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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, March 14, 2022, Vol. 23, No. 46

                           Headlines



B E L A R U S

BELARUS: Moody's Cuts Issuer & Senior Unsecured Debt Ratings to Ca
EUROTORG LLC: S&P Lowers ICR to 'CCC', On CreditWatch Negative


F R A N C E

CASPER MIDCO: Moody's Affirms Caa1 CFR & Alters Outlook to Positive


G E R M A N Y

NIDDA BONDCO: Fitch Alters Outlook on 'B' LT IDR to Negative


I R E L A N D

OCP EURO 2022-5: Moody's Assigns B3 Rating to EUR11.7MM F Notes
OCP EURO 2022-5: S&P Assigns B- Rating on Class F Notes
OTRANTO PARK: Fitch Gives Final B-(EXP) Rating to Class F Debt
SCULPTOR EUROPEAN IX: Fitch Assigns B- Rating to Class F Debt
SCULPTOR EUROPEAN IX: Moody's Assigns B3 Rating to EUR12MM F Notes



P O R T U G A L

GAIA FINANCE: Moody's Ups Rating on EUR7.6MM Class B Notes From Ca


R U S S I A

AHML 2014-2: Moody's Cuts Rating on Class A3 Notes to Caa2
RCB BANK: Moody's Puts B1 Deposit Ratings on Review for Downgrade
SAFMAR FINANCIAL: S&P Lowers ICR to 'CCC-/C', On Watch Negative
STRUCTURED INVESTMENTS 1: S&P Cuts Repack Notes Rating to 'CCC-p'
VEON: S&P Lowers LT ICR to 'CCC+', On CreditWatch Negative

[*] Moody's Lowers 18 Russian Sub-Sovereign Ratings to 'Ca'
[*] Moody's Lowers Ratings of 95 Russian Non-Financial Corporates
[*] RUSSIA: Outlines Policies to Take Control of Departing Cos.
[*] RUSSIA: Swap Market Signals Likely Foreign Debt Default


S P A I N

BANKINTER 10: S&P Assigns 'CCC-' Rating on Class E Notes
TENDAM BRANDS: Moody's Ups CFR to B1 & Senior Secured Notes to B2


S W E D E N

STORSKOGEN GROUP: Moody's Assigns First Time 'Ba1' CFR


T U R K E Y

ANADOLU EFES: Fitch Lowers LT IDR to 'BB+', On Watch Negative


U K R A I N E

[*] UKRAINE: Economic Adviser Says War Damage Reaches US$100BB


U N I T E D   K I N G D O M

ALPHA TOPCO: S&P Upgrades ICR to 'BB-', Outlook Stable
CALEDONIAN MODULAR: Sale Among Options Following Administration
CHELSEA FC: Gov't Tweaks Special License to Avert Administration
EUROSAIL UK 07-4BL: Fitch Lowers Class C1a Notes Rating to 'B-'
FONTWELL SECURITIES 2016: Fitch Raises Class S Debt to 'B-'

HONOURS PLC 2: Moody's Ups Rating on GBP18MM Class C Notes to Ba1
MOTOR PLC 2016-1: Moody's Affirms Ba1 Rating on Class F Notes
NEWDAY GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
ROADBRIDGE: Enters Receivership, 630 Jobs at Risk
STEPTRONIC FOOTWEAR: Goes Into Administration



X X X X X X X X

[*] BOND PRICING: For the Week March 7 to March 11, 2022

                           - - - - -


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B E L A R U S
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BELARUS: Moody's Cuts Issuer & Senior Unsecured Debt Ratings to Ca
------------------------------------------------------------------
Moody's Investors Service has downgraded the Government of
Belarus's long-term issuer and senior unsecured debt ratings to Ca
from B3 and has maintained a negative outlook.

The downgrade reflects the weakening of Belarus's credit profile
amid Russia's (Ca negative) ongoing military invasion in Ukraine
(Caa2 review for downgrade). Belarus is directly exposed to a
significant further tightening of sanctions targeting key economic
sectors and the financial system that will hamper the country's
already narrow external buffers and jeopardize its capacity to
service its debt. The country's external position will be further
exposed as will its macroeconomic and financial stability.

In Moody's view, a default by Belarus has become increasingly
likely given concerns around the government's willingness to repay
its debt obligations and expectations that any potential financial
support coming from Russia will unlikely be used for that purpose.
Moody's view is that the likely recovery for investors will be in
line with the historical average, commensurate with a Ca rating. At
the Ca rating level, the recovery expectations are at 35 to 65%.
Moody's considers willingness to service debt a Governance
consideration under its ESG framework.

The decision to downgrade Belarus's ratings by four notches and
maintain a negative outlook follows the recent sanctions imposed by
Western countries on Belarus in retaliation for the country's
support for Russia's military invasion, coupled with the severe
deterioration of the credit profile of Russia, historically a key
source of financial support for Belarus.

Moody's has concurrently lowered Belarus's local- and
foreign-currency country ceilings to Caa3 and Ca from B2 and B3
respectively. The one-notch gap between the local-currency ceiling
and the sovereign rating reflects Belarus's elevated vulnerability
to a balance of payments crisis, the large footprint of the
government in the economy and financial system as well as weakening
institutions amid high geopolitical risk. The one-notch gap between
the foreign-currency ceiling and the local-currency ceiling
reflects Belarus's largely closed capital account and moderate
external debt which provide an incentive to impose transfer and
convertibility restrictions.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE

The multi-notch downgrade reflects the negative credit implications
for Belarus's emanating from a significantly tightened sanctions
environment imposed by Western countries in response to the
country´s support for Russia's military invasion. The sanctions
will exacerbate the country's already high external vulnerability
and threaten its macroeconomic and financial stability.

The European Union (EU, Aaa stable) recently introduced new
sanctions targeting selected individuals and key export sectors,
including tobacco products, mineral fuels, potash, iron and steel
products among others, and imposed restrictions on dual-use goods.
The trade sanctions were followed by measures targeting the
financial sector (including a ban on some banks' access to the
financial messaging system SWIFT), and measures prohibiting
transactions with the central bank and the provision of
euro-denominated banknotes to Belarus. These measures build on the
sanctions that were already introduced by the United States (US,
Aaa stable) and that target Belarus's defense sector and two
state-owned financial institutions. The restrictions will
effectively block the targeted institutions from participating in
the global financial system and make it exceptionally difficult for
them to engage in international transactions.

Belarus is already subject to a range of restrictions selectively
targeting key exports, such as refined oil and potash fertilizer.
Sanctions already in place also effectively prevent Belarus to
access to financial markets in the EU, the United Kingdom (UK, Aa3
stable) and the US for new sovereign debt issuances or loans.

While growth was resilient in 2021, with real GDP estimated to have
exceeded 2%, Moody's believes that downside risks to the economy
have increased significantly. The combination of existing and new
sanctions will lead Belarus to face a severe recession in 2022. The
EU accounts for 25% of Belarus exports of goods and services as of
end-2021. Furthermore, the likelihood of a sustained disruption to
Russia's economy and financial sector poses an additional downside
risk to Belarus's macroeconomic stability given the significant
trade and financial dependence between the two countries. Trade
disruptions with Ukraine due to Russia's military invasion will
also weigh on Belarus's growth.

Although Belarus achieved an estimated small fiscal surplus in
2021, the Russian invasion of Ukraine will weigh negatively on its
public finances. Moody's projects that the general government
fiscal balance will likely turn into a deficit of 4% this year with
substantial downside risks. Pressures coming from the government's
large state-owned enterprise (SOE) sector will pose additional
fiscal risks. Moody's expects Belarus's government debt to reach
60% of GDP in 2022 from around 46% in 2021. The reserves held by
the Ministry of Finance at the Central Bank, which amounted to $3.9
billion (5.7% of the estimated 2021 GDP) as of end-January 2022,
provide only a temporary buffer that we expect will be exhausted
rapidly.

The recently approved sanctions and prospects of further
coordinated and severe sanctions will also exacerbate the
precarious external position, characterized by significant upcoming
external debt repayments. These pressures will weigh on the
country's already weak level of foreign exchange reserves. Over the
recent months, reserves have stabilized at close to $4.0 billion as
of January 2022 according to Moody's definition, a relatively low
level compared to the upcoming debt repayments. Belarus's import
cover is low at just 1.1 months which leaves the country extremely
vulnerable to further adverse shocks amid the ongoing invasion.
Moody's calculation excludes last year's IMF special drawing rights
(SDR) allocation of $0.9 billion that Moody's believes Belarus will
be unable to convert into US dollars.

Upcoming sovereign principal debt repayments remain significant and
mostly denominated in foreign currency (amounting to around $2.4
billion in 2022 and $3.3 billion in 2023 according to the Ministry
of Finance), including an $800 million Eurobond repayment in
February 2023, amid increasingly constrained financing sources
given the tightening sanction environment and deteriorating
macroeconomic prospects. Belarus's external vulnerability indicator
(EVI), which compares foreign-exchange reserves with short-term and
currently maturing external debt plus long-term nonresident
deposits, is projected at around 614.2% on average over 2022-23.

The ongoing invasion of Ukraine has severely affected confidence
and continues to exert pressure on the Belarusian ruble raising the
risk of significant bank deposit withdrawals that will jeopardize
financial stability. Further currency depreciation will add to an
already elevated inflation level (headline inflation stood at 10.4%
in January 2022). Also, government debt is almost entirely
denominated in foreign currency, and therefore vulnerable to
exchange-rate depreciation.

Belarus's institutional controls and checks over the executive
power have weakened markedly. This raises concerns about Belarus's
willingness to service its debt despite its strong repayment track
record in recent years.

Belarus's support to Russia's military invasion and the more
stringent sanctions environment have increased Belarus's economic
integration with Russia and the country´s dependence on the
Russian financial support. However, the capacity of Russia to
provide support to Belarus has severely diminished and any
potential financial support channeled to Belarus from Russia is
unlikely to be used to service its external debt obligations.

RATIONALE FOR THE NEGATIVE OUTLOOK

While there is considerable uncertainty regarding the impact of the
current sanctions, the negative outlook reflects the severe risks
to macro-economic stability posed by the tightening sanction
environment that Moody's expect will remain for at least as long as
Russia´s invasion of Ukraine persists.

Moody's expects the sustained economic and financial disruption
will compound concerns around the government's willingness to
service its debt despite Belarus's track record of foreign debt
repayment during prior crises. As a result, the unpredictability of
government actions could result in larger losses for investors than
is consistent with a Ca rating.

The credit profile could come under further pressure in a scenario
where severe sanctions weigh on Belarus's foreign currency
generation capacity or the financial sector's stability more than
currently envisaged, further impairing Belarus's ability to service
its debt.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Belarus's ESG Credit Impact Score is highly negative (CIS-5),
reflecting moderately negative exposures to environmental risks,
highly negative exposure to social risks and a very highly negative
governance profile, with weaknesses in institutions also explaining
the sovereign's low resilience to environmental and social risks
despite relatively favourable income levels and moderate government
debt.

Belarus is moderately exposed to environmental risks, in particular
from carbon transition risks given the importance of the country's
large oil refinery sector, as well as from risks posed by water
scarcity and physical climate risks. Belarus's exposure to physical
climate risks is exacerbated by the moderately important role
played by the agriculture sector, accounting for around 7% of GDP
and 11% of employment, which exposes Belarus's economy to
weather-related events and trends. Its overall E issuer profile
score is therefore moderately negative (E-3 issuer profile score).

Exposure to social risks is high (S-4 issuer profile score) and
primarily reflects unfavourable demographics, despite the country's
high levels of human capital which is reflected in relatively low
poverty and inequality and strong educational attainment. In
particular, Belarus's declining and ageing population will continue
to represent a major headwind for the economy. Furthermore, Belarus
faces increasing social risks emanating from labour and income as,
despite relatively high wealth levels, the economic model relies on
access to the Russian market and social security provided by the
large, inefficient state-owned enterprise sector.

Belarus has a very highly negative governance profile score (G-5
issuer profile score), reflecting weaknesses in the rule of law and
for voice and accountability. Belarus scores below rated peers on
international surveys of the effectiveness of judicial and legal
processes. Furthermore, there is limited opportunity for
independent bodies or civil society to influence policymaking and
act as a check on the exercise of government power, while the
restrictive election environment and the lack of any significant
competition weighs on democratic freedom in the country. These
risks have crystallised in wide-spread protests over the past
months, particularly around the time of elections, and is resulting
in the imposition of sanctions in Belarus. These weaknesses also
contribute to Belarus's relatively low resilience to environmental
and social risks, despite relatively favourable income levels and
moderate government debt.

GDP per capita (PPP basis, US$): 20,170 (2020 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): -0.9% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 7.3% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -2.9% (2020 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -0.4% (2020 Actual) (also known as
External Balance)

External debt/GDP: [68.5%]

Economic resiliency: caa1

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On March 7, 2022, a rating committee was called to discuss the
rating of the Belarus, Government of. The main points raised during
the discussion were: The issuer's institutions and governance
strength, have materially decreased. The issuer has become
increasingly susceptible to event risks. Other views raised
included: The issuer's economic fundamentals, including its
economic strength, have materially decreased. The issuer's fiscal
or financial strength, including its debt profile, has materially
decreased.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Given the negative outlook, an upgrade of Belarus's ratings is
currently unlikely. The outlook could be changed to stable if
Moody's concluded that that recovery for investors was likely to
remain in line with the historical average for a Ca rating.

Even in a scenario where the invasion stops, peace is restored and
Belarus continues to service its sovereign debt, the external and
liquidity positions of Belarus are likely to remain very
susceptible to shocks and hence will likely remain consistent with
the current rating.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Belarus's ratings could be downgraded further if, in the event of a
default, losses for investors were likely to be greater than
assumed in the Ca rating. This could result from an even more
destabilizing impact from sanctions than Moody's currently assumes,
possibly accompanied by the confirmation of Belarus unwillingness
to repay its obligations.

The publication of this rating action deviates from the previously
scheduled release dates in the UK sovereign calendar published on
www.moodys.com. This action was prompted by the sanctions imposed
on the Government of Belarus in recent days by Western countries
and severe deterioration of Russia's credit profile which has a
track record of supporting Belarus in times of financial stress.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.


EUROTORG LLC: S&P Lowers ICR to 'CCC', On CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings downgraded Eurotorg LLC to 'CCC', the same level
as the foreign currency rating and the Transfer & Convertibility
assessment on Belarus, reflecting the heightened sovereign risk for
all Belarussian corporate issuers. At the same time, S&P placed all
the ratings on Eurotorg and its debt on CreditWatch with negative
implications.

On March 4, 2022, S&P Global Ratings lowered its long- and
short-term foreign and local currency sovereign credit ratings on
Belarus to 'CCC/C' from 'B/B'. At the same time, we placed all
these ratings on CreditWatch with negative implications. We also
revised downward Belarus' Transfer & Convertibility assessment to
'CCC'.

The downgrade of Eurotorg follows the imposition of unprecedented
financial and economic sanctions from the U.S., the EU, and the
U.K., among others, on Belarus. These include measures targeted at
several commercial banks in Belarus, subsidiaries of Russian banks
in Belarus, and a diverse range of corporate sectors, which will
likely increase Eurotorg's risk of default.

Historically, Russia's willingness to extend financial support to
Belarus has been one of the key factors supporting the sovereign
ratings on Belarus. Specifically, Russia has provided a number of
subsidies to Belarus, including offering favorable hydrocarbon
prices, refinancing maturing debt, and extending additional credit
lines. In our view, such support could be increasingly uncertain
given the scale of financial market volatility and economic
pressures on Russia itself. S&P thinks this could have direct
negative implications for Belarus' ability to service its
commercial debt.

The rating action reflects S&P's view that, absent an unforeseen
positive development, Eurotorg could default on its debt over the
next 12 months. Apart from financial considerations, S&P also
thinks additional sanctions targeting financial institutions could
put pressure on Eurotorg's technical ability to make timely debt
payments (interest and/or principal) to all creditors and in full.

S&P said, "The negative CreditWatch placement reflects that we
could lower the ratings on Eurotorg further over the next few
weeks. We expect to resolve the CreditWatch placement once we have
more clarity on the impact of the sanctions, as well as Eurotorg's
ability and willingness to honor its debt obligations in full and
on time."




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F R A N C E
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CASPER MIDCO: Moody's Affirms Caa1 CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 corporate family
rating and the Caa1-PD probability of default rating of Casper
MidCo SAS, the holding company of the French hotel operator B&B
Hotels (B&B). At the same time, the instrument ratings of the
EUR715 million guaranteed senior secured term loan B3 (TL-B3),
EUR100 million guaranteed senior secured term loan B4 (TL-B4) and
EUR120 million equivalent guaranteed 1st lien senior secured
multicurrency revolving credit facility (RCF) issued by Casper
BidCo SAS were affirmed at Caa1. The rating of the EUR155 million
2nd lien guaranteed senior secured term loans issued by Casper
BidCo SAS was affirmed at Caa3. The rating outlook both entities
ratings was changed to positive from negative.

"B&B's outlook change to positive reflects improvements in the
company's key credit metrics and potential for a further recovery.
B&B's performance has recovered over the course of H2 2021 in
particular, which we expect to continue in the next 12-18 months on
the back of market demand and a successful implementation of their
growth strategy," says Oliver Schmitt, a VP-Senior Credit Officer
and lead analyst for B&B.

RATINGS RATIONALE

The rating action reflects B&B's relative outperformance of many
peers during the pandemic. B&B was able to avoid heavy discounts
and kept prices relatively stable, and increased its market share
in the budget and economy segment. Moody's expects B&B's credit
metrics to recover towards pre-pandemic levels in the next 12-18
months.

The company grew its hotel base by a total of 77 hotels in 2020 and
2021, and Moody's anticipate further growth. Moody's also notes the
positive development of revenue per available room (RevPar) in
2021, which returned to a level above 80% of 2019 RevPar on average
during the second half of the year from 50% during 2020. Moody's
expect further recovery of B&B's RevPar in 2022 driven by the
continued reopening of economies and return of business travelers,
however, not yet fully reaching 2019 levels. The development will
be supported by the return of demand in Germany, B&B's most
profitable market (43% of 2019 EBITDA). Moody's expect B&B to also
continue to grow its hotel base in 2022, supported by improvement
in liquidity in 2021 and cash on hand of above EUR180 million. One
of the company's weaknesses remains a negative Moody's-adjusted
free cash flow, partially driven by continued expansion. Moody's
also consider the implications of the military conflict in the
Ukraine with its possible effects on inflation, consumer sentiment
and travel activity.

RATIONAL FOR THE POSITIVE OUTLOOK

The positive outlook reflects the recovery expectations for key
credit metrics in the next 12-18 months. Moody's expect B&B to
benefit further from the demand recovery in particular in Germany.
The positive outlook also reflects Moody's expectations that B&B
will successfully implement their growth strategy. The outlook does
not reflect a spillover of geopolitical tensions on the European
travel market.

LIQUIDITY

B&B's liquidity is adequate and is supported by EUR186 million of
cash, which benefitted from capital increase of EUR80 million and
term loan B increase of EUR100 million in 2021, EUR20 million
additional equity to enter the restricted group in 2022 and a
committed undrawn revolving credit facility of EUR120 million as of
December 31, 2021. The RCF has a springing covenant of net leverage
below 8.5x if drawn above 40%. Moody's expect the company to be
moderately free cash flow negative in 2022 on the back of their
growth strategy.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

WHAT COULD MOVE THE RATINGS - UP

-- Moody's adjusted gross debt/EBITDA sustainably below 7.5x;

-- Clear visibility towards break-even free cash flow generation,
and an at least adequate liquidity profile

-- Further operational improvements driven by continued market
outperformance and successful execution of the development
strategy;

-- Moody's adjusted EBITA / Interest above 1.0x

WHAT COULD MOVE THE RATINGS -- DOWN

Inability to preserve a sufficient liquidity profile on the back of
sustainably negative free cash flows. Another demand shock, for
example as a consequence of a resurfacing of COVID related
restrictions or a spreading of geopolitical tensions, can also
weaken the company profile.

STRUCTURAL CONSIDERATION

In the loss-given-default (LGD) assessment for B&B hotels, Moody's
ranks pari passu the senior secured EUR715 million existing TL-B3,
the EUR100 million additional TL-B4 issued in 2021, and EUR120
million RCF, which share the same security and are guaranteed by
certain subsidiaries of the group accounting for at least 80% of
consolidated EBITDA. Moody's also consider at the same level the
total EUR120 million additional financing received throughout the
pandemic from operating entities.

The term loan is covenant-light with a spring net leverage covenant
set at 8.5x only applicable to the revolver if it is drawn over 40%
(undrawn in December 2021). The rating of the term loan B and the
RCF reflects a lower relative amount of loss absorption by the
second lien term loan given the increased first lien debt amount in
2021 and additional state loans on the operating entity levels.

The EUR155 million guaranteed 2nd lien senior secured second lien
loans are ranked junior to the 1st lien term loan B and RCF, they
share the same security with 1st lien term loan B and RCF and are
also guaranteed by subsidiaries of the group accounting for at
least 80% of consolidated EBITDA. This is reflected in the Caa3
rating on these loans.

LIST OF AFFECTED RATINGS:

Issuer: Casper BidCo SAS

Affirmations:

BACKED Senior Secured Bank Credit Facility, Affirmed Caa1

BACKED Senior Secured Bank Credit Facility, Affirmed Caa3

Outlook Actions:

Outlook, Changed To Positive From Negative

Issuer: Casper MidCo SAS

Affirmations:

LT Corporate Family Rating, Affirmed Caa1

Probability of Default Rating, Affirmed Caa1-PD

Outlook Actions:

Outlook, Changed To Positive From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

Based in Paris, France, B&B Hotel Group is a limited-service hotel
chain with 595 hotels in 13 European countries and Brazil as of
December 2021. B&B focuses on the "econo-chic" concept – the more
upscale part of the budget segment. The company follows an
asset-light business strategy leasing almost all its hotels. In
2021 B&B generated EUR491.4 million in revenues, 22% below 2019
revenues of EUR632 million.

ESG

B&B is owned by Goldman Sachs Merchant Banking Division. As a
result, Moody's expect B&B's financial policy to favour
shareholders over creditors, evidenced by the company's high debt
burden and the continued aggressive debt-fueled growth. The
coronavirus pandemic constitutes a social risk under Moody's ESG
framework, given the substantial implications for public health and
safety.




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G E R M A N Y
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NIDDA BONDCO: Fitch Alters Outlook on 'B' LT IDR to Negative
------------------------------------------------------------
Fitch Ratings has revised Nidda Bondco GmbH's (Nidda) Outlook to
Negative from Stable, while affirming the healthcare group's
Long-Term Issuer Default Rating (IDR) at 'B'. Nidda is the SPV for
Germany-based pharmaceutical company Stada.

The revision of the Outlook to Negative reflects the prospect of
permanently increased total debt/EBITDA (above 8.5x), due to the
western sanctions and Russian counter-sanctions affecting around
15% of Nidda's sales as estimated by Fitch. The high leverage and
low prospect of deleveraging given the sponsor's aggressive
financial policy increase broader refinancing risks ahead of
upcoming debt maturities in 2023-2025.

The 'B' IDR continues to reflect Stada's robust business profile
with sizeable and well-diversified operations by product and
region, expressed in healthy operating and cash flow margins, which
together with potential EBITDA accretion from further bolt-on M&A
should help partly mitigate the Russian/Ukraine war impact.

KEY RATING DRIVERS

High Leverage Until 2024: The Negative Outlook is driven by the
prospect of permanently increased financial leverage after the
introduction of western sanctions on Russia and Nidda's meaningful
exposure to this geography, which Fitch estimates at 15% of sales.
Given Nidda's already fully exhausted leverage headroom under the
'B' IDR, a contraction of Russian-generated earnings will increase
Nidda's financial risk to 9.0x total debt/EBITDA (10.0x on funds
from operations (FFO) basis) until 2024 when its senior secured
notes of EUR1.9 billion fall due.

Financial Policy Critical: The Negative Outlook is also supported
by Fitch's assessment of the sponsor's aggressive financial policy,
which until now had prioritised debt-funded expansion over
deleveraging. Despite Nidda's healthy free cash flows (FCF)
estimated on average at EUR200 million a year with at least
mid-single-digit FCF margins, deleveraging by way of debt
prepayment is unlikely, in Fitch's view.

Refinancing Risks Amid High Leverage: Nidda's aggressive leverage
with total debt/EBITDA estimated at 8.5x (9.5x on FFO basis) in
2023, assuming that Nidda will not have full recourse to its
Russian cash flows, increases the risks of tighter refinancing
terms. This concerns not only its next upcoming maturity of the
senior secured notes of EUR1.9 billion due in September 2024, but
also of the rest of the senior secured and senior debt due in 2025,
as Fitch would expect the refinancing of all debt instruments
amounting to EUR6.4 billion (including an EUR400 million revolving
credit facility (RCF)) to take place simultaneously.

Self-Sufficient Russian Operations: Fitch does not expect Nidda's
exposure to Russia to have a contagion effect on the rest of its
operations. This is because of its profitable local operations
solely for the local market, funded by local-currency loans and
with limited exposure to imported substances. However, the rapidly
shrinking disposable income of the Russian population, together
with drug costs not being reimbursed by compulsory medical
insurance, will severally undermine Nidda's earnings and cash flows
generated in Russia. The Russian counter-sanctions also constrain
the transferability of cash and profits outside Russia, which Fitch
conservatively treats as ring-fenced and not accessible to Nidda at
present.

Healthy Operations Outside Russia: The IDR remains well placed at
'B', supported by Nidda's healthy sizeable operations outside
Russia with a well-diversified product portfolio and pan-European
footprint. This is evident in EBITDA margins estimated at 20%-21%,
which are appropriate for the sector, in combination with healthy
FCF margins of mid- to high-single digits, and adequate interest
cover at nearly 3.0x EBITDA.

Acquisitive Strategy to Continue: Fitch expects Nidda will continue
making opportunistic bolt-on acquisitions, all of which will likely
be entirely debt-funded. The European pharmaceutical market
continues to offer scope for consolidation as large pharma
companies streamline their product portfolios. The risk profile of
target assets, acquisition economics and execution, as well as
financial discipline pose credit risks. Acquisition of
margin-dilutive or complex assets could also weigh on the near-term
operating margin trajectory.

Positive Market Fundamentals: Fitch expects the positive
fundamentals for the European generics market to continue as
governments and healthcare providers seek to optimise rising
healthcare cost stemming from growing ageing populations,
increasing prevalence of chronic diseases, and expensive new
innovative treatments coming to market and affecting budgets. Fitch
sees continued structural growth opportunities, given limited
overall generic penetration in Europe versus the US and the
increasing introduction of biosimilars.

DERIVATION SUMMARY

Fitch rates Nidda using its Global Rating Navigator Framework for
Pharmaceutical Companies. Under this framework, Nidda's generic and
consumer business benefits from diversification by product and
geography, with a balanced exposure to mature, developed and
emerging markets.

Nidda's business risk profile is affected by a smaller global
footprint than more global industry participants, such as Teva
Pharmaceutical Industries Limited (BB-/Stable) and Mylan N.V.
(BBB/Stable), and diversified companies, such as Novartis AG
(AA-/Stable) and Pfizer Inc. (A/Stable). High financial leverage is
a key rating constraint, compared with international peers', and is
reflected in the 'B' rating with a Negative Outlook.

Nidda ranks ahead of other highly speculative sector peers such as
Care Bidco (B/Stable), and IWH UK Finco Limited (B/Stable), in size
and product diversity. Nidda's business is mainly concentrated in
Europe, but it also has a growing presence in developed and
emerging markets. This gives Nidda a business risk profile that is
consistent with a higher rating. However, its high financial risk,
with FFO gross leverage projected to remain above 9.0x until 2024,
is more in line with a weak 'B-' rating, being offset by strong FCF
generation.

The rating difference between Nidda and higher-rated peers
CHEPLAPHARM Arzneimittel GmbH (B+/Stable) and Pharmanovia Bidco
Limited (B+/Stable) reflects their less aggressive leverage,
despite smaller business scales and higher product concentration.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Sales growth excluding Russia and Ukraine at 10% until 2024,
    due to volume-driven growth of legacy product portfolio, new
    product launches, acquisition of intellectual property rights
    and business additions;

-- Fitch-defined EBITDA margin at 21% until 2024, underpinned by
    a normalisation in trading operations combined with further
    cost improvements and synergies realised from the latest
    acquisitions; EBITDA from Russia and Ukraine excluded from the
    rating case given Nidda's inability to upstream profits and
    cash from Russia and disrupted operations in Ukraine;

-- Capex at 2.5% of sales a year to 2024;

-- M&A estimated at EUR200 million-EUR500 million a year to 2024,
    to be primarily funded from internally generated funds and
    supported by the EUR400 million RCF;

-- M&A at 10x enterprise value (EV)/EBITDA with a 20% EBITDA
    contribution;

-- Stada's legacy debt (mainly EUR267 million due in 2022) and
    senior secured notes (EUR1.9 billion due in 2024) refinanced.

KEY RECOVERY ASSUMPTIONS

Nidda would be considered a going-concern (GC) in bankruptcy and be
reorganised rather than liquidated.

Fitch estimates a post-restructuring EBITDA of around EUR500
million, which would allow Nidda to remain a GC after distress and
assuming implementation of some corrective actions. Fitch's
estimate of GC EBITDA includes full-year contribution from recently
completed M&As but excludes contributions from Russia and Ukraine
at present.

Fitch continues to apply a distressed EV/EBITDA multiple of 7.0x,
which reflects Stada's size, product breadth and cash-generative
operations.

Fitch assumes Stada's senior unsecured legacy debt (at the
operating company level), which is structurally the most senior,
ranks pari passu with its senior secured acquisition debt,
including term loans and senior secured notes. This view is based
on Fitch's principal waterfall analysis and assuming the EUR400
million RCF is fully drawn in the event of default. Senior notes at
Nidda rank below senior secured acquisition debt.

Our principal waterfall analysis, after deducting 10% for
administrative claims, generates a ranked recovery for the senior
secured debt of 53% in the 'RR3' category, leading to a 'B+'
rating, one notch above the IDR. Recoveries envisaged for Nidda's
senior unsecured notes remain at 0%, in the 'RR6' band, providing a
'CCC+' instrument rating, two notches below the IDR.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Sustained Fitch-defined EBITDA margin in excess of 25% and FCF
    margin consistently above 5%;

-- Reduction in total debt/EBITDA to below 6.0x (FFO gross
    leverage below 7.0x) on a sustained basis;

-- Maintenance of EBITDA-to-interest cover above 3.0x (FFO
    interest coverage close to 3.0x).

Factors that could, individually or collectively, lead to a
revision of Outlook to Stable:

-- Restoration of total debt/EBITDA to below 7.5x (8.5x on FFO
    leverage basis) by end-2023 in combination with;

-- Stable EBITDA margins of above 18% and mid-single digit FCF
    margins;

-- Progress on refinancing upcoming major debt maturities at
    prevailing market rates;

-- EBITDA-to-interest cover at least 2.5x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Persisting operating weakness, with EBITDA margins declining
    to below 18%;

-- Diminished prospects of total debt/EBITDA declining to below
    7.5x by 2023 (FFO gross leverage below 8.5x);

-- M&A shifting towards higher-risk or lower-quality assets or
    weak integration resulting in pressure on profitability and
    weak FCF margins;

-- Lack of progress towards refinancing, or refinancing at
    materially more onerous terms than envisaged;

-- EBITDA-to-interest cover weakening towards 2.0x (FFO interest
    coverage below 2.0x).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Nidda closed 2021 with on-balance sheet cash
of around EUR500 million (excluding Fitch-defined restricted cash)
and Fitch projects comfortable cash in excess of EUR200 million
until end-2024, underpinned by healthy mid-to-high single-digit FCF
margins. To calculate freely available liquidity, Fitch has
restricted a total of EUR134 million including the cash held in
Russia and China, and a minimum operating cash requirement of
EUR100 million.

Diversified Debt Profile: Nidda benefits from a well-diversified
debt sources and maturity profile with its senior secured loans and
bonds and senior notes coming due in 2024-2025, whose timely and
cost-efficient refinancing will be critical to the ratings.

ISSUER PROFILE

Nidda is an SPV indirectly owning the Germany-based pharmaceutical
company Stada, a manufacturer and distributor of generic and
branded consumer healthcare products.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




=============
I R E L A N D
=============

OCP EURO 2022-5: Moody's Assigns B3 Rating to EUR11.7MM F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the notes issued by OCP Euro CLO
2022-5 Designated Activity Company (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR32,500,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR7,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A2 (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR19,300,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

EUR11,700,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six month ramp-up period in compliance with the
portfolio guidelines.

Onex Credit Partners, LLC will manage the CLO with Onex Credit
Partners Europe LLP acting as sub manager (together 'Onex'). It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
4.6-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR32,500,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes performance is subject to uncertainty. The notes
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR400,000,000

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3095

Weighted Average Spread (WAS): 3.97%

Weighted Average Coupon (WAC): 4.5%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life (WAL): 7.5 years

OCP EURO 2022-5: S&P Assigns B- Rating on Class F Notes
-------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class A to F
European cash flow CLO notes issued by OCP Euro CLO 2022-5 DAC. At
closing, the issuer also issued unrated subordinated notes.  

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The portfolio's reinvestment period will end approximately 4.5
years after closing, and the portfolio's weighted-average life test
will be approximately 8.5 years after closing.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is is bankruptcy
remote.

-- The transaction's counterparty risks, which S&P is in line with
its counterparty rating framework.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,920.24
  Default rate dispersion                                393.21
  Weighted-average life (years)                            5.00
  Obligor diversity measure                              133.62
  Industry diversity measure                              21.71
  Regional diversity measure                               1.31

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                            400.00
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             150
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                           0.5
  'AAA' weighted-average recovery (%)                     35.41
  Covenanted weighted-average spread (%)                   3.97

S&P said, "We understand that at closing, the portfolio is granular
in nature, and well-diversified across obligors, industries, and
asset characteristics when compared to other CLO transactions we
have rated recently. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.97%), the
reference weighted-average coupon (4.50%), and the actual
weighted-average recovery rate calculated line with our CLO
criteria. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category. Our
credit and cash flow analysis indicates that the available credit
enhancement for the class B to E could withstand stresses
commensurate with higher ratings than those we have assigned.
However, as the CLO will be in its reinvestment phase starting from
closing, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes.

"Under our structured finance ratings above the sovereign criteria,
we consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned rating levels."

Until the end of the reinvestment period on Oct. 20, 2026, the
collateral manager is allowed to substitute assets in the portfolio
for so long as our CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager can, through trading, deteriorate
the transaction's current risk profile, as long as the initial
ratings are maintained.

S&P said, "At closing, the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its exposure
to counterparty risk under our current counterparty criteria.

The transaction's legal structure is bankruptcy remote, in line
with our legal criteria (see "Asset Isolation And Special-Purpose
Entity Methodology," published on March 29, 2017).

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. Accordingly, since there are no
material differences compared to our ESG benchmark for the sector,
no specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

  Ratings List

  CLASS    RATING     AMOUNT      SUB (%)    INTEREST RATE*
                    (MIL. EUR)
  A        AAA (sf)    248.00     38.00    Three/six-month EURIBOR

                                           plus 0.92%

  B-1      AA (sf)      32.50     28.00    Three/six-month EURIBOR

                                           plus 1.75%

  B-2      AA (sf)       7.50     28.00    2.20%

  C        A (sf)       28.00     21.00    Three/six-month EURIBOR

                                           plus 2.35%

  D        BBB- (sf)    26.00     14.50    Three/six-month EURIBOR

                                           plus 3.35%

  E        BB- (sf)     19.30      9.68    Three/six-month EURIBOR

                                           plus 6.47%

  F        B- (sf)      11.70      6.75    Three/six-month EURIBOR

                                           plus 8.89%

  Sub notes   NR        32.50       N/A    N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

NR--Not rated.
N/A--Not applicable.


OTRANTO PARK: Fitch Gives Final B-(EXP) Rating to Class F Debt
--------------------------------------------------------------
Fitch Ratings has assigned Otranto Park CLO DAC expected ratings,
as detailed below. The assignment of final ratings is contingent on
the final documents conforming to information already received.

DEBT            RATING
----            ------
Otranto Park CLO DAC

A    LT AAA(EXP)sf   Expected Rating
B    LT AA(EXP)sf    Expected Rating
C    LT A(EXP)sf     Expected Rating
D    LT BBB-(EXP)sf  Expected Rating
E    LT BB-(EXP)sf   Expected Rating
F    LT B-(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Otranto Park CLO DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to fund a portfolio with a target par of EUR440
million. The portfolio will be actively managed by Blackstone
Ireland Limited. The collateralised loan obligation (CLO) has a
4.6-year reinvestment period and an 8.5-year weighted average life
(WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.27.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
62.09%.

Diversified Portfolio (Positive): The indicative maximum exposure
of the 10 largest obligors for assigning the expected ratings is
20% of the portfolio balance and fixed-rate obligations are limited
to 10% of the portfolio. The transaction also includes various
concentration limits, including the maximum exposure to the
three-largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction
stress portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for structural and reinvestment conditions
post-reinvestment period, including the overcollateralisation tests
and Fitch 'CCC' limitation passing post reinvestment, among others.
This ultimately reduces the maximum possible risk horizon of the
portfolio when combined with loan pre-payment expectations.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- A 25% increase of the mean default rate (RDR) across all
    ratings and a 25% decrease of the recovery rate (RRR) across
    all ratings would result in downgrades of up to four notches
    across the structure.

-- Downgrades may occur if the build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    larger loss expectation than initially assumed due to
    unexpectedly high levels of defaults and portfolio
    deterioration.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- A 25% reduction of the mean RDR across all ratings and a 25%
    increase in the RRR across all ratings would result in
    upgrades of no more than two notches across the structure,
    apart from the class A notes, which are already at the highest
    rating on Fitch's scale and cannot be upgraded.

-- After the end of the reinvestment period, upgrades may occur
    on better-than-expected portfolio credit quality and deal
    performance, leading to higher credit enhancement and excess
    spread available to cover losses in the remaining portfolio.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

DATA ADEQUACY

Otranto Park CLO DAC

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


SCULPTOR EUROPEAN IX: Fitch Assigns B- Rating to Class F Debt
-------------------------------------------------------------
Fitch Ratings has assigned Sculptor European CLO IX DAC ratings.

     DEBT                  RATING              PRIOR
     ----                  ------              -----
Sculptor European CLO IX DAC

A XS2437461671       LT AAAsf   New Rating    AAA(EXP)sf
B-1 XS2437461838     LT AAsf    New Rating    AA(EXP)sf
B-2 XS2437462059     LT AAsf    New Rating    AA(EXP)sf
C XS2437462216       LT Asf     New Rating    A(EXP)sf
D XS2437462489       LT BBB-sf  New Rating    BBB-(EXP)sf
E XS2437462646       LT BB-sf   New Rating    BB-(EXP)sf
F XS2437462992       LT B-sf    New Rating    B-(EXP)sf
Z XS2443482976       LT NRsf    New Rating    NR(EXP)sf
Subordinated Notes   LT NRsf    New Rating    NR(EXP)sf
XS2437463297

TRANSACTION SUMMARY

Sculptor European CLO IX DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of corporate
rescue loans, senior unsecured, mezzanine, second-lien loans and
high-yield bonds. Net proceeds from the note issuance are used to
fund a portfolio with a target par of EUR400 million. The portfolio
is actively managed by Sculptor Europe Loan Management Limited. The
collateralised loan obligation (CLO) has a 4.6-year reinvestment
period and 8.5-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 24.7.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 63.5%.

Diversified Portfolio (Positive): The closing matrix and forward
matrix, the latter of which is set one year after closing, are
based on a 10-largest obligor limit of 22.5% of the portfolio
balance and a fixed-rate asset limit of 10%. The manager can elect
the forward matrix at any time one year after closing if the
aggregate collateral balance is at least above the target par.

The transaction also includes various concentration limits,
including a maximum exposure to the three- largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Reduced Risk Horizon (Positive): Fitch's analysis of the matrices
is based on a stressed portfolio with a 8.5-year WAL. Under the
agency's CLOs and Corporate CDOs Rating Criteria, the WAL used for
the transaction's stressed portfolio was 12 months less than the
WAL covenant to account for structural and reinvestment conditions
after the reinvestment period, including the over-collateralisation
and Fitch 'CCC' limitation tests, together with a progressively
decreasing WAL covenant. Combined with loan pre-payment
expectations, this ultimately reduces the maximum possible risk
horizon of the portfolio.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- A reduction of the rating default rate (RDR) at all rating
    levels by 25% of the mean RDR and a 25% increase of the
    recovery rate at all rating levels, would lead to upgrade sof
    up to two notches for the rated notes, except the class A
    notes, which are already the highest rating on Fitch's scale
    and cannot be upgraded.

-- After the end of the reinvestment period, upgrades may occur
    in case of a better-than-initially expected portfolio credit
    quality and deal performance, leading to higher credit
    enhancement and excess spread available to cover losses in the
    remaining portfolio.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a 25% decrease of the recovery rate at all rating
    levels would lead to downgrades of up to two notches for the
    rated notes.

-- Downgrades may occur if the build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    larger loss expectation than initially assumed, due to
    unexpectedly high levels of defaults and portfolio
    deterioration.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


SCULPTOR EUROPEAN IX: Moody's Assigns B3 Rating to EUR12MM F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the notes issued by Sculptor
European CLO IX DAC (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR27,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR13,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR21,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe.

The effective date determination requirements of this transaction
are weaker than those for other European CLOs because (i) full par
value is given to defaulted obligations when assessing if the
transaction has reached the expected target par amount and (ii)
satisfaction of the Caa concentration limit is not required as of
the effective date. Moody's believes that the proposed treatment of
defaulted obligations can introduce additional credit risk to
noteholders since the potential par loss stemming from recoveries
being lower than a defaulted obligation's par amount will not be
taken into account. Moody's also believes that the absence of any
requirement to satisfy the Caa concentration limit as of the
effective date could give rise to a more barbelled portfolio rating
distribution. However, Moody's concedes that satisfaction of (i)
the other concentration limits, (ii) each of the coverage test and
(iii) each of the collateral quality test can mitigate such
barbelling risk. As a result of introducing relatively weaker
effective date determination requirements, the CLO notes'
outstanding ratings could be negatively affected around the
effective date, despite satisfaction of the transaction's effective
date determination requirements.

Sculptor Europe Loan Management Limited ("Sculptor") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
4.6-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer issued a EUR8,000,000 of Class Z Notes and EUR34,600,000 of
Subordinated Notes which are not rated. The Class Z Notes accrue
interest in an amount equivalent to a typical subordinated
management fee.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021. Moody's
used the following base-case modeling assumptions:

Par Amount: EUR400,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 7.5 years



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P O R T U G A L
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GAIA FINANCE: Moody's Ups Rating on EUR7.6MM Class B Notes From Ca
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating of the Class B
notes in GAIA FINANCE. The rating action reflects better than
expected collateral performance which translates into an increased
credit enhancement for the affected notes.

EUR7.6 million Class B Notes, Upgraded to Baa1 (sf); previously on
Oct 11, 2019 Definitive Rating Assigned Ca (sf)

Maximum achievable rating is Aa2 (sf) for structured finance
transactions in Portugal, driven by the corresponding local
currency country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by better than expected collateral
performance which translates into an increased credit enhancement
for the affected notes.

Better than expected collateral performance

Although the GAIA transaction is underperforming its original
business plan, Moody's expectations at closing of the transaction
were lower than the original business plan and the transaction is
performing above Moody's initial expectations. Cumulative
Collection Ratio (computed as the ratio between actual collections
net of Recovery Expenses and collections net of Recovery Expenses
expected in the servicer's original projections (“business
plan”)) stands at 91% as of the end of the last collection
period.

The servicer has updated its original projections with a reduction
from the original business plan, larger than the reductions
observed for other Portuguese NPL transactions but mild compared to
some Italian NPL transactions.

The pace of collections went down in 2021 compared to 2020 but
Gross collections up to October 2021 as a percentage of the
original Gross Book Value ("GBV") stood at around 25% and NPV
Cumulative Profitability Ratio (which compares the sum of the net
present values of gross collections net of Recovery Expenses
received for Exhausted Debt Relationships compared to the expected
in the original business plan) remains at healthy levels of
109.5%.

In terms of underlying portfolio, the reported GBV stood at
EUR142.94 million as of October 2021 down from EUR234.29 million at
closing.

NPL transactions' cash flows depend on the timing and amount of
collections. Due to the current economic environment, Moody's has
considered additional stresses in its analysis, including a 6
-month delay in the recovery timing.

Increase in Available Credit Enhancement

The recovery process of the defaulted loans has so far produced
higher cash flows in a shorter period of time than Moody’s
expected, resulting in the advance rate for the Class B notes, i.e.
the ratio between Class B notes' balance and the outstanding GBV at
cut-off date for positions still being worked on by the servicer,
reducing to 5.28% after last payment date down from 23.52% at
closing. A lower advance rate translates into higher protection
against credit losses for the notes. Comparing the servicer's
expected collections net of Recovery Expenses and fees from
November 2021 onwards to the balance of the Class B Notes, the
ratio exceeds 3x. Net collections are applied according to the
transaction's priority of payments with costs and interests ranking
senior to the Class B notes, but this is a strong coverage compared
to other transactions.

Counterparty Exposure

The rating action took into consideration the Notes' exposure to
relevant counterparties, such as servicer, or account banks.

Moody's considered the transaction’s arrangements to support
continuity of note payments in case of servicer default. The
ratings of the Class B notes are constrained by operational risk.
The lack of liquidity (there is no longer a Cash Reserve after the
repayment of the Class A notes) and the lack of a back-up servicer
or a back-up facilitator means that continuity of note payments
could be affected in case of servicer disruption.

The principal methodology used in this rating was "Non-Performing
and Re-Performing Loan Securitizations Methodology" published in
April 2020.

Factors that would lead to an upgrade or downgrade of the rating:

Factors or circumstances that could lead to an upgrade of the
rating include: (i) the recovery process of the non-performing
loans producing significantly higher cash-flows in a shorter time
frame than expected; (ii) improvements in the credit quality of the
transaction counterparties; and (iii) a decrease in sovereign
risk.

Factors or circumstances that could lead to a downgrade of the
rating include: (i) significantly lower or slower cash-flows
generated from the recovery process on the non-performing loans;
(ii) deterioration in the credit quality of the transaction
counterparties; and (iii) increase in sovereign risk.



===========
R U S S I A
===========

AHML 2014-2: Moody's Cuts Rating on Class A3 Notes to Caa2
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three notes
in Closed Joint Stock Company Mortgage Agent of AHML 2013-1, Closed
Joint Stock Company Mortgage agent of AHML 2014-1 and Closed Joint
Stock Company Mortgage Agent of AHML 2014-2, and placed the ratings
on review for further downgrade. The rating actions are prompted by
the lowering of Russia's local-currency country ceiling to Caa2
from B2 and the high uncertainty relating to continuity of note
payments in case of operational disruption.

The rating action follows the downgrade of the Government of
Russia's ratings to Ca with negative outlook from B3 on March 6,
2022.

Issuer: Closed Joint Stock Company Mortgage Agent of AHML 2013-1

RUB4978M Class A2 Notes, Downgraded to Caa2 (sf) and Remains On
Review for Possible Downgrade; previously on Mar 4, 2022 Downgraded
to B2 (sf) and Placed On Review for Possible Downgrade

Issuer: Closed Joint Stock Company Mortgage agent of AHML 2014-1

RUB6323M Class A3 Notes, Downgraded to Caa2 (sf) and Remains On
Review for Possible Downgrade; previously on Mar 4, 2022 Downgraded
to B2 (sf) and Placed On Review for Possible Downgrade

Issuer: Closed Joint Stock Company Mortgage Agent of AHML 2014-2

RUB6459M Class A3 Notes, Downgraded to Caa2 (sf) and Remains On
Review for Possible Downgrade; previously on Mar 4, 2022 Downgraded
to B2 (sf) and Placed On Review for Possible Downgrade

RATINGS RATIONALE

The rating action is prompted by the lowering of Russia's
local-currency country ceiling to Caa2 from B2 and the high
uncertainty relating to continuity of note payments in case of
operational disruption.

Increased Country Risk

The government of Russia's long-term issuer (local- and
foreign-currency) and senior unsecured (local- and
foreign-currency) debt ratings were downgraded to Ca with a
negative outlook on March 6, 2022. Concurrently, Moody's lowered
Russia's local- currency country ceiling to Caa2 from B2. The
two-notch gap between the local-currency ceiling and the sovereign
ratings at Ca reflects the elevated unpredictability of the
government's actions and high political risk following the invasion
of Ukraine that could affect all Russian issuers.

As a result, the maximum rating that Moody's can assign to a
domestic Russian issuer under its methodologies, including
structured finance transactions backed by Russian receivables, is
Caa2 (sf).

Other Factors:

Moody's notes the high uncertainty relating to continuity of note
payments, in case of operational disruption affecting key
transaction counterparties. During the review period Moody's will
reassess the exposure of the transactions to the various
counterparties.

The performance of the transactions has been stable since the last
review in December 2021. However there remains significant
uncertainty around the future performance of mortgage loans in the
transactions due to the negative financial impact on the borrowers
following the imposition of sanctions. During the review period
Moody's will reassess the impact on expected loss as well as MILAN
CE assumptions in consideration of uncertainties posed by the
current macroeconomic environment.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
February 2022.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


RCB BANK: Moody's Puts B1 Deposit Ratings on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed all of RCB Bank Ltd.'s
long-term ratings on review for downgrade, including its long-term
deposit ratings of B1. As part of the same rating action Moody's
has downgraded the bank's Baseline Credit Assessment (BCA) and
Adjusted BCA to b3 from b2, the long-term Counterparty Risk (CR)
Assessment to Ba3(cr) from Ba2(cr), and the long-term Counterparty
Risk Ratings (CRR) to Ba3 from Ba2. All of these ratings are on
review for downgrade.

RATINGS RATIONALE

RCB Bank's B1 deposit ratings now reflect (1) the lower BCA of b3,
which has been mitigated by (2) a higher uplift from Moody's
advanced Loss Given Failure (LGF) analysis as a result of the
bank's evolving liability structure. This captures the bank's
proactive steps to strengthen its loss absorption capacity
recently, with the issuance of loss-absorbing debt to meet its
Minimum Requirements for Eligible Loss Absorbing (MREL) debt, which
has strengthened the protection afforded to depositors. RCB Bank is
now already in line with its 2025 MREL target.

RATIONALE FOR DOWNGRADES

RCB Bank's lower BCA and Adjusted BCA of b3, down from b2, capture
the weakening operating conditions in Russia. Specifically, Moody's
expects a higher credit risk associated with RCB Bank's Russian
corporate exposures, which may weigh on asset quality going
forward. As per the European Central Bank's EU wide transparency
exercise, out of RCB Bank's $1.9 billion credit and counterparty
credit risk exposures as of June 2021, around 13% were to the
Russian federation. Moody's estimates that the proportion increases
significantly including companies domiciled outside of Russia, but
with Russian business links and interests, although these companies
are likely to be large, with operations and banking relationship in
a number of other countries outside of Russia.

Moody's has captured the weakening operating conditions in Russia
by lowering Russia's Macro Profile score by four notches to Very
Weak from Weak+. The scope and severity of the sanctions imposed on
Russia to date and the unpredictable retaliatory actions taken by
authorities, has caused a significant confidence shock, which will
likely result in a prolonged disruption to the Russian economy and
financial sector. Moody's assessment of RCB Bank's own Macro
Profile score captures the weighting of its loans according to
their domicile, and has also been lowered by one-notch to
“Weak”.

The current BCA and Adjusted BCA also acknowledge the bank's
efforts to reduce its direct exposures to the Russian-government
owned and recently sanctioned Bank VTB, PJSC (Bank VTB), which
mitigates any potential direct reputational damage from sanctions.
In 2014, Bank VTB's ownership in RCB Bank declined to 46.29% from
60.0% previously, and its volume of joint business has
significantly declined in the past few years, to zero lately. On
February 24, 2022 Bank VTB transferred its remaining minority stake
in the bank to RCB Bank's management team, although this is still
subject to receiving the consent of the Regulators.

Given the severing of joint business with Bank VTB, however,
Moody's expect lower profitability in the next 12-18 months, until
the bank manages to cut costs and it delivers on its strategic
expansion. RCB Bank's 2020-23 strategy has been envisioning an
expansion of its domestic Cypriot operations, loans and deposits.
Although RCB Bank has been growing its domestic business, it still
remains relatively small.

The long-term CR Assessment and CRRs continue to be positioned
three notches above the BCA, with the long-term CR Assessment
downgraded to Ba3(cr), from Ba2(cr) previously, and the long-term
CRRs to Ba3, from Ba2 previously, due to the lower BCA.

RATIONALE FOR REVIEW FOR DOWNGRADE

The review for downgrade on the bank's B1 long-term deposit
ratings, Ba3(cr) long-term CR Assessment, Ba3 long-term CRRs and b3
BCA and Adjusted BCA, will consider the extent to which RCB Bank's
asset quality will weaken beyond current expectations, given the
uncertainty regarding the extent to which the weakened Russian
operating environment will weaken RCB Bank's corporate clients'
repayment capacity, and how this will in turn impact RCB Bank's
overall solvency profile. In addition, the potential for increased
scope and severity of co-ordinated sanctions by Western countries
and the unpredictable retaliatory actions by authorities, could
also impact the ability of Russian affiliated corporates to execute
cross-border transactions, even if their capacity to do so does not
weaken.

The review for downgrade will also examine the potential impact of
recent developments on RCB Bank's profitability, and overall
franchise potential and development, and any indirect reputational
damage on its funding and liquidity profile.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the review for downgrade on RCB Bank's ratings, there is
currently limited upside pressure on the ratings in the next 12-18
months.

The ratings may be downgraded if Moody's suspects that there could
be a more severe asset quality and profitability weakening, than
currently anticipated, eroding the bank's capital, or if Moody's
considers there to be an increased risk of any indirect
reputational damage on its funding and liquidity profile.

Any further ratcheting up of the sanctions imposed on Russia to
include the exports of commodities or further disruptions to
repayments, including the possibility of a further tightening of
restrictions on foreign-currency transactions, could also lead to a
downgrade in RCB Bank's ratings.

LIST OF AFFECTED RATINGS

Issuer: RCB Bank Ltd.

Downgraded and placed on Review for further Downgrade:

Adjusted Baseline Credit Assessment, Downgraded to b3 from b2

Baseline Credit Assessment, Downgraded to b3 from b2

Long-term Counterparty Risk Assessment, Downgraded to Ba3(cr) from
Ba2(cr)

Long-term Counterparty Risk Ratings, Downgraded to Ba3 from Ba2

Placed on Review for Downgrade:

Long-term Bank Deposit Ratings, currently B1, Outlook Changed To
Ratings Under Review From Positive

Affirmations:

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook, Changed To Ratings Under Review From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.


SAFMAR FINANCIAL: S&P Lowers ICR to 'CCC-/C', On Watch Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long- and short-term issuer credit
ratings on Safmar Financial Investments PJSC (SFI) to 'CCC-/C', the
same level as the foreign currency rating and the transfer and
convertibility assessment on Russia, from 'BB-/B' and placed them
on CreditWatch with negative implications.

The downgrade of SFI follows the lowering of S&P's Russia foreign
currency sovereign credit ratings to 'CCC-/C' from 'BB+/B' and
local currency ratings to 'CCC-/C' from 'BBB-/A-3'; all sovereign
ratings remain on CreditWatch negative.

S&P also revised down its transfer and convertibility assessment on
Russia to 'CCC-' from 'BBB-'.

On March 3, 2022, S&P Global Ratings lowered its foreign and local
currency sovereign credit ratings on Russia to 'CCC-/C' from
'BB+/B' and 'BBB-/A-3', respectively, and revised down its transfer
and convertibility assessment to 'CCC-' from 'BBB-'.

The ratings remain on CreditWatch with negative implications, where
S&P placed them on Feb. 25, 2022.

The downgrade follows the imposition of measures that S&P believes
will likely substantially increase the risk of financial
institutions' default.

To mitigate high exchange rate and financial market volatility, and
to preserve remaining foreign currency buffers, Russia's
authorities have -- among other steps -- introduced capital-control
measures that we understand could constrain financial institutions
from honoring their obligations in full and on time. More severe
Group of Seven government sanctions and other restrictions were
imposed on Russia in response to its accelerated military actions
in Ukraine.

CreditWatch

S&P said, "The CreditWatch negative indicates that we could lower
the ratings further over the next few weeks. We expect to resolve
the CreditWatch placement once we have more clarity on the
technical ability and/or willingness of financial institutions to
honor their obligations in full and on time."


STRUCTURED INVESTMENTS 1: S&P Cuts Repack Notes Rating to 'CCC-p'
-----------------------------------------------------------------
S&P Global Ratings lowered to 'CCC-p' from 'BB+p' and kept on
CreditWatch negative its credit rating on Special Purpose Company
"Structured Investments 1" LLC's repack notes. S&P placed the
rating on CreditWatch negative on March 3, 2022.

The rating action also follows its March 7, 2022, rating action on
Alfa-Bank JSC and its March 3, 2022, rating action on Russia's
RUB150 billion fixed-rate note.

Under S&P's "Global Methodology For Rating Repackaged Securities"
criteria, S&P weak-links its rating on Special Purpose Company
"Structured Investments 1"'s repack notes to the lowest of:

-- S&P's rating on the RUB150 billion fixed-rate note issued by
Russia;

-- S&P's ICR on Banque Internationale à Luxembourg, as custodian;
and

-- S&P's ICR on Alfa-Bank JSC, as bank account.

S&P said, "In keeping our rating on CreditWatch negative we
considered the recent rating actions on the underlying collateral
and the bank account provider, and the uncertainty around the next
underlying collateral payment, which is due in August 2022. This
may be disrupted, given the current international payment
sanctions.

"S&P Global Ratings acknowledges a high degree of uncertainty about
the extent, outcome, and consequences of Russia's military conflict
in Ukraine. Irrespective of the duration of military hostilities,
sanctions and related political risks are likely to remain in place
for some time. Potential effects could include dislocated
commodities markets -- notably for oil and gas -- supply chain
disruptions, inflationary pressures, weaker growth, and capital
market volatility. As the situation evolves, we will update our
assumptions and estimates accordingly."


VEON: S&P Lowers LT ICR to 'CCC+', On CreditWatch Negative
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer rating on VEON and
almost all its subsidiaries to 'CCC+', two notches above the
transfer and convertibility (T&C) assessment on Russia, and placed
the ratings on CreditWatch with negative implications.

Since VEON's subsidiary PJSC VimpelCom is a non-export Russian
company with all of its revenue coming from Russia, S&P caps its
rating on it at the level of its T&C assessment on Russia. As such,
S&P lowered its rating on Vimpel to 'CCC-', and placed it on
CreditWatch negative.

The CreditWatch placements mirror those on the sovereign and
indicate that S&P could lower the ratings further over the next few
weeks if it takes further negative rating actions on Russia.

VEON's credit quality materially deteriorated because of the
conflict between Russia and Ukraine, but the company has sufficient
liquidity to maintain operations in the next 12 months. The
downgrade of VEON reflects heightened sovereign, country, and
operational risk. The imposition of sanctions and capital controls,
limiting the flows of capital and telecom equipment, will constrain
VEON's ability to operate in both countries, particularly in
Russia. The concomitant devaluation of the Russian ruble,
particularly if prolonged, will weigh heavily on the group's
reported revenue and EBITDA. That said, VEON's sound cash and
deposit balance of about $1.5 billion located in Amsterdam will be
sufficient to cover the company's interest payment and maturing
debt in the next 12 months, preventing an imminent default of the
group.

S&P said, "VEON faces rising refinancing risks because of its large
exposure to Russia, which is under severe sanctions. We think the
scale and breadth of the sanctions posed on Russia could make it
complicated and costly for companies' with significant Russian
exposure. This could make it very difficult for VEON to refinance
maturing debt starting from the second half of 2023. Additionally,
the disruptions of VEON's operations in Russia and Ukraine, coupled
with local currency devaluation, could lead to sharp declines of
VEON's EBITDA and a potential covenant breach, although we do not
anticipate this in the next six months. We understand that Mikhail
Fridman--who (together with Petr Aven) owns less than 50% in
LetterOne, which in turn holds 47.9% directly and an 8.3% economic
interest through Stichting in VEON--is currently under EU
sanctions. However, he left LetterOne as a director of the board in
early March 2022 and as such no longer has any involvement or
economic interest with LetterOne or its investments."

CreditWatch

S&P said, "The CreditWatch negative placement indicates that we
could lower our ratings on VEON further over coming weeks. This
includes if we believe that Veon's technical ability to make timely
debt payments, irrespective of its financial capacity to pay, is
affected by sanctions or measures taken by the Russian government.
We could also lower the ratings if we were to take further negative
rating actions on Russia."

ESG credit indicators: E-2, S-2, G-3


[*] Moody's Lowers 18 Russian Sub-Sovereign Ratings to 'Ca'
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of sixteen
Russian regions and cities and two government-related issuers to Ca
with negative outlooks. All Regional and Local Governments' (RLGs)
Baseline Credit Assessments (BCAs) were also downgraded to ca. This
concludes the review for downgrade initiated on March 1, 2022.

This rating action follows the further significant weakening of
Russia's credit profile as captured by the downgrade to Ca with a
negative outlook of the sovereign rating on March 6, 2022. The
sovereign action is driven by severe concerns around Russia's
willingness and ability to pay its obligations.

The multi-notch downgrade of the sub-sovereign ratings with a
negative outlook reflects exposure to the severe increase in
systemic risk through economic, financial and institutional
linkages with the sovereign. Sub-Sovereigns' ability to meet their
debt obligations is impaired by heightened uncertainty about how
the institutional framework will be applied and whether the
disruptions in bond payments in Russia may also affect
sub-sovereign issuers. Specifically, Moody's has downgraded to Ca
with a negative outlook the ratings of the cities of Moscow and St.
Petersburg, SUE Vodokanal of St. Petersburg, OJSC Western
High-Speed Diameter, Oblast of Moscow, Republic of Bashkortostan,
Republic of Tatarstan, Khanty-Mansiysk AO, Oblast of Samara,
Republic of Chuvashia, Krai of Krasnoyarsk, Krai of Krasnodar,
Republic of Komi, Oblast of Omsk, Oblast of Nizhniy Novgorod, City
of Krasnodar, City of Omsk and City of Volgograd.

RATINGS RATIONALE

RATIONALE FOR DOWNGRADE OF REGIONAL AND LOCAL GOVERNMENTS' RATINGS

The rating downgrade of RLGs reflects the deterioration of their
credit profiles due to the economic, financial and institutional
linkages with the sovereign. RLGs are exposed to rapid and
unexpected policy changes which Moody's expects will restrict
cross-border payments and, which in turn, raise significant
concerns over the ability of the RLGs to meet their debt
commitments on time and in full.

Russian RLGs are exposed to the ongoing economic deterioration in
Russia. Many regions' economic activity is concentrated in
particular sectors, such as oil and gas, metal production,
financial activities or petrochemicals, that are directly or
indirectly affected by sanctions. Moreover, the sharp depreciation
of the ruble negatively affects purchasing power weighing on
domestic demand; while the currency's instability is already
causing disruptions in trade and production. In turn, a marked
contraction in economic activity will undermine key local
taxpayers' ability to generate revenue and pay taxes, directly
affecting RLGs' tax collection. In addition, the sanctions on
high-technology imports will likely impair the medium-to long-term
growth and diversification potential of some regions. Expenses will
also rise due to higher inflation, exerting additional pressure on
budgets.

Furthermore, turbulence on local financial markets is driving
higher borrowing costs for the RLGs and worsening their access to
market funding. At end-2021, local market funding accounted for 44%
of total direct debt of all Russian regions, with the remaining 56%
comprised of budget loans from the central government. As a result,
the currently robust liquidity buffers of many RLGs may erode to
avoid contracting new debt at much higher costs.

At the same time, lower lending appetite from the Russian banking
system may limit funding availability, especially for the weaker
RLGs. Disruptions to sovereign debt repayments especially in the
local currency obligations would lead to severe market dislocation
and reduced access to funding for RLGs.

Finally, while Moody's expects federal government support will be
forthcoming in the short term, weaker credit quality for the
sovereign may diminish its ability to provide ongoing support to
the local public sector via transfers (about 25% of total RLG
revenues in 2021) and cheap funding through budget loans.

RATIONALE FOR DOWNGRADE OF TWO GOVERNMENT RELATED ISSUERS' (GRIs')
RATINGS

The downgrade to Ca of issuer ratings of SUE Vodokanal of St.
Petersburg, and senior unsecured rating of OJSC Western High-Speed
Diameter with a negative outlook mirror the downgrade of the rating
of the City of St. Petersburg to Ca (negative outlook). It reflects
their status as government-related issuers that are fully owned by
the St. Petersburg government.

The downgrade of OJSC Western High-Speed Diameter's bond rating
also reflects the guarantee that the Russian government provides on
its bond principal payments. This guarantee covers overall
principal payments and principal acceleration.

RATIONALE FOR A NEGATIVE OUTLOOK

The negative outlooks reflect increasing systemic pressures and
mirror the negative outlook on the sovereign rating, which in turn
reflects the severe risks to macro-economic stability posed by the
imposition of severe and co-ordinated sanctions and the financial
ramifications from delays to sovereign debt repayments. The
negative outlook on the sovereign and sub-sovereigns' ratings also
reflect rising concerns about willingness to pay and the
unpredictability of government actions which could result in larger
losses for investors than is consistent with a Ca rating.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the negative outlook, an upgrade of the sub-sovereign ratings
are unlikely in the near term.

Over time, positive rating pressure could arise from a
strengthening of the sovereign credit profile, provided that the
RLGs' idiosyncratic risks do not increase at the same time.

Conversely, downward pressure could be exerted on the ratings if
losses to creditors in case of any sub-sovereign defaults exceed
those commensurate with the Ca range.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

ESG Credit Impact Score for the Russian RLGs is highly negative
(CIS-4). The CIS-4 reflects moderately to highly negative exposure
to environmental risks (E-3, E-4), moderately to highly negative
exposure to social risks (S-3, S-4) and highly negative governance
(G-4), with limited capacity for RLGs to mitigate these risks.

Many Russian RLGs are exposed to environmental risk through carbon
transition risk given their reliance on the hydrocarbon and
petrochemical sectors. In addition, Russian RLGs are also exposed
to water management risks, physical climate risk and waste and
pollution risk. More frequent heatwaves and more volatile winter
conditions are increasing pressure on the infrastructure and/or
agriculture sectors of many Russian RLGs.

Exposure to social risks range from S-3 for large economic centers
which benefit from positive demographics, higher labour income,
strong access to education and good health facilities to S-4 for
other regions. The majority of Russian RLGs face high social risks
from relatively low income levels which will weaken further due to
the sanctions, unfavourable demographic trends which limit
potential for growth and diversification of the local economies,
and weak access to basic services. Growing social unrest including
protests elevate exposure to health and safety risks especially in
large economic centers.

The influence of governance on Russian RLGs is highly negative (G-4
issuer profile) reflecting Moody's assessment of governance in
Russia, including weak institutions stemming from a lack of checks
and balances on the executive, giving rise to the imposition of
policies which have severe credit negative implications. The score
also reflects weaknesses in the rule of law, property rights and
control of corruption. Moody's expects poor governance at the
sovereign level to impact RLGs through higher unpredictability in
policymaking and potential reductions in government transfers which
would negatively impact RLGs' budgets and ability to deliver key
services.

The specific economic indicators, as required by UK regulation, are
not available for these entities. The following national economic
indicators are relevant to the sovereign rating, which was used as
an input to this credit rating action.

Sovereign Issuer: Russia, Government of

GDP per capita (PPP basis, US$): 28,053 (2020 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): -2.7% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 4.9% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -4% (2020 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: 2.4% (2020 Actual) (also known as
External Balance)

External debt/GDP: 31.5% (2020 Actual)

Economic resiliency: ba1

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

SUMMARY OF MINUTES FROM RATING COMMITTEE

On March 4, 2022, a rating committee was called to discuss the
rating of the Bashkortostan, Republic of; Chuvashia, Republic of;
Khanty-Mansiysk AO; Komi, Republic of; Krasnodar, City of;
Krasnodar, Krai of; Krasnoyarsk, Krai of; Moscow, City of; Moscow,
Oblast of; Nizhniy Novgorod, Oblast; OJSC Western High-Speed
Diameter; Omsk, City of; Omsk, Oblast of; SUE Vodokanal of St.
Petersburg; Samara, Oblast of; St. Petersburg, City of; Tatarstan,
Republic of; Volgograd, City of. The main points raised during the
discussion were: the systemic risk in which the issuers operate has
materially increased.

The principal methodology used in rating Moscow, City of, Nizhniy
Novgorod, Oblast, St. Petersburg, City of, Moscow, Oblast of, Komi,
Republic of, Krasnoyarsk, Krai of, Tatarstan, Republic of, Samara,
Oblast of, Bashkortostan, Republic of, Krasnodar, Krai of,
Khanty-Mansiysk AO, Chuvashia, Republic of, Omsk, Oblast of, Omsk,
City of, Volgograd, City of and Krasnodar, City of was Regional and
Local Governments published in January 2018.

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.

RATINGS AFFECTED

RATINGS DOWNGRADED:

Issuer: Bashkortostan, Republic of

Baseline Credit Assessment, Downgraded to ca from ba1

LT Issuer Rating, Downgraded to Ca from Ba1

Issuer: Chuvashia, Republic of

Baseline Credit Assessment, Downgraded to ca from ba2

LT Issuer Rating, Downgraded to Ca from Ba2

Issuer: Khanty-Mansiysk AO

Baseline Credit Assessment, Downgraded to ca from ba1

LT Issuer Rating, Downgraded to Ca from Ba1

Issuer: Komi, Republic of

Baseline Credit Assessment, Downgraded to ca from ba3

LT Issuer Rating, Downgraded to Ca from Ba3

Issuer: Krasnodar, City of

Baseline Credit Assessment, Downgraded to ca from b1

LT Issuer Rating, Downgraded to Ca from Ba3

Issuer: Krasnodar, Krai of

Baseline Credit Assessment, Downgraded to ca from ba2

LT Issuer Rating, Downgraded to Ca from Ba2

Issuer: Krasnoyarsk, Krai of

Baseline Credit Assessment, Downgraded to ca from ba2

LT Issuer Rating, Downgraded to Ca from Ba2

Issuer: Moscow, City of

Baseline Credit Assessment, Downgraded to ca from baa3

LT Issuer Rating, Downgraded to Ca from Baa3

Issuer: Moscow, Oblast of

Baseline Credit Assessment, Downgraded to ca from ba1

LT Issuer Rating, Downgraded to Ca from Ba1

Issuer: Nizhniy Novgorod, Oblast

Baseline Credit Assessment, Downgraded to ca from ba2

LT Issuer Rating, Downgraded to Ca from Ba2

Issuer: OJSC Western High-Speed Diameter

Backed Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
from Ba2

Issuer: Omsk, City of

Baseline Credit Assessment, Downgraded to ca from b2

LT Issuer Rating, Downgraded to Ca from B1

Issuer: Omsk, Oblast of

Baseline Credit Assessment, Downgraded to ca from b1

LT Issuer Rating, Downgraded to Ca from Ba3

Issuer: Samara, Oblast of

Baseline Credit Assessment, Downgraded to ca from ba1

LT Issuer Rating, Downgraded to Ca from Ba1

Senior Unsecured Regular Bond/Debenture, Downgraded to Ca from
Ba1

Issuer: St. Petersburg, City of

Baseline Credit Assessment, Downgraded to ca from baa3

LT Issuer Rating, Downgraded to Ca from Baa3

Issuer: SUE Vodokanal of St. Petersburg

LT Issuer Rating, Downgraded to Ca from Ba1

Issuer: Tatarstan, Republic of

Baseline Credit Assessment, Downgraded to ca from ba1

LT Issuer Rating, Downgraded to Ca from Ba1

Issuer: Volgograd, City of

Baseline Credit Assessment, Downgraded to ca from b2

LT Issuer Rating, Downgraded to Ca from B1

Outlook Actions:

Issuer: Bashkortostan, Republic of

Outlook, Changed To Negative From Rating Under Review

Issuer: Chuvashia, Republic of

Outlook, Changed To Negative From Rating Under Review

Issuer: Khanty-Mansiysk AO

Outlook, Changed To Negative From Rating Under Review

Issuer: Komi, Republic of

Outlook, Changed To Negative From Rating Under Review

Issuer: Krasnodar, City of

Outlook, Changed To Negative From Rating Under Review

Issuer: Krasnodar, Krai of

Outlook, Changed To Negative From Rating Under Review

Issuer: Krasnoyarsk, Krai of

Outlook, Changed To Negative From Rating Under Review

Issuer: Moscow, City of

Outlook, Changed To Negative From Rating Under Review

Issuer: Moscow, Oblast of

Outlook, Changed To Negative From Rating Under Review

Issuer: Nizhniy Novgorod, Oblast

Outlook, Changed To Negative From Rating Under Review

Issuer: OJSC Western High-Speed Diameter

Outlook, Changed To Negative From Rating Under Review

Issuer: Omsk, City of

Outlook, Changed To Negative From Rating Under Review

Issuer: Omsk, Oblast of

Outlook, Changed To Negative From Rating Under Review

Issuer: Samara, Oblast of

Outlook, Changed To Negative From Rating Under Review

Issuer: St. Petersburg, City of

Outlook, Changed To Negative From Rating Under Review

Issuer: SUE Vodokanal of St. Petersburg

Outlook, Changed To Negative From Rating Under Review

Issuer: Tatarstan, Republic of

Outlook, Changed To Negative From Rating Under Review

Issuer: Volgograd, City of

Outlook, Changed To Negative From Rating Under Review


[*] Moody's Lowers Ratings of 95 Russian Non-Financial Corporates
-----------------------------------------------------------------
Moody's Investors Service, on March 10, 2022, downgraded the
ratings of 95 Russian non-financial corporates, as well as the
Baseline Credit Assessments in the case of Government-Related
Issuers (GRIs). The rating actions follow the sovereign rating
action on the Government of Russia which took place on March 6,
2022, where Moody's downgraded the Government of Russia's long-term
issuer rating and senior unsecured ratings (local and foreign
currency) to Ca from B3. The Other Short Term (local currency)
rating remained unchanged at Not Prime (NP). Russia's local- and
foreign-currency country ceilings were lowered to Caa2 from B2 and
B3, respectively.

A list of the affected entities is available at
https://bit.ly/3w03Rnh

The downgrade of Russia's ratings was triggered by Moody's
expectation that capital controls by the Central Bank of Russia
(CBR) will restrict cross border payments including for debt
service on government bonds. Moody's view is supported by a
reported statement from the National Settlement Depository (NSD)
that coupon payments on OFZ government bonds due on March 2 have
only been paid to local holders of the papers, citing the CBR order
prohibiting payments to non-residents. The downgrade to Ca was
hence driven by severe concerns around Russia's willingness and
ability to pay its debt obligations. Moody's view is that the risk
of a default occurring has significantly increased and that the
likely recovery for investors will be in line with the historical
average, commensurate with a Ca rating.

While liquidity alone was not the main driver for these actions,
the intensifying pressures on the domestic banking system and
rising risk of international banks distancing themselves from
Russian issuers may threaten the reliability of previously
committed liquidity lines. Moody's will continue to monitor
issuer-specific liquidity and issuers' own responses to this
changing environment, with liquidity risk a possible driver of
future rating actions. In addition, Moody's note that a
Presidential Decree of March 5 requires that non-resident investors
in foreign currency-denominated sovereign debt will be repaid in
local currency. If such a condition were applied to corporate debt
and be contrary to the terms of an indenture, this could be
considered a default if it resulted in a diminished payment
relative to the original promise.

Across the portfolio Moody's have generally repositioned the Credit
Impact Scores at CIS-2 to reflect the now muted impact of
Environmental, Social and Governance (ESG) risks to the extent that
ratings are predominantly constrained by sovereign linkage and the
country ceilings. For GRIs, Moody's governance IPS scores may in
future move closer to the sovereign's G-5 if uncertainty over
government willingness to pay creditors is mirrored at the GRI
level.

RATINGS RATIONALE

The rating actions on the affected corporates are a direct
consequence of the sovereign rating action and reflect Moody's view
that ratings of Russian companies are generally constrained by the
foreign-currency country ceiling of Russia, which is Caa2.

The negative outlooks, which are aligned with the sovereign
outlook, reflect the severe risks to Russia's macro-economic
stability posed by the imposition of severe and co-ordinated
sanctions and the financial ramifications from central bank capital
controls and delays to sovereign debt repayments.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

To the extent that these ratings are constrained by Russia's new
Caa2 foreign currency ceiling and by a degree of credit linkage to
Russia itself, positive rating actions are unlikely until credit
stresses on Russia are resolved resulting in a stabilisation of the
outlook or an upgrade of the sovereign rating or a higher country
ceiling. Negative actions could be driven by further stress on
Russia or a lowering of the ceiling, and also by issuer-specific
weaknesses such as business disruptions, liquidity stresses,
currency mismatches or expectations of debt restructuring
arrangements.

PRINCIPAL METHODOLOGIES

The principal methodology used in rating JSC Biocad was
Pharmaceuticals published in November 2021.


[*] RUSSIA: Outlines Policies to Take Control of Departing Cos.
---------------------------------------------------------------
Bloomberg News reports that Russia's government moved closer to
seizing and even nationalizing foreign-owned companies that are
leaving the market over the invasion of Ukraine while planning
measures to coax others into staying.

In the first explicit response to the exodus of foreign businesses
from Ikea to McDonald's Corp., the Economy Ministry has outlined
new policies to take temporary control of departing companies where
foreign ownership exceeds 25%, Bloomberg relates.

According to Bloomberg, under the proposals, a Moscow court would
consider requests from board members and others to bring in
external managers.  The court could then freeze shares of
foreign-owned companies as part of an effort to preserve property
and employees, Bloomberg states.

External management could include state development bank VEB.RF,
Bloomberg relays, citing a ministry statement.  Owners would have
five days to resume activity or resort to other options such as
selling their stake, Bloomberg notes.

"The Russian government is already working on measures that include
bankruptcy and nationalization of the property" of foreign
companies forced into exiting, former Russian President Dmitry
Medvedev said in a statement posted on March 10 on the VKontakte
social media site, Bloomberg relates.

The list of global brands pulling out of Russia is growing by the
day as some of the world's biggest corporations, from energy to
consumer goods and electronics, suspend operations in the country,
Bloomberg notes.  While sanctions and capital controls are making
it harder to conduct business, companies are also concerned about
potential backlash over being seen as supporting President Vladimir
Putin's invasion of Ukraine, according to Bloomberg.

The Economy Ministry suggested that its measures would be aimed
more at auctioning off assets rather than nationalization,
Bloomberg discloses.  "The project is aimed at encouraging
organizations under foreign control not to abandon their activities
on the territory of the Russian Federation," it said.


[*] RUSSIA: Swap Market Signals Likely Foreign Debt Default
-----------------------------------------------------------
Laura Benitez at Bloomberg News reports that if the swap market is
to be believed, Russia is going to default on foreign debt, and
insurance is going to pay out.

According to Bloomberg, trading on credit-default swaps, used to
insure against non-payment, has skyrocketed last week despite the
myriad of questions over whether Russia's plan to repay some
foreign bondholders in rubles could ultimately be judged as a
default.  There are even concerns that international sanctions and
existing bond terms could complicate any settlement of the US$39.7
billion of outstanding contracts, Bloomberg states.

And yet, the swaps suggest a record 71% chance of default within
one year and 81% within five years, Bloomberg relays, citing ICE
Data Services.  It costs US$5.8 million upfront and US$100,000
annually to insure US$10 million of Russia's debt for one year,
Bloomberg discloses.  That compares with about US$3.8 million in
advance up from just US$300,000 annually -- about 300 basis points
-- before Russia's invasion of Ukraine, Bloomberg notes.
Credit-default swaps switch to upfront pricing when perceptions of
default are imminent.

Investors and traders have been scrambling to understand whether
credit-default swaps could be settled if Russia repays its foreign
debt in rubles after Putin signed a decree over the weekend
allowing the government and Russian companies to do so, Bloomberg
relates.  Russia, Bloomberg says, has US$117 million worth of
coupons on dollar bonds coming due on March 16 that could
eventually trigger swaps if paid in local currency.

According to Bloomberg, speaking on March 10, Foreign Minister
Anton Siluanov said that Russia would pay its debt payments to
"unfriendly" countries in rubles, only converting the funds to
foreign currencies if its central bank reserves are unfrozen.

If Russia fails to pay its obligations to foreign creditors, it
will be the first time since the Russian Revolution, when the
Bolsheviks repudiated czarist's bonds, Bloomberg notes.  In 1998 it
defaulted on its domestic debt, while the foreign debt was
restructured, Bloomberg recounts.




=========
S P A I N
=========

BANKINTER 10: S&P Assigns 'CCC-' Rating on Class E Notes
--------------------------------------------------------
S&P Global Ratings raised its credit ratings on Bankinter 10 Fondo
de Titulizacion de Activos's class B and C notes to 'AA+ (sf)' and
'AA (sf)', from 'AA (sf)' and 'A+ (sf)', respectively. S&P also
affirmed its 'AAA (sf)', 'B- (sf)', and 'CCC- (sf)' ratings on the
class A, D, and E notes.

S&P said, "The rating actions follow our full analysis of the most
recent information that we have received and the transaction's
current structural features, such as credit enhancement and reserve
fund levels.

"After applying our global RMBS criteria, the main change compared
to our previous review is a marginal increase of the expected
losses. This is due to a slight increase of our weighted-average
loss severity (WALS) assumptions at 'AAA', which is driven by our
view of market value declines in Spain. Nevertheless, the overall
credit enhancement continues to increase--which drives today's
upgrades of the class B and C notes--as the transaction
deleverages."

  Credit Analysis Results

  RATING    WAFF (%)    WALS (%)    CREDIT COVERAGE (%)

  AAA       6.14        2.24        0.14

  AA        4.28        2.00        0.09

  A         3.35        2.00        0.07

  BBB       2.61        2.00        0.05

  BB        1.84        2.00        0.04

  B         1.30        2.00        0.03

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

Arrears in the transaction are low, under 1% of the current pool
balance. Overall delinquencies remain well below its Spanish RMBS
index.

Since S&P's previous review, the class A, B, C, and D notes' credit
enhancement has increased to 14.7%, 11.1%, 7.3%, and 4.0%,
respectively, due to the amortization of the class A notes.

The reserve fund as of November 2021 is at about 87% of the target.
S&P expects it to continue to slowly deplete, given the low excess
spread in the transaction.

S&P said, "Our operational, sovereign risk, and legal risk analyses
remain unchanged since our previous review. Therefore, the ratings
assigned are not capped by any of these criteria.

"Under our cash flow analysis, the class B and C notes could
withstand stresses at higher ratings than those assigned. However,
in our analysis we also considered the decreasing reserve fund
level and the expected long life of these notes given the large
proportion of class A notes outstanding, as well as testing
different recovery rates on existing defaulted assets.

"The available credit enhancement for the class A, D, and E notes
is commensurate with the currently assigned ratings. We have
therefore affirmed our ratings on these classes of notes."


TENDAM BRANDS: Moody's Ups CFR to B1 & Senior Secured Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded Spanish apparel retailer
Tendam Brands S.A.U.'s corporate family rating to B1 from the B2.
Concurrently, Moody's has upgraded the company's probability of
default rating to B1-PD from B2-PD, and the company's senior
secured notes due 2024 to B2 from B3. The outlook remains stable.

"The upgrade reflects Tendam's good operational performance in 2021
and its substantially stronger credit metrics than initially
expected, which have recovered to almost pre-pandemic levels" says
Guillaume Leglise, a Moody's Vice-President Senior Analyst and lead
analyst for Tendam. Despite Moody's expectations of more difficult
trading conditions in the next 12 months owing to the current high
inflationary environment and uncertain economic prospects in Europe
in relation to the Russia/Ukraine conflict, Moody's believe that
Tendam will be able to withstand a stress to its cost base and on
consumer purchasing power, thanks to its good liquidity and strong
credit metrics, which we expect will remain commensurate with a B1
rating", adds Mr Leglise.

RATINGS RATIONALE

The rating action is primarily driven by Tendam's strong recovery
in its key credit metrics in fiscal 2021. At end-November 2021, the
company's leverage (Moody's-adjusted debt/EBITDA) improved to
around 4.3x, pro forma the reimbursement of the State guaranteed
loan (ICO) of EUR132.5 million in February 2022, compared to over
11x in fiscal 2020. Moody's expects the company's Q4-2021 trading
performance to be strong given the absence of major shopping
restrictions in the company's core Iberian markets, translating
into a leverage of around 3.0x at the end of fiscal 2021 (year
ending February 28, 2022), which would strongly position Tendam in
the B1 rating category. Moody's also expects the company's interest
cover (measured as Moody's-adjusted EBIT to interest expense) to be
strong at around 2.6x in fiscal 2021, and trending towards 3.0x
thereafter. Tendam also benefits from good liquidity, supported by
positive free cash flow (FCF) expected at around EUR120 million in
fiscal 2021, and forecasted to be between EUR40 million and EUR60
million per year from fiscal 2022.

This improvement in credit metrics and liquidity reflect the
company's strong operating performance, with sales and EBITDA
recovering to pre-crisis levels, as witnessed during recent
quarters. Moody's expects Tendam's key credit metrics to remain
broadly stable over the next 18 months, driven by (1) the absence
of major shopping restrictions expected in Europe in the next 12-18
months, including in Spain, (2) the company's recent strategic
initiatives, notably further development of its digital and
customer analytic capabilities, to leverage the company's already
large customer base, and (3) the recent launch of three new brands
targeting women aged between 30-45 years old, primarily focused on
sustainable products and largely sold online. Tendam also continues
to develop its online marketplace, with the addition of well-known
brands for the coming seasons. Moody's believes these strategic
initiatives will support sales and will add diversification in
terms of product offering, which was historically skewed towards
formal menswear.

However, the ongoing inflationary environment could constrain the
company's earnings growth. This is because it could become harder
to pass on labour and supply chain costs than in 2021 if consumers'
disposable income becomes squeezed by rising higher energy costs.
In a stress case scenario, consisting of Tendam losing access to
earnings and cash flow from its Russia/Ukraine operations and a
decline in earnings owing to high inflationary pressures stemming
from higher raw material, freight and labor costs as well as
deteriorating consumer sentiment, Moody's forecasts that the
company's leverage could increase slightly above 3.5x in fiscal
2022, but below the 4.0x gross leverage trigger, which Moody's
believes is key to maintaining the company's B1 rating. Moody's
would expect FCF to remain breakeven to positive, interest cover to
stay above 2.0x and liquidity to remain good.

The company has some exposure to Russia, where it has 50 directly
operated stores, representing less than 2% of the company's sales,
and an indirect exposure to Ukraine, through a franchise partner,
for a total of 17 stores. The company indicated that local
operations are temporarily suspended. Moody's estimates that the
overall credit impact, including cash held locally, is negligible,
and will not materially affect the company's credit metrics in the
next 12-18 months, even when assuming Tendam loses access to
earnings and cash flow from this region.

Tendam's B1 CFR reflects (i) the company's solid track record of
earnings growth and positive free cash flow (FCF) generation, which
Moody's expects at around EUR120 million in fiscal 2021, and
ranging between EUR40 million and 60 million per year going
forward; (ii) its strong brand awareness and differentiated market
position in the Spanish apparel market; (iii) above-peer EBITDA
profitability, underpinned by an efficient supply chain and a
successful omnichannel distribution model; and (iv) its good
liquidity and balanced financial policy historically.

However, the rating is constrained by (i) the company's exposure to
fashion risk, discretionary spending, and the cyclical nature of
the industry; (ii) its high dependency on the competitive and
highly fragmented Spanish apparel market; and (iii) exposure to
ongoing supply chain challenges and a high cost inflation
environment which might adversely impact the company's sales and
earnings in the next 12 to 18 months.

Tendam's liquidity is good. Pro forma the reimbursement of the ICO
loan made in February, the company had about EUR105 million of cash
available as at end-November 2021, and its EUR200 million revolving
credit facility (RCF) was largely undrawn, it is only used for EUR6
million for rent guarantees. The company generated FCF (as adjusted
by Moody's) of around EUR100 million in the 12 months period ended
November 30, 2021, mostly driven by a recovery in earnings and
positive working capital inflows. Moody's expects FCF to remain
solid, between EUR40 million and EUR60 million per year from fiscal
2022, reflecting stable earnings and despite a catch-up in capital
expenditures. The company does not have any debt maturities, until
September 2024, when the senior secured notes will mature. The RCF
will mature in March 2024.

STABLE OUTLOOK

The stable outlook reflects Moody's view that Tendam's sales and
earnings will remain broadly stable despite the high inflation
environment, supported by cost savings initiatives achieved in
2020-21 and thanks to a growing contribution from the online
segment and the company's new brands. The stable outlook also
incorporates Moody's expectations that Tendam will generate
positive FCF and will maintain a good liquidity profile.

STRUCTURAL CONSIDERATIONS

The B2 rating on the senior secured notes due September 2024 is one
notch below the CFR. This notching is explained by the relatively
larger amount of priority liabilities, including the EUR200 million
super senior RCF that rank ahead of the senior secured notes. The
senior secured notes are also structurally subordinated to Tendam's
non-debt liabilities, including sizeable trade payables of around
EUR243 million. The bond is secured by certain share pledges,
intercompany receivables and bank accounts. However, in relation to
the senior secured bond there are some guarantee limitations,
because Tendam Retail SA and its subsidiaries act as partial
guarantors for an amount capped by the outstanding balance of
intercompany loan, which amounted to EUR32 million as at February
28, 2021.

The company's probability of default rating (PDR) of B1-PD is in
line with the CFR. The PDR reflects the use of a 50% family
recovery rate resulting from a capital structure comprising senior
secured bonds, a super senior RCF and State guaranteed loans.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the rating action and the inflationary pressures that could
pressure earnings, further positive rating pressure is unlikely in
the next 12-18 months. However, overtime, positive pressure could
develop if the company generates sustained LFL revenue growth,
EBITDA and margin improvement, and continues reducing its debt such
that Moody's-adjusted gross debt/EBITDA is sustainably maintained
below 3.0x and EBIT/interest expense rises above 3.0x. An upgrade
would also require the maintenance of positive FCF and good
liquidity.

Conversely, Moody's could downgrade Tendam's ratings if the
company's operating performance declines (as a result of negative
like-for-likes or material decrease in profit margins). Similarly,
Moody's could also downgrade the ratings if Tendam were unable to
maintain adequate liquidity or its financial policy became more
aggressive, with FCF turning negative, such that adjusted
debt/EBITDA remained above 4.0x on a sustainable basis or adjusted
EBIT/interest expense fell sustainably below 2.0x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
published in November 2021.

COMPANY PROFILE

Tendam Brands S.A.U. (Tendam), headquartered in Madrid, Spain, is
an international apparel retailer with presence in more than 80
countries worldwide, although with a predominant presence in Spain,
Portugal, France, Belgium, Mexico and the Balkans. The company
designs, sources, markets, sells and distributes fashionable
premium apparel for men and women at affordable prices. The company
currently operates several complementary brands, including (1)
Women'secret; (2) Springfield; (3) Cortefiel; (4) Pedro del Hierro
(PdH); (5) the outlet brand Fifty; and the recently launched brands
(6) Hoss Intropia; (7) Slow Love; and (8) High Spirits. In the 12
months to November 30, 2021, the company reported revenue and
EBITDA (company adjusted, pre-IFRS 16) of EUR1 billion and EUR130
million, respectively.




===========
S W E D E N
===========

STORSKOGEN GROUP: Moody's Assigns First Time 'Ba1' CFR
------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating and a Ba1-PD probability of default rating to Storskogen
Group AB. The outlook is stable.

"The first-time rating of Storskogen is underpinned by its
diversified portfolio of small and mid-sized companies in Sweden as
well as a conservatively leveraged balance sheet," says Daniel
Harlid, the Vice President - Senior Analyst and the lead analyst
for Storskogen.

RATINGS RATIONALE

Storskogen's Ba1 rating reflects its holdings in over 100 business
units in the Nordics, in the UK and in the DACH region (Germany,
Austria and Switzerland), creating a diversified investment
portfolio both in terms of asset concentration and business
diversity. It is further supported by the company's niche strategy
to only focus on smaller companies where the risk for overpaying is
significantly less as competition from other investment companies
and private equity is more or less absent. The rating also
recognizes Storskogen's ambition to expand its investments outside
of Sweden and Europe over time, where it has most recently
established presence in Asia. A successful execution of this
strategy would lead to diversifying its exposure, which today is
heavily concentrated to Sweden where 80% of consolidated EBITA was
generated in 2021.

The rating is constrained by Storskogen's growth-oriented
investment strategy, where the book value of the parent company's
non-current financial assets grew to SEK17.0 billion in 2021 from
SEK5.9 billion in 2020 and expected to grow even further during
2022. Furthermore, investment portfolio transparency is very low as
Storskogen only targets unlisted companies. As such, information
available for estimating portfolio value is low and rests on book
values which may be exposed to severe write-downs. Although Moody's
estimates Storskogen's Market Value-Based Leverage (MVL) to only 6%
as of December 2021 (based on book value), Moody's projections over
the next 12-18 months point to a level of 25% - 35%.

Storskogen's financial policy is balanced, governed by an overall
consolidated net debt / EBITDA target of 2.0x - 3.0x and a dividend
policy to pay out 0%-20% of net income to shareholders.
Nevertheless, the company's high growth ambitions do entail risks
such as overpaying and increasing leverage, in particular when
venturing outside its stronghold of Sweden. Although Storskogen has
processes to prevent this from happening, its financial track
record and the M&A strategy is short and somewhat untested.
Mitigating this is that Moody's believes asset concentration to
remain low thus decreasing the risk for sizeable goodwill
write-downs.

The rating incorporates Moody's view that Storskogen's investment
strategy will gradually become more focused going forward as the
company's very high investment growth fades. Moody's believes that
a more geographically diversified portfolio coupled with a longer
track record of adhering to its financial policies will benefit the
ratings trajectory for Storskogen.

RATIONALE FOR THE STABLE OUTLOOK

Moody's expects Storskogen's high investment phase to continue over
the next 12-18 months which will entail a continued increase in the
company's debt load. Nevertheless, the stable outlook rests on
Moody's expectations that the company still will be able to
maintain a MVL below 30%.

LIQUIDITY

The liquidity profile of Storskogen is adequate. As per December
31, 2021, cash at the holdco level amounted to SEK5.0 billion. In
addition, the company has access to a EUR1.0 billion (SEK10.2
billion) revolving credit facility that matures in September 2024,
of which the equivalent of SEK1.0 billion in cash drawings is
currently utilized. This is enough to cover debt maturities of
SEK6.0 billion until 2025, translating to 2.5 years of liquidity.
The facility does not have a material change clause (MAC) but has
financial covenants.

ESG Considerations

The environmental risks for Storskogen are mainly centered on its
underlying assets. Moody's sees the carbon transition risks on its
underlying portfolio of investments as relatively limited due to a
relatively high exposure to business services. Storskogen has
established a framework to ensure limited social risks including
good labor relations, strong gender diversity and health and safety
management both at the holding company level and amongst its
portfolio companies.

Storskogen has both A and B shares (the latter being listed on the
Nasdaq Stockholm Stock Exchange), which is not unusual for Swedish
listed companies. The A- shares carry 10 votes per share whereas
the B-shares carry 1 vote per share. Shareholder concentration is
low, however, the founders (three out of four are still active in
the company) control 52.5% of the votes. This concentration is to
some degree mitigated by the company's Board of Directors, where
four out of five members are considered independent in relation to
the company, the executive management and the company's major
shareholders.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Positive ratings pressure is unlikely over the next 12-18 months as
the company still needs to build track record in managing its
current investment portfolio that has been built up over a very
short time frame. That being said, over time, positive ratings
pressure could be the result of a sustained net MVL below 30%, a
consolidated debt / EBITDA below 3.0x and an improved FFO coverage
ratio.

Negative ratings pressure could arise if the company showed signs
of a more aggressive investment strategy, resulting in a net MVL
going above 40% or a consolidated debt / EBITDA of 4.0x on a
sustained basis. Also, any signs of a deteriorating liquidity
profile or a weakened FFO coverage ratio would put negative
pressure on the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in July 2018.

CORPORATE PROFILE

Founded in 2012 and based in Stockholm, Sweden, Storskogen an
investment holding company focused on unlisted small and mid-sized
companies in Europe and more recently in Asia. Its investment
strategy is to acquire companies with high market shares, high
profitability and strong cash conversion. As of December 2021 the
book value of the parent company's financial assets stood at
SEK17.1 billion, with a consolidated revenue and EBITA of SEK17.5
billion and SEK1.7 billion respectively. The company is listed on
the Stockholm Stock Exchange and had a market cap of SEK43.4
billion as of February 28, 2022.



===========
T U R K E Y
===========

ANADOLU EFES: Fitch Lowers LT IDR to 'BB+', On Watch Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Anadolu Efes Biracilik ve Malt Sanayii
A.S.'s (Efes) Long-Term Issuer Default Rating (IDR) to 'BB+' from
'BBB-', and placed all ratings on Rating Watch Negative (RWN).

The rating action reflects a challenging macroeconomic environment
in the company's two largest markets of Turkey and Russia as well
as in Ukraine, and its impact on its current and prospective
leverage, which increased at end-2021 to levels that are no longer
compatible with the rating. A sharply deteriorating trading
environment has led us to expect that credit metrics will not
return to levels that are consistent with the rating before 2024.

At the same time, Efes benefits from adequate liquidity, including
hard-currency cash balances to cover the remaining portion of a US
dollar-denominated bond due in 2022.

Additionally, Fitch sees a risk of the restrictions recently
introduced by the Russian authorities, which prevent Efes from
upstreaming the dividends of this business, becoming permanent.
This may lead us to remove the Russian business from the scope of
Efes's operations, resulting in a further increase in leverage.
This risk is reflected in the RWN and could result in a multi-notch
downgrade. Fitch would seek to resolve the Rating Watch over the
next three to six months as the conflict between Russia and Ukraine
evolves and the long-term stance of the Russian authorities towards
foreign investors becomes clearer.

KEY RATING DRIVERS

Uncertain Trading Environment: Efes's two most important markets,
which represented around 60% of its 2021 EBITDA, are exposed to
different challenges. Production in Ukraine was stopped at the
onset of the conflict and spending power is likely to erode
significantly both in Russia and Turkey as a result of currency
devaluation, high inflation and rising unemployment. Fitch expects,
however, the company to be able to continue to operate its Russian
business, due to good availability of production inputs in the
country, without supply-chain disruption, and to be able to pass
through price increases both in Russia and Turkey.

Rising Inflation: The abating adverse impact on demand from the
pandemic has given way to sharp increases in input prices, which
Efes plans to pass on to its customers. With a gradual
normalisation of trading, Fitch expects Efes to be able to largely
protect its profits through continued price pass-through of cost
inflation and from a return to on-trade consumption.

FCF To Turn Positive In 2022: Following negative free cash flow
(FCF) in 2021, due to higher-than-historical average dividends paid
in the year (TRY1.8 billion), Fitch expects the combination of
price increases and cash flow preservation measures to support
moderate positive FCF generation of around 2% to 3% of revenue in
2022-2023. Fitch calculates, however, that this will have a limited
effect on net leverage reduction.

Prices Partly Support Deleveraging: Efes's policy of maintaining a
large hard-currency cash balance of above USD200 million, together
with price increases and cost hedging, has historically helped
mitigate debt/cash flow currency mismatch. However, with the sharp
devaluation of both the Turkish lira and Russian rouble between
end-2021 and early 2022, combined with the prospect of shrinking
spending power of consumers in those countries, Fitch expects
EBITDA and cash accumulation to take time before they catch up with
the increase in the Turkish lira-equivalent of its US
dollar-denominated debt and achieve net funds from operations
(FFO)-based leverage below 2.0x. Fitch also views this trajectory
as surrounded by uncertainty.

Permanently Increased Leverage: At 5.8x (4.4x in 2020) in 2021, FFO
gross leverage remains well above Fitch's downgrade rating
sensitivity of 4.0x. It has increased due to both adverse currency
movements and pre-funding the repayment of its 2022 USD500 million
bond, which remains outstanding by USD180 million together with a
new USD500 million bond due in 2028. Leverage is unlikely to reduce
in 2022 despite the bond repayment. Nevertheless, the rating is
supported by Fitch's projection of material FFO growth, leading to
scope for a conservative FFO net leverage trending towards 2.2x in
2023, and by management's commitment to return leverage to its net
debt/EBITDA target of 1x-2x.

CCI Deconsolidation: Fitch de-consolidates and treats Efes's 50.3%
ownership of Coca Cola Icecek (CCI; BBB-/Positive) as an associate.
This is because Efes's ability to control CCI is constrained by
important voting rights of the other shareholder The Coca-Cola
Company (A/Stable). Also, CCI's and Efes's treasury functions and
debt structures are fully ring-fenced from each other. However,
Fitch recognises the stability of the dividend flow to Efes and
that its ownership of CCI enhances its financial flexibility. In
case of need, Efes could pledge CCI's shares or, in the event of
severe stress, divest its stake, which is currently valued at over
TRY13 billion.

JV Proportional Consolidation: In its accounts, Efes consolidates
100% of AB InBev Efes B.V. (ABI Efes), its JV resulting from the
merger of the Russian and Ukrainian operations of Efes and Anheuser
Busch InBev NV/SA (ABI; BBB/Stable). However, since Efes owns and
has access only to 50% of cash flow of this entity, Fitch
de-consolidates the remaining 50%.

Kazakhstan Country Ceiling Applicable: Efes is incorporated in
Turkey but generated around 15%-20% of its TRY1.7 billion 2021
consolidated EBITDA from Kazakhstan, which has a Country Ceiling of
'BBB+', higher than Turkey's. Fitch projects hard-currency interest
expenses at about TRY300 million-TRY330 million and that the cash
flow from Kazakhstan should cover these charges with sufficient and
growing headroom. Based on Fitch's Non-Financial Corporates
Exceeding the Country Ceiling Rating Criteria, this leads us to
apply the Kazakhstan Country Ceiling to Efes's Foreign-Currency
IDR.

DERIVATION SUMMARY

Efes does not have the same size and degree of geographic
diversification as large international beer groups such as
Carlsberg Breweries A/S (BBB+/Stable) and Anheuser Busch InBev
NV/SA (BBB/Stable). It is also smaller than the US number two
Molson Coors Brewing Company and Asian beer and spirits peer Thai
Beverage Public Company Limited (BBB-/Stable). However, Efes has
historically displayed a significantly more conservative capital
structure (consistent with the 'A' category) than ABI, Molson Coors
or Thai Beverage, and which is more aligned with Carlsberg's.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- More than 60% revenue growth in Turkey in 2022, mainly due to
    average price increases, with sales volume of 4.8 million
    hectolitres (mhl), down from 4.9 mhl in 2021. Sales volumes to
    rebound towards pre-pandemic levels in 2024;

-- Organic revenue growth in Russia in the low teens, mainly due
    to price increases in 2022, before moderating to high single
    digits in 2023-2024. Material decline in sales volumes in
    Ukraine in 2022, of up to 50%, due to the Russian invasion in
    the country. Gradual sales volumes recovery by 2023;

-- High single-digit organic revenue growth for other
    international operations in 2022, moderating to mid-single
    digits in 2023-2024;

-- Contraction of EBITDA margin in 2022 to below 13% (2021:
    16.5%), before gradually improving toward 16% by 2024,
    supported by normalisation of inflationary pressures and
    supply-chain challenges;

-- Capex to decline to 6.5% of revenue in 2022 as part of cash
    preservation measures, normalising at 8%-10% over 2023-2024;

-- Annual common dividends of TRY1.1 billion in 2022, reducing to
    around TRY750 million in 2023, followed by mid-to-high annual
    growth in 2024;

-- No large M&A transactions for the next four years.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- EBITDA returning to around USD200 million-equivalent, due to
    stabilisation of sales and profitability in Turkey and Russia,
    among other factors;

-- Resumption of ability to upstream dividends from Russia;

-- EBITDA margin increasing above 16% (calculated by de
    consolidating CCI, proportionately consolidating ABI Efes);

-- FFO gross leverage sustainably below 3.5x or below 2.0x net of
    readily available cash (calculated by de-consolidating CCI,
    proportionately consolidating ABI Efes);

-- FCF margin above 3%.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Inability to maintain a consolidated EBITDA margin of at least
    14% (calculated by de-consolidating CCI, proportionately
    consolidating ABI Efes) and to stabilise Turkey's profit
    margins;

-- Prospect of FFO gross leverage remaining permanently above
    4.0x or higher than 2.5x net of readily available cash
    (calculated by de-consolidating CCI, proportionately
    consolidating ABI Efes);

-- Inability to generate pre-dividend FCF margin in high single
    digits on a sustained basis;

-- FFO interest coverage below 5.0x (2021: 3.4x);

-- Permanently impaired ability to access cash flow from ABI Efes
    or deteriorating liquidity at ABI Efes requiring support from
    Efes;

-- Increasing macroeconomic and / or political instability
    further affecting trading performance and liquidity.

Factors that could, individually or collectively, lead to
affirmation of ratings:

-- Overall stabilisation of cash flow generation capability,
    including restoration of free access to profits of ABI Efes,
    leading to visibility that leverage may trend below 4.0x by
    2023;

-- Continued ability to procure external funding and sufficient
    hard-currency liquidity buffers.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Efes benefits from adequate liquidity, with the remaining USD180
million portion of its November 2022 bond well covered by
hard-currency cash balances held outside of Turkey or Russia and
limited imminent other debt maturities. The other hard-currency
denominated debt is a USD500 million bond due in 2028.

Committed bank facilities are not commonly available in Turkey. As
of end-2021 Efes had no committed credit facilities, but had access
to USD650 million of uncommitted credit lines. The Russian entity
carries some local debt (mostly short term), which is partly backed
by cash held at the same entity but which Fitch believes could be
exposed to the risk of non-renewal in an environment of reciprocal
sanctions between Russia and other countries. Shareholders Efes and
Anehuser-Busch InBev are committed to supporting the liquidity of
this entity and Fitch assumes Efes will contribute its own
proportionate share of liquidity, if necessary.

ISSUER PROFILE

Efes is the largest beer company in Turkey. It also owns 50.3% of
CCI and operates its beer business in Russia, where it is the joint
market leader, through a 50%-50% joint venture with Anheuser-Busch
InBev.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has deconsolidated the financial results of CCI from Efes's
consolidated financial statements. In addition, Fitch follows a
proportionate consolidation approach for ABI Efes.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.




=============
U K R A I N E
=============

[*] UKRAINE: Economic Adviser Says War Damage Reaches US$100BB
--------------------------------------------------------------
David Lawder at Reuters reports that Ukraine's top government
economic adviser Oleg Ustenko said on March 10 that invading
Russian forces have so far destroyed at least US$100 billion worth
of infrastructure, buildings and other physical assets.

According to Reuters Mr. Ustenko, chief economic adviser to
Ukrainian President Volodymyr Zelenskiy, told an online event
hosted by the Peterson Institute for International Economics that
the war has caused 50% of Ukrainian businesses to shut down
completely, while the other half are operating at well below their
capacity.

He said the damage estimate is "very approximate" and includes
roads, bridges, hospitals, equipment and other assets, Reuters
relates.

Asked how such a reconstruction effort could be financed, Mr.
Ustenko, said part of it could come from Russian assets that are
frozen throughout the world, including Russian central bank assets
held outside the country and immobilized by Western sanctions,
Reuters notes.  He added the seized assets of wealthy Russian
oligarchs could also be transferred to a reconstruction fund,
Reuters relays.

Asked about the resilience of Ukraine's financial system, and bank
payment operations, Mr. Ustenko, as cited by Reuters, said: "Look,
we are doing, I would say, OK under the current circumstances."

He said Ukraine's fiscal reserves are currently at about US$27.5
billion, down from about US$30 billion before the invasion,
according to Reuters.




===========================
U N I T E D   K I N G D O M
===========================

ALPHA TOPCO: S&P Upgrades ICR to 'BB-', Outlook Stable
------------------------------------------------------
S&P Global Ratings raised its credit rating on Alpha Topco (also
known as Formula One) to 'BB-' from 'B+'.

At the same time, S&P raised its rating on the group's term loans
and RCF to 'BB-' from 'B+'; the '3' recovery rating is unchanged.

The stable outlook reflects S&P's view that in the next 12 months,
Formula One will grow its EBITDA and franchise value, maintain S&P
Global Ratings-adjusted leverage below 5.0x, and generate strong
free cash flow, with adjusted FOCF to debt of more than 10%.

The FIA Formula 1 World Championship (F1) staged a 22-race season
in 2021, which helped the performance of Alpha Topco (also known as
Formula One) rebound from 2020 and resulted in the group reporting
unaudited management EBITDA of $497 million, free operating cash
flow of greater than $400 million, and reported net leverage of
about 4.4x.

Formula One's performance rebounded in fiscal-year 2021.

COVID-19 affected the group's fiscal-year 2020 performance
significantly, but results for fiscal-year 2021 rebounded strongly.
The group reported estimated EDITDA of $497 million in fiscal-year
2021, up from an S&P Global Ratings-adjusted $59.4 million the
prior year and $490.4 million in fiscal-year 2019. The Championship
consisted of 22 races last year, which was almost a full calendar,
as 23 were originally planned. The strong rebound in the group's
three key revenue lines--media revenues, race promotion, and
sponsorship--all contributed to the improved performance. S&P
forecasts continued growth in fiscal years 2022 and 2023. This will
be underpinned by continued incremental renegotiation of revenue
contracts, the ability for the calendar to grow beyond the 22 races
staged in 2021, and potential for solid growth in corporate
hospitality. Accordingly, S&P forecasts adjusted EBIDTA of $550
million-$600 million in 2022.

Formula One has a track record of deleveraging, and its revised
financial policy commitment to maintaining leverage below 5x
underpins the rating. Since its acquisition of Formula One closed
in 2017, Liberty Media Corp. (LMC) has sought to reduce leverage.
Its track record in this area supported the upgrade.

S&P said, "Contracts, relationships, and the broader stakeholder
environment underpin the franchise. It's our understanding that
about 90% of the group's 2022 budgeted core revenues are either
contracted or agreed to subject to contract. We believe this helps
provide visibility on near-term revenue. In our view, the financial
health and stability of the wider F1 ecosystem is also important in
supporting the franchise's growth and sustainability. This includes
the race promoters, racing teams, drivers, and FIA. We believe that
successfully managing the relationships with these key stakeholders
is critical for the sustainability of the Formula One business. One
notable example is the Concorde Agreement, which dictates the terms
under which teams compete, and how the Prize Fund paid by Formula
One is determined and distributed. The current (eighth) version of
this agreement addresses the arrangements for the seasons 2021 to
2025. We also believe it's crucial to the sport that at least
several high-caliber, well-financed, and well-supported racing
teams compete.

"The popularity and appeal of the sport--as well as fan
engagement--drives network effects across Formula One's revenue
streams. In our view, the popularity and appeal of F1 is the
ultimate initial driver of fan engagement and interest. We believe
the group's ability to enhance the contest, excitement, and appeal
of racetracks and individual races will grow the sport's
popularity." More recently, growing social media engagement and
other promotional activities--such as a Netflix series--continue to
advance fan engagement. The sport hopes that technical regulation
changes that are to be implemented for the 2022 season will further
bolster competitiveness in conjunction with the sports cost cap
regulations and revised Prize Fund structure, both of which
operated for the first time in 2021.

Macroeconomic event risk persists, but lower leverage should offset
this. The Championship's race calendar is set prior to the
commencement of each season. In 2020, COVID-19 significantly
affected the group's earnings by limiting the number of races and
spectator attendance. S&P said, "However, we also note that during
2020 and 2021 Formula One and its stakeholders demonstrated an
ability to adapt the championship calendar in response to the
unforeseen events. We don't rule out future COVID-19 variants
further affecting the sport, and other macroeconomic events--such
as global geopolitical, health and safety, or financial
shocks--could also do so. As was demonstrated during the pandemic,
we believe that the group's liquidity and high cash flow conversion
mitigate any disruption, allowing the financial flexibility to
weather near-term volatility effects. In fiscal 2022, 23 races are
planned."

S&P said, "The stable outlook reflects our forecast that in 2022
and 2023, Formula One will generate material EBITDA above $500
million and FOCF to debt comfortably above 10% on a two-year view,
with adjusted leverage maintained below 5.0x. In addition, it
reflects that we don't currently anticipate further macroeconomic
events to result in another material impact on the group's
prospects. The outlook also explicitly takes into account Formula
One's commitment to maintaining leverage below 5x and our view that
the group credit profile represented by FWON, to which Formula One
is attributed and the ultimate parent Liberty Media Corp. (LMC) are
supportive of Formula One's current credit quality."

S&P could lower the ratings if Formula One underperformed its
current base-case forecast. This could result from, for example,
further macroeconomic event risk or the group revising its
financial policy commitment. Specifically, S&P could downgrade the
group if:

-- In S&P's view, adjusted leverage was likely to remain above 5x
or FOCF to debt was to fall well below 10% on a sustained basis;

-- S&P believed the group credit profile of Formula One
represented by its group parents, LMC or FWON, was no longer
supportive of Formula One's current credit quality; or

-- There was an event such as a breakdown in relationships with
key stakeholders or a severe adverse reputational impact that, in
S&P's view, materially harmed the group's franchise value and
attractiveness. S&P considers this alternative to be unlikely, and
it's not part of its base case.

Formula One's financial policy, specifically its commitment to
leverage below 5x, is a key rating factor. Any change in this
policy or evidence that the group is deviating from it could result
in us reassessing the value of this support.

S&P siad, "We currently view any upside to the rating as remote.
This is partly because while the group's stated financial policy
target is debt to EDITDA below 5x, we anticipate that once it's
below 4x, the group could consider strategic options for excess
cash that might limit further deleveraging. As such, we are
currently rating the group's financial leverage policy to 4x-5x.

"Nevertheless, we could consider an upgrade if the group changed
its leverage target to below 4x and there was evidence that it was
taking steps to reach this target, such as a sustained track record
of lower leverage. An upgrade would also likely require evidence of
strong financial flexibility, such as FOCF to debt above 15%. We
would also look for significant strengthening of the business, such
as material organic growth in line with management forecasts,
broadening of the franchise and EDITDA scale, and growing margins.
Lastly, under our group rating approach, both LMC's and FWON's
credit quality would need to be supportive of any future upgrade of
Formula One."

ESG credit indicators: E-2, S-3, G-2

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Formula One. In 2020, its revenue
fell by more than 40% due to temporary pandemic-related effects.
Although the group's credit metrics recovered in 2021, we remain
conscious of potential near-term risks from further COVID-19
variants or other macroeconomic event risks. Environmental factors
have an overall neutral influence. We anticipate that climate
transition risk and waste and pollution factors will gradually gain
more importance to Formula One as stakeholders in the sport become
more eco-conscious. Formula One is working toward being net carbon
zero by 2030, with a strategy that includes use of advanced
sustainable fuels and increased sustainability of physical events,
among other targets."


CALEDONIAN MODULAR: Sale Among Options Following Administration
---------------------------------------------------------------
Business Sale reports that administrators are considering options,
including a potential sale, after modular building firm Caledonian
Modular fell into administration.

The company, which is based in Edinburgh and has a manufacturing
facility in Nottinghamshire, appointed administrators from Alvarez
& Marshal earlier last week, Business Sale relates.

In its most recent accounts, covering the year ending March 31,
2020, the company reported a GBP2.8 million pre-tax loss on GBP45.3
million in turnover, Business Sale discloses.  However, in that
report, directors said that they were confident of returning to
stronger trading figures and forecast a profit in the year to March
31 2021, Business Sale states.  The firm also revealed that its
principal shareholder MAK Capital had confirmed that it would
continue to receive funding for at least a further year from March
2021, Business Sale notes.

However, the company has now filed for administration, with the
business likely having been impacted by factors such as Brexit, the
ongoing impact of COVID-19, supply chain issues and rising costs in
materials and labour, which have affected a huge number of
construction firms, Business Sale relates.

Mark Firmin and Mike Denny of Alvarez & Marsal were named as the
firm's joint administrators, Business Sale discloses.  

According to Business Sale, an Alvarez & Marshal spokesperson said:
"The administrators are continuing to trade the business while
exploring all possible options for its future, including finding a
new buyer."

"Regrettably, 28 employees -- around 10 per cent of the total
workforce -- have been made redundant as part of the administration
process. Every effort will be made to support them during this
difficult time."

Caledonian Modular is a significant presence in the offsite market,
working on numerous modular frameworks servicing jobs.  The company
designs and constructs permanent modular buildings, typically on a
large scale, and works across markets including defence,
hospitality, healthcare, residential and education.


CHELSEA FC: Gov't Tweaks Special License to Avert Administration
----------------------------------------------------------------
Metro reports that the government has made significant tweaks to
the special license Chelsea Football Club is currently operating
under to avoid the club entering administration after Roman
Abramovich was sanctioned.

The Russian oligarch had his assets frozen due to links with
Vladimir Putin -- an association he has always denied -- and on
March 12, he was disqualified as a director of Chelsea by the
Premier League, Metro relates.

According to Metro, Mr. Abramovich has been looking to sell the
club but that is now on hold, and there are significant question
marks over the short-term -- and long-term -- implications for the
west London club.

There had even been suggestions the club may face difficulties
finishing the season without entering administration, but The Sun
report that those fears have now been allayed, Metro notes.

After two days of negotiations between Chelsea officials and MPs,
some revisions to the special license have been made which will
allow the club access to around GBP110 million of extra money,
Metro discloses.

Those funds -- from television and prize money -- had previously
been frozen, but will now be unlocked to allow Chelsea to continue
paying their GBP28 million monthly wage bill as well as other
expenses, Metro says.

Chelsea were due to receive another GBP35 million in TV money from
their Premier League and European matches which they would not have
been able to access under the previous terms of the special
license, according to Metro.

In addition to that now being permitted, they will also receive
prize money of around GBP39 million if they retain their third
place and as much as GBP36 million if they retain their Champions
League crown, Metro notes.

The GBP500,000 cap on matchday outlay has also been nearly doubled
to GBP900,000, while the limit of GBP20,000 on away travel expenses
will be increased if Chelsea overcome Lille, Metro states.


EUROSAIL UK 07-4BL: Fitch Lowers Class C1a Notes Rating to 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded the Class C1a notes of Eurosail UK
07-4 BL Plc (ES07-4) to 'B-sf' from 'Bsf' and removed these notes
from Rating Watch Negative (RWN). The ratings of all other notes
have been affirmed with Stable Outlooks.

        DEBT                  RATING            PRIOR
        ----                  ------            -----
Eurosail-UK 07-4 BL Plc

Class A3 XS1150797600    LT AAAsf  Affirmed     AAAsf
Class A4 XS1150799481    LT AAAsf  Affirmed     AAAsf
Class A5 XS1150799721    LT AAAsf  Affirmed     AAAsf
Class B1a XS0311705759   LT A+sf   Affirmed     A+sf
Class C1a XS0311708696   LT B-sf   Downgrade    Bsf
Class D1a XS0311713001   LT B-sf   Affirmed     B-sf
Class E1c XS0311717416   LT CCsf   Affirmed     CCsf

TRANSACTION SUMMARY

The transaction comprises UK non-conforming mortgage loans
originated by Southern Pacific Mortgage Limited, Preferred
Mortgages Limited (both formerly wholly-owned subsidiaries of
Lehman Brothers), London Mortgage Company and Alliance and
Leicester Plc.

KEY RATING DRIVERS

RWN Resolved

Fitch placed the Class C1a notes on RWN in September 2021 due to a
change in the rating determination section of its UK RMBS Rating
Criteria for notes with a model implied rating (MIR) lower than
'B-sf'. The updated UK RMBS Rating Criteria provides that Fitch
will now determine a rating in the range of 'Csf' to 'B-sf' instead
of up to 'B+sf' for notes with a MIR lower than 'B-sf'. This is
reflected in the downgrade of the class C1a Notes and the resolving
of the RWN previously assigned to the class.

High Arrears Levels Continue

Total arrears in ES07-4 have remained stable since the last review
at 23.6% of the pool while late stage arrears, defined as those of
three or more monthly payments, at 18.2% of the pool are a material
portion of the total arrears balance and have increased since the
last review. Additionally, there has also been a notable uptick in
repossession activity by the servicer now that the moratorium on
repossessions has ended and the backlog of possession orders is
being cleared. This increased possession activity is likely to
cause arrears levels to stabilise, supporting the affirmations of
other notes within the structure.

Increased Senior Fees

A detailed analysis of senior fees incurred by the transaction
indicates ES07-4 has been incurring an increased level of senior
fees for an extended period driven by professional services
expenses. Therefore, Fitch adjusted it senior fee assumption to
more closely resemble what it estimates would be the ongoing level
of fixed fees paid by the issuer. If this trend of increasing
senior fees continues, Fitch may adjust its assumption further,
which may adversely affect the ratings of the mezzanine and junior
notes.

Foreclosure Frequency Macroeconomic Adjustment

Fitch applied Foreclosure Frequency (FF) Macroeconomic Adjustments
to the UK Non-Conforming sub-pool of the transaction because of the
expectation of a temporary mortgage underperformance (see "Fitch
Rtgs to Apply Macroeconomic Adjustment for UK Non-Conforming RMBS
to Replace Additional Stress" published 29 September 2021 on
www.fitchratings.com). With the government's repossession ban
ended, there is still uncertainty regarding the borrowers'
performance in the UK Non-Conforming sector where many borrowers
have already rolled into late stage arrears over recent months.
Borrowers' payment ability may also be challenged with the end of
the coronavirus job retention and self-employed income-support
schemes. The adjustment is of 1.58x at 'Bsf', while no adjustment
is applied at 'AAAsf' as assumptions are deemed sufficiently remote
at this level.

Payment Interruption Risk (PIR) Mitigated

The dedicated liquidity reserve within ES07-4 is only accessible to
the A3 notes. The A4 and A5 notes rely on the availability of the
general reserve fund to mitigate any PIR. As the reserve fund may
also be utilised to cover for losses it may not be available to
cover for any payment interruption if it has previously been
depleted due to poor asset performance. Fitch does not expect the
reserve fund to be drawn to cover for losses in the short-to-medium
term given the transaction's long performance history with minimal
draws on the reserve fund. Fitch considers the reserve fund as
adequate to cover for PIR for these notes.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- The transaction's performance may be affected by changes in
    market conditions and economic environment. Weakening economic
    performance is strongly correlated to increasing levels of
    delinquencies and defaults that could reduce the credit
    enhancement available to the notes.

-- Additionally, unanticipated declines in recoveries could also
    result in lower net proceeds, which may make certain note
    ratings susceptible to negative rating actions depending on
    the extent of the decline in recoveries. Fitch conducts
    sensitivity analyses by stressing both a transaction's base
    case FF and recovery rate (RR) assumptions, and examining the
    rating implications on all classes of issued notes. A 15%
    increase in WAFF and a 15% decrease in WARR indicate up to a
    three-notch negative impact on the notes.

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing credit
    enhancement levels and, potentially, upgrades. A decrease in
    WAFF of 15% and an increase in WARR of 15% indicate up to a
    four-notch positive impact.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is, therefore, satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

Eurosail-UK 07-4 BL Plc has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
the pool exhibiting an interest-only maturity concentration of
legacy non-conforming owner-occupied loans of greater than 20%,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

Eurosail-UK 07-4 BL Plc has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to a
significant proportion of the pool containing owner-occupied loans
advanced within limited affordability checks, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


FONTWELL SECURITIES 2016: Fitch Raises Class S Debt to 'B-'
-----------------------------------------------------------
Fitch Ratings has upgraded Fontwell Securities 2016 Limited's class
J, L, M and S tranches, and affirmed the rest. The Under Criteria
Observation (UCO) on the class J to S tranches has been removed and
all tranches have a Stable Outlook.

DEBT     RATING            PRIOR
----     ------            -----
Fontwell Securities 2016 Limited

A   LT AA-sf   Affirmed    AA-sf
B   LT AA-sf   Affirmed    AA-sf
C   LT AA-sf   Affirmed    AA-sf
D   LT AA-sf   Affirmed    AA-sf
E   LT AA-sf   Affirmed    AA-sf
F   LT AA-sf   Affirmed    AA-sf
G   LT AA-sf   Affirmed    AA-sf
H   LT AA-sf   Affirmed    AA-sf
I   LT AA-sf   Affirmed    AA-sf
J   LT AA-sf   Upgrade     A+sf
K   LT A+sf    Affirmed    A+sf
L   LT A+sf    Upgrade     Asf
M   LT BBB-sf  Upgrade     BB+sf
N   LT BB+sf   Affirmed    BB+sf
O   LT BB+sf   Affirmed    BB+sf
P   LT B+sf    Affirmed    B+sf
Q   LT B+sf    Affirmed    B+sf
R   LT B+sf    Affirmed    B+sf
S   LT B-sf    Upgrade     CCCsf

TRANSACTION SUMMARY

The transaction is a granular synthetic securitisation of partially
funded credit default swaps (CDS) referencing a static portfolio of
secured loans granted to UK borrowers in the farming and
agriculture sector. The loans were originated by AMC plc, a fully
owned subsidiary of Lloyds Bank plc (Lloyds, A+/Stable/F1).

The tranches' ratings address the likelihood of a claim being made
by the protection buyer under the CDS by the end of the protection
period in December 2024, in accordance with the documentation.

KEY RATING DRIVERS

Criteria Update/Higher Credit Enhancement: The affirmations and
upgrades of the classes reflect the application of Fitch's updated
SME Balance Sheet Securitisation Rating Criteria and increased
credit enhancement, due to the transaction deleveraging since the
rating action in August 2021. The class A tranche has further
amortised by GBP78 million since June 2021 and was at 40% of its
original notional, leading to an increase in credit enhancement
available for all class tranches as of 31 January 2022.

The class A to J tranches' ratings are currently constrained by the
UK IDR of 'AA-'/Stable. This is because the transaction is 100%
referencing loans in the farming and agriculture sector, which is
highly dependent on direct subsidies, albeit reducing, from the
U.K..

Model Implied Rating Deviation (MIR): The class S tranche rating is
two notches below the MIR. The MIR deviation reflects the tranche's
limited credit enhancement and the subordinated status of the
tranche. The class T tranche's balance reflects the adjustment of
the initial loss for outstanding verified credit events at 35%, and
the balance can write up or down, depending on the ultimate
verified loss, although so far there have been no losses to the
loans in the transaction. However, due to the limited credit
enhancement of the class S tranch, this class is vulnerable to
higher-than-expected defaults or lower-than-expected recoveries.

Low Default Risk: The transaction has performed better than Fitch's
expectations with credit events (including three credit events
pending verification) at around 0.8% of outstanding portfolio
balance (up from 0.6% at the last review), which is significantly
lower than the annual average probability of default (based on 90
days past due) for this transaction set at 2%.

Limited Collateral Dilution Risk: The eligibility criteria and the
originator's policies set the maximum loan-to-value (LTV) at 60%,
calculated on a borrower basis. However, available mortgage
collateral secures all AMC exposure including debt outside of the
transaction. Any recoveries will be shared pro rata across a
borrower's different AMC debts. The current LTV in the portfolio is
around 27% and has been largely stable since closing, but any
additional lending could reduce the collateral share for the
securitised exposures.

Fitch has stressed the LTV to 50% for loans with LTVs under 50%.
The vast majority of available collateral is over agricultural
land. In the recovery analysis, Fitch has applied its haircuts to
commercial property prices, which at the 'AA' level, are 75% and
would reverse most of the increase in price experienced over the
last 10 years.

Limited Obligor Concentration: The portfolio is diverse with a
total of 6,335 loans. The largest obligor and top 10 borrowers
contribute to below 0.5% and 4.2% of the total reference portfolio
balance, respectively.

Single Industry Exposure: All the borrowers in the reference
portfolio are exposed to the UK farming and agriculture sector.
Accordingly, Fitch continues to apply a bespoke correlation of 10%.
This bespoke correlation reflects the low volatility of observed
defaults in the originator's farming and agricultural loan book. It
was calibrated at closing such that the portfolio default rate at
'B' stress can cover the maximum cumulative historical default of
the originator's farming and agricultural loan book. Since the
transaction has performed in line with the expectation, the
correlation of 10% is still applicable.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- An increase in the default rate at all rating levels by 25% of
    the portfolio's mean default rate, and a decrease of the
    recovery rate by 25% could result in downgrades of no more
    than three notches across the capital structure, with the
    impact more severe in the more junior tranches.

-- If credit enhancement cannot fully compensate for the credit
    losses associated with the current ratings scenarios, the
    tranches could be downgraded although it is not expected for
    the senior and mezzanine tranches.

-- Further, a downgrade of the UK sovereign's Long-Term Issuer
    Default Ratings may lower the maximum achievable structured
    finance rating for the transaction.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- A decrease in the default rate at all rating levels by 25% of
    the portfolio's mean default rate, and an increase of the
    recovery rate by 25% could result in upgrades of no more than
    five notches.

-- If credit enhancement ratios increase as the transaction
    deleverages, fully compensating credit losses that are
    commensurate with higher rating scenarios, ratings could be
    upgraded for the senior and mezzanine tranches. However, the
    class A to J tranches' ratings are currently constrained by
    the UK's IDR. Fitch does not expect the class A to J tranches
    to be upgraded to above the UK's IDR.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available for this transaction.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


HONOURS PLC 2: Moody's Ups Rating on GBP18MM Class C Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two notes in
Honours PLC Series 2. The rating action reflects the increased
levels of credit enhancement for the affected notes.

Honours PLC Series 2 is a static cash securitisation of student
loans extended to obligors in the UK by the Student Loan Company
Limited ("SLC"), a UK public sector organization.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

GBP54.2M Class A2 Notes, Affirmed A3 (sf); previously on Apr 19,
2021 Affirmed A3 (sf)

GBP33.35M Class B Notes, Upgraded to A3 (sf); previously on Apr
19, 2021 Upgraded to Baa2 (sf)

GBP18M Class C Notes, Upgraded to Ba1 (sf); previously on Apr 19,
2021 Upgraded to B2 (sf)

GBP11.95M Class D Notes, Affirmed Caa3 (sf); previously on Apr 19,
2021 Affirmed Caa3 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

Increase in Available Credit Enhancement

The transaction was amortising pro-rata since August 2013 until
June 2018. The increase in defaults and third parties' costs led to
the build-up in principal deficiency ledger ("PDL") over the three
million threshold resulting in sequential amortisation.

Sequential amortization from June 2018 onward led to the increase
in the credit enhancement available in this transaction. For
instance, credit enhancement calculated as subordinated notes minus
unpaid PDL over sum of all notes increased to 25.0% from 21.6% for
class B and to 11.3% from 10.2% for class C since the last rating
action in April 2021.

Collateral Assumptions:

Moody's projected the future default on the outstanding portfolio
by assessing the proportion of loans leaving deferment each year.
In its analysis, the rating agency assumed that the future
deferment threshold would either stay stable or increase with the
average monthly salary in the UK.

Out of the loans that would leave deferment, Moody's estimated the
amount of loans that would benefit from the Authority's cancelation
indemnity which covers loans outstanding for more than 25 years and
that are not in arrears. For the part of the pool exiting
deferment, which is not covered by this cancelation indemnity,
Moody's assumed a default rate of 12.5% for the loans repaying and
30% for the loans overdue, and a recovery rate of 30%. Moody's
decreased the Portfolio Credit Enhancement (PCE) to 30% from
31.25%.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer and account banks.

The ratings of the A2 and B notes are constrained by operational
risk. Moody's considers that the lack of back-up servicing
arrangement may lead to payment disruption in the event of servicer
disruption. Moody's also noted that the Liquidity Reserve funding
led to the non-payment of the rated note's interest in October
2021, which was cured in the following month including the
repayment of accrued note interest, and that a recent breach of
consumer regulations led to a limited loss of GBP0.25 million which
was fully compensated by the servicer Link Financial Outsourcing
Limited. The ratings of tranches A2 and B are constrained at A3
(sf).

The principal methodology used in these ratings was "Scheduled
Amortisation UK Student Loan-Backed Securitisations Surveillance
Methodology" published in May 2021.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


MOTOR PLC 2016-1: Moody's Affirms Ba1 Rating on Class F Notes
-------------------------------------------------------------
Moody's Investors Service has upgraded the rating of one note in
Motor 2016-1 plc. The rating action reflects the increased level of
credit enhancement for the affected note.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

GBP30M Class C Notes, Affirmed Aaa (sf); previously on Mar 24,
2021 Affirmed Aaa (sf)

GBP9M Class D Notes, Affirmed Aaa (sf); previously on Mar 24, 2021
Upgraded to Aaa (sf)

GBP13M Class E Notes, Upgraded to Aaa (sf); previously on Mar 24,
2021 Upgraded to Aa3 (sf)

GBP5M Class F Notes, Affirmed Ba1 (sf); previously on Mar 24, 2021
Affirmed Ba1 (sf)

RATINGS RATIONALE

The rating action is prompted by the increased level of credit
enhancement for the affected note.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

The credit enhancement for Class E increased to 15.3% from 4.6%
since the last rating action in March 2021.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The delinquencies with 90 days plus arrears are currently standing
at 3.0% of current pool balance, and cumulative defaults currently
stand at 2.1% of original pool balance plus replenished amounts,
including the losses owed to voluntary terminations. Cumulative
voluntary terminations and the losses associated with voluntary
terminations to date have been 1.6% and 0.5%, respectively, of
original pool balance plus replenished amounts.

The current default probability assumption is 3.25% of the current
portfolio balance, which translates into a default probability
assumption on original balance of 2.1%, including the losses
associated with voluntary termination. Moody's maintained the
assumption for the fixed recovery rate of 40% and the portfolio
credit enhancement of 12.5%.

The principal methodology used in these ratings was 'Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS' published in
September 2021.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) improvements in the credit
quality of the transaction counterparties and (3) a decrease in
sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


NEWDAY GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed NewDay Group (Jersey)
Limited's corporate family rating at B2 and NewDay BondCo plc's
backed senior secured debt ratings at B2. The outlooks have been
changed to stable from negative.

RATINGS RATIONALE

The change in the outlook to stable from negative reflects NewDay's
strengthened credit profile, as a result of improved profitability
and continued narrowing of its tangible capital deficit. NewDay's
stronger performance in 2021 has been driven by lower loan loss
impairments and by a rebound of consumer spending after
pandemic-induced deterioration, reflecting an improved operating
environment in the UK. Moody's expects that NewDay's financial
performance will remain solid and in-line with the credit
indicators consistent with the B2 CFR, despite inflationary
pressures in the current operating environment which could directly
and indirectly impact both revenues and asset quality. The B2 CFR
also continues to reflect NewDay's established franchise, with the
long track record of lending to customers with various credit
characteristics, including non-prime, as well as its solid
liquidity position, with ample cash balances, and fairly
diversified funding base, but also high reliance on secured
funding.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

NewDay's ratings could be upgraded if the company's financial
performance improves beyond Moody's expectations, as evidenced by
further improvements in profitability, asset quality and
capitalisation.

NewDay's ratings could be downgraded if the company's financial
performance deteriorates relative to the pre-pandemic levels,
particularly as it relates to asset quality and profitability.

LIST OF AFFECTED RATINGS

Issuer: NewDay Group (Jersey) Limited

Affirmation:

Long-term Corporate Family Rating, affirmed B2

Outlook Action:

Outlook changed to Stable from Negative

Issuer: NewDay BondCo plc

Affirmations:

Backed Senior Secured Regular Bond/Debenture, affirmed B2

Outlook Action:

Outlook changed to Stable from Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.


ROADBRIDGE: Enters Receivership, 630 Jobs at Risk
-------------------------------------------------
Grant Prior at Construction Enquirer reports that civils contractor
Roadbridge has confirmed the appointment of receivers Grant
Thornton.

The Enquirer revealed that work had stopped on its sites including
two major packages on HS2.

According to The Enquirer, receivership will put the future of 630
staff and 1,000 indirect workers in jeopardy across the UK and
Ireland.

Roadbridge has been seeking an investor in the business for some
time with a deal with a "white knight" buyer understood to have
collapsed earlier last week, The Enquirer relates.


STEPTRONIC FOOTWEAR: Goes Into Administration
---------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that footwear firm
Steptronic has fallen into administration.

Jimmy Saunders and Michael Lennon, both of Kroll, were appointed
joint administrators of Steptronic Footwear on March 9,
TheBusinessDesk.com relates.

The business, based in Rushden, Northamptonshire, owns the
Steptronic footwear brand.

In its latest available accounts, made up to the end of 2020, the
firm made a profit of just over GBP51,000, TheBusinessDesk.com
discloses.

According to TheBusinessDesk.com, Mr. Saunders said: "The retail
sector has faced a number of well publicised challenges and coupled
with shipping and supplier delays and a legacy balance sheet debt,
the company was unable to meet its liabilities.

"Any prospective buyers for the business are encouraged to come
forward as soon as possible."

The joint administrators are marketing the business and assets of
the company for sale, TheBusinessDesk.com states.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week March 7 to March 11, 2022
--------------------------------------------------------
Issuer                   Coupon    Maturity   Currency  Price
------                   ------    --------   --------  -----

Korian SA                  0.875   03/06/2027    EUR    48.930
Mitsubishi UFJ Investor    3.928  12/15/2050     EUR    44.271
Korian SA                  1.875                 EUR    36.137
Banca Monte dei Paschi d   5.375   1/18/2028     EUR    72.211
Aggregate Holdings SA      6.875   11/09/2025    EUR    59.375
Casino Guichard Perracho   3.992                 EUR    54.780
Delivery Hero SE           2.125   03/10/2029    EUR    73.197
Casino Guichard Perracho   1.413                 EUR    28.781
Banca Monte dei Paschi d   8.000   1/22/2030     EUR    73.835
BAT International Financ   2.250   09/09/2052    GBP    61.542
Arrival SA                 3.500   12/01/2026    USD    66.587
United Kingdom Gilt        0.500  10/22/2061     GBP    74.789
NAK Naftogaz Ukraine via   7.625   11/08/2026    USD    74.849
Moby SpA                   7.750   2/15/2023     EUR    66.699
Carnival PLC               1.000  10/28/2029     EUR    74.867
Accor SA                   0.700   12/07/2027    EUR    50.880
PB International BV        7.625  12/31/2025     USD    52.250
Banca Monte dei Paschi d   8.500   09/10/2030    EUR    75.224
State of North Rhine-Wes   0.950   01/10/2121    EUR    68.143
Voltalia SA                1.000   1/13/2025     EUR    28.299
Global Fashion Group SA    1.250   3/15/2028     EUR    74.912
Paragon GmbH & Co KGaA     4.500   07/05/2022    EUR    51.779
Air France-KLM             0.125   3/25/2026     EUR    16.330
Mallinckrodt Internation   5.750   08/01/2022    USD    51.500
Rallye SA                  4.000   2/28/2030     EUR    16.985
Andrade Gutierrez Intern   9.500  12/30/2024     USD    53.000
MorphoSys AG               0.625  10/16/2025     EUR    73.595
Econocom Group SA/NV       0.500   03/06/2023    EUR     8.036
Union Fenosa Preferentes   1.067                 EUR    69.825
Fuerstenberg Capital II    5.625                 EUR    56.884
Ekosem-Agrar AG            7.500   08/01/2024    EUR    69.186
Rallye SA                  4.371   1/23/2023     EUR    17.518
Mallinckrodt Internation   5.625  10/15/2023     USD    52.938
Shell International Fina   1.750   09/10/2052    GBP    75.861
Nostrum Oil & Gas Financ   7.000   2/16/2025     USD    24.300
Pierre Et Vacances SA      2.000   04/01/2023    EUR    25.385
Offshore Drilling Holdin   8.375   9/20/2020     USD     5.000
Nostrum Oil & Gas Financ   8.000   7/25/2022     USD    27.167
Maisons du Monde SA        0.125   12/06/2023    EUR    47.418
Wirecard AG                0.500   09/11/2024    EUR    11.000
Senvion Holding GmbH       3.875  10/25/2022     EUR     0.799
Rallye SA                  5.250   02/01/2022    EUR    19.320
Orpea SA                   3.000  11/25/2041     EUR    71.974
Mallinckrodt Internation   4.750   4/15/2023     USD    41.000
Neoen SA                   1.875   10/07/2024    EUR    36.103
Aggregate Holdings SA      5.500   5/17/2024     EUR    57.780
Paragon GmbH & Co KGaA     4.000   4/23/2023     CHF    58.000
FF Group Finance Luxembo   1.750   07/03/2019    EUR     3.583
Intelsat Jackson Holding   8.500  10/15/2024     USD    45.500
Nexity SA                  0.250   03/02/2025    EUR    64.154
Intelsat Jackson Holding   5.500   08/01/2023    USD    42.750
Quadient SA                3.375                 EUR    57.545
HOCHDORF Holding AG        2.500                 CHF    52.769
Yell Bondco PLC            8.500   05/02/2023    GBP    69.786
Slovenia Government Bond   0.688   03/03/2081    EUR    68.390
Societe Du Grand Paris E   0.700  10/15/2060     EUR    75.878
Hylea Group SA             7.250   12/01/2022    EUR     6.000
Metro Bank PLC             5.500   6/26/2028     GBP    64.390
Intu Debenture PLC         5.562  12/31/2027     GBP    40.583
Mallinckrodt Internation   5.500   4/15/2025     USD    53.500
Intelsat Luxembourg SA     8.125   06/01/2023    USD     0.550
Neoen SA                   2.000   06/02/2025    EUR    47.392
Genfit                     3.500  10/16/2025     EUR    25.587
Basque Government          1.375  10/31/2070     EUR    69.483
Andrade Gutierrez Intern  11.000   8/20/2021     USD    57.560
FIGEAC-AERO                1.125  10/18/2022     EUR    22.283
EYEMAXX Real Estate AG     5.500   4/26/2023     EUR     4.937
Intelsat Jackson Holding   9.750   7/15/2025     USD    44.500
Intelsat Connect Finance   9.500   2/15/2023     USD    15.750
Rallye SA                  3.400   1/31/2022     EUR    19.251
Deutsche Lichtmiete AG     5.250   09/01/2025    EUR    13.250
Deutsche Lichtmiete AG     5.250   02/01/2027    EUR    14.000
Nexity SA                  0.875   4/19/2028     EUR    54.333
Turkey Government Bond    11.000   2/24/2027     TRY    68.550
Claranova SE               5.000   07/01/2023    EUR     1.090
Societe Nationale SNCF S   1.000   1/19/2061     EUR    76.251
Rallye SA                  3.250   02/08/2024    CHF    19.585
Travelex Financing PLC     8.000   5/15/2022     EUR     1.828
Rickmers Holding AG        8.875   06/11/2018    EUR     0.818
Scandinavian Airlines Sy   0.625                 CHF    19.450
Transcapitalbank JSC Via  10.000                 USD    68.500
EA Partners II BV          6.750   06/01/2021    USD     0.705
Deutsche Lichtmiete AG     5.750   12/01/2023    EUR    12.784
Hellenic Bank PCL         10.000                 EUR    58.021
Thomas Cook Group PLC      6.250   6/15/2022     EUR     0.510
O1 Properties Finance PL   0.500   9/27/2028     USD    11.769
Deutsche Lichtmiete Fina   5.750   01/01/2023    EUR    14.000
Pentracor GmbH             8.500   5/29/2025     EUR    22.000
Turkey Government Bond     8.000   03/12/2025    TRY    71.600
Debenhams PLC              5.250   7/15/2021     GBP     0.500
Virgolino de Oliveira Fi  11.750   02/09/2022    USD     0.010
Intelsat SA                4.500   6/15/2025     USD    15.000
Air Berlin PLC             6.750   05/09/2019    EUR     0.502
Koninklijke Luchtvaart M   0.750                 CHF    21.000
Banco Espirito Santo SA    7.125  11/28/2023     EUR     0.510
Lloyds Bank PLC            0.352   4/26/2033     USD    69.666
Rallye SA                  4.000  11/23/2020     CHF    14.360
Air Berlin PLC             8.250   4/19/2018     EUR     0.789
Galapagos Holding SA       7.000   6/15/2022     EUR     0.500
Lehman Brothers UK Capit   5.125                 EUR    35.000
Privatbank CJSC Via UK S  10.250   1/23/2018     USD     4.394
UkrLandFarming PLC        10.875   3/26/2018     USD     1.648
Bourbon Corp               8.305                 EUR     0.596
Fuerstenberg Capital Ers   1.020                 EUR    55.442
Immigon Portfolioabbau A   5.772                 EUR    12.030
DOF Subsea AS              8.810  11/27/2023     NOK    29.589
Hamon & CIE SA             3.300   1/31/2035     EUR    46.000
Intelsat Luxembourg SA     7.750   06/01/2021    USD     0.098
EYEMAXX Real Estate AG     5.500   9/24/2024     EUR     4.937
Hellenic Republic Govern   2.085   7/25/2057     EUR    43.458
Norddeutsche Landesbank-   7.490                 EUR    60.575
OGX Austria GmbH           8.500   06/01/2018    USD     0.002
PREOS Global Office Real   7.500   12/09/2024    EUR    66.000
EDOB Abwicklungs AG        7.500   04/01/2012    EUR     2.248
Officine Maccaferri-SpA    5.750   06/01/2021    EUR    17.334
Autonomous Community of    2.965   09/08/2039    JPY    67.336
Republic of Ireland Inte   1.200   4/15/2120     EUR    74.427
Thomas Cook Finance 2 PL   3.875   7/15/2023     EUR     0.538
Yuksel Insaat AS           9.500   11/10/2015    USD     0.102
Stichting Afwikkeling On   6.250  10/26/2020     EUR     5.375
International Industrial   9.000   07/06/2011    EUR     0.052
Virgolino de Oliveira Fi  10.500   1/28/2018     USD     0.715
Jain International Tradi   7.125   3/31/2026     USD    28.000
Alno AG                    8.500   5/14/2018     EUR    17.913
Green City Energy Kraftw   4.000  12/30/2026     EUR   109.484
EA Partners I BV           6.875   9/28/2020     USD     0.770
Societe Centrale des Boi   2.500   5/15/2023     EUR     6.880
Ziton A/S                  7.900   10/03/2022    EUR    70.000
Stichting Afwikkeling On  11.250                 EUR     0.416
Mitsubishi UFJ Investor    3.687  12/30/2099     EUR     5.000
Basque Government          1.000  10/31/2050     EUR    75.273
Bilt Paper BV             10.360                 USD     1.267
Praktiker AG               5.875   02/10/2016    EUR     0.069
Bank Gospodarstwa Krajow   2.375  11/27/2040     PLN    70.240
FF Group Finance Luxembo   3.250   11/02/2021    CHF     8.249
Dexia Credit Local SA      1.206                 EUR     3.067
OGX Austria GmbH           8.375   04/01/2022    USD     0.002
Elli Finance UK PLC        8.750   6/15/2019     GBP    64.555
Allied Irish Banks PLC    12.500   6/25/2035     GBP    61.249
Avangardco Investments P  10.000  10/29/2018     USD     0.348
Tresu Investment Holding   5.000   02/02/2025    EUR    48.788
Jain International Tradi   7.125   02/01/2022    USD    22.415
Norwegian Air Shuttle AS   5.000   02/07/2023    SEK    41.410
Privatbank CJSC Via UK S  11.000   02/09/2021    USD     1.000
DOF Subsea AS              9.500   3/14/2022     USD    29.838
Verimatrix SA              6.000   6/29/2022     EUR     3.789
EYEMAXX Real Estate AG     5.500   7/22/2025     EUR    75.000
Hellas Telecommunication   6.054   1/15/2015     USD     0.001
Windreich GmbH             6.500   7/15/2016     EUR     4.475
LBI ehf                    6.100   8/25/2011     USD    10.598
Barclays Bank PLC         12.000   9/24/2025     TRY    65.629
Aralco Finance SA         10.125   05/07/2020    USD     3.137
Alitalia-Societa Aerea I   5.250   7/30/2020     EUR     0.100
Solarworld AG              9.691   2/24/2019     EUR    19.897
Air Berlin PLC             5.625   05/09/2019    CHF     0.636
Espirito Santo Financial   6.875  10/21/2019     EUR     0.244
Bank Otkritie Financial   10.000   4/26/2019     USD     9.032
Banco Espirito Santo SA    2.302                 EUR     0.236
Hema Bondco II BV          8.500   1/15/2023     EUR     0.105
EOS Imaging SA             6.000   5/31/2023     EUR     7.250
German Pellets GmbH        7.250  11/27/2019     EUR     1.949
Lloyds Bank PLC            1.836  10/25/2033     USD    69.619
Orient Express Bank PJSC   2.000                 USD    54.787
Offshore Drilling Holdin   8.375   9/20/2020     USD     5.000
Russian Federal Bond - O   0.250   7/20/2044     RUB    12.450
Communaute Francaise de    0.782   02/08/2061    EUR    72.678
Caixa Economica Montepio   5.000                 EUR    25.000
WD Invest Sarl             1.900   10/02/2024    EUR    11.279
Sberbank of Russia PJSC    0.615   06/10/2024    USD    73.932
Veneto Banca SpA           9.878   12/01/2025    EUR     0.571
Banca Popolare di Vicenz   9.500   9/29/2025     EUR     0.049
Phosphorus Holdco PLC     10.000   04/01/2019    GBP     1.934
Andrade Gutierrez Intern   9.500  12/30/2024     USD    52.750
SAS AB                     4.377                 SEK    27.944
Lehman Brothers UK Capit   3.875                 EUR    35.000
Lloyds Bank PLC            1.836   4/25/2034     USD    73.550
ESFIL-Espirito Santo Fin   5.250   06/12/2015    EUR     0.111
Havila Shipping ASA        5.460   01/02/2025    NOK    25.319
Lloyds Bank PLC            2.380  11/27/2033     USD    67.238
Fuerstenberg Capital Dri   1.609                 EUR    58.241
Deutsche Bank AG/London    1.625  10/31/2034     USD    68.648
Espirito Santo Financial   3.125   12/02/2018    EUR     0.288
Banco Espirito Santo SA    6.875   7/15/2016     EUR    24.500
Cirio Holding Luxembourg   6.250   2/16/2004     EUR     0.723
Dexia SA                   1.230                 EUR     2.916
EFG International AG       0.551                 EUR    70.501
Cooperatieve Rabobank UA   0.500   7/30/2043     MXN    15.883
Sairgroup Finance BV       4.375   06/08/2006    EUR     1.568
Banco Espirito Santo SA    2.122                 EUR     0.094
Senivita Social Estate A   4.000   05/12/2025    EUR     7.010
Green City Energy Kraftw   4.750  12/30/2023     EUR   100.063
Barclays Bank PLC          0.652   4/19/2033     USD    70.856
Lehman Brothers UK Capit   6.900                 USD     3.986
KTG Agrar SE               7.125   06/06/2017    EUR     1.868
Nostrum Oil & Gas Financ   8.000   7/25/2022     USD    27.330
Corporate Commercial Ban   8.250   08/08/2014    USD     0.308
OR PJSC                   12.000   9/22/2022     RUB    46.590
Enertronica Santerno SpA   7.000  12/31/2022     EUR    67.500
Ghelamco Invest            4.500   5/23/2022     EUR    40.010
REM Saltire Holding AS     7.000  12/31/2024     NOK    51.784
Kommunekredit              0.500   7/30/2027     TRY    20.737
International Industrial  11.000   2/19/2013     USD     0.052
Raiffeisen Centrobank AG  10.500   9/22/2022     EUR    49.550
Cirio Finanziaria SpA      8.000  12/21/2005     EUR     0.832
Island Offshore Shiphold   6.230   6/30/2022     NOK     4.539
Barclays Bank PLC          1.092   7/28/2034     USD    67.445
Norske Skogindustrier AS   7.000  12/30/2026     EUR     0.010
niiio finance group AG     4.000   5/31/2026     EUR    51.000
Intelsat Jackson Holding   8.500  10/15/2024     USD    44.823
Bank Nadra Via NDR Finan   8.250   7/31/2018     USD     0.208
Rallye SA                  1.000   10/02/2020    EUR    21.738
Mallinckrodt Internation   5.500   4/15/2025     USD    57.750
Societe Nationale SNCF S   1.280   3/27/2120     EUR    71.860
Agrokor dd                 9.875   05/01/2019    EUR    15.000
Barclays Bank PLC          1.089   9/29/2034     USD    65.368
Windreich GmbH             6.500   03/01/2015    EUR     4.475
Cooperatieve Rabobank UA   0.500  10/30/2043     MXN    15.381
Waste Italia SpA          10.500  11/15/2019     EUR     0.550
Andrade Gutierrez Intern  11.000   8/20/2021     USD    57.560
Norske Skogindustrier AS   7.125  10/15/2033     USD     0.010
Saleza AS                  9.000   07/12/2021    EUR     0.203
Mallinckrodt Internation   5.750   08/01/2022    USD    56.063
Raiffeisen Schweiz Genos   4.800   04/07/2022    EUR    63.040
UBS AG/London             13.250   05/04/2022    USD    43.000
Joh Friedrich Behrens AG   6.250   6/18/2024     EUR    29.250
Ukraine Government Bond    6.000   1/28/2032     UAH    49.676
New World Resources NV     4.000   10/07/2020    EUR     0.524
Hellas Telecommunication   8.500  10/15/2013     EUR     0.834
SG Issuer SA               5.500   1/20/2025     SEK    75.860
Civitas Properties Finan   4.000  11/24/2022     EUR    65.000
New World Resources NV     8.000   04/07/2020    EUR     0.488
Norwegian Air Shuttle AS   6.375  11/15/2024     USD    47.132
Lloyds Bank PLC            0.444   7/29/2033     USD    65.660
Lehman Brothers UK Capit   5.750                 EUR     7.000
Windreich GmbH             6.250   03/01/2015    EUR     4.475
Sidetur Finance BV        10.000   4/20/2016     USD     0.770
Finmek International SA    7.000   12/03/2004    EUR     2.193
Depfa Funding II LP        6.500                 EUR    58.625
Bank Vontobel AG          15.000   11/07/2022    EUR    50.300
Portugal Telecom Interna   6.250   7/26/2016     EUR     0.285
Virgolino de Oliveira Fi  11.750   02/09/2022    USD     0.797
Veragold Mining Co GmbH    5.000  12/31/2022     EUR    52.000
Cooperatieve Rabobank UA   0.500   1/31/2033     MXN    40.245
Espirito Santo Financial   9.750  12/19/2025     EUR     0.283
Norske Skogindustrier AS   2.000  12/30/2115     EUR     0.113
Grupo Isolux Corsan SA     1.000  12/30/2021     EUR     0.104
Region Wallonne Belgium    0.850   1/26/2071     EUR    71.157
OR PJSC                   11.500   7/28/2024     RUB    38.000
TMK PJSC                   7.350   2/28/2025     RUB    62.000
Irish Bank Resolution Co   0.566   6/21/2016     EUR     0.500
Deutsche Bank AG/London    1.780   8/28/2034     USD    65.738
Futureal Development Hol   3.500  11/16/2036     HUF    74.000
Tennor Finance BV          5.750   6/17/2024     EUR    75.000
Agrokor dd                 8.875   02/01/2020    USD    15.000
Republic of Ireland Inte   0.740  11/27/2120     EUR    67.948
Agrokor dd                 8.875   02/01/2020    USD    15.000
Mallinckrodt Internation   5.625  10/15/2023     USD    57.280
Barclays Bank PLC          0.035   6/17/2033     USD    72.020
CBo Territoria             3.750   07/01/2024    EUR #N/A N/A
Ministeries Van de Vlaam   0.634  11/19/2060     EUR    73.647
CRC Breeze Finance SA      6.110   05/08/2026    EUR    31.541
Cirio Finance Luxembourg   7.500   11/03/2002    EUR     1.650
Barclays Bank PLC          1.032   3/21/2033     USD    70.338
Bulgaria Steel Finance B  12.000   05/04/2013    EUR     0.216
Credit Suisse AG/London   20.000   11/05/2024    USD    50.500
Privatbank CJSC Via UK S  10.875   2/28/2018     USD     7.866
Norske Skog Holding AS     8.000   2/24/2021     EUR     0.006
Kardan NV                  6.325   2/21/2021     ILS    12.250
Banco Espirito Santo SA    6.900   6/28/2024     EUR    24.495
BNG Bank NV               10.010   6/17/2025     TRY    62.915
Banca Popolare di Vicenz   2.821  12/20/2017     EUR     0.100
Alno AG                    8.000   3/21/2019     EUR    16.000
Yell Bondco PLC            8.500   05/02/2023    GBP    69.786
Virgolino de Oliveira Fi  10.500   1/28/2018     USD     0.715
Bank Julius Baer & Co Lt  13.250   01/05/2023    USD    48.100
Alpine Holding GmbH        6.000   5/22/2017     EUR     3.084
Region Wallonne Belgium    1.150   09/02/2120    EUR    72.462
Single Platform Investme   1.548  10/31/2050     EUR    61.020
Virgolino de Oliveira Fi  10.875   1/13/2020     USD    36.000
Erotik-Abwicklungsgesell   7.750   07/09/2019    EUR     0.779
Barclays Bank PLC          0.836   4/25/2034     USD    72.553
Intelsat Connect Finance   9.500   2/15/2023     USD    17.000
Finance and Credit Bank    9.250   1/25/2019     USD     0.137
Havila Shipping ASA        4.710   01/02/2025    NOK    40.000
DekaBank Deutsche Giroze   7.650   03/10/2023    EUR    47.500
SG Issuer SA               8.800   7/20/2023     SEK    73.260
Sibur Holding PAO          1.500   10/02/2031    USD    70.650
Stichting Afwikkeling On   2.197                 EUR     0.416
SiC Processing GmbH        7.125   03/01/2016    EUR     2.427
Banco Santander SA         1.815                 EUR     1.666
Cooperatieve Rabobank UA   0.500  11/30/2027     MXN    62.445
Lloyds Bank PLC            1.376   07/05/2033    USD    74.680
Elli Investments Ltd      12.250   6/15/2020     GBP    52.250
Joh Friedrich Behrens AG   7.750   11/11/2020    EUR    29.500
Sibur Holding PAO          1.500   10/01/2032    USD    67.600
Nostrum Oil & Gas Financ   7.000   2/16/2025     USD    25.340
Stichting Afwikkeling On   6.625   5/14/2018     EUR     5.375
Barclays Bank PLC          1.444  10/30/2034     USD    72.124
Cirio Del Monte NV         7.750   3/14/2005     EUR     0.352
Credit Suisse AG           7.000  10/28/2022     USD    10.120
SG Issuer SA               8.410   1/20/2027     SEK    59.170
Intelsat Luxembourg SA    12.500  11/15/2024     USD    65.750
Ukraine Government Bond    8.750   2/16/2033     UAH    62.113
Republic of Belarus Inte   6.200   2/28/2030     USD    74.650
Sibur Holding PAO          1.500   10/02/2030    USD    73.710
Deutsche Bank AG/London    1.796   6/30/2034     USD    66.436
Alpine Holding GmbH        5.250   07/01/2015    EUR     3.084
Barclays Bank PLC          1.072  12/30/2030     USD    72.635
Agrokor dd                 9.125   02/01/2020    EUR    15.000
A-TEC Industries AG        8.750  10/27/2014     EUR     0.100
Rena GmbH                  7.000  12/15/2015     EUR     2.096
Moby SpA                   7.750   2/15/2023     EUR    66.699
Region de Bruxelles-Capi   0.845   9/30/2059     EUR    76.007
Vneshprombank Ltd Via VP   9.000  11/14/2016     USD     0.078
ECM Real Estate Investme   5.000   10/09/2011    EUR    15.375
Depfa Funding III LP       0.235                 EUR    82.821
Agrokor dd                 9.875   05/01/2019    EUR    15.000
Steilmann SE               7.000   9/23/2018     EUR     1.429
OGX Austria GmbH           8.500   06/01/2018    USD     0.002
Turkey Government Intern   4.875   4/16/2043     USD    71.610
Commerzbank AG             0.060  11/19/2029     EUR    69.501
Windreich GmbH             6.750   03/01/2015    EUR     4.475
OR PJSC                   11.000  12/29/2024     RUB    31.800
Sairgroup Finance BV       6.625   10/06/2010    EUR     1.568
Portugal Telecom Interna   5.242   11/06/2017    EUR     0.694
German Pellets GmbH        7.250   04/01/2016    EUR     1.949
Barclays Bank PLC          2.812   5/30/2034     USD    70.822
Green City Energy Kraftw   5.000  12/31/2036     EUR   132.904
Elli Investments Ltd      12.250   6/15/2020     GBP    52.250
Espirito Santo Financial   5.050  11/15/2025     EUR     0.283
JP Morgan Structured Pro  11.000  12/30/2026     ZMW    67.712
SG Issuer SA               6.500   1/20/2025     SEK    68.880
Barclays Bank PLC          0.956   3/28/2033     USD    70.859
Del Monte Finance Luxemb   6.625   5/24/2006     EUR     4.343
NTRP Via Interpipe Ltd    10.250   08/02/2017    USD    29.500
Leonteq Securities AG/Gu   8.510   5/27/2022     USD    33.020
Credit Suisse AG/London #N/A N/A   8/18/2022     USD     9.500
Cooperatieve Rabobank UA   0.500  10/29/2027     MXN    63.316
OGX Austria GmbH           8.375   04/01/2022    USD     0.002
Grupo Isolux Corsan SA     6.000  12/30/2021     EUR     0.192
Barclays Bank PLC          3.800   9/30/2031     USD    70.568
Solon SE                   1.375   12/06/2012    EUR     0.745
Resa SA/Belgium            1.950   7/22/2036     EUR    50.010
Barclays Bank PLC          0.500   1/28/2033     MXN    37.146
KTG Agrar SE               7.250  10/15/2019     EUR     1.868
Gebr Sanders GmbH & Co K   8.750  10/22/2018     EUR     9.375
Green City Energy Kraftw   5.750  12/30/2033     EUR   100.044
Rio Forte Investments SA   4.000   7/22/2014     EUR     4.333
Bank Otkritie Financial   10.000   4/26/2019     USD     9.032
Deutsche Bank AG/London    2.952  11/26/2034     USD    80.500
getgoods.de AG             7.750   10/02/2017    EUR     0.527
Turkey Government Bond     1.500   10/09/2024    TRY    63.052
International Finance Fa   0.500   6/29/2027     ZAR    65.292
OR PJSC                   12.000  11/14/2024     RUB    36.100
Region de Bruxelles-Capi   0.562  12/23/2065     EUR    67.781
Kingdom of Belgium Gover   0.650   6/22/2071     EUR    72.342
Steilmann SE               7.000   03/09/2017    EUR     1.429
Tonon Luxembourg SA       12.500   5/14/2024     USD     0.399
Alpine Holding GmbH        5.250   06/10/2016    EUR     3.084
Societe Generale SA       20.000   03/02/2022    USD    59.875
Barclays Bank PLC          1.268   3/28/2034     USD    73.314
Barclays Bank PLC          3.392   8/31/2031     USD    72.347
Kingdom of Belgium Gover   0.558   9/24/2077     EUR    70.058
Rena GmbH                  8.250   07/11/2018    EUR     2.096
Barclays Bank PLC          0.433   3/14/2023     USD     9.747
Credit Suisse AG/London   10.000   6/16/2022     USD    56.660
Intelsat Jackson Holding   9.750   7/15/2025     USD    43.870
Peine GmbH                 2.000   07/05/2023    EUR    44.500
Deutsche Agrar Holding G   7.250   9/28/2018     EUR     0.812
Ukraine Government Bond    6.000   1/14/2026     UAH    71.068
BOA Offshore AS            0.409   7/17/2047     NOK     5.257
Barclays Bank PLC          1.450   9/24/2038     MXN    31.882
RUSAL Bratsk OJSC          0.010   04/07/2026    RUB    65.680
Deutsche Bank AG           0.687   10/11/2049    EUR    57.285
DekaBank Deutsche Giroze   7.050   4/28/2023     EUR    65.440
Ukraine Government Bond    6.000  12/24/2025     UAH    71.455
Dolphin Drilling ASA       4.490   8/28/2019     NOK     0.644
Elli Finance UK PLC        8.750   6/15/2019     GBP    64.555
Norske Skog Holding AS     8.000   2/24/2021     EUR     0.006
Pescanova SA               5.125   4/20/2017     EUR     0.319
SG Issuer SA               0.263   2/20/2025     EUR    19.730
Barclays Bank PLC          5.000   11/01/2029    BRL    63.795
Ukraine Government Bond    8.310   11/10/2034    UAH    57.151
Region de Bruxelles-Capi   0.444   3/19/2057     EUR    66.740
Sequa Petroleum NV         5.000   4/29/2020     USD    30.250
Air Berlin Finance BV      8.500   03/06/2019    EUR     0.338
BrokerCreditService Stru   1.299   12/06/2031    USD    75.204
Societe Generale SA       20.000   2/29/2024     USD    17.600
Societe Generale Effekte   4.000  11/22/2022     USD    67.700
Irish Bank Resolution Co   6.750  11/30/2013     BGN    33.250
Lloyds Bank PLC            0.500   7/26/2028     MXN    59.393
Kingdom of Belgium Gover   0.459   7/23/2079     EUR    65.878
UBS AG/London             14.750   2/17/2023     CHF    51.150
Wingholding Zrt            3.000   9/22/2031     HUF #N/A N/A
Credit Suisse AG/London    4.450   6/28/2023     USD     9.350
SG Issuer SA               6.940   1/20/2025     SEK    70.990
Region de Bruxelles-Capi   0.650   2/15/2061     EUR    74.660
Golden Gate AG             6.500   10/11/2014    EUR    35.100
State of Lower Austria     0.550  11/13/2080     EUR    74.712
Eiendomskreditt AS         2.600   9/17/2029     NOK    70.904
WPE International Cooper  10.375   9/30/2020     USD     5.000
JP Morgan Structured Pro  12.000   01/04/2027    ZMW #N/A N/A
SG Issuer SA               8.700   1/20/2025     SEK    57.080
DekaBank Deutsche Giroze  11.200  12/23/2022     EUR    63.940
EFG International Financ  11.120  12/27/2024     EUR    49.270
Ukraine Government Bond    8.750   11/10/2032    UAH    61.786
Credito Padano Banca di    3.100                 EUR    33.854
State of Mecklenburg-Wes   0.239  11/17/2070     EUR    73.560
German Pellets GmbH        7.250   07/09/2018    EUR     1.949
AlphaNotes ETP Dac         0.010   09/09/2029    USD    69.837
SG Issuer SA               0.021   8/15/2033     EUR    18.230
Skandinaviska Enskilda B   9.500   7/17/2023     SEK    70.170
Ukraine Government Bond    5.000   2/20/2032     UAH    44.703
MTS-Bank PAO               9.500  10/28/2029     RUB    44.710
Norske Skogindustrier AS   7.125  10/15/2033     USD     0.010
SG Issuer SA               8.300   7/21/2025     SEK    66.370
Credit Suisse AG/London    7.370  12/28/2022     USD     9.730
Credit Suisse AG/London    4.600   3/31/2023     USD     9.580
Credit Suisse AG/London    4.600   11/09/2022    USD     9.653
Luzerner Kantonalbank AG  23.000   06/07/2022    CHF    36.350
WEB Windenergie AG         4.000  12/17/2025     EUR     0.010
Credit Suisse AG           0.500  12/16/2025     BRL    64.054
International Bank of Az   8.250   10/09/2024    USD    60.375
Northland Resources AB     4.000  10/15/2020     USD     0.271
Kingdom of Belgium Gover   0.675   07/07/2080    EUR    74.295
Erste Group Bank AG        6.250   02/01/2026    EUR    74.850
EFG International Financ   7.000   4/20/2022     USD    48.140
Pongs & Zahn AG            8.500   11/01/2014    EUR     0.030
Sberbank CIB JSC           0.010   01/04/2030    RUB    50.426
Ukraine Government Bond    8.120   11/10/2035    UAH    55.164
Cooperatieve Rabobank UA   0.500   8/21/2028     MXN    58.773
Phosphorus Holdco PLC     10.000   04/01/2019    GBP     1.934
DZ Bank AG Deutsche Zent  19.400   3/25/2022     EUR    48.960
City of Predeal Romania    4.050   5/15/2026     RON    69.000
Intelsat Luxembourg SA    12.500  11/15/2024     USD    65.750
Virgolino de Oliveira Fi  10.875   1/13/2020     USD    36.000
Stichting Afwikkeling On   8.450   8/20/2018     USD     5.375
BRAbank ASA/NO             7.780                 NOK    54.895
Lehman Brothers Treasury   1.000   10/05/2035    EUR     0.100
Cattles Ltd                8.125   07/05/2017    GBP     0.027
Erste Group Bank AG        4.350   2/20/2022     EUR    43.250
Societe Generale SA       16.000   8/30/2024     USD    46.250
Barclays Bank PLC          0.333   11/08/2023    USD     9.490
Credit Suisse AG/London   20.000  11/29/2024     USD    13.800
Mox Telecom AG             7.250   11/02/2017    EUR     2.270
UkrLandFarming PLC        10.875   3/26/2018     USD     1.648
AKB Peresvet ZAO           0.510   08/04/2034    RUB    31.000
Intelsat Jackson Holding   9.750   7/15/2025     USD    43.870
UBS AG/London              0.120   5/25/2040     MXN    17.687
La Veggia Finance SA       7.125  11/14/2004     EUR     0.287
Societe Generale SA       18.000   08/01/2024    USD    38.700
Credit Suisse AG/London    6.190   9/14/2022     USD     9.690
Bank Julius Baer & Co Lt  22.500   05/03/2022    CHF    55.450
Ukraine Government Bond    9.700   03/10/2032    UAH    67.363
Agrokor dd Via Aquarius    4.921   08/08/2017    EUR    14.625
Credito Padano Banca di    3.100                 EUR    34.070
O1 Properties Finance PL   8.250   9/27/2021     USD    11.769
Pescanova SA               8.750   2/17/2019     EUR     0.319
BBI Development SA        11.610   2/22/2023     PLN     0.010
Kreditanstalt fuer Wiede   0.250   10/06/2036    CAD    51.195
Veneto Banca SpA           6.950   2/25/2025     EUR     0.571
Credit Suisse AG/London    6.500   3/28/2022     USD     3.840
HSBC Bank PLC             10.300  12/20/2024     TRY    69.618
Air Berlin Finance BV      6.000   03/06/2019    EUR     0.315
Minicentrales Dos SA       0.010   06/06/2047    EUR    66.787
HSBC Bank PLC              0.500   6/23/2027     MXN    64.411
Northland Resources AB     4.000  10/15/2020     NOK     0.271
WEB Windenergie AG         5.500   04/08/2023    EUR     0.010
Agrokor dd                 9.125   02/01/2020    EUR    15.000
Veneto Banca SpA           6.411                 EUR     0.345
New World Resources NV     8.000   04/07/2020    EUR     0.488
Nordic Corporate Bank AS   6.430                 NOK    65.455
SG Issuer SA               7.740   7/20/2025     SEK    63.880
DZ Bank AG Deutsche Zent   9.410   8/26/2022     EUR    39.030
Zurcher Kantonalbank Fin  30.000   08/09/2022    USD    39.640
Gold-Zack AG               7.000  12/14/2005     EUR     1.511
Dr Wiesent Sozial gGmbH    7.000                 EUR     0.010
Sberbank of Russia PJSC    0.010   8/25/2025     RUB    75.990
Astana Finance BV          9.000  11/16/2011     USD    15.250
Mriya Agro Holding PLC     9.450   4/19/2018     USD     4.667
Thomas Cook Finance 2 PL   3.875   7/15/2023     EUR     0.538
Ville de Paris             0.650  11/25/2070     EUR    67.476
SAir Group                 4.250   02/02/2007    CHF    12.625
SG Issuer SA               7.600   1/20/2025     SEK    55.800
DZ Bank AG Deutsche Zent  15.400   6/24/2022     EUR    73.050
Region de Bruxelles-Capi   0.556  12/23/2064     EUR    68.110
Single Platform Investme   0.656   9/20/2050     EUR    74.912
Steilmann SE               6.750   6/27/2017     EUR     2.184
SAir Group                 5.500   7/23/2003     CHF    12.625
AKB Peresvet ZAO           0.510   2/14/2032     RUB    13.000
Ahtium PLC                 9.750   04/04/2017    EUR     0.726
Turkiye Ihracat Kredi Ba  12.540   9/14/2028     TRY    56.156
Communaute Francaise de    1.000   10/08/2069    EUR    74.062
SG Issuer SA               2.100   2/14/2033     EUR    25.620
Skandinaviska Enskilda B   8.300   7/17/2023     SEK    68.660
SG Issuer SA              11.170   7/20/2025     SEK    45.460
LP Portfolio Vagyonkezel   2.800  11/30/2030     HUF #N/A N/A
Credit Suisse AG/London   14.000   6/16/2022     USD    68.740
Credit Suisse AG/London    4.180   9/14/2022     USD     9.660
SG Issuer SA               7.500   1/20/2025     SEK    54.290
Ukraine Government Bond    6.000   1/27/2027     UAH    65.535
Region Wallonne Belgium    1.222   6/24/2080     EUR    76.567
Credit Agricole Corporat  11.550   1/28/2026     TRY    64.861
Region de Bruxelles-Capi   0.592   12/10/2061    EUR    72.315
Ukraine Government Bond    9.700   12/08/2032    UAH    66.423
Banco Espirito Santo SA   10.000   12/06/2021    EUR     0.510
Grupo Isolux Corsan SA     0.250  12/30/2018     EUR     0.073
Sberbank of Russia PJSC    0.010   09/04/2025    RUB    74.600
Purple Protected Asset     1.580   5/25/2060     EUR    63.730
Leonteq Securities AG     12.000   06/08/2022    CHF    48.280
Appeninn Holding           3.500  11/22/2029     HUF #N/A N/A
Single Platform Investme   0.559   2/15/2047     EUR    74.571
Pervyi Konteinernyi Term   0.010   02/06/2026    RUB    66.230
BNP Paribas SA             0.500  11/16/2032     MXN    35.044
Senvion Holding GmbH       3.875  10/25/2022     EUR     0.799
Heta Asset Resolution AG   4.350  12/31/2023     EUR     1.156
Barclays Bank PLC          0.500   10/01/2031    TRY    12.228
Espirito Santo Financial   5.050  11/15/2025     EUR     0.283
Getin Noble Bank SA        8.290   7/28/2023     PLN    78.075
BRAbank ASA                7.210                 NOK    69.348
Bank Julius Baer & Co Lt  11.300   3/21/2022     USD    42.050
Vontobel Financial Produ   9.400   5/13/2022     EUR    50.140
Credit Suisse AG/London    4.700  11/30/2022     USD     9.583
Bank Vontobel AG          11.000   02/06/2023    CHF    64.800
Banque Internationale a    7.500   7/28/2022     USD    71.100
Skandinaviska Enskilda B   8.600   7/17/2023     SEK    69.030
Societe Generale SA       18.000   11/02/2023    USD    76.950
Muehl Product & Service    6.750   03/10/2005    DEM     0.104
COFIDUR SA                 0.100  12/31/2024     EUR    24.050
Purple Protected Asset     2.100   4/15/2060     EUR    66.497
Bilt Paper BV             10.360                 USD     1.267
Societe Generale SA        1.580   9/16/2024     USD     3.560
Ahtium PLC                 4.000  12/16/2015     EUR     0.586
UniCredit Bank AG          6.600   7/20/2028     EUR    51.240
Golfino AG                 8.000  11/18/2023     EUR     0.020
Societe Generale SA       21.000  11/30/2023     USD    18.300
Zurcher Kantonalbank Fin  15.200   9/21/2022     USD    50.860
Societe Generale SA        4.000   5/28/2031     USD    72.909
SALVATOR Vermoegensverwa   9.500                 EUR     8.100
Ukraine Government Bond    9.990   12/10/2031    UAH    69.075
Premium Green PLC          0.600  10/31/2046     EUR    51.609
Hellas Telecommunication   8.500  10/15/2013     EUR     0.834
Lehman Brothers Treasury   2.875   3/14/2013     CHF     0.100
New World Resources NV     4.000   10/07/2020    EUR     0.524
Deutsche Bank AG/London    0.500  10/18/2038     MXN    16.488
Northland Resources AB    15.000   7/15/2019     USD     2.621
SG Issuer SA               8.120   7/20/2023     SEK    71.540
BNP Paribas Emissions- u   7.700   4/22/2022     EUR    68.140
EFG International Financ   7.500   7/26/2022     USD    61.720
Banque Internationale a   15.000   01/05/2023    EUR    52.910
Societe Generale SA       22.000   11/03/2022    USD    63.450
HPI AG                     3.500                 EUR     3.011
Mifa Mitteldeutsche Fahr   7.500   08/12/2018    EUR     2.150
Landesbank Baden-Wuertte   5.400   2/25/2022     EUR    74.970
DeltaCredit Bank JSC       1.000   5/18/2026     RUB    67.750
Privatbank CJSC Via UK S  10.875   2/28/2018     USD     7.866
Russian Federal Bond - O   6.100   7/18/2035     RUB    74.000
Dyadya Doner OOO          13.500   4/25/2023     RUB    21.690
Sberbank of Russia PJSC    0.010   4/22/2026     RUB    74.600
Ministeries Van de Vlaam   0.600  11/19/2055     EUR    74.745
Cerruti Finance SA         6.500   7/26/2004     EUR     2.058
Credit Agricole Corporat   5.400   1/31/2028     BRL    72.179
Veneto Banca SpA           6.944   5/15/2025     EUR     0.571
Banca Popolare di Vicenz   9.500   10/02/2025    EUR     0.049
Republic of Belarus Inte   6.200   2/28/2030     USD    75.359
Credit Agricole Corporat   9.450   03/08/2027    TRY    55.357
Bank Julius Baer & Co Lt  10.000   06/02/2022    CHF    66.300
Bank Julius Baer & Co Lt  29.500   6/27/2022     CHF    42.350
Leonteq Securities AG/Gu  20.000   01/10/2023    CHF    61.790
Societe Generale SA       20.000  12/18/2025     USD    73.000
Leonteq Securities AG/Gu   6.770   5/27/2022     USD    70.380
VTB Bank PJSC              0.010   12/06/2024    RUB    80.480
Nizhniy Novgorod Region    6.750   6/14/2025     RUB    71.140
Ukraine Government Bond    9.980   03/06/2030    UAH    71.710
Ukraine Government Bond    6.000   1/22/2031     UAH    51.962
Santander Consumer Bank    5.890                 NOK    50.508
Bank2 ASA                  6.120                 NOK    59.747
Espirito Santo Financial   5.125   5/30/2016     EUR     0.528
Pescanova SA               6.750   03/05/2015    EUR     0.319
Region of Stavropol Russ   6.200  12/14/2027     RUB    58.670
Krakowski Bank Spoldziel   3.580   9/20/2023     PLN    69.170
French Republic Governme   0.500   5/25/2072     EUR    68.115
Officine Maccaferri-SpA    5.750   06/01/2021    EUR    18.651
Nutritek International C   8.750   12/11/2008    USD     2.089
Lehman Brothers Treasury   5.000   05/02/2022    EUR     0.100
Deutsche Bank AG/London   13.750   6/20/2026     TRY    69.399
Centrosolar Group AG       7.000   2/15/2016     EUR     2.505
SG Issuer SA               9.180   1/20/2025     SEK    58.200
UBS AG/London              7.000   8/18/2022     USD    67.050
Luzerner Kantonalbank AG  22.620   6/20/2022     CHF    43.030
Zurcher Kantonalbank Fin   6.750   7/27/2022     USD    38.040
Credit Agricole Corporat  10.150   02/05/2025    TRY    68.197
Mostotrest PJSC            0.010   7/29/2026     RUB    60.250
Credit Agricole Corporat  10.320   7/22/2026     TRY    60.728
Credit Agricole Corporat  11.190   1/15/2026     TRY    65.574
Single Platform Investme   0.457   2/15/2046     EUR    74.354
Credit Agricole Corporat  11.640   3/24/2027     TRY    63.107
Credit Agricole Corporat  11.190   03/12/2027    TRY    61.307
Minicentrales Dos SA       0.010   06/06/2047    EUR    59.125
IT Holding Finance SA      9.875  11/15/2012     EUR     0.015
Credit Agricole Corporat  10.200   08/06/2026    TRY    60.284
Sberbank of Russia PJSC    0.010  12/17/2025     RUB    74.200
Getin Noble Bank SA        7.640  12/21/2023     PLN    68.878
Credit Agricole Corporat  11.400  10/28/2025     TRY    67.896
HSBC Bank PLC             10.300   12/10/2024    TRY    69.776
WPE International Cooper  10.375   9/30/2020     USD     5.000
Irish Bank Resolution Co   4.000   4/23/2018     EUR    33.250
Solarwatt GmbH             7.000   11/01/2015    EUR    15.500
Sberbank of Russia PJSC    0.010   3/25/2026     RUB    69.000
City of Novosibirsk Russ   7.300   10/08/2026    RUB    61.820
Sberbank of Russia PJSC    0.010   11/07/2024    RUB    78.400
Luminis SA                 1.800   09/02/2059    EUR    58.274
Societe Generale SA        8.000   5/28/2027     USD    48.100
Epito-Es Epuletkarbantar   3.000   11/11/2030    HUF    73.600
Societe Generale SA       15.000   08/01/2024    USD    44.300
UniCredit Bank AG         10.700   2/17/2025     EUR    72.260
Bank Vontobel AG          11.000   02/06/2023    EUR    44.200
Leonteq Securities AG/Gu   8.380   7/20/2022     CHF    64.890
DZ Bank AG Deutsche Zent   9.270   6/24/2022     EUR    49.070
EFG International Financ   7.000   5/23/2022     EUR    36.550
Axial Javito Kereskedelm   2.000   9/23/2030     HUF    73.585
A-TEC Industries AG        2.750   05/10/2014    EUR     0.100
Cooperatieve Rabobank UA   0.500  12/29/2027     MXN    61.821
Ukraine Government Bond    8.750   4/20/2033     UAH    61.212
Ukraine Government Bond    9.760   7/23/2031     UAH    68.534
Ukraine Government Bond    6.000   06/04/2031    UAH    51.081
Rio Forte Investments SA   4.750   11/10/2015    EUR     5.272
Lehman Brothers Treasury   6.000  10/24/2008     EUR     0.100
Thomas Cook Group PLC      6.250   6/15/2022     EUR     0.510
SAG Solarstrom AG          6.250  12/14/2015     EUR    31.000
Hema Bondco II BV          8.500   1/15/2023     EUR     0.105
Societe Generale SA        6.000   05/09/2022    USD    17.380
Norske Skog Holding AS     8.000   2/24/2023     USD     0.006
Societe Generale SA        9.000   7/22/2022     USD    48.700
Societe Generale SA        8.600   7/29/2022     USD    56.800
Skandinaviska Enskilda B   7.800   7/15/2024     SEK    71.910
Credit Suisse AG/London   11.000   2/23/2022     USD    46.350
Corner Banca SA            6.500  11/21/2022     CHF    46.520
UBS AG/London             18.000   6/16/2022     USD    63.600
Bank Julius Baer & Co Lt  11.700   4/26/2022     CHF    36.900
Vontobel Financial Produ   3.750   01/03/2023    EUR    45.800
Vontobel Financial Produ   9.250  12/23/2022     EUR    50.440
HC Finance OOO            10.500   11/11/2024    RUB   100.000
Raiffeisen Schweiz Genos  16.000   9/20/2022     CHF    43.620
Bank Julius Baer & Co Lt   9.850  11/16/2022     CHF    55.000
Credit Suisse AG/London   19.500   12/12/2022    USD    52.020
Landesbank Baden-Wuertte   5.650   5/27/2022     EUR    52.580
UBS AG/London              9.250   2/20/2023     CHF    55.400
Bank Vontobel AG           7.000   10/02/2023    CHF    68.300
Bank Vontobel AG          13.500   3/31/2023     CHF    59.200
UBS AG/London              8.250   6/23/2022     CHF    49.050
UBS AG/London              4.520   09/07/2023    USD     9.400
Bank Julius Baer & Co Lt  16.500  11/30/2022     USD    66.400
Ukraine Government Bond    9.150   05/10/2031    UAH    65.949
Ukraine Government Bond    8.630   05/10/2033    UAH    60.535
SAir Group                 0.125   07/07/2005    CHF    12.625
Ukraine Government Bond    6.000   11/12/2025    UAH    72.245
Ukraine Government Bond    9.700   06/02/2032    UAH    67.051
Ukraine Government Bond    9.730   9/24/2031     UAH    68.124
Tonon Luxembourg SA        9.250   1/24/2020     USD     0.500
Santander Consumer Bank    5.890                 NOK    50.508
Sberbank of Russia PJSC    0.010   7/24/2028     RUB    72.700
Hellas Telecommunication   6.054   1/15/2015     USD     0.001
Republic of Austria Gove   0.850   6/30/2120     EUR    72.935
Sberbank of Russia PJSC    0.010  10/20/2025     RUB    75.400
Grupo Isolux Corsan SA     6.000  12/30/2021     USD     0.192
AKB Peresvet ZAO           0.510   6/23/2021     RUB    30.010
LBI ehf                    7.431                 USD     0.001
Lehman Brothers Treasury   4.050   9/16/2008     EUR     0.100
Societe Generale SA        6.000   06/06/2022    USD     3.240
Credit Agricole Corporat  11.340   02/12/2026    TRY    66.289
Norske Skog Holding AS     8.000   2/24/2023     USD     0.006
WEB Windenergie AG         4.500                 EUR     0.010
Bank Vontobel AG          21.502   05/12/2022    CHF    44.500
UniCredit Bank AG          8.000   3/25/2022     EUR    39.350
Credit Suisse AG/London    5.200   8/17/2022     USD     9.860
Societe Generale SA       16.000   08/01/2024    USD    35.850
Societe Generale SA       16.000   08/01/2024    USD    47.500
Credit Suisse AG/London   11.000   4/19/2022     CHF    50.780
UBS AG/London             17.500   7/28/2022     CHF    60.700
EFG International Financ   4.800   08/05/2022    USD    45.600
BNP Paribas Issuance BV    3.300   5/23/2022     EUR    72.850
EFG International Financ   8.700   7/13/2023     EUR    57.660
Credit Suisse AG/London    5.880   6/28/2023     USD     9.450
Bank Julius Baer & Co Lt  13.000   4/20/2022     USD    40.600
EFG International Financ   6.500   4/20/2022     CHF    46.990
Credit Suisse AG/London   15.000   11/02/2022    USD    47.780
Opus Global Nyrt           2.800  10/29/2029     HUF    74.500
Alteo Nyrt                 3.150  10/28/2029     HUF    73.600
Skandinaviska Enskilda B  10.150   1/15/2025     SEK    66.610
Hell Energy Magyarorszag   2.700  12/18/2029     HUF    72.900
Societe Wallonne de Fina   0.904  10/23/2047     EUR    71.885
Ukraine Government Bond    8.520   11/10/2033    UAH    59.356
Sberbank of Russia PJSC    0.010   11/12/2025    RUB    74.600
Lehman Brothers Treasury   6.650   8/24/2011     AUD     0.100
Lehman Brothers Treasury   7.000   4/14/2009     EUR     0.100
Communaute Francaise de    0.750   02/04/2061    EUR    73.034
Spain Government Bond      1.450  10/31/2071     EUR    75.621
Norske Skogindustrier AS   7.000  12/30/2026     EUR     0.010
Waste Italia SpA          10.500  11/15/2019     EUR     0.550
Teksid Aluminum Luxembou  12.375   7/15/2011     EUR     0.122
Bayerische Landesbank      2.000   2/18/2022     EUR    64.930
Leonteq Securities AG/Gu   4.000   08/10/2022    CHF    65.690
Leonteq Securities AG     12.000   06/01/2022    CHF    35.690
Bank Julius Baer & Co Lt   8.350   03/04/2022    USD    49.250
Zurcher Kantonalbank Fin  11.000   4/19/2022     EUR    61.540
Credit Suisse AG/London    2.920   04/02/2022    USD    66.350
MOL Hungarian Oil & Gas    1.900   04/12/2031    HUF    68.600
UBS AG/London             11.750  11/14/2022     CHF    60.000
Raiffeisen Schweiz Genos  10.000  12/14/2022     CHF    65.940
Bank Vontobel AG          12.500   1/24/2023     CHF    56.100
Corner Banca SA           10.400  12/14/2022     CHF    58.210
Raiffeisen Switzerland B  12.000  10/26/2022     CHF    58.840
Leonteq Securities AG/Gu  21.100   4/21/2022     CHF    51.000
UBS AG/London              6.800   6/15/2026     USD    70.590
EFG International Financ   9.800   6/21/2023     EUR    61.110
Leonteq Securities AG     13.000   2/22/2023     CHF    56.270
Zurcher Kantonalbank Fin  29.000   9/29/2022     CHF    57.610
VTB Bank PJSC              0.010  10/14/2026     RUB    70.040
Aranynektar Termekgyarto   3.500   04/03/2030    HUF    68.993
Bank Julius Baer & Co Lt   8.350   1/30/2023     CHF    69.200
Leonteq Securities AG/Gu   3.400   3/20/2024     CHF    61.740
WEB Windenergie AG         6.250                 EUR     0.010
Main Road JSC              6.900  10/30/2029     RUB    85.000
UniCredit Bank AG          7.550  11/17/2022     EUR    64.650
Bank Julius Baer & Co Lt   9.900  10/21/2022     USD    49.500
State of Saxony-Anhalt     0.616   07/03/2028    EUR    60.000
Sberbank of Russia PJSC    0.950   06/11/2025    RUB    75.500
Ukraine Government Bond    6.000  12/23/2026     UAH    65.990
Instabank ASA              9.830                 NOK    49.975
Nizhniy Novgorod Region    6.100   5/27/2026     RUB    89.850
Lehman Brothers Treasury   9.000   3/17/2009     GBP     0.100
Lehman Brothers Treasury   3.860   9/21/2011     SGD     0.100
Region de Bruxelles-Capi   0.450  12/22/2056     EUR    71.623
Bank Otkritie Financial    0.010   7/16/2025     RUB    69.330
Espirito Santo Financial   0.387  10/27/2024     EUR     0.297
Petromena ASA             10.850  11/19/2018     USD     0.622
SG Issuer SA               0.100   06/11/2029    NZD    72.938
Lehman Brothers Treasury  13.000   2/16/2009     CHF     0.100
KPNQwest NV               10.000   3/15/2012     EUR     0.453
KPNQwest NV                8.875   02/01/2008    EUR     0.453
WEB Windenergie AG         2.250   9/25/2028     EUR     0.010
SAir Group                 5.125   03/01/2003    CHF    12.750
Leonteq Securities AG     12.000   3/15/2022     CHF    67.680
Pannon Work Szemelyzeti    3.000  10/30/2030     HUF #N/A N/A
Credit Suisse AG/London   11.750   2/18/2022     USD    32.200
EFG International Financ  16.000   3/24/2022     USD    63.520
Credit Suisse AG/London   12.000   05/09/2022    USD    44.420
Leonteq Securities AG     14.000   4/26/2022     CHF    40.530
Zurcher Kantonalbank Fin   7.000   08/10/2022    USD    59.450
Raiffeisen Switzerland B  12.500   05/10/2022    EUR    38.760
Credit Suisse AG/London   20.500   7/20/2022     USD    65.250
Raiffeisen Schweiz Genos  14.000   7/19/2022     USD    66.980
Bank Julius Baer & Co Lt  12.650   4/26/2022     USD    37.000
UBS AG/London             14.000   05/05/2022    CHF    37.750
UBS AG/London              7.800   4/20/2026     EUR    74.030
UBS AG/London             11.500   4/21/2022     CHF    51.400
Credit Suisse AG/London   10.250   11/09/2022    USD    53.970
Leonteq Securities AG/Gu  11.000  10/31/2022     USD    59.270
UBS AG/London             10.000  12/30/2022     CHF    64.250
Leonteq Securities AG     23.400   9/28/2022     CHF    44.310
Societe Generale SA       16.000   07/03/2024    USD    49.266
Leonteq Securities AG/Gu  10.000   09/07/2023    USD    69.810
Leonteq Securities AG/Gu  10.000   1/30/2023     USD    42.900
Bank Julius Baer & Co Lt  11.000   6/27/2022     CHF    46.450
VTB Bank PJSC              0.010  11/25/2026     RUB    67.200
Leonteq Securities AG/Gu  12.000   4/13/2022     USD    35.630
Skandinaviska Enskilda B   5.800   1/15/2025     SEK    71.420
UBS AG/London              9.500   2/28/2022     CHF    50.650
Leonteq Securities AG/Gu   2.750   9/15/2022     CHF    43.460
DeloPorts LLC              0.010  11/14/2025     RUB    65.000
Santander International    1.700   12/12/2049    EUR    60.199
OR PJSC                   12.600   9/28/2025     RUB    40.000
Ukraine Government Bond    6.000  10/15/2031     UAH    50.265
Ukraine Government Bond    6.000   9/19/2029     UAH    55.598
SAir Group                 6.250  10/27/2002     CHF    12.625
Lehman Brothers Treasury   2.000   3/16/2035     EUR     0.100
Sberbank of Russia PJSC    0.010   9/21/2028     RUB    70.200
Lehman Brothers Treasury   7.000  11/28/2008     CHF     0.100
LBI ehf                    6.100   8/25/2011     USD    10.598
Turkey Government Bond    12.400   03/08/2028    TRY    71.300
IT Holding Finance SA      9.875  11/15/2012     EUR     0.015
Mriya Agro Holding PLC    10.950   3/30/2016     USD     4.667
Tonon Luxembourg SA        9.250   1/24/2020     USD     0.500
Sberbank of Russia PJSC    0.010   10/05/2028    RUB    71.500
Lehman Brothers Treasury  14.900   9/15/2008     EUR     0.100
SFO Akkord Finans         10.000   02/12/2024    RUB    60.290
OOO SPV Structural Inves   0.010   09/01/2023    RUB    66.740
KPNQwest NV                8.875   02/01/2008    EUR     0.453
JP Morgan Structured Pro  12.000   8/28/2026     ZMW    71.835
Decipher Production Ltd   12.500   9/27/2019     USD     1.500
Bank Otkritie Financial    0.010   9/24/2025     RUB    64.700
SAG Solarstrom AG          7.500   07/10/2017    EUR    31.000
Raiffeisen Switzerland B   4.000   8/30/2022     CHF    38.860
TransKomplektHolding OOO   9.500   11/02/2028    RUB #N/A N/A
Luzerner Kantonalbank AG  25.000   03/09/2022    CHF    18.450
Leonteq Securities AG/Gu   7.450   1/25/2023     EUR    67.500
Societe Generale SA       16.000   08/01/2024    USD    39.150
UBS AG/London             14.000   07/07/2022    USD    57.300
Bank Vontobel AG          24.000   08/09/2022    CHF    58.600
Banque Cantonale Vaudois  21.150   8/22/2022     CHF    47.080
Zurcher Kantonalbank Fin  26.500   9/13/2022     USD    57.810
Barclays Bank PLC          0.600   3/14/2023     USD     9.917
Credit Suisse AG/London   12.400   9/25/2023     EUR    64.590
AutoWallis Nyrt            3.000   7/27/2031     HUF #N/A N/A
Societe Generale SA       15.000   8/30/2024     USD    46.300
Leonteq Securities AG/Gu  16.600   6/17/2022     USD    46.930
Societe Generale Effekte   4.000   7/22/2022     USD    47.360
Credit Suisse AG/London    9.000  11/28/2022     USD    57.590
Landesbank Baden-Wuertte   6.750  11/25/2022     EUR    64.180
Raiffeisen Schweiz Genos   5.000   9/13/2022     CHF    69.350
Landesbank Baden-Wuertte   3.000   2/25/2022     EUR    72.490
Ukraine Government Bond    8.220   05/10/2035    UAH    56.175
Sberbank of Russia PJSC    0.010   10/09/2026    RUB    60.000
Sberbank of Russia PJSC    0.010  10/21/2026     RUB    73.700
Lehman Brothers Treasury   7.375   9/20/2008     EUR     0.100
Sberbank of Russia PJSC    0.016   3/15/2032     RUB    60.800
Sberbank of Russia PJSC    0.010   8/21/2028     RUB    71.000
Sberbank of Russia PJSC    0.010  12/17/2025     RUB    73.300
KPNQwest NV                7.125   06/01/2009    EUR     0.453
Getin Noble Bank SA        8.870  11/30/2023     PLN    66.875
Grupo Isolux Corsan SA     1.000  12/30/2021     USD     0.073
Sberbank of Russia PJSC    0.010   04/06/2026    RUB    76.100
Turkey Government Bond    10.600   02/11/2026    TRY    72.350
Sberbank of Russia PJSC    0.010   09/04/2026    RUB    73.500
Lehman Brothers Treasury   1.500   10/12/2010    EUR     0.100
Bulgaria Steel Finance B  12.000   05/04/2013    EUR     0.216
Sberbank of Russia PJSC    0.010   10/03/2028    RUB    73.800
Bibby Offshore Services    7.500   6/15/2021     GBP    11.625
Sberbank of Russia PJSC    0.010   11/02/2028    RUB    95.500
Sberbank of Russia PJSC    0.010   11/03/2026    RUB    73.500
Lehman Brothers Treasury   6.600   02/09/2009    EUR     0.100
Deutsche Bank AG/London    2.000  10/25/2023     TRY    63.199
Societe Wallonne de Fina   1.066   9/18/2046     EUR    75.262
Sberbank of Russia PJSC    0.010   8/31/2028     RUB    71.800
Barclays Bank PLC          2.000   06/12/2029    TRY    22.572
Raiffeisen Switzerland B  12.000   9/22/2022     CHF    50.800
Vasutvillamosito Kft       3.000   02/03/2031    HUF    73.200
Societe Generale Effekte  10.250  10/28/2022     EUR    64.100
Luzerner Kantonalbank AG  12.400   8/30/2022     USD    63.170
Zurcher Kantonalbank Fin  21.748   3/29/2022     EUR    72.060
Zurcher Kantonalbank Fin  30.000   8/17/2022     USD    38.240
UBS AG/London              9.000   11/10/2022    USD     6.710
Societe Generale Effekte  20.750   2/25/2022     EUR    40.240
Bank Vontobel AG          25.000  12/27/2022     CHF    65.400
Stelius Befektetoe Zartk   3.100   9/17/2030     HUF    74.500
Turkey Government Bond    11.700  11/13/2030     TRY    63.900
Laurel GmbH                7.125  11/16/2017     EUR     7.750
Ukraine Government Bond    6.000   5/16/2029     UAH    56.659
City of Novosibirsk Russ   7.850  11/27/2027     RUB    72.765
Region de Bruxelles-Capi   0.460  12/15/2051     EUR    74.763
EDOB Abwicklungs AG        7.500   04/01/2012    EUR     2.248
Sidetur Finance BV        10.000   4/20/2016     USD     0.770
Deutsche Bank AG/London    0.500   04/05/2038    MXN    26.753
Turkey Government Bond    10.500   08/11/2027    TRY    66.200
KPNQwest NV                7.125   06/01/2009    EUR     0.453
Lehman Brothers Treasury   5.220   03/01/2024    EUR     0.100
Ukraine Government Inter   4.375   1/27/2030     EUR    72.193
Astana Finance BV          7.875   06/08/2010    EUR    16.000
Leonteq Securities AG/Gu   4.000   2/21/2022     EUR    68.760
Leonteq Securities AG/Gu   8.130   2/21/2022     EUR    69.140
Societe Generale SA        7.280   05/06/2024    USD    61.300
Landesbank Baden-Wuertte   4.700   3/25/2022     EUR    46.970
Landesbank Baden-Wuertte   3.300   3/25/2022     EUR    58.460
UniCredit Bank AG          5.450   3/15/2022     EUR    47.490
UniCredit Bank AG          7.000   3/29/2022     EUR    33.490
Landesbank Baden-Wuertte   3.050   9/23/2022     EUR    63.310
Leonteq Securities AG      5.400   7/25/2022     CHF    61.700
UniCredit Bank AG          3.500   8/24/2022     EUR    59.960
UniCredit Bank AG          4.200   8/24/2022     EUR    68.510
Leonteq Securities AG      7.000   03/09/2022    CHF    70.200
Landesbank Baden-Wuertte   2.250   3/25/2022     EUR    73.140
BNP Paribas Issuance BV    7.980   1/20/2025     SEK    72.610
DekaBank Deutsche Giroze   2.500  10/24/2023     EUR    66.950
UniCredit Bank AG          3.600   10/05/2022    EUR    63.220
UniCredit Bank AG          4.200   9/21/2022     EUR    53.700
Landesbank Baden-Wuertte   2.150  12/23/2022     EUR    71.350
Landesbank Baden-Wuertte   3.000  12/23/2022     EUR    62.400
UniCredit Bank AG          3.750   9/14/2022     EUR    62.450
Landesbank Baden-Wuertte   3.000   9/23/2022     EUR    58.820
Societe Generale Effekte   5.600   09/04/2023    EUR    49.960
Landesbank Baden-Wuertte   2.800   4/25/2022     EUR    65.500
Erste Group Bank AG        4.350   2/28/2022     EUR    44.300
EFG International Financ   7.000   2/21/2022     CHF    66.880
Leonteq Securities AG/Gu   6.000   2/20/2023     CHF    69.650
Zurcher Kantonalbank Fin   8.000   2/25/2022     CHF    65.470
Vontobel Financial Produ  17.500   3/25/2022     EUR    69.630
Vontobel Financial Produ  16.000   3/25/2022     EUR    37.510
Vontobel Financial Produ  24.500   3/25/2022     EUR    29.730
Vontobel Financial Produ  19.000   3/25/2022     EUR    66.410
UBS AG/London              7.750   08/10/2022    CHF    43.000
UBS AG/London             14.250   08/10/2022    USD    72.400
EFG International Financ   4.500   02/12/2024    USD    68.740
Corner Banca SA           15.000   05/12/2022    CHF    53.890
Leonteq Securities AG/Gu  15.740   08/10/2022    USD    39.870
Bank Vontobel AG          16.000   05/12/2022    CHF    33.000
UniCredit Bank AG          3.800   6/28/2022     EUR    45.760
Leonteq Securities AG/Gu   2.500   06/05/2024    EUR    70.000
UniCredit Bank AG          4.250   6/28/2022     EUR    51.680
UniCredit Bank AG          3.700   6/25/2022     EUR    53.740
Zurcher Kantonalbank Fin  15.000   2/23/2022     CHF    52.360
DZ Bank AG Deutsche Zent   5.000  12/23/2022     EUR    46.010
DZ Bank AG Deutsche Zent   3.000  12/23/2022     EUR    52.820
DZ Bank AG Deutsche Zent   7.000  12/23/2022     EUR    42.700
Leonteq Securities AG/Gu  10.000   08/12/2022    CHF    63.040
Leonteq Securities AG     12.400   05/12/2022    CHF    60.230
Rosseti South PJSC         9.240   07/01/2022    RUB    70.020
Raiffeisen Switzerland B  10.500   07/11/2024    USD    17.020
Erste Group Bank AG        5.550   8/30/2022     EUR    53.000
UniCredit Bank AG          3.200   09/10/2022    EUR    56.070
Societe Generale SA        8.000   08/09/2022    USD    50.000
UniCredit Bank AG          3.500   10/08/2022    EUR    51.740
Vontobel Financial Produ   6.700   03/07/2022    EUR    52.220
UniCredit Bank AG          3.250   3/29/2022     EUR    19.550
UniCredit Bank AG          3.750   3/26/2022     EUR    60.440
DekaBank Deutsche Giroze   4.250   4/14/2022     EUR    40.810
DekaBank Deutsche Giroze   3.900   4/25/2022     EUR    41.940
UniCredit Bank AG          3.750   4/19/2022     EUR    59.640
UniCredit Bank AG          4.200   7/26/2022     EUR    34.140
UniCredit Bank AG          3.650   7/23/2022     EUR    54.390
Landesbank Baden-Wuertte   2.300   7/22/2022     EUR    65.110
Citigroup Global Markets   7.200   5/24/2023     SEK    64.270
UniCredit Bank AG          3.350   6/14/2022     EUR    54.990
UniCredit Bank AG          3.700   06/04/2022    EUR    57.120
Leonteq Securities AG      5.600   5/16/2022     CHF    60.820
Landesbank Baden-Wuertte   3.250  12/23/2022     EUR    67.340
Danske Bank A/S            8.050   07/09/2023    SEK    70.180
Landesbank Baden-Wuertte   3.400  11/25/2022     EUR    62.350
Landesbank Baden-Wuertte   3.400   1/27/2023     EUR    66.650
UniCredit Bank AG          5.150   01/02/2023    EUR    65.560
Landesbank Baden-Wuertte   3.400   2/24/2023     EUR    69.070
Vontobel Financial Produ  14.000   3/25/2022     EUR    24.100
Vontobel Financial Produ  17.000   3/25/2022     EUR    64.660
Vontobel Financial Produ  15.000   3/25/2022     EUR    38.710
Societe Generale SA       18.000   01/03/2024    USD    45.000
EFG International Financ   6.000  12/22/2023     USD    44.070
Landesbank Baden-Wuertte   3.250   2/24/2023     EUR    69.810
Vontobel Financial Produ  16.500   3/25/2022     EUR    65.650
Vontobel Financial Produ  18.000   3/25/2022     EUR    41.370
Vontobel Financial Produ  13.500   3/25/2022     EUR    47.020
Vontobel Financial Produ  15.000   3/25/2022     EUR    67.690
Vontobel Financial Produ  13.500   3/25/2022     EUR    69.870
DZ Bank AG Deutsche Zent  15.300   3/25/2022     EUR    67.180
Societe Generale Effekte   5.250   3/25/2022     EUR    64.320
Vontobel Financial Produ  16.500   3/25/2022     EUR    69.950
Societe Generale Effekte   7.250   3/25/2022     EUR    54.200
Raiffeisen Switzerland B  11.000   08/05/2022    EUR    53.030
UBS AG/London             22.500   6/16/2022     USD    63.550
UBS AG/London             11.750   6/16/2022     CHF    74.400
Vontobel Financial Produ  19.000   3/25/2022     EUR    34.400
Vontobel Financial Produ  16.500   3/25/2022     EUR    58.230
Societe Generale Effekte  15.250   3/25/2022     EUR    37.400
Vontobel Financial Produ   4.050   7/15/2022     EUR    33.300
Leonteq Securities AG/Gu  16.000   6/21/2022     USD    46.750
Leonteq Securities AG     13.000   6/21/2022     CHF    48.940
SG Issuer SA               6.700   07/10/2024    EUR    74.970
Zurcher Kantonalbank Fin   8.000   2/23/2022     CHF    43.240
UniCredit Bank AG          9.100   3/16/2022     EUR    67.160
UniCredit Bank AG         13.200   3/16/2022     EUR    51.400
Bank Vontobel AG           9.504   6/30/2022     CHF    49.000
VTB Bank PJSC              0.010  11/18/2025     RUB    74.510
VTB Bank PJSC              0.010   12/02/2025    RUB    95.860
VTB Bank PJSC              0.010   12/09/2025    RUB    72.800
VTB Bank PJSC              0.010  11/25/2025     RUB    74.560
Vontobel Financial Produ   9.750   3/25/2022     EUR    37.800
Bank Julius Baer & Co Lt  13.200   3/16/2022     CHF    42.150
Vontobel Financial Produ   6.650   3/16/2022     EUR    59.000
Vontobel Financial Produ  11.100   3/16/2022     EUR    59.250
Bank Vontobel AG          15.004   8/26/2022     CHF    43.200
Bank Julius Baer & Co Lt   7.000   06/10/2022    CHF    64.850
Leonteq Securities AG     16.000   06/10/2022    CHF    46.780
UniCredit Bank AG          6.250   04/07/2022    EUR    52.690
Vontobel Financial Produ  19.500   3/25/2022     EUR    64.430
Landesbank Baden-Wuertte   4.800   3/25/2022     EUR    67.670
UniCredit Bank AG          3.450   04/02/2024    EUR    64.000
Leonteq Securities AG/Gu  15.000   6/22/2022     EUR    66.890
Leonteq Securities AG/Gu  18.000   3/22/2022     USD    42.000
Vontobel Financial Produ  14.500   3/25/2022     EUR    71.810
Vontobel Financial Produ  17.500   3/25/2022     EUR    68.010
Vontobel Financial Produ  13.500   3/25/2022     EUR    29.450
Vontobel Financial Produ  11.500   3/25/2022     EUR    31.030
Vontobel Financial Produ   7.500   3/25/2022     EUR    34.960
Vontobel Financial Produ  16.000   3/25/2022     EUR    28.110
Vontobel Financial Produ  23.500   3/25/2022     EUR    70.460
Raiffeisen Switzerland B   9.000   03/08/2022    CHF    65.110
Zurcher Kantonalbank Fin  18.500   3/18/2022     CHF    54.780
Societe Generale Effekte  16.000   3/25/2022     EUR    50.720
Vontobel Financial Produ  17.750   3/25/2022     EUR    35.300
Goldman Sachs & Co Wertp  19.000   4/21/2022     EUR    67.610
Goldman Sachs & Co Wertp  20.000   3/23/2022     EUR    67.270
Societe Generale Effekte  17.750   3/25/2022     EUR    46.420
Credit Suisse AG/London   14.000   03/04/2022    EUR    43.320
Zurcher Kantonalbank Fin   8.500   06/10/2022    EUR    61.640
Corner Banca SA           11.000   9/15/2022     CHF    51.380
Leonteq Securities AG     16.000   3/15/2022     CHF    42.070
Leonteq Securities AG/Gu  17.600   03/08/2022    USD    23.850
Leonteq Securities AG/Gu  16.000   3/15/2022     EUR    64.140
Zurcher Kantonalbank Fin  19.000   3/24/2022     CHF    63.820
Zurcher Kantonalbank Fin  15.000   3/24/2022     USD    55.250
Landesbank Baden-Wuertte   2.700   4/25/2022     EUR    36.880
Bank Vontobel AG          11.500   4/25/2022     USD    39.400
Corner Banca SA           15.000   05/02/2022    USD    43.220
UBS AG/London             16.000   9/19/2022     CHF    61.050
Credit Suisse AG/London   10.000   3/17/2022     USD    50.070
BNP Paribas Issuance BV    6.240   3/28/2022     JPY    50.810
Leonteq Securities AG/Gu  10.000   3/22/2022     CHF    38.020
Barclays Bank PLC         14.250   3/20/2023     USD    59.350
Landesbank Baden-Wuertte   7.650   4/25/2022     EUR    75.340
Landesbank Baden-Wuertte   4.700   4/25/2022     EUR    32.680
Landesbank Baden-Wuertte   7.050   4/25/2022     EUR    29.540
Leonteq Securities AG/Gu  10.000   4/29/2022     USD    41.540
Landesbank Baden-Wuertte   3.200  11/25/2022     EUR    41.390
UBS AG/London             15.000   06/03/2022    USD    48.900
EFG International Financ  10.000   06/02/2022    CHF    53.010
Societe Generale SA       20.000   01/03/2024    USD    13.000
UBS AG/London             10.500   06/09/2022    CHF    52.850
UBS AG/London             12.250   06/09/2022    CHF    54.250
EFG International Financ  11.000   06/10/2022    USD    50.210
Nordea Bank Abp            4.100   7/20/2023     SEK    51.380
DekaBank Deutsche Giroze   4.250   05/03/2022    EUR    56.610
Corner Banca SA           15.000   03/07/2022    USD    41.440
DekaBank Deutsche Giroze   2.900   1/13/2023     EUR    66.990
Bank Vontobel AG           7.504   6/13/2022     CHF    46.300
Bank Vontobel AG           9.006   6/14/2022     CHF    71.900
Leonteq Securities AG     12.000   6/15/2022     CHF    40.670
EFG International Financ   6.200  12/18/2023     USD    39.860
Vontobel Financial Produ  14.500   3/25/2022     EUR    45.410
Vontobel Financial Produ  15.500   3/25/2022     EUR    43.940
Vontobel Financial Produ  17.000   3/25/2022     EUR    42.610
Vontobel Financial Produ  12.000   3/25/2022     EUR    48.720
Vontobel Financial Produ  22.000   3/25/2022     EUR    54.850
Vontobel Financial Produ  16.500   3/25/2022     EUR    63.970
Vontobel Financial Produ  12.000   3/25/2022     EUR    25.070
Vontobel Financial Produ  17.500   3/25/2022     EUR    22.430
Vontobel Financial Produ  16.000   3/25/2022     EUR    23.250
Vontobel Financial Produ  11.000   3/25/2022     EUR    50.610
Bank Vontobel AG           8.008   08/05/2022    EUR    68.400
Bank Vontobel AG           8.002   08/05/2022    EUR    68.400
Bank Vontobel AG          11.002   08/10/2022    CHF    70.400
Landesbank Baden-Wuertte   3.000   9/23/2022     EUR    64.640
Landesbank Baden-Wuertte   5.100  11/25/2022     EUR    37.820
Skandinaviska Enskilda B   9.020   7/17/2023     SEK    68.600
SecurAsset SA              5.250   6/30/2022     EUR    51.050
UniCredit Bank AG          4.450   7/23/2022     EUR    60.110
UniCredit Bank AG          4.150   7/26/2022     EUR    58.100
EFG International Financ  16.000   2/24/2022     CHF    58.470
EFG International Financ   5.870   2/25/2022     USD    45.500
Leonteq Securities AG/Gu  14.000   8/26/2022     USD    44.370
Societe Generale Effekte  10.500   3/25/2022     EUR    53.100
Societe Generale Effekte  12.500   3/25/2022     EUR    48.520
Societe Generale Effekte  14.500   3/25/2022     EUR    44.980
Societe Generale Effekte  16.500   3/25/2022     EUR    42.110
Leonteq Securities AG     11.000   8/26/2022     CHF    44.740
SG Issuer SA              24.300   03/02/2022    EUR    48.540
DZ Bank AG Deutsche Zent  12.500   3/23/2022     EUR    65.700
DZ Bank AG Deutsche Zent  13.700   3/25/2022     EUR    66.060
DZ Bank AG Deutsche Zent   7.900   3/25/2022     EUR    67.160
DZ Bank AG Deutsche Zent  16.300   3/25/2022     EUR    32.680
DZ Bank AG Deutsche Zent  19.400   3/25/2022     EUR    63.730
DZ Bank AG Deutsche Zent  21.800   3/25/2022     EUR    59.120
Societe Generale Effekte   9.250   3/25/2022     EUR    62.080
UBS AG/London             10.000   03/03/2022    CHF    50.450
UBS AG/London              9.500   03/03/2022    EUR    45.900
EFG International Financ  12.000   03/03/2022    CHF    68.100
Vontobel Financial Produ  11.000   3/25/2022     EUR    52.790
Vontobel Financial Produ   8.500   3/25/2022     EUR    57.470
Bank Vontobel AG          23.008   06/02/2022    CHF    60.100
Bank Vontobel AG           8.758   06/02/2022    CHF    51.300
Bank Vontobel AG           7.250   06/03/2022    CHF    64.400
Bank Vontobel AG          14.004   09/02/2022    CHF    72.500
Leonteq Securities AG     14.000   06/08/2022    CHF    56.410
Bank Vontobel AG          25.504   5/24/2022     CHF    51.500
Bank Vontobel AG          15.004   8/26/2022     CHF    43.200
EFG International Financ   8.200   03/01/2023    USD    62.850
Bank Vontobel AG          15.004   03/01/2022    EUR    28.700
UniCredit Bank AG         16.840   03/01/2022    NOK    64.630
Vontobel Financial Produ  16.500   3/25/2022     EUR    66.180
Vontobel Financial Produ  18.000   3/25/2022     EUR    64.740
Vontobel Financial Produ  19.000   3/25/2022     EUR    63.330
Vontobel Financial Produ   9.000   3/25/2022     EUR    30.800
Vontobel Financial Produ  15.000   3/25/2022     EUR    26.610
Vontobel Financial Produ   7.500   3/25/2022     EUR    32.670
Vontobel Financial Produ  14.500   3/25/2022     EUR    70.740
Vontobel Financial Produ  16.500   3/25/2022     EUR    36.350
Vontobel Financial Produ  19.500   3/25/2022     EUR    33.450
Vontobel Financial Produ  20.500   3/25/2022     EUR    32.610
Vontobel Financial Produ  17.500   3/25/2022     EUR    35.320
Vontobel Financial Produ  21.000   3/25/2022     EUR    31.770
Vontobel Financial Produ  22.000   3/25/2022     EUR    31.030
Vontobel Financial Produ  23.000   3/25/2022     EUR    30.340
Vontobel Financial Produ  24.000   3/25/2022     EUR    29.690
Bank Vontobel AG           6.507   8/17/2022     CHF    63.100
Vontobel Financial Produ   7.500   3/25/2022     EUR    22.370
Leonteq Securities AG/Gu   4.000   4/19/2022     EUR    73.530
Corner Banca SA           20.000   03/08/2022    CHF    49.100
Leonteq Securities AG/Gu  17.000   06/08/2022    USD    42.030
Vontobel Financial Produ  14.000   6/24/2022     EUR    67.290
Vontobel Financial Produ   7.500   3/25/2022     EUR    74.250
Vontobel Financial Produ   7.000   6/24/2022     EUR    74.290
Vontobel Financial Produ  19.500   6/24/2022     EUR    68.560
Vontobel Financial Produ  17.500   6/24/2022     EUR    71.320
Vontobel Financial Produ  20.500   3/25/2022     EUR    69.570
Vontobel Financial Produ  13.000   3/25/2022     EUR    68.060
UniCredit Bank AG          8.700   7/22/2022     EUR    70.270
UniCredit Bank AG          9.600   7/22/2022     EUR    68.450
Vontobel Financial Produ  18.000   3/25/2022     EUR    72.990
Vontobel Financial Produ   7.500   3/25/2022     EUR    60.210
Vontobel Financial Produ  20.500   3/25/2022     EUR    41.600
Bank Vontobel AG           8.001   10/07/2022    CHF    47.700
Landesbank Baden-Wuertte   4.450   4/25/2022     EUR    59.250
Leonteq Securities AG     26.140   4/14/2022     CHF    32.920
Zurcher Kantonalbank Fin  15.000   4/26/2022     USD    43.320
Zurcher Kantonalbank Fin  15.000   4/22/2022     CHF    61.510
UBS AG/London             11.250   4/14/2023     CHF    53.200
UBS AG/London             11.750  10/14/2022     CHF    62.700
UniCredit Bank AG          9.250   5/16/2022     EUR    47.540
Vontobel Financial Produ   9.000   6/24/2022     EUR    71.560
Vontobel Financial Produ  19.500   3/25/2022     EUR    70.780
UniCredit Bank AG          9.400  11/25/2022     EUR    68.200
Vontobel Financial Produ  11.250   3/25/2022     EUR    66.090
Vontobel Financial Produ  14.500   3/25/2022     EUR    70.810
Vontobel Financial Produ  18.500   3/25/2022     EUR    63.800
Landesbank Baden-Wuertte   4.450   4/25/2022     EUR    47.160
Landesbank Baden-Wuertte   3.750   4/25/2022     EUR    68.810
Landesbank Baden-Wuertte  10.000   4/25/2022     EUR    48.130
Leonteq Securities AG     22.340   4/14/2022     CHF    36.500
DZ Bank AG Deutsche Zent  18.200   3/25/2022     EUR    70.200
Vontobel Financial Produ  17.000   3/25/2022     EUR    56.590
Vontobel Financial Produ  23.500   3/25/2022     EUR    72.080
Landesbank Baden-Wuertte   4.000   3/25/2022     EUR    71.150
Leonteq Securities AG     20.000   3/15/2022     CHF    51.940
Leonteq Securities AG/Gu  18.000   3/15/2022     USD    41.700
Bank Vontobel AG          25.008   3/14/2022     CHF    43.600
Vontobel Financial Produ   8.000   3/25/2022     EUR    63.410
Vontobel Financial Produ  22.500   3/25/2022     EUR    46.160
Vontobel Financial Produ   7.000   3/25/2022     EUR    23.470
Vontobel Financial Produ  11.500   3/25/2022     EUR    64.550
UniCredit Bank AG         13.900   4/21/2022     EUR    67.430
Vontobel Financial Produ   9.000   4/13/2022     EUR    44.430
DZ Bank AG Deutsche Zent  16.700   3/25/2022     EUR    57.560
DZ Bank AG Deutsche Zent  13.900   3/25/2022     EUR    62.070
UBS AG/London             10.500   03/10/2022    CHF    59.600
UBS AG/London              9.250   03/10/2023    CHF    74.450
UBS AG/London             10.750   09/12/2022    CHF    72.850
Societe Generale Effekte  12.000   3/25/2022     EUR    59.260
Societe Generale Effekte  14.000   3/25/2022     EUR    54.520
Goldman Sachs & Co Wertp  17.000   6/22/2022     EUR    69.390
Goldman Sachs & Co Wertp  15.000   9/21/2022     EUR    72.400
DekaBank Deutsche Giroze   3.100   04/08/2022    EUR    65.570
DekaBank Deutsche Giroze   3.300   04/08/2022    EUR    51.490
Leonteq Securities AG/Gu   4.000   03/08/2022    EUR    61.660
Leonteq Securities AG     23.390   4/19/2022     CHF    36.850
Credit Suisse AG/London   11.000   4/15/2022     USD    38.560
Landesbank Baden-Wuertte   2.500   6/24/2022     EUR    67.370
Vontobel Financial Produ  10.000   3/25/2022     EUR    70.970
Vontobel Financial Produ  19.000   6/24/2022     EUR    69.500
Vontobel Financial Produ  21.500   3/25/2022     EUR    68.410
Vontobel Financial Produ  11.500   6/24/2022     EUR    69.290
Vontobel Financial Produ  18.000   6/24/2022     EUR    70.300
UniCredit Bank AG         10.600   7/22/2022     EUR    66.760
UniCredit Bank AG          8.600  11/25/2022     EUR    71.070
Vontobel Financial Produ  14.500   3/25/2022     EUR    68.630
Vontobel Financial Produ  14.500   3/25/2022     EUR    67.860
DekaBank Deutsche Giroze   1.000   1/20/2025     EUR    63.510
DZ Bank AG Deutsche Zent  10.250   3/23/2022     EUR    31.380
Zurcher Kantonalbank Fin  12.250   03/11/2022    CHF    55.720
Leonteq Securities AG/Gu  17.600   06/08/2022    USD    33.480
Leonteq Securities AG/Gu  16.400   06/02/2022    CHF    33.060
Landesbank Baden-Wuertte   4.050   3/24/2023     EUR    40.470
Landesbank Baden-Wuertte   3.150   3/24/2023     EUR    74.520
DZ Bank AG Deutsche Zent  17.700   3/25/2022     EUR    59.230
DZ Bank AG Deutsche Zent  16.700   3/25/2022     EUR    28.950
DZ Bank AG Deutsche Zent  12.600   3/25/2022     EUR    36.370
DZ Bank AG Deutsche Zent  20.200   3/25/2022     EUR    29.810
Societe Generale Effekte   7.250   3/25/2022     EUR    71.060
Vontobel Financial Produ   9.750   3/25/2022     EUR    61.340
Landesbank Baden-Wuertte   7.200   4/25/2022     EUR    42.070
Landesbank Baden-Wuertte   2.000   4/25/2022     EUR    73.480
Landesbank Baden-Wuertte   6.700   4/25/2022     EUR    53.360
EFG International Financ  18.000   4/14/2022     CHF    40.770
DZ Bank AG Deutsche Zent  14.900   6/24/2022     EUR    71.420
Vontobel Financial Produ  15.000   3/25/2022     EUR    61.500
Leonteq Securities AG/Gu  15.000   4/13/2022     CHF    34.010
Goldman Sachs & Co Wertp  22.000   6/22/2022     EUR    68.150
Bank Julius Baer & Co Lt   7.400   7/13/2022     CHF    72.200
DZ Bank AG Deutsche Zent  12.600   3/25/2022     EUR    72.330
UBS AG/London             12.500   6/23/2022     USD    52.000
Nordea Bank Abp            9.000   7/20/2024     SEK    73.050
Credit Suisse AG/London   16.300  12/26/2023     USD    62.150
UniCredit Bank AG          5.350   2/27/2023     EUR    58.990
EFG International Financ   7.000  12/29/2022     USD    25.280
UBS AG/London             13.000   6/23/2022     CHF    52.350
UBS AG/London              6.250  12/23/2022     CHF    55.600
UBS AG/London              8.750   6/23/2022     CHF    51.200
Landesbank Baden-Wuertte   8.100   8/26/2022     EUR    59.840
Landesbank Baden-Wuertte   3.150   8/26/2022     EUR    75.710
Vontobel Financial Produ   0.212   02/03/2023    EUR    59.000
Raiffeisen Switzerland B   9.000   7/29/2022     CHF    68.820
UBS AG/London             11.250   02/03/2023    CHF    62.100
UBS AG/London             10.250   08/03/2022    CHF    72.850
Leonteq Securities AG     12.000   05/03/2022    CHF    61.420
Landesbank Baden-Wuertte   6.000   8/26/2022     EUR    65.800
Landesbank Baden-Wuertte   4.050   8/26/2022     EUR    33.960
UniCredit Bank AG          8.300   03/02/2022    EUR    39.770
Vontobel Financial Produ  18.500   3/25/2022     EUR    64.380
Vontobel Financial Produ  16.000   3/25/2022     EUR    69.370
EFG International Financ   6.200   08/05/2022    EUR    50.820
Vontobel Financial Produ  21.500   3/25/2022     EUR    60.470
Societe Generale Effekte  13.250   3/25/2022     EUR    40.080
Societe Generale Effekte   9.250   3/25/2022     EUR    47.890
Societe Generale Effekte  11.250   3/25/2022     EUR    43.500
BNP Paribas Emissions- u  11.000   6/23/2022     EUR    39.340
BNP Paribas Emissions- u  13.000   6/23/2022     EUR    38.050
BNP Paribas Emissions- u  15.000   6/23/2022     EUR    36.150
BNP Paribas Emissions- u   8.500   3/24/2022     EUR    39.730
BNP Paribas Emissions- u  10.000   3/24/2022     EUR    38.060
BNP Paribas Emissions- u  13.000   3/24/2022     EUR    36.670
BNP Paribas Emissions- u   8.500   6/23/2022     EUR    41.900
BNP Paribas Emissions- u   9.000   6/23/2022     EUR    40.300
BNP Paribas Emissions- u  12.000   3/24/2022     EUR    70.880
BNP Paribas Emissions- u  14.000   3/24/2022     EUR    66.400
EFG International Financ   7.100   04/06/2022    EUR    70.520
Zurcher Kantonalbank Fin  15.000   4/20/2022     CHF    68.350
Vontobel Financial Produ   5.500   6/17/2022     USD    51.940
Bank Vontobel AG          13.005   10/03/2022    CHF    49.300
Bank Julius Baer & Co Lt  14.650   07/07/2022    USD    46.350
Leonteq Securities AG     18.000   04/08/2022    CHF    47.390
Raiffeisen Switzerland B  10.000   04/06/2022    CHF    69.670
UBS AG/London             14.250   10/07/2022    USD    55.050
BNP Paribas Emissions- u   9.500   3/24/2022     EUR    72.960
BNP Paribas Emissions- u  12.000   3/24/2022     EUR    71.100
BNP Paribas Emissions- u   9.500   3/24/2022     EUR    52.170
BNP Paribas Emissions- u  12.000   3/24/2022     EUR    50.740
BNP Paribas Emissions- u  12.000   3/24/2022     EUR    48.260
BNP Paribas Emissions- u  14.000   3/24/2022     EUR    46.170
BNP Paribas Emissions- u  18.000   3/24/2022     EUR    42.570
BNP Paribas Emissions- u  10.000   6/23/2022     EUR    55.540
BNP Paribas Emissions- u  10.000   6/23/2022     EUR    52.910
BNP Paribas Emissions- u  14.000   6/23/2022     EUR    49.620
Landesbank Baden-Wuertte   5.000   3/25/2022     EUR    33.320
Leonteq Securities AG     14.000   5/19/2022     CHF    36.220
Bank Vontobel AG          10.507   8/19/2022     CHF    47.900
Bank Vontobel AG          12.008   8/19/2022     CHF    39.400
Bank Vontobel AG          12.006   8/19/2022     CHF    70.000
Leonteq Securities AG     15.000   5/19/2022     CHF    31.940
Vontobel Financial Produ   7.000   3/25/2022     EUR    42.130
Vontobel Financial Produ   8.750   3/25/2022     EUR    70.520
Vontobel Financial Produ   8.250   3/25/2022     EUR    69.410
Leonteq Securities AG/Gu   9.300   8/24/2022     USD    49.060
UBS AG/London             11.000   8/24/2022     CHF    66.650
UBS AG/London             15.250   2/24/2022     USD    31.500
Leonteq Securities AG/Gu   9.450   5/13/2022     USD    29.850
Leonteq Securities AG/Gu  28.960   5/17/2022     CHF    57.990
Vontobel Financial Produ  12.000   3/25/2022     EUR    71.160
Zurcher Kantonalbank Fin  23.000   2/25/2022     USD    52.780
Zurcher Kantonalbank Fin  20.500   2/25/2022     USD    52.150
Credit Suisse AG/London    7.250   5/18/2022     CHF    65.690
Credit Suisse AG/London    8.100   8/23/2022     CHF    67.220
Credit Suisse AG/London   10.000   5/13/2022     USD    45.350
Vontobel Financial Produ  18.500   6/24/2022     EUR    59.360
Corner Banca SA           11.000  11/17/2022     EUR    66.290
Leonteq Securities AG/Gu  18.000   5/17/2022     USD    46.850
Leonteq Securities AG/Gu  13.200   5/13/2022     USD    48.250
Leonteq Securities AG/Gu  10.000   8/17/2022     CHF    48.560
Vontobel Financial Produ  11.300   5/17/2022     USD    44.150
Vontobel Financial Produ  11.750   6/24/2022     EUR    63.700
Vontobel Financial Produ  11.750   6/24/2022     EUR    71.590
Vontobel Financial Produ  21.000   6/24/2022     EUR    67.880
Vontobel Financial Produ  19.000   6/24/2022     EUR    70.180
Vontobel Financial Produ  21.000   3/25/2022     EUR    70.290
Vontobel Financial Produ  22.500   3/25/2022     EUR    70.430
Vontobel Financial Produ   5.550   5/18/2022     EUR    57.840
Bank Julius Baer & Co Lt  11.200   5/18/2022     CHF    56.850
EFG International Financ   6.300   5/18/2023     USD    57.460
Societe Generale Effekte   9.250   5/27/2022     EUR    53.980
Societe Generale Effekte  11.250   5/27/2022     EUR    50.250
Societe Generale Effekte  13.250   5/27/2022     EUR    47.460
Societe Generale Effekte  15.250   5/27/2022     EUR    45.260
Corner Banca SA            7.600  11/18/2022     USD    46.660
Credit Suisse AG/London   10.000   5/19/2022     CHF    55.970
UBS AG/London             10.250  11/21/2022     CHF    59.900
Vontobel Financial Produ  14.500   3/25/2022     EUR    55.520
Vontobel Financial Produ  19.500   3/25/2022     EUR    50.270
Vontobel Financial Produ   8.000   3/25/2022     EUR    66.530
Bank Julius Baer & Co Lt  10.000   3/28/2022     USD    49.750
DVM Construction Fovalla   3.000   7/29/2030     HUF    72.500
Landesbank Baden-Wuertte   3.500   8/26/2022     EUR    33.660
Landesbank Baden-Wuertte   5.450   8/26/2022     EUR    29.640
Landesbank Baden-Wuertte   3.050   3/25/2022     EUR    36.680
Landesbank Baden-Wuertte   7.300   3/25/2022     EUR    30.620
Landesbank Baden-Wuertte   3.500   3/25/2022     EUR    74.350
Raiffeisen Centrobank AG  10.000   3/24/2023     EUR    60.410
Bank Vontobel AG          10.508   8/19/2022     CHF    47.900
Leonteq Securities AG     15.000   8/19/2022     CHF    59.110
Corner Banca SA           19.000   5/23/2022     USD    32.610
Leonteq Securities AG/Gu  10.000   5/19/2022     CHF    48.660
Leonteq Securities AG/Gu   5.700   8/19/2022     USD    54.940
Vontobel Financial Produ  10.500   3/25/2022     EUR    64.460
Vontobel Financial Produ  13.500   3/25/2022     EUR    60.200
Vontobel Financial Produ   8.000   3/25/2022     EUR    69.510
Leonteq Securities AG     17.000   2/23/2022     CHF    38.660
Vontobel Financial Produ  13.000   3/25/2022     EUR    65.660
Vontobel Financial Produ  11.000   3/25/2022     EUR #N/A N/A
Vontobel Financial Produ  23.500   3/25/2022     EUR    67.970
Vontobel Financial Produ  22.000   3/25/2022     EUR    70.320
Vontobel Financial Produ  22.000   3/25/2022     EUR    65.940
UBS AG/London             10.000   3/23/2026     USD    50.990
Zurcher Kantonalbank Fin  18.000   04/01/2022    USD    64.290
UniCredit Bank AG          8.000   4/20/2022     EUR    58.750
DZ Bank AG Deutsche Zent  14.400   3/25/2022     EUR    34.890
DZ Bank AG Deutsche Zent  16.700   3/25/2022     EUR    32.790
DZ Bank AG Deutsche Zent  21.700   3/25/2022     EUR    55.170
DZ Bank AG Deutsche Zent  17.900   3/25/2022     EUR    68.930
DZ Bank AG Deutsche Zent  18.600   3/25/2022     EUR    63.880
UBS AG/London             12.250   3/24/2022     CHF    52.600
UBS AG/London             13.250   4/29/2022     CHF    64.900
Bank Vontobel AG          10.000   5/16/2022     CHF    41.100
DZ Bank AG Deutsche Zent  17.700   3/25/2022     EUR    62.430
Bank Vontobel AG           4.255   6/27/2022     CHF    61.500
Bank Vontobel AG          28.506   3/28/2022     CHF    58.700
Societe Generale Effekte  10.750   3/25/2022     EUR    65.490
Societe Generale Effekte  12.750   3/25/2022     EUR    62.310
Raiffeisen Switzerland B  14.000   3/29/2022     CHF    71.380
UBS AG/London             16.750   3/31/2022     CHF    52.600
Credit Suisse AG/London   11.000   3/28/2022     USD    38.610
DZ Bank AG Deutsche Zent   8.000   6/24/2022     EUR    72.670
DZ Bank AG Deutsche Zent   8.000   6/24/2022     EUR    65.830
Zurcher Kantonalbank Fin  17.250   4/14/2022     CHF    57.680
BNP Paribas Emissions- u   9.000   3/24/2022     EUR    74.390
BNP Paribas Emissions- u   8.000   6/23/2022     EUR    74.920
BNP Paribas Emissions- u   9.500   6/23/2022     EUR    74.010
BNP Paribas Emissions- u  13.000   3/24/2022     EUR    47.410
BNP Paribas Emissions- u  15.000   3/24/2022     EUR    45.000
BNP Paribas Emissions- u  16.000   3/24/2022     EUR    44.280
BNP Paribas Emissions- u   9.500   6/23/2022     EUR    56.490
BNP Paribas Emissions- u  12.000   6/23/2022     EUR    51.160
BNP Paribas Emissions- u  15.000   6/23/2022     EUR    48.720
BNP Paribas Emissions- u  15.000   6/23/2022     EUR    47.180
BNP Paribas Emissions- u   8.500   3/24/2022     EUR    54.420
BNP Paribas Emissions- u   9.000   3/24/2022     EUR    53.270
Vontobel Financial Produ   9.500   3/25/2022     EUR    61.400
Corner Banca SA           16.000   04/06/2022    CHF    44.720
Vontobel Financial Produ   6.000   3/25/2022     EUR    66.660
Leonteq Securities AG/Gu   2.700   04/01/2026    EUR    44.860
Leonteq Securities AG/Gu  19.000   04/08/2022    USD    47.550
UBS AG/London             15.500   04/07/2022    USD    72.650
UBS AG/London              9.500   04/11/2022    CHF    56.800
Leonteq Securities AG     18.000   3/29/2022     CHF    37.630
DZ Bank AG Deutsche Zent   6.250   3/23/2022     EUR    73.740
DZ Bank AG Deutsche Zent  10.500   4/22/2022     EUR    35.890
UniCredit Bank AG          7.950   4/27/2022     EUR    67.600
UniCredit Bank AG          9.250   4/27/2022     EUR    64.920
Landesbank Baden-Wuertte   4.050  10/28/2022     EUR    46.870
Landesbank Baden-Wuertte   3.500  10/28/2022     EUR    46.800
Corner Banca SA           12.000   06/01/2022    CHF    51.150
UBS AG/London             16.250   07/07/2022    CHF    69.500
UBS AG/London             16.300   01/08/2024    EUR     8.690
EFG International Financ   9.350   01/12/2023    CHF    60.550
Zurcher Kantonalbank Fin   8.250   7/20/2022     EUR    58.590
EFG International Financ   8.000   7/22/2022     CHF    63.380
Leonteq Securities AG     13.000   05/09/2022    CHF    41.780
Corner Banca SA           14.000   05/09/2022    CHF    41.940
UBS AG/London             13.250   05/12/2022    USD    45.300
UBS AG/London             13.500   05/12/2022    USD    45.350
UniCredit Bank AG          5.250   12/01/2023    EUR    44.520
Leonteq Securities AG     15.000   3/30/2022     CHF    60.280
Landesbank Baden-Wuertte   6.350  10/28/2022     EUR    42.680
Landesbank Baden-Wuertte   5.750  10/28/2022     EUR    43.070
DZ Bank AG Deutsche Zent  20.300   3/25/2022     EUR    69.160
DZ Bank AG Deutsche Zent  17.100   3/25/2022     EUR    41.900
DZ Bank AG Deutsche Zent  22.700   3/25/2022     EUR    65.970
Bank Vontobel AG           6.007   9/26/2022     CHF    63.500
Bank Vontobel AG           6.007   9/26/2022     CHF    63.500
Bank Vontobel AG           9.000   9/26/2022     EUR    65.200
Bank Vontobel AG           9.009   9/26/2022     EUR    65.200
Bank Vontobel AG          14.006   9/26/2022     CHF    39.800
Bank Vontobel AG          12.751   6/27/2022     CHF    42.000
Bank Vontobel AG          15.009   6/27/2022     CHF    34.400
Bank Vontobel AG          22.008   6/27/2022     CHF    54.400
Societe Generale Effekte   8.750   3/25/2022     EUR    69.390
UBS AG/London             16.000   9/30/2022     CHF    48.500
Zurcher Kantonalbank Fin  14.250   4/19/2022     CHF    57.500
Leonteq Securities AG     18.000   04/12/2022    CHF    36.000
Leonteq Securities AG     22.860   04/12/2022    CHF    29.850
DZ Bank AG Deutsche Zent   8.000   6/22/2022     EUR    67.210
Vontobel Financial Produ  18.000   3/25/2022     EUR    50.460
Vontobel Financial Produ   8.500   3/25/2022     EUR    38.510
Vontobel Financial Produ  13.250   3/25/2022     EUR    70.750
Vontobel Financial Produ  10.250   3/25/2022     EUR    38.690
Goldman Sachs & Co Wertp  23.000   5/25/2022     EUR    66.750
Corner Banca SA           14.000   9/26/2022     USD    58.430
Goldman Sachs & Co Wertp  11.000   6/22/2022     EUR    70.190
BNP Paribas Emissions- u  16.000   3/24/2022     EUR    67.750
BNP Paribas Emissions- u   8.000   3/24/2022     EUR    40.980
BNP Paribas Emissions- u  14.000   3/24/2022     EUR    35.740
BNP Paribas Emissions- u  15.000   3/24/2022     EUR    34.860
BNP Paribas Emissions- u  17.000   3/24/2022     EUR    32.450
BNP Paribas Emissions- u   8.000   6/23/2022     EUR    43.010
Societe Generale SA       18.000   05/02/2024    USD    55.600
UniCredit Bank AG          6.200   4/13/2022     EUR    40.820
Landesbank Baden-Wuertte   5.200   5/27/2022     EUR    40.140
Landesbank Baden-Wuertte   7.750   5/27/2022     EUR    37.030
Landesbank Baden-Wuertte   6.500   5/27/2022     EUR    38.120
EFG International Financ  17.000   3/17/2022     USD    45.950
UBS AG/London              7.500   3/17/2023     CHF    73.550
Bank Vontobel AG           6.002   08/12/2022    EUR    63.100
EFG International Financ  23.000   3/17/2022     CHF    42.270
Vontobel Financial Produ  15.000   3/25/2022     EUR    41.390
UBS AG/London              9.750   3/17/2023     CHF    64.150
Bank Julius Baer & Co Lt  12.050   3/18/2022     USD    58.800
Leonteq Securities AG/Gu  15.000   6/16/2022     USD    51.840
Leonteq Securities AG/Gu  10.000   4/26/2022     EUR    56.580
Erste Group Bank AG        7.250   03/03/2026    EUR    51.400
Goldman Sachs & Co Wertp  10.000   3/23/2022     EUR    73.030
Goldman Sachs & Co Wertp  13.000   6/22/2022     EUR    71.380
UniCredit Bank AG          4.450   09/11/2023    EUR    28.620
Landesbank Baden-Wuertte   3.150   6/24/2022     EUR    32.950
Landesbank Baden-Wuertte   4.850   6/24/2022     EUR    28.500
Bank Julius Baer & Co Lt  10.200   5/30/2023     EUR    12.650
Societe Generale SA       20.000   8/31/2023     USD    61.250
Landesbank Baden-Wuertte   3.000  10/25/2024     EUR    37.310
Vontobel Financial Produ  16.500   3/25/2022     EUR    55.650
Vontobel Financial Produ  12.000   3/25/2022     EUR    44.640
Vontobel Financial Produ  11.000   3/25/2022     EUR #N/A N/A
Vontobel Financial Produ  12.000   3/25/2022     EUR    69.880
EFG International Financ   7.000   3/23/2023     USD    33.820
Vontobel Financial Produ  10.000   3/25/2022     EUR    62.330
Credit Suisse AG/London    8.500   06/08/2022    CHF    70.010
DZ Bank AG Deutsche Zent  14.800   3/25/2022     EUR    70.150
DZ Bank AG Deutsche Zent  23.500   3/25/2022     EUR    52.340
DZ Bank AG Deutsche Zent  21.600   3/25/2022     EUR    61.700
DZ Bank AG Deutsche Zent  16.600   3/25/2022     EUR    69.340
DZ Bank AG Deutsche Zent  15.100   3/25/2022     EUR    50.720
DZ Bank AG Deutsche Zent  16.600   3/25/2022     EUR    48.360
DZ Bank AG Deutsche Zent  19.800   3/25/2022     EUR    44.330
BNP Paribas SA            29.000   3/28/2022     USD    64.370
UniCredit Bank AG          8.200   2/16/2022     EUR    52.850
Leonteq Securities AG/Gu  13.000   7/25/2022     USD    44.740
UniCredit Bank AG          6.000   7/28/2023     EUR    41.350
UBS AG/London             10.000   07/08/2022    CHF    60.550
Bank Julius Baer & Co Lt  10.150   4/25/2022     USD    50.000
UBS AG/London             14.000   1/18/2024     USD    51.260
Leonteq Securities AG/Gu  17.680   05/06/2022    CHF    56.380
EFG International Financ  15.000   9/26/2022     CHF    60.680
UBS AG/London             26.250   9/26/2022     USD    70.150
UBS AG/London             15.500   3/24/2022     CHF    58.550
Vontobel Financial Produ   9.200   3/23/2022     EUR    37.260
Vontobel Financial Produ   6.400   2/28/2022     EUR    47.980
Vontobel Financial Produ  13.500   3/25/2022     EUR    60.800
Vontobel Financial Produ  18.000   3/25/2022     EUR    53.430
Vontobel Financial Produ  11.000   3/25/2022     EUR    67.400
UBS AG/London             11.250   07/01/2022    CHF #N/A N/A
Vontobel Financial Produ  10.500   3/25/2022     EUR    21.610
Vontobel Financial Produ  17.000   3/25/2022     EUR    52.730
Vontobel Financial Produ  12.000   3/25/2022     EUR    58.680
Leonteq Securities AG/Gu  11.000   08/10/2022    USD    45.940
UniCredit Bank AG          6.500   9/15/2022     EUR    47.420
UniCredit Bank AG          7.300   6/14/2024     EUR    70.510
DZ Bank AG Deutsche Zent  24.100   3/25/2022     EUR    68.530
Bank Julius Baer & Co Lt  11.200   05/12/2022    CHF    67.800
EFG International Financ  22.000   05/12/2022    CHF    59.860
EFG International Financ  14.000   05/12/2022    USD    58.580
UBS AG/London             14.750  11/14/2022     CHF    65.500
UBS AG/London             10.500  11/14/2022     CHF    64.800
Corner Banca SA           15.000   5/25/2022     CHF    49.200
Corner Banca SA           15.000  11/21/2022     USD    64.980
Leonteq Securities AG/Gu  13.000  11/21/2022     USD    43.400
Corner Banca SA           16.000   08/10/2022    EUR    61.230
Credit Suisse AG/London    9.500   05/10/2022    CHF    54.530
Leonteq Securities AG/Gu  21.530   5/17/2022     CHF    34.570
Leonteq Securities AG/Gu  21.420   05/11/2022    CHF    35.320
Credit Suisse AG/London   13.250   05/04/2022    USD    45.090
Vontobel Financial Produ  16.500   6/24/2022     EUR    58.690
Leonteq Securities AG/Gu   7.000   7/22/2022     CHF    71.680
Goldman Sachs & Co Wertp  14.000   3/23/2022     EUR    70.220
Goldman Sachs & Co Wertp  12.000   3/23/2022     EUR    68.530
Leonteq Securities AG/Gu  22.080   05/06/2022    CHF    39.500
Leonteq Securities AG/Gu   7.000   11/07/2022    CHF    77.020
Leonteq Securities AG/Gu  11.000   08/10/2022    CHF    55.780
DZ Bank AG Deutsche Zent  12.700   3/25/2022     EUR    67.570
UBS AG/London             21.250   3/24/2022     USD    61.300
UBS AG/London             15.500   3/24/2022     CHF    47.300
UBS AG/London             29.750   3/24/2022     CHF    58.950
Bank Julius Baer & Co Lt  16.000   05/11/2022    EUR    31.450
Bank Vontobel AG          20.004   08/10/2022    CHF    72.400
UBS AG/London              6.500   8/24/2022     CHF    39.600
Bank Julius Baer & Co Lt   8.550   5/13/2022     USD    53.850
DekaBank Deutsche Giroze   6.000   3/24/2022     EUR    60.950
Zurcher Kantonalbank Fin  19.800   2/25/2022     CHF    51.980
Vontobel Financial Produ  16.000   6/24/2022     EUR    68.390
Vontobel Financial Produ  16.000   3/25/2022     EUR    50.530
Vontobel Financial Produ  13.500   3/25/2022     EUR    54.070
Vontobel Financial Produ  18.500   3/25/2022     EUR    47.480
Vontobel Financial Produ  21.000   3/25/2022     EUR    44.840
Vontobel Financial Produ  13.500   6/24/2022     EUR    70.200
Vontobel Financial Produ  17.500   6/24/2022     EUR    65.210
Bank Vontobel AG           9.003  11/14/2022     CHF    66.400
EFG International Financ  13.000  11/14/2022     CHF    49.590
Societe Generale Effekte   7.000   3/25/2022     EUR    61.740
Societe Generale Effekte   7.500   5/27/2022     EUR    60.040
Landesbank Baden-Wuertte   2.200   1/27/2023     EUR    32.220
UBS AG/London             14.750   5/25/2022     CHF    46.950
UBS AG/London             12.250  11/18/2022     EUR #N/A N/A
Landesbank Baden-Wuertte   3.400   8/23/2024     EUR    33.220
DekaBank Deutsche Giroze   3.500   11/04/2022    EUR    57.220
Zurcher Kantonalbank Fin  11.500   3/25/2022     CHF    52.560
Landesbank Baden-Wuertte   3.000   5/27/2022     EUR    44.250
Landesbank Baden-Wuertte   5.300   6/24/2022     EUR    72.920
Landesbank Baden-Wuertte   3.500   5/27/2022     EUR    43.400
EFG International Financ   9.070   3/17/2022     USD    61.470
Bank Julius Baer & Co Lt   7.300   2/22/2022     EUR    63.700
UBS AG/London             13.500   5/18/2022     CHF    39.200
Leonteq Securities AG/Gu  11.000   05/05/2022    CHF    47.970
Leonteq Securities AG/Gu   9.000   02/08/2023    CHF    67.360
Societe Generale SA       16.000   2/29/2024     USD    24.300
Nordea Bank Abp            6.063   7/20/2024     SEK    72.660
Vontobel Financial Produ   7.500   6/24/2022     EUR    65.990
Vontobel Financial Produ  18.000   6/24/2022     EUR    66.930
Credit Suisse AG/London   11.000   6/15/2022     CHF    51.440
Vontobel Financial Produ  18.000   6/24/2022     EUR    69.830
Raiffeisen Centrobank AG   7.500   07/07/2023    EUR    69.420
Vontobel Financial Produ  23.950   06/03/2022    EUR    19.380
Vontobel Financial Produ  12.400   3/16/2022     EUR    35.630
Vontobel Financial Produ  15.500   06/02/2022    EUR    72.440
Landesbank Baden-Wuertte   5.100  11/25/2022     EUR    50.780
Landesbank Baden-Wuertte   3.800  11/25/2022     EUR    71.600
Landesbank Baden-Wuertte   8.600   6/24/2022     EUR    44.030
Landesbank Baden-Wuertte   5.100   6/24/2022     EUR    50.620
DZ Bank AG Deutsche Zent  24.400   6/24/2022     EUR    60.660
DZ Bank AG Deutsche Zent  14.000   6/24/2022     EUR    51.310
DZ Bank AG Deutsche Zent  20.000   6/24/2022     EUR    45.610
DZ Bank AG Deutsche Zent  17.600   6/24/2022     EUR    39.570
Landesbank Baden-Wuertte   4.350  11/25/2022     EUR    58.100
Landesbank Baden-Wuertte   6.600  11/25/2022     EUR    54.650
DZ Bank AG Deutsche Zent  15.400   6/24/2022     EUR    67.740
DZ Bank AG Deutsche Zent  19.500   6/24/2022     EUR    62.130
DZ Bank AG Deutsche Zent  21.700   3/25/2022     EUR    62.310
DZ Bank AG Deutsche Zent  15.800   3/25/2022     EUR    63.730
DZ Bank AG Deutsche Zent  12.000   6/24/2022     EUR    69.490
DZ Bank AG Deutsche Zent  15.800   6/24/2022     EUR    64.410
DZ Bank AG Deutsche Zent  19.500   3/25/2022     EUR    61.060
DZ Bank AG Deutsche Zent  24.500   6/24/2022     EUR    58.950
Landesbank Baden-Wuertte   2.500   6/24/2022     EUR    62.150
Landesbank Baden-Wuertte   7.150   6/24/2022     EUR    53.370
Vontobel Financial Produ   3.500   07/03/2023    EUR    68.300
EFG International Financ  24.000   06/07/2022    USD    25.870
Zurcher Kantonalbank Fin  19.000   06/10/2022    USD    66.010
Zurcher Kantonalbank Fin  22.750   06/10/2022    USD    53.080
Credit Suisse AG/London   13.000   6/16/2022     CHF    68.850
UBS AG/London             12.500  12/16/2022     CHF    62.150
UBS AG/London              9.000   6/16/2022     CHF    51.750
UBS AG/London             10.250   6/16/2022     CHF    54.050
UBS AG/London             11.500   6/16/2022     CHF    71.050
Vontobel Financial Produ  17.000   6/24/2022     EUR    58.840
Vontobel Financial Produ  10.500   6/24/2022     EUR    69.170
Vontobel Financial Produ  15.000   6/24/2022     EUR    64.360
Zurcher Kantonalbank Fin  11.000   6/24/2022     CHF    68.560
Zurcher Kantonalbank Fin  21.500   6/24/2022     USD    58.820
Leonteq Securities AG/Gu  16.000   06/01/2022    USD    33.590
BNP Paribas SA            20.200   5/31/2022     USD    72.500
Leonteq Securities AG/Gu   6.000   12/01/2023    CHF    77.420
Bank Julius Baer & Co Lt   7.250   06/02/2022    CHF    67.200
Zurcher Kantonalbank Fin  10.000   06/08/2022    USD    43.140
UniCredit Bank AG         12.000   6/16/2022     EUR    45.490
Societe Generale Effekte  11.250   6/24/2022     EUR    53.640
Societe Generale Effekte  13.250   6/24/2022     EUR    50.820
Societe Generale Effekte  15.250   6/24/2022     EUR    48.490
Vontobel Financial Produ  18.750   6/24/2022     EUR    32.060
Vontobel Financial Produ  18.250   6/24/2022     EUR    61.390
Vontobel Financial Produ  14.750   6/24/2022     EUR    67.450
Vontobel Financial Produ   7.750   6/24/2022     EUR    67.340
Vontobel Financial Produ   9.000   6/24/2022     EUR    67.730
Vontobel Financial Produ  12.500   6/24/2022     EUR    67.200
Vontobel Financial Produ  17.000   6/24/2022     EUR    49.330
Vontobel Financial Produ  14.500   6/24/2022     EUR    30.690
Societe Generale Effekte   5.250   6/24/2022     EUR    68.920
Societe Generale Effekte   7.250   6/24/2022     EUR    62.250
Societe Generale Effekte   9.250   6/24/2022     EUR    57.370
Leonteq Securities AG/Gu   7.400   12/01/2023    USD    76.710
DZ Bank AG Deutsche Zent   7.250   6/22/2022     EUR    70.010
DekaBank Deutsche Giroze   4.000   8/18/2022     EUR    62.870
DZ Bank AG Deutsche Zent  10.750   8/24/2022     EUR    58.270
DZ Bank AG Deutsche Zent  12.500   8/24/2022     EUR    47.480
Leonteq Securities AG/Gu  10.600   7/19/2022     USD    29.270
Leonteq Securities AG/Gu  13.000   7/19/2022     USD    38.100
Vontobel Financial Produ  13.500   9/23/2022     EUR    71.360
Leonteq Securities AG/Gu  27.800   4/22/2022     CHF    48.420
Leonteq Securities AG/Gu  20.000   7/20/2022     CHF    56.890
Vontobel Financial Produ  10.500   9/23/2022     EUR    37.590
Zurcher Kantonalbank Fin  16.000   7/28/2022     CHF    56.280
Vontobel Financial Produ  11.700   1/24/2023     USD    57.150
Bank Vontobel AG          15.000  10/13/2022     CHF    59.300
UniCredit Bank AG          9.550   8/17/2022     EUR    45.060
UniCredit Bank AG          8.050   8/17/2022     EUR    64.890
DZ Bank AG Deutsche Zent  23.000   6/24/2022     EUR    65.060
DZ Bank AG Deutsche Zent  22.400   6/24/2022     EUR    71.940
DZ Bank AG Deutsche Zent  24.400   3/25/2022     EUR    52.090
DZ Bank AG Deutsche Zent  21.000   6/24/2022     EUR    57.030
DZ Bank AG Deutsche Zent  22.400   3/25/2022     EUR    68.560
DZ Bank AG Deutsche Zent  19.100   3/25/2022     EUR    64.770
DZ Bank AG Deutsche Zent  15.400   6/24/2022     EUR    67.820
DZ Bank AG Deutsche Zent  18.300   6/24/2022     EUR    55.560
DZ Bank AG Deutsche Zent  22.800   6/24/2022     EUR    63.640
DZ Bank AG Deutsche Zent  19.600   6/24/2022     EUR    70.180
Vontobel Financial Produ   7.500   6/24/2022     EUR    71.410
Vontobel Financial Produ   8.500   6/24/2022     EUR    70.570
EFG International Financ  11.000   1/23/2023     CHF    56.720
EFG International Financ  12.000   7/21/2022     CHF    65.860
Zurcher Kantonalbank Fin   8.000   7/29/2022     USD    66.620
Raiffeisen Schweiz Genos  10.000   1/16/2023     CHF    66.840
Societe Generale Effekte  18.000   3/25/2022     EUR    63.330
Societe Generale Effekte  15.750   6/24/2022     EUR    66.940
Vontobel Financial Produ  13.000   6/24/2022     EUR    72.040
Vontobel Financial Produ  10.000   9/23/2022     EUR    48.280
Vontobel Financial Produ  14.000   9/23/2022     EUR    46.100
Vontobel Financial Produ  12.500   9/23/2022     EUR    46.620
Vontobel Financial Produ  11.500   9/23/2022     EUR    47.540
Vontobel Financial Produ  12.000   6/24/2022     EUR    47.060
Vontobel Financial Produ  15.000   6/24/2022     EUR    44.860
Vontobel Financial Produ  15.000   9/23/2022     EUR    45.380
Vontobel Financial Produ  13.500   6/24/2022     EUR    45.900
Vontobel Financial Produ  16.500   6/24/2022     EUR    43.930
Vontobel Financial Produ  18.000   6/24/2022     EUR    43.100
Leonteq Securities AG/Gu  13.000   7/22/2022     CHF    63.900
Leonteq Securities AG/Gu  27.290   4/26/2022     CHF    33.240
UBS AG/London             12.000   1/16/2023     CHF    62.200
Vontobel Financial Produ  17.250   6/24/2022     EUR    50.520
Vontobel Financial Produ  16.750   6/24/2022     EUR    63.040
Raiffeisen Schweiz Genos  16.000   7/19/2022     EUR    70.110
Societe Generale Effekte  13.500   8/26/2022     EUR    44.930
Societe Generale Effekte   3.500   8/26/2022     EUR    64.270
Societe Generale Effekte   5.500   8/26/2022     EUR    56.880
Societe Generale Effekte   7.500   8/26/2022     EUR    52.040
Societe Generale Effekte   9.500   8/26/2022     EUR    48.790
Societe Generale Effekte  11.500   8/26/2022     EUR    46.580
Leonteq Securities AG/Gu  11.000   1/26/2023     USD    61.020
Leonteq Securities AG/Gu  10.000   7/26/2022     CHF    60.240
Leonteq Securities AG/Gu  10.000  10/26/2022     CHF    66.750
Vontobel Financial Produ  10.500   9/23/2022     EUR    63.010
Vontobel Financial Produ  12.000   6/24/2022     EUR    60.870
Vontobel Financial Produ   7.000   6/24/2022     EUR    68.960
Vontobel Financial Produ   7.500   9/23/2022     EUR    66.730
Zurcher Kantonalbank Fin  10.000   08/03/2022    CHF    67.630
Zurcher Kantonalbank Fin  12.500   08/03/2022    CHF    63.760
Vontobel Financial Produ  11.200   7/26/2022     EUR    59.460
Zurcher Kantonalbank Fin  28.500   08/02/2022    USD    47.990
Zurcher Kantonalbank Fin  27.500   08/02/2022    CHF    61.720
Bank Julius Baer & Co Lt  10.000   7/26/2022     USD    67.550
Bank Vontobel AG          12.500   1/24/2023     CHF    56.100
Leonteq Securities AG     10.000  10/26/2022     CHF    55.740
Leonteq Securities AG     12.000   1/26/2023     CHF    55.220
Raiffeisen Schweiz Genos   5.500   06/07/2023    CHF    76.830
Leonteq Securities AG/Gu  17.000   07/05/2022    EUR    48.010
Zurcher Kantonalbank Fin   8.100  12/14/2022     USD    61.050
Zurcher Kantonalbank Fin  12.500   7/13/2022     USD    69.940
Zurcher Kantonalbank Fin  15.000   7/13/2022     CHF    50.830
Leonteq Securities AG/Gu  10.000   10/05/2022    CHF    49.000
Vontobel Financial Produ   7.350   6/15/2022     USD    61.390
Vontobel Financial Produ   8.700   04/04/2022    CHF    60.610
Leonteq Securities AG/Gu  24.870   6/14/2022     CHF    26.460
EFG International Financ  18.000   6/30/2022     EUR    65.100
Zurcher Kantonalbank Fin  24.000   6/17/2022     CHF    58.720
Zurcher Kantonalbank Fin  11.250   07/06/2022    EUR    50.100
Vontobel Financial Produ  20.000   6/24/2022     EUR    58.780
DZ Bank AG Deutsche Zent   7.250   6/22/2022     EUR    73.130
DZ Bank AG Deutsche Zent   7.000   9/21/2022     EUR    71.520
Vontobel Financial Produ   7.500   6/24/2022     EUR    69.130
Vontobel Financial Produ  14.500   6/24/2022     EUR    60.860
Vontobel Financial Produ  16.000   6/24/2022     EUR    59.910
Leonteq Securities AG/Gu  14.000   9/14/2022     CHF    65.530
Vontobel Financial Produ  13.500   6/24/2022     EUR    70.360
Vontobel Financial Produ  12.500   6/24/2022     EUR    62.600
Vontobel Financial Produ   5.000   6/24/2022     EUR    69.210
Zurcher Kantonalbank Fin  12.000   6/21/2022     CHF    63.670
Vontobel Financial Produ  19.500   6/24/2022     EUR    64.560
Zurcher Kantonalbank Fin  12.000   7/14/2022     CHF    53.510
Bank Vontobel AG          11.250   01/03/2023    EUR    72.500
Bank Vontobel AG           7.500   01/03/2023    EUR    47.200
Bank Vontobel AG          17.500   07/04/2022    CHF    45.300
Corner Banca SA           12.000   6/14/2022     CHF    68.200
UniCredit Bank AG          3.500   2/13/2023     EUR    46.910
Danske Bank A/S            5.300   7/15/2023     SEK    40.950
UBS AG/London             10.750   07/07/2022    EUR    72.700
UBS AG/London             16.500   6/30/2022     USD    43.200
Credit Suisse AG/London   12.000   4/15/2022     USD    51.280
Raiffeisen Schweiz Genos  11.000   7/14/2022     CHF    51.230
DZ Bank AG Deutsche Zent   7.000   3/23/2022     EUR    73.800
UniCredit Bank AG         10.900   2/16/2022     EUR    48.160
Vontobel Financial Produ  14.500   3/25/2022     EUR    74.890
Leonteq Securities AG     12.000   4/21/2022     CHF    46.060
Zurcher Kantonalbank Fin   7.500   4/29/2022     CHF    54.860
Zurcher Kantonalbank Fin   8.000   4/29/2022     USD    54.920
UBS AG/London             15.250   7/21/2022     USD    71.450
UniCredit Bank AG         10.700   02/03/2025    EUR    71.780
Vontobel Financial Produ  12.000   3/25/2022     EUR    48.590
Vontobel Financial Produ  10.500   3/25/2022     EUR    67.130
Vontobel Financial Produ  12.000   3/25/2022     EUR    63.790
Vontobel Financial Produ  15.000   3/25/2022     EUR    58.100
Vontobel Financial Produ   7.000   3/25/2022     EUR    30.620
Vontobel Financial Produ  10.000   3/25/2022     EUR    27.550
Vontobel Financial Produ  11.500   3/25/2022     EUR    26.290
Vontobel Financial Produ   8.000   3/25/2022     EUR    69.510
Vontobel Financial Produ  14.000   3/25/2022     EUR    60.250
Vontobel Financial Produ   8.000   3/25/2022     EUR    60.260
Bank Vontobel AG           7.506   7/15/2022     CHF    73.700
Vontobel Financial Produ  15.000   3/25/2022     EUR    69.810
Vontobel Financial Produ   8.000   3/25/2022     EUR    28.940
Vontobel Financial Produ  13.000   3/25/2022     EUR    25.160
Vontobel Financial Produ  14.000   3/25/2022     EUR    48.920
Vontobel Financial Produ  11.000   3/25/2022     EUR    50.740
Vontobel Financial Produ   9.500   3/25/2022     EUR    53.060
Vontobel Financial Produ  11.000   3/25/2022     EUR    64.510
Bank Vontobel AG           9.006  10/31/2022     CHF    45.600
Vontobel Financial Produ  18.250   3/25/2022     EUR    60.340
EFG International Financ   6.080   05/05/2022    USD    56.820
Bank Julius Baer & Co Lt  11.800   4/26/2022     EUR    36.950
Leonteq Securities AG/Gu   6.700   11/04/2022    USD    72.590
Corner Banca SA           17.200   4/26/2022     CHF    47.790
UBS AG/London             19.750   05/05/2022    USD    64.700
UBS AG/London             14.500   11/07/2022    CHF    59.150
Vontobel Financial Produ   7.000   6/24/2022     EUR    59.190
Vontobel Financial Produ  12.500   6/24/2022     EUR    66.890
Vontobel Financial Produ  14.500   6/24/2022     EUR    64.050
Vontobel Financial Produ  13.500   6/24/2022     EUR    69.940
Vontobel Financial Produ  14.500   3/25/2022     EUR    68.780
Vontobel Financial Produ   9.500   6/24/2022     EUR    55.170
Zurcher Kantonalbank Fin  24.000   05/12/2022    CHF    70.170
Corner Banca SA           14.000   4/26/2022     USD    52.200
Zurcher Kantonalbank Fin  16.250   05/04/2022    EUR    54.010
Leonteq Securities AG/Gu  11.500  10/27/2022     CHF    69.060
Landesbank Baden-Wuertte   7.000   4/28/2023     EUR    54.120
Landesbank Baden-Wuertte   5.250   4/28/2023     EUR    43.460
Landesbank Baden-Wuertte   3.150   4/28/2023     EUR    47.220
Landesbank Baden-Wuertte   2.300   4/28/2023     EUR    70.700
Landesbank Baden-Wuertte   5.700   4/28/2023     EUR    46.330
Landesbank Baden-Wuertte   4.350   4/28/2023     EUR    48.180
Landesbank Baden-Wuertte   3.000   4/28/2023     EUR    50.720
DZ Bank AG Deutsche Zent  22.600   3/25/2022     EUR    61.520
DZ Bank AG Deutsche Zent  21.700   3/25/2022     EUR    66.070
DZ Bank AG Deutsche Zent  24.600   3/25/2022     EUR    59.770
Vontobel Financial Produ  13.500   6/24/2022     EUR    64.050
Vontobel Financial Produ  15.000   6/24/2022     EUR    62.700
Vontobel Financial Produ  11.000   6/24/2022     EUR    67.270
Vontobel Financial Produ   9.500   6/24/2022     EUR    69.000
Vontobel Financial Produ  12.500   6/24/2022     EUR    65.680
Vontobel Financial Produ  16.500   6/24/2022     EUR    61.470
Vontobel Financial Produ   9.500   3/25/2022     EUR    69.100
Vontobel Financial Produ  20.000   3/25/2022     EUR    57.670
Vontobel Financial Produ  16.500   3/25/2022     EUR    60.950
Vontobel Financial Produ  11.000   3/25/2022     EUR    66.810
Vontobel Financial Produ  13.000   3/25/2022     EUR    64.720
Vontobel Financial Produ  14.500   3/25/2022     EUR    62.740
Vontobel Financial Produ   8.500   6/24/2022     EUR    71.050
Vontobel Financial Produ  20.500   6/24/2022     EUR    38.370
Zurcher Kantonalbank Fin  12.250   05/05/2022    CHF    51.170
Bank Vontobel AG           7.008   7/25/2022     CHF    66.800
UBS AG/London             13.500   4/29/2024     USD    52.860
UBS AG/London             12.750   4/28/2022     CHF    66.000
UBS AG/London             12.750  10/28/2022     CHF    50.350
UBS AG/London              9.500  10/28/2022     CHF    74.300
Zurcher Kantonalbank Fin   6.400   11/07/2022    USD    43.320
Leonteq Securities AG/Gu   8.310   7/19/2022     EUR    70.240
EFG International Financ   5.500   4/20/2022     USD    62.940
Vontobel Financial Produ  17.000   6/24/2022     EUR    69.500
Vontobel Financial Produ  13.000   6/24/2022     EUR    64.150
Vontobel Financial Produ  19.000   6/24/2022     EUR    64.190
Vontobel Financial Produ  20.000   6/24/2022     EUR    64.530
Vontobel Financial Produ  24.000   3/25/2022     EUR    61.340
Vontobel Financial Produ  22.500   3/25/2022     EUR    61.200
Bank Julius Baer & Co Lt  11.150   4/22/2022     CHF    48.250
Bank Julius Baer & Co Lt  16.250   4/22/2022     USD    38.200
Leonteq Securities AG     10.000   7/20/2022     CHF    37.530
Leonteq Securities AG/Gu  12.000   4/22/2022     USD    31.620
Leonteq Securities AG     23.030   4/22/2022     CHF    35.950
DZ Bank AG Deutsche Zent  17.600   3/25/2022     EUR    40.550
DZ Bank AG Deutsche Zent  20.800   3/25/2022     EUR    37.780
DZ Bank AG Deutsche Zent  22.700   3/25/2022     EUR    55.740
DZ Bank AG Deutsche Zent  23.700   3/25/2022     EUR    65.410
DZ Bank AG Deutsche Zent   7.600   3/25/2022     EUR    73.870
DZ Bank AG Deutsche Zent  16.000   3/25/2022     EUR    68.930
DZ Bank AG Deutsche Zent  23.500   3/25/2022     EUR    49.650
Vontobel Financial Produ  10.000   6/24/2022     EUR    34.790
Vontobel Financial Produ  13.000   6/24/2022     EUR    71.760
UniCredit Bank AG          8.300   5/16/2022     EUR    55.950
Vontobel Financial Produ  12.900   4/26/2022     EUR    37.740
Leonteq Securities AG     24.530   4/22/2022     CHF    39.410
Vontobel Financial Produ  12.500   3/25/2022     EUR    35.840
Vontobel Financial Produ  18.000   3/25/2022     EUR    72.760
Vontobel Financial Produ  11.000   3/25/2022     EUR    66.120
Vontobel Financial Produ  14.500   6/24/2022     EUR    62.100
UBS AG/London              7.000   4/21/2023     USD    59.200
UBS AG/London             10.500   4/21/2023     CHF    59.400
Vontobel Financial Produ  13.000   6/24/2022     EUR    53.720
Vontobel Financial Produ  10.000   3/25/2022     EUR    56.300
Vontobel Financial Produ   8.500   6/24/2022     EUR    60.300
Vontobel Financial Produ  13.500   3/25/2022     EUR    51.750
Vontobel Financial Produ  17.000   3/25/2022     EUR    47.950
Vontobel Financial Produ  11.500   6/24/2022     EUR    69.520
Vontobel Financial Produ  17.500   6/24/2022     EUR    49.100
Vontobel Financial Produ  15.500   6/24/2022     EUR    64.530
Vontobel Financial Produ  20.500   3/25/2022     EUR    44.780
EFG International Financ   5.800   4/26/2023     EUR    61.080
EFG International Financ   5.700   4/26/2023     USD    72.230
Bank Julius Baer & Co Lt   9.300   7/22/2022     USD    68.250
Vontobel Financial Produ   6.000   6/24/2022     EUR    48.770
Vontobel Financial Produ  11.000   6/24/2022     EUR    43.500
Vontobel Financial Produ  15.500   6/24/2022     EUR    39.810
Vontobel Financial Produ  13.000   6/24/2022     EUR    41.400
Vontobel Financial Produ   9.500   3/25/2022     EUR    44.420
Vontobel Financial Produ  12.500   3/25/2022     EUR    41.350
Vontobel Financial Produ   8.500   6/24/2022     EUR    45.870
Vontobel Financial Produ   8.000   6/24/2022     EUR    56.980
Vontobel Financial Produ  13.000   6/24/2022     EUR    50.420
Vontobel Financial Produ  16.000   6/24/2022     EUR    48.160
Vontobel Financial Produ   5.500   6/24/2022     EUR    61.430
Vontobel Financial Produ  15.500   6/24/2022     EUR    62.750
Vontobel Financial Produ  13.500   6/24/2022     EUR    65.420
Vontobel Financial Produ  13.000   6/24/2022     EUR    70.820
Vontobel Financial Produ  16.500   6/24/2022     EUR    65.990
Vontobel Financial Produ  15.500   6/24/2022     EUR    67.540
Vontobel Financial Produ  14.000   6/24/2022     EUR    69.040
Vontobel Financial Produ   8.500   3/25/2022     EUR    54.910
Vontobel Financial Produ  10.500   6/24/2022     EUR    53.380
Vontobel Financial Produ  11.000   6/24/2022     EUR    68.300
Societe Generale Effekte   4.750   5/27/2022     EUR    62.180
Societe Generale Effekte   6.750   5/27/2022     EUR    54.290
Societe Generale Effekte   8.750   5/27/2022     EUR    49.050
Societe Generale Effekte  10.750   5/27/2022     EUR    45.450
Societe Generale Effekte  12.750   5/27/2022     EUR    42.740
Societe Generale Effekte  14.750   5/27/2022     EUR    40.540
EFG International Financ   6.500   4/26/2023     USD    57.900
Zurcher Kantonalbank Fin  11.000   6/22/2022     USD    66.180
Leonteq Securities AG     15.000   6/15/2022     CHF    38.030
Leonteq Securities AG     11.000   9/15/2022     CHF    55.870
Leonteq Securities AG/Gu  20.000   6/15/2022     CHF    54.170
Vontobel Financial Produ  15.000   6/24/2022     EUR    70.880
Vontobel Financial Produ  18.500   6/24/2022     EUR    67.720
DZ Bank AG Deutsche Zent  11.750   3/23/2022     EUR    75.310
Vontobel Financial Produ  16.000   6/24/2022     EUR    66.250
Vontobel Financial Produ  20.500   6/24/2022     EUR    62.840
Vontobel Financial Produ   8.000   6/24/2022     EUR    76.990
Vontobel Financial Produ   5.500   6/24/2022     EUR    66.260
Vontobel Financial Produ  20.500   6/24/2022     EUR    67.700
Vontobel Financial Produ  26.800   06/03/2022    EUR    58.520
Bank Vontobel AG          15.001   9/13/2022     CHF    50.500
Landesbank Baden-Wuertte   7.900  11/25/2022     EUR    46.610
DZ Bank AG Deutsche Zent  16.900   6/24/2022     EUR    48.210
DZ Bank AG Deutsche Zent  18.900   3/25/2022     EUR    61.780
Landesbank Baden-Wuertte   5.400  11/25/2022     EUR    56.100
DZ Bank AG Deutsche Zent  17.400   6/24/2022     EUR    64.760
DZ Bank AG Deutsche Zent  21.700   6/24/2022     EUR    59.840
Landesbank Baden-Wuertte   3.250   6/24/2022     EUR    72.230
DZ Bank AG Deutsche Zent  21.700   6/24/2022     EUR    63.240
Corner Banca SA           20.000   11/01/2022    USD    52.900
DZ Bank AG Deutsche Zent  10.500  11/23/2022     EUR    53.280
DZ Bank AG Deutsche Zent  15.250  11/23/2022     EUR    50.660
Raiffeisen Schweiz Genos  10.000   05/01/2023    USD    69.150
Vontobel Financial Produ  16.000  12/23/2022     EUR    67.330
Vontobel Financial Produ   7.000  12/23/2022     EUR    70.400
Vontobel Financial Produ  11.000  12/23/2022     EUR    66.990
Vontobel Financial Produ   9.000  12/23/2022     EUR    68.540
Vontobel Financial Produ  13.000  12/23/2022     EUR    65.720
Vontobel Financial Produ   7.500  12/23/2022     EUR    71.740
Vontobel Financial Produ   9.500  12/23/2022     EUR    69.620
Vontobel Financial Produ  10.500  12/23/2022     EUR    68.700
Vontobel Financial Produ   8.500  12/23/2022     EUR    70.640
Vontobel Financial Produ  11.500  12/23/2022     EUR    67.820
Vontobel Financial Produ  13.000  12/23/2022     EUR    67.460
Vontobel Financial Produ  14.000  12/23/2022     EUR    66.760
Vontobel Financial Produ  15.000  12/23/2022     EUR    66.140
Leonteq Securities AG     23.400  10/25/2022     CHF    63.180
EFG International Financ  11.040  10/25/2022     EUR    46.350
Leonteq Securities AG/Gu  15.000  10/26/2022     USD    67.350
Leonteq Securities AG     20.400  10/26/2022     CHF    56.070
Leonteq Securities AG     22.200  10/26/2022     CHF    67.630
Raiffeisen Schweiz Genos  18.000  10/25/2022     CHF    57.260
Raiffeisen Schweiz Genos  10.000   4/25/2023     CHF    68.120
Raiffeisen Schweiz Genos  18.000   8/30/2022     CHF    49.420
Landesbank Baden-Wuertte   6.300   8/25/2023     EUR    70.950
Landesbank Baden-Wuertte   7.800   8/25/2023     EUR    68.780
Landesbank Baden-Wuertte   8.800   8/25/2023     EUR    67.080
Landesbank Baden-Wuertte   6.800   8/25/2023     EUR    53.640
Vontobel Financial Produ  15.250   9/23/2022     EUR    57.590
Leonteq Securities AG/Gu  24.190   8/30/2022     CHF    42.350
Leonteq Securities AG/Gu  18.000   8/31/2022     CHF    52.830
Leonteq Securities AG/Gu  26.120   8/31/2022     CHF    67.290
DZ Bank AG Deutsche Zent  24.300   3/25/2022     EUR    59.010
DZ Bank AG Deutsche Zent  17.200   6/24/2022     EUR    66.030
DZ Bank AG Deutsche Zent  20.100   6/24/2022     EUR    63.650
DZ Bank AG Deutsche Zent  17.200   9/23/2022     EUR    66.820
DZ Bank AG Deutsche Zent  15.800   3/25/2022     EUR    65.500
DZ Bank AG Deutsche Zent  19.800   3/25/2022     EUR    62.020
Societe Generale Effekte   3.500   8/26/2022     EUR    59.580
Zurcher Kantonalbank Fin  21.500   8/23/2022     USD    45.210
Zurcher Kantonalbank Fin  20.500   8/23/2022     CHF    55.550
Leonteq Securities AG/Gu  26.150   8/16/2022     CHF    40.720
Zurcher Kantonalbank Fin  18.500   8/22/2022     USD    51.600
Zurcher Kantonalbank Fin  17.500   8/22/2022     CHF    60.630
DZ Bank AG Deutsche Zent  15.750   8/24/2022     EUR    63.530
Zurcher Kantonalbank Fin  12.900   8/17/2022     CHF    49.660
Vontobel Financial Produ  14.500   6/24/2022     EUR    70.990
Zurcher Kantonalbank Fin  15.000   8/25/2022     EUR    59.900
Zurcher Kantonalbank Fin  11.750   8/25/2022     CHF    67.830
Leonteq Securities AG/Gu  22.160   8/17/2022     CHF    42.550
Vontobel Financial Produ  18.250   9/23/2022     EUR    42.360
Raiffeisen Schweiz Genos  15.000  11/16/2022     CHF    36.560
Zurcher Kantonalbank Fin  12.250   09/08/2022    CHF    70.360
Zurcher Kantonalbank Fin  13.000   09/08/2022    CHF    54.220
Zurcher Kantonalbank Fin  26.000   09/09/2022    USD    49.510
Zurcher Kantonalbank Fin  24.750   09/09/2022    CHF    49.100
Zurcher Kantonalbank Fin  25.500   9/13/2022     CHF    57.220
UBS AG/London              9.750   3/15/2023     CHF    56.750
Vontobel Financial Produ  13.950   05/05/2022    CHF    49.910
Vontobel Financial Produ  13.000  12/23/2022     EUR    53.950
Societe Generale Effekte   5.500   9/23/2022     EUR    65.230
Bank Vontobel AG          16.500   01/03/2023    EUR    46.500
Bank Vontobel AG           8.500   11/03/2023    CHF    49.100
Bank Vontobel AG          14.250   11/07/2022    CHF    57.000
Leonteq Securities AG     17.000   02/08/2023    CHF    70.160
Leonteq Securities AG/Gu  14.000   02/08/2023    USD    50.030
Bank Julius Baer & Co Lt  21.150   08/09/2022    CHF    47.650
Societe Generale Effekte  19.500   5/27/2022     EUR    44.150
Societe Generale Effekte  18.500   6/24/2022     EUR    45.270
Societe Generale Effekte   8.500   8/26/2022     EUR    57.260
Societe Generale Effekte   7.750   9/23/2022     EUR    58.950
Societe Generale Effekte   5.000  10/28/2022     EUR    68.430
Leonteq Securities AG     29.500   9/27/2022     CHF    53.110
Leonteq Securities AG/Gu  24.000   01/11/2023    CHF    67.640
Societe Generale Effekte   8.500  10/28/2022     EUR    53.920
Leonteq Securities AG/Gu  12.000   2/22/2023     CHF    57.410
Leonteq Securities AG/Gu  24.000  11/18/2022     EUR    55.890
Leonteq Securities AG/Gu  24.000  11/18/2022     CHF    68.110
Bank Julius Baer & Co Lt  16.000   9/23/2022     CHF    46.900
Corner Banca SA           11.600  12/27/2022     USD    49.600
Corner Banca SA           18.000   9/27/2022     CHF    70.590
Vontobel Financial Produ  10.500   9/23/2022     EUR    62.290
Vontobel Financial Produ   8.500   9/23/2022     EUR    64.210
Vontobel Financial Produ  13.000   9/23/2022     EUR    60.910
Vontobel Financial Produ  15.500   9/23/2022     EUR    59.830
Leonteq Securities AG/Gu  20.000   9/27/2022     USD    72.330
DZ Bank AG Deutsche Zent  24.100   3/25/2022     EUR    62.180
DZ Bank AG Deutsche Zent  21.200   9/23/2022     EUR    69.440
Leonteq Securities AG     22.220   9/16/2022     CHF    47.680
Leonteq Securities AG     17.200   9/20/2022     CHF    44.340
Luzerner Kantonalbank AG  15.500   09/07/2022    CHF    49.250
Leonteq Securities AG     26.040   9/20/2022     CHF    44.500
DZ Bank AG Deutsche Zent  13.750   3/23/2022     EUR    62.650
Vontobel Financial Produ  18.000   9/23/2022     EUR    45.170
Bank Julius Baer & Co Lt  17.200   02/06/2023    USD    56.600
Vontobel Financial Produ   7.500  12/23/2022     EUR    68.760
Vontobel Financial Produ  10.750  12/23/2022     EUR    64.340
Vontobel Financial Produ  15.500  12/23/2022     EUR    53.390
Vontobel Financial Produ  18.500  12/23/2022     EUR    62.290
Vontobel Financial Produ  16.700   05/06/2022    USD    67.180
Leonteq Securities AG     24.480   9/21/2022     CHF    51.210
Vontobel Financial Produ  12.500   9/23/2022     EUR    46.080
Leonteq Securities AG     24.000   11/04/2022    CHF    56.910
Vontobel Financial Produ  10.500  10/18/2022     EUR    62.350
DZ Bank AG Deutsche Zent  15.700  11/25/2022     EUR    50.360
DZ Bank AG Deutsche Zent  18.500  11/25/2022     EUR    49.660
DZ Bank AG Deutsche Zent  17.700  12/23/2022     EUR    50.340
DZ Bank AG Deutsche Zent  20.400  12/23/2022     EUR    50.150
DZ Bank AG Deutsche Zent  13.500   3/24/2023     EUR    52.510
DZ Bank AG Deutsche Zent  15.600   3/24/2023     EUR    52.100
DZ Bank AG Deutsche Zent  17.700   3/24/2023     EUR    52.030
Bank Vontobel AG          18.000  11/21/2022     USD    57.300
Bank Vontobel AG          10.750   5/22/2023     CHF    68.200
Credit Suisse AG/London    4.550   2/23/2023     USD     9.750
Credit Suisse AG/London    5.200  11/27/2023     USD     9.380
UBS AG/London             17.250  11/24/2022     EUR    53.050
Corner Banca SA           11.000  11/29/2022     CHF    56.050
Leonteq Securities AG/Gu  10.000  11/29/2023     EUR    69.870
Corner Banca SA           12.000  11/29/2022     USD    53.810
Societe Generale Effekte  25.250   7/22/2022     EUR    63.180
Societe Generale Effekte  23.000   8/26/2022     EUR    63.910
Leonteq Securities AG/Gu  24.120  12/29/2022     CHF    71.850
Leonteq Securities AG     30.000   9/30/2022     CHF    53.160
BNP Paribas Emissions- u  16.000   9/22/2022     EUR    60.180
BNP Paribas Emissions- u  18.000   9/22/2022     EUR    59.000
BNP Paribas Emissions- u  12.000  12/22/2022     EUR    62.110
BNP Paribas Emissions- u  14.000  12/22/2022     EUR    61.440
Credit Suisse AG/London   11.500  12/23/2022     USD    57.790
Vontobel Financial Produ  11.000   9/23/2022     EUR    62.550
Vontobel Financial Produ  11.500   9/23/2022     EUR    61.680
Vontobel Financial Produ  14.500   9/23/2022     EUR    60.210
Vontobel Financial Produ  13.500   9/23/2022     EUR    60.660
Vontobel Financial Produ  16.500   9/23/2022     EUR    59.430
Vontobel Financial Produ   6.000   9/23/2022     EUR    67.590
Vontobel Financial Produ   9.000   9/23/2022     EUR    63.830
Vontobel Financial Produ  10.000   9/23/2022     EUR    63.160
Societe Generale Effekte   5.250   8/26/2022     EUR    65.410
EFG International Financ  15.000  11/17/2022     CHF    71.040
Leonteq Securities AG/Gu  14.000  12/27/2022     CHF    49.560
Leonteq Securities AG/Gu  12.000   9/27/2022     CHF    53.990
Leonteq Securities AG/Gu  12.000  12/28/2022     USD    56.150
Leonteq Securities AG/Gu  22.820  11/25/2022     CHF    51.800
Leonteq Securities AG/Gu  10.000  11/25/2022     CHF    57.820
Landesbank Baden-Wuertte   7.850   5/26/2023     EUR    71.580
Vontobel Financial Produ  17.750  12/23/2022     EUR    56.690
Societe Generale Effekte  10.750  11/25/2022     EUR    49.260
Societe Generale Effekte  12.750  11/25/2022     EUR    47.840
Societe Generale Effekte  14.750  11/25/2022     EUR    47.030
Societe Generale Effekte   8.750  11/25/2022     EUR    51.690
Vontobel Financial Produ   8.500  12/23/2022     EUR    62.500
Luzerner Kantonalbank AG  23.100   8/15/2022     CHF    55.000
Leonteq Securities AG/Gu  10.000  11/29/2022     CHF    62.610
Leonteq Securities AG/Gu  11.000   5/30/2023     USD    69.600
Vontobel Financial Produ  10.000  12/23/2022     EUR    69.390
Vontobel Financial Produ  12.500  12/23/2022     EUR    72.110
Vontobel Financial Produ  14.000  12/23/2022     EUR    71.600
Vontobel Financial Produ  16.500  12/23/2022     EUR    70.400
Vontobel Financial Produ  15.500  12/23/2022     EUR    71.170
Vontobel Financial Produ  18.000  12/23/2022     EUR    70.110
Vontobel Financial Produ   9.000  12/23/2022     EUR    70.270
Vontobel Financial Produ  11.000  12/23/2022     EUR    68.580
Vontobel Financial Produ  12.000  12/23/2022     EUR    67.830
Vontobel Financial Produ  17.000  12/23/2022     EUR    66.390
Vontobel Financial Produ  13.500  12/23/2022     EUR    67.560
Vontobel Financial Produ  14.500  12/23/2022     EUR    66.970
Bank Vontobel AG          20.000   01/03/2023    CHF    73.500
Credit Suisse AG/London   16.000  12/29/2022     CHF    64.970
Zurcher Kantonalbank Fin   9.000  12/30/2022     CHF    70.770
Vontobel Financial Produ  24.500  12/23/2022     EUR    59.270
Vontobel Financial Produ  15.500  12/23/2022     EUR    68.950
Vontobel Financial Produ  16.500  12/23/2022     EUR    68.660
Vontobel Financial Produ  17.500  12/23/2022     EUR    68.400
Vontobel Financial Produ  19.500  12/23/2022     EUR    68.010
Vontobel Financial Produ  18.500  12/23/2022     EUR    68.180
Leonteq Securities AG     15.000   01/10/2023    CHF    68.270
Leonteq Securities AG/Gu  20.000  12/27/2022     USD    52.890
Leonteq Securities AG     27.000   9/30/2022     CHF    51.510
BNP Paribas Emissions- u  12.000   3/24/2022     EUR    59.910
BNP Paribas Emissions- u  20.000   3/24/2022     EUR    60.640
BNP Paribas Emissions- u  18.000   3/24/2022     EUR    56.930
BNP Paribas Emissions- u  10.000   6/23/2022     EUR    64.590
BNP Paribas Emissions- u  20.000   9/22/2022     EUR    57.980
BNP Paribas Emissions- u   8.000  12/22/2022     EUR    63.920
BNP Paribas Emissions- u  10.000  12/22/2022     EUR    65.580
BNP Paribas Emissions- u  10.000  12/22/2022     EUR    62.930
BNP Paribas Emissions- u  16.000  12/22/2022     EUR    60.910
BNP Paribas Emissions- u  16.000  12/22/2022     EUR    58.880
BNP Paribas Emissions- u  18.000  12/22/2022     EUR    60.530
BNP Paribas Emissions- u  12.000   9/22/2022     EUR    63.060
BNP Paribas Emissions- u  12.000   9/22/2022     EUR    60.380
BNP Paribas Emissions- u  14.000   9/22/2022     EUR    61.540
BNP Paribas Emissions- u  12.000   6/23/2022     EUR    65.240
BNP Paribas Emissions- u  12.000   6/23/2022     EUR    61.900
BNP Paribas Emissions- u  16.000   6/23/2022     EUR    63.210
BNP Paribas Emissions- u  16.000   6/23/2022     EUR    60.110
BNP Paribas Emissions- u  18.000   6/23/2022     EUR    57.920
BNP Paribas Emissions- u  20.000   6/23/2022     EUR    58.570
BNP Paribas Emissions- u  10.000   9/22/2022     EUR    64.780
Leonteq Securities AG/Gu  24.120  12/30/2022     CHF    71.780
UBS AG/London             19.500  12/29/2022     CHF    72.800
Zurcher Kantonalbank Fin  28.750   6/27/2022     CHF    61.160
Leonteq Securities AG     14.000   3/17/2023     CHF    57.770
Leonteq Securities AG     17.000  12/20/2022     CHF    67.660
Leonteq Securities AG/Gu  22.800  12/16/2022     CHF    64.070
Leonteq Securities AG/Gu  25.800  12/16/2022     CHF    56.360
Raiffeisen Switzerland B  18.200  12/20/2022     CHF    68.610
Bank Vontobel AG           9.000  12/18/2023     CHF    61.000
Credit Suisse AG/London   13.500  12/14/2022     CHF    64.800
Bank Vontobel AG          14.000  12/19/2022     CHF    66.600
DZ Bank AG Deutsche Zent  23.300   6/24/2022     EUR    59.630
DZ Bank AG Deutsche Zent  19.300   9/23/2022     EUR    62.010
DZ Bank AG Deutsche Zent  21.600   9/23/2022     EUR    60.830
DZ Bank AG Deutsche Zent  17.100  12/23/2022     EUR    63.890
DZ Bank AG Deutsche Zent  18.800  12/23/2022     EUR    63.240
DZ Bank AG Deutsche Zent  15.000   3/24/2023     EUR    64.920
DZ Bank AG Deutsche Zent  16.300   3/24/2023     EUR    64.380
DZ Bank AG Deutsche Zent  17.700   3/24/2023     EUR    64.040
UBS AG/London              7.750  12/22/2022     USD    63.100
UBS AG/London             25.750  12/22/2022     USD    65.650
Bank Julius Baer & Co Lt  21.800   6/23/2022     CHF    59.050
EFG International Financ  15.400  12/23/2022     USD    48.740
Societe Generale Effekte  15.250   7/22/2022     EUR    66.070
Societe Generale Effekte  17.250   7/22/2022     EUR    64.420
Societe Generale Effekte  19.250   7/22/2022     EUR    63.150
Societe Generale Effekte  21.250   7/22/2022     EUR    62.070
Societe Generale Effekte  23.250   7/22/2022     EUR    61.240
Societe Generale Effekte  11.250   8/26/2022     EUR    69.430
Societe Generale Effekte  13.250   8/26/2022     EUR    67.140
Societe Generale Effekte  20.000   9/23/2022     EUR    62.360
Societe Generale Effekte   8.750  10/28/2022     EUR    70.860
Societe Generale Effekte  10.750  10/28/2022     EUR    68.380
Societe Generale Effekte  12.750  10/28/2022     EUR    66.420
Societe Generale Effekte  14.750  10/28/2022     EUR    64.970
Societe Generale Effekte  16.750  10/28/2022     EUR    63.850
Societe Generale Effekte  18.750  10/28/2022     EUR    63.020
Societe Generale Effekte   7.750  11/25/2022     EUR    71.730
Societe Generale Effekte   9.750  11/25/2022     EUR    68.960
Societe Generale Effekte  11.750  11/25/2022     EUR    66.960
Societe Generale Effekte  13.750  11/25/2022     EUR    65.440
Societe Generale Effekte  15.750  11/25/2022     EUR    64.350
Societe Generale Effekte  17.750  11/25/2022     EUR    63.530
Societe Generale Effekte   7.000  12/23/2022     EUR    72.370
Societe Generale Effekte   9.000  12/23/2022     EUR    69.320
Societe Generale Effekte  11.000  12/23/2022     EUR    67.240
Societe Generale Effekte  13.000  12/23/2022     EUR    65.780
Societe Generale Effekte  15.000  12/23/2022     EUR    64.710
Societe Generale Effekte  17.000  12/23/2022     EUR    63.930
Societe Generale Effekte  10.000   9/23/2022     EUR    69.810
Societe Generale Effekte  12.000   9/23/2022     EUR    67.500
Societe Generale Effekte  14.000   9/23/2022     EUR    65.690
Societe Generale Effekte  16.000   9/23/2022     EUR    64.290
Societe Generale Effekte  18.000   9/23/2022     EUR    63.200
Societe Generale Effekte  11.250   7/22/2022     EUR    70.850
Societe Generale Effekte  13.250   7/22/2022     EUR    68.180
Societe Generale Effekte  15.250   8/26/2022     EUR    65.310
Societe Generale Effekte  17.250   8/26/2022     EUR    63.930
Societe Generale Effekte  19.250   8/26/2022     EUR    62.810
Societe Generale Effekte  21.250   8/26/2022     EUR    61.950
Societe Generale Effekte   8.000   9/23/2022     EUR    72.600
Bank Vontobel AG          14.000  11/14/2022     CHF    48.800
Vontobel Financial Produ   8.000  12/23/2022     EUR    70.360
Vontobel Financial Produ  12.000  12/23/2022     EUR    69.410
Vontobel Financial Produ  14.000  12/23/2022     EUR    68.000
Vontobel Financial Produ  16.000  12/23/2022     EUR    66.870
Vontobel Financial Produ  15.000  12/23/2022     EUR    67.400
Vontobel Financial Produ  11.000   9/23/2022     EUR    69.180
Vontobel Financial Produ  17.000  12/23/2022     EUR    66.400
Vontobel Financial Produ  12.500   9/23/2022     EUR    68.290
Vontobel Financial Produ  15.500   9/23/2022     EUR    66.750
Vontobel Financial Produ  14.000   9/23/2022     EUR    67.470
Vontobel Financial Produ  18.500   9/23/2022     EUR    65.540
Vontobel Financial Produ  17.000   9/23/2022     EUR    66.110
Vontobel Financial Produ  10.000  12/23/2022     EUR    69.120
Vontobel Financial Produ  11.500  12/23/2022     EUR    67.840
Vontobel Financial Produ   9.500   9/23/2022     EUR    68.990
Vontobel Financial Produ   8.000  12/23/2022     EUR    71.140
Vontobel Financial Produ  13.000  12/23/2022     EUR    67.480
Vontobel Financial Produ  15.000  12/23/2022     EUR    66.140
Vontobel Financial Produ  14.000  12/23/2022     EUR    66.760
Vontobel Financial Produ  10.500   9/23/2022     EUR    67.680
Vontobel Financial Produ  13.500   9/23/2022     EUR    65.910
Vontobel Financial Produ   7.000   9/23/2022     EUR    71.620
Vontobel Financial Produ  17.000   9/23/2022     EUR    64.810
Vontobel Financial Produ   8.000   9/23/2022     EUR    70.110
Vontobel Financial Produ  12.000   9/23/2022     EUR    66.740
Vontobel Financial Produ  16.500  12/23/2022     EUR    66.010
Vontobel Financial Produ  15.000   9/23/2022     EUR    65.210
Vontobel Financial Produ  20.000   9/23/2022     EUR    65.050
Societe Generale Effekte  21.750   7/22/2022     EUR    52.380
Societe Generale Effekte  15.500  10/28/2022     EUR    55.720
Societe Generale Effekte   8.750  11/25/2022     EUR    62.300
Societe Generale Effekte  10.750  11/25/2022     EUR    59.570
Raiffeisen Schweiz Genos  12.500  12/20/2022     CHF    62.470
Bank Vontobel AG          10.250  12/19/2022     CHF    58.700
Bank Vontobel AG          13.000  12/19/2022     EUR    54.000
Leonteq Securities AG/Gu  24.000  12/21/2022     CHF    66.800
Leonteq Securities AG/Gu  22.800  12/21/2022     CHF    62.990
Societe Generale Effekte  21.750   6/24/2022     EUR    52.040
Societe Generale Effekte  23.750   6/24/2022     EUR    51.300
Societe Generale Effekte  20.000   8/26/2022     EUR    53.330
Societe Generale Effekte  17.500  10/28/2022     EUR    54.760
Leonteq Securities AG/Gu  20.400   12/09/2022    CHF    54.530
Corner Banca SA           15.000   03/10/2023    CHF    56.510
Credit Suisse AG/London   19.250   12/06/2022    USD    47.720
Leonteq Securities AG/Gu  10.000   4/18/2023     USD    66.660
Raiffeisen Switzerland B  17.400   1/17/2023     EUR    67.710
Societe Generale Effekte  19.000   6/24/2022     EUR    57.700
Societe Generale Effekte  17.000   7/22/2022     EUR    58.890
Societe Generale Effekte  21.000   7/22/2022     EUR    56.500
Leonteq Securities AG     14.800   12/06/2022    CHF    55.670
Bank Vontobel AG          11.500   06/05/2023    CHF    57.800
Bank Vontobel AG          15.000   12/05/2022    CHF    57.000
Credit Suisse AG/London    7.020   12/05/2024    USD     9.530
Credit Suisse AG/London    9.240   12/05/2024    USD     9.670
Leonteq Securities AG/Gu  21.600   12/06/2022    CHF    75.000
Leonteq Securities AG/Gu  22.800   12/06/2022    CHF    60.460
Leonteq Securities AG     22.800   11/02/2022    CHF    70.160
Leonteq Securities AG     23.400   11/02/2022    CHF    61.430
Banque Internationale a   18.000   11/02/2022    EUR    52.220
DZ Bank AG Deutsche Zent  24.400   6/24/2022     EUR    62.110
DZ Bank AG Deutsche Zent  15.800   9/23/2022     EUR    53.100
DZ Bank AG Deutsche Zent  21.700   6/24/2022     EUR    68.710
Leonteq Securities AG/Gu  10.000  12/20/2022     CHF    51.470
Leonteq Securities AG     20.360   9/20/2022     CHF    45.720
Leonteq Securities AG/Gu  21.420  11/23/2022     CHF    73.240
UniCredit Bank AG          6.300  12/21/2022     EUR    62.880
Bank Vontobel AG          20.500  11/21/2022     CHF    62.900
Bank Vontobel AG          20.000  11/21/2022     CHF    53.300
Bank Vontobel AG          10.000  11/21/2022     CHF    52.500
UBS AG/London             15.000  11/25/2022     USD    67.950
Banque Cantonale Vaudois   9.100  10/27/2022     CHF    67.880
Societe Generale Effekte   5.250   8/26/2022     EUR    61.100
Vontobel Financial Produ   5.500   6/24/2022     EUR    67.205
Vontobel Financial Produ   6.500   6/24/2022     EUR #N/A N/A
Vontobel Financial Produ   5.500   9/23/2022     EUR    67.420
Vontobel Financial Produ   6.500   9/23/2022     EUR #N/A N/A
Raiffeisen Schweiz Genos   8.500   2/20/2023     CHF    67.930
Raiffeisen Schweiz Genos  12.000   8/23/2022     CHF    53.140
Raiffeisen Schweiz Genos  18.000   8/23/2022     CHF    36.640
Raiffeisen Schweiz Genos   7.500   3/17/2023     USD    62.390
Vontobel Financial Produ  15.000   9/23/2022     EUR    65.010
Vontobel Financial Produ  13.000   9/23/2022     EUR    66.500
Vontobel Financial Produ  11.500   9/23/2022     EUR    47.790
Vontobel Financial Produ  21.500   9/23/2022     EUR    44.130
Vontobel Financial Produ   7.000   9/23/2022     EUR    66.720
Vontobel Financial Produ  18.500   9/23/2022     EUR    58.780
EFG International Financ  15.000  11/18/2022     USD    61.180
Societe Generale Effekte   6.500  10/28/2022     EUR    59.280
Zurcher Kantonalbank Fin  15.500   11/08/2022    USD    65.750
Leonteq Securities AG     18.000  11/15/2022     CHF    60.310
Leonteq Securities AG     14.000   2/15/2023     CHF    60.370
Leonteq Securities AG      9.000   05/12/2023    CHF    63.330
Corner Banca SA           10.000   5/15/2023     USD    71.160
Bank Vontobel AG          14.250   11/07/2022    CHF    41.300
Landesbank Baden-Wuertte   6.200   5/26/2023     EUR    73.760
Societe Generale Effekte  18.000   7/22/2022     EUR    43.750
Societe Generale Effekte  16.000   9/23/2022     EUR    45.470
Societe Generale Effekte   4.750  11/25/2022     EUR    62.850
Societe Generale Effekte   6.750  11/25/2022     EUR    55.790
Vontobel Financial Produ  18.000  12/23/2022     EUR    52.320
EFG International Financ  19.000   11/10/2022    CHF    53.560
Leonteq Securities AG/Gu  22.800   11/11/2022    CHF    46.390
Corner Banca SA           20.000  11/15/2022     CHF    58.090
Societe Generale Effekte   7.500   5/27/2022     EUR    65.890
Bank Vontobel AG          13.750   05/08/2023    CHF    52.800
Bank Vontobel AG          14.000   05/12/2023    CHF    65.800
Bank Vontobel AG          18.750  11/14/2022     CHF    52.400
Leonteq Securities AG/Gu  17.000  11/22/2022     USD    54.490
Leonteq Securities AG     18.500  11/29/2022     CHF    64.260
Leonteq Securities AG     25.000  11/29/2022     CHF    68.900
Leonteq Securities AG/Gu  12.800  11/29/2022     CHF    55.430
Societe Generale Effekte   4.000   9/23/2022     EUR    70.240
DZ Bank AG Deutsche Zent  20.700   9/23/2022     EUR    50.490
DZ Bank AG Deutsche Zent  22.900   3/25/2022     EUR    45.970
DZ Bank AG Deutsche Zent  18.000   6/24/2022     EUR    50.020
Leonteq Securities AG     14.000  12/20/2022     CHF    50.360
Leonteq Securities AG/Gu   9.000  12/20/2022     USD    61.290
Leonteq Securities AG/Gu   5.710   9/23/2022     USD    64.190
Vontobel Financial Produ  22.250  12/23/2022     EUR    51.090
Vontobel Financial Produ  17.000  12/23/2022     EUR    55.810
Vontobel Financial Produ   9.500  12/23/2022     EUR    52.550
Raiffeisen Schweiz Genos  16.000   9/20/2022     CHF    52.800
Vontobel Financial Produ  17.500   9/23/2022     EUR    64.030
Vontobel Financial Produ   9.000   9/23/2022     EUR    70.190
Vontobel Financial Produ   5.500  12/23/2022     EUR    64.440
Vontobel Financial Produ   8.500  12/23/2022     EUR    61.460
Vontobel Financial Produ  11.500  12/23/2022     EUR    59.220
Vontobel Financial Produ  15.000  12/23/2022     EUR    58.070
EFG International Financ  16.000   11/10/2022    USD    67.910
Vontobel Financial Produ   8.500  12/23/2022     EUR    66.790
Vontobel Financial Produ   8.250  12/23/2022     EUR    65.820
Vontobel Financial Produ  12.500  12/23/2022     EUR    68.050
Leonteq Securities AG/Gu  26.400   11/08/2022    CHF    69.320
Leonteq Securities AG/Gu  26.400  11/15/2022     USD    65.750
Leonteq Securities AG/Gu  20.400  12/13/2022     CHF    65.430
Credit Suisse AG/London   19.250   12/08/2022    CHF    53.030
Corner Banca SA           17.000   1/17/2023     EUR    65.190
Societe Generale Effekte  13.250  11/25/2022     EUR    60.860
Societe Generale Effekte  13.500   9/23/2022     EUR    60.920
Leonteq Securities AG/Gu  24.000   12/09/2022    CHF    54.030
Societe Generale Effekte   7.750   7/22/2022     EUR    68.910
Societe Generale Effekte  18.750   9/23/2022     EUR    53.940
Societe Generale Effekte  16.750  11/25/2022     EUR    55.290
Leonteq Securities AG/Gu  12.000  12/13/2022     CHF    51.350
Societe Generale Effekte   8.750   8/26/2022     EUR    68.230
Societe Generale Effekte  14.250  10/28/2022     EUR    60.170
Bank Vontobel AG          10.000   06/12/2023    CHF    58.600
Leonteq Securities AG/Gu  11.000   03/10/2023    CHF    63.020
Leonteq Securities AG/Gu  24.000  12/13/2022     CHF    66.150
DZ Bank AG Deutsche Zent  15.000   6/22/2022     EUR    58.450
UniCredit Bank AG          7.400   12/09/2024    EUR    71.120
Leonteq Securities AG/Gu  20.400  11/16/2022     CHF    61.000
Leonteq Securities AG/Gu  30.000  11/15/2022     CHF    61.980
DZ Bank AG Deutsche Zent  18.800  10/28/2022     EUR    54.230
Raiffeisen Schweiz Genos   7.500  11/15/2023     CHF    71.980
DZ Bank AG Deutsche Zent  14.800  12/23/2022     EUR    56.830
Leonteq Securities AG/Gu  22.800  11/16/2022     CHF    57.560
DZ Bank AG Deutsche Zent  16.600   9/23/2022     EUR    54.820
Raiffeisen Schweiz Genos  15.000  11/15/2022     CHF    66.570
DZ Bank AG Deutsche Zent  17.300  12/23/2022     EUR    55.600
EFG International Financ  16.000  10/27/2022     CHF    59.410
Leonteq Securities AG/Gu  24.000  11/15/2022     CHF    70.580
Societe Generale Effekte   9.500   7/22/2022     EUR    69.020
Vontobel Financial Produ  21.750  12/23/2022     EUR    67.340
Vontobel Financial Produ  22.000  12/23/2022     EUR    66.100
UBS AG/London              6.500  12/29/2023     USD    75.100
Credit Suisse AG/London   10.500  12/27/2022     CHF    60.150
Societe Generale Effekte   6.750  11/25/2022     EUR    65.700
Societe Generale Effekte  14.750  11/25/2022     EUR    56.150
DZ Bank AG Deutsche Zent  18.200   9/23/2022     EUR    56.700
DZ Bank AG Deutsche Zent  16.000  12/23/2022     EUR    58.940
Raiffeisen Schweiz Genos  19.710  12/14/2022     CHF    65.320
Leonteq Securities AG/Gu  25.800  12/14/2022     CHF    66.690
UniCredit Bank AG         10.850   1/18/2023     EUR    69.320
Bank Vontobel AG          20.000   06/12/2023    EUR    61.300
UBS AG/London             21.500  12/15/2022     USD    72.850
Raiffeisen Switzerland B  18.000  12/13/2022     CHF    59.020
Societe Generale Effekte   4.750  11/25/2022     EUR    70.360
Credit Suisse AG/London   10.000   12/12/2022    CHF    54.410
Vontobel Financial Produ   9.250  12/23/2022     EUR    67.310
Vontobel Financial Produ  16.000  12/23/2022     EUR    68.040
Vontobel Financial Produ  23.000  12/23/2022     EUR    65.100
Societe Generale Effekte  11.750  10/28/2022     EUR    60.140
Credit Suisse AG/London   12.000   4/29/2022     USD    30.670
Vontobel Financial Produ  14.000   3/25/2022     EUR    66.020
Vontobel Financial Produ  15.000   3/25/2022     EUR    64.730
Vontobel Financial Produ  17.000   3/25/2022     EUR    62.330
Vontobel Financial Produ  19.500   3/25/2022     EUR    60.180
Vontobel Financial Produ  11.000   3/25/2022     EUR    60.210
Vontobel Financial Produ  17.000   6/24/2022     EUR    62.270
Vontobel Financial Produ  18.000   6/24/2022     EUR    52.140
Vontobel Financial Produ  13.000   6/24/2022     EUR    66.710
Vontobel Financial Produ  12.000   3/25/2022     EUR    68.770
Vontobel Financial Produ  16.000   3/25/2022     EUR    63.510
Vontobel Financial Produ  16.000   3/25/2022     EUR    53.510
Vontobel Financial Produ   8.500   6/24/2022     EUR    65.360
Vontobel Financial Produ  14.500   3/25/2022     EUR    54.980
Vontobel Financial Produ  19.500   3/25/2022     EUR    49.480
Vontobel Financial Produ  13.000   6/24/2022     EUR    57.500
Vontobel Financial Produ  12.000   3/25/2022     EUR    58.330
Vontobel Financial Produ  15.000   6/24/2022     EUR    40.830
Vontobel Financial Produ  10.000   6/24/2022     EUR    44.710
Vontobel Financial Produ  17.500   6/24/2022     EUR    39.390
Vontobel Financial Produ   7.500   6/24/2022     EUR    47.330
Vontobel Financial Produ  12.500   6/24/2022     EUR    42.570
Vontobel Financial Produ   9.000   3/25/2022     EUR    46.250
Vontobel Financial Produ  12.000   3/25/2022     EUR    42.900
Vontobel Financial Produ  15.000   3/25/2022     EUR    40.090
Leonteq Securities AG/Gu  24.350   4/29/2022     CHF    61.740
Leonteq Securities AG/Gu  23.180   4/29/2022     USD    33.160
Zurcher Kantonalbank Fin  18.000   05/06/2022    CHF    56.390
BNP Paribas SA            21.800   05/01/2023    USD    70.500
Vontobel Financial Produ  11.500   3/25/2022     EUR    67.590
Vontobel Financial Produ  14.500   3/25/2022     EUR    63.810
Vontobel Financial Produ  17.000   3/25/2022     EUR    64.680
Vontobel Financial Produ  17.750   3/25/2022     EUR    49.250
Credit Suisse AG/London    8.000   08/03/2022    CHF    41.770
Vontobel Financial Produ  15.750   08/03/2022    EUR    40.480
Vontobel Financial Produ  20.000   6/24/2022     EUR    71.850
Vontobel Financial Produ  24.000   3/25/2022     EUR    67.390
Vontobel Financial Produ  19.000   6/24/2022     EUR    67.200
Vontobel Financial Produ  18.000   6/24/2022     EUR    63.850
Vontobel Financial Produ  12.000   3/25/2022     EUR    70.870
Vontobel Financial Produ  16.500   6/24/2022     EUR    67.530
Vontobel Financial Produ  17.000   3/25/2022     EUR    66.000
Vontobel Financial Produ  20.000   3/25/2022     EUR    66.280
Vontobel Financial Produ  23.500   3/25/2022     EUR    66.600
Vontobel Financial Produ  17.000   6/24/2022     EUR    63.510
Vontobel Financial Produ  19.000   6/24/2022     EUR    64.190
Vontobel Financial Produ  22.000   3/25/2022     EUR    61.150
Vontobel Financial Produ  23.000   3/25/2022     EUR    61.250
Vontobel Financial Produ  19.000   3/25/2022     EUR    68.860
Vontobel Financial Produ  19.000   3/25/2022     EUR    69.240
Raiffeisen Switzerland B   8.200   11/03/2022    CHF    57.120
Raiffeisen Schweiz Genos  12.000   05/03/2022    USD    56.200
DZ Bank AG Deutsche Zent  20.400   3/25/2022     EUR    70.720
Vontobel Financial Produ   8.750   3/25/2022     EUR    68.280
Vontobel Financial Produ  20.000   3/25/2022     EUR    32.340
UBS AG/London             13.000   05/06/2024    USD    50.760
Leonteq Securities AG/Gu  21.050   05/04/2022    CHF    56.000
Bank Julius Baer & Co Lt  16.000   4/26/2022     EUR    39.100
Bank Julius Baer & Co Lt  12.000   4/26/2022     CHF    62.650
Vontobel Financial Produ  16.250   3/25/2022     EUR    63.250
Vontobel Financial Produ  20.000   3/25/2022     EUR    44.520
Credit Suisse AG/London    8.250   05/05/2022    USD    50.520
Zurcher Kantonalbank Fin  21.500   05/12/2022    USD    52.730
Zurcher Kantonalbank Fin  20.750   05/12/2022    CHF    62.990
UBS AG/London             12.750   11/07/2022    USD    53.700
Leonteq Securities AG/Gu  10.000  10/26/2022     USD    46.440
Vontobel Financial Produ  12.500   6/24/2022     EUR    52.070
Vontobel Financial Produ   7.500   3/25/2022     EUR    57.380
Vontobel Financial Produ  16.000   3/25/2022     EUR    62.130
Vontobel Financial Produ  15.000   6/24/2022     EUR    68.400
Vontobel Financial Produ  12.500   6/24/2022     EUR    71.750
Vontobel Financial Produ  16.000   3/25/2022     EUR    66.670
Vontobel Financial Produ  16.500   6/24/2022     EUR    66.930
Vontobel Financial Produ  12.500   3/25/2022     EUR    71.000
Vontobel Financial Produ  15.500   6/24/2022     EUR    49.570
Vontobel Financial Produ  10.000   6/24/2022     EUR    69.980
Vontobel Financial Produ   7.750   3/25/2022     EUR    63.890
DZ Bank AG Deutsche Zent  14.100   3/25/2022     EUR    69.610
DZ Bank AG Deutsche Zent  14.500   6/24/2022     EUR    69.370
DZ Bank AG Deutsche Zent  24.600   6/24/2022     EUR    60.400
DZ Bank AG Deutsche Zent  18.600   9/23/2022     EUR    66.340
DZ Bank AG Deutsche Zent  14.800   9/23/2022     EUR    71.340
DZ Bank AG Deutsche Zent  22.900   9/23/2022     EUR    69.930
DZ Bank AG Deutsche Zent  24.400   9/23/2022     EUR    68.030
DZ Bank AG Deutsche Zent  20.700   6/24/2022     EUR    62.280
DZ Bank AG Deutsche Zent  19.600   9/23/2022     EUR    62.980
DZ Bank AG Deutsche Zent  21.400   3/25/2022     EUR    61.260
DZ Bank AG Deutsche Zent  18.600   6/24/2022     EUR    64.830
Vontobel Financial Produ  12.250   6/24/2022     EUR    60.450
Vontobel Financial Produ  12.500   6/24/2022     EUR    63.500
UniCredit Bank AG         10.150   09/07/2022    EUR    73.380
Vontobel Financial Produ   3.000   6/24/2022     EUR    67.810
UniCredit Bank AG          7.450   09/07/2022    EUR    64.680
UniCredit Bank AG          9.650   09/07/2022    EUR    54.230
DZ Bank AG Deutsche Zent  20.100   9/23/2022     EUR    37.160
DZ Bank AG Deutsche Zent  18.300   9/23/2022     EUR    68.710
DZ Bank AG Deutsche Zent  20.400   9/23/2022     EUR    66.860
DZ Bank AG Deutsche Zent  23.100   6/24/2022     EUR    61.980
DZ Bank AG Deutsche Zent  20.800   9/23/2022     EUR    65.390
DZ Bank AG Deutsche Zent  22.700   9/23/2022     EUR    63.250
DZ Bank AG Deutsche Zent  24.800   9/23/2022     EUR    61.560
DZ Bank AG Deutsche Zent  15.400   9/23/2022     EUR    44.820
DZ Bank AG Deutsche Zent  18.000   9/23/2022     EUR    43.820
DZ Bank AG Deutsche Zent  24.800   3/25/2022     EUR    35.420
DZ Bank AG Deutsche Zent  20.200   6/24/2022     EUR    40.170
DZ Bank AG Deutsche Zent  12.900   9/23/2022     EUR    46.250
EFG International Financ  17.000   08/11/2022    CHF    64.780
EFG International Financ  15.000   2/13/2023     EUR    45.840
BNP Paribas Emissions- u  14.000   6/23/2022     EUR    69.440
BNP Paribas Emissions- u  12.000   9/22/2022     EUR    71.780
BNP Paribas Emissions- u   6.000   3/24/2022     EUR    43.500
BNP Paribas Emissions- u  10.000   3/24/2022     EUR    40.230
BNP Paribas Emissions- u  14.000   3/24/2022     EUR    37.440
BNP Paribas Emissions- u  15.000   3/24/2022     EUR    64.540
BNP Paribas Emissions- u  14.000   3/24/2022     EUR    61.350
BNP Paribas Emissions- u  14.000   6/23/2022     EUR    64.110
BNP Paribas Emissions- u   4.000   3/24/2022     EUR    70.260
BNP Paribas Emissions- u   8.000   3/24/2022     EUR    65.930
BNP Paribas Emissions- u  12.000   3/24/2022     EUR    62.180
BNP Paribas Emissions- u   8.000   6/23/2022     EUR    67.730
BNP Paribas Emissions- u  10.000   6/23/2022     EUR    64.340
BNP Paribas Emissions- u  14.000   6/23/2022     EUR    62.090
BNP Paribas Emissions- u  15.000   6/23/2022     EUR    61.790
BNP Paribas Emissions- u  12.000   9/22/2022     EUR    65.440
BNP Paribas Emissions- u  15.000   9/22/2022     EUR    64.730
BNP Paribas Emissions- u  12.000  12/22/2022     EUR    67.250
BNP Paribas Emissions- u  14.000  12/22/2022     EUR    63.480
Societe Generale Effekte   9.250   3/25/2022     EUR    69.290
Societe Generale Effekte  19.250   3/25/2022     EUR    57.190
BNP Paribas Emissions- u   8.000   9/22/2022     EUR    69.900
BNP Paribas Emissions- u  10.000   9/22/2022     EUR    67.030
BNP Paribas Emissions- u  12.000   9/22/2022     EUR    64.620
BNP Paribas Emissions- u   8.000   6/23/2022     EUR    45.530
BNP Paribas Emissions- u  10.000   6/23/2022     EUR    42.570
BNP Paribas Emissions- u  12.000   6/23/2022     EUR    40.220
BNP Paribas Emissions- u   8.000   9/22/2022     EUR    47.270
BNP Paribas Emissions- u  10.000   9/22/2022     EUR    45.030
BNP Paribas Emissions- u  12.000   9/22/2022     EUR    43.270
BNP Paribas Emissions- u  14.000   9/22/2022     EUR    41.890
BNP Paribas Emissions- u   8.000  12/22/2022     EUR    45.490
BNP Paribas Emissions- u  10.000  12/22/2022     EUR    44.330
BNP Paribas Emissions- u  12.000  12/22/2022     EUR    43.520
Bank Julius Baer & Co Lt   9.600   08/12/2022    USD    54.150
Leonteq Securities AG/Gu  26.380   08/12/2022    CHF    62.560
Landesbank Baden-Wuertte   6.750   8/26/2022     EUR    64.530
Landesbank Baden-Wuertte   8.700   8/26/2022     EUR    70.560
Landesbank Baden-Wuertte  10.100   8/26/2022     EUR    67.020
Landesbank Baden-Wuertte   4.800   8/26/2022     EUR    68.330
BNP Paribas Emissions- u  10.000   3/24/2022     EUR    67.260
BNP Paribas Emissions- u   8.000   9/22/2022     EUR    70.160
Societe Generale Effekte   4.000   7/22/2022     EUR    57.410
BNP Paribas Emissions- u  10.000   6/23/2022     EUR    69.380
Vontobel Financial Produ  14.250   6/24/2022     EUR    65.510
Vontobel Financial Produ  16.250   6/24/2022     EUR    70.760
Vontobel Financial Produ  20.000   6/24/2022     EUR    40.860
Leonteq Securities AG     16.000  11/16/2022     CHF    65.790
Leonteq Securities AG     12.000  11/16/2022     CHF    53.550
Corner Banca SA           10.000   2/13/2023     EUR    48.470
Corner Banca SA           13.000   8/16/2022     CHF    53.780
Leonteq Securities AG     14.000   2/13/2023     CHF    48.660
Leonteq Securities AG/Gu  13.000  11/16/2022     USD    68.940
Bank Vontobel AG          10.000   8/15/2022     CHF    66.500
Bank Vontobel AG          10.000   8/15/2022     CHF    66.500
Bank Vontobel AG          14.500   2/13/2023     EUR    60.500
Bank Julius Baer & Co Lt  19.600   5/16/2022     CHF    53.700
Leonteq Securities AG     24.240   9/30/2022     CHF    62.190
Zurcher Kantonalbank Fin   8.150   3/31/2023     CHF    72.650
UBS AG/London             13.000   3/29/2023     USD    58.550
UBS AG/London             10.750  10/20/2022     EUR    72.450
UBS AG/London             14.250   4/20/2023     USD    59.350
Credit Suisse AG/London   10.000  11/30/2022     CHF    52.730
Credit Suisse AG/London   15.000   6/29/2022     USD    30.190
Credit Suisse AG/London   10.000   10/03/2022    CHF    62.350
UBS AG/London             19.500   09/01/2022    USD    71.050
UBS AG/London              8.250   03/01/2023    CHF    69.450
Credit Suisse AG/London   11.750   09/08/2022    USD    44.930
Credit Suisse AG/London   10.500   09/12/2022    CHF    45.440
Bank Vontobel AG          20.000  12/19/2022     CHF    48.700
UBS AG/London             11.000   6/30/2022     CHF    51.550
UBS AG/London              6.000   6/30/2023     CHF    67.150
Bank Vontobel AG          13.000  10/17/2022     CHF    57.400
Bank Vontobel AG           7.500   2/28/2023     CHF    46.600
Credit Suisse AG/London   15.250   9/19/2022     EUR    37.530
Credit Suisse AG/London   11.000  12/20/2022     CHF    48.830
Credit Suisse AG/London   10.250   9/21/2022     CHF    44.550
Credit Suisse AG/London    8.000  12/27/2022     EUR    68.680
Bank Vontobel AG           7.500  12/19/2022     EUR    63.600
UBS AG/London             11.000   7/21/2023     USD    51.150
Credit Suisse AG/London   13.000   6/30/2022     USD    36.470
Credit Suisse AG/London   11.500   07/04/2022    CHF    46.790
Credit Suisse AG/London   15.000   07/07/2022    USD    35.210
Credit Suisse AG/London   12.500   8/18/2022     CHF    49.590
Credit Suisse AG/London   11.500   8/23/2022     CHF    48.220
Credit Suisse AG/London   10.350   2/27/2023     CHF    54.800
Zurcher Kantonalbank Fin   8.000  12/27/2022     CHF    68.810
Zurcher Kantonalbank Fin  21.000   10/04/2022    CHF    45.190
UBS AG/London             14.250  10/20/2022     CHF    56.600
UBS AG/London             10.000   2/20/2023     EUR    42.000
UBS AG/London              9.250   2/20/2023     CHF    55.400
UBS AG/London             11.500   1/23/2023     CHF    65.400
UBS AG/London             13.500   07/07/2022    CHF    37.250
UBS AG/London             12.250   07/08/2022    USD    70.950
Zurcher Kantonalbank Fin  19.500   9/15/2022     USD    50.580
UBS AG/London             14.750   3/22/2023     USD    61.400
UBS AG/London             10.500   3/22/2023     USD    57.350
UBS AG/London             14.000   08/04/2022    USD    48.500
UBS AG/London             17.750   08/04/2022    CHF    49.450
UBS AG/London              8.750   08/04/2023    CHF    69.000
Credit Suisse AG/London    9.000   10/07/2022    CHF    48.050
Credit Suisse AG/London   15.000  10/14/2022     USD    47.600
Credit Suisse AG/London   11.100  10/13/2022     CHF    52.790
Bank Vontobel AG          20.000   9/26/2022     CHF    44.900
Bank Vontobel AG          20.000  12/27/2022     CHF    69.800
Bank Vontobel AG          20.000   9/26/2022     EUR    47.200
Bank Vontobel AG           4.500  12/27/2022     CHF    71.300
UBS AG/London              9.250   03/01/2023    CHF    52.250
UBS AG/London             10.250   09/01/2022    EUR    74.900
UBS AG/London             20.250   03/01/2023    CHF    54.150
UBS AG/London             11.250   03/01/2023    CHF    56.250
UBS AG/London              9.750   03/01/2023    CHF    55.500
Credit Suisse AG/London   10.000  12/28/2022     USD    41.740
Credit Suisse AG/London   11.500   9/29/2022     CHF    47.370
Credit Suisse AG/London   14.500   9/30/2022     USD    37.980
Credit Suisse AG/London   13.700   9/25/2023     USD    62.790
Credit Suisse AG/London   10.000   10/05/2022    USD    49.740
Bank Vontobel AG           7.000   3/31/2023     CHF    64.500
Bank Vontobel AG          10.000   01/10/2023    CHF    67.800
Bank Vontobel AG          13.000   01/10/2023    CHF    53.000
Bank Vontobel AG          10.500   04/12/2023    CHF    55.600
Bank Vontobel AG          16.250   04/12/2023    CHF    57.600
Bank Vontobel AG          15.000   04/12/2023    EUR    55.600
UBS AG/London             10.250   03/09/2023    USD    56.100
UBS AG/London             15.750   03/09/2023    USD    55.450
UBS AG/London              8.000   01/09/2023    CHF    74.650
Zurcher Kantonalbank Fin  15.000   9/23/2022     CHF    45.540
Zurcher Kantonalbank Fin  10.250   9/27/2022     CHF    70.060
Zurcher Kantonalbank Fin  14.000   9/27/2022     USD    70.910
UBS AG/London              9.250   2/13/2023     CHF    60.800
UBS AG/London             19.500   08/11/2022    CHF    41.550
UBS AG/London              9.250   2/13/2023     USD    52.150
Vontobel Financial Produ  14.500  12/23/2022     EUR    60.110
Bank Vontobel AG           8.750   4/18/2023     CHF    52.800
UBS AG/London             15.000   09/09/2022    USD    50.250
Bank Vontobel AG          14.000  11/28/2022     CHF    55.900
Bank Vontobel AG          12.500  11/28/2022     CHF    41.400
Bank Vontobel AG           8.000  11/28/2022     CHF    51.400
Bank Vontobel AG          10.000  11/28/2022     CHF    46.300
Bank Vontobel AG          17.000   09/05/2022    CHF    45.400
Bank Vontobel AG          19.000   12/05/2022    CHF    50.800
Bank Vontobel AG          19.500   09/05/2022    CHF    33.400
Bank Vontobel AG          12.000   12/12/2022    CHF    46.300
Zurcher Kantonalbank Fin  13.000   9/20/2022     USD    64.540
Zurcher Kantonalbank Fin  12.000   9/20/2022     CHF    64.220
Zurcher Kantonalbank Fin  25.000   9/20/2022     CHF    43.700
Credit Suisse AG/London   10.500   07/08/2022    EUR    38.820
Credit Suisse AG/London   11.500   7/13/2022     CHF    52.390
Credit Suisse AG/London   12.500   7/14/2022     USD    34.650
UBS AG/London             12.250   4/13/2023     CHF    60.300
Zurcher Kantonalbank Fin  16.000  10/14/2022     CHF    55.550
Zurcher Kantonalbank Fin   8.000  10/18/2022     CHF    52.470
UBS AG/London             10.750   3/15/2023     CHF    59.400
UBS AG/London              5.500   3/15/2023     EUR    68.750
UBS AG/London             10.750   3/15/2023     USD    72.350
UBS AG/London             15.250   9/15/2023     USD    64.050
UBS AG/London             18.250   3/15/2023     CHF    49.550
UBS AG/London             14.750   3/15/2023     EUR    49.000
UBS AG/London             12.000   3/22/2023     CHF    56.550
UBS AG/London              8.500   9/22/2022     CHF    49.100
Zurcher Kantonalbank Fin  20.000   10/12/2022    USD    50.440
Zurcher Kantonalbank Fin  19.500   10/12/2022    CHF    50.240
UBS AG/London             10.250   07/07/2022    EUR    61.400
UBS AG/London             15.500   07/07/2022    CHF    71.150
UBS AG/London              8.750   1/16/2023     CHF    75.400
UBS AG/London             10.250   1/17/2023     USD    64.950
UBS AG/London             17.250   7/14/2022     USD    71.300
UBS AG/London             21.250   7/14/2022     CHF    62.600
Zurcher Kantonalbank Fin  19.500   09/08/2022    CHF    45.850
Credit Suisse AG/London   10.000   7/22/2022     CHF    39.560
Credit Suisse AG/London   10.000   7/19/2022     EUR    40.730
Credit Suisse AG/London   12.750   7/20/2022     CHF    52.640
Credit Suisse AG/London   16.000   7/22/2022     USD    33.290
Bank Vontobel AG          12.000   09/06/2022    USD    53.200
Bank Vontobel AG           8.000   03/06/2023    USD    71.800
Bank Vontobel AG          16.250  11/28/2022     CHF    57.900
Bank Vontobel AG          13.000  11/28/2022     CHF    49.000
Bank Vontobel AG          13.500   10/03/2022    CHF    64.100
Bank Vontobel AG           5.250   01/04/2023    CHF    67.200
Bank Vontobel AG          14.750   1/16/2023     CHF    53.100
Bank Vontobel AG           8.500   1/23/2023     CHF    50.400
Bank Vontobel AG          17.000   1/24/2023     CHF    47.100
Bank Vontobel AG          15.000  10/24/2022     CHF    51.500
Leonteq Securities AG/Gu  10.000   02/01/2023    CHF    43.070
Leonteq Securities AG/Gu  12.000   05/02/2023    USD    62.950
Bank Vontobel AG          16.500   8/29/2022     CHF    52.000
Bank Vontobel AG          18.000   2/28/2023     CHF    54.000
Bank Vontobel AG          25.000   8/25/2022     CHF    58.000
Bank Vontobel AG           5.500  11/28/2022     EUR    66.500
UBS AG/London              9.250   1/30/2023     USD    54.950
UBS AG/London             20.250   7/28/2022     USD    43.050
UBS AG/London              8.500   1/30/2023     CHF    60.000
UBS AG/London             28.500   7/28/2022     USD    45.550
UBS AG/London              8.000   7/28/2023     CHF    68.900
Zurcher Kantonalbank Fin  21.750  10/21/2022     CHF    51.230
Credit Suisse AG/London   16.000   08/05/2022    USD    38.260
Credit Suisse AG/London   10.250   11/09/2022    USD    39.420
Credit Suisse AG/London    9.250   08/11/2022    CHF    53.580
Credit Suisse AG/London   11.250   8/15/2022     EUR    60.510
UBS AG/London             14.750   4/14/2023     USD    60.900
UBS AG/London             13.250   4/14/2023     USD    62.600
UBS AG/London             13.000   10/06/2022    CHF    48.800
UBS AG/London              9.750   04/06/2023    USD    60.500
UBS AG/London             13.750   10/06/2023    USD    67.350
UBS AG/London             21.250   2/20/2023     CHF    53.200
UBS AG/London              9.250   2/27/2023     CHF    57.900
UBS AG/London             15.750   2/27/2023     CHF    52.600
UBS AG/London              8.750   2/27/2023     USD    68.200
Credit Suisse AG/London   12.250   7/28/2022     CHF    53.860
Credit Suisse AG/London    8.000  10/28/2022     CHF    64.270
Credit Suisse AG/London   12.500   7/29/2022     USD    35.440
Credit Suisse AG/London   10.000   08/03/2022    EUR    37.730
Credit Suisse AG/London    9.500   08/03/2022    CHF    50.910
Credit Suisse AG/London   18.250   08/08/2022    USD    45.250
UBS AG/London             13.000   04/06/2023    USD    52.200
Zurcher Kantonalbank Fin  23.000  10/20/2022     CHF    59.240
Zurcher Kantonalbank Fin  19.250  10/25/2022     USD    69.600
Zurcher Kantonalbank Fin  26.800  10/25/2022     CHF    62.030
Zurcher Kantonalbank Fin  14.500  10/24/2022     USD    45.160
Bank Vontobel AG          10.000   1/23/2023     CHF    51.500
UBS AG/London             12.000   02/06/2023    USD    68.550
UBS AG/London             18.750   02/06/2023    CHF    56.600
UBS AG/London             10.250   02/06/2023    CHF    65.450
UBS AG/London              8.000   7/28/2022     EUR    64.650
Bank Vontobel AG          18.000   8/29/2022     USD    55.600
Bank Vontobel AG          15.000   8/29/2022     USD    47.300
Bank Vontobel AG          13.750   03/06/2023    EUR    47.700
Bank Vontobel AG          12.000   09/05/2022    EUR    49.800
Credit Suisse AG/London   12.000  10/18/2022     EUR    44.120
Credit Suisse AG/London    9.500  10/18/2022     CHF    50.030
Credit Suisse AG/London   12.250  10/24/2022     CHF    49.670
Credit Suisse AG/London   13.500  10/24/2022     USD    49.800
Bank Vontobel AG          16.500  10/31/2022     CHF    51.400
Bank Vontobel AG          11.000  10/31/2022     CHF    50.200
Bank Vontobel AG          15.000   05/02/2023    CHF    56.000
Bank Vontobel AG          19.000  10/31/2022     EUR    50.000
UBS AG/London             11.500  10/27/2022     EUR    50.350
UBS AG/London              9.750   4/27/2023     USD    71.450
UBS AG/London              9.500   4/27/2023     USD    69.400
Zurcher Kantonalbank Fin  20.000  10/26/2022     USD    54.540
Zurcher Kantonalbank Fin  19.000  10/26/2022     CHF    54.370
Landesbank Baden-Wuertte   6.500  10/27/2023     EUR    58.430
Landesbank Baden-Wuertte   8.000  10/27/2023     EUR    57.420
Bank Julius Baer & Co Lt   6.800   02/02/2023    CHF    70.400
Leonteq Securities AG     20.400   11/01/2022    CHF    61.730
Raiffeisen Schweiz Genos  12.250   05/02/2023    CHF    51.120
EFG International Financ  15.000   10/06/2022    USD    52.620
Raiffeisen Schweiz Genos  11.000  12/27/2022     CHF    53.340
Raiffeisen Schweiz Genos  11.500   9/27/2022     CHF    46.830
Raiffeisen Schweiz Genos  15.000   9/27/2022     CHF    37.720
Raiffeisen Schweiz Genos   8.500   3/24/2023     USD    47.570
Raiffeisen Schweiz Genos  18.500   9/27/2022     USD    47.200
Raiffeisen Schweiz Genos   8.000   3/24/2023     CHF    66.260
Leonteq Securities AG     24.000   9/28/2022     CHF    53.010
DZ Bank AG Deutsche Zent  24.600   3/25/2022     EUR    56.000
DZ Bank AG Deutsche Zent  19.900   6/24/2022     EUR    60.560
DZ Bank AG Deutsche Zent  16.900   9/23/2022     EUR    63.690
DZ Bank AG Deutsche Zent  15.100  12/23/2022     EUR    66.270
Basler Kantonalbank       12.000   9/29/2022     CHF    40.660
EFG International Financ  12.000   3/29/2023     USD    48.990
Nordea Bank Abp            0.620  10/14/2026     SEK    71.970
Societe Generale Effekte   6.000   7/22/2022     EUR    68.340
Societe Generale Effekte   7.000   8/26/2022     EUR    63.450
Societe Generale Effekte  10.250   9/23/2022     EUR    56.410
Societe Generale Effekte  11.250  10/28/2022     EUR    55.020
Societe Generale Effekte  13.250  10/28/2022     EUR    53.000
Societe Generale Effekte  15.250  10/28/2022     EUR    51.500
Landesbank Baden-Wuertte   6.200   3/24/2023     EUR    56.920
Landesbank Baden-Wuertte   8.650   3/24/2023     EUR    53.730
Landesbank Baden-Wuertte   3.650   3/24/2023     EUR    67.550
Landesbank Baden-Wuertte   6.200   3/24/2023     EUR    64.110
Vontobel Financial Produ  16.750   9/23/2022     EUR    53.140
Vontobel Financial Produ  15.000   9/23/2022     EUR    68.760
Vontobel Financial Produ   9.000   9/23/2022     EUR    67.580
Vontobel Financial Produ  16.500   9/23/2022     EUR    68.740
Leonteq Securities AG/Gu  19.330   10/04/2022    CHF    47.320
Leonteq Securities AG/Gu  19.430   10/04/2022    CHF    47.580
Leonteq Securities AG     10.000   01/04/2023    CHF    52.480
Leonteq Securities AG     15.000   01/04/2023    CHF    53.340
UBS AG/London             10.500   1/23/2023     CHF    57.650
UBS AG/London              8.250   7/21/2022     USD    56.400
UBS AG/London             11.750   7/21/2022     CHF    62.050
Credit Suisse AG/London   11.500   8/25/2022     USD    41.460
Credit Suisse AG/London    8.500   6/30/2022     CHF    35.690
Credit Suisse AG/London    8.500   6/24/2022     CHF    44.990
Credit Suisse AG/London   15.000   6/27/2022     USD    36.650
UBS AG/London             10.500   2/27/2023     CHF    72.950
Credit Suisse AG/London    8.500   9/13/2022     CHF    47.020
Credit Suisse AG/London   15.000   9/15/2022     USD    39.940
Bank Vontobel AG           8.500   3/17/2023     CHF    69.700
Bank Vontobel AG          10.500  12/27/2022     CHF    50.900
UBS AG/London             14.500   6/30/2022     CHF    61.400
Bank Vontobel AG          10.000   2/27/2023     EUR    47.200
Bank Vontobel AG          15.500  12/19/2022     EUR    45.100
UBS AG/London             12.500   2/13/2023     CHF    64.750
Credit Suisse AG/London   12.000   6/30/2022     CHF    36.380
Credit Suisse AG/London   14.250   07/04/2022    CHF    68.190
Credit Suisse AG/London   11.500   10/06/2022    USD    48.210
Credit Suisse AG/London   13.500   8/17/2022     CHF    37.260
Credit Suisse AG/London    8.000   8/24/2022     USD    53.350
EFG International Financ   8.260   8/26/2022     USD    53.800
EFG International Financ  24.360   5/27/2022     CHF    32.040
Leonteq Securities AG/Gu  22.260   8/26/2022     CHF    58.400
Leonteq Securities AG/Gu  24.600   8/26/2022     USD    49.390
Vontobel Financial Produ  13.400   8/29/2022     EUR    68.700
Zurcher Kantonalbank Fin  17.250   09/02/2022    CHF    42.470
Societe Generale Effekte   3.750   9/23/2022     EUR    65.060
Societe Generale Effekte   5.750   9/23/2022     EUR    58.860
Societe Generale Effekte   7.750   9/23/2022     EUR    54.810
UniCredit Bank AG         10.500   9/23/2024     EUR    72.970
Vontobel Financial Produ  10.000   9/23/2022     EUR    62.000
Vontobel Financial Produ  10.000   6/24/2022     EUR    60.890
Vontobel Financial Produ  14.000   9/23/2022     EUR    58.950
Vontobel Financial Produ   5.500   6/24/2022     EUR    66.410
Vontobel Financial Produ  16.000   6/24/2022     EUR    70.780
Leonteq Securities AG/Gu  11.000   03/01/2023    CHF    51.960
Leonteq Securities AG/Gu  10.000   03/01/2023    USD    67.390
Vontobel Financial Produ  17.000   9/23/2022     EUR    70.590
UniCredit Bank AG          8.130   8/26/2022     EUR    56.770
Leonteq Securities AG/Gu  13.000  11/30/2022     USD    47.820
Leonteq Securities AG/Gu  22.770   8/30/2022     CHF    50.880
Vontobel Financial Produ  18.500   9/23/2022     EUR    62.480
UBS AG/London              9.250   6/23/2023     USD    72.900
Credit Suisse AG/London   10.000   5/30/2022     CHF    52.340
Leonteq Securities AG/Gu  10.000   1/18/2023     USD    70.290
Leonteq Securities AG/Gu  22.800   10/05/2022    CHF    48.110
Leonteq Securities AG     21.600  10/18/2022     CHF    58.340
Vontobel Financial Produ  15.250   9/23/2022     EUR    64.190
UniCredit Bank AG          6.650   9/28/2022     EUR    66.440
Vontobel Financial Produ  14.000   9/23/2022     EUR    49.010
Vontobel Financial Produ   7.500   9/23/2022     EUR    52.510
Vontobel Financial Produ   8.500   6/24/2022     EUR    51.740
Vontobel Financial Produ   6.000   9/23/2022     EUR    53.850
Vontobel Financial Produ  14.000   9/23/2022     EUR    41.750
Leonteq Securities AG/Gu  27.170   8/19/2022     EUR    50.640
Vontobel Financial Produ  11.500   6/24/2022     EUR    72.540
Vontobel Financial Produ  13.500   9/23/2022     EUR    70.880
Vontobel Financial Produ  15.000   9/23/2022     EUR    70.070
Leonteq Securities AG/Gu  25.000   09/07/2022    CHF    47.180
DZ Bank AG Deutsche Zent  20.800   9/23/2022     EUR    71.640
DZ Bank AG Deutsche Zent  19.500   9/23/2022     EUR    63.480
DZ Bank AG Deutsche Zent  21.900   6/24/2022     EUR    55.140
DZ Bank AG Deutsche Zent  23.500   3/25/2022     EUR    68.670
DZ Bank AG Deutsche Zent  22.000   6/24/2022     EUR    57.080
DZ Bank AG Deutsche Zent  24.100   9/23/2022     EUR    56.740
Vontobel Financial Produ   8.500   9/23/2022     EUR    51.040
Vontobel Financial Produ  14.000   9/23/2022     EUR    47.510
Vontobel Financial Produ  19.000   6/24/2022     EUR    44.780
Vontobel Financial Produ  16.750   03/08/2022    EUR    67.680
Vontobel Financial Produ  11.500   6/24/2022     EUR    66.910
Vontobel Financial Produ  15.000   9/23/2022     EUR    64.910
Vontobel Financial Produ  15.500   6/24/2022     EUR    64.030
Vontobel Financial Produ  16.500   6/24/2022     EUR    63.070
Leonteq Securities AG     23.320   09/07/2022    CHF    50.600
Leonteq Securities AG     23.200   09/07/2022    CHF    43.860
Leonteq Securities AG/Gu  11.000   09/07/2022    CHF    45.160
Raiffeisen Schweiz Genos   4.000   03/03/2023    CHF    62.940
Leonteq Securities AG/Gu   8.000   03/07/2023    USD    46.390
Vontobel Financial Produ  18.350   9/23/2022     EUR    46.900
Leonteq Securities AG/Gu   9.500   12/08/2022    EUR    56.090
Societe Generale Effekte  14.250   9/23/2022     EUR    44.350
Leonteq Securities AG     22.680  10/14/2022     CHF    67.980
Raiffeisen Schweiz Genos  12.000   01/04/2023    CHF    54.140
Raiffeisen Schweiz Genos  18.000   10/04/2022    CHF    46.330
Vontobel Financial Produ  21.720   10/05/2022    USD    68.910
DZ Bank AG Deutsche Zent  10.500  10/26/2022     EUR    54.930
Societe Generale Effekte  14.750   8/26/2022     EUR    50.460
Societe Generale Effekte  16.750   8/26/2022     EUR    49.150
Societe Generale Effekte  16.000   9/23/2022     EUR    49.910
Societe Generale Effekte  15.750   7/22/2022     EUR    49.420
Societe Generale Effekte  17.750   7/22/2022     EUR    48.070
Societe Generale Effekte   4.750   8/26/2022     EUR    69.960
Societe Generale Effekte  10.750   8/26/2022     EUR    54.750
Societe Generale Effekte  12.750   8/26/2022     EUR    52.260
Leonteq Securities AG/Gu   9.000   02/01/2023    CHF    66.670
Bank Vontobel AG          13.259   7/29/2022     CHF    43.200
Vontobel Financial Produ  13.500   9/23/2022     EUR    70.880
Vontobel Financial Produ  12.000   9/23/2022     EUR    71.770
Leonteq Securities AG/Gu  12.000   7/15/2022     CHF    62.290
Bank Vontobel AG           8.000   7/18/2022     CHF    36.700
Vontobel Financial Produ  11.500   6/24/2022     EUR    63.460
Vontobel Financial Produ   6.000   9/23/2022     EUR    68.080
Vontobel Financial Produ  11.500   9/23/2022     EUR    61.430
Vontobel Financial Produ   6.500   6/24/2022     EUR    66.770
Vontobel Financial Produ   8.500   6/24/2022     EUR    63.710
Vontobel Financial Produ  14.000   6/24/2022     EUR    73.270
Bank Julius Baer & Co Lt   8.600   7/19/2022     CHF    65.400
Luzerner Kantonalbank AG   7.500   08/09/2023    CHF    55.240
Vontobel Financial Produ  11.000   9/23/2022     EUR    61.140
Vontobel Financial Produ  13.500   9/23/2022     EUR    59.920
Vontobel Financial Produ  16.000   6/24/2022     EUR    57.200
Leonteq Securities AG     13.200  10/19/2022     CHF    44.770
Zurcher Kantonalbank Fin  21.500   8/16/2022     USD    60.270
Zurcher Kantonalbank Fin  20.250   8/16/2022     CHF    70.440
Zurcher Kantonalbank Fin  18.000   8/16/2022     USD    54.520
Zurcher Kantonalbank Fin  10.000   8/16/2022     USD    61.430
Leonteq Securities AG/Gu  14.200  10/19/2022     USD    44.630
Leonteq Securities AG/Gu  21.840   06/09/2022    CHF    56.410
Leonteq Securities AG/Gu  22.870   06/09/2022    CHF    47.510
Bank Julius Baer & Co Lt   5.250   08/10/2022    CHF    69.150
Zurcher Kantonalbank Fin  29.000   8/17/2022     CHF    52.720
EFG International Financ  17.000   6/30/2022     CHF    50.600
EFG International Financ  10.010   6/30/2022     EUR    40.920
UBS AG/London              9.900   07/01/2024    EUR    71.095
Raiffeisen Centrobank AG  11.750   08/04/2023    EUR    54.300
Vontobel Financial Produ  18.650   06/09/2022    EUR    20.150
Zurcher Kantonalbank Fin  22.750   3/29/2022     USD    72.940
Bank Vontobel AG           6.504   12/05/2022    CHF    65.400
Bank Julius Baer & Co Lt   9.000   07/01/2022    USD    55.550
Landesbank Baden-Wuertte   5.000   6/24/2022     EUR    70.470
Vontobel Financial Produ   7.700   08/02/2022    CHF    56.720
EFG International Financ  17.000   07/08/2022    USD    45.810
Raiffeisen Schweiz Genos  11.000   07/06/2022    CHF    65.740
Zurcher Kantonalbank Fin  10.750   7/15/2022     EUR    43.320
Raiffeisen Schweiz Genos  13.200   08/02/2022    USD    41.730
Raiffeisen Schweiz Genos  12.500   08/02/2022    CHF    53.940
Societe Generale SA       11.000   7/14/2026     USD    52.750
Zurcher Kantonalbank Fin  20.000   08/10/2022    USD    58.520
Societe Generale Effekte   3.500   5/27/2022     EUR    69.660
Corner Banca SA           11.200   10/12/2022    EUR    64.130
Raiffeisen Schweiz Genos  14.000   07/12/2022    CHF    52.790
Credit Suisse AG/London   11.000   06/08/2022    CHF    66.580
Bank Vontobel AG           6.504   12/05/2022    CHF    65.400
Leonteq Securities AG/Gu  21.520   07/01/2022    CHF    32.210
Leonteq Securities AG/Gu  25.460   07/01/2022    CHF    31.400
Zurcher Kantonalbank Fin  23.051   3/29/2022     EUR    72.640
DZ Bank AG Deutsche Zent  15.000   6/24/2022     EUR    66.430
Bank Julius Baer & Co Lt  11.000   01/04/2023    CHF    69.150
EFG International Financ  12.000   12/09/2022    CHF    60.190
EFG International Financ  10.000   12/09/2022    USD    48.670
UBS AG/London             11.250   12/09/2022    CHF    59.150
UBS AG/London              8.000   06/09/2023    CHF    66.150
UBS AG/London              8.250   06/09/2023    CHF    74.000
UBS AG/London             17.750   06/09/2022    USD    75.300
UBS AG/London             10.500   06/09/2023    CHF    66.850
Leonteq Securities AG/Gu  21.760   06/10/2022    CHF    39.190
Raiffeisen Schweiz Genos  15.000   06/07/2022    CHF    68.080
Leonteq Securities AG     18.000   10/06/2022    CHF    62.520
Leonteq Securities AG/Gu   9.000   01/06/2023    CHF    70.620
Vontobel Financial Produ  15.500   6/24/2022     EUR    63.670
Zurcher Kantonalbank Fin  15.250   07/06/2022    CHF    57.810
Vontobel Financial Produ  12.000   6/24/2022     EUR    63.190
Vontobel Financial Produ  11.000   6/24/2022     EUR    70.460
Societe Generale Effekte   4.750   6/24/2022     EUR    63.130
Societe Generale Effekte   6.750   6/24/2022     EUR    56.610
Leonteq Securities AG/Gu  10.000   07/06/2022    EUR    47.420
Leonteq Securities AG/Gu   7.000   07/06/2022    EUR    39.940
DZ Bank AG Deutsche Zent   9.000   9/21/2022     EUR    72.680
Bank Julius Baer & Co Lt  14.500   1/13/2023     USD    41.000
DZ Bank AG Deutsche Zent   7.000   3/23/2022     EUR    70.300
Zurcher Kantonalbank Fin  15.000   7/20/2022     CHF    62.020
UniCredit Bank AG         10.400   08/11/2022    EUR    61.669
Landesbank Baden-Wuertte   5.850   7/22/2022     EUR    52.750
DZ Bank AG Deutsche Zent  24.000   6/24/2022     EUR    57.860
DZ Bank AG Deutsche Zent  20.300   3/25/2022     EUR    67.150
DZ Bank AG Deutsche Zent  24.400   3/25/2022     EUR    62.410
DZ Bank AG Deutsche Zent  17.700   6/24/2022     EUR    70.850
DZ Bank AG Deutsche Zent  20.600   6/24/2022     EUR    67.010
DZ Bank AG Deutsche Zent  23.500   6/24/2022     EUR    63.750
DZ Bank AG Deutsche Zent  22.300   3/25/2022     EUR    61.490
DZ Bank AG Deutsche Zent  19.400   6/24/2022     EUR    65.860
DZ Bank AG Deutsche Zent  23.100   6/24/2022     EUR    61.210
DZ Bank AG Deutsche Zent  21.200   3/25/2022     EUR    69.630
DZ Bank AG Deutsche Zent  24.400   6/24/2022     EUR    65.010
Landesbank Baden-Wuertte   6.000   7/22/2022     EUR    55.820
Landesbank Baden-Wuertte   8.550   7/22/2022     EUR    67.200
DZ Bank AG Deutsche Zent  17.800   3/25/2022     EUR    40.910
Societe Generale Effekte   9.000   6/24/2022     EUR    52.120
Societe Generale Effekte  12.750   6/24/2022     EUR    45.500
Societe Generale Effekte  14.750   6/24/2022     EUR    43.830
Societe Generale Effekte   4.250   7/22/2022     EUR    62.880
Societe Generale Effekte  12.250   7/22/2022     EUR    46.290
Societe Generale Effekte  14.250   7/22/2022     EUR    44.620
Landesbank Baden-Wuertte   4.500   7/22/2022     EUR    58.300
Landesbank Baden-Wuertte   7.200   7/22/2022     EUR    54.620
Landesbank Baden-Wuertte   9.250   7/22/2022     EUR    52.930
DZ Bank AG Deutsche Zent  20.200   6/24/2022     EUR    42.770
Leonteq Securities AG/Gu  20.000   7/13/2022     CHF    56.290
Leonteq Securities AG/Gu  28.010   4/19/2022     CHF    19.970
Vontobel Financial Produ  10.750   6/24/2022     EUR    60.880
Vontobel Financial Produ  13.750   6/24/2022     EUR    59.470
Vontobel Financial Produ  17.750   6/24/2022     EUR    48.030
Societe Generale SA       15.000   8/30/2024     USD    39.370
Vontobel Financial Produ  11.000   6/24/2022     EUR    56.000
Vontobel Financial Produ   8.500   6/24/2022     EUR    58.480
Vontobel Financial Produ  13.500   6/24/2022     EUR    53.890
Vontobel Financial Produ  12.000   6/24/2022     EUR    64.510
Vontobel Financial Produ   9.500   9/23/2022     EUR    67.260
Vontobel Financial Produ   8.500   6/24/2022     EUR    68.490
EFG International Financ   8.000   1/19/2023     CHF    66.210
UniCredit Bank AG          3.600   09/02/2024    EUR    48.670
Corner Banca SA           13.000  10/19/2022     CHF    42.240
Corner Banca SA           11.200   7/19/2022     CHF    54.030
Corner Banca SA           13.000   1/19/2023     USD    65.810
Leonteq Securities AG     10.400   1/19/2023     CHF    68.160
Leonteq Securities AG     10.000  10/19/2022     CHF    54.960
Bank Vontobel AG          10.500   1/16/2023     CHF    64.000
Bank Vontobel AG          10.500   1/16/2023     CHF    64.000
Leonteq Securities AG/Gu  10.000   1/19/2023     USD    36.490
Leonteq Securities AG/Gu  11.000   1/19/2023     CHF    63.780
Leonteq Securities AG/Gu  10.000   7/19/2022     CHF    22.110
BrokerCreditService Stru   3.500   4/30/2024     USD    53.500
Vontobel Financial Produ  10.000   9/23/2022     EUR    65.350
Vontobel Financial Produ  13.500   9/23/2022     EUR    62.320
Vontobel Financial Produ   7.000   9/23/2022     EUR    69.480
Vontobel Financial Produ  16.500   9/23/2022     EUR    59.690
Vontobel Financial Produ  15.500   6/24/2022     EUR    59.550
Vontobel Financial Produ   7.500   9/23/2022     EUR    65.360
Vontobel Financial Produ   9.500   9/23/2022     EUR    63.240
Vontobel Financial Produ  13.500   9/23/2022     EUR    59.910
Vontobel Financial Produ  11.000   6/24/2022     EUR    61.210
Vontobel Financial Produ  13.500   6/24/2022     EUR    59.060
Vontobel Financial Produ  16.000   6/24/2022     EUR    70.750
Vontobel Financial Produ  18.500   6/24/2022     EUR    50.570
BrokerCreditService Stru   8.000   1/30/2024     USD    31.970
Leonteq Securities AG     10.000   02/06/2023    CHF    46.210
Leonteq Securities AG     11.200   02/06/2023    CHF    54.710
Leonteq Securities AG/Gu  18.000   08/09/2022    USD    45.860
Vontobel Financial Produ  21.000   6/24/2022     EUR    41.930
Vontobel Financial Produ   8.750   9/23/2022     EUR    56.140
Vontobel Financial Produ  12.000   6/24/2022     EUR    66.610
Vontobel Financial Produ  10.500   6/24/2022     EUR    61.050
Vontobel Financial Produ  13.000   6/24/2022     EUR    58.890
Zurcher Kantonalbank Fin  17.000   7/27/2022     CHF    55.800
Zurcher Kantonalbank Fin  16.000   7/26/2022     CHF    61.040
Zurcher Kantonalbank Fin  22.000   8/16/2022     CHF    69.740
Bank Vontobel AG          10.000   02/06/2023    CHF    50.100
Bank Vontobel AG          10.000   08/08/2022    CHF    35.200
Bank Vontobel AG          12.000   02/06/2023    EUR    43.700
Bank Julius Baer & Co Lt   4.850   7/20/2022     CHF    65.950
Vontobel Financial Produ  12.000   08/09/2022    EUR    67.240
Bank Julius Baer & Co Lt  13.150   08/10/2022    CHF    70.600
Leonteq Securities AG/Gu  26.460   08/09/2022    CHF    38.760
DZ Bank AG Deutsche Zent   9.750   8/24/2022     EUR    67.960
DZ Bank AG Deutsche Zent  15.000   8/24/2022     EUR    62.200
DZ Bank AG Deutsche Zent   7.000   9/21/2022     EUR    67.170
DZ Bank AG Deutsche Zent  10.250   8/24/2022     EUR    45.870
DZ Bank AG Deutsche Zent  15.500   8/24/2022     EUR    42.790
Vontobel Financial Produ  18.500   9/23/2022     EUR    58.180
Vontobel Financial Produ  24.000   6/24/2022     EUR    56.190
Leonteq Securities AG/Gu  21.000   06/09/2022    CHF    55.960
Raiffeisen Schweiz Genos  10.000   02/06/2023    EUR    43.930
Raiffeisen Schweiz Genos  12.000   11/09/2022    CHF    37.810
Vontobel Financial Produ  18.500   6/24/2022     EUR    67.830
Vontobel Financial Produ   7.500   6/24/2022     EUR    45.520
Vontobel Financial Produ  15.000   6/24/2022     EUR    39.640
Leonteq Securities AG/Gu  10.000  12/21/2022     USD    54.450
Leonteq Securities AG/Gu  16.000   6/21/2022     USD    47.600
Vontobel Financial Produ  16.000   6/24/2022     EUR    55.250
Credit Suisse AG/London    9.500   6/21/2022     USD    36.530
DZ Bank AG Deutsche Zent  20.200   6/24/2022     EUR    71.940
DZ Bank AG Deutsche Zent  23.200   6/24/2022     EUR    62.730
DZ Bank AG Deutsche Zent  24.600   3/25/2022     EUR    59.350
DZ Bank AG Deutsche Zent  14.800   6/24/2022     EUR    70.590
Bank Julius Baer & Co Lt  10.050   7/29/2022     USD    50.150
Societe Generale Effekte   7.000   3/25/2022     EUR    48.570
Societe Generale Effekte  17.000   3/25/2022     EUR    37.910
Societe Generale Effekte   5.000   5/27/2022     EUR    54.670
Societe Generale Effekte   6.500   6/24/2022     EUR    50.740
Societe Generale Effekte   9.250   3/24/2022     EUR    68.270
Zurcher Kantonalbank Fin  20.500   08/09/2022    CHF    51.620
Vontobel Financial Produ  12.000   6/24/2022     EUR    40.450
Leonteq Securities AG/Gu  12.000   7/29/2022     CHF    66.370
Leonteq Securities AG/Gu  20.000   7/29/2022     CHF    55.850
Leonteq Securities AG/Gu  22.450   7/29/2022     CHF    43.920
Vontobel Financial Produ   8.250   6/24/2022     EUR    66.570
Vontobel Financial Produ  14.750   6/24/2022     EUR    29.860
Vontobel Financial Produ  17.750   6/24/2022     EUR    34.780
Vontobel Financial Produ  11.750   6/24/2022     EUR    37.860
Leonteq Securities AG/Gu  10.000   11/02/2022    CHF    65.790
Leonteq Securities AG/Gu   5.000   1/30/2023     USD    52.330
UniCredit Bank AG         12.000   8/18/2022     EUR    56.260
Societe Generale Effekte   4.750   6/24/2022     EUR    56.380
Societe Generale Effekte   8.750   6/24/2022     EUR    47.350
Zurcher Kantonalbank Fin  12.500   08/09/2022    EUR    62.130
Vontobel Financial Produ   8.500   6/24/2022     EUR    59.330
Bank Vontobel AG          13.000   1/30/2023     EUR    70.800
Basler Kantonalbank       11.000   01/09/2023    CHF    65.660
EFG International Financ  10.000   01/09/2023    USD    44.240
Leonteq Securities AG     15.000   08/02/2022    CHF    36.930
Leonteq Securities AG/Gu  17.000   08/02/2022    USD    39.240
Leonteq Securities AG/Gu  20.000   08/03/2022    CHF    47.590
Raiffeisen Schweiz Genos  13.000   08/02/2022    CHF    66.820
Vontobel Financial Produ  13.500   6/24/2022     EUR    73.090
Vontobel Financial Produ  17.000   6/24/2022     EUR    70.560
Vontobel Financial Produ  19.500   6/24/2022     EUR    70.810
Vontobel Financial Produ  17.000   6/24/2022     EUR    71.460
Vontobel Financial Produ  10.000   6/24/2022     EUR    43.160
Vontobel Financial Produ  12.500   6/24/2022     EUR    41.230
Vontobel Financial Produ  17.500   6/24/2022     EUR    38.360
Leonteq Securities AG/Gu  12.000   6/21/2022     CHF    52.530
Credit Suisse AG/London   11.000   6/20/2022     USD    53.340
Raiffeisen Schweiz Genos  10.500   6/21/2022     CHF    57.630
Vontobel Financial Produ  12.250   6/24/2022     EUR    66.310
Leonteq Securities AG     13.000  12/21/2022     CHF    56.500
Leonteq Securities AG     15.000   6/21/2022     CHF    32.540
Corner Banca SA           12.000  12/21/2022     CHF    45.180
Corner Banca SA           12.000   6/21/2022     CHF    22.420
Vontobel Financial Produ  21.500   6/24/2022     EUR    69.980
Vontobel Financial Produ   7.000   6/24/2022     EUR    66.770
Vontobel Financial Produ  19.500   6/24/2022     EUR    60.750
Vontobel Financial Produ  16.500   6/24/2022     EUR    59.730
Vontobel Financial Produ  11.000   6/24/2022     EUR    65.660
Raiffeisen Schweiz Genos  11.500   6/21/2022     CHF    69.170
Vontobel Financial Produ   5.500   6/24/2022     EUR    67.640
Vontobel Financial Produ   8.500   6/24/2022     EUR    62.440
Vontobel Financial Produ   8.000   6/24/2022     EUR    67.270
Vontobel Financial Produ  12.000   6/24/2022     EUR    58.370
Vontobel Financial Produ  12.500   6/24/2022     EUR    61.730
Vontobel Financial Produ  10.000   6/24/2022     EUR    64.220
Leonteq Securities AG/Gu   5.000  12/21/2022     USD    57.740
Bank Julius Baer & Co Lt  13.000   6/22/2022     CHF    46.850
Leonteq Securities AG/Gu  22.790   6/22/2022     CHF    44.420
Bank Vontobel AG           6.752   9/19/2022     CHF    67.600
UniCredit Bank AG          5.250   07/01/2024    EUR    73.380
Bank Julius Baer & Co Lt   8.250   6/17/2022     USD    60.100
UBS AG/London             10.250  11/30/2022     CHF    65.050
UBS AG/London             12.000  11/30/2022     EUR    50.450
Leonteq Securities AG/Gu  21.290   6/17/2022     CHF    62.900
Leonteq Securities AG/Gu  20.760   6/17/2022     CHF    32.880
Leonteq Securities AG     14.000   06/08/2022    CHF    48.370
Leonteq Securities AG/Gu  12.000   06/08/2022    CHF    20.760
Credit Suisse AG/London   10.250   06/02/2022    USD    40.920
Zurcher Kantonalbank Fin   6.500   6/14/2022     CHF    63.360
Vontobel Financial Produ  12.750   6/24/2022     EUR    68.600
Vontobel Financial Produ  10.000   6/24/2022     EUR    53.840
Vontobel Financial Produ  13.750   6/24/2022     EUR    39.920
DekaBank Deutsche Giroze   4.000   07/07/2022    EUR    57.930
Vontobel Financial Produ   9.000   06/08/2022    EUR    57.300
Zurcher Kantonalbank Fin  20.000   6/15/2022     USD    60.090
Zurcher Kantonalbank Fin  19.250   6/15/2022     CHF    59.850
DZ Bank AG Deutsche Zent   9.500   3/23/2022     EUR    69.210
Societe Generale SA       15.000   07/03/2024    USD    48.150
Vontobel Financial Produ  10.500   6/24/2022     EUR    66.020
Vontobel Financial Produ  20.000   6/24/2022     EUR    56.100
Vontobel Financial Produ  12.500   6/24/2022     EUR    66.540
Vontobel Financial Produ  17.000   6/24/2022     EUR    62.270
Vontobel Financial Produ  19.500   6/24/2022     EUR    60.590
Zurcher Kantonalbank Fin  20.250   6/24/2022     CHF    68.730
Zurcher Kantonalbank Fin  14.000   6/24/2022     CHF    42.890
Leonteq Securities AG/Gu  23.290   06/03/2022    CHF    67.830
Erste Group Bank AG        8.000   6/30/2022     EUR    64.950
Erste Group Bank AG        4.250   6/30/2022     EUR    67.750
Bank Julius Baer & Co Lt   8.200   9/19/2022     USD    59.150
UBS AG/London             11.000  11/30/2022     CHF    56.600
Leonteq Securities AG/Gu   9.000   09/07/2022    CHF    67.710
Leonteq Securities AG/Gu   8.000   12/07/2022    CHF    46.870
Zurcher Kantonalbank Fin  14.000   6/14/2022     CHF    68.520
Vontobel Financial Produ   9.750   6/24/2022     EUR    38.520
Vontobel Financial Produ  16.000   6/24/2022     EUR    42.550
Credit Suisse AG/London   10.000   06/07/2022    CHF    50.960
DZ Bank AG Deutsche Zent  13.300   3/25/2022     EUR    67.010
DZ Bank AG Deutsche Zent  13.900   6/24/2022     EUR    66.710
DZ Bank AG Deutsche Zent  22.500   3/25/2022     EUR    57.780
Landesbank Baden-Wuertte  10.500   6/24/2022     EUR    49.710
Landesbank Baden-Wuertte   4.200   6/24/2022     EUR    58.180
Landesbank Baden-Wuertte   9.500   6/24/2022     EUR    69.720
Zurcher Kantonalbank Fin  21.750   06/10/2022    CHF    63.700
Zurcher Kantonalbank Fin  13.000   06/10/2022    CHF    63.910
EFG International Financ  18.000   6/16/2022     CHF    44.290
EFG International Financ  10.000  12/16/2022     CHF    55.320
EFG International Financ   7.210   6/16/2022     USD    49.340
Raiffeisen Schweiz Genos  12.000   06/01/2022    CHF    61.820
Vontobel Financial Produ  26.350   06/06/2022    EUR    56.910
Zurcher Kantonalbank Fin   9.800   6/17/2022     USD    59.700
Vontobel Financial Produ  20.000   6/24/2022     EUR    56.240
UBS AG/London              8.000  12/16/2022     CHF    74.150
Vontobel Financial Produ  16.500   6/24/2022     EUR    31.320
Vontobel Financial Produ  14.500   6/24/2022     EUR    73.670
Vontobel Financial Produ  13.500   6/24/2022     EUR    62.000
Vontobel Financial Produ  18.000   6/24/2022     EUR    72.990
Leonteq Securities AG/Gu  23.690   06/03/2022    CHF    32.880
Erste Group Bank AG        6.500   6/30/2022     EUR    64.400
Landesbank Baden-Wuertte   4.000   7/25/2025     EUR    52.280
Landesbank Baden-Wuertte   2.750   3/25/2022     EUR    62.470
UniCredit Bank AG          4.450  12/29/2022     EUR    38.850
EFG International Financ  14.000  11/21/2022     CHF    30.900
Zurcher Kantonalbank Fin  19.000   6/30/2022     USD    55.350
Zurcher Kantonalbank Fin  18.000   6/30/2022     CHF    55.020
Bank Vontobel AG          14.000  12/19/2022     CHF    38.700
Bank Vontobel AG          12.500   9/19/2022     CHF    59.500
Bank Vontobel AG          13.002   9/19/2022     CHF    23.800
Luzerner Kantonalbank AG  10.120  12/23/2022     CHF    49.920
Basler Kantonalbank        9.000  12/23/2022     CHF    66.670
UBS AG/London             11.750  11/28/2022     CHF    51.100
EFG International Financ  17.000   6/23/2022     CHF    50.730
UBS AG/London              8.500  11/28/2022     EUR    74.200
EFG International Financ  16.000   6/23/2022     USD    69.420
UBS AG/London              8.000   6/23/2022     USD    59.150
Bank Julius Baer & Co Lt  15.000   08/04/2022    CHF    52.950
Vontobel Financial Produ   8.500   9/23/2022     EUR    62.450
Vontobel Financial Produ   5.500   9/23/2022     EUR    68.120
Zurcher Kantonalbank Fin  20.000   7/22/2022     USD    46.580
Leonteq Securities AG/Gu  28.120   08/04/2022    CHF    42.490
Raiffeisen Schweiz Genos  12.000   07/12/2022    CHF    65.020
Raiffeisen Schweiz Genos  10.000   10/12/2022    EUR    63.070
Landesbank Baden-Wuertte   6.000   3/25/2022     EUR    67.820
Societe Generale Effekte   4.750   3/25/2022     EUR    57.040
Bank Julius Baer & Co Lt   7.750   7/15/2022     USD    62.900
Vontobel Financial Produ  13.000   6/24/2022     EUR    71.060
Vontobel Financial Produ  11.500   6/24/2022     EUR    72.540
Leonteq Securities AG/Gu  24.610   7/15/2022     CHF    49.770
Societe Generale SA       16.000   8/30/2024     USD    37.140
Vontobel Financial Produ  13.000   9/23/2022     EUR    63.840
Vontobel Financial Produ  16.000   6/24/2022     EUR    52.100
Vontobel Financial Produ  18.500   6/24/2022     EUR    50.550
EFG International Financ   9.000   1/16/2023     CHF    55.840
BrokerCreditService Stru   3.000   2/28/2023     USD    60.000
Bank Vontobel AG          16.500   08/05/2022    CHF    68.200
Leonteq Securities AG/Gu  22.810   08/09/2022    CHF    41.000
UniCredit Bank AG          5.800   9/14/2022     EUR    60.290
UniCredit Bank AG          9.950   9/14/2022     EUR    67.780
EFG International Financ  21.000   09/02/2022    USD    49.630
Zurcher Kantonalbank Fin  11.250   8/26/2022     USD    66.900
Zurcher Kantonalbank Fin  15.000   8/24/2022     CHF    48.160
Bank Julius Baer & Co Lt   7.600   09/02/2022    USD    47.450
Zurcher Kantonalbank Fin  19.000   9/13/2022     USD    62.160
Zurcher Kantonalbank Fin  18.000   9/13/2022     CHF    62.020
Zurcher Kantonalbank Fin  26.000   9/13/2022     CHF    46.610
Vontobel Financial Produ  13.000   6/24/2022     EUR    68.660
Vontobel Financial Produ  17.000   9/23/2022     EUR    47.870
Vontobel Financial Produ  19.000   6/24/2022     EUR    46.220
Vontobel Financial Produ  10.500   6/24/2022     EUR    50.300
Vontobel Financial Produ  10.500   9/23/2022     EUR    50.320
Vontobel Financial Produ   6.500   9/23/2022     EUR    75.750
Raiffeisen Schweiz Genos  13.000   09/06/2022    CHF    52.580
Vontobel Financial Produ  13.000   6/24/2022     EUR    71.060
Vontobel Financial Produ  12.000   9/23/2022     EUR    71.760
DZ Bank AG Deutsche Zent  21.300   9/23/2022     EUR    61.930
DZ Bank AG Deutsche Zent  22.500   9/23/2022     EUR    56.040
DZ Bank AG Deutsche Zent  22.200   9/23/2022     EUR    57.390
Vontobel Financial Produ  11.500   6/24/2022     EUR    48.690
Vontobel Financial Produ  15.000   6/24/2022     EUR    46.410
Vontobel Financial Produ  13.650   03/08/2022    EUR    66.990
Vontobel Financial Produ  16.000   9/23/2022     EUR    64.340
Vontobel Financial Produ  12.000   9/23/2022     EUR    66.910
Vontobel Financial Produ  14.000   9/23/2022     EUR    65.530
Vontobel Financial Produ  17.000   9/23/2022     EUR    63.810
Leonteq Securities AG/Gu  10.000   12/01/2022    USD    50.570
Corner Banca SA           15.000   8/31/2022     EUR    52.320
Luzerner Kantonalbank AG   7.500   6/15/2022     CHF    63.260
Corner Banca SA           20.000   8/30/2022     USD    56.890
Leonteq Securities AG     10.000   2/27/2023     CHF    70.240
Vontobel Financial Produ   7.000   6/24/2022     EUR    73.320
Vontobel Financial Produ   9.500   6/24/2022     EUR    74.490
Vontobel Financial Produ   7.500   9/23/2022     EUR    68.210
Vontobel Financial Produ  15.500   9/23/2022     EUR    60.710
Vontobel Financial Produ  22.000   9/23/2022     EUR    64.540
Vontobel Financial Produ  17.000   9/23/2022     EUR    61.590
Vontobel Financial Produ  20.000   9/23/2022     EUR    63.360
Vontobel Financial Produ  19.500   6/24/2022     EUR    59.100
Societe Generale Effekte  18.750   3/25/2022     EUR    40.860
Landesbank Baden-Wuertte   5.200   8/25/2023     EUR    54.680
Landesbank Baden-Wuertte   4.800   8/25/2023     EUR    64.240
Landesbank Baden-Wuertte   6.100   8/25/2023     EUR    62.600
Leonteq Securities AG/Gu  22.520   07/06/2022    CHF    26.920
Leonteq Securities AG/Gu  20.000   07/06/2022    CHF    51.180
Vontobel Financial Produ  17.000   6/24/2022     EUR    67.210
Vontobel Financial Produ   8.000   6/24/2022     EUR    61.070
Vontobel Financial Produ   7.250   6/24/2022     EUR    69.800
Vontobel Financial Produ  16.450   6/24/2022     EUR    71.010
Vontobel Financial Produ  16.250   6/24/2022     EUR    63.800
Vontobel Financial Produ  15.000   6/24/2022     EUR    70.260
Vontobel Financial Produ  12.750   6/24/2022     EUR    64.450
Vontobel Financial Produ  18.000   6/24/2022     EUR    35.360
Vontobel Financial Produ   9.250   6/24/2022     EUR    61.240
Zurcher Kantonalbank Fin  11.000   7/15/2022     CHF    63.430
Bank Vontobel AG           9.250   01/04/2023    CHF    40.600
Leonteq Securities AG/Gu  14.000   9/14/2022     EUR    47.540
Leonteq Securities AG     10.000  12/14/2022     CHF    65.830
UniCredit Bank AG          3.800  12/29/2022     EUR    54.280
Zurcher Kantonalbank Fin  27.000   9/13/2022     USD    47.090
Vontobel Financial Produ  14.500   6/24/2022     EUR    67.860
Vontobel Financial Produ  15.500   6/24/2022     EUR    66.930
Bank Julius Baer & Co Lt   8.550   8/19/2022     USD    64.600
Bank Julius Baer & Co Lt   8.450   8/19/2022     USD    64.750
Vontobel Financial Produ  14.500   6/24/2022     EUR    47.910
Vontobel Financial Produ  14.000   9/23/2022     EUR    54.300
Zurcher Kantonalbank Fin  20.500   9/13/2022     CHF    42.540
Leonteq Securities AG/Gu  24.440   09/02/2022    CHF    48.260
Vontobel Financial Produ  15.000   6/24/2022     EUR    69.840
Raiffeisen Schweiz Genos  17.000   09/07/2022    USD    47.760
Raiffeisen Schweiz Genos  18.000   06/03/2022    CHF    47.150
DZ Bank AG Deutsche Zent  23.200   9/23/2022     EUR    60.650
DZ Bank AG Deutsche Zent  19.000   9/23/2022     EUR    58.860
DZ Bank AG Deutsche Zent  23.500   3/25/2022     EUR    54.770
UBS AG/London              8.150   8/31/2023     USD     8.628
Zurcher Kantonalbank Fin   9.500   8/26/2022     CHF    46.960
DZ Bank AG Deutsche Zent  23.100   6/24/2022     EUR    55.350
Vontobel Financial Produ  11.000   9/23/2022     EUR    48.870
Vontobel Financial Produ  17.000   9/23/2022     EUR    46.560
Vontobel Financial Produ  10.500   6/24/2022     EUR    68.110
Vontobel Financial Produ  13.000   6/24/2022     EUR    65.950
Vontobel Financial Produ  14.000   6/24/2022     EUR    64.870
Vontobel Financial Produ  11.000   9/23/2022     EUR    67.680
Vontobel Financial Produ  13.000   9/23/2022     EUR    66.200
Vontobel Financial Produ  18.000   6/24/2022     EUR    62.340
Leonteq Securities AG/Gu   9.000   03/07/2023    USD    57.130
Leonteq Securities AG     16.000   09/07/2022    CHF    66.660
Leonteq Securities AG/Gu  20.000   09/07/2022    USD    51.320
Societe Generale Effekte  17.000   5/27/2022     EUR    43.970
Vontobel Financial Produ  19.750   9/23/2022     EUR    56.660
Vontobel Financial Produ  16.250   9/23/2022     EUR    57.730
Vontobel Financial Produ   8.350   9/23/2022     EUR    65.450
Corner Banca SA           13.200   12/07/2022    CHF    49.590
EFG International Financ  12.000   03/08/2023    CHF    50.160
Societe Generale Effekte   9.750   9/23/2022     EUR    51.990
Societe Generale Effekte  11.750   9/23/2022     EUR    49.950
Societe Generale Effekte  13.750   9/23/2022     EUR    48.430
Vontobel Financial Produ   6.000   9/23/2022     EUR    66.240
Vontobel Financial Produ   4.500   9/23/2022     EUR    69.160
Vontobel Financial Produ   8.000   9/23/2022     EUR    63.940
Vontobel Financial Produ  16.500   9/23/2022     EUR    58.080
Vontobel Financial Produ   8.000   6/24/2022     EUR    63.520
Vontobel Financial Produ  12.000   9/23/2022     EUR    60.340
Vontobel Financial Produ  13.000   6/24/2022     EUR    58.890
Vontobel Financial Produ  16.000   6/24/2022     EUR    57.180
Leonteq Securities AG/Gu  16.000   8/30/2022     CHF    43.450
Vontobel Financial Produ  18.000   6/24/2022     EUR    69.370
Vontobel Financial Produ  15.500   9/23/2022     EUR    71.570
DZ Bank AG Deutsche Zent  11.250   7/20/2022     EUR    44.690
UniCredit Bank AG          7.650   7/18/2022     EUR    66.580
UniCredit Bank AG          7.650   7/18/2022     EUR    49.630
Vontobel Financial Produ  19.500   6/24/2022     EUR    36.090
Bank Vontobel AG          14.000   9/19/2022     CHF    45.300
Bank Vontobel AG           7.000   9/19/2022     CHF    62.000
UBS AG/London             10.250   5/30/2023     CHF    69.400
UBS AG/London              8.250   5/27/2022     CHF    55.600
UBS AG/London              9.750  12/23/2022     CHF    63.250
UBS AG/London             16.750  12/23/2022     CHF    55.950
Leonteq Securities AG     16.000   5/25/2022     CHF    22.600
Vontobel Financial Produ  14.000   6/24/2022     EUR    43.670
Vontobel Financial Produ   9.500   9/23/2022     EUR    71.170
Vontobel Financial Produ  12.000   9/23/2022     EUR    68.430
Vontobel Financial Produ  16.000   6/24/2022     EUR    64.900
Vontobel Financial Produ  15.000   9/23/2022     EUR    66.440
Vontobel Financial Produ   4.000   9/23/2022     EUR    67.930
Vontobel Financial Produ   6.000   9/23/2022     EUR    61.800
Zurcher Kantonalbank Fin  19.000   08/10/2022    CHF    68.980
EFG International Financ   9.430   7/19/2022     USD    68.160
EFG International Financ  10.320   7/19/2022     USD    68.310
Vontobel Financial Produ   8.000   6/24/2022     EUR    62.080
Vontobel Financial Produ  12.500   6/24/2022     EUR    56.510
Vontobel Financial Produ  10.500   6/24/2022     EUR    59.160
Vontobel Financial Produ  15.000   6/24/2022     EUR    54.400
Vontobel Financial Produ  13.000   6/24/2022     EUR    60.380
Vontobel Financial Produ  17.500   6/24/2022     EUR    52.610
Vontobel Financial Produ  11.000   6/24/2022     EUR    61.860
Leonteq Securities AG/Gu  22.130   07/08/2022    CHF    31.850
Corner Banca SA           10.000   10/12/2022    CHF    52.650
Leonteq Securities AG/Gu  10.000   07/06/2022    EUR    41.960
Leonteq Securities AG/Gu  12.000   01/12/2023    CHF    46.830
Bank Vontobel AG          10.000   07/12/2022    CHF    68.300
Bank Vontobel AG          10.000   01/10/2023    EUR    69.700
Landesbank Baden-Wuertte   3.100   7/22/2022     EUR    60.470
Landesbank Baden-Wuertte   8.750   7/22/2022     EUR    48.350
DZ Bank AG Deutsche Zent  23.900   3/25/2022     EUR    65.790
DZ Bank AG Deutsche Zent  20.500   6/24/2022     EUR    70.380
DZ Bank AG Deutsche Zent  22.500   6/24/2022     EUR    67.550
DZ Bank AG Deutsche Zent  24.200   3/25/2022     EUR    68.480
Landesbank Baden-Wuertte   6.250   7/22/2022     EUR    69.780
Societe Generale Effekte   3.000   6/24/2022     EUR    71.440
Societe Generale Effekte   3.000   3/25/2022     EUR    68.690
Societe Generale Effekte  10.750   6/24/2022     EUR    47.620
Societe Generale Effekte   6.250   7/22/2022     EUR    55.980
Societe Generale Effekte   8.250   7/22/2022     EUR    51.530
Societe Generale Effekte  10.250   7/22/2022     EUR    48.510
Vontobel Financial Produ   9.500   6/24/2022     EUR    51.530
Vontobel Financial Produ  15.750   6/24/2022     EUR    69.120
Landesbank Baden-Wuertte   3.150   7/22/2022     EUR    61.010
DZ Bank AG Deutsche Zent  17.500   6/24/2022     EUR    66.730
Vontobel Financial Produ  13.000   9/23/2022     EUR    57.150
Vontobel Financial Produ  18.000   9/23/2022     EUR    53.980
Vontobel Financial Produ  11.500   9/23/2022     EUR    60.490
Raiffeisen Schweiz Genos  12.000  10/13/2022     CHF    67.020
Leonteq Securities AG/Gu  21.420   7/27/2022     CHF    47.080
DZ Bank AG Deutsche Zent  19.700   6/24/2022     EUR    74.830
DZ Bank AG Deutsche Zent  23.300   3/25/2022     EUR    67.930
DZ Bank AG Deutsche Zent  16.100   3/25/2022     EUR    36.970
DZ Bank AG Deutsche Zent  10.300   3/25/2022     EUR    67.360
DZ Bank AG Deutsche Zent  16.200   3/25/2022     EUR    61.170
DZ Bank AG Deutsche Zent   8.900   6/24/2022     EUR    67.830
Landesbank Baden-Wuertte   3.300   1/27/2023     EUR    64.920
Landesbank Baden-Wuertte   7.200   1/27/2023     EUR    58.940
Landesbank Baden-Wuertte   5.400   1/27/2023     EUR    53.560
Landesbank Baden-Wuertte   4.200   1/27/2023     EUR    66.280
Landesbank Baden-Wuertte   6.600   1/27/2023     EUR    59.400
Leonteq Securities AG/Gu  10.750  10/28/2022     EUR    43.490
Landesbank Baden-Wuertte   4.000   8/22/2025     EUR    69.300
Raiffeisen Centrobank AG   7.500   09/01/2023    EUR    62.580
Bank Julius Baer & Co Lt   9.600   7/29/2022     USD    58.700
Vontobel Financial Produ  16.520   1/30/2023     EUR    69.720
Bank Vontobel AG          11.000   08/01/2022    EUR    61.500
Zurcher Kantonalbank Fin  10.500   06/02/2022    CHF    67.580
DZ Bank AG Deutsche Zent  17.200   6/24/2022     EUR    52.820
DZ Bank AG Deutsche Zent  16.700   3/25/2022     EUR    73.980
DZ Bank AG Deutsche Zent  18.400   6/24/2022     EUR    37.200
DZ Bank AG Deutsche Zent  13.300   6/24/2022     EUR    62.920
Zurcher Kantonalbank Fin  14.000   08/02/2022    CHF    68.690
UniCredit Bank AG         12.400   8/17/2022     EUR    59.620
UniCredit Bank AG          5.750   8/17/2022     EUR    66.490
Landesbank Baden-Wuertte   5.150   1/27/2023     EUR    61.700
Landesbank Baden-Wuertte   7.250   1/27/2023     EUR    51.530
Landesbank Baden-Wuertte   8.750   1/27/2023     EUR    56.110
Vontobel Financial Produ  14.000   4/26/2022     CHF    49.190
Raiffeisen Schweiz Genos  13.000   07/05/2022    CHF    69.240
Corner Banca SA           14.000   11/02/2022    CHF    41.400
Societe Generale Effekte   3.000   6/24/2022     EUR    66.110
DZ Bank AG Deutsche Zent   7.500  12/23/2022     EUR    68.510
DZ Bank AG Deutsche Zent  10.000  12/23/2022     EUR    64.610
DZ Bank AG Deutsche Zent   7.500   6/24/2022     EUR    70.450
DZ Bank AG Deutsche Zent  10.000   6/24/2022     EUR    65.310
Zurcher Kantonalbank Fin  29.250   08/09/2022    CHF    53.860
Leonteq Securities AG/Gu  10.000   07/12/2023    CHF    67.980
Vontobel Financial Produ   8.000   6/24/2022     EUR    65.640
Vontobel Financial Produ   9.500   6/24/2022     EUR    63.660
Vontobel Financial Produ  20.000   6/24/2022     EUR    51.060
Vontobel Financial Produ  14.500   6/24/2022     EUR    58.880
Landesbank Baden-Wuertte   3.300   5/27/2022     EUR    51.800
Vontobel Financial Produ   8.500   9/23/2022     EUR    63.850
Vontobel Financial Produ  15.000   9/23/2022     EUR    58.190
Vontobel Financial Produ  13.000   9/23/2022     EUR    70.130
Zurcher Kantonalbank Fin  19.000   7/22/2022     CHF    55.670
DZ Bank AG Deutsche Zent  20.800   3/25/2022     EUR    68.820
DZ Bank AG Deutsche Zent  16.400   6/24/2022     EUR    71.870
EFG International Financ  10.030   7/26/2022     USD    56.120
Zurcher Kantonalbank Fin   8.500   08/11/2022    CHF    70.240
Raiffeisen Schweiz Genos  18.520   7/13/2022     CHF    46.250
Basler Kantonalbank       12.000  10/14/2022     CHF    72.160
Leonteq Securities AG/Gu   6.200   5/20/2022     EUR    71.300
Societe Generale Effekte   5.750   5/27/2022     EUR    70.640
Societe Generale Effekte  11.750   5/27/2022     EUR    55.210
Societe Generale Effekte  15.750   5/27/2022     EUR    49.770
Leonteq Securities AG/Gu  22.860   8/24/2022     CHF    68.090
Zurcher Kantonalbank Fin  13.750   09/01/2022    CHF    44.680
EFG International Financ  12.000   03/01/2023    CHF    51.650
EFG International Financ  13.000   8/25/2022     CHF    58.850
UniCredit Bank AG          7.450  11/18/2024     EUR    62.810
Vontobel Financial Produ  16.750   6/24/2022     EUR    67.440
Leonteq Securities AG     24.480  10/14/2022     CHF    56.950
Landesbank Baden-Wuertte   4.000  10/28/2022     EUR    75.240
DZ Bank AG Deutsche Zent  15.000  10/26/2022     EUR    50.530
EFG International Financ  14.000   8/25/2022     USD    51.780
Vontobel Financial Produ  12.000   9/27/2022     EUR    46.870
Landesbank Baden-Wuertte   9.000  10/28/2022     EUR    68.680
Landesbank Baden-Wuertte   6.500  10/28/2022     EUR    71.770
Vontobel Financial Produ  18.000   9/23/2022     EUR    62.920
Vontobel Financial Produ  14.000   9/23/2022     EUR    60.940
Leonteq Securities AG/Gu  10.000  12/13/2022     USD    51.960
Vontobel Financial Produ   9.500   9/23/2022     EUR    65.460
Vontobel Financial Produ  20.500   9/23/2022     EUR    48.040
Vontobel Financial Produ   8.000   9/23/2022     EUR    64.580
Vontobel Financial Produ  14.000   6/24/2022     EUR    70.690
Vontobel Financial Produ  18.500   6/24/2022     EUR    50.330
Leonteq Securities AG/Gu  25.020   8/23/2022     CHF    48.640
Societe Generale Effekte  15.250   8/26/2022     EUR    44.000
Landesbank Baden-Wuertte   2.300   6/24/2022     EUR    59.610
Societe Generale Effekte  20.500   3/25/2022     EUR    38.060
Landesbank Baden-Wuertte   4.000   5/27/2022     EUR    49.860
Landesbank Baden-Wuertte   3.300   5/27/2022     EUR    59.720
Goldman Sachs & Co Wertp  22.000   7/20/2022     EUR    72.470
Leonteq Securities AG/Gu  23.000   09/09/2022    CHF    60.010
UniCredit Bank AG         10.300   9/27/2024     EUR    69.880
Zurcher Kantonalbank Fin  26.500   8/31/2022     CHF    51.720
Corner Banca SA           14.600  12/13/2022     CHF    50.490
Leonteq Securities AG     15.000   9/13/2022     CHF    44.970
Corner Banca SA           17.000  12/13/2022     USD    61.650
Corner Banca SA           20.000   9/13/2022     CHF    54.150
Leonteq Securities AG     10.000   03/10/2023    CHF    52.590
Vontobel Financial Produ  11.250   9/23/2022     EUR    66.270
Leonteq Securities AG/Gu  18.000   9/13/2022     USD    49.020
Vontobel Financial Produ  19.000   6/24/2022     EUR    53.050
Vontobel Financial Produ  14.750   6/24/2022     EUR    46.340
DekaBank Deutsche Giroze   2.800   05/02/2022    EUR    56.650
Bank Julius Baer & Co Lt  10.500   2/24/2023     USD    48.100
Leonteq Securities AG/Gu  22.200   10/04/2022    CHF    48.210
Leonteq Securities AG/Gu  25.200   10/04/2022    CHF    68.450
Vontobel Financial Produ  21.250   9/23/2022     EUR    60.270
Landesbank Baden-Wuertte   3.100   6/24/2022     EUR    70.530
Landesbank Baden-Wuertte   6.400   5/27/2022     EUR    51.880
Landesbank Baden-Wuertte   8.500   5/27/2022     EUR    49.200
Landesbank Baden-Wuertte   7.700   5/27/2022     EUR    68.790
Landesbank Baden-Wuertte   2.050   6/24/2022     EUR    73.540
Landesbank Baden-Wuertte   6.700   5/27/2022     EUR    44.240
Leonteq Securities AG     14.200   09/01/2022    CHF    65.650
Landesbank Baden-Wuertte   4.350   6/24/2022     EUR    67.850
Landesbank Baden-Wuertte   4.550   5/27/2022     EUR    55.100
Danske Bank A/S           10.300   07/09/2023    SEK    11.600
Leonteq Securities AG/Gu  25.030   2/25/2022     USD    30.500
Raiffeisen Switzerland B   4.800  11/23/2023     CHF    68.590
DekaBank Deutsche Giroze   2.600  10/24/2023     EUR    67.130
Vontobel Financial Produ  10.000   6/24/2022     EUR    67.970
Vontobel Financial Produ   9.000   3/25/2022     EUR    69.590
Vontobel Financial Produ  15.000   6/24/2022     EUR    62.580
Vontobel Financial Produ  18.500   3/25/2022     EUR    59.000
Raiffeisen Schweiz Genos   5.000   04/05/2022    CHF    74.710
Zurcher Kantonalbank Fin  17.000   06/07/2022    USD    55.340
Landesbank Baden-Wuertte   3.000  12/23/2022     EUR    68.190
Societe Generale Effekte  13.750   5/27/2022     EUR    52.200
EFG International Financ   6.300   5/26/2023     USD    57.470
DZ Bank AG Deutsche Zent  22.200   3/25/2022     EUR    70.900
DZ Bank AG Deutsche Zent  22.000   6/24/2022     EUR    64.540
DZ Bank AG Deutsche Zent  12.000   3/23/2022     EUR    69.410
Raiffeisen Schweiz Genos  12.500   7/26/2022     CHF    54.850
Raiffeisen Schweiz Genos  14.000   7/26/2022     CHF    57.120
Raiffeisen Schweiz Genos   9.500   1/26/2023     CHF    64.310
Bank Julius Baer & Co Lt  10.800   5/25/2022     USD    43.950
Zurcher Kantonalbank Fin  24.500   06/02/2022    CHF    70.810
Vontobel Financial Produ   8.500   5/25/2022     USD    57.260
Credit Suisse AG/London   15.750   11/10/2022    CHF    49.180
Leonteq Securities AG     12.000   1/18/2023     CHF    58.040
Leonteq Securities AG/Gu  11.000  10/18/2022     CHF    49.700
Vontobel Financial Produ  17.850   04/05/2022    EUR    61.930
DZ Bank AG Deutsche Zent  13.300   9/23/2022     EUR    71.680
Leonteq Securities AG     25.680   9/23/2022     CHF    49.320
Leonteq Securities AG     20.880   9/23/2022     CHF    46.050
Vontobel Financial Produ  11.000   9/23/2022     EUR    68.220
Vontobel Financial Produ   7.500   9/23/2022     EUR    65.600
Vontobel Financial Produ  12.500   9/23/2022     EUR    61.150
Vontobel Financial Produ  15.500   9/23/2022     EUR    59.800
Vontobel Financial Produ  17.500   9/23/2022     EUR    59.090
Vontobel Financial Produ   8.500   9/23/2022     EUR    64.840
Societe Generale Effekte  10.500  10/28/2022     EUR    50.580
Societe Generale Effekte  12.500  10/28/2022     EUR    48.440
Societe Generale Effekte  14.500  10/28/2022     EUR    46.960
Societe Generale Effekte  16.250   9/23/2022     EUR    64.090
Vontobel Financial Produ  16.500   9/23/2022     EUR    71.910
Leonteq Securities AG     15.000   11/08/2022    CHF    54.350
Leonteq Securities AG/Gu  13.000   11/08/2022    CHF    54.720
UniCredit Bank AG          7.400   12/07/2022    EUR    68.180
UBS AG/London             26.750  11/18/2022     USD    69.050
Vontobel Financial Produ  10.500  12/23/2022     EUR    69.180
Vontobel Financial Produ  10.500   9/23/2022     EUR    66.970
Credit Suisse AG/London    9.250   11/10/2022    CHF    52.420
Credit Suisse AG/London   17.000   11/10/2022    USD    49.320
Credit Suisse AG/London    8.000   2/13/2023     CHF    71.860
Leonteq Securities AG/Gu  11.360  11/30/2022     USD    62.280
UniCredit Bank AG         11.700  12/15/2022     EUR    71.700
Raiffeisen Schweiz Genos  10.000  11/15/2022     CHF    69.310
UBS AG/London              6.750   5/18/2023     USD    67.700
Vontobel Financial Produ  17.000  12/23/2022     EUR    67.540
Societe Generale Effekte   5.750  10/28/2022     EUR    65.030
Goldman Sachs & Co Wertp  22.000   5/25/2022     EUR    71.860
Goldman Sachs & Co Wertp  19.000   7/20/2022     EUR    73.980
Leonteq Securities AG/Gu  22.000   09/09/2022    CHF    43.340
Vontobel Financial Produ  17.850   03/10/2022    USD    62.280
Zurcher Kantonalbank Fin  27.500   8/31/2022     USD    51.610
Raiffeisen Schweiz Genos  14.000   2/20/2023     CHF    50.510
Leonteq Securities AG     11.000   2/23/2023     CHF    45.510
DZ Bank AG Deutsche Zent   9.750   9/21/2022     EUR    49.480
DZ Bank AG Deutsche Zent  14.500   9/21/2022     EUR    46.750
Goldman Sachs & Co Wertp  23.000   6/22/2022     EUR    71.110
Goldman Sachs & Co Wertp  20.000   8/24/2022     EUR    73.550
Goldman Sachs & Co Wertp  19.000   9/21/2022     EUR    74.470
Societe Generale Effekte  16.750   6/24/2022     EUR    41.880
Societe Generale Effekte  16.000   7/22/2022     EUR    42.780
Vontobel Financial Produ  17.000   9/23/2022     EUR    69.290
Bank Julius Baer & Co Lt  14.580   09/09/2022    USD    41.650
Citigroup Global Markets   8.200   3/21/2024     SEK    67.390
Leonteq Securities AG/Gu  26.200   09/07/2022    CHF    50.200
Leonteq Securities AG/Gu  24.800   09/07/2022    CHF    53.150
Leonteq Securities AG     15.000  11/23/2022     CHF    48.880
DZ Bank AG Deutsche Zent  14.500   9/21/2022     EUR    73.380
Leonteq Securities AG/Gu  13.000   8/23/2022     CHF    49.420
Leonteq Securities AG/Gu   8.000   8/23/2023     CHF    55.260
Bank Julius Baer & Co Lt  14.500   02/10/2023    CHF    54.300
Leonteq Securities AG/Gu  20.000   08/10/2022    CHF    59.570
Leonteq Securities AG/Gu  22.310   08/10/2022    USD    32.540
DZ Bank AG Deutsche Zent  17.600   3/25/2022     EUR    66.410
DZ Bank AG Deutsche Zent  16.300   9/23/2022     EUR    68.990
DZ Bank AG Deutsche Zent  21.100   9/23/2022     EUR    64.250
DZ Bank AG Deutsche Zent  21.800   9/23/2022     EUR    65.800
DZ Bank AG Deutsche Zent  22.900   6/24/2022     EUR    60.070
DZ Bank AG Deutsche Zent  16.400   9/23/2022     EUR    67.200
DZ Bank AG Deutsche Zent  18.000   9/23/2022     EUR    65.150
DZ Bank AG Deutsche Zent  21.300   9/23/2022     EUR    61.470
DZ Bank AG Deutsche Zent  23.000   9/23/2022     EUR    60.160
DZ Bank AG Deutsche Zent  12.700   9/23/2022     EUR    68.920
DZ Bank AG Deutsche Zent  14.500   9/23/2022     EUR    67.190
DZ Bank AG Deutsche Zent  24.300   3/25/2022     EUR    57.980
DZ Bank AG Deutsche Zent  15.500  12/21/2022     EUR    63.540
Leonteq Securities AG/Gu  20.000   8/23/2022     USD    34.240
Bank Vontobel AG          15.000   2/20/2023     CHF    53.500
Goldman Sachs & Co Wertp  23.000   4/21/2022     EUR    70.770
Goldman Sachs & Co Wertp  18.000   5/25/2022     EUR    73.840
Vontobel Financial Produ  12.000   3/25/2022     EUR    65.570
Vontobel Financial Produ  12.500   6/24/2022     EUR    65.070
UniCredit Bank AG          4.000  11/21/2022     EUR    63.390
Goldman Sachs & Co Wertp  21.000   3/23/2022     EUR    71.820
Zurcher Kantonalbank Fin   8.000   07/01/2022    CHF    66.580
Zurcher Kantonalbank Fin  18.000   07/01/2022    USD    68.010
Societe Generale Effekte  12.000   7/22/2022     EUR    51.230
Societe Generale Effekte  14.000   7/22/2022     EUR    49.130
Vontobel Financial Produ  12.250   6/24/2022     EUR    71.870
Societe Generale Effekte   4.000   7/22/2022     EUR    69.760
Societe Generale Effekte   6.000   7/22/2022     EUR    62.820
Societe Generale Effekte   8.000   7/22/2022     EUR    57.690
Societe Generale Effekte  10.000   7/22/2022     EUR    53.970
Vontobel Financial Produ   9.500   6/24/2022     EUR    48.780
Vontobel Financial Produ  12.000   6/24/2022     EUR    68.730
Vontobel Financial Produ  14.000   6/24/2022     EUR    56.700
Vontobel Financial Produ  18.500   6/24/2022     EUR    54.110
Vontobel Financial Produ  10.500   6/24/2022     EUR    60.380
Vontobel Financial Produ   7.000   6/24/2022     EUR    64.910
Vontobel Financial Produ  20.000   6/24/2022     EUR    64.420
Leonteq Securities AG     16.000   6/28/2022     CHF    44.900
Leonteq Securities AG     18.000   9/28/2022     CHF    65.450
Corner Banca SA           14.000   9/28/2022     CHF    68.370
Leonteq Securities AG     17.000   6/28/2022     CHF    36.160
Leonteq Securities AG     14.000  12/28/2022     CHF    51.570
Raiffeisen Schweiz Genos  12.000  12/28/2022     CHF    70.780
Leonteq Securities AG/Gu  12.000   6/28/2022     CHF    32.020
Leonteq Securities AG/Gu  22.560   6/24/2022     CHF    36.460
Leonteq Securities AG/Gu  17.000   6/28/2022     USD    61.180
Leonteq Securities AG/Gu  26.030   6/24/2022     CHF    37.390
Raiffeisen Schweiz Genos  13.000   6/29/2022     CHF    67.110
Raiffeisen Schweiz Genos  10.000   6/29/2022     CHF    64.760
Raiffeisen Schweiz Genos  20.000   6/29/2022     CHF    45.500
Raiffeisen Schweiz Genos  11.000   6/29/2022     CHF    62.770
DZ Bank AG Deutsche Zent   8.500   9/21/2022     EUR    71.520
Vontobel Financial Produ   9.400  12/30/2022     CHF    41.000
Erste Group Bank AG        4.500   08/02/2025    EUR    72.100
Erste Group Bank AG        5.500   08/02/2025    EUR    63.400
Leonteq Securities AG/Gu  20.000   6/29/2022     CHF    50.970
Leonteq Securities AG/Gu  24.020   6/29/2022     CHF    52.790
UniCredit Bank AG         10.100   7/27/2022     EUR    63.010
UniCredit Bank AG          9.800   7/27/2022     EUR    52.780
UniCredit Bank AG          9.250   7/27/2022     EUR    67.420
Zurcher Kantonalbank Fin  15.750   07/08/2022    USD    46.270
Bank Vontobel AG           7.000  12/27/2022     CHF    60.000
Zurcher Kantonalbank Fin  10.400   07/08/2022    CHF    65.660
Landesbank Baden-Wuertte   4.150   6/23/2023     EUR    54.560
Landesbank Baden-Wuertte   2.800   6/23/2023     EUR    56.700
Landesbank Baden-Wuertte   3.800   6/23/2023     EUR    51.590
Landesbank Baden-Wuertte   2.600   6/23/2023     EUR    54.430
Landesbank Baden-Wuertte   4.500   6/23/2023     EUR    72.890
Landesbank Baden-Wuertte   3.350   6/23/2023     EUR    74.840
Landesbank Baden-Wuertte   5.000   6/23/2023     EUR    49.660
Landesbank Baden-Wuertte   7.250   6/23/2023     EUR    72.630
Landesbank Baden-Wuertte   5.600   6/23/2023     EUR    74.590
Leonteq Securities AG/Gu   8.410   4/21/2022     EUR    53.190
Bank Julius Baer & Co Lt   9.300   01/09/2023    USD    70.650
Bank Julius Baer & Co Lt   9.250   10/07/2022    USD    51.200
Leonteq Securities AG/Gu  24.600   10/07/2022    CHF    48.790
Leonteq Securities AG/Gu  26.400   10/07/2022    CHF    52.650
Societe Generale Effekte   7.000   6/24/2022     EUR    67.190
Societe Generale Effekte  17.000   6/24/2022     EUR    50.480
Societe Generale Effekte   8.250   7/22/2022     EUR    62.730
Societe Generale Effekte  12.500   9/23/2022     EUR    55.150
Societe Generale Effekte  14.500   9/23/2022     EUR    53.280
Societe Generale Effekte   9.500  10/28/2022     EUR    59.250
Societe Generale Effekte  18.250   5/27/2022     EUR    49.110
Vontobel Financial Produ  13.250   9/23/2022     EUR    72.850
Leonteq Securities AG/Gu  12.000   10/11/2022    CHF    51.010
Vontobel Financial Produ  11.750   9/23/2022     EUR    67.340
Leonteq Securities AG     11.000   01/11/2023    CHF    54.550
Leonteq Securities AG/Gu  17.000   01/12/2023    USD    70.340
Leonteq Securities AG/Gu  18.000   10/12/2022    USD    52.670
Raiffeisen Schweiz Genos  18.000   10/12/2022    CHF    55.500
Leonteq Securities AG     22.440   10/11/2022    CHF    47.350
UniCredit Bank AG          7.400   11/09/2022    EUR    69.390
UniCredit Bank AG         11.900   11/09/2022    EUR    51.710
DZ Bank AG Deutsche Zent  22.900   9/23/2022     EUR    68.980
DZ Bank AG Deutsche Zent  20.000   6/24/2022     EUR    48.190
DZ Bank AG Deutsche Zent  16.400   9/23/2022     EUR    50.660
Societe Generale Effekte  10.750   5/27/2022     EUR    60.850
Societe Generale Effekte  20.750   5/27/2022     EUR    50.910
Societe Generale Effekte   9.500   6/24/2022     EUR    63.540
Societe Generale Effekte  11.500   6/24/2022     EUR    59.890
Societe Generale Effekte  13.500   6/24/2022     EUR    57.160
Societe Generale Effekte  15.500   6/24/2022     EUR    55.070
Societe Generale Effekte  19.500   6/24/2022     EUR    52.120
Societe Generale Effekte  10.750   7/22/2022     EUR    61.300
Societe Generale Effekte  12.750   7/22/2022     EUR    58.350
Societe Generale Effekte  14.750   7/22/2022     EUR    56.130
Societe Generale Effekte  16.750   7/22/2022     EUR    54.350
Societe Generale Effekte  18.750   7/22/2022     EUR    52.980
Societe Generale Effekte   9.750   8/26/2022     EUR    63.100
Societe Generale Effekte  11.750   8/26/2022     EUR    59.960
Societe Generale Effekte  13.750   8/26/2022     EUR    57.510
Societe Generale Effekte  15.750   8/26/2022     EUR    55.620
Societe Generale Effekte  17.750   8/26/2022     EUR    54.180
Societe Generale Effekte   9.000   9/23/2022     EUR    64.330
Societe Generale Effekte  11.000   9/23/2022     EUR    60.980
Societe Generale Effekte  17.000   9/23/2022     EUR    55.000
Societe Generale Effekte   8.000  10/28/2022     EUR    65.960
EFG International Financ  14.000  10/13/2022     CHF    53.530
Vontobel Financial Produ  11.500   9/23/2022     EUR    64.210
Vontobel Financial Produ  14.000   9/23/2022     EUR    62.240
Vontobel Financial Produ  16.500   9/23/2022     EUR    60.620
Vontobel Financial Produ  19.500   9/23/2022     EUR    59.610
Vontobel Financial Produ   9.000   9/23/2022     EUR    66.560
Raiffeisen Schweiz Genos  16.200   9/14/2022     CHF    46.070
Raiffeisen Schweiz Genos   9.000   03/10/2023    USD    64.520
Raiffeisen Switzerland B  10.000   03/10/2023    EUR    45.500
DZ Bank AG Deutsche Zent  15.750   9/21/2022     EUR    62.290
Bank Julius Baer & Co Lt   6.000   9/14/2022     CHF    66.900
Bank Julius Baer & Co Lt  13.500   9/14/2022     CHF    50.050
Leonteq Securities AG     24.040   9/14/2022     CHF    68.570
Leonteq Securities AG     20.410   9/14/2022     CHF    41.340
DZ Bank AG Deutsche Zent  12.100   6/24/2022     EUR    64.400
DZ Bank AG Deutsche Zent  10.600   9/23/2022     EUR    66.300
DZ Bank AG Deutsche Zent  16.600   6/24/2022     EUR    68.030
DZ Bank AG Deutsche Zent  19.600   6/24/2022     EUR    65.490
DZ Bank AG Deutsche Zent  16.200   9/23/2022     EUR    68.460
DZ Bank AG Deutsche Zent  16.800   9/23/2022     EUR    56.420
DZ Bank AG Deutsche Zent  22.000   6/24/2022     EUR    66.680
DZ Bank AG Deutsche Zent  21.000   9/23/2022     EUR    67.840
DZ Bank AG Deutsche Zent  19.200   9/23/2022     EUR    73.330
DZ Bank AG Deutsche Zent  14.900   6/24/2022     EUR    66.790
DZ Bank AG Deutsche Zent  13.200   9/23/2022     EUR    69.170
DZ Bank AG Deutsche Zent  17.100   6/24/2022     EUR    57.860
DZ Bank AG Deutsche Zent  15.400   9/23/2022     EUR    61.060
DZ Bank AG Deutsche Zent  21.100   9/23/2022     EUR    56.860
DZ Bank AG Deutsche Zent  21.000   6/24/2022     EUR    69.320
DZ Bank AG Deutsche Zent  19.000   9/23/2022     EUR    67.930
DZ Bank AG Deutsche Zent  23.600   9/23/2022     EUR    63.680
Leonteq Securities AG     24.360   9/13/2022     CHF    48.000
EFG International Financ  22.000   9/15/2022     CHF    52.290
Vontobel Financial Produ  13.000   6/24/2022     EUR    61.840
Vontobel Financial Produ  16.000   6/24/2022     EUR    59.320
Vontobel Financial Produ  14.500   6/24/2022     EUR    60.540
Vontobel Financial Produ  19.500   6/24/2022     EUR    57.370
Vontobel Financial Produ  18.000   6/24/2022     EUR    58.400
Vontobel Financial Produ   9.500   6/24/2022     EUR    68.830
Vontobel Financial Produ  13.500   6/24/2022     EUR    65.020
Vontobel Financial Produ  11.500   6/24/2022     EUR    66.830
Vontobel Financial Produ  17.000   6/24/2022     EUR    62.800
Vontobel Financial Produ  12.500   6/24/2022     EUR    65.900
Vontobel Financial Produ   8.500   6/24/2022     EUR    69.900
Vontobel Financial Produ  19.500   6/24/2022     EUR    61.570
Vontobel Financial Produ  14.500   6/24/2022     EUR    64.180
Vontobel Financial Produ  16.000   6/24/2022     EUR    63.560
Vontobel Financial Produ  10.500   6/24/2022     EUR    67.810
Vontobel Financial Produ  18.000   6/24/2022     EUR    62.080
Vontobel Financial Produ  11.500   6/24/2022     EUR    63.250
EFG International Financ  17.000   9/15/2022     EUR    45.720
EFG International Financ  15.000   9/15/2022     USD    55.250
EFG International Financ  22.900   6/15/2022     CHF    41.960
Bank Julius Baer & Co Lt   8.050  12/16/2022     USD    60.550
Landesbank Baden-Wuertte   9.300   9/23/2022     EUR    66.510
Landesbank Baden-Wuertte   6.000   3/25/2022     EUR    65.100
Landesbank Baden-Wuertte  11.000   3/25/2022     EUR    57.300
Landesbank Baden-Wuertte   2.850   9/23/2022     EUR    66.100
Landesbank Baden-Wuertte   4.700   9/23/2022     EUR    62.560
Landesbank Baden-Wuertte   6.800   9/23/2022     EUR    59.640
Landesbank Baden-Wuertte   4.000   9/23/2022     EUR    72.670
Landesbank Baden-Wuertte   5.800   9/23/2022     EUR    66.240
Landesbank Baden-Wuertte   9.000   9/23/2022     EUR    60.980
Societe Generale Effekte  18.250   6/24/2022     EUR    60.490
Societe Generale Effekte  18.000   5/27/2022     EUR    40.160
Vontobel Financial Produ  19.000   9/23/2022     EUR    43.940
Vontobel Financial Produ  17.000   9/23/2022     EUR    59.040
UBS AG/London             19.750   4/21/2022     USD    36.600
Russian Post FGUP          2.750   12/06/2023    RUB    70.000
Leonteq Securities AG/Gu  24.120  12/28/2022     CHF    57.580
Corner Banca SA           18.000   01/03/2023    USD    70.110
Raiffeisen Switzerland B  20.000  12/30/2022     CHF    71.240
Bank Vontobel AG          14.000   3/30/2023     EUR    58.600
Raiffeisen Switzerland B  20.000   01/06/2023    CHF    73.060
Societe Generale Effekte  23.750   7/22/2022     EUR    56.640
Societe Generale Effekte  21.750   8/26/2022     EUR    57.540
Societe Generale Effekte  20.500   9/23/2022     EUR    58.140
Leonteq Securities AG/Gu  15.000   2/24/2023     USD    69.370
Leonteq Securities AG/Gu  14.000   2/23/2023     CHF    68.180
BNP Paribas Emissions- u  12.000   9/22/2022     EUR    53.360
BNP Paribas Emissions- u  12.000   9/22/2022     EUR    51.330
BNP Paribas Emissions- u  14.000   9/22/2022     EUR    50.610
BNP Paribas Emissions- u  16.000   9/22/2022     EUR    50.010
BNP Paribas Emissions- u  18.000   9/22/2022     EUR    49.540
BNP Paribas Emissions- u  20.000   9/22/2022     EUR    49.190
BNP Paribas Emissions- u   8.000  12/22/2022     EUR    54.570
BNP Paribas Emissions- u  10.000  12/22/2022     EUR    56.230
BNP Paribas Emissions- u  10.000  12/22/2022     EUR    54.170
BNP Paribas Emissions- u  12.000  12/22/2022     EUR    53.910
BNP Paribas Emissions- u  12.000  12/22/2022     EUR    52.120
BNP Paribas Emissions- u  14.000  12/22/2022     EUR    52.100
BNP Paribas Emissions- u  16.000  12/22/2022     EUR    52.190
BNP Paribas Emissions- u  16.000  12/22/2022     EUR    50.660
BNP Paribas Emissions- u  18.000  12/22/2022     EUR    52.310
BNP Paribas Emissions- u  18.000  12/22/2022     EUR    51.020
Credit Suisse AG/London    9.000  11/21/2022     USD    58.570
Vontobel Financial Produ  18.750  12/23/2022     EUR    68.590
Vontobel Financial Produ  13.000  12/23/2022     EUR    61.310
Vontobel Financial Produ  18.750  12/23/2022     EUR    58.330
Vontobel Financial Produ  18.000  12/23/2022     EUR    63.540
Leonteq Securities AG/Gu  20.000   12/02/2022    CHF    65.070
Leonteq Securities AG/Gu  16.400   12/02/2022    CHF    62.990
DekaBank Deutsche Giroze   8.100   8/26/2022     EUR    59.760
Leonteq Securities AG/Gu  11.210   06/06/2023    CHF    61.480
Corner Banca SA           12.600   12/06/2022    CHF    61.630
Leonteq Securities AG     17.100   12/06/2022    CHF    51.910
Leonteq Securities AG/Gu  15.800   12/06/2022    USD    56.050
Leonteq Securities AG/Gu   8.000   12/06/2022    CHF    64.940
Leonteq Securities AG/Gu  12.000   12/06/2022    CHF    49.690
Bank Vontobel AG          14.001   04/01/2022    CHF    36.500
DekaBank Deutsche Giroze   3.750   11/04/2022    EUR    51.150
Alteo Nyrt                 2.450   10/08/2031    HUF    67.800
Bank Julius Baer & Co Lt   8.000   10/07/2022    USD    59.950
Zurcher Kantonalbank Fin  11.250  10/20/2022     USD    45.950
UBS AG/London             14.500  10/17/2022     USD    41.250
UBS AG/London             13.500   4/14/2022     CHF    44.000
UBS AG/London              9.250  10/21/2022     CHF    57.800
Nordea Bank Abp            5.813   7/20/2024     SEK    72.140
Landesbank Baden-Wuertte   3.600   6/23/2023     EUR    61.720
Corner Banca SA           14.000   2/22/2023     USD    69.290
Leonteq Securities AG/Gu  11.000   2/22/2023     USD    60.640
Leonteq Securities AG/Gu  11.000  11/22/2022     CHF    54.760
Zurcher Kantonalbank Fin   7.500   11/11/2022    CHF    72.440
Zurcher Kantonalbank Fin  20.000  11/15/2022     USD    55.240
Zurcher Kantonalbank Fin  19.000  11/15/2022     CHF    54.930
Zurcher Kantonalbank Fin   6.400  11/16/2022     USD    68.500
Bank Vontobel AG           6.500   2/20/2023     CHF    51.600
Bank Vontobel AG          21.750   5/26/2023     CHF    66.800
Bank Vontobel AG          12.500   2/27/2023     CHF    57.800
Bank Vontobel AG          18.250   5/26/2023     EUR    53.500
Bank Vontobel AG          12.000  11/28/2022     CHF    63.500
Credit Suisse AG/London   13.500  11/28/2022     CHF    57.880
Credit Suisse AG/London   15.000  11/29/2022     USD    57.690
Bank Vontobel AG           9.000   2/21/2023     CHF    66.900
Bank Vontobel AG          12.250  11/28/2022     CHF    61.900
Raiffeisen Switzerland B  19.000   12/06/2022    CHF    58.370
Leonteq Securities AG/Gu  22.200   12/07/2022    CHF    60.000
DZ Bank AG Deutsche Zent  16.700  12/23/2022     EUR    62.360
Societe Generale Effekte  20.500  12/23/2022     EUR    71.870
DZ Bank AG Deutsche Zent  10.500   5/25/2022     EUR    46.000
DZ Bank AG Deutsche Zent  11.500   6/22/2022     EUR    74.620
DZ Bank AG Deutsche Zent  10.000  12/23/2022     EUR    61.040
Zurcher Kantonalbank Fin  21.500  12/20/2022     CHF    65.180
Zurcher Kantonalbank Fin  22.500  12/20/2022     USD    65.110
Corner Banca SA           14.000   3/27/2023     CHF    67.570
Credit Suisse AG/London   20.000  12/21/2022     USD    58.810
Bank Vontobel AG          20.000  12/27/2022     CHF    67.400
Bank Vontobel AG           9.500  12/27/2023     CHF    63.500
Bank Vontobel AG          18.750  12/27/2022     CHF    66.700
Raiffeisen Schweiz Genos  17.500  12/27/2022     CHF    61.500
Raiffeisen Switzerland B  15.000  12/27/2022     CHF    62.340
DZ Bank AG Deutsche Zent  12.250   6/22/2022     EUR    49.670
DZ Bank AG Deutsche Zent  14.750  12/21/2022     EUR    61.700
DZ Bank AG Deutsche Zent  13.000   3/22/2023     EUR    62.550
Societe Generale Effekte  24.250   7/22/2022     EUR    71.920
Societe Generale Effekte  26.250   7/22/2022     EUR    71.150
Societe Generale Effekte  21.750   8/26/2022     EUR    72.370
Societe Generale Effekte  23.750   8/26/2022     EUR    71.600
Societe Generale Effekte  25.750   8/26/2022     EUR    70.950
Societe Generale Effekte  22.000   9/23/2022     EUR    71.820
Societe Generale Effekte  20.250  10/28/2022     EUR    72.170
Societe Generale Effekte  22.250  10/28/2022     EUR    71.550
Societe Generale Effekte  21.000  11/25/2022     EUR    71.850
DZ Bank AG Deutsche Zent  18.100   3/24/2023     EUR    70.320
Societe Generale Effekte  12.500  10/28/2022     EUR    70.690
Societe Generale Effekte  14.500  10/28/2022     EUR    69.130
Societe Generale Effekte  18.500  10/28/2022     EUR    66.940
Societe Generale Effekte  11.500  11/25/2022     EUR    71.320
Societe Generale Effekte  13.500  11/25/2022     EUR    69.670
Societe Generale Effekte  17.500  11/25/2022     EUR    67.350
DZ Bank AG Deutsche Zent  24.600   9/23/2022     EUR    67.530
DZ Bank AG Deutsche Zent  20.600  12/23/2022     EUR    68.990
DZ Bank AG Deutsche Zent  21.300   1/27/2023     EUR    69.030
Societe Generale Effekte  16.250   9/23/2022     EUR    69.000
Societe Generale Effekte  18.250   9/23/2022     EUR    67.910
Societe Generale Effekte  10.750  12/23/2022     EUR    72.360
Societe Generale Effekte  14.750  12/23/2022     EUR    69.280
Societe Generale Effekte  18.750  12/23/2022     EUR    67.720
Credit Suisse AG/London    9.000   11/03/2022    CHF    55.710
Banque Internationale a   11.000   11/09/2022    CHF    56.140
Leonteq Securities AG/Gu  21.600   11/09/2022    CHF    45.760
DZ Bank AG Deutsche Zent   9.400  12/23/2022     EUR    72.170
DZ Bank AG Deutsche Zent  15.600  12/23/2022     EUR    68.610
DZ Bank AG Deutsche Zent  12.500  12/23/2022     EUR    74.850
DZ Bank AG Deutsche Zent   9.600  12/23/2022     EUR    48.450
DZ Bank AG Deutsche Zent  18.200  12/23/2022     EUR    71.350
DZ Bank AG Deutsche Zent  22.800  12/23/2022     EUR    68.580
DZ Bank AG Deutsche Zent  15.600  12/23/2022     EUR    73.820
DZ Bank AG Deutsche Zent  17.100  12/23/2022     EUR    58.710
DZ Bank AG Deutsche Zent  18.800   9/23/2022     EUR    67.320
Vontobel Financial Produ   9.500  12/23/2022     EUR    48.880
Zurcher Kantonalbank Fin  20.500   11/04/2022    CHF    65.580
Zurcher Kantonalbank Fin  30.000   1/18/2023     USD    61.630
Societe Generale Effekte  22.250   9/23/2022     EUR    65.610
Societe Generale Effekte  10.500  10/28/2022     EUR    72.660
Societe Generale Effekte  16.500  10/28/2022     EUR    67.900
Societe Generale Effekte  20.500  10/28/2022     EUR    66.270
Societe Generale Effekte  15.500  11/25/2022     EUR    68.340
Societe Generale Effekte  19.500  11/25/2022     EUR    66.580
DZ Bank AG Deutsche Zent  21.700   9/23/2022     EUR    68.390
DZ Bank AG Deutsche Zent  18.500  12/23/2022     EUR    69.530
DZ Bank AG Deutsche Zent  19.400   1/27/2023     EUR    69.380
DZ Bank AG Deutsche Zent  16.500   3/24/2023     EUR    70.960
Vontobel Financial Produ  20.250   05/09/2022    USD    75.300
SG Issuer SA              19.750   11/08/2022    EUR    57.580
Leonteq Securities AG/Gu  21.600   11/08/2022    CHF    55.770
Credit Suisse AG/London   14.000   11/02/2022    CHF    48.160
Barclays Bank PLC          0.438   11/08/2023    USD     9.677
Leonteq Securities AG/Gu  25.200   11/09/2022    CHF    64.090
UniCredit Bank AG          8.150  11/30/2022     EUR    67.310
DZ Bank AG Deutsche Zent  14.700  12/23/2022     EUR    47.160
DZ Bank AG Deutsche Zent  15.100   9/23/2022     EUR    73.660
Raiffeisen Switzerland B  17.500   11/08/2022    USD    51.840
Bank Julius Baer & Co Lt   7.900   2/13/2023     EUR    69.300
DZ Bank AG Deutsche Zent  19.300   9/23/2022     EUR    60.260
Societe Generale Effekte  18.500  12/23/2022     EUR    72.520
Skandinaviska Enskilda B   6.000   1/15/2025     SEK    62.130
Pongs & Zahn AG            8.500                 EUR     0.031
UBS AG/London             16.250   05/03/2023    USD    56.300
Credit Suisse AG/London   13.000   12/05/2022    EUR    51.170
Leonteq Securities AG/Gu  30.000   1/18/2023     CHF    71.770
DZ Bank AG Deutsche Zent  15.500   9/21/2022     EUR    59.130
DZ Bank AG Deutsche Zent  10.500   6/22/2022     EUR    63.650
Zurcher Kantonalbank Fin  29.000   1/17/2023     CHF    61.480
Raiffeisen Schweiz Genos  10.000  12/31/2024     CHF    71.250
Leonteq Securities AG      7.500   11/08/2022    CHF    59.710
Raiffeisen Schweiz Genos   3.400   3/21/2025     CHF    74.000
Raiffeisen Schweiz Genos   2.700   9/22/2026     CHF    68.090
Leonteq Securities AG      3.900  12/20/2024     CHF    73.570
Leonteq Securities AG/Gu  24.800  11/29/2022     CHF    52.800
DZ Bank AG Deutsche Zent  14.500  12/21/2022     EUR    50.020
Raiffeisen Schweiz Genos  18.000  10/19/2022     CHF    57.630
Zurcher Kantonalbank Fin  18.250  11/22/2022     CHF    56.390
Zurcher Kantonalbank Fin  23.000  11/22/2022     CHF    63.250
UniCredit Bank AG          5.050  11/16/2022     EUR    69.910
Raiffeisen Switzerland B   8.800   2/22/2023     CHF    62.740
Raiffeisen Schweiz Genos  16.000  11/22/2022     CHF    65.650
Raiffeisen Schweiz Genos  12.000  11/22/2022     CHF    46.440
Leonteq Securities AG/Gu  24.420  11/22/2022     CHF    57.830
Leonteq Securities AG/Gu  14.000   2/22/2023     EUR    63.900
Leonteq Securities AG/Gu  27.300  11/22/2022     USD    59.450
UniCredit Bank AG          4.200   12/06/2022    EUR    66.490
Societe Generale Effekte  14.250   9/23/2022     EUR    70.400
Societe Generale Effekte  13.750   8/26/2022     EUR    71.660
Societe Generale Effekte  15.750   8/26/2022     EUR    69.920
Societe Generale Effekte  19.750   8/26/2022     EUR    67.480
Societe Generale Effekte  12.250   9/23/2022     EUR    72.240
Societe Generale Effekte  20.250   9/23/2022     EUR    67.060
Societe Generale Effekte  12.750  12/23/2022     EUR    70.580
Societe Generale Effekte  16.750  12/23/2022     EUR    68.380
Societe Generale Effekte  17.750   8/26/2022     EUR    68.530
Vontobel Financial Produ  26.150   4/26/2022     EUR    41.780
Leonteq Securities AG     18.000  11/22/2022     CHF    59.540
Leonteq Securities AG     18.000   2/22/2023     CHF    63.630
Societe Generale Effekte  21.250   5/27/2022     EUR    44.940
Credit Suisse AG/London   10.500  10/26/2022     CHF    48.850
Leonteq Securities AG     10.000   5/22/2023     CHF    70.130
Credit Suisse AG/London   11.500  11/14/2022     USD    61.420
Zurcher Kantonalbank Fin  14.500   11/11/2022    CHF    58.210
Societe Generale Effekte  28.250   7/22/2022     EUR    70.510
Societe Generale Effekte  20.000   9/23/2022     EUR    72.600
Societe Generale Effekte  24.000   9/23/2022     EUR    71.190
Societe Generale Effekte  19.000  11/25/2022     EUR    72.430
Vontobel Financial Produ  27.900   05/09/2022    EUR    46.600
EFG International Financ  13.400  10/31/2022     CHF    63.750
DekaBank Deutsche Giroze   3.700  11/25/2022     EUR    66.770
Leonteq Securities AG     25.200  10/21/2022     CHF    54.150
Vontobel Financial Produ  12.500  12/23/2022     EUR    50.520
BNP Paribas Emissions- u  20.000   3/24/2022     EUR    44.510
BNP Paribas Emissions- u  20.000   3/24/2022     EUR    42.650
BNP Paribas Emissions- u  10.000   9/22/2022     EUR    52.210
Vontobel Financial Produ  15.250  12/23/2022     EUR    68.150
BNP Paribas Emissions- u  15.000   6/23/2022     EUR    66.890
BNP Paribas Emissions- u  10.000   9/22/2022     EUR    54.380
DekaBank Deutsche Giroze   3.250  11/25/2022     EUR    70.990
BNP Paribas Emissions- u  14.000   3/24/2022     EUR    66.290
BNP Paribas Emissions- u  18.000   3/24/2022     EUR    66.600
BNP Paribas Emissions- u  20.000   6/23/2022     EUR    64.510
BNP Paribas Emissions- u  18.000   9/22/2022     EUR    68.220
BNP Paribas Emissions- u  16.000   6/23/2022     EUR    48.070
BNP Paribas Emissions- u  16.000   3/24/2022     EUR    46.240
BNP Paribas Emissions- u  18.000   3/24/2022     EUR    44.350
Leonteq Securities AG/Gu  17.000  10/25/2022     USD    51.600
Leonteq Securities AG/Gu  13.000  10/25/2022     USD    54.020
Vontobel Financial Produ  18.250   9/23/2022     EUR    48.050
Credit Suisse AG/London    4.000   2/17/2025     EUR     0.010
Danske Bank A/S            6.860   07/09/2022    SEK    25.860
Leonteq Securities AG/Gu   7.600   1/23/2023     CHF    67.060
Zurcher Kantonalbank Fin   6.300  12/16/2022     CHF    53.620
Skandinaviska Enskilda B   7.450   1/15/2025     SEK    66.380
BNP Paribas Issuance BV    7.200  12/17/2024     SEK    72.890
Skandinaviska Enskilda B   6.250   1/15/2025     SEK    72.600
WEB Windenergie AG         6.500                 EUR     0.010
Zurcher Kantonalbank Fin   8.000   5/16/2022     CHF    50.830
Landesbank Baden-Wuertte   2.350   9/23/2022     EUR    33.230
WEB Windenergie AG         6.500                 EUR     0.010
Landesbank Baden-Wuertte   4.400   9/23/2022     EUR    29.460
Vontobel Financial Produ  14.000  12/23/2022     EUR    66.550
Vontobel Financial Produ  17.000  12/23/2022     EUR    51.480
Vontobel Financial Produ   9.000  12/23/2022     EUR    57.090
Vontobel Financial Produ  10.500  12/23/2022     EUR    68.410
BNP Paribas Emissions- u   8.000   6/23/2022     EUR    52.120
BNP Paribas Emissions- u  14.000   6/23/2022     EUR    47.410
BNP Paribas Emissions- u  18.000   6/23/2022     EUR    46.890
BNP Paribas Emissions- u  20.000   6/23/2022     EUR    47.540
BNP Paribas Emissions- u  20.000   6/23/2022     EUR    45.920
BNP Paribas Emissions- u   8.000   9/22/2022     EUR    53.230
Leonteq Securities AG     12.000   1/25/2023     CHF    54.810
Vontobel Financial Produ  10.000  12/23/2022     EUR    56.290
Vontobel Financial Produ  14.500  12/23/2022     EUR    65.870
DZ Bank AG Deutsche Zent  18.400  12/23/2022     EUR    71.650
Vontobel Financial Produ  12.000  12/23/2022     EUR    55.530
Vontobel Financial Produ  11.500  12/23/2022     EUR    67.980
Vontobel Financial Produ  16.500  12/23/2022     EUR    65.480
Bank Julius Baer & Co Lt  10.400   1/24/2023     USD    64.800
BNP Paribas Emissions- u  16.000   9/22/2022     EUR    67.070
BNP Paribas Emissions- u  10.000   6/23/2022     EUR    50.380
BNP Paribas Emissions- u  12.000   6/23/2022     EUR    48.760
Vontobel Financial Produ   6.000  12/23/2022     EUR    59.330
Vontobel Financial Produ  13.000  12/23/2022     EUR    66.840
Vontobel Financial Produ  15.500  12/23/2022     EUR    65.660
Leonteq Securities AG/Gu  20.600   12/02/2022    CHF    66.130
RENE LEZARD Mode GmbH      7.250  11/25/2017     EUR     0.200
MS Deutschland Beteiligu   6.875  12/18/2017     EUR     0.620
Bank Julius Baer & Co Lt  13.950   03/01/2022    USD    41.150
Bayerische Landesbank      2.500   7/22/2022     EUR    72.310
BNP Paribas Issuance BV    7.150   11/07/2024    SEK    74.820
Leonteq Securities AG/Gu   6.600   01/09/2023    CHF    67.800
Societe Generale SA       20.000  12/30/2022     USD    72.000
DeltaCredit Bank JSC       1.000  10/20/2025     RUB    65.030
Skandinaviska Enskilda B   5.750   1/15/2025     SEK    71.290
Skandinaviska Enskilda B   6.400   1/15/2025     SEK    63.120
Nordea Bank Abp            8.500   1/20/2025     SEK    67.130
UniCredit Bank AG          5.000   2/22/2022     EUR    63.590
DZ Bank AG Deutsche Zent   9.000   2/23/2022     EUR    29.080
DZ Bank AG Deutsche Zent  12.250   2/23/2022     EUR    62.800
DZ Bank AG Deutsche Zent  15.750   2/23/2022     EUR    43.550
Bank Julius Baer & Co Lt   9.000   11/07/2022    USD    64.850
UBS AG/London             18.500   06/08/2023    USD    72.050
Raiffeisen Schweiz Genos  13.000  10/18/2022     CHF    54.870
Leonteq Securities AG     24.240  10/19/2022     CHF    54.870
Zurcher Kantonalbank Fin  20.000  11/22/2022     USD    66.980
DZ Bank AG Deutsche Zent  10.500  12/21/2022     EUR    51.900
Raiffeisen Schweiz Genos  20.000  10/19/2022     CHF    50.850
Zurcher Kantonalbank Fin   7.000  11/22/2022     CHF    52.730
UniCredit Bank AG          9.250  11/16/2022     EUR    53.840
UniCredit Bank AG          6.550  11/16/2022     EUR    69.560
UniCredit Bank AG          6.800  11/16/2022     EUR    66.160
Landesbank Baden-Wuertte   7.250  11/25/2022     EUR    67.720
EFG International Financ  18.000  10/20/2022     CHF    61.810
DZ Bank AG Deutsche Zent  19.900  12/23/2022     EUR    70.230
Vontobel Financial Produ  10.500  12/23/2022     EUR    66.130
Vontobel Financial Produ  15.500  12/23/2022     EUR    62.590
DZ Bank AG Deutsche Zent  17.100  12/23/2022     EUR    57.980
DZ Bank AG Deutsche Zent  16.000  12/23/2022     EUR    68.260
DZ Bank AG Deutsche Zent  19.700  12/23/2022     EUR    65.940
Societe Generale Effekte  19.750   7/22/2022     EUR    47.710
Raiffeisen Schweiz Genos  16.000  11/29/2022     CHF    63.320
Bank Vontobel AG           9.000  11/20/2023     CHF    57.800
Bank Vontobel AG          24.000  11/28/2022     CHF    65.000
Vontobel Financial Produ  14.000   9/23/2022     EUR    69.030
Leonteq Securities AG/Gu  27.200  11/30/2022     CHF    65.780
DZ Bank AG Deutsche Zent  21.600  12/23/2022     EUR    65.230
Societe Generale Effekte  21.250   6/24/2022     EUR    46.760
DZ Bank AG Deutsche Zent  14.300  12/23/2022     EUR    69.730
DZ Bank AG Deutsche Zent  17.900  12/23/2022     EUR    66.920
Corner Banca SA            9.000   06/02/2022    CHF    67.150
Societe Generale SA       21.000  12/23/2022     USD    63.850
BNP Paribas Emissions- u  10.000   3/24/2022     EUR     0.840
Leonteq Securities AG      3.600   9/22/2026     CHF    70.060
EFG International Financ   9.800  12/27/2022     CHF    68.890
Leonteq Securities AG      8.000  12/13/2022     CHF    55.290
Vontobel Financial Produ   9.100   2/21/2022     EUR    67.240
Baromfi-Coop Termelo Es    3.000   5/19/2028     HUF    74.400
BNP Paribas Emissions- u   5.000   3/24/2022     EUR    22.580
BNP Paribas Emissions- u   7.000   3/24/2022     EUR    62.790
Societe Generale SA       21.000   02/02/2023    USD    71.000
Societe Generale SA       20.000   02/02/2023    USD    65.450
Leonteq Securities AG/Gu   5.600   5/25/2022     CHF    67.440
EFG International Financ   9.400   12/12/2022    CHF    70.210
Bayerische Landesbank      3.500   1/26/2024     EUR    74.430
Bayerische Landesbank      1.450   1/26/2024     EUR    65.790
Bayerische Landesbank      1.350  12/23/2022     EUR    65.760
UBS AG/London              6.750   5/16/2022     CHF    65.800
Societe Generale SA        8.000   5/19/2022     USD    61.000
Corner Banca SA            6.800   5/17/2022     CHF    67.400
DekaBank Deutsche Giroze   2.400   6/17/2022     EUR    73.770
Judetul Timis              3.340   04/07/2028    RON    10.000
Landesbank Baden-Wuertte   8.000   3/25/2022     EUR    81.020
Raiffeisen Schweiz Genos   6.600   3/23/2022     CHF    65.130
Leonteq Securities AG      7.200   2/14/2023     CHF    68.640
Landesbank Baden-Wuertte   2.650   3/25/2022     EUR    34.210
Landesbank Baden-Wuertte   5.300   3/25/2022     EUR    28.780
Bank Vontobel AG          13.000   03/07/2022    CHF    42.700
Skandinaviska Enskilda B   5.520   7/15/2024     SEK    73.140
Landesbank Baden-Wuertte   6.100   3/25/2022     EUR    87.430
Leonteq Securities AG      7.200   4/25/2022     CHF    65.940
Landesbank Baden-Wuertte   2.000   2/25/2022     EUR    73.030
Landesbank Baden-Wuertte   2.300   2/25/2022     EUR    65.100
Landesbank Baden-Wuertte   4.750   2/25/2022     EUR    47.020
Landesbank Baden-Wuertte   3.400   2/25/2022     EUR    58.850
Landesbank Baden-Wuertte   4.800   2/25/2022     EUR    46.550
Landesbank Baden-Wuertte   3.200   2/25/2022     EUR    74.660
Landesbank Baden-Wuertte   6.400   2/25/2022     EUR    74.280
Landesbank Baden-Wuertte   4.900   2/25/2022     EUR    69.260
Landesbank Baden-Wuertte   3.700   2/25/2022     EUR    74.950
Vontobel Financial Produ  10.500   3/25/2022     EUR    68.870
Vontobel Financial Produ  10.500   3/25/2022     EUR    66.920
Vontobel Financial Produ  10.500   3/25/2022     EUR    66.920
Vontobel Financial Produ  11.000   6/24/2022     EUR    73.000
Vontobel Financial Produ  12.000   3/25/2022     EUR    71.300
Vontobel Financial Produ  10.000   6/24/2022     EUR    73.120
Vontobel Financial Produ   5.000   9/23/2022     EUR    62.970
Vontobel Financial Produ  10.000   6/24/2022     EUR    73.120
Vontobel Financial Produ   4.000   6/24/2022     EUR    59.910
Landesbank Baden-Wuertte  10.300   2/25/2022     EUR    72.970
Landesbank Baden-Wuertte   3.100   2/25/2022     EUR    60.950
Vontobel Financial Produ   9.500   6/24/2022     EUR    72.740
Vontobel Financial Produ   7.500   9/23/2022     EUR    69.540
Vontobel Financial Produ  10.500   9/23/2022     EUR    45.670
Vontobel Financial Produ   9.500   9/23/2022     EUR    46.880
Vontobel Financial Produ  13.000   9/23/2022     EUR    43.940
Vontobel Financial Produ  17.000   9/23/2022     EUR    42.330
Vontobel Financial Produ  20.000   9/23/2022     EUR    41.890
Vontobel Financial Produ  18.500   9/23/2022     EUR    42.070
Vontobel Financial Produ  15.500   9/23/2022     EUR    42.670
Vontobel Financial Produ  14.000   9/23/2022     EUR    43.110
Vontobel Financial Produ  12.500   6/24/2022     EUR    42.800
Vontobel Financial Produ  16.000   6/24/2022     EUR    40.860
Vontobel Financial Produ  17.500   6/24/2022     EUR    39.980
Vontobel Financial Produ  21.500   6/24/2022     EUR    38.870
Vontobel Financial Produ  19.500   6/24/2022     EUR    39.380
Vontobel Financial Produ  14.000   6/24/2022     EUR    41.670
Vontobel Financial Produ  24.000   6/24/2022     EUR    38.630
Vontobel Financial Produ  12.000  12/23/2022     EUR    50.470
Vontobel Financial Produ  14.500  12/23/2022     EUR    49.320
Vontobel Financial Produ  13.500  12/23/2022     EUR    50.040
Vontobel Financial Produ  15.000  12/23/2022     EUR    49.740
Vontobel Financial Produ  16.500  12/23/2022     EUR    49.560
Vontobel Financial Produ   8.000   9/23/2022     EUR    71.830
Vontobel Financial Produ   9.000  12/23/2022     EUR    74.290
Vontobel Financial Produ  10.500  12/23/2022     EUR    49.180
Vontobel Financial Produ  17.000  12/23/2022     EUR    47.340
Vontobel Financial Produ  18.500  12/23/2022     EUR    47.430
Vontobel Financial Produ  13.000   9/23/2022     EUR    47.170
Vontobel Financial Produ  16.500   9/23/2022     EUR    46.050
Vontobel Financial Produ  18.500   9/23/2022     EUR    45.810
Vontobel Financial Produ  12.000   9/23/2022     EUR    48.390
Vontobel Financial Produ   9.500  12/23/2022     EUR    50.170
Vontobel Financial Produ  15.000   9/23/2022     EUR    46.700
Vontobel Financial Produ  20.500   9/23/2022     EUR    45.680
Vontobel Financial Produ   7.500  12/23/2022     EUR    70.490
Vontobel Financial Produ   7.000  12/23/2022     EUR    70.070
Vontobel Financial Produ  13.500  12/23/2022     EUR    57.720
Vontobel Financial Produ  15.000  12/23/2022     EUR    56.860
Vontobel Financial Produ  22.500  12/23/2022     EUR    56.150
Vontobel Financial Produ  16.500  12/23/2022     EUR    56.150
Vontobel Financial Produ  18.500  12/23/2022     EUR    56.020
Vontobel Financial Produ  20.500  12/23/2022     EUR    56.030
Vontobel Financial Produ  16.250  12/23/2022     EUR    66.730
UniCredit Bank AG          6.900   2/25/2022     EUR    69.710
Societe Generale Effekte  16.750   2/25/2022     EUR    45.800
UniCredit Bank AG          8.400   2/25/2022     EUR    67.270
Bank Julius Baer & Co Lt   7.450   9/26/2022     USD    58.000
Societe Generale Effekte   8.750   2/25/2022     EUR    60.810
Societe Generale Effekte  12.750   2/25/2022     EUR    51.660
Societe Generale Effekte  11.500   2/25/2022     EUR    65.130
Societe Generale Effekte  13.500   2/25/2022     EUR    62.020
Societe Generale Effekte   7.500   2/25/2022     EUR    73.680
Societe Generale Effekte   9.500   2/25/2022     EUR    68.870
Societe Generale Effekte   5.000   2/25/2022     EUR    70.950
Societe Generale Effekte   7.000   2/25/2022     EUR    59.910
Societe Generale Effekte  11.000   2/25/2022     EUR    50.010
Societe Generale Effekte   6.250   2/25/2022     EUR    52.020
Societe Generale Effekte  12.250   2/25/2022     EUR    41.140
Societe Generale Effekte  14.500   2/25/2022     EUR    53.570
Sberbank of Russia PJSC    0.010  11/27/2025     RUB    75.400
Lehman Brothers Treasury   8.000   5/22/2009     USD     0.100
Heta Asset Resolution AG   7.500  12/31/2023     ATS     1.156
Ukraine Government Bond    6.000   4/23/2031     UAH    51.346
Lehman Brothers Treasury  14.900  11/16/2010     EUR     0.100
Lehman Brothers Treasury  16.000   10/08/2008    CHF     0.100
Credit Agricole Corporat  10.800   3/24/2026     TRY    60.573
Sberbank of Russia PJSC    0.010   12/05/2025    RUB    75.600
Societe Wallonne de Fina   0.894  10/23/2045     EUR    72.830
Sberbank of Russia PJSC    0.010   12/08/2025    RUB    74.400
Lehman Brothers Treasury   2.500   8/15/2012     CHF     0.100
Lehman Brothers Treasury  13.150  10/30/2008     USD     0.100
Lehman Brothers Treasury   0.500   08/01/2020    EUR     0.100
Lehman Brothers Treasury   6.000   08/07/2013    EUR     0.100
Lehman Brothers Treasury   6.250   09/05/2011    EUR     0.100
Lehman Brothers Treasury  16.000  12/26/2008     USD     0.100
Lehman Brothers Treasury   7.750   01/03/2012    AUD     0.100
Lehman Brothers Treasury   0.500   07/02/2020    EUR     0.100
Lehman Brothers Treasury   3.100   06/04/2010    USD     0.100
Sberbank of Russia PJSC    0.010   5/28/2026     RUB    73.600
Sberbank of Russia PJSC    0.010   12/02/2025    RUB    73.800
Lehman Brothers Treasury   5.550   03/12/2015    EUR     0.100
Lehman Brothers Treasury   9.000   05/06/2011    CHF     0.100
Lehman Brothers Treasury   5.000  11/22/2012     EUR     0.100
Lehman Brothers Treasury  13.432   01/08/2009    ILS     0.100
Lehman Brothers Treasury   4.000   06/05/2011    USD     0.100
Lehman Brothers Treasury   7.500   5/30/2010     AUD     0.100
Lehman Brothers Treasury   1.460   2/19/2012     JPY     0.100
Region de Bruxelles-Capi   0.453   12/07/2055    EUR    72.818
Lehman Brothers Treasury   7.250   07/08/2014    EUR     0.100
Sberbank of Russia PJSC    0.010  10/23/2025     RUB    75.900
Societe Wallonne de Fina   0.948  10/23/2051     EUR    71.015
Sberbank of Russia PJSC    0.010  10/23/2025     RUB    72.700
SAir Group                 6.250   04/12/2005    CHF    12.625
Lehman Brothers Treasury   0.800  12/30/2016     EUR     0.100
Lehman Brothers Treasury  13.000   7/25/2012     EUR     0.100
Sberbank of Russia PJSC    0.010   11/05/2025    RUB    74.000
Lehman Brothers Treasury   2.250   05/12/2009    USD     0.100
Purple Protected Asset     2.085  10/27/2060     EUR    72.706
Lehman Brothers Treasury   1.680   03/05/2015    EUR     0.100
SAir Group                 2.125   11/04/2004    CHF    12.625
Sberbank of Russia PJSC    0.010   11/11/2025    RUB    75.100
ECM Real Estate Investme   5.000   10/09/2011    EUR    15.375
Lehman Brothers Treasury   7.000  10/22/2010     EUR     0.100
Sberbank of Russia PJSC    0.010   08/03/2028    RUB    71.200
Tonon Luxembourg SA       12.500   5/14/2024     USD     0.399
Lehman Brothers Treasury   4.800  11/16/2012     HKD     0.100
Sberbank of Russia PJSC    0.010  11/20/2025     RUB    75.400
Sberbank of Russia PJSC    0.010  11/20/2025     RUB    74.000
Ukraine Government Bond    9.780   05/10/2029    UAH    72.374
Ukraine Government Bond    8.880   05/10/2032    UAH    63.127
Lehman Brothers Treasury   5.200   11/09/2011    EUR     0.100
Ukraine Government Bond    6.000   9/13/2028     UAH    58.926
Ukraine Government Bond    8.420   05/10/2034    UAH    58.270
Sberbank of Russia PJSC    0.010   10/07/2025    RUB    74.100
Sberbank of Russia PJSC    0.010   10/07/2025    RUB    76.100
Ukraine Government Bond    9.700   06/07/2028    UAH    74.091
Lehman Brothers Treasury   6.000   9/20/2011     EUR     0.100
Polski Bank Spoldzielczy   3.780   9/14/2027     PLN    69.800
Lehman Brothers Treasury   3.000   8/13/2011     EUR     0.100
Ukraine Government Bond    9.610   10/11/2029    UAH    71.064
Ukraine Government Bond    9.010   11/10/2031    UAH    64.494
Lehman Brothers Treasury   3.500  12/20/2027     USD     0.100
Lehman Brothers Treasury   4.600   10/11/2017    ILS     0.100
Sberbank of Russia PJSC    0.010  10/31/2025     RUB    75.500
Rio Forte Investments SA   3.900   07/10/2014    USD     4.860
Sberbank of Russia PJSC    0.010   8/25/2025     RUB    74.300
Region de Bruxelles-Capi   0.731   8/25/2060     EUR    75.406
Nota-Bank OJSC            13.500   04/01/2016    RUB    31.500
AKB Peresvet ZAO          13.000   10/07/2017    RUB    13.125
Lehman Brothers Treasury   3.500   6/20/2011     EUR     0.100
Lehman Brothers Treasury   6.000   03/04/2015    USD     0.100
Lehman Brothers Treasury  11.750   03/01/2010    EUR     0.100
Northland Resources AB    12.250   3/26/2016     USD     2.621
Natixis SA                 0.300   6/25/2048     USD    42.415
Ukraine Government Bond    6.000  11/26/2025     UAH    71.980
Ukraine Government Bond    6.000  10/29/2025     UAH    72.511
Lehman Brothers Treasury   8.000   3/19/2012     USD     0.100
Credit Agricole Corporat  10.800   3/24/2026     TRY    63.615
Sberbank of Russia PJSC    0.010   5/23/2028     RUB    75.500
Lehman Brothers Treasury   1.000   2/26/2010     USD     0.100
Lehman Brothers Treasury   6.000   3/18/2015     USD     0.100
Lehman Brothers Treasury   4.000   03/10/2011    EUR     0.100
Sberbank of Russia PJSC    0.010  11/26/2025     RUB    71.200
Lehman Brothers Treasury   3.000   09/12/2036    JPY     0.100
Lehman Brothers Treasury  13.000  12/14/2012     USD     0.100
Lehman Brothers Treasury   4.680   12/12/2045    EUR     0.100
Lehman Brothers Treasury   4.820  12/18/2036     EUR     0.100
Lehman Brothers Treasury  11.250  12/31/2008     USD     0.100
Lehman Brothers Treasury   5.250   04/01/2023    EUR     0.100
Lehman Brothers Treasury   6.700   4/21/2011     USD     0.100
Sberbank of Russia PJSC    0.946   03/11/2025    RUB    74.900
Lehman Brothers Treasury   0.500  12/20/2017     USD     0.100
Lehman Brothers Treasury  11.000  12/20/2017     AUD     0.100
Lehman Brothers Treasury   8.800  12/27/2009     EUR     0.100
Lehman Brothers Treasury   0.500  12/20/2017     USD     0.100
Lehman Brothers Treasury   4.000   01/04/2011    USD     0.100
Lehman Brothers Treasury   0.500  12/20/2017     AUD     0.100
Lehman Brothers Treasury   0.500  12/20/2017     AUD     0.100
Lehman Brothers Treasury   0.500  12/20/2017     AUD     0.100
Lehman Brothers Treasury   0.500  12/20/2017     AUD     0.100
Lehman Brothers Treasury   0.500  12/20/2017     AUD     0.100
Ukraine Government Bond    9.710  11/19/2031     UAH    67.806
Ukraine Government Bond    6.000   09/10/2031    UAH    50.485
Ukraine Government Bond    6.000  11/22/2028     UAH    58.246
Ukraine Government Bond    9.820   02/12/2031    UAH    69.479
Ukraine Government Bond    9.790   5/14/2031     UAH    68.922
Ukraine Government Bond    9.700  10/13/2032     UAH    66.601
Ukraine Government Bond    6.000   10/11/2028    UAH    58.646
Ukraine Government Bond    9.700   8/25/2032     UAH    66.790
Lehman Brothers Treasury  11.000  12/20/2017     AUD     0.100
Lehman Brothers Treasury  11.000  12/20/2017     AUD     0.100
Bibby Offshore Services    7.500   6/15/2021     GBP    11.625
Getin Noble Bank SA        8.870   4/29/2024     PLN    62.159
Lehman Brothers Treasury   0.500  12/20/2017     USD     0.100
Lehman Brothers Treasury   0.500  12/20/2017     USD     0.100
Lehman Brothers Treasury  11.000   2/16/2009     CHF     0.100
Lehman Brothers Treasury   7.000   2/15/2010     CHF     0.100
Lehman Brothers Treasury   5.375   02/04/2014    USD     0.100
BRAbank ASA                7.810                 NOK    71.668
Ukraine Government Bond    9.700   12/06/2028    UAH    72.950
Ukraine Government Bond    6.000   12/11/2030    UAH    52.229
Ukraine Government Bond    9.990   8/27/2031     UAH    69.484
Ukraine Government Bond    6.000   06/12/2030    UAH    53.518
Ukraine Government Bond    6.000   9/18/2030     UAH    52.816
Ukraine Government Bond    6.000   8/28/2030     UAH    52.974
Ukraine Government Bond    6.000  11/28/2029     UAH    55.021
Ukraine Government Bond    9.950   05/08/2030    UAH    71.258
Ukraine Government Bond    6.000   03/12/2031    UAH    51.630
Ukraine Government Bond    9.910   08/07/2030    UAH    70.712
Ukraine Government Bond    9.800   04/02/2031    UAH    69.148
Ukraine Government Bond    9.980   04/10/2030    UAH    72.887
Ukraine Government Bond    9.000   7/17/2030     UAH    66.711
Lehman Brothers Treasury  16.000  10/28/2008     USD     0.100
Lehman Brothers Treasury  10.000  10/23/2008     USD     0.100
Lehman Brothers Treasury   6.450   2/20/2010     AUD     0.100
Lehman Brothers Treasury  10.000  10/22/2008     USD     0.100
Lehman Brothers Treasury   6.600   5/23/2012     AUD     0.100
Lehman Brothers Treasury   3.450   5/23/2013     USD     0.100
Lehman Brothers Treasury   4.600   08/01/2013    EUR     0.100
Lehman Brothers Treasury   7.000   4/24/2009     USD     0.100
Lehman Brothers Treasury  16.000   11/09/2008    USD     0.100
Lehman Brothers Treasury  10.000   5/22/2009     USD     0.100
Lehman Brothers Treasury   1.000   05/09/2012    EUR     0.100
Lehman Brothers Treasury  16.200   5/14/2009     USD     0.100
Lehman Brothers Treasury  10.600   4/22/2014     MXN     0.100
Lehman Brothers Treasury   7.600   5/21/2013     USD     0.100
Lehman Brothers Treasury   2.000   6/28/2011     EUR     0.100
Sberbank of Russia PJSC    0.010   03/04/2026    RUB    73.200
Sberbank of Russia PJSC    0.010   03/06/2028    RUB    74.800
Lehman Brothers Treasury   0.500   06/02/2020    EUR     0.100
Lehman Brothers Treasury  12.000   07/04/2011    EUR     0.100
Lehman Brothers Treasury  11.000   07/04/2011    CHF     0.100
Lehman Brothers Treasury   5.500   07/08/2013    EUR     0.100
Lehman Brothers Treasury  11.000   07/04/2011    USD     0.100
Lehman Brothers Treasury  10.000   6/17/2009     USD     0.100
Lehman Brothers Treasury   5.120   4/30/2027     EUR     0.100
Sberbank of Russia PJSC    0.010   6/25/2025     RUB    76.200
Sberbank of Russia PJSC    0.010   06/02/2028    RUB    76.000
Lehman Brothers Treasury   4.100   8/23/2010     USD     0.100
SAir Group                 2.750   7/30/2004     CHF    12.625
SAir Group                 2.750   7/30/2004     CHF    12.625
Lehman Brothers Treasury  16.800   8/21/2009     USD     0.100
Lehman Brothers Treasury  14.100   11/12/2008    USD     0.100
Lehman Brothers Treasury   2.300   06/06/2013    USD     0.100
Lehman Brothers Treasury   4.300   06/04/2012    USD     0.100
Petromena ASA              9.750   5/24/2016     NOK     0.607
Lehman Brothers Treasury   3.700   06/06/2009    EUR     0.100
Sberbank of Russia PJSC    0.010   8/21/2025     RUB    74.300
Lehman Brothers Treasury   4.000   4/24/2009     USD     0.100
Lehman Brothers Treasury   3.850   4/24/2009     USD     0.100
Cultura Sparebank          6.810                 NOK    52.478
Lehman Brothers Treasury   7.585  11/22/2009     MXN     0.100
Lehman Brothers Treasury  11.000  12/19/2011     USD     0.100
PSN Pm OOO                 9.500   09/10/2026    RUB    21.625
Lehman Brothers Treasury   2.500  12/15/2011     GBP     0.100
Lehman Brothers Treasury   4.000  11/24/2016     EUR     0.100
Getin Noble Bank SA        5.310   04/04/2024    PLN    62.375
Getin Noble Bank SA        4.250   8/30/2024     PLN    70.875
Lehman Brothers Treasury   0.750   3/29/2012     EUR     0.100
Sberbank of Russia PJSC    0.010   08/12/2025    RUB    72.200
HSBC Bank PLC              0.500  11/25/2025     BRL    63.914
Sberbank of Russia PJSC    0.010   08/12/2025    RUB    73.000
Kuntarahoitus Oyj          0.250   6/28/2040     CAD    40.236
Lehman Brothers Treasury   3.025   1/31/2015     EUR     0.100
Lehman Brothers Treasury   6.000   7/28/2010     EUR     0.100
Lehman Brothers Treasury   6.000   7/28/2010     EUR     0.100
Lehman Brothers Treasury   7.000   07/11/2010    EUR     0.100
Lehman Brothers Treasury   0.480   11/02/2035    EUR     0.100
Otkritie Holding JSC      10.000   4/20/2028     RUB     0.010
Lehman Brothers Treasury   8.500   07/06/2009    CHF     0.100
Lehman Brothers Treasury   4.250   3/13/2021     EUR     0.100
Lehman Brothers Treasury   6.000   3/17/2011     EUR     0.100
Lehman Brothers Treasury   8.000   4/20/2009     EUR     0.100
AKB Peresvet ZAO          13.250   4/25/2018     RUB    13.125
Lehman Brothers Treasury   0.500   2/16/2009     EUR     0.100
Lehman Brothers Treasury   5.103   6/22/2046     EUR     0.100
Lehman Brothers Treasury   7.500   9/13/2009     CHF     0.100
Sberbank of Russia PJSC    0.010  10/22/2025     RUB    73.700
Region de Bruxelles-Capi   0.460  12/15/2051     EUR    75.607
Rosselkhozbank JSC        10.100                 RUB    90.000
Lehman Brothers Treasury   3.630   03/02/2012    EUR     0.100
OR PJSC                   13.500  10/22/2025     RUB    52.940
Getin Noble Bank SA        8.870   1/31/2024     PLN    74.256
Lehman Brothers Treasury   4.150   8/25/2020     EUR     0.100
Lehman Brothers Treasury   7.550  12/29/2008     USD     0.100
Otkritie Holding JSC       0.010   10/03/2036    RUB     0.010
Santander Consumer Bank    5.890                 NOK    50.508
Lehman Brothers Treasury   2.400   6/20/2011     JPY     0.100
A-TEC Industries AG        5.750   11/02/2010    EUR     0.100
Barclays Bank PLC          2.000   05/07/2036    MXN    28.321
Instabank ASA              7.970                 NOK    39.331
Instabank ASA              5.970   3/28/2028     NOK    64.139
Lehman Brothers Treasury   7.600   3/26/2009     EUR     0.100
Lehman Brothers Treasury   6.850  12/22/2008     EUR     0.100
Lehman Brothers Treasury   8.280   3/26/2009     USD     0.100
Bank Julius Baer & Co Lt  11.950   2/25/2022     USD    48.300
Lehman Brothers Treasury   3.000   08/08/2017    EUR     0.100
LBI ehf                    2.250   2/14/2011     CHF    10.125
Lehman Brothers Treasury   1.600   6/21/2010     JPY     0.100
Lehman Brothers Treasury   8.000   08/03/2009    USD     0.100
Lehman Brothers Treasury   1.500  10/25/2011     EUR     0.100
Lehman Brothers Treasury   2.000  10/28/2010     EUR     0.100
Lehman Brothers Treasury  11.000   6/29/2009     EUR     0.100
Lehman Brothers Treasury   5.500   6/15/2009     CHF     0.100
Lehman Brothers Treasury   4.350   08/08/2016    SGD     0.100
Lehman Brothers Treasury   4.500   08/02/2009    USD     0.100
Lehman Brothers Treasury   9.000   6/13/2009     USD     0.100
Lehman Brothers Treasury   7.250   10/06/2008    EUR     0.100
Lehman Brothers Treasury   4.500   03/06/2013    CHF     0.100
Lehman Brothers Treasury   5.750   6/15/2009     CHF     0.100
Lehman Brothers Treasury   0.250   7/21/2014     EUR     0.100
Lehman Brothers Treasury   5.000  10/24/2008     CHF     0.100
Lehman Brothers Treasury   7.500  10/24/2008     USD     0.100
Lehman Brothers Treasury   4.000   4/13/2011     CHF     0.100
Lehman Brothers Treasury  10.000   3/27/2009     USD     0.100
Lehman Brothers Treasury   7.750   1/30/2009     EUR     0.100
Lehman Brothers Treasury  10.500   08/09/2010    EUR     0.100
Lehman Brothers Treasury   8.000   5/22/2009     USD     0.100
Lehman Brothers Treasury   3.820  10/20/2009     USD     0.100
Sberbank of Russia PJSC    0.010   07/05/2028    RUB    76.200
RGS Nedvizhimost OOO      12.000  10/18/2017     RUB     0.335
Norske Skogindustrier AS   2.000  12/30/2115     EUR     0.113
Sberbank of Russia PJSC    0.010   07/02/2025    RUB    74.500
Region of Kaliningrad Ru   6.100   6/16/2027     RUB    67.470
Sberbank of Russia PJSC    0.010  12/22/2025     RUB    75.300
Lehman Brothers Treasury   7.000   2/15/2012     EUR     0.100
Lehman Brothers Treasury  15.000   3/30/2011     EUR     0.100
Lehman Brothers Treasury   1.750   02/07/2010    EUR     0.100
Lehman Brothers Treasury   6.000   2/14/2012     EUR     0.100
Lehman Brothers Treasury   4.690   2/19/2017     EUR     0.100
Lehman Brothers Treasury   6.600   2/22/2012     EUR     0.100
Lehman Brothers Treasury   5.200   3/19/2018     EUR     0.100
Sberbank of Russia PJSC    0.010   7/23/2026     RUB    70.200
Lehman Brothers Treasury   4.200   12/03/2008    HKD     0.100
Mriya Agro Holding PLC     9.450   4/19/2018     USD     4.667
Getin Noble Bank SA        7.870   6/28/2024     PLN    67.875
Getin Noble Bank SA        8.370   5/31/2024     PLN    72.874
Lehman Brothers Treasury   8.000  12/27/2032     JPY     0.100
Lehman Brothers Treasury   1.500   02/08/2012    CHF     0.100
Aralco Finance SA         10.125   05/07/2020    USD     3.137
Lehman Brothers Treasury   0.010   9/20/2011     USD     0.100
Lehman Brothers Treasury   7.750   2/21/2016     EUR     0.100
Sberbank of Russia PJSC    0.010   09/05/2025    RUB    73.000
Credit Suisse AG/London    0.500   01/08/2026    BRL    63.691
BNP Paribas SA             1.000   1/23/2040     MXN    24.972
Sberbank of Russia PJSC    0.010  12/17/2025     RUB    75.900
Lehman Brothers Treasury   5.500   4/23/2014     EUR     0.100
Lehman Brothers Treasury   7.600   03/04/2010    NZD     0.100
Lehman Brothers Treasury  12.400   06/12/2009    USD     0.100
Lehman Brothers Treasury  23.300   9/16/2008     USD     0.100
Lehman Brothers Treasury   3.000   06/03/2010    EUR     0.100
Lehman Brothers Treasury  10.442  11/22/2008     CHF     0.100
Lehman Brothers Treasury   8.000   3/21/2018     USD     0.100
Lehman Brothers Treasury  17.000   06/02/2009    USD     0.100
Lehman Brothers Treasury   7.150   3/21/2013     USD     0.100
Lehman Brothers Treasury   7.500   2/14/2010     AUD     0.100
Lehman Brothers Treasury   7.600   1/31/2013     AUD     0.100
Lehman Brothers Treasury   5.500   6/22/2010     USD     0.100
Lehman Brothers Treasury  13.500   06/02/2009    USD     0.100
Lehman Brothers Treasury  15.000   06/04/2009    CHF     0.100
Promsvyazbank PJSC         2.500   9/29/2029     RUB    58.360
KPNQwest NV                7.125   06/01/2009    EUR     0.453
MIK OAO                   15.000   2/19/2020     RUB    13.875
UniCredit Bank AG         12.700   2/25/2022     EUR    58.950
UniCredit Bank AG         10.200   2/25/2022     EUR    62.800
UniCredit Bank AG          6.500   2/25/2022     EUR    72.410
UniCredit Bank AG          9.500   2/25/2022     EUR    64.980
Vontobel Financial Produ   8.500   9/23/2022     EUR    72.160
Vontobel Financial Produ  11.500   6/24/2022     EUR    73.070
Bank Julius Baer & Co Lt   9.500  10/13/2022     CHF    54.350
Bank Julius Baer & Co Lt  26.650   5/31/2022     USD    63.300
Vontobel Financial Produ  10.000   6/24/2022     EUR    72.580
Bank Julius Baer & Co Lt   8.800   04/06/2022    CHF    48.950
Bank Julius Baer & Co Lt  14.000  11/23/2022     CHF    54.700
Sberbank of Russia PJSC    0.010   7/23/2025     RUB    71.500
Sberbank of Russia PJSC    0.010   7/24/2025     RUB    73.400
Lehman Brothers Treasury   2.000   5/17/2010     EUR     0.100
Lehman Brothers Treasury   4.100   5/20/2009     USD     0.100
Heta Asset Resolution AG   4.875  12/31/2023     EUR     1.156
Heta Asset Resolution AG   5.030  12/31/2023     EUR     1.156
Lehman Brothers Treasury   4.000   2/28/2010     EUR     0.100
Lehman Brothers Treasury   9.250   6/20/2012     USD     0.100
Heta Asset Resolution AG   5.730  12/31/2023     EUR     1.156
Lehman Brothers Treasury   3.000   9/13/2010     JPY     0.100
Mriya Agro Holding PLC    10.950   3/30/2016     USD     4.667
Heta Asset Resolution AG   5.920  12/31/2023     EUR     1.156
Barclays Bank PLC         10.200   2/14/2025     TRY    66.389
Heta Asset Resolution AG   5.270  12/31/2023     EUR     1.156
Lehman Brothers Treasury   7.320   7/31/2013     GBP     0.100
Sberbank of Russia PJSC    0.010   1/29/2025     RUB    74.450
Lehman Brothers Treasury   1.280   11/06/2010    JPY     0.100
Lehman Brothers Treasury   4.000   12/02/2012    EUR     0.100
Sberbank of Russia PJSC    0.010   3/27/2028     RUB    65.010
Sberbank of Russia PJSC    0.010   1/19/2026     RUB    60.000
Lehman Brothers Treasury   8.600   7/31/2013     GBP     0.100
Lehman Brothers Treasury   7.500   7/31/2013     GBP     0.100
Lehman Brothers Treasury   8.280   7/31/2013     GBP     0.100
Specialized Financial So   0.000   2/15/2031     RUB    59.900
LBI ehf                    7.431                 USD     0.001
Lehman Brothers Treasury   8.000  10/23/2008     USD     0.100
Sberbank of Russia PJSC    0.010   10/06/2025    RUB    75.600
Purple Protected Asset     1.480  11/30/2060     EUR    66.545
Lehman Brothers Treasury   3.400   9/21/2009     HKD     0.100
Lehman Brothers Treasury   4.000   10/12/2010    USD     0.100
DeltaCredit Bank JSC       1.000   7/28/2025     RUB    67.870
Lehman Brothers Treasury   6.000   12/06/2016    USD     0.100
HSBC Bank PLC              0.500  12/22/2025     BRL    63.412
Lehman Brothers Treasury   4.500   03/07/2015    EUR     0.100
Lehman Brothers Treasury   4.500  12/30/2010     USD     0.100
Lehman Brothers Treasury   5.100   05/08/2017    HKD     0.100
Lehman Brothers Treasury   0.250  10/19/2012     CHF     0.100
Lehman Brothers Treasury  13.500  11/28/2008     USD     0.100
Lehman Brothers Treasury   5.000   4/24/2017     EUR     0.100
Lehman Brothers Treasury  18.250   10/02/2008    USD     0.100
Sberbank of Russia PJSC    0.010   10/06/2025    RUB    74.600
Sberbank of Russia PJSC    0.946   2/17/2025     RUB    73.800
Lehman Brothers Treasury   2.500   8/23/2012     GBP     0.100
Lehman Brothers Treasury   6.000   5/23/2018     CZK     0.100
Lehman Brothers Treasury   4.000   5/30/2010     USD     0.100
Getin Noble Bank SA        6.700   11/09/2023    PLN    70.601
Lehman Brothers Treasury   2.480   05/12/2009    USD     0.100
Lehman Brothers Treasury   4.000   5/17/2010     USD     0.100
Lehman Brothers Treasury   3.350  10/13/2016     EUR     0.100
Lehman Brothers Treasury   4.100   06/10/2014    SGD     0.100
Lehman Brothers Treasury   3.500  10/31/2011     USD     0.100
Lehman Brothers Treasury   3.500  10/24/2011     USD     0.100
Lehman Brothers Treasury   6.750   04/05/2012    EUR     0.100
Heta Asset Resolution AG   0.207  12/31/2023     EUR     1.156
Sberbank of Russia PJSC    0.010   9/17/2025     RUB    74.500
Lehman Brothers Treasury   9.300  12/21/2010     EUR     0.100
Lehman Brothers Treasury   8.000  12/31/2010     USD     0.100
Region of Saratov Russia   8.100  11/20/2024     RUB    72.410
Cie DU Chemin de Fer Nyo   0.280  11/29/2052     CHF    71.314
Lehman Brothers Treasury   6.300  12/21/2018     USD     0.100
Lehman Brothers Treasury  10.000   2/16/2009     CHF     0.100
LBI ehf                    8.650   05/01/2011    ISK    10.125
LBI ehf                    5.080   03/01/2013    ISK    10.125
Heta Asset Resolution AG   0.128  12/31/2023     EUR     1.156
Lehman Brothers Treasury   7.625   7/22/2011     HKD     0.100
Sberbank of Russia PJSC    0.010   09/04/2025    RUB    73.960
Lehman Brothers Treasury  12.000   7/13/2037     JPY     0.100
Lehman Brothers Treasury  10.000   06/11/2038    JPY     0.100
Lehman Brothers Treasury   3.600   3/19/2018     JPY     0.100
Sberbank of Russia PJSC    0.010   1/19/2026     RUB    73.310
Sberbank of Russia PJSC    0.010   1/19/2026     RUB    72.700
Lehman Brothers Treasury   6.000   6/21/2011     EUR     0.100
Lehman Brothers Treasury   2.000   6/21/2011     EUR     0.100
Lehman Brothers Treasury   8.875   1/28/2011     HKD     0.100
Espirito Santo Financial   5.625   7/28/2017     EUR     0.528
Credit Agricole Corporat  10.500   2/16/2027     TRY    58.563
Sberbank of Russia PJSC    0.010   09/09/2025    RUB    72.900
Lehman Brothers Treasury   8.050  12/20/2010     HKD     0.100
KPNQwest NV                8.875   02/01/2008    EUR     0.453
Northland Resources AB    15.000   7/15/2019     USD     2.621
Lehman Brothers Treasury   6.720  12/29/2008     EUR     0.100
Lehman Brothers Treasury   7.060  12/29/2008     EUR     0.100
Societe Generale SA        3.900   3/23/2022     USD     0.350
SG Issuer SA               1.400  12/28/2032     EUR    26.440
SG Issuer SA               2.100   01/06/2033    EUR    28.550
SG Issuer SA               1.500  12/30/2032     EUR    47.310
Barclays Bank PLC          2.730   9/27/2024     EUR    62.020
SG Issuer SA               0.850  10/16/2024     EUR    13.040
SG Issuer SA               2.200   01/10/2025    EUR    72.910
SG Issuer SA               0.350  11/15/2023     EUR    24.600
SG Issuer SA               1.050  11/20/2025     EUR    16.370
SG Issuer SA               5.000   5/23/2024     EUR    58.480
SG Issuer SA               5.000   04/02/2024    EUR    57.690
Credit Agricole Corporat  12.000  11/17/2025     TRY    68.449
PA Resources AB           13.500   03/03/2016    SEK     0.124
Societe Generale SA        4.500  12/29/2022     USD     2.470
Sberbank of Russia PJSC    0.010   04/06/2026    RUB    69.000
Instabank ASA              8.630   02/04/2030    NOK    68.075
Lehman Brothers Treasury   1.950   11/04/2013    EUR     0.100
SG Issuer SA               0.021   07/07/2033    EUR    72.570
Sberbank of Russia PJSC    0.010   9/22/2025     RUB    74.000
Lehman Brothers Treasury   2.370   7/15/2013     USD     0.100
Sberbank of Russia PJSC    0.010   9/22/2025     RUB    74.800
Lehman Brothers Treasury   2.300   6/27/2013     USD     0.100
BLT Finance BV            12.000   02/10/2015    USD    10.500
Lehman Brothers Treasury   4.870   10/08/2013    USD     0.100
Lehman Brothers Treasury   5.250  11/21/2009     USD     0.100
Sberbank of Russia PJSC    0.010   6/22/2028     RUB    71.500
Credit Agricole Corporat  10.200  12/13/2027     TRY    54.748
Societe Generale SA        4.500  12/29/2022     USD
BNP Paribas Issuance BV    5.000   11/05/2024    EUR    34.600
Societe Generale Effekte   3.000   7/22/2022     USD     8.260



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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