# OYSTER
## - Multi-Asset Absolute Return EUR

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

#### Statement of net assets as at 31/12/2021
Expressed in EUR
| Assets |  | 93,428,157.35 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 90,030,703.46 |
| Unrealised profit on the securities portfolio |  | 2,651,012.17 |
| Cash at banks and liquidities |  | 2,894,616.18 |
| Interest receivable | Note 2 | 276,452.40 |
| Dividends receivable | Note 2 | 888.56 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 112,196.40 |
| Unrealised profit on financial futures | Note 2 | 104,142.31 |
| Other assets |  | 9,158.04 |
| Liabilities |  | 164,150.03 |
| Redemptions payable | Note 2 | 30,019.00 |
| Management fees payable | Note 3 | 51,004.20 |
| Other liabilities |  | 83,126.83 |
| Net asset value |  | 93,264,007.32 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in EUR
| Income |  | 990,770.06 |
| --- | --- | --- |
| Net dividends | Note 2 | 58,531.17 |
| Net interest on bonds |  | 923,449.20 |
| Bank interest on cash account |  | 1,495.24 |
| Securities lending income | Note 7 | 6,294.94 |
| Other income |  | 999.51 |
| Expenses |  | 1,117,685.21 |
| Management fees and Management Company fees | Note 3 | 620,393.47 |
| Depositary fees | Note 6 | 5,246.02 |
| Taxe d'abonnement | Note 5 | 25,216.60 |
| Administrative expenses | Note 3 | 193,445.68 |
| Bank interest |  | 31,358.83 |
| Legal fees |  | 28,706.91 |
| Transaction fees | Note 8 | 61,136.16 |
| Other expenses | Note 10 | 152,181.54 |
| Net loss from investments |  | (126,915.15) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 2,852,484.04 |
| - options | Note 2 | (509,340.43) |
| - forward foreign exchange contracts | Note 2 | (1,656,519.19) |
| - financial futures | Note 2 | 1,088,892.08 |
| - foreign exchange | Note 2 | (181,445.56) |
| Net realised profit |  | 1,467,155.79 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | (293,411.68) |
| - forward foreign exchange contracts |  | (35,438.56) |
| - financial futures |  | 59,685.40 |
| Increase in net assets as a result of operations |  | 1,197,990.95 |
| Dividends paid | Note 9 | (520.56) |
| Subscription capitalisation shares |  | 13,479,569.80 |
| Subscription distribution shares |  | 284.06 |
| Redemption capitalisation shares |  | (15,166,691.58) |
| Redemption distribution shares |  | (31,485.32) |
| Decrease in net assets |  | (520,852.65) |
| Net assets at the beginning of the year |  | 93,784,859.97 |
| Net assets at the end of the year |  | 93,264,007.32 |


#### Statistics
|  | Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 93,264,007.32 | 93,784,859.97 | 122,014,837.97 |
| C - EUR - Capitalisation Number of shares |  | 108,104.651 | 112,635.570 | 166,624.945 |
| Net asset value per share | EUR | 185.78 | 184.42 | 178.38 |
| C - EUR - Distribution Number of shares |  | 66.567 | 263.794 | 263.794 |
| Net asset value per share | EUR | 159.36 | 158.18 | 153.01 |
| I - EUR - Capitalisation Number of shares |  | 15,020.540 | 14,838.714 | 27,353.699 |
| Net asset value per share | EUR | 1,151.85 | 1,135.10 | 1,089.76 |
| I - JPY - HP - Distribution Number of shares |  | 994.506 | 994.170 | 991.564 |
| Net asset value per share | JPY | 108,359.00 | 106,432.00 | 102,244.00 |
| I M - EUR - Capitalisation Number of shares |  | 30,447.123 | 30,460.604 | 30,447.125 |
| Net asset value per share | EUR | 1,138.32 | 1,120.10 | 1,073.75 |
| N - EUR - Capitalisation Number of shares |  | 20,890.591 | 25,938.398 | 31,357.895 |
| Net asset value per share | EUR | 154.43 | 153.61 | 148.88 |
| R - EUR - Capitalisation Number of shares |  | 14,297.044 | 14,509.537 | 21,294.211 |
| Net asset value per share | EUR | 1,200.29 | 1,184.46 | 1,138.80 |

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 | 112,635.570 | 25,751.720 | 30,282.639 | 108,104.651 |
| C - EUR - Distribution | 263.794 | 0.000 | 197.227 | 66.567 |
| I - EUR - Capitalisation | 14,838.714 | 4,932.840 | 4,751.014 | 15,020.540 |
| I - JPY - HP - Distribution | 994.170 | 0.336 | 0.000 | 994.506 |
| I M - EUR - Capitalisation | 30,460.604 | 0.000 | 13.481 | 30,447.123 |
| N - EUR - Capitalisation | 25,938.398 | 1,840.616 | 6,888.423 | 20,890.591 |
| R - EUR - Capitalisation | 14,509.537 | 2,230.095 | 2,442.588 | 14,297.044 |

| 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	 76,389,692.37 | 78,301,546.58 | 83.96 |
| Shares	 4,144,335.77 | 5,570,045.64 | 5.97 |
| France	 551,241.68 | 741,722.10 | 0.80 |

| 4,760 DASSAULT SYST. | EUR | 145,958.46 | 248,995.60 | 0.27 |
| --- | --- | --- | --- | --- |
| 335 KERING | EUR | 231,940.20 | 236,811.50 | 0.25 |
| 1,210 PERNOD RICARD SA | EUR | 173,343.02 | 255,915.00 | 0.28 |
| Germany |  | 256,582.71 | 241,372.80 | 0.26 |
| 1,360 VOLKSWAGEN AG VORZ.AKT | EUR | 256,582.71 | 241,372.80 | 0.26 |
| Ireland |  | 206,380.92 | 255,510.00 | 0.27 |
| 835 LINDE PLC | EUR | 206,380.92 | 255,510.00 | 0.27 |
| Switzerland |  | 1,223,204.52 | 1,467,523.43 | 1.57 |
| 23,900 CREDIT SUISSE GROUP AG REG SHS | CHF | 216,470.11 | 204,642.96 | 0.22 |
| 3,100 LOGITECH NAMEN AKT | CHF | 228,663.62 | 230,013.03 | 0.25 |
| 2,140 NESTLE SA REG SHS | CHF | 210,374.82 | 263,206.68 | 0.28 |
| 740 ROCHE HOLDING LTD | CHF | 195,716.76 | 270,746.51 | 0.28 |
| 85 SGS SA REG SHS | CHF | 184,517.24 | 249,958.98 | 0.27 |
| 290 SIEGFRIED HOLDING | CHF | 187,461.97 | 248,955.27 | 0.27 |
| Taiwan	 96,071.83 | 237,509.63 | 0.25 |
| 2,245 TAIWAN SEMICONDUCTOR CO ADR (REPR 5 SHS) | USD | 96,071.83 | 237,509.63 | 0.25 |
| The Netherlands |  | 135,635.67 | 260,065.60 | 0.28 |
| 368 ASML HOLDING NV | EUR | 135,635.67 | 260,065.60 | 0.28 |
| United Kingdom |  | 202,748.24 | 235,657.93 | 0.25 |
| 2,280 ASTRAZENECA PLC | GBP | 202,748.24 | 235,657.93 | 0.25 |
| United States of America |  | 1,472,470.20 | 2,130,684.15 | 2.29 |
| 110 ALPHABET INC -A- | USD | 141,724.10 | 280,227.22 | 0.30 |
| 98 AMAZON.COM INC | USD | 264,599.83 | 287,342.00 | 0.31 |
| 1,910 APPLE INC | USD | 185,409.88 | 298,240.15 | 0.32 |
| 4,670 COCA-COLA CO | USD | 191,918.81 | 243,150.46 | 0.26 |
| 890 DANAHER CORP | USD | 143,423.72 | 257,491.12 | 0.28 |
| 1,560 JOHNSON & JOHNSON | USD | 193,730.56 | 234,672.18 | 0.25 |
| 740 MASTERCARD INC -A- | USD | 200,989.13 | 233,817.09 | 0.25 |
| 1,000 MICROSOFT CORP | USD | 150,674.17 | 295,743.93 | 0.32 |
| Bonds |  | 61,533,047.12 | 61,975,234.46 | 66.46 |
| Australia |  | 498,858.09 | 524,528.00 | 0.56 |
| 500,000 STOCKLAND TRUST	1.6250 18-26 27/04A | EUR | 498,858.09 | 524,528.00 | 0.56 |
| Austria |  | 997,610.00 | 978,043.85 | 1.05 |
| 1,000,000 RAIFFEISEN BANK	0.05 21-27 01/09A | EUR | 997,610.00 | 978,043.85 | 1.05 |
| Belgium |  | 598,476.00 | 596,665.20 | 0.64 |
| 600,000 BELFIUS BANQUE SA/NV 0.375 21-27 08/06A | EUR | 598,476.00 | 596,665.20 | 0.64 |
| Canada |  | 1,000,000.00 | 998,902.60 | 1.07 |
| 1,000,000 XUNTA DE GALICI	0.2680 21-28 30/07A | EUR | 1,000,000.00 | 998,902.60 | 1.07 |
| Cayman Islands |  | 308,170.40 | 316,039.40 | 0.34 |
| 600,000 SHIMAO GROUP HOLDINGS 3.45 21-31 11/01S | USD | 308,170.40 | 316,039.40 | 0.34 |
| France |  | 8,261,435.55 | 8,219,483.67 | 8.82 |
| 600,000 ACCOR SA 2.375 21-28 29/11A | EUR | 600,206.00 | 602,235.00 | 0.65 |
| 500,000 ALSTOM SA 0 21-29 11/01A | EUR | 494,418.43 | 482,020.50 | 0.52 |
| 600,000 ARGAN	1.011 21-26 17/11A | EUR | 603,180.00 | 599,094.60 | 0.64 |
| 700,000 ATOS SE	1 21-29 12/11A | EUR | 694,190.00 | 694,625.00 | 0.74 |
| 700,000 CARMILA SAS 1.625 20-27 30/05A | EUR | 701,412.36 | 718,435.90 | 0.77 |
| 700,000 CNP ASSURANCES 0.375 20-28 08/12A | EUR | 699,000.64 | 676,085.90 | 0.72 |
| 1,000,000 CREDIT AGRICOLE 0.125 20-27 09/12A | EUR | 992,457.65 | 978,157.00 | 1.06 |
| 500,000 CREDIT AGRICOLE 0.375 21-28 20/04A | EUR | 496,055.00 | 492,971.50 | 0.53 |
| 600,000 GROUPAMA ASSURANCES 0.75 21-28 07/07A | EUR | 597,030.00 | 581,952.22 | 0.62 |
| 500,000 HOLDING D'INFRASTRUC 0.625 21-28 14/05A | EUR | 494,240.62 | 488,923.50 | 0.52 |
| 800,000 LA MONDIALE SOCIETE 0.75 20-26 20/10A | EUR | 796,336.83 | 800,101.60 | 0.86 |
| 500,000 ORPEA SA 2.00 21-28 01/04A | EUR | 495,975.00 | 501,646.95 | 0.54 |
| 600,000 UNIBAIL-RODAMCO-WEST 0.625 20-27 04/12A | EUR | 596,933.02 | 603,234.00 | 0.65 |
| Germany |  | 3,006,557.63 | 3,006,472.30 | 3.22 |
| 3,000,000 GERM TREA BILL ZCP 19-01-22 | EUR | 3,006,557.63 | 3,006,472.30 | 3.22 |
| Hong Kong |  | 1,654,356.36 | 1,660,377.94 | 1.78 |
| 1,000,000 HONG KONG MONETARY AUT 0.00 21-26 24/11A | EUR | 999,050.00 | 994,222.95 | 1.07 |
| 750,000 LENOVO GROUP LTD	3.421 20-30 02/11S | USD | 655,306.36 | 666,154.99 | 0.71 |

Quantity	Denomination	Quotation
currency
Cost price
Market value
% of net assets
| Indonesia | 531,260.65 | 539,429.39 | 0.58 |
| --- | --- | --- | --- |
| 600,000 PT PAKUWOM JATI TBK | 4.875 21-28 29/04S | USD | 531,260.65 | 539,429.39 | 0.58 |
| Ireland |  |  | 2,992,869.22 | 3,016,820.75 | 3.23 |
| 600,000 FCA BANK SPA 0.625 19-22 24/11A | EUR | 598,160.46 | 604,148.40 | 0.65 |
| 950,000 GLENCORE CAPITAL FIN 1.125 20-28 10/09A | EUR | 949,486.76 | 961,423.75 | 1.02 |
| 800,000 GRENKE FINANCE PLC  0.625 19-25 09/01A | EUR | 735,520.00 | 761,400.00 | 0.82 |
| 500,000 HAMMERSON IRELAND FI 1.75 21-27 03/06A | EUR | 510,000.00 | 492,405.00 | 0.53 |
| 200,000 SMURFIT KAPPA T	0.5000 21-29 22/09A | EUR | 199,702.00 | 197,443.60 | 0.21 |
| Italy |  | 13,471,681.80 | 13,930,171.66 | 14.95 |
| 676,000 AMCO - ASSET MANAGEM 0.75 21-28 20/04A | EUR | 671,288.28 | 656,920.93 | 0.70 |
| 462,000 ASSICURAZ GENERALI 1.713 21-32 30/06A | EUR | 462,000.00 | 456,279.98 | 0.49 |
| 300,000 ASTM SPA	1.0 21-26 25/11A | EUR | 299,214.00 | 301,115.40 | 0.32 |
| 2,000,000 CASSA DEPOSITI 1.50 17-24 21/06A | EUR | 1,932,709.51 | 2,071,266.00 | 2.22 |
| 700,000 INTESA SANPAOLO	2.1000 20-30 13/11A | USD | 550,461.36 | 597,758.38 | 0.64 |
| 4,500,000 ITALY 0.00 21-24 15/04S | EUR | 4,498,245.00 | 4,501,647.00 | 4.84 |
| 4,122,000 ITALY 1.40 20-25 26/05S | EUR | 4,239,196.38 | 4,499,840.43 | 4.83 |
| 100,000 SNAM S.P.A. 0.625 21-31 30/06A | EUR | 98,724.00 | 98,797.70 | 0.11 |
| 850,000 UNICREDIT SPA 2.569 20-26 22/09S | USD | 719,843.27 | 746,545.84 | 0.80 |
| Japan |  | 1,120,618.11 | 1,108,279.68 | 1.19 |
| 320,000 ASAHI GROUP HLD 0.3360 21-27 19/04A | EUR | 320,000.00 | 318,511.68 | 0.34 |
| 800,000 SUMITOMO MITSUI FINL 0.303 20-27 28/10A | EUR | 800,618.11 | 789,768.00 | 0.85 |
| Luxembourg |  | 2,011,832.00 | 1,941,215.48 | 2.08 |
| 200,000 ACEF HOLDING	1.25 21-30 26/04A | EUR | 198,584.00 | 199,765.80 | 0.21 |
| 500,000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 432,485.77 | 396,904.68 | 0.43 |
| 400,000 CPI PROPERTY GROUP S 1.5 21-31 27/01A | EUR | 399,200.00 | 384,366.00 | 0.41 |
| 1,000,000 GRAND CITY PROPERTIE 0.125 21-28 11/01A | EUR | 981,562.23 | 960,179.00 | 1.03 |
| Norway |  | 497,542.50 | 497,810.81 | 0.53 |
| 500,000 AKER BP ASA 1.125 21-29 12/05A | EUR | 497,542.50 | 497,810.81 | 0.53 |
| Saudi Arabia |  | 422,858.97 | 428,651.51 | 0.46 |
| 500,000 SAUDI ARABIAN OIL COM 2.25 20-30 24/11S | USD | 422,858.97 | 428,651.51 | 0.46 |
| South Korea |  | 846,707.80 | 836,561.46 | 0.90 |
| 1,000,000 KOREA NATIONAL OIL  1.625 20-2505/10S | USD | 846,707.80 | 836,561.46 | 0.90 |
| Spain |  | 3,344,713.85 | 3,376,533.63 | 3.62 |
| 1,000,000 BANCO BILBAO VIZCAYA 0.5 20-27 14/01A | EUR | 1,008,700.00 | 994,430.00 | 1.06 |
| 700,000 BANCO DE SABADELL SA 1.125 19-25 27/03A | EUR | 714,196.00 | 705,007.10 | 0.76 |
| 800,000 BANCO SANTANDER SA 1.849 21-26 25/03S | USD | 674,217.09 | 700,649.73 | 0.75 |
| 100,000 CELLNEX TELECOM S.A. 1.75 20-30 23/10A | EUR | 99,287.69 | 96,292.10 | 0.10 |
| 800,000 CEPSA FINANCE SAU 0.75 20-28 12/02A | EUR | 749,754.07 | 780,568.80 | 0.84 |
| 100,000 RED ELECTRICA FINANC 0.5 21-33 24/05A | EUR | 98,559.00 | 99,585.90 | 0.11 |
| Sweden |  | 1,795,189.35 | 1,762,743.10 | 1.89 |
| 100,000 INVESTOR AB 0.375 20-35 29/10A | EUR | 98,901.62 | 93,255.30 | 0.10 |
| 500,000 SANDVIK AB	0.375 21-28 25/11A | EUR | 496,840.00 | 495,331.00 | 0.53 |
| 1,200,000 SWEDBANK AB 0.2 21-28 12/01A | EUR | 1,199,447.73 | 1,174,156.80 | 1.26 |
| The Netherlands |  | 3,514,325.14 | 3,472,196.50 | 3.72 |
| 100,000 BMW FINANCE NV 0.2 21-33 11/01A | EUR | 98,907.47 | 95,751.50 | 0.10 |
| 700,000 DE VOLKSBANK NV 0.375 21-28 03/03A | EUR | 695,289.00 | 688,231.60 | 0.74 |
| 800,000 EASYJET FINCO B.V. 1.875 21-28 03/03A | EUR | 797,539.53 | 804,189.60 | 0.85 |
| 500,000 ING GROUP NV 0.25 21-30 11/01A | EUR | 497,289.14 | 482,793.50 | 0.52 |
| 100,000 ING GROUP NV 0.875 21-32 09/06A | EUR | 99,524.00 | 99,348.10 | 0.11 |
| 500,000 NE PROPERTY BV 1.8750 19-26 09/10A | EUR | 524,490.00 | 512,332.00 | 0.55 |
| 700,000 PROSUS N.V. 1.288 21-29 13/07A | EUR | 702,100.00 | 690,317.60 | 0.74 |
| 100,000 TENNET HOLDING B.V 0.5 21-31 09/06A | EUR | 99,186.00 | 99,232.60 | 0.11 |
| Turkey |  | 633,574.25 | 636,200.63 | 0.68 |
| 400,000 ANADOLU EFES BIRACILI 3.375 21-28 29/06S | USD | 333,574.25 | 342,894.83 | 0.37 |
| 300,000 ARCELIK AS 3 21-26 27/05A | EUR | 300,000.00 | 293,305.80 | 0.31 |
| United Kingdom |  | 3,367,223.22 | 3,296,165.26 | 3.53 |
| 581,000 BARCLAYS PLC 0.577 21-29 09/08A | EUR | 581,000.00 | 567,954.81 | 0.61 |
| 1,500,000 BK OF ENGLAND EURO 0.5000 20-23 28/04S | USD | 1,389,434.91 | 1,317,757.65 | 1.41 |
| 800,000 TESCO CORPORATE 0.8750 19-26 29/05A | EUR | 797,778.31 | 814,516.00 | 0.87 |
| 600,000 YORKSHIRE BUILDING S 0.5 21-28 01/07A | EUR | 599,010.00 | 595,936.80 | 0.64 |
| United States of America |  | 10,657,186.23 | 10,831,941.64 | 11.62 |
| 500,000 ALPHABET INC	1.1000 20-30 15/08S | USD | 414,519.88 | 416,673.57 | 0.45 |
| 1,000,000 AMERICAN HONDA FINAN 0.3 21-28 09/07A | EUR | 996,690.00 | 990,354.00 | 1.06 |
| 1,000,000 ATHENE GLOBAL FUNDIN 0.625 21-28 12/01A | EUR | 993,817.77 | 990,734.00 | 1.06 |
| 1,000,000 CATERPILLAR FINANCIA 0.8 20-25 13/11S | USD | 833,965.79 | 863,614.13 | 0.93 |

| Quantity	Denomination | Quotation currency | Cost price | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 800,000 DEUTSCHE BANK AG NEW 1.686 21-26 19/03S | USD | 672,807.69 | 701,067.05 | 0.75 |
| 900,000 GOLDMAN SACHS G	0.8750 21-29 09/05A | EUR | 899,361.00 | 904,370.40 | 0.97 |
| 500,000 TSMC ARIZONA CO	1.7500 21-26 25/10S | USD | 429,173.64 | 440,370.70 | 0.47 |
| 500,000 TSMC ARIZONA CO	2.5000 21-31 25/10S | USD | 427,392.14 | 446,275.28 | 0.48 |

| ,000,000 UNIT STAT TREA BIL ZCP 27-01-22	USD | 4,331,298.34 | 4,396,298.36 | 4.72 |
| --- | --- | --- | --- |
| 800,000 7-ELEVEN INC	0.95 21-26 10/02S	USD | 658,159.98 | 682,184.15 | 0.73 |
| Floating rate bonds | 10,712,309.48 | 10,756,266.48 | 11.53 |
| Austria | 297,774.00 | 296,479.80 | 0.32 |
| 300,000 ERSTE GROUP BANK AG | FL.R 21-32 15/11A | EUR | 297,774.00 | 296,479.80 | 0.32 |
| Czech Republic |  |  | 499,380.00 | 490,375.66 | 0.53 |
| 500,000 CESKA SPORITELNA	FLR 21-28 13/09A | EUR | 499,380.00 | 490,375.66 | 0.53 |
| Denmark |  | 1,300,948.57 | 1,308,288.50 | 1.40 |
| ,000,000 DANSKE BANK AS	FL.R 21-24 10/11A | EUR | 1,002,400.00 | 1,001,003.00 | 1.07 |
| 300,000 ORSTED	FL.R 19-XX 09/12A	EUR | 298,548.57 | 307,285.50 | 0.33 |
| France | 1,789,595.03 | 1,787,392.00 | 1.91 |
| 500,000 ORANGE SA FL.R 21-XX 11/05A | EUR | 495,375.00 | 492,812.50 | 0.52 |
| 500,000 SOCIETE GENERALE SA FL.R 21-29 12/01A | EUR | 493,980.03 | 489,677.50 | 0.52 |
| 400,000 TOTAL SE FL.R 21-XX XX/XXA | EUR | 400,120.00 | 397,518.00 | 0.43 |
| 400,000 VEOLIA ENVIRONNEMENT FL.R 20-XX 20.04A | EUR | 400,120.00 | 407,384.00 | 0.44 |
| Germany | 1,356,151.86 | 1,368,827.15 | 1.47 |
| 400,000 ALLIANZ SE FL.R 20-XX XX/XXA	USD | 340,861.86 | 353,060.15 | 0.38 |

5
1
| ,000,000 COMMERZBANK AG	FL.R | 21-23 24/11Q | EUR | 1,015,290.00 | 1,015,767.00 | 1.09 |
| --- | --- | --- | --- | --- | --- |
| Italy |  |  | 1,236,009.82 | 1,262,088.22 | 1.35 |
| 441,000 ENI SPA FL.R 21-XX 11/05A | EUR | 439,266.87 | 441,535.82 | 0.47 |
| 800,000 UNICREDIT SPA FL.R 20-26 16/06A | EUR | 796,742.95 | 820,552.40 | 0.88 |
| Luxembourg | 398,249.44 | 428,614.84 | 0.46 |
| 400,000 HELVETIA EUROPE FL.R 20-41 30/06A	EUR | 398,249.44 | 428,614.84 | 0.46 |
| Portugal | 597,162.00 | 575,787.00 | 0.62 |
| 600,000 BC PORTUGUES FL.R 21-28 07/04A	EUR | 597,162.00 | 575,787.00 | 0.62 |
| Spain | 497,986.00 | 482,595.50 | 0.52 |
| 500,000 BANCO DE SABADELL SA FL.R 21-28 16/06A	EUR | 497,986.00 | 482,595.50 | 0.52 |
| The Netherlands | 1,400,035.06 | 1,408,227.60 | 1.51 |
| 500,000 HEIMSTADEN BOST	FL.R  -22 21/01Q | EUR | 500,500.00 | 500,214.90 | 0.53 |
| 400,000 IBERDROLA INTL BV FL.R 20-99 31/12A | EUR | 400,340.06 | 408,103.20 | 0.44 |
| 500,000 ING GROEP NV	FL.R 21-25 29/11A	EUR | 499,195.00 | 499,909.50 | 0.54 |
| United Kingdom | 336,162.70 | 345,962.16 | 0.37 |
| 400,000 STANDARD CHARTERED PLC FL.R 21-32 29/06S | USD | 336,162.70 | 345,962.16 | 0.37 |
| United States of America |  | 1,002,855.00 | 1,001,628.05 | 1.07 |
| 500,000 BANK OF AMERICA CORP FL.R 17-23 04/05Q | EUR | 501,855.00 | 501,083.05 | 0.53 |
| 500,000 GOLDMAN SACHS GROUP FL.R 20-23 21/04Q | EUR | 501,000.00 | 500,545.00 | 0.54 |

1
| nsferable securities | 6,101,955.67 | 6,123,427.78 | 6.57 |
| --- | --- | --- | --- |
| Shares | 264,997.03 | 248,641.40 | 0.27 |

Other tra
| Cayman Islands | 264,997.03 | 248,641.40 | 0.27 |
| --- | --- | --- | --- |
| 4,850 TENCENT HOLDINGS LTD UNSPON ADR REP 1 SH | USD | 264,997.03 | 248,641.40 | 0.27 |
| Bonds |  | 4,941,845.64 | 4,977,228.68 | 5.34 |
| British Virgin Islands |  | 964,746.63 | 1,003,225.00 | 1.08 |
| 1,000,000 RAIL TR INTL INV CO 1.625 18-22 22/06S | EUR | 964,746.63 | 1,003,225.00 | 1.08 |
| Chile | 992,750.00 | 978,813.00 | 1.05 |
| 1,000,000 CHILE GOVERNMENT	0.10 21-27 26/01A	EUR | 992,750.00 | 978,813.00 | 1.05 |
| Luxembourg | 798,280.00 | 802,330.48 | 0.86 |
| 800,000 ICBC LUX	0.125 21-24 28/10A	EUR | 798,280.00 | 802,330.48 | 0.86 |
| The Netherlands | 692,622.00 | 670,135.20 | 0.72 |
| 700,000 HEIMSTADEN BOST	0.7500 21-29 06/09A	EUR | 692,622.00 | 670,135.20 | 0.72 |
| Venezuela |  |  | 1,493,447.01 | 1,522,725.00 | 1.63 |
| 1,500,000 CORP ANDINA DE | 0.6250 19-24 30/01A | EUR | 1,493,447.01 | 1,522,725.00 | 1.63 |
| Floating rate bonds |  |  | 895,113.00 | 897,557.70 | 0.96 |
| Germany | 297,393.00 | 299,121.90 | 0.32 |
| 300,000 TALANX AG	FL.R 21-42 01/12A	EUR | 297,393.00 | 299,121.90 | 0.32 |
| The Netherlands | 597,720.00 | 598,435.80 | 0.64 |
| 600,000 COOPERATIEVE RABOBANK FL.R 21-27 01/12A	EUR | 597,720.00 | 598,435.80 | 0.64 |

Quantity	Denomination	Quotation
currency
Cost price
Market value
% of net assets
| Shares/Units of UCITS/UCIS |  | 4,888,043.25 | 5,605,729.10 | 6.01 |
| --- | --- | --- | --- | --- |
| Shares/Units in investment funds |  | 4,888,043.25 | 5,605,729.10 | 6.01 |
| Luxembourg |  | 3,007,843.33 | 3,736,240.00 | 4.01 |
| 1,000 OYSTER - EUROPEAN SUBORDINATED BONDS I EUR | EUR | 1,007,843.33 | 1,237,560.00 | 1.33 |
| 2,000 OYSTER - EUROPEAN SUBORDINATED BONDS -I EUR -S CAP | EUR | 2,000,000.00 | 2,498,680.00 | 2.68 |
| United Kingdom |  | 1,880,199.92 | 1,869,489.10 | 2.00 |
| 37,000 GOLDMAN SACHS ACCESS CHINA GOVERMT ETF | USD | 1,880,199.92 | 1,869,489.10 | 2.00 |
| Total securities portfolio |  | 87,379,691.29 | 90,030,703.46 | 96.53 |
| Cash at bank/(bank liabilities) |  |  | 2,894,616.18 | 3.10 |
| Other net assets/(liabilities) |  |  | 338,687.68 | 0.37 |
| Total net assets |  |  | 93,264,007.32 | 100.00 |

Translation (ENDE, 2021-12-31):
# OYSTER
## Konsolidiert
OYSTER
Konsolidiert

###### Nettovermögensaufstellung zum 31/12/2021
Zusammensetzung des Nettofondsvermögens zum 31/12/2021
Ausgedrückt in USD
| Aktiva |  | 2.050.741.605,53 |
| --- | --- | --- |
| Wertpapierbestand zum Marktwert | Erläut. 2 | 1.958.135.042,67 |
| Nicht realisierter Gewinn auf das Anlagevermögen |  | 81.393.966,12 |
| Gekaufte Optionen zum Marktwert | Erläut. 2 | 131.521,00 |
| Bareinlagen bei Banken und Barmittel |  | 73.437.184,67 |
| Festgelder |  | 4.100.000,00 |
| Zinsguthaben | Erläut. 2 | 5.067.813,26 |
| Forderungen aus Verkauf von Wertpapieren |  | 188.818,30 |
| Forderungen aus Zeichnungen |  | 2.706.660,28 |
| Guthaben aus Dividenden | Erläut. 2 | 545.924,57 |
| Nicht realisierter Nettogewinn aus Devisentermingeschäften | Erläut. 2 | 3.881.755,54 |
| Nicht realisierter Nettogewinn aus Termingeschäften | Erläut. 2 | 846.885,49 |
| Forderungen aus Spot Austausch |  | 12.931,12 |
| Sonstige Aktiva |  | 1.687.068,63 |
| Passiva |  | 9.477.276,52 |
| Verbindlichkeiten aus Kauf von Wertpapieren |  | 5.017.942,77 |
| Leistungsabhängige Gebühren | Erläut. 4 | 1.524,46 |
| Verbindlichkeiten aus Rücknahmen | Erläut. 2 | 1.750.857,62 |
| Anfallende Verwaltungsgebühr | Erläut. 3 | 1.677.572,56 |
| Verbindlichkeiten aus Spot Austausch |  | 12.947,65 |
| Sonstige Passiva |  | 1.016.431,46 |
| Nettovermögen |  | 2.041.264.329,01 |

Die beiliegenden Erläuterungen sind integraler Bestandteil dieses Berichtes
OYSTER
Konsolidiert
Ertrags- und Aufwandsrechnung sowie Entwicklung des Nettofondsvermögens vom 01/01/2021 bis 31/12/2021
Ausgedrückt in USD
| Erträge |  | 36.213.306,16 |
| --- | --- | --- |
| Nettodividenden | Erläut. 2 | 18.676.019,10 |
| Nettozinsen auf Renten |  | 17.395.174,76 |
| Bankzinsen bei Sicht |  | 35.441,15 |
| Zinsen aus Termineinlagen |  | 4.281,01 |
| Sonstige Erträge aus Finanzgeschäften | Erläut. 7 | 52.044,78 |
| Sonstige Erträge |  | 50.345,36 |
| Ausgaben |  | 29.879.061,57 |
| Verwaltungsgebühr | Erläut. 3 | 19.018.802,28 |
| Depotbankgebühren | Erläut. 6 | 262.413,91 |
| Taxe d'abonnement | Erläut. 5 | 583.375,17 |
| Verwaltungsaufwendungen | Erläut. 3 | 3.843.138,75 |
| Erfolgsabhängige Prämie | Erläut. 4 | 1.524,46 |
| Bankzinsen |  | 414.709,41 |
| Rechtskosten |  | 472.111,27 |
| Transaktionskosten | Erläut. 8 | 1.603.310,53 |
| Sonstige Ausgaben | Erläut. 10 | 3.679.675,79 |
| Erträge aus Anlagen |  | 6.334.244,59 |
| Realisierter Nettogewinn / -verlust aus: - Verkäufen von Wertpapieranlagen | Erläut. 2 | 109.941.905,35 |
| - Optionen | Erläut. 2 | (3.706.655,77) |
| - Devisentermingeschäften | Erläut. 2 | (18.156.636,93) |
| - Termingeschäften | Erläut. 2 | 8.994.051,18 |
| - Devisengeschäften | Erläut. 2 | (1.151.702,20) |
| Realisierter Nettogewinn |  | 102.255.206,22 |
| Veränderung des nicht realisierten Nettogewinns / -verlustes aus: - Wertpapieranlagen |  | 15.589.203,08 |
| - Optionen |  | (371.743,37) |
| - Devisentermingeschäften |  | 853.641,16 |
| - Termingeschäften |  | 47.867,31 |
| Nettovermögenszunahme durch Geschäftstätigkeit |  | 118.374.174,40 |
| Dividendenausschüttungen | Erläut. 9 | (222.465,43) |
| Zeichnung von thesaurierenden Aktien |  | 714.388.798,14 |
| Zeichnungen von Anteilen mit Ausschüttung |  | 15.219.191,90 |
| Rücknahme von thesaurierenden Aktien |  | (530.275.979,33) |
| Rücknahmen von Anteilen mit Ausschüttung |  | (18.860.525,19) |
| Erhöhung des Nettovermögens | 298.623.194,49 |
| Neubewertung der Eröffnungsbilanz | (106.911.213,48) |
| Nettovermögen zu Beginn des Jahres | 1.849.552.348,00 |
| Nettovermögen am Ende des Jahres | 2.041.264.329,01 |