# OYSTER
## - European Subordinated Bonds

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

#### Statement of net assets as at 31/12/2021
Expressed in EUR
| Assets |  | 154,178,378.75 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 131,121,707.56 |
| Unrealised profit on the securities portfolio |  | 3,414,027.03 |
| Options purchased at market value | Note 2 | 20,000.00 |
| Cash at banks and liquidities |  | 21,110,030.76 |
| Interest receivable | Note 2 | 1,398,300.15 |
| Subscriptions receivable |  | 476,875.68 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 50,548.01 |
| Other assets |  | 916.59 |
| Liabilities |  | 1,340,445.70 |
| Redemptions payable | Note 2 | 1,187,063.04 |
| Management fees payable | Note 3 | 90,963.69 |
| Other liabilities |  | 62,418.97 |
| Net asset value |  | 152,837,933.05 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in EUR
| Income |  | 4,695,408.40 |
| --- | --- | --- |
| Net interest on bonds |  | 4,682,808.78 |
| Bank interest on cash account |  | 7,093.51 |
| Securities lending income | Note 7 | 5,506.11 |
| Expenses |  | 1,810,131.44 |
| Management fees and Management Company fees | Note 3 | 1,078,460.51 |
| Depositary fees | Note 6 | 19,109.50 |
| Taxe d'abonnement | Note 5 | 38,446.95 |
| Administrative expenses | Note 3 | 299,463.50 |
| Bank interest |  | 106,060.12 |
| Legal fees |  | 31,395.74 |
| Transaction fees | Note 8 | 8,346.45 |
| Other expenses | Note 10 | 228,848.67 |
| Net income from investments |  | 2,885,276.96 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 2,562,677.45 |
| - options | Note 2 | (836,282.50) |
| - forward foreign exchange contracts | Note 2 | (647,752.57) |
| - foreign exchange | Note 2 | 74,408.42 |
| Net realised profit |  | 4,038,327.76 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | (668,805.05) |
| - options |  | (178,909.20) |
| - forward foreign exchange contracts |  | (58,927.33) |
| Increase in net assets as a result of operations |  | 3,131,686.18 |
| Dividends paid | Note 9 | (23,012.50) |
| Subscription capitalisation shares |  | 45,091,047.00 |
| Subscription distribution shares |  | 562,785.69 |
| Redemption capitalisation shares |  | (30,278,541.46) |
| Redemption distribution shares |  | (810,946.30) |
| Increase in net assets |  | 17,673,018.61 |
| Net assets at the beginning of the year |  | 135,164,914.44 |
| Net assets at the end of the year |  | 152,837,933.05 |


#### Statistics
|  | Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 152,837,933.05 | 135,164,914.44 | 104,068,147.55 |
| C - EUR - Capitalisation Number of shares |  | 141,608.534 | 173,122.685 | 158,016.327 |
| Net asset value per share | EUR | 178.67 | 175.56 | 170.42 |
| I - CHF - HP - Capitalisation Number of shares |  | 222.723 | 22.723 | 22.723 |
| Net asset value per share | CHF | 1,179.05 | 1,153.31 | 1,115.46 |
| I - EUR - Capitalisation Number of shares |  | 68,667.389 | 52,724.022 | 28,753.189 |
| Net asset value per share | EUR | 1,237.70 | 1,207.81 | 1,164.29 |
| I S - EUR - Capitalisation Number of shares |  | 10,248.915 | 10,049.157 | 11,610.680 |
| Net asset value per share | EUR | 1,249.48 | 1,219.31 | 1,173.71 |
| N - EUR - Capitalisation Number of shares |  | 21,702.785 | 24,081.828 | 16,927.927 |
| Net asset value per share | EUR | 168.30 | 165.87 | 161.50 |
| N - EUR - Distribution Number of shares |  | 10,613.207 | 12,243.506 | 17,122.872 |
| Net asset value per share | EUR | 153.25 | 152.67 | 151.65 |
| R - EUR - Capitalisation Number of shares |  | 131,781.381 | 127,903.381 | 142,543.381 |
| Net asset value per share | EUR | 183.71 | 179.43 | 173.14 |

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 | 173,122.685 | 34,727.921 | 66,242.072 | 141,608.534 |
| I - CHF - HP - Capitalisation | 22.723 | 200.000 | 0.000 | 222.723 |
| I - EUR - Capitalisation | 52,724.022 | 27,576.903 | 11,633.536 | 68,667.389 |
| I S - EUR - Capitalisation | 10,049.157 | 913.565 | 713.807 | 10,248.915 |
| N - EUR - Capitalisation | 24,081.828 | 6,376.000 | 8,755.043 | 21,702.785 |
| N - EUR - Distribution | 12,243.506 | 3,633.753 | 5,264.052 | 10,613.207 |
| R - EUR - Capitalisation | 127,903.381 | 13,387.000 | 9,509.000 | 131,781.381 |

| 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	 120,691,451.41 | 124,105,030.19 | 81.20 |
| Bonds	 20,383,901.69 | 20,528,869.58 | 13.43 |
| Belgium	 2,161,852.32 | 2,318,750.00 | 1.52 |

| 2,000,000 ETHIAS SA	5.00 15-26 14/01A | EUR | 2,161,852.32 | 2,318,750.00 | 1.52 |
| --- | --- | --- | --- | --- |
| France |  | 3,150,598.00 | 3,196,782.00 | 2.09 |
| 1,500,000 CNP ASSURANCES FL.R 18-XX 27/06S | EUR | 1,662,750.00 | 1,696,740.00 | 1.11 |
| 1,500,000 MUTUELLE AS	21-49 31/12S | EUR | 1,487,848.00 | 1,500,042.00 | 0.98 |
| Italy |  | 10,109,644.50 | 10,075,837.96 | 6.59 |
| 1,500,000 BPER BANCA S.P.A. 3.625 20-30 30/11A | EUR | 1,500,000.00 | 1,558,642.50 | 1.02 |
| 2,000,000 INTESA SANPAOLO 2.3750 20-30 22/12A | EUR | 1,994,800.00 | 1,960,681.80 | 1.28 |
| 5,000,000 ITALY BUONI TES BOT ZCP 140222 | EUR | 5,014,844.50 | 5,015,505.66 | 3.28 |
| 1,600,000 POSTE ITALIANE	FL.R 21-XX 24/06A | EUR | 1,600,000.00 | 1,541,008.00 | 1.01 |
| Spain |  | 1,699,269.00 | 1,688,465.50 | 1.10 |
| 1,700,000 BANCO DE SABADELL SA 2.5 21-31 15/01A | EUR | 1,699,269.00 | 1,688,465.50 | 1.10 |
| The Netherlands |  | 2,018,337.20 | 2,003,000.00 | 1.31 |
| 2,000,000 ATHORA NETHERLANDS N 2.25 21-31 15/04A | EUR | 2,018,337.20 | 2,003,000.00 | 1.31 |
| United States of America |  | 1,244,200.67 | 1,246,034.12 | 0.82 |
| 1,000,000 DRESDNER FUNDING TR 8.151 99-31 30/06S | USD | 1,244,200.67 | 1,246,034.12 | 0.82 |
| Floating rate bonds |  | 100,307,549.72 | 103,576,160.61 | 67.77 |
| Austria |  | 14,832,212.66 | 15,127,841.00 | 9.90 |
| 2,000,000 BAWAG GROUP AG	FL.R 18-XX XX/XXS | EUR | 1,985,039.68 | 2,092,500.00 | 1.37 |
| 2,000,000 BAWAG GROUP AG	FL.R 20-30 23/09A | EUR | 2,029,020.00 | 2,045,628.00 | 1.34 |
| 1,400,000 OMV AG FL.R 20-XX 01/09A | EUR | 1,400,000.00 | 1,454,670.00 | 0.95 |
| 1,000,000 RAIFFEISEN BANK FL.R 20-XX 15/06S | EUR | 1,080,700.00 | 1,100,715.00 | 0.72 |
| 2,000,000 RAIFFEISEN BANK SUB FL.R 17-XX 15/12S | EUR | 2,053,200.00 | 2,081,886.00 | 1.36 |
| 2,000,000 UNIQA INSURANCE GROUP FL.R 20-35 09/10A | EUR | 2,084,085.00 | 2,127,372.00 | 1.39 |
| 2,000,000 VOLKSBANK WIEN AG FL.R	19-XX XX/XXS | EUR | 2,205,868.00 | 2,192,902.00 | 1.44 |
| 2,000,000 VOLKSBANK WIEN AG FL.R 17-27 06/10A | EUR | 1,994,299.98 | 2,032,168.00 | 1.33 |
| Belgium |  | 1,511,368.00 | 1,532,244.00 | 1.00 |
| 1,500,000 SOLVAY SA	FL.R 20-XX 02/03A | EUR | 1,511,368.00 | 1,532,244.00 | 1.00 |
| France |  | 12,823,936.75 | 14,266,768.55 | 9.33 |
| 1,000,000 ACCOR SA	FL.R 19-XX 31/01A | EUR | 994,500.00 | 1,020,625.00 | 0.67 |
| 1,000,000 AXA EMTN PERP. SUB  FL.R 03-XX 29/12Q | EUR | 710,042.50 | 930,500.00 | 0.61 |
| 1,000,000 AXA SA FL.R 04-XX 29/10A | EUR | 690,042.50 | 931,750.00 | 0.61 |
| 2,000,000 BNP PARIBAS FL.R 86-XX 22/03S | USD | 1,400,247.83 | 1,666,373.55 | 1.09 |
| 2,000,000 CNP ASSURANCES	FL.R 04-XX 21/03Q | EUR | 1,338,317.50 | 1,812,500.00 | 1.19 |
| 3,500,000 GROUPAMA SA FL.R 14-XX 28/05A | EUR | 4,059,380.00 | 3,967,320.00 | 2.59 |
| 1,500,000 LA MONDIALE	FL.R 19-49 31/12S | EUR | 1,450,950.00 | 1,626,450.00 | 1.06 |
| 2,000,000 LA MONDIALE	FL.R 14-XX 17/12A | EUR | 2,180,456.42 | 2,311,250.00 | 1.51 |
| Germany |  | 4,502,562.00 | 4,529,720.00 | 2.96 |
| 2,000,000 COMMERZBANK AG FL.R 20-99 31/12A | EUR | 2,164,800.00 | 2,182,500.00 | 1.43 |
| 2,000,000 DEUTSCHE BANK AG FL.R 20-31 19/05A | EUR | 2,337,762.00 | 2,347,220.00 | 1.53 |
| Italy |  | 19,263,597.00 | 19,406,548.00 | 12.71 |
| 2,000,000 BANCO BPM SPA FL.R 20-30 14/09A | EUR | 2,195,400.00 | 2,139,406.00 | 1.40 |
| 2,300,000 ENI SPA FL.R 21-99 31/12A | EUR | 2,300,000.00 | 2,292,387.00 | 1.50 |
| 2,000,000 INTESA SANPAOLO FL.R 20-XX XX/XXS | EUR | 2,180,000.00 | 2,187,500.00 | 1.43 |
| 6,000,000 ITALY FL.R 18-25 15/09S | EUR | 6,044,150.00 | 6,039,840.00 | 3.96 |
| 2,500,000 UNICREDIT SPA FL.R 19-29 20/02A | EUR | 2,623,247.00 | 2,685,380.00 | 1.76 |
| 2,000,000 UNICREDIT SPA FL.R 19-49 19/03S | EUR | 2,369,600.00 | 2,353,610.00 | 1.54 |
| 1,500,000 UNIPOLSAI SPA	FLR  20-99 31/12S | EUR | 1,551,200.00 | 1,708,425.00 | 1.12 |
| Portugal |  | 5,953,122.38 | 5,940,708.00 | 3.89 |
| 2,000,000 BANCO COMERCIAL PORT FL.R 17-27 07/12A | EUR | 1,963,502.38 | 2,033,180.00 | 1.33 |
| 2,000,000 BANCO COMERCIAL PORT FL.R 21-32 17/05A | EUR | 2,000,000.00 | 1,972,500.00 | 1.29 |
| 2,000,000 ENERGIAS DE PORTUGAL FL.R 21-82 14/03A | EUR | 1,989,620.00 | 1,935,028.00 | 1.27 |
| Spain |  | 16,775,409.34 | 17,386,187.50 | 11.38 |
| 1,700,000 ABANCA CORP BAN	FL.R 19-29 18/01A | EUR | 1,874,250.00 | 1,844,015.50 | 1.21 |
| 2,000,000 ABANCA CORP BANCARIA FL.R 18-XX XX/XXQ | EUR | 2,162,000.00 | 2,152,500.00 | 1.41 |
| 2,000,000 BANCO BILBAO VI	FL.R 18-XX 24/03Q | EUR | 2,092,000.00 | 2,127,500.00 | 1.39 |
| 2,000,000 BANCO DE SABADELL FL.R 17-XX 23/11Q | EUR | 1,536,500.00 | 2,070,750.00 | 1.35 |
| 2,000,000 BANCO SANTANDER SA FL.R 17-XX XX/XXQ | EUR | 1,803,990.00 | 1,877,600.00 | 1.23 |
| 2,000,000 BANKIA SUB	FL.R 17-XX 18/07Q | EUR | 2,151,969.34 | 2,057,000.00 | 1.35 |
| 2,000,000 BBVA S5 REGS	FL.R 17-XX 24/08Q | EUR | 2,054,900.00 | 2,037,862.00 | 1.33 |
| 2,000,000 CAIXABANK SUB	FL.R 17-XX 13/06A | EUR | 2,099,800.00 | 2,225,000.00 | 1.46 |

Quantity	Denomination	Quotation
currency
Cost price
Market value
% of net assets
| 1,000,000 UNICAJA BANCO S | FL.R 21-99 31/12Q | EUR | 1,000,000.00 | 993,960.00 | 0.65 |
| --- | --- | --- | --- | --- | --- |
| Sweden |  |  | 1,100,570.00 | 1,104,625.50 | 0.72 |
| 1,100,000 HEIMSTADEN BOST FL.R 19-XX 19/02A | EUR | 1,100,570.00 | 1,104,625.50 | 0.72 |
| The Netherlands |  | 15,620,998.31 | 16,222,275.08 | 10.61 |
| 1,500,000 ABERTIS FINANCE BV FL.R 20-XX 24/02A | EUR | 1,559,480.00 | 1,532,208.00 | 1.00 |
| 2,000,000 AEGON NV	5.625 19-49 29/12S | EUR | 2,360,000.00 | 2,371,210.00 | 1.54 |
| 2,000,000 AEGON SUB	FL.R 04-XX 29/07Q | USD | 1,392,963.98 | 1,649,208.58 | 1.08 |
| 2,000,000 ASR NEDERLAND	FL.R 17-XX 19/10S | EUR | 2,084,470.70 | 2,181,250.00 | 1.43 |
| 1,500,000 GAS NAT FENOSA FL.R 15-49 29/12A | EUR | 1,489,892.82 | 1,573,167.00 | 1.03 |
| 1,500,000 REPSOL INTL FINANCE FL.R 15-75 25/03A | EUR | 1,596,855.81 | 1,612,485.00 | 1.06 |
| 2,000,000 TELEFONICA EUROPE BV FL.R 21-XX 24/05A | EUR | 2,000,000.00 | 1,992,434.00 | 1.30 |
| 1,500,000 VIVAT NV FL.R 18-XX XX/XXS | EUR | 1,599,835.00 | 1,677,187.50 | 1.10 |
| 1,500,000 VOLKSWAGEN INTL FIN FL.R 17-XX 14/06A | EUR | 1,537,500.00 | 1,633,125.00 | 1.07 |
| United Kingdom |  | 7,923,773.28 | 8,059,242.98 | 5.27 |
| 2,500,000 AVIVA PLC	FL.R 14-44 03/07A | EUR | 2,777,475.00 | 2,705,247.50 | 1.77 |
| 2,000,000 HSBC BANK PLC FL.R 85-49 29/09S | USD | 1,480,103.28 | 1,634,945.48 | 1.07 |
| 2,000,000 HSBC HLDGS	FL.R 14-XX 16/09S | EUR | 2,128,775.00 | 2,065,000.00 | 1.35 |
| 1,500,000 VODAFONE GROUP FL.R 18-78 03/10A | EUR | 1,537,420.00 | 1,654,050.00 | 1.08 |
| Money market i | nstruments | 7,016,229.12 | 7,016,677.37 | 4.59 |
| Bonds |  | 7,016,229.12 | 7,016,677.37 | 4.59 |
|  | Spain | 7,016,229.12 | 7,016,677.37 | 4.59 |
| 7,000,000 SPAI LETR DEL TESO ZCP 11-02-22 | EUR | 7,016,229.12 | 7,016,677.37 | 4.59 |
| Total securities portfolio |  | 127,707,680.53 | 131,121,707.56 | 85.79 |
| Cash at bank/(bank liabilities) |  |  | 21,110,030.76 | 13.81 |
| Other net assets/(liabilities) |  |  | 606,194.73 | 0.40 |
| Total net assets |  |  | 152,837,933.05 | 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 |