# OYSTER
## - European Corporate Bonds

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

#### Statement of net assets as at 31/12/2021
Expressed in EUR
| Assets |  | 52,602,028.63 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 44,380,986.47 |
| Unrealised profit on the securities portfolio |  | 496,579.44 |
| Options purchased at market value | Note 2 | 7,500.00 |
| Cash at banks and liquidities |  | 7,760,925.38 |
| Interest receivable | Note 2 | 451,402.64 |
| Other assets |  | 1,214.14 |
| Liabilities |  | 93,259.63 |
| Redemptions payable | Note 2 | 25,106.43 |
| Management fees payable | Note 3 | 42,375.68 |
| Other liabilities |  | 25,777.52 |
| Net asset value |  | 52,508,769.00 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in EUR
| Income |  | 1,102,692.24 |
| --- | --- | --- |
| Net interest on bonds |  | 1,096,255.83 |
| Securities lending income | Note 7 | 6,436.41 |
| Expenses |  | 842,415.17 |
| Management fees and Management Company fees | Note 3 | 548,240.90 |
| Depositary fees | Note 6 | 3,056.57 |
| Taxe d'abonnement | Note 5 | 26,947.67 |
| Administrative expenses | Note 3 | 117,417.87 |
| Bank interest |  | 33,534.24 |
| Legal fees |  | 17,093.02 |
| Transaction fees | Note 8 | 2,968.06 |
| Other expenses | Note 10 | 93,156.84 |
| Net income from investments |  | 260,277.07 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 1,027,120.82 |
| - options | Note 2 | (388,891.25) |
| - forward foreign exchange contracts | Note 2 | (14,048.58) |
| - foreign exchange | Note 2 | (20,845.60) |
| Net realised profit |  | 863,612.46 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | (1,109,713.54) |
| - options |  | (67,090.95) |
| - forward foreign exchange contracts |  | (134,440.24) |
| Decrease in net assets as a result of operations |  | (447,632.27) |
| Dividends paid | Note 9 | (29,928.30) |
| Subscription capitalisation shares |  | 1,561,611.09 |
| Redemption capitalisation shares |  | (8,076,469.92) |
| Redemption distribution shares |  | (3,115,154.42) |
| Decrease in net assets |  | (10,107,573.82) |
| Net assets at the beginning of the year |  | 62,616,342.82 |
| Net assets at the end of the year |  | 52,508,769.00 |


#### Statistics
|  | Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 52,508,769.00 | 62,616,342.82 | 86,985,873.48 |
| C - EUR - Capitalisation Number of shares |  | 109,098.063 | 124,437.194 | 173,843.887 |
| Net asset value per share | EUR | 282.57 | 285.10 | 278.60 |
| C - EUR - Distribution Number of shares |  | 51,214.796 | 70,389.061 | 84,361.423 |
| Net asset value per share | EUR | 160.58 | 162.57 | 160.09 |
| I - EUR - Capitalisation Number of shares |  | 3,270.000 | 3,421.028 | 3,913.890 |
| Net asset value per share | EUR | 1,102.14 | 1,105.48 | 1,073.83 |
| N - EUR - Capitalisation Number of shares |  | 24,557.021 | 30,333.021 | 31,578.021 |
| Net asset value per share | EUR | 156.44 | 158.31 | 155.17 |
| R - EUR - Capitalisation Number of shares |  | 3,265.582 | 3,862.796 | 8,607.869 |
| Net asset value per share | EUR | 1,782.90 | 1,791.67 | 1,743.85 |
| R - EUR - Distribution Number of shares |  | 180.046 | 180.046 | 890.046 |
| Net asset value per share | EUR | 1,052.11 | 1,065.00 | 1,048.67 |

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 - EUR - Capitalisation | 124,437.194 | 3,291.130 | 18,630.261 | 109,098.063 |
| C - EUR - Distribution | 70,389.061 | 0.000 | 19,174.265 | 51,214.796 |
| I - EUR - Capitalisation | 3,421.028 | 143.000 | 294.028 | 3,270.000 |
| N - EUR - Capitalisation | 30,333.021 | 0.000 | 5,776.000 | 24,557.021 |
| R - EUR - Capitalisation | 3,862.796 | 259.039 | 856.253 | 3,265.582 |
| R - EUR - Distribution | 180.046 | 0.000 | 0.000 | 180.046 |

| 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	 43,884,407.03 | 44,380,986.47 | 84.52 |
| Bonds	 27,500,744.03 | 27,829,817.47 | 53.00 |
| France	 5,837,802.00 | 5,947,209.80 | 11.33 |
| 700,000 ACCOR SA 2.375 21-28 29/11A	EUR	694,442.00 | 702,607.50 | 1.34 |

| 1,500,000 AUCHAN HOLDING SA 3.25 20-27 23/07A | EUR | 1,640,185.00 | 1,687,177.50 | 3.22 |
| --- | --- | --- | --- | --- |
| 400,000 DERICHEBOURG SA 2.25 21-28 24/06S | EUR | 400,000.00 | 410,896.80 | 0.78 |
| 1,000,000 JC DECAUX SA 2 20-24 24/04A	EUR | 995,435.00 | 1,046,291.00 | 1.99 |
| 600,000 MUTUELLE ASSURANCE D 0.625 21-27 21/06A	EUR | 596,070.00 | 588,297.00 | 1.12 |
| 1,500,000 SOCIETE GENERALE SA 0.75 20-27 23/01A	EUR | 1,511,670.00 | 1,511,940.00 | 2.88 |
| Germany | 2,152,360.71 | 2,187,682.50 | 4.17 |
| 1,500,000 DEUTSCHE BANK AG 1.625 20-27 20/01A	EUR | 1,552,200.00 | 1,563,682.50 | 2.98 |
| 600,000 HAPAG LLOYD2.5 21-28 15/04S	EUR | 600,160.71 | 624,000.00 | 1.19 |
| Italy | 6,396,312.32 | 6,404,918.27 | 12.19 |
| 700,000 BPER BANCA S.P.A. 3.625 20-30 30/11A | EUR | 700,000.00 | 727,366.50 | 1.39 |
| 600,000 DOVALUE 3.375 21-26 22/07S | EUR | 600,000.00 | 608,400.00 | 1.16 |
| 1,000,000 ERG SPA 0.5 20-27 11/09A	EUR | 992,473.50 | 998,820.00 | 1.90 |
| 600,000 GAMMA BIDCO S.P.A. 5.125 21-25 01/04S	EUR | 601,200.00 | 605,893.20 | 1.15 |
| 1,500,000 INTESA SANPAOLO 0.75 21-28 16/03A | EUR | 1,499,670.00 | 1,498,207.50 | 2.85 |
| 1,000,000 ITALY BUONI TES BOT ZCP 140222 | EUR | 1,002,968.82 | 1,003,101.07 | 1.91 |
| 1,000,000 POSTE ITALIANE	FL.R 21-XX 24/06A	EUR | 1,000,000.00 | 963,130.00 | 1.83 |
| Jersey Island | 849,337.00 | 859,775.00 | 1.64 |
| 850,000 GLENCORE FINANCE 0.6250 19-24 11/09A	EUR | 849,337.00 | 859,775.00 | 1.64 |
| Spain | 4,107,960.00 | 4,163,219.50 | 7.93 |
| 600,000 BANCO DE SABADELL SA 2.5 21-31 15/01A | EUR | 599,742.00 | 595,929.00 | 1.13 |
| 1,000,000 BANCO DE SABADELL SA 1.125 19-25 27/03A | EUR | 960,690.00 | 1,007,153.00 | 1.92 |
| 1,500,000 BANCO SANTANDER SA 1.375 20-26 05/05A | EUR | 1,526,528.00 | 1,558,972.50 | 2.97 |
| 1,000,000 GRIFOLS SA 2.25 19-27 15/11S | EUR | 1,021,000.00 | 1,001,165.00 | 1.91 |
| Sweden |  | 1,403,392.00 | 1,424,398.40 | 2.71 |
| 800,000 HEIMSTADEN BOST	1.1250 20-26 21/01A	EUR | 800,692.00 | 815,787.20 | 1.55 |
| 600,000 INTRUM AB	3.5000 19-26 15/07S	EUR | 602,700.00 | 608,611.20 | 1.16 |
| The Netherlands | 1,924,028.50 | 1,992,391.00 | 3.79 |
| 970,000 ATHORA NETHERLANDS N 2.25 21-31 15/04A | EUR | 977,588.50 | 971,455.00 | 1.85 |
| 1,000,000 WINTERSHALL DEA FINA 1.3320 19-28 25/09A | EUR | 946,440.00 | 1,020,936.00 | 1.94 |
| The Netherlands Antilles |  | 664,050.00 | 646,836.00 | 1.23 |
| 600,000 TEVA PHARMACEUTICAL 6 20-25 31/07S	EUR | 664,050.00 | 646,836.00 | 1.23 |
| United Kingdom |  | 4,165,501.50 | 4,203,387.00 | 8.01 |
| 1,000,000 BRITISH TELECOM	1.50 17-27 23/06A | EUR | 1,066,876.50 | 1,033,580.00 | 1.97 |
| 1,000,000 ITV PLC	1.375 19-20 26/09A	EUR | 995,210.00 | 1,026,712.00 | 1.96 |
| 1,100,000 NOMAD FOODS BONDCO P 2.5 21-28 24/06S	EUR | 1,100,000.00 | 1,104,125.00 | 2.10 |
| 1,000,000 ROYAL MAIL PLC | 1.2500 19-26 08/10A | EUR | 1,003,415.00 | 1,038,970.00 | 1.98 |
| Floating rate bonds |  |  | 16,383,663.00 | 16,551,169.00 | 31.52 |
| Austria	 1,654,600.00 | 1,684,652.40 | 3.21 |
| 700,000 OMV AG FL.R 20-XX 01/09A | EUR | 700,000.00 | 727,335.00 | 1.39 |
| 900,000 UNIQA INSURANCE GROUP FL.R 20-35 09/10A | EUR | 954,600.00 | 957,317.40 | 1.82 |
| Belgium | 596,464.00 | 612,897.60 | 1.17 |
| 600,000 SOLVAY SA	FL.R 20-XX 02/03A	EUR | 596,464.00 | 612,897.60 | 1.17 |
| Germany | 2,214,709.00 | 2,226,808.50 | 4.24 |
| 1,500,000 COMMERZBANK AG FL.R 20-26 24/03A | EUR | 1,516,459.00 | 1,522,642.50 | 2.90 |
| 600,000 DEUTSCHE BANK AG FL.R 20-31 19/05A | EUR | 698,250.00 | 704,166.00 | 1.34 |
| Italy	 3,888,327.50 | 3,871,974.00 | 7.37 |
| 500,000 BANCO BPM SPA FL.R 20-30 14/09A | EUR | 548,850.00 | 534,851.50 | 1.02 |
| 750,000 ENI SPA FL.R 21-99 31/12A | EUR | 747,562.50 | 747,517.50 | 1.42 |
| 1,000,000 ITALY FL.R 18-25 15/09S | EUR | 1,008,380.00 | 1,006,640.00 | 1.92 |
| 1,500,000 UNICREDIT SPA FL.R 20-27 22/07A | EUR | 1,583,535.00 | 1,582,965.00 | 3.01 |
| Portugal	 1,594,810.00 | 1,559,264.00 | 2.97 |
| 600,000 BANCO COMERCIAL PORT FL.R 21-32 17/05A | EUR | 600,000.00 | 591,750.00 | 1.13 |
| 1,000,000 ENERGIAS DE PORTUGAL FL.R 21-82 14/03A | EUR | 994,810.00 | 967,514.00 | 1.84 |
| Spain | 661,500.00 | 650,829.00 | 1.24 |
| 600,000 ABANCA CORP BAN	FL.R 19-29 18/01A	EUR | 661,500.00 | 650,829.00 | 1.24 |
| The Netherlands | 2,217,500.00 | 2,269,078.00 | 4.32 |
| 500,000 ABERTIS FINANCE BV FL.R 20-XX 24/02A	EUR | 500,000.00 | 510,736.00 | 0.97 |
| 1,000,000 TELEFONICA EUROPE BV FL.R 21-XX 24/05A | EUR | 1,000,000.00 | 996,217.00 | 1.90 |
| 700,000 VOLKSWAGEN INTL FIN FL.R 17-XX 14/06A | EUR | 717,500.00 | 762,125.00 | 1.45 |

Quantity	Denomination	Quotation
currency
Cost price
Market value
% of net assets
| United Kingdom |  | 3,555,752.50 | 3,675,665.50 | 7.00 |
| --- | --- | --- | --- | --- |
| 1,500,000 BARCLAYS PLC FL.R 20-25 02/04A | EUR | 1,549,933.00 | 1,609,246.50 | 3.06 |
| 1,500,000 STANDARD CHARTERED FL.R 20-28 16/01A | EUR | 1,516,444.50 | 1,515,069.00 | 2.89 |
| 500,000 VODAFONE GROUP FL.R 18-78 03/10A | EUR | 489,375.00 | 551,350.00 | 1.05 |
| Total securities portfolio |  | 43,884,407.03 | 44,380,986.47 | 84.52 |
| Cash at bank/(bank liabilities) |  |  | 7,760,925.38 | 14.78 |
| Other net assets/(liabilities) |  |  | 366,857.15 | 0.70 |
| Total net assets |  |  | 52,508,769.00 | 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 |