- | --- |
| 400,000 GLENCORE CAPITAL FIN 1.125 20-28 10/09A | EUR | 473,364.13 | 460,349.93 | 0.45 |
| 500,000 GRENKE FINANCE PLC  0.625 19-25 09/01A | EUR | 561,684.45 | 541,165.05 | 0.53 |
| 500,000 HAMMERSON IRELAND FI 1.75 21-27 03/06A | EUR | 605,753.52 | 559,962.96 | 0.55 |
| 500,000 SMURFIT KAPPA T	0.5000 21-29 22/09A | EUR | 579,971.77 | 561,332.16 | 0.54 |
| Italy |  | 7,582,039.45 | 7,404,793.20 | 7.22 |
| 540,000 AMCO - ASSET MANAGEM 0.75 21-28 20/04A | EUR | 639,488.48 | 596,756.30 | 0.58 |
| 369,000 ASSICURAZ GENERALI 1.713 21-32 30/06A | EUR | 440,087.85 | 414,431.40 | 0.40 |
| 200,000 ASTM SPA	1.0 21-26 25/11A | EUR | 226,375.34 | 228,285.63 | 0.22 |
| 700,000 INTESA SANPAOLO	2.1000 20-30 13/11A | USD | 668,150.00 | 679,770.83 | 0.66 |
| 5,000,000 ITALY 1.25 20-30 25/11A | USD | 4,987,695.86 | 4,873,801.05 | 4.76 |
| 100,000 SNAM S.P.A. 0.625 21-31 30/06A | EUR | 117,034.60 | 112,352.74 | 0.11 |
| 500,000 UNICREDIT SPA 2.569 20-26 22/09S | USD | 503,207.32 | 499,395.25 | 0.49 |
| Luxembourg |  | 1,123,755.23 | 1,044,365.94 | 1.02 |
| 200,000 ACEF HOLDING	1.25 21-30 26/04A | EUR | 231,241.14 | 227,173.67 | 0.22 |
| 300,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 306,679.99 | 270,816.00 | 0.26 |
| 500,000 CPI PROPERTY GROUP S 1.5 21-31 27/01A | EUR | 585,834.10 | 546,376.27 | 0.54 |
| Norway |  | 358,357.90 | 339,666.28 | 0.33 |
| 300,000 AKER BP ASA 1.125 21-29 12/05A | EUR | 358,357.90 | 339,666.28 | 0.33 |
| Saudi Arabia |  | 995,435.38 | 974,925.00 | 0.95 |
| 1,000,000 SAUDI ARABIAN OIL COM 2.25 20-30 24/11S | USD | 995,435.38 | 974,925.00 | 0.95 |
| South Korea |  | 989,868.96 | 951,337.69 | 0.93 |
| 1,000,000 KOREA NATIONAL OIL  1.625 20-2505/10S | USD | 989,868.96 | 951,337.69 | 0.93 |
| Spain |  | 2,552,300.58 | 2,471,684.33 | 2.41 |
| 700,000 BANCO BILBAO VIZCAYA 0.5 20-27 14/01A | EUR | 851,473.93 | 791,606.06 | 0.77 |
| 800,000 BANCO SANTANDER SA 1.849 21-26 25/03S | USD | 802,824.00 | 796,778.87 | 0.78 |
| 300,000 CELLNEX TELECOM S.A. 1.75 20-30 23/10A | EUR | 350,427.66 | 328,510.13 | 0.32 |
| 500,000 CEPSA FINANCE SAU 0.75 20-28 12/02A | EUR | 547,574.99 | 554,789.27 | 0.54 |
| Sweden |  | 795,422.40 | 792,901.16 | 0.77 |
| 800,000 SWEDISH EXPORT	0.2500 20-23 29/09S | USD | 795,422.40 | 792,901.16 | 0.77 |
| The Netherlands |  | 1,925,549.36 | 1,822,852.66 | 1.78 |
| 600,000 EDP FINANCE 1.71 20-28 24/01S | USD | 600,720.16 | 584,639.63 | 0.57 |
| 300,000 ING GROUP NV 0.875 21-32 09/06A | EUR | 364,451.91 | 338,935.97 | 0.33 |
| 500,000 PROSUS N.V. 1.288 21-29 13/07A | EUR | 595,180.20 | 560,735.12 | 0.55 |
| 300,000 TENNET HOLDING B.V 0.5 21-31 09/06A | EUR | 365,197.09 | 338,541.94 | 0.33 |
| Turkey |  | 885,540.00 | 834,669.81 | 0.81 |
| 400,000 ANADOLU EFES BIRACILI 3.375 21-28 29/06S | USD | 396,920.00 | 389,940.00 | 0.38 |
| 400,000 ARCELIK AS 3 21-26 27/05A | EUR | 488,620.00 | 444,729.81 | 0.43 |
| United Arab Emirates |  | 702,170.00 | 698,561.50 | 0.68 |
| 700,000 ABU DHABI GOVT	0.7500 20-23 02/09S | USD | 702,170.00 | 698,561.50 | 0.68 |
| United Kingdom |  | 2,676,771.26 | 2,603,512.09 | 2.54 |
| 500,000 BARCLAYS PLC 0.577 21-29 09/08A | EUR | 587,709.16 | 555,833.22 | 0.54 |
| 500,000 GAZPROM PJSC (G	1.5400 21-27 30/06A | CHF | 545,321.77 | 537,375.43 | 0.52 |
| 950,000 IND & COMM BK C	1.6250 21-26 28/10S | USD | 949,772.00 | 945,554.00 | 0.93 |
| 500,000 YORKSHIRE BUILDING S 0.5 21-28 01/07A | EUR | 593,968.33 | 564,749.44 | 0.55 |
| United States of America |  | 31,396,220.94 | 31,360,120.18 | 30.59 |
| 800,000 ALPHABET INC	1.1000 20-30 15/08S | USD | 781,618.97 | 758,145.90 | 0.74 |
| 700,000 CATERPILLAR FINANCIA 0.8 20-25 13/11S | USD | 692,594.00 | 687,471.39 | 0.67 |
| 450,000 DEUTSCHE BANK AG NEW 1.686 21-26 19/03S | USD | 450,000.00 | 448,455.06 | 0.44 |
| 500,000 TSMC ARIZONA CO	1.7500 21-26 25/10S | USD | 499,880.00 | 500,789.55 | 0.49 |
| 500,000 TSMC ARIZONA CO	2.5000 21-31 25/10S | USD | 497,805.00 | 507,504.25 | 0.49 |
| 6,500,000 UNIT STAT TREA BIL ZCP 14-07-22 | USD | 6,495,260.42 | 6,493,589.03 | 6.34 |
| 2,000,000 UNIT STAT TREA BIL ZCP 19-05-22 | USD | 1,999,347.83 | 1,999,145.14 | 1.95 |
| 5,000,000 UNIT STAT TREA BIL ZCP 21-04-22 | USD | 4,998,845.00 | 4,998,461.25 | 4.87 |
| 5,000,000 UNIT STAT TREA BIL ZCP 24-02-22 | USD | 4,998,787.78 | 4,998,930.83 | 4.88 |
| 5,000,000 UNIT STAT TREA BIL ZCP 24-03-22 | USD | 4,999,060.83 | 4,998,891.89 | 4.87 |
| 4,000,000 UNIT STAT TREA BIL ZCP 27-01-22 | USD | 3,998,939.11 | 3,999,011.11 | 3.90 |
| 1,000,000 7-ELEVEN INC	0.95 21-26 10/02S | USD | 984,082.00 | 969,724.78 | 0.95 |
| Floating rate bonds | 6,934,865.79 | 6,696,784.92 | 6.53 |
| Austria | 230,060.19 | 224,771.22 | 0.22 |
| 200,000 ERSTE GROUP BANK AG | FL.R 21-32 15/11A | EUR | 230,060.19 | 224,771.22 | 0.22 |
| Czech Republic |  |  | 586,684.10 | 557,655.20 | 0.54 |
| 500,000 CESKA SPORITELNA	FLR 21-28 13/09A | EUR | 586,684.10 | 557,655.20 | 0.54 |

Quantity	Denomination	Quotation
currency
Cost price
Market value
% of net assets
| Denmark | 332,051.38 | 349,445.07 | 0.34 |
| --- | --- | --- | --- |
| 300,000 ORSTED | FL.R 19-XX 09/12A | EUR | 332,051.38 | 349,445.07 | 0.34 |
| France |  |  | 461,590.42 | 448,341.10 | 0.44 |
| 400,000 ORANGE SA FL.R 21-XX 11/05A | EUR | 461,590.42 | 448,341.10 | 0.44 |
| Germany |  | 975,233.29 | 979,065.11 | 0.95 |
| 400,000 ALLIANZ SE FL.R 20-XX XX/XXA | USD | 401,188.32 | 401,500.00 | 0.39 |
| 500,000 COMMERZBANK AG	FL.R 21-23 24/11Q | EUR | 574,044.97 | 577,565.11 | 0.56 |
| Italy |  | 678,496.33 | 699,849.14 | 0.68 |
| 600,000 UNICREDIT SPA FL.R 20-26 16/06A | EUR | 678,496.33 | 699,849.14 | 0.68 |
| Spain |  | 727,203.04 | 548,807.60 | 0.54 |
| 150,000 ABENGOA ABENEWCO 2 PIK FL.R 17-23 31/03Q | USD | 130,155.85 | 0.00 | 0.00 |
| 500,000 BANCO DE SABADELL SA FL.R 21-28 16/06A | EUR | 597,047.19 | 548,807.60 | 0.54 |
| The Netherlands |  | 1,276,286.33 | 1,258,013.85 | 1.23 |
| 500,000 HEIMSTADEN BOST	FL.R  -22 21/01Q | EUR | 583,032.16 | 568,844.38 | 0.56 |
| 300,000 IBERDROLA INTL BV FL.R 20-99 31/12A | EUR | 356,402.38 | 348,071.22 | 0.34 |
| 300,000 ING GROEP NV	FL.R 21-25 29/11A | EUR | 336,851.79 | 341,098.25 | 0.33 |
| United Kingdom |  | 499,256.00 | 491,785.22 | 0.48 |
| 500,000 STANDARD CHARTERED PLC FL.R 21-32 29/06S | USD | 499,256.00 | 491,785.22 | 0.48 |
| United States of America |  | 1,168,004.71 | 1,139,051.41 | 1.11 |
| 500,000 BANK OF AMERICA CORP FL.R 17-23 04/05Q | EUR | 584,481.04 | 569,831.64 | 0.55 |
| 500,000 GOLDMAN SACHS GROUP FL.R 20-23 21/04Q | EUR | 583,523.67 | 569,219.77 | 0.56 |
| Other transferable securities | 2,000,293.47 | 1,927,015.84 | 1.88 |
| Shares |  | 1,089,473.27 | 1,042,404.00 | 1.02 |
|  | Cayman Islands | 1,089,473.27 | 1,042,404.00 | 1.02 |
| 17,880 TENCENT HOLDINGS LTD UNSPON ADR REP 1 SH | USD | 1,089,473.27 | 1,042,404.00 | 1.02 |
| Bonds |  | 576,201.60 | 544,341.25 | 0.53 |
| The Netherlands |  | 576,201.60 | 544,341.25 | 0.53 |
| 500,000 HEIMSTADEN BOST	0.7500 21-29 06/09A | EUR | 576,201.60 | 544,341.25 | 0.53 |
| Floating rate bonds |  | 334,618.60 | 340,270.59 | 0.33 |
| The Netherlands |  | 334,618.60 | 340,270.59 | 0.33 |
| 300,000 COOPERATIEVE RABOBANK FL.R 21-27 01/12A | EUR | 334,618.60 | 340,270.59 | 0.33 |
| Shares/Units of UCITS/UCIS | 2,089,141.38 | 2,097,253.50 | 2.04 |
| Shares/Units in investment funds | 2,089,141.38 | 2,097,253.50 | 2.04 |
| United Kingdom | 2,089,141.38 | 2,097,253.50 | 2.04 |
| 36,500 GOLDMAN SACHS ACCESS CHINA GOVERMT ETF | USD | 2,089,141.38 | 2,097,253.50 | 2.04 |
| Total securities portfolio |  | 93,205,936.05 | 97,954,420.87 | 95.51 |
| Cash at bank/(bank liabilities) |  |  | 3,709,347.00 | 3.62 |
| Other net assets/(liabilities) |  |  | 896,169.87 | 0.87 |
| Total net assets |  |  | 102,559,937.74 | 100.00 |

Translation (ENFR, 2021-12-31):
# OYSTER
## Consolidé

##### Etats Financiers au 31/12/2021

###### Etat du Patrimoine au 31/12/2021
Exprimé en USD
| Actifs |  | 2.050.741.605,53 |
| --- | --- | --- |
| Portefeuille-titres à la valeur d'évaluation | Note 2 | 1.958.135.042,67 |
| Plus-value non réalisée sur le portefeuille-titres |  | 81.393.966,12 |
| Options achetées à la valeur de marché | Note 2 | 131.521,00 |
| Avoirs en banque et liquidités |  | 73.437.184,67 |
| Dépôts à terme |  | 4.100.000,00 |
| Intérêts à recevoir | Note 2 | 5.067.813,26 |
| Brokers à recevoir |  | 188.818,30 |
| Souscriptions à recevoir |  | 2.706.660,28 |
| Dividendes à recevoir | Note 2 | 545.924,57 |
| Plus-value non réalisée sur contrats de change à terme | Note 2 | 3.881.755,54 |
| Plus-value non réalisée sur "futures" | Note 2 | 846.885,49 |
| A recevoir sur change spot |  | 12.931,12 |
| Autres actifs |  | 1.687.068,63 |
| Passifs |  | 9.477.276,52 |
| Brokers à payer |  | 5.017.942,77 |
| Commission de performance | Note 4 | 1.524,46 |
| Rachats à payer | Note 2 | 1.750.857,62 |
| Commission de gestion et conseil à payer | Note 3 | 1.677.572,56 |
| A payer sur change spot |  | 12.947,65 |
| Autres passifs |  | 1.016.431,46 |
| Valeur nette d'inventaire |  | 2.041.264.329,01 |


###### Etat des Opérations et des Variations des Actifs Nets du 01/01/2021 au 31/12/2021
Exprimé en USD
| Revenus |  | 36.213.306,16 |
| --- | --- | --- |
| Dividendes nets | Note 2 | 18.676.019,10 |
| Intérêts nets sur obligations |  | 17.395.174,76 |
| Intérêts bancaires à vue |  | 35.441,15 |
| Intérêts bancaires à terme |  | 4.281,01 |
| Autres revenus financiers | Note 7 | 52.044,78 |
| Autres revenus |  | 50.345,36 |
| Dépenses |  | 29.879.061,57 |
| Commissions de gestion et de conseil | Note 3 | 19.018.802,28 |
| Commissions de banque dépositaire et sous-dépositaire | Note 6 | 262.413,91 |
| Taxe d'abonnement | Note 5 | 583.375,17 |
| Frais administratifs | Note 3 | 3.843.138,75 |
| Commission de performance | Note 4 | 1.524,46 |
| Intérêts bancaires sur découvert |  | 414.709,41 |
| Frais légaux |  | 472.111,27 |
| Frais de transaction | Note 8 | 1.603.310,53 |
| Autres dépenses | Note 10 | 3.679.675,79 |
| Revenus nets des investissements |  | 6.334.244,59 |
| Bénéfice net / Perte nette réalisé(e) sur : - vente de titres | Note 2 | 109.941.905,35 |
| - options | Note 2 | (3.706.655,77) |
| - contrats de change à terme | Note 2 | (18.156.636,93) |
| - futures | Note 2 | 8.994.051,18 |
| - change | Note 2 | (1.151.702,20) |
| Bénéfice net réalisé |  | 102.255.206,22 |
| Variation de la plus- ou moins-value nette non réalisée sur : - portefeuille-titres |  | 15.589.203,08 |
| - options |  | (371.743,37) |
| - contrats de change à terme |  | 853.641,16 |
| - futures |  | 47.867,31 |
| Augmentation des actifs nets résultant des opérations |  | 118.374.174,40 |
| Dividendes payés | Note 9 | (222.465,43) |
| Souscriptions actions de capitalisation |  | 714.388.798,14 |
| Souscriptions actions de distribution |  | 15.219.191,90 |
| Rachats actions de capitalisation |  | (530.275.979,33) |
| Rachats actions de distribution |  | (18.860.525,19) |
| Augmentation des actifs nets | 298.623.194,49 |
| Réévaluation de la balance d'ouverture | (106.911.213,48) |
| Actifs nets au début de l'année | 1.849.552.348,00 |
| Actifs nets à la fin de l'année | 2.041.264.329,01 |