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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, May 9, 2022, Vol. 23, No. 86

                           Headlines



B E L A R U S

BELARUS: S&P Cuts FC Sovereign Credit Ratings to 'CC/C'


F R A N C E

REXEL SA: Moody's Affirms Ba2 CFR & Alters Outlook to Positive


G E R M A N Y

ADLER GROUP: Posts Net Loss of EUR1.2 Billion for FY 2021
K+S AG: S&P Ups LT ICR to 'BB' on Stronger Earnings Prospects
STANDARD PROFIL: S&P Downgrades Ratings to 'CCC+', Outlook Negative
WIRECARD AG: Munich Court Ruling Opens Door to Reclaim Dividends


G R E E C E

HELLENIC REPUBLIC: DBRS Hikes Issuer Ratings to BB(high)


I R E L A N D

ACCUNIA EUROPEAN II: Moody's Affirms B1 Rating on Class F Notes
CVC CORDATUS VI: Moody's Ups Rating on EUR11.6MM F-R Notes to B1
OAK HILL VI: Moody's Affirms B2 Rating on EUR13.5MM Class F Notes
PALMER SQUARE 2022-2: Moody's Gives Ba3 Rating to EUR16MM E Notes


I T A L Y

CASSIA 2022-1: DBRS Gives Prov. B(low) Rating to Class D1 Notes
FINO 1 SEC: DBRS Places 'BB' Class C Notes Rating Under Review
SUNRISE SPV 2021-1: DBRS Confirms BB(high) Rating on Class E Notes


K A Z A K H S T A N

JUSAN GARANT: S&P Alters Outlook to Negative, Affirms 'BB-' ICR


L U X E M B O U R G

ADLER GROUP: S&P Downgrades LT ICR to 'CCC', Outlook Negative


N E T H E R L A N D S

ASM INTERNATIONAL: S&P Affirms 'BB+' LT ICR, Outlook Stable
GROSVENOR PLACE 2015-1: Moody's Affirms Ba2 Rating on D-R Notes


S P A I N

IM BCC 4: DBRS Gives Prov. CCC(low) Rating on Series B Notes


U N I T E D   K I N G D O M

BLEIKER'S SMOKEHOUSE: Faces Food Fraud Probe After Administration
GFG ALLIANCE: Transferred Money from EU Steelworks to Settle Debt
MCCOLL'S: Goes Into Administration After Rescue Talks Fail
NORTH EAST WARRINGTON: Enters Liquidation, Taps Leonard Curtis
S4 CAPITAL: S&P Places 'BB-' Long-Term ICR on CreditWatch Negative

TOGETHER ASSET 2021-CRE1: DBRS Confirms BB(low) Rating on E Notes
WARWICK FINANCE: Moody's Hikes Rating on GBP36.73MM E Notes to B2


X X X X X X X X

[*] BOND PRICING: For the Week May 2 to May 6, 2022

                           - - - - -


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B E L A R U S
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BELARUS: S&P Cuts FC Sovereign Credit Ratings to 'CC/C'
-------------------------------------------------------
On May 5, 2022, S&P Global Ratings lowered its foreign currency
sovereign credit ratings on Belarus to 'CC/C' from 'CCC/C'. The
foreign currency long- and short-term ratings remain on CreditWatch
negative.

At the same time, S&P affirmed its local currency sovereign credit
ratings at 'CCC/C' and removed them from CreditWatch negative. The
outlook on the local currency long- and short-term ratings is
negative.

S&P also revised downward its transfer and convertibility
assessment to 'CC' from 'CCC'.

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Belarus are subject to certain
publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the reason for the
deviation is the technical obstacles that could disrupt timely
government commercial foreign debt service. The next scheduled
publication on the sovereign rating on Belarus is on Sept. 16,
2022.

Outlook

The negative outlook on the local currency ratings denotes the
risks to commercial debt repayment, given the high level of
macroeconomic and fiscal stress.

Downside scenario

S&P could lower the local currency ratings if it sees indications
that obligations denominated in Belarusian rubles could suffer
nonpayment or restructuring.

Upside scenario

S&P could revise the outlook to stable or raise the local currency
ratings if the macroeconomic and fiscal fallout for Belarus proves
weaker then we anticipate.

CreditWatch

The foreign currency ratings remain on CreditWatch negative,
indicating that S&P could lower them to 'SD' in the next few months
if the Belarus government fails to make a debt service or principal
payment in accordance with the terms of its obligations, or if S&P
does not expect such a payment to be made within the applicable
grace period.

Rationale

S&P said, "We lowered the foreign currency ratings because the
Belarus government reported difficulties in meeting its principal
and interest payments on debt owed to multilateral lending
institutions (MLI) and due in April. We understand that the
government tried to make payments, but the designated foreign
financial institutions did not process the transactions. We
understand these disruptions were triggered by international
sanctions that denied or significantly diminished access to global
financial infrastructure by the Belarusian authorities, including
the National Bank of The Republic of Belarus.

"Our sovereign credit ratings do not reflect the sovereign's
capacity and willingness to service financial obligations to
supranational creditors such as MLIs. That said, in our view, this
episode signals that debt service and principal payments on
Belarus' foreign commercial debt--specifically, the debt
denominated in U.S. dollars--may face similar technical
difficulties. It is therefore highly vulnerable to nonpayment.
Belarus is due to make interest payments on U.S. dollar-denominated
external bonds in the next few months and faces a bullet maturity
of US$800 million on one of its Eurobonds in February 2023.

"Our ratings focus on an issuer's ability and willingness to meet
its commercial, nonofficial financial obligations in full and on
time, in accordance with the terms of its obligations. If an issuer
cannot make a payment in accordance with the terms and on time
because it is subject to sanctions, we deem the nonpayment to be a
default, unless we believe that the payment will be made within our
timeliness standards. This applies when the issuer pays a paying
agent on time, but a government sanction or judicial order against
the issuer interferes, preventing the payment being made to the
investor. Under our rating definitions, we may also consider that a
default has taken place if a payment is not made in the currency
stipulated in the terms of the obligation, and we believe that the
investor has not agreed to the alternative payment. We would
consider this to be restructuring of the obligation and would
assess it to determine whether it is a default.

"Despite severe macroeconomic stress, caused by international
sanctions on Belarus and its key trading partner Russia, in
connection with the Russia-Ukraine conflict, we understand that the
Belarusian government is willing and has sufficient liquidity in
both local and foreign currency to meet its commercial debt
obligations due this year. Belarus's foreign debt servicing
schedule is traditionally heavy, with annual foreign debt
repayments of US$2.5 billion-US$3.5 billion against its
international reserves of slightly below US$8 billion. However,
government debt repayment needs in 2022 have recently been eased by
the Russian government's decision to extend the maturity of its
official loans to Belarus, which were due this year, to future
years. This has reduced foreign annual debt repayments (both
interest and principal) to $1.5 billion from $2.5 billion.
Nevertheless, given the technical disruptions, we consider that
Belarus's default on commercial foreign debt, denominated in U.S.
dollars, is a virtual certainty, as per our rating definitions.

"Further sanctions could still be applied to Belarus and the
macroeconomic environment continues to deteriorate. In our view, if
there is no unforeseen positive development, a default on the
government's local-currency-denominated debt is likely. That said,
local currency debt comprises less than 3% of Belarus' total debt
stock and the government has adequate liquidity in Belarusian
rubles."

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
Governance factors

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  DOWNGRADED; RATINGS AFFIRMED  
                                     TO           FROM
  BELARUS

  Sovereign Credit Rating
   Foreign Currency           CC/Watch Neg/C   CCC/Watch Neg/C

  RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION  

  BELARUS

  Sovereign Credit Rating
   Local Currency             CCC/Negative/C   CCC/Watch Neg/C

  DOWNGRADED  

  BELARUS

  Transfer & Convertibility Assessment   CC    CCC

  BELARUS

  Senior Unsecured             CC/Watch Neg    CCC/Watch Neg




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F R A N C E
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REXEL SA: Moody's Affirms Ba2 CFR & Alters Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Rexel SA, a
France-based electrical equipment distributor, including the Ba2
corporate family rating, the Ba2-PD probability of default rating
and the Ba3 ratings on the senior unsecured notes due 2028.

The outlook was changed to positive from stable.

"The outlook change to positive from stable reflects our
expectation that Rexel's earnings will continue improving over the
next 12-18 months, leading to Moody's-adjusted debt/EBITDA reducing
to around 2.5x from 3.0x at year-end 2021 and Moody's-adjusted
retained cash flow/debt remaining at around 20%", says Eric Kang, a
Moody's Vice President – Senior Analyst and lead analyst for
Rexel. "However, there are downside risks to our base case
forecasts notably weaker economic growth because of Rexel's
exposure to construction and renovation activity" adds Mr Kang.

RATINGS RATIONALE

The positive outlook on Rexel's Ba2 CFR reflects Moody's
expectation that the company's earnings will continue improving
over the next 12-18 months, leading to Moody's-adjusted debt/EBITDA
reducing to around 2.5x from 3.0x at year-end 2021 and
Moody's-adjusted retained cash flow/debt remaining at around 20%.
This level of credit metrics will be commensurate with a Ba1 CFR
but there are downside risks to Moody's base case forecasts notably
weaker economic growth because of Rexel's exposure to construction
and renovation activity.

Moody's expects that Rexel's digital transformation initiated in
2017 will enable the company to better adapt its operations (e.g.
pricing, inventory levels or receivable collections) as it
navigates through potentially weaker market conditions over the
next 12-18 months. Rexel's balanced business mix in terms of
geography and end markets could also provide some cushion to
revenue if economic conditions materially deteriorate.

Over the medium to long term, Moody's expects demand for electrical
equipment to continue growing supported by several structural
trends such as carbon transition, connected equipment and the
rollout of infrastructure for electric vehicles. Carbon transition
is an environmental consideration under Moody's ESG framework and
one of the main drivers of today's rating action.

Moody's also expects the company to maintain a prudent financial
policy. This is reflected by the reduction in gross debt of EUR400
million over 2019-2021 thanks to strong free cash flow generation
and disposal proceeds. Rexel has a reported net leverage target of
2.0x-2.5x over the medium-term. A reported net leverage of 2.5x
will be broadly equivalent to a Moody's-adjusted debt/EBITDA of
3.5x, which will remain commensurate with a Ba1 CFR although at the
weaker end. The reported net leverage was 1.4x at year-end 2021.
Financial strategy and risk management is a governance
consideration under Moody's ESG framework and also one of the main
drivers of today's rating action.

LIQUIDITY

Moody's views Rexel's liquidity as good. Liquidity is supported by
Moody's expectation of positive annual Moody's-adjusted free cash
flow of between EUR150 million and EUR200 million over the next
12-18 months, cash balances of EUR573 million at year-end 2021 and
access to an undrawn revolving credit facility (RCF) of EUR850
million, of which EUR21 million expires in January 2024 and the
rest in January 2025. The securitization programs of around EUR1.1
billion in aggregate were fully utilized at year-end 2021.
Excluding the securitization programs which mature over 2022-2023,
there is no material debt maturity before June and December 2028
when the senior unsecured notes mature.

The terms and conditions of the RCF agreement offer flexibility in
terms of maintenance financial covenants (tested semi-annually, in
June and December). This is because Rexel can exceed its 3.5x net
leverage ratio as defined by the senior facility agreement on three
separate accounting dates during the life of the RCF, being
specified that only two of such three accounting dates may be
consecutive and provided that the ratio does not exceed 3.75x on
two accounting dates and 3.90x on one accounting date. Moody's
expects the company to stay well in compliance with the covenant
over the next 12-18 months.

STRUCTURAL CONSIDERATIONS

The senior unsecured notes are rated Ba3, one notch below the CFR,
reflecting their junior ranking to other short-term financial
liabilities and the sizeable amount of trade payables at operating
subsidiaries.

RATING OUTLOOK

The positive outlook reflects Moody's expectation that Rexel will
continue to demonstrate strong trading over the next 12-18 months,
leading to Moody's-adjusted debt/EBITDA reducing to around 2.5x
from 3.0x at year-end 2021 and Moody's-adjusted retained cash
flow/debt remaining at around 20%. However, there are downside
risks to Moody's base case forecasts notably weaker economic growth
because of Rexel's exposure to construction and renovation
activity. The positive outlook also assumes no adverse change in
the company's current financial policy in relation to dividends and
acquisitions.

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

The ratings could be upgraded if Rexel continues to grow earnings
and maintain a prudent financial policy, leading to
Moody's-adjusted debt/EBITDA remaining below around 3.5x and a
Moody's-adjusted retained cash flow/debt of above 15%, both on a
sustained basis.

The ratings could be downgraded if revenue or margins materially
weaken, leading to Moody's-adjusted debt/EBITDA rising above 5.0x
or Moody's-adjusted retained cash flow/debt falling below 10%, both
on a sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

COMPANY PROFILE

Headquartered in Paris, France, Rexel SA (Rexel) is a global leader
in the low and ultralow voltage electrical distribution market.
Rexel reported total sales of EUR17 billion in 2021.



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G E R M A N Y
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ADLER GROUP: Posts Net Loss of EUR1.2 Billion for FY 2021
---------------------------------------------------------
Olaf Storbeck at The Financial Times reports that despite KPMG's
refusal to endorse its 2021 results on April 29, Adler Group
announced a net loss of EUR1.2 billion on April 30 after writing
off EUR1 billion from its property development operations and
disclosing that it could not raise additional funds because to do
so could trigger a violation of bond covenants.

However, Adler stated that it had not breached a bond covenant over
its obligation to publish audited financial results by April 30,
arguing that it had met that requirement despite KPMG's disclaimer
of opinion, the FT relates.

Adler has been fighting short-seller allegations since Viceroy
Research published a report last October questioning the valuation
of its assets and outlining its ties to Cevdet Caner, an Austrian
entrepreneur who previously presided over one of Germany's
largest-ever real estate insolvencies, the FT recounts.

The allegations, which Adler has denied, prompted BaFin, Germany's
financial regulator, to launch an investigation into possible
accounting irregularities and Adler to instruct KPMG to conduct "a
comprehensive review" of the claims, the FT notes.

The German landlord had been in danger of missing a crucial April
30 deadline for the publication of its results, which would have
left EUR4.4 billion in bonds immediately payable, said chair Stefan
Kirsten, the FT relays.

He stressed that the annual report met the bond covenants despite
KPMG's decision to not sign off the results, the FT discloses.

According to the FT, the Big Four firm said Adler's management
"denied us access to certain information" and thus it was unable
"to obtain sufficient appropriate audit evidence".  At issue are a
number of transactions Adler has completed with third parties that
short-sellers alleged were not independent, the FT notes.

KPMG pointed out it was unable to evaluate "whether the accounting
treatments for at least some of these transactions are appropriate
and consistent with their substance", the FT relates.  It also
warned it could not evaluate "whether management's assessment about
the valuation of certain account balances is adequate".

Hours after the company published its annual report with the
auditor's disclaimer, the company announced the immediate
resignation of co-chief executive Maximilian Rienecker and three
other board members, the FT discloses.

KPMG's refusal to sign off the annual results came a week after a
separate team of forensic investigators from the Big Four firm
uncovered widespread governance and compliance shortcomings, the FT
recounts.

The investigators found extensive evidence that Caner, a
controversial property mogul with no formal role at the company,
had significant involvement in strategic decisions, the hiring of
executives and their pay, as well as other operational matters,
according to the FT.

KPMG's forensic team pointed out that it was unable to get to the
bottom of some of the allegations, the FT notes.  It could not
access 800,000 documents deemed relevant as its client cited "legal
reasons", the FT states.

The investigation was commissioned by the board in October after
the allegations by Fraser Perring-led Viceroy Research, the FT
recounts.  Over the past year, shares in Adler have lost about 80%,
leaving the group with a market capitalisation of about EUR500
million and debt of EUR5.1 billion, the FT discloses.

BaFin said its investigation into Adler's accounts was continuing,
the FT notes.


K+S AG: S&P Ups LT ICR to 'BB' on Stronger Earnings Prospects
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
German potash producer K+S AG to 'BB' from 'B+' and affirmed its
'B' short-term rating.

The stable outlook reflects S&P's expectation that strong potash
market conditions will continue in the next 12 months, assuming no
gas supply shortage or other major disruptions in production or
supply chain. Even with normalizing potash prices, this should help
the company maintain adjusted debt to EBITDA comfortably below 1.5x
in 2023 and generate free operating cash flow (FOCF) of above
EUR500 million.

Extremely high potash prices from supply tightness will push up
EBITDA to a record high and result in minimal leverage in 2022.

S&P said, "We forecast S&P Global Ratings-adjusted debt to EBITDA
will strengthen to below 0.5x in 2022, mainly driven by our
estimate of record high EBITDA in 2022 amid extremely high potash
prices. We saw significant increases in potash prices since June
last year, which has accelerated into 2022. The potassium chloride
(MOP) price in Europe approached EUR900-EUR1,000 per ton (/t) in
April this year after reaching almost EUR600/t at the end of 2021,
compared with an average of about EUR250-EUR300/t from 2018 to June
2021. The significant increase in key agricultural commodity prices
and the resulting improvement in farm economics has resulted in
favorable agricultural fundamentals. This, combined with
historically low inventory levels in key regions, has led to strong
potash consumption and higher prices. The pricing further surged so
far in 2022, fueled by the conflict in Ukraine, as well as the
resulting sanctions and logistics issues, which made the potash
produced in Belarus and Russia, roughly 35% of global production in
2020, inaccessible for many countries. We now expect average
selling prices for K+S' agriculture products to increase by more
than 85% to above EUR560/t in 2022 from EUR298/t in 2021. As a
result, we forecast our adjusted EBITDA will more than triple to
EUR2.1 billion-EUR2.4 billion in 2022 from EUR709 million last year
from continuing operations, much higher than our previous estimate
of EUR700 million-EUR750 million. In addition, financial debt will
further fall as we expect the bond maturity in June this year of
about EUR200 million will not be refinanced, given the current high
cash position.

"The outlook for the potash market supports strong credit metrics
at least in the next two years and solid FOCF from 2022. Healthy
market demand and limited capacity additions in the next few years
are likely to keep potash prices relatively high in the next one to
two years. Although we assume the extremely high pricing this year
is not sustainable and will start normalizing in 2023, we expect
selling prices for K+S' agriculture products to remain
significantly higher than the average of about EUR250/t in
2016-2021. As a result, we expect adjusted EBITDA of EUR1.2
billion-EUR1.5 billion in 2023. Moreover, cash FOCF will also reach
a record high of EUR0.7 billion-EUR1 billion in 2022 from about
negative EUR30 million in 2021. This is mainly driven by surging
EBITDA and well-controlled capital expenditure (capex), despite
higher working capital because of higher prices and revenue.
Assuming continued focus on efficiency improvement and disciplined
capex, FOCF should remain solidly positive beyond 2022, given
healthy EBITDA backed by supportive potash prices. Solid FOCF will
contribute to continuous reduction in net debt, which will help
maintain low leverage of below 0.5x adjusted debt to EBITDA in the
next two years, even with normalizing potash prices and lower
EBITDA than 2022.

"Our base case is subject to event risk, namely potential gas
supply shortages and other major disruptions in the production and
supply chain, which might upset market conditions in the short to
medium term.We note a high degree of uncertainty about the extent,
outcome, and consequences of the Russia-Ukraine conflict. Although
sanctions are likely to lead to disrupted supply and support high
potash prices, a potential gas supply cut from Russia could result
in curtailed production at the company's most German potash sites.
Although we expect K+S to be grouped to prioritized companies whose
products are viewed critical for the supply of food and medicine in
Germany, the final distribution in a case of gas shortage is still
quite uncertain at this stage. In addition, other unexpected severe
production or supply chain disruptions, higher energy and logistics
costs, and demand destruction due to too-high prices could also
dampen industry conditions.

"Highly volatile earnings and cash flow reflect the industry's
cyclicality and the company's vulnerability to fluctuations in
potash prices. We believe K+S' credit ratios will remain volatile
in the long term, reflecting its high exposure to volatile potash
prices and the fertilizer industry's cyclicality. Potash price is
the most important driver for the company's operating performance.
We estimate that EBITDA would decline by about EUR80 million if
selling prices were lower by EUR10/t. Over the long run, if potash
prices are fully normalized and K+S' selling prices would return to
the historical average of about EUR250/t in 2016-2021, we expect
adjusted debt to EBITDA could deteriorate to above 2x, although not
our base case for the next one to two years. In addition, the
Russia-Ukraine conflict adds to higher-than-usual volatility in
market prices, as the tailwind from supply disruption could reverse
if the export restriction from Russia and Belarus is lifted or
supply tightness is partly eased by capacity addition from
producers in other regions.

"Moreover, K+S suffers from the higher cash costs of its German
mines compared with many other industry peers. This is due to their
geology, strict environmental regulations in the country, as well
as increasing energy costs, and potentially investments needed to
accommodate to the accelerating energy transition in Europe. On one
hand, we recognize that K+S has already invested in CO2
certificates which cover about 70% of its production till 2030. On
the other hand, the Ukraine conflict highlights the need to
diversify energy sources and reduced the dependence on the Russian
supply of oil and gas. This, alongside CO2 reduction goals, is
likely to lead to an acceleration of energy transition in Germany
and higher investments in renewable energy in the chemical sector.

"We expect financial policy will support the current rating. We
understand that the company is focusing on increasing the
robustness of its business and maintaining positive FOCF, even at
temporarily low potash prices, through well-controlled capex,
disciplined mergers and acquisitions, as well as continuous
improvement of the cost position and site efficiency. The new
dividend policy includes a relatively low base dividend (EUR0.15
per share) and a discretionary premium, depending on leverage and
business outlook, among others. We assume that dividend payments
next year will be significantly higher due to the very strong
performance in 2022, but commensurate with the rating headroom
built up. We do not expect a deterioration in leverage due to
aggressive shareholder distribution.

"The stable outlook reflects our expectation that strong potash
market conditions will continue in the next 12 months, which, even
with normalizing potash prices, should help the company maintain
adjusted debt to EBITDA comfortably below 1.5x in 2023 and generate
FOCF of above EUR500 million. This assumes no gas supply shortage
or other major disruptions in production or the supply chain."

S&P could raise the rating if:

-- S&P said, "We are confident of reduced volatility in K+S'
business, for example, due to a structural change in the global
supply/demand balance as a result of prolonged export restriction
for Belarus and Russia. In our view, this would help the company
maintain adjusted debt to EBITDA comfortably below 1.5x and
generate FOCF of above EUR250 million under normalized business
conditions;" and

-- K+S offsets risks from strict environmental regulations in
Germany and higher energy costs and investments related to
achieving the target of net-zero carbon dioxide emissions through
effective and pro-active measures; and

-- The financial policy continues to be supportive and management
remains committed to maintaining credit metrics commensurate with a
higher rating.

S&P could lower the rating if:

-- The company's credit metrics weaken substantially due to
prolonged weakening in potash prices or material unexpected
operational disruptions on its production sites, for example,
because of gas supply shortages, with adjusted debt to EBITDA above
3x without near-term recovery prospects; or

-- Discretionary cash flow turns negative, for example, due to a
more-aggressive financial policy regarding capex, acquisitions, and
shareholder distributions.

ESG credit indicators: E-4, S-2, G-3


STANDARD PROFIL: S&P Downgrades Ratings to 'CCC+', Outlook Negative
-------------------------------------------------------------------
S&P Global Ratings lowered its ratings on Standard Profil
Automotive GmbH and its senior secured notes due 2026 to 'CCC+'
from 'B-'.

The negative outlook indicates that S&P could lower the ratings if
Standard Profil's adjusted FOCF remains materially negative over
the next six to 12 months amid persistently tough industry
conditions and growth-related investments that may further weaken
its liquidity position.

Standard Profil's current earnings level and high capital intensity
hamper immediate FOCF prospects. S&P said, "We estimate that, after
a sizable FOCF deficit of about EUR60 million in 2021, Standard
Profil will burn EUR15 million-EUR25 million of cash this year.
This is because its EBITDA recovery remains constrained by cost
inflation, and the company continues to face elevated fixed capital
and interest charges. We anticipate the S&P Global Ratings-adjusted
EBITDA margin will only improve to about 15% in 2022, well below
the pre-pandemic average of about 18%, mainly due to higher costs
that cannot be fully and immediately passed on to auto original
equipment manufacturers (OEMs). We estimate that the company can
recover between 70% and 80% of the raw material price inflation
(mainly on rubber, plastics, metals, and black carbon) on most of
its outstanding contracts, with the time lag to do so constraining
profitability in the near term." Higher transportation, energy, and
labor costs are also likely to slow the rebound of profitability,
since those expenses are typically harder to pass to OEM
customers.

Standard Profil's growth comes with sizable investment requirements
that constrain FOCF. S&P said, "We anticipate capex will represent
at least 12% of the company's sales in 2022 versus 13.2% last year,
primarily due to growth spending as the company continues to
outperform global auto production markets. Standard Profil's new
contracts typically require in-house development of tooling and
other project costs before the production of new vehicle platforms
starts; this has resulted in capex representing 10%-15% of revenue
historically. In our view, such capital intensity needs to be
compensated by higher earnings than currently anticipated to allow
positive FOCF. We also estimate that high annual interest expenses
of about EUR20 million, and inventory build-up effects stemming
from raw material inflation and higher volumes served, will further
constrain FOCF generation in the near term."

S&P said, "Standard Profil's liquidity position remains fragile,
but we do not anticipate a near-term default scenario. We believe
that negative FOCF this year would further weaken the company's
liquidity position despite its recently obtained EUR30 million
revolving credit facility. Our liquidity assessment excludes
Standard Profil's access to about EUR10 million of short-term local
credit lines and a potential increase in its non-recourse factoring
financing. We estimate that this short-term funding, along with RCF
availability, could partly offset the impact of the FOCF deficit on
the company's cash position (EUR44 million on Dec. 31, 2021) this
year. Also, although not incorporated in our base case, we believe
that financial sponsor Actera Group could support the company in
case of higher-than-expected cash outlays. Consequently, we do not
anticipate a near-term default scenario at this stage. The absence
of sizable near-term debt maturities--the EUR275 million secured
notes mature in June 2026--also supports our assessment. That said,
we regard the recurrence of negative FOCF as unsustainable in the
longer term, since it requires the company to have access to
external funding, which is uncertain. Last year's cash erosion was
partly mitigated by the release of EUR90 million of restricted cash
tied to the company's previous loans in Turkey and Spain, but this
is no longer available.

"Standard Profil's robust order book continues to provide earnings
growth prospects beyond 2022. We anticipate the company will
continue to outperform the market in 2022. We forecast 14%-16%
revenue growth, which is well above our global automotive
production growth assumption of 3%-4%. Last year, the company
delivered robust 10% growth while global auto production volumes
recovered modestly from the pandemic by about 2%. The company
ramped up its operations in North America (15% of 2021 revenue
versus 10% in 2020) and in Asia (10% compared with 4%), and its
order book further increased to about EUR2.4 billion as of Dec. 31,
2021, from EUR2.1 billion the year before. We also believe the
company's exposure to newer platforms and rapidly expanding battery
electric vehicle (BEV) market will underpin further market
outperformance beyond 2022. About 50% of models supplied in 2021
started production after 2019 (such as the Tesla Model Y, Fiat
500e, Ford Mach-E, and Ford E-Transit), and Standard Profil expects
to generate an increasing share of its revenue from BEV producers
(about 35% of its order book). In our view, such a position
supports the rating in the longer term, notwithstanding current
industry challenges and weak FOCF. We also anticipate that the cost
pass through Standard Profil negotiated with carmakers last year
and its progress in ramping up operations in Mexico will partly
offset the impact of adverse operating conditions, allowing for
EBITDA growth to EUR50 million-EUR60 million this year (margin of
about 15%) from EUR35 million in 2021 (11.2% margin). We estimate
that this will translate into adjusted debt to EBITDA declining to
around 6.5x in 2022, from 9.5x last year."

Outlook

The negative outlook reflects S&P's expectation that Standard
Profil's adjusted FOCF will stay negative over the next six to 12
months as earnings recover slowly amid challenging industry
conditions and growth investments that may weaken its liquidity
position.

Downside scenario

S&P could lower its ratings on Standard Profil if its adjusted FOCF
remains materially negative beyond 2022 and liquidity weakens
further as a result of lower-than-anticipated auto production and
prolonged difficulties in passing through cost inflation. Sizable
cash outflow not compensated by external funding or other cash
inflow would likely result in accelerated liquidity pressure and
could lead to a downgrade.

Upside scenario

S&P could revise its outlook to stable in the next 12 months if
Standard Profil's liquidity position strengthens. This could stem
from better-than-expected operating performance, a
lower-than-anticipated FOCF deficit, or cash outflows being offset
by long-term funding or cash inflows. An upgrade would be
contingent on the company restoring at least break-even FOCF
structurally, while maintaining an improved liquidity position.

Environmental, Social, And Governance

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

S&P said, "Governance is a moderately negative consideration in our
rating analysis of Standard Profil. Our assessment of the company's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners, in line with our view of the majority of rated entities
owned by private-equity sponsors. Our assessment also reflects
their generally finite holding periods and focus on maximizing
shareholder returns. Environmental and social factors have a
neutral influence on our credit analysis of Standard Profil. Its
sealing systems for vehicles' windows and doors are used in both
internal combustion engine cars and electric vehicles (EVs) such
that we do not view its product portfolio as exposed to the
powertrain transition. Stricter noise cancellation requirements in
EVs could support higher sealing content and demand, but we think
the impact will remain modest. We also estimate that Standard
Profil's scope 1 and 2 emissions are broadly in line with the
average for auto suppliers."


WIRECARD AG: Munich Court Ruling Opens Door to Reclaim Dividends
----------------------------------------------------------------
Olaf Storbeck at The Financial Times reports that a German court
has ruled invalid Wirecard's final two full-year financial
statements in a landmark decision that opens the door for the
collapsed payments group's administrator to reclaim EUR62 million
in dividends and tax.

According to the FT, the May 5 decision by a trade chamber of the
Munich regional court, which was disclosed in a statement, is a new
embarrassment for Wirecard's auditor EY, which signed off the
accounts without realising that half the company's revenue and
billions in corporate cash did not exist.

Wirecard, which at its peak had a market capitalisation of more
than EUR24 billion, imploded two years ago in one of Europe's
biggest accounting scandals, leaving behind more than EUR3 billion
in debt, the FT recounts.

Former chief executive Markus Braun, who is in police custody
awaiting trial, was this year charged alongside two former
colleagues with fraud, breach of trust and accounting manipulation,
the FT relays.

EY, the FT says, is under investigation by Germany's audit watchdog
and Munich criminal prosecutors over a potential violation of
professional duties.  The Big Four firm denies any wrongdoing.

EY, as cited by the FT, said on May 5 that it was not a party or
defendant to the legal dispute over the veracity of the financial
statements.

According to the FT, people with knowledge of the situation pointed
out that the court did not assess who was responsible for the
flawed annual financial statements.

However, the ruling makes it more likely that the administrator
will also sue EY over its work, the FT says, citing people familiar
with the matter.  The auditor is already facing an avalanche of
lawsuits from investors who say they relied on the firm's
unqualified audits, the FT notes.

Wirecard's administrator Michael Jaffe is now likely to reclaim
dividend and tax payments made by the company on the basis of the
false annual reports, the FT discloses.

The biggest single item is EUR47 million in dividends that were
paid in 2018 and 2019, the FT states.  According to the FT, a
person familiar with the administrator's thinking stressed that Mr.
Jaffe would only try to recover dividends from large shareholders,
rather than retail investors, adding that about 75% of the payouts
appeared to be recoverable.




===========
G R E E C E
===========

HELLENIC REPUBLIC: DBRS Hikes Issuer Ratings to BB(high)
--------------------------------------------------------
DBRS Ratings GmbH upgraded the Hellenic Republic's Long-Term
Foreign and Local Currency – Issuer Ratings to BB (high) from BB
and changed the trend to Stable from Positive. At the same time,
DBRS Morningstar upgraded the Hellenic Republic's Short-Term
Foreign and Local Currency – Issuer Ratings to R-3 from R-4 and
changed the trend to Stable from Positive.

KEY RATING CONSIDERATIONS

The ratings upgrades reflect DBRS Morningstar's view that Greece
continues to progress economic reforms and remains fully committed
to fiscal consolidation. The economy grew by 8.3% last year and is
now very close to its pre-pandemic level. Fiscal overperformance
and cash management strategy in 2021 led to liquid cash reserves
remaining very high, currently around EUR 41 billion. Russia's
invasion of Ukraine looks set to shave off around one percentage
point from this year's GDP growth. The ECB last December signaled
its support to Greek government bonds. Greek banks continue to make
significant progress in reducing non-performing loans (NPLs) to
single digits, even with some new asset quality deterioration.
Improvements in DBRS Morningstar's building blocks of "Economic
Structure and Performance", "Debt and Liquidity" and "Monetary
Policy and Financial Stability" are the key factors for the
upgrades.

The Stable trend reflects DBRS Morningstar's view that Greece's
longer term economic prospects appear to be considerably
strengthened by governance, investments, exports and reforms,
underpinning public sector debt sustainability. DBRS Morningstar
views that several credit uncertainties remain - the global
economic implications of the situation in Ukraine; asset quality of
the financial sector; and the extent to which the ECB will provide
support to Greek bonds in a situation of market disruption.

Greece's ratings are underpinned by euro area membership. Greece is
one of six European Union (EU) member states with EU adopted plans
that include grants and loans. Moreover, the country is one of five
member states to submit a first payment request to the European
Commission that should release the first disbursement of EUR 3.6
billion, probably in April. Around EUR 70 billion of funds from the
Next Generation EU financial instrument and the Multiannual
Financial Framework are available in total. Greece's National
Recovery and Resilience Plan (Greece 2.0) consists of reforms that
will likely boost inclusive growth and investment narrowing the
investment gap between Greece and its euro area peers.

RATING DRIVERS

The ratings could be upgraded if one or a combination of the
following occur: (1) continued implementation of reforms that boost
investment improving longer term economic prospects; (2) sustained
commitment to fiscal consolidation that keeps the public debt ratio
on a downward trajectory.

Triggers for a downgrade include: (1) persistently weak economic
performance; (2) a reversal or stalling in structural reforms; (3)
renewed financial-sector instability.

RATING RATIONALE

Recovery To Continue Despite Risks From Inflation and Weaker
Confidence Following Russia's Invasion of Ukraine

The coronavirus pandemic and the restrictive measures led to a
severe economic contraction in 2020. Greece's real GDP contracted
by 9.0% due to the sharp decline in private consumption and export
of services. In 2021, the milder impact of the restrictions, the
vaccination rollout and the better than anticipated performance of
the tourism sector resulted in a strong rebound. Real GDP grew by
8.3%, supported by strong investment and export growth and pent up
private consumption. After the collapse of the travel and tourism
industry in 2020, the sector recovered some lost ground in 2021,
with travel receipts from tourism reaching around 60% of 2019
levels. Furthermore, the labor market continued to recover, with
the unemployment rate falling below 13.0% for the first time since
August 2010.

The European Commission in its Winter 2022 outlook foresaw growth
of 4.9% in 2022, driven by investment and private consumption and
further improvements in the exports of services as the recovery in
tourism flows continues. The main risks to the outlook are linked
to growing inflationary pressure, which is expected to impact
consumption and investment exacerbated also by Russia's invasion of
Ukraine. Despite the limited direct impact from the Russian market,
which accounted for only 2% of the total arrivals in 2019, the
recovery of the tourism sector could be postponed further due to
the geopolitical tensions and high energy costs, which somewhat
cloud the outlook for 2022.

The funds from the NGEU are expected to have a significant impact
on the Greek economy. In DBRS Morningstar's view, the successful
implementation of Greece's National Recovery Plan (Greece 2.0)
constitutes an upside risk for the Greek economy. According to the
2022 State Budget, the RRF expenditure, including grants and loans
are expected to reach a level of over 5 billion EUR each year until
the end of the program. Together with the structural funds from the
2021-2017 EU Budget, Greece will receive around 70 billion euros in
the next seven years. According to the Bank of Greece, the EU
recovery funds if combined with reforms, could result in a 7% real
GDP increase by 2026, mainly due to the increase in investments and
total factor productivity. The implementation of Greece 2.0 could
also lead to 180,000-200,000 new permanent jobs. In DBRS
Morningstar's view, the deployment of EU funds, combined with an
expected continued implementation of structural reforms, will
likely improve Greece's growth prospects and warrants a positive
qualitative adjustment to the "Economic Structure and Performance"
building block.

Fiscal Outturn for 2021 Likely Better Than Expected And Return to
Primary Surplus Likely Next Year

Greece implemented one of the largest support packages in the
European Union to mitigate the economic impact of the pandemic. The
packages included job retention schemes and financial support to
the self-employed, increased expenditures to support the health
care system, liquidity support to businesses through loan
guarantees and deferred payments of taxes and social contributions,
leading to a high fiscal deficit of 10% of GDP in 2020 from a
surplus in 2019. A strong revenue performance underpinned by a
better than anticipated growth outcome in 2021 and lower
expenditures, resulted in an improvement in the 2021 fiscal deficit
relative to 9.6% of GDP in the 2022 State Budget. The fiscal
position is expected to improve further this year as the economy
continues on its recovery path and the COVID-19 measures have been
mostly withdrawn, with the fiscal deficit expected to fall to 4.0%
and the primary deficit 1.4% of GDP, before turning into primary
surplus in 2023.

Main risks to the fiscal outlook are related to a potential need
for additional COVID-19 measures or the activation of state
guarantees that were granted during the pandemic. Also, in response
to increased energy costs the government has introduced support
measures to mitigate the impact on households and businesses. The
scheme will have a fiscally neutral impact as the cost will be
covered by the increased revenues from the Emission Trading System
(ETS). Nevertheless, some additional measures are likely in the
near future. Greece's strong fiscal position before the pandemic
supports DBRS Morningstar's view that Greece will remain committed
to fiscal consolidation and will comply fully with guidelines from
the European institutions once targets are reinstated.

Debt Liability Management Is Reducing Further Debt Servicing Costs
and the Liquidity Buffer is Very High

Greece's debt-to-GDP ratio fell to 197.1% in 2021 from 206.3% in
2020, remaining the highest among its euro area peers. Despite the
very high level, several risk mitigating factors are in place.
Greece is benefiting from a favorable debt structure as the
official sector holds over 75% of government debt with most of it
financed at very low interest rates. In addition, the debt has a
very long weighted-average maturity of 21 years as of June 2021,
with more than 98% of debt at fixed rates, mitigating the risks
arising from increased market volatility. Benefiting from Greece's
participation in the ECB's PEPP the Greek authorities have pursued
an active debt strategy prepaying more expensive debt. The ECB have
stated a flexible approach to buying Greek government bonds if
necessary to counter negative shocks. The average effective
interest rate on medium to long term debt at 1.4% is significantly
lower than that of its Southern European peers. Greece plans in
coming months to fully repay the outstanding IMF loans and also is
considering the repayment of the GLF loans due in 2023 by the end
of the year.

The sizeable cash reserves of around EUR 41 billion at end February
2022 continue to serve as a liquidity buffer and enhance confidence
among market participants. This reserve buffer reduces repayment
risks leading to a positive qualitative adjustment to the "Debt and
Liquidity" building block. Nevertheless, in DBRS Morningstar's view
fiscal discipline and sustained growth will be key in Greece's debt
sustainability.

Continued Progress on NPL Disposal, But Uncertainty Relates to New
Flows

Greek banks made further progress in reducing their NPL ratios
during 2021. The NPL ratio declined from 30.1% at the end of 2020
to 15.0% at end of September 2021. This reduction was primarily
driven by sales and securitizations of loans under the Hercules
Asset Protection Scheme (HAPS). The government extended the
Hercules Scheme for an additional eighteen months until October
2022. The extension of the Hercules scheme and the implementation
of the new insolvency framework will likely support banks' further
efforts to clean up their balance sheets. The systemic banks are
currently on track to reach their targets for single digit NPL
ratios by the end of 2022. However, the pandemic will likely result
in new flows of NPLs. This accounts for DBRS Morningstar's negative
qualitative adjustment to the "Monetary Policy and Financial
Stability" building block. Moreover, the banks are being tasked
with lending on to Greek companies the majority of the RRF loan
proceeds of up to EUR 12.7 billion, which will translate also into
additional lending opportunities for the banks themselves. This
will help the banks provide credit to Greek corporates, thereby
supporting economic recovery and growth.

Services Exports Expected To Be Supportive This Year

The deterioration in the travel balance resulted in a 6.6% deficit
in the current account in 2020. The partial recovery in
international travel flows and the strong performance in exports of
goods improved the current account position in 2021, with the
deficit standing at 5.8%. Travel receipts recovered some of the
lost ground in 2020, reaching around 60% of 2019 levels. This year
the external position is expected to improve on the back of strong
performance of exports of goods, the further recovery in
international tourist flows, and shipping exports, however,
recovering domestic demand and higher input prices will result also
in higher imports of goods and services. Exports of goods and
services, excluding shipping, have increased by almost 60% in real
terms from between 2009 and 2020. The flow of EU transfers is also
expected to have a positive impact on the external accounts. From a
stock perspective, Greece's net external liabilities remain high at
176.0% of GDP in Q3 2021, up from 89.0% in 2011, mostly reflecting
public sector external debt. The level is expected to remain at
high levels because of the long-term horizon of foreign
official-sector loans to the public sector.

Continued Commitment to Investment and Reforms

In recent years Greece enjoys a stable political environment and
good cooperation with its EU peers and institutions. Significant
progress has been made in reducing red tape in the public sector,
improving the business environment and unblocking several
investment projects. Efforts to improve Greece's digital
performance, which still remains below the EU average as measured
by EC's Digital Economy and Society Index (DESI) have also
accelerated, with significant progress made in the functioning of
the public administration. Government priorities in the next few
months focus on the successful implementation of the Greece 2.0
economic programme, with several reforms and investments in the
pipeline. DBRS Morningstar views that the improvement in the
political environment and the government's commitment to address
Greece's long standing challenges warrants a positive qualitative
adjustment to the "Political Environment" building block.

ESG CONSIDERATIONS

Human Capital and Human Rights (S) and Institutional Strength,
Governance and Transparency (G) were among key drivers behind this
rating action. Compared with its euro system peers, Greece's per
capita GDP is relatively low at $ 19,827 in 2021. According to the
World Bank Governance Indicators in 2020 Greece scores of 63 for
Rule of Law and 69 for Government Effectiveness, significantly
lower than its euro area peers in 2020. However, DBRS Morningstar
notes Greece's institutional strengths associated with euro system
membership and recent improvements in these areas. These factors
have been taken into account within the following building blocks:
Fiscal Management and Policy, Economic Structure and Performance
and Political Environment.

EURO AREA RISK CATEGORY: LOW

Notes: All figures are in Euros unless otherwise noted. Public
finance statistics reported on a general government basis unless
specified.





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

ACCUNIA EUROPEAN II: Moody's Affirms B1 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Accunia European CLO II DAC:

EUR38,100,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Jun 4, 2020 Affirmed Aa2
(sf)

EUR9,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aaa (sf); previously on Jun 4, 2020 Affirmed Aa2 (sf)

EUR23,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A1 (sf); previously on Jun 4, 2020
Affirmed A2 (sf)

EUR17,300,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Baa1 (sf); previously on Jun 4, 2020
Confirmed at Baa2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR223,500,000 (current outstanding amount EUR 181,074,605) Class
A Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jun 4, 2020 Affirmed Aaa (sf)

EUR21,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Jun 4, 2020
Confirmed at Ba2 (sf)

EUR12,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B1 (sf); previously on Jun 4, 2020
Confirmed at B1 (sf)

Accunia European CLO II DAC, issued in October 2017, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by ACCUNIA FONDSMÆGLERSELSKAB A/S. The transaction's
reinvestment period ended in October 2021.

RATINGS RATIONALE

The upgrades on the ratings on the Class B-1, B-2, C and D Notes
are primarily a result of the deleveraging of the senior notes
following amortisation of the underlying portfolio since the last
rating action in June 2020.

The affirmations to the ratings on the Class A, E and F Notes are
primarily notes a result of the expected losses on the notes
remaining consistent with their current ratings after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralization (OC) levels.

The Class A Notes have paid down by approximately EUR42.4 million
(18.98%) in the last 12 months. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated April 2022 [1] the
Class A/B, Class C, Class D Class E and Class F OC ratios are
reported at 137.2%, 125.8%, 118.4%,110.3% and 106.2%, compared to
April 2021 [2] levels of 134.2%, 123.6%, 116.7%, 109.1% and 105.2%
respectively. Moody's notes that the April 2022 principal payments
are not reflected in the reported OC ratios.

Key model inputs:

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR323.1m

Defaulted Securities: nil

Diversity Score: 43

Weighted Average Rating Factor (WARF): 2836

Weighted Average Life (WAL): 3.7 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.6%

Weighted Average Coupon (WAC): 1.9%

Weighted Average Recovery Rate (WARR): 44.7%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

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.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank provider, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in May 2021. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by (1) the manager's investment strategy and behaviour
and (2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales the collateral manager or be
delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

CVC CORDATUS VI: Moody's Ups Rating on EUR11.6MM F-R Notes to B1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by CVC Cordatus Loan Fund VI Designated Activity
Company:

EUR9,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Apr 19, 2018 Assigned Aa2
(sf)

EUR35,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Apr 19, 2018 Assigned Aa2
(sf)

EUR11,600,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to B1 (sf); previously on Apr 19, 2018
Assigned B2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Apr 19, 2018 Assigned Aaa
(sf)

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed A2 (sf); previously on Apr 19, 2018
Assigned A2 (sf)

EUR20,400,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa2 (sf); previously on Apr 19, 2018
Assigned Baa2 (sf)

EUR24,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Apr 19, 2018
Assigned Ba2 (sf)

CVC Cordatus Loan Fund VI Designated Activity Company, originally
issued in March 2016 and reset in April 2018, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by CVC
Credit Partners Group Ltd. The transaction's reinvestment period
will end in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1-R, B-2-R and F-R Notes are
primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in July 2022.

The affirmations on the ratings on the Class A-R, C-R, D-R and E-R
Notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a lower WARF and a shorter WAL than it
had assumed at the last rating action in April 2018.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par: EUR395,801,613.33

Diversity Score: 51

Weighted Average Rating Factor (WARF): 2934

Weighted Average Life (WAL): 4.46 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.55%

Weighted Average Coupon (WAC): 4.35%

Weighted Average Recovery Rate (WARR): 44.24%

Par haircut in OC tests and interest diversion test: 0.0695%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

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.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in May 2021. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities. CLO notes' performance may also be impacted either
positively or negatively by: (1) the manager's investment strategy
and behaviour, and (2) divergence in the legal interpretation of
CDO documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. Moody's tested for a possible
extension of the actual weighted average life in its analysis. The
effect on the ratings of extending the portfolio's weighted average
life can be positive or negative depending on the notes' seniority.

OAK HILL VI: Moody's Affirms B2 Rating on EUR13.5MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Oak Hill European Credit Partners VI Designated
Activity Company:

EUR35,550,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Jun 10, 2020 Affirmed Aa2
(sf)

EUR10,550,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aa1 (sf); previously on Jun 10, 2020 Affirmed Aa2 (sf)

EUR26,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Jun 10, 2020
Affirmed A2 (sf)

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa1 (sf); previously on Jun 10, 2020
Confirmed at Baa2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR259,000,000 (current outstanding amount EUR 257,787,577.98)
Class A-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa
(sf); previously on Jun 10, 2020 Affirmed Aaa (sf)

EUR20,000,000 (current outstanding amount EUR 19,906,376.68) Class
A-2 Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Jun 10, 2020 Affirmed Aaa (sf)

EUR30,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jun 10, 2020
Confirmed at Ba2 (sf)

EUR13,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Jun 10, 2020
Confirmed at B2 (sf)

Oak Hill European Credit Partners VI Designated Activity Company,
issued in January 2018, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by Oak Hill Advisors (Europe), LLP.
The transaction's reinvestment period ended in January 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2, C and D notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in January 2022 and the
subsequent deleveraging of the senior notes following amortisation
of the underlying portfolio.

The rating affirmations on the Class A-1, A-2, E and F Notes
reflect the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization levels.

The Class A-1 and Class A-2 notes have paid down by approximately
EUR1.2 million (0.47%) and EUR0.09 million (0.47%) respectively on
the last payment date. Over-collateralisation (OC) has increased
slightly across the capital structure over the last 6 months.
According to the trustee report dated April 2022 [1] the Class A/B,
Class C, Class D and Class E OC ratios are reported at 136.79%,
126.48%, 118.71% and 109.75% compared to October 2021 [2] levels of
136.77%, 126.46%, 118.70% and 109.73%, respectively. Moody's notes
that the April 2022 principal payments are not reflected in the
reported OC ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR443.59m

Defaulted Securities: None

Diversity Score: 58

Weighted Average Rating Factor (WARF): 2888

Weighted Average Life (WAL): 4.47 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.61%

Weighted Average Coupon (WAC): 5.04%

Weighted Average Recovery Rate (WARR): 44.47%

Par haircut in OC tests and interest diversion test: None

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

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.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in May 2021. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by 1) the manager's investment strategy and behaviour
and 2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

PALMER SQUARE 2022-2: Moody's Gives Ba3 Rating to EUR16MM E Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the notes issued by Palmer Square
European Loan Funding 2022-2 Designated Activity Company (the
"Issuer"):

EUR272,000,000 Class A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR44,000,000 Class B Senior Secured Floating Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR18,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR22,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

EUR16,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Ba3 (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 static CLO. The issued notes will be collateralized
primarily by broadly syndicated senior secured corporate loans. We
expect the portfolio to be 100% ramped as of the closing date.

Palmer Square Europe Capital Management LLC (the "Servicer") may
sell assets on behalf of the Issuer during the life of the
transaction. Reinvestment is not permitted and all sales and
unscheduled principal proceeds received will be used to amortize
the notes in sequential order.

In addition, the Issuer has issued EUR26,700,000 of Subordinated
Notes due 2031 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 Servicer's investment decisions and management
of the transaction will also affect the debt's 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: EUR400,000,000.00

Diversity Score: 59

Weighted Average Rating Factor (WARF): 2562

Weighted Average Spread (WAS): 3.46% (actual spread vector of the
portfolio)

Weighted Average Coupon (WAC): 3.33% (actual spread vector of the
portfolio)

Weighted Average Recovery Rate (WARR): 45.75%

Weighted Average Life (WAL): 5.16 years (actual amortization vector
of the portfolio)



=========
I T A L Y
=========

CASSIA 2022-1: DBRS Gives Prov. B(low) Rating to Class D1 Notes
---------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
classes of notes to be issued by Cassia 2022-1 S.R.L. (the
Issuer):

-- Class A1 notes at AA (low) (sf)
-- Class B1 notes at BBB (high) (sf)
-- Class C1 notes at BB (high) (sf)
-- Class D1 notes at B (low) (sf)

The trends on all ratings are Stable.

The transaction is a two-loan conduit securitization arranged by
Bank of America Securities and Goldman Sachs International and
comprises two separate commercial real estate (CRE) senior loans
(the Thunder II Loan and Jupiter Loan) advanced to borrowing
entities ultimately owned by The Blackstone Group Inc. (Blackstone
or the Sponsor).

The two loans, totaling EUR 276.4 million as of 30 September 2021
(the Cut-Off Date) are backed by 42 big-box and last-mile logistics
properties in Italy. On 1 October 2021, CBRE Ltd. (CBRE) conducted
valuations on the properties and appraised their market value (MV)
at EUR 384.6 million. CBRE believes that the MV of the portfolio as
a single lot is EUR 394.9 million, which equates to a premium of
approximately 2.7% above the aggregated individual property value.
The two senior loans vary in size, but they have the same
loan-to-value ratio (LTV) of 70.0%.

By loan amount, the larger loan is the Thunder II loan with an
outstanding balance of EUR 191.8 million whereas the Jupiter loan
has an outstanding balance of EUR 84.6 million. Each loan bears
interest at a floating rate equal to three-month Euribor (subject
to zero floor), plus a margin that is a function of the weighted
average (WA) of the aggregate interest amounts payable on the
notes. As a result, there will be no excess spread and the Sponsor
will pay the Issuer costs in accordance with the ongoing financing
costs letter.

The interest rate risk is to be fully hedged by a prepaid cap with
a strike rate set at the higher of 1.5% and the level required to
ensure at least 2.0 times (x) hedged interest coverage ratio and is
to be provided by a hedge provider with a rating plus relevant
triggers that are commensurate with that of DBRS Morningstar's
rating criteria.

The Thunder II borrower is an Italian closed-end fund, whereas the
Jupiter borrowers are split among an Italian closed-end fund,
Jupiter Fund, and two limited liability companies, Mileway Italy
2021 Bidco S.r.l. (Mileway or the Bidco) and Bracchi Immobiliare
Logistica S.r.l. (Bracchi or the Target Company) with the three
relevant facilities: (1) EUR 55,547,318 Jupiter Facility A, (2) EUR
25,075,682 Jupiter Facility B, and (3) EUR 4,000,000 Jupiter
Facility C. The Sponsor plans to restructure the borrower structure
of the Jupiter loan and complete the reverse merger of the Bidco
into its subsidiary, the Target Company (with Bracchi as the
surviving legal entity) within six months of utilization. Until the
restructuring is completed, the Bidco will not have sufficient cash
to service its portion of the loan (the Jupiter Facility B) and
will not benefit from the security over the assets, which are held
instead by the Target Company. In the unlikely scenario that a loan
defaults during the restructuring and the start of an insolvency
proceeding under Italian law, the Bidco's debt will rank junior to
any unsecured creditors of the Target Company. To mitigate this
risk, Facilities B and C will be funded to a blocked account and
only released once the merger has happened. If the merger does not
occur within six months of utilization, both Facility B and
Facility C must be prepaid in full.

Although the Coronavirus Disease (COVID-19) has negatively affected
all CRE sectors, the light-industrial/logistics assets seem to fare
better than other asset types. The portfolio has performed
resiliently through the pandemic and, based on collection data from
the Sponsor, there is currently only around 3.0% of gross rental
income (GRI) in arrears for more than 30 days.

The Thunder II loan is backed by 20 big-box logistics assets that
are predominantly located in the central and northern regions of
Italy, including Florence, Milan, and Genoa (the Thunder II
Portfolio). The purpose of this loan is to refinance Blackstone's
acquisition of the Thunder II Portfolio, which was acquired through
11 separate transactions. As at the Cut-Off Date, the collateral
offered 341,323 square meters (sqm), which was fully occupied on a
WA unexpired lease term to break (WAULTb) and to expire (WAULTe) of
4.1 years and 9.7 years, respectively.

CBRE valued the Thunder II Portfolio at EUR 266.9 million as of 1
October 2021, with a 2.7% premium provided that the assets are sold
in a single transaction, which brings the valuation up to EUR 274.0
million. As at the Cut-off Date, the properties generated EUR 16.2
million of GRI and EUR 14.1 million of net operating income (NOI),
which reflects a 5.9% gross initial yield (GIY) and a 5.2% net
initial yield (NIY), respectively, and a day-one debt yield (DY) of
7.4%. DBRS Morningstar's long-term stable net cash flow (NCF)
assumption and the DBRS Morningstar Value for the Thunder II
Portfolio are EUR 11.7 million and EUR 178.9 million, respectively,
representing a haircut of 34.7% to the CBRE valuation.

The Thunder II loan has LTV and DY covenants for cash trap and,
following a permitted structural change (PSC), for events of
default (EODs). The LTV cash trap covenant is set at the LTV ratio
(expressed as a percentage) on the date of the facility agreement
plus 10%. The DY cash trap covenant is set at 6.0% in years one to
three and at 6.5% in years four to five. Following a PSC, the LTV
financial covenant is triggered if (1) the LTV ratio is higher than
the lower of (A) LTV ratio as at the date of the facility agreement
plus 12.5% and (B) the LTV ratio as at the PSC date plus 15%; and
if (2) the DY is less than the higher of (A) 87.5% of the DY as at
the date of the facility agreement and (B) 85% of the DY as at the
PSC date.

The Jupiter Loan is secured by 22 last-mile logistics assets
located across Italy, including Bergamo, Milan, and Florence (the
Jupiter Portfolio), which Blackstone is acquiring in seven
transactions. This portfolio will sit within Blackstone's
established Mileway platform. As at the Cut-Off Date, the
properties offered 165,997 sqm, which was 93.8% occupied on a
WAULTb and WAULTe of 3.8 years and 9.6 years, respectively.

CBRE valued the Jupiter Portfolio at EUR 117.7 million as of 1
October 2021, with a 2.7% premium provided that the assets are sold
in a single transaction, which brings the valuation up to EUR 120.9
million. As at the Cut-Off Date, the properties generated EUR 8.3
million of GRI and EUR 7.0 million of NOI, which reflects a 6.8%
GIY and a 5.8% NIY, respectively, and a day-one DY of 8.3%. DBRS
Morningstar's long-term stable NCF assumption and the DBRS
Morningstar Value for the Jupiter Portfolio are EUR 5.7 million and
EUR 85.8 million, respectively, representing a haircut of 29.0% to
the CBRE valuation.

The Jupiter loan has LTV and DY covenants for cash trap and,
following a PSC, for EODs. The LTV cash trap covenant is set at the
LTV ratio (expressed as a percentage) on the date of the facility
agreement plus 10%. The DY cash trap covenant is set at 7.5% in
years one to three and at 7.7% in years four to five. Following a
PSC, the LTV financial covenant is triggered if (1) the LTV ratio
is higher than the lower of (A) LTV ratio as at the date of the
facility agreement plus 12.5% and (B) the LTV ratio as at the PSC
date plus 15%; and if (2) the DY is less than the higher of (A)
87.5% of the DY as at the date of the facility agreement and (B)
85% of the DY as at the PSC date.

The Sponsor can dispose of any assets securing the loans by
repaying a release price of 100% of the allocated loan amount (ALA)
up to the first-release price threshold, which equals 10% of the
portfolio valuation. Once the first-release price threshold is met,
the release price will be 105% of the ALA up to the second release
price threshold, which equals 20% of the portfolio valuation. The
release price will be 110% of the ALA thereafter. Following a PSC,
the release price will be 115% of the ALA.

No later than the interest payment date (IPD) occurring on 22
August 2022 and on a date (the Second Closing Date) to be agreed
with the arrangers, the Issuer will be entitled at its option to
raise further funds through the issuance of new notes. The proceeds
from the issuance of the new notes are expected to refinance one or
two new loan facilities, namely the Camelot Loan and the Thunder I
Loan, which will thereafter form part of the Issuer's assets
available for the purpose of making payments in respect of the
notes. The new notes, if issued, will be issued in sub-classes of
the existing notes (namely the Class A2, Class B2, Class C2, and
Class D2 notes) and will rank pari passu with the existing notes.
There will be conditions to the issuance of the new notes
including, inter alia, that there is no event of default then
outstanding and confirmation from the rating agencies that each
sub-class of new notes will be assigned the same rating as the
corresponding sub-class of original notes and/or receipt of a
rating agency confirmation that the then current rating of the
existing notes will not be adversely affected by the advancing of
the relevant senior loan(s) and the issuance of the related new
notes. The new notes will be priced on the further issuance date
and may have a different margin than the initial notes. Following
the issuance of the new notes, the loan margins will be reset to
reflect the revised WA margin of the notes, thus all notes will be
backed by all of the loans and any prepayments will be applied pro
rata to notes of the same class as between existing and new notes.

For the purpose of satisfying the applicable risk retention
requirements, Bank of America Europe DAC, Milan Branch (the VRR
Lender) will advance a EUR [7.2] million loan (the VRR Loan) to the
Issuer on the closing date and Goldman Sachs Bank Europe SE (the
VRR Noteholder) will subscribe for EUR [7.2] million in notes (the
VRR Notes and, together with the VRR Loan, the VRR Instruments) to
be issued by the Issuer on the closing date. As at the closing
date, the aggregate principal amount of the VRR Instruments will
hence be EUR [14.4] million. On any Second Closing date, the Issuer
will also make a further drawdown under the VRR Loan and a further
subscription under the VRR Notes in an amount sufficient to comply
with the applicable risk retention requirements.

On the closing date, EUR [10,925,000] of the proceeds of issuance
of the Class A1 Notes together with EUR [575,000] of the amount
drawn under the VRR Instruments will be used by the Issuer to fund
a reserve (the Issuer Liquidity Reserve) in an aggregate amount
equal to EUR [11,500,000] and such amount will be available to
provide liquidity support to the Class A1 notes and the Class B1
notes and certain payments under the VRR Instruments. DBRS
Morningstar estimates that the commitment amount at closing is
equivalent to approximately 19 months of coverage based on the
hedging terms mentioned above or approximately 12 months of
coverage based on the 4% Euribor cap. The liquidity reserve will be
reduced based on note amortization, if any, and in the event of a
substantial MV decline of the property portfolio. If any new notes
are issued, the Issuer Liquidity Reserve will be further funded
with a portion of proceeds from the issuance of the Class A2 notes,
together with a portion of the further drawdown proceeds from the
VRR Instruments on the Second Closing Date.

The Class D1 notes are subject to an available funds cap where the
shortfall is attributable to an increase in the WA margin of the
notes.

The loan maturity for each loan is May 2027, which is five years
after the utilization date. There are no extension options. The
final legal maturity of the Notes falls in May 2034, seven years
after the maturity of the loans. If necessary, DBRS Morningstar
believes that this provides sufficient time to enforce on the loan
collateral and repay the bondholders, given the security structure
and jurisdiction of the underlying loan.

The Sponsor is also expected to finalize a 75% LTV mezzanine
facility, which would be structurally and contractually
subordinated to the senior facilities.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many tenants and borrowers.

Notes: All figures are in euros unless otherwise noted.


FINO 1 SEC: DBRS Places 'BB' Class C Notes Rating Under Review
--------------------------------------------------------------
DBRS Ratings GmbH placed the following ratings on seven European
nonperforming loan (NPL) transactions Under Review with Positive
Implications:

Fino 1 Securitization S.r.l.

-- Class A Notes rated BBB (high) (sf)
-- Class B Notes rated BB (high) (sf)
-- Class C Notes rated BB (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in October 2045 while the ratings on the
Class B and Class C Notes address the ultimate payment of both
interest and principal before the legal final maturity.

Ibla S.r.l.

-- Class A rated BBB (low) (sf)
-- Class B rated CCC (sf)

The rating on the Class A notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in April 2037 while the rating on the
Class B notes addresses the ultimate payment of both interest and
principal before the legal final maturity.

Futura 2019 S.r.l.

-- Class A Notes rated BBB (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in July 2044.

Yoda SPV S.r.l.

-- Class A rated BBB (sf)

The rating on the Class A notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in January 2041.

POP NPLs 2020 S.r.l.

-- Class A rated BBB (sf)
-- Class B rated CCC (sf)

The rating on the Class A notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in November 2045 while the rating on the
Class B notes addresses the ultimate payment of both interest and
principal before the legal final maturity.

Palatino SPV S.r.l.

-- Class A Notes rated BBB (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in December 2045.

Retiro Mortgage Securities DAC

-- Class A1 rated A (sf)
-- Class A2 rated BBB (sf)
-- Class B rated BB (sf)
-- Class C rated BB (low) (sf)

The ratings on the Class A1 and Class A2 notes address the timely
payment of interest and the ultimate repayment of principal on or
before the legal final maturity date in July 2075 while the ratings
on the Class B and Class C notes address the ultimate payment of
both interest and principal before the legal final maturity.

Notes: All figures are in euros unless otherwise noted.


SUNRISE SPV 2021-1: DBRS Confirms BB(high) Rating on Class E Notes
------------------------------------------------------------------
DBRS Ratings GmbH confirmed the following ratings on the notes
(collectively, the Rated Notes) issued by Sunrise SPV 92 S.r.l. -
Sunrise 2021-1 (the Issuer):

-- Class A Notes at AA (high) (sf)
-- Class B Notes at A (high) (sf)
-- Class C Notes at BBB (high) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (high) (sf)

The rating on the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal on or
before the legal final maturity date in July 2046. The ratings on
the Class B, Class C, Class D, and Class E Notes address the
ultimate payment of interest but the timely payment of scheduled
interest when they become the senior-most tranche and the ultimate
repayment of principal on or before the legal final maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults and
losses, as of the February 2022 payment date.

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- No revolving period termination event occurred.

-- Current available credit enhancement to the Rated Notes to
cover the expected losses at their respective rating levels.

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

The transaction is a securitization of unsecured Italian consumer
loan receivables granted to retail clients and originated by Agos
Ducato S.p.A. The initial EUR 1.4 billion portfolio comprised new
and used automobile loans, personal loans, furniture loans, and
other-purpose loans. The transaction closed on 29 March 2021 and
includes an 18-month revolving period scheduled to end on the
October 2022 payment date. The revolving period may end earlier
than scheduled if certain events occur, such as the breach of
performance triggers, insolvency of the Originator, or replacement
of the servicer.

PORTFOLIO PERFORMANCE

As of the February 2022 payment date, loans that were one to two
months and two to three months delinquent represented 0.3% and 0.1%
of the portfolio balance, respectively, while loans more than three
months delinquent represented 0.2%. Gross cumulative defaults
amounted to 0.5% of the aggregate original and subsequent
portfolios, of which 4.6% has been recovered so far.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar received updated historical vintage data and
updated its base case PD and LGD assumptions to 6.7% and 88.6% from
7.2% and 88.1%, respectively, at the time of the initial rating
date. The analysis continues to be based on the replenishment
criteria set forth in the transaction legal documents.

CREDIT ENHANCEMENT

The subordination of the respective junior notes and the cash
reserve provides credit enhancement to the Rated Notes.

As of the February 2022 payment date, credit enhancement to the
Class A, Class B, Class C, Class D, and Class E Notes was 35.3%,
26.2%, 18.2%, 12.5%, and 7.3%, up from 33.4%, 24.9%, 17.0%, 11.4%,
and 6.3%, respectively, at the last annual review. The increased
credit enhancement is due to the cash reserve which was funded to
EUR 7.9 at closing and was later topped up using excess spread up
to its current targeted amount equal to EUR 35.0 million. The
credit enhancement is expected to remain stable until the notes
starts amortizing.

The transaction benefits from several funded reserves. The
non-amortizing Payment Interruption Risk reserve account has a
current balance of EUR 7.0 million and is available to cover senior
expenses and interest payments on the Rated Notes, providing
liquidity support to the transaction. Credit support is provided
through an amortizing cash reserve with a target balance equal to
2.5% of the outstanding performing collateral principal. The cash
reserve is currently at its target balance of EUR 35.0 million and
can be used to offset the principal losses of defaulted
receivables. The transaction structure also provisions for a Rata
Posticipata cash reserve, which mitigates the liquidity risk
arising from flexible loans. This reserve will be only funded if,
for two consecutive payment dates, the outstanding balance of the
flexible loans in relation to which the debtors have exercised the
contractual right to postpone the payments is higher than 5.0% of
the outstanding balance of all flexible loans. As of the February
2022 payment date, this condition had not been met.

Credit Agricole Corporate & Investment Bank, Milan branch (CACIB
Milan) acts as the account bank for the transaction. Based on the
DBRS Morningstar private rating on CACIB Milan, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the rating assigned to the Class
A Notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many ABS
transactions, some meaningfully. The ratings are based on
additional analysis to expected performance as a result of the
global efforts to contain the spread of the coronavirus.

Notes: All figures are in euros unless otherwise noted.




===================
K A Z A K H S T A N
===================

JUSAN GARANT: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Kazakhstan-based insurer
Jusan Garant to negative from stable. At the same time, S&P
affirmed its 'BB-' issuer credit and financial strength ratings on
the insurer and its 'kzA-' Kazakhstan national scale rating.

On April 1, 2022, Jusan Garant declared a solvency deficit,
according to the solvency calculations of The Agency of the
Republic of Kazakhstan for Regulation and Development of the
Financial Market. The negative outlook reflects S&P's view that
Jusan Garant's financial performance may fall short of the recovery
plan it submitted to the regulator.

S&P said, "We understand that Jusan Garant is taking steps to
comply with the solvency margin requirement, and we expect that the
company will have restored it to 0.9x as of May 1, 2022. The
primary reason for the solvency deficit is Jusan Garant's exposure
to distressed assets in Russia--represented by deposits, government
debt, and corporate bonds--which accounted for around 10%-15% of
the company's total investment portfolio as of April 1, 2022. We
believe these assets are facing spiralling credit risk, which could
lead to capital and earnings volatility for Jusan Garant, as
indicated by the recent sovereign rating actions on Russia.

"We note that Jusan Garant has submitted a recovery plan to the
regulator. In our base-case scenario, we assume that the company
will comply with the regulatory requirement as it will be able to
reshuffle the investment portfolio and reduce the negative
implications of asset valuation and credit risk exposures to Russia
over the next six months.

"We also believe that the company's capital and earnings may be
volatile in the next 12 months. We forecast Jusan Garant will
achieve moderate profitability in 2022 with return on equity at
about 8.6% on average, albeit with the potential for volatility. We
base this on our assumptions of a combined (loss and expense) ratio
of around 105% and investment yields of around 6.0% in the same
period. According to our risk-based capital model for insurance
companies, Jusan Garant's capital adequacy dropped to the BBB level
during Q12022 amid the credit migration of Russian assets. However,
our base case assumes a steady recovery to at least a strong level
in 2023 as management actions are implemented and underwriting
results strengthen.

"We therefore affirmed our global scale ratings and will closely
monitor how the regulatory solvency margin improves, as well as
Jusan Garant's asset exposure and how its capital and earnings
evolve in the next 12 months."

The negative outlook reflects that Jusan Garant's expected recovery
in solvency and our capital adequacy assessment may fall short of
targets, given the uncertain operating and investment environment
the industry faces.

S&P said, "We could lower the ratings in the next 12 months if the
company's regulatory solvency ratio does not improve to
consistently above the required minimum, or our capital adequacy
does not recover at least to a strong level by year-end 2023. This
may occur alongside further deterioration in the average credit
quality of invested assets and would increase the risk of
regulatory intervention.

"We could also lower the ratings if Jusan Garant's competitive
position weakened compared with peers, for example, after a
substantial insurance loss or a decline in premium volumes as a
result of the abovementioned factors.

"Ratings actions also hinge on our view of potential constraints on
Jusan Garant's overall financial strength stemming from the wider
group's creditworthiness.

"We may revise the outlook to stable over the next 12 months if
Jusan Garant restores its regulatory solvency ratio, in line with
regulatory requirements, and our capital adequacy assessment by
successfully transferring its deposits and investments into assets
exposed to lower credit risk while preserving its underwriting
standards."




===================
L U X E M B O U R G
===================

ADLER GROUP: S&P Downgrades LT ICR to 'CCC', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Adler Group S.A. and its subsidiary Adler Real Estate AG to 'CCC'
from 'B-', and its issue rating on its senior unsecured debt to
'CCC' from 'B'. S&P removed the ratings from CreditWatch, where
they were placed with negative implications on Feb. 11, 2022.

The negative outlook reflects S&P's view that it could downgrade
Adler again if it fails to resolve outstanding auditor concerns as
soon as possible, accumulating cash and finding a refinancing
solution within the next 12 months.

The publication of the annual report, including a disclaimer of
opinion by KPMG, suggests Adler is even less able to sustain its
near-term financial commitments. In its audit process of Adler's
financial statements for 2021, KPMG stated that it is unable to
express an audited opinion on the accompanying consolidated
financial statements of the group. This is due to missing
information about the identification and disclosure of related
parties and significant related party transactions and account
balances. S&P said, "We understand that Adler has obtained a legal
opinion on the audited status of its financial accounts,
considering the report as audited. However, we remain mindful about
an increasing litigation risk if stakeholders seek diverging legal
opinions and potentially accelerate any debt repayment requirements
for Adler ahead of its maturities. In addition, Adler has reported
a material goodwill impairment of EUR1.1 billion and a correction
of about EUR227 million of the value of some development projects,
increasing uncertainties on its future business prospects and its
ability to raise cash from development assets. We understand that
Bundesanstalt für Finanzdienstleistungsaufsicht, the German
Federal Financial Supervisory Authority, has not yet concluded its
investigation on Adler and seeks clarification on its 2019 and 2020
accounts, creating additional uncertainties for Adler's business."

S&P said, "In our view, Adler's ability to meet its financial
obligations and reduce the likelihood of a debt restructuring
depends on successful capital recycling and further cash conversion
of its assets.As of April 2022, Adler had approximately EUR700
million of cash available, mostly generated from sale of
approximately EUR1 billion assets to KKR & Co. Inc. and Velero
Immobilien AG, where the company received a net cash proceeds of
about EUR687 million. It has signed disposal proceeds about EUR200
million. For the next 12 months, we estimate roughly EUR1 billion
of debt maturities need to be refinanced, including a EUR500
million senior unsecured bond, due in April 2023. We understand
that Adler's RCF of EUR300 million, maturing in March 2024, was
terminated and Adler didn't refinance its working capital facility
of EUR15 million, which matured in March 2022. The company's
noncompliance of its incurrence covenant related to the
unencumbered asset ratio in one of its bonds outstanding with a
nominal value of EUR400 million and promissory notes of EUR24.5
million, further prevents the company from issuing new debt. We
doubt that Adler can cover its short-term debt maturities solely
from organic cash generation. We believe the company will rely
heavily on the further cash conversion of its existing asset base,
including LEG Immobilien SE's execution of its call option on
Adler's remaining shares in the subsidiary Brack Capital Properties
N.V. (BCP), which ends Sept. 30, 2022, and would provide about
EUR768 million of cash to Adler. Furthermore, the company expects
to generate around EUR975 million in cash from further sales on
development assets until end-2022.

"Adler accepted the resignation of four board members following
KPMG's statement of identified governance and compliance issues. We
understand that some related party transactions, such as the
financial investment in Aggregate Holdings Invest SA bonds, were
not considered to be good corporate governance practice and the
company is establishing a compliance department to monitor future
transactions. As a result, Adler accepted the resignation of four
board members, including the co-CEO Maximilian Rienecker. We
understand that the company will reduce its board composition to
five members from the current eight and will replace the co-CEO
position with a new full time CFO position. In our view, changes to
the board of directors, as well as the management team, were
necessary first steps to address the company's governance problems,
which we have previously noted.

"We anticipate weaker recovery prospects for the group's senior
unsecured debt. We have revised downward our recovery rating for
Adler's senior unsecured bonds, leading us to align the issue
ratings with the issuer credit rating, versus a previous one notch
uplift. This follows the material goodwill impairment and value
correction on its development projects and our uncertainty
regarding the future value on the group's assets. The repayment and
cancelation of Adler's EUR300 million RCF facility, as well as its
EUR400 million senior unsecured bond in April 2022, has reduced the
unsecured debt claims. However, at the same time, Adler's overall
assets base shrank by more than its unsecured debt base following
recent disposals of yielding assets, which previously benefited the
recovery prospects for bondholders. Furthermore, we remain cautious
about any valuation realization of its development activities in a
downturn scenario. This led us to revise downward our recovery
rating on Adler's unsecured debt to '3' from '2' and we now expect
recovery prospects to remain around 50%.

"The negative outlook reflects our view that we could lower our
rating if Adler is unable to solve audit concerns outstanding,
fails to secure sufficient liquidity sources within the next 6-12
months, or a distressed debt restructuring becomes more likely.
Notably, we expect the coming six-to-nine months to provide
critical insight into the company's long-term viability.

"We could lower our rating if we observe further developments that
make refinancing of upcoming debt even less likely or if the
remaining audit concerns lead to accelerated payments on
outstanding debts. Any indication that financial covenants will be
breached, or lenders might not receive debt repayment on time,
would also lead us to lower the rating.

"We could revise the outlook to stable if we observe material
progress in solving audit concerns and successful refinancing
without bondholders bearing losses. This could be supported by
stronger-than-expected cash conversion of assets, including the
collection of outstanding receivables and closing of anticipated
disposals in a timely manner. This would require an improved
business as well as financial condition, including compliance with
all covenants outstanding."

ESG credit indicators: E-2, S-2, G-5




=====================
N E T H E R L A N D S
=====================

ASM INTERNATIONAL: S&P Affirms 'BB+' LT ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Dutch semiconductor equipment manufacturer ASM
International N.V. (ASMI).

The stable outlook reflects S&P's expectations that ASMI will
maintain a conservative balance sheet and generate FOCF after lease
payments of more than EUR300 million in the next 12 months,
excluding dividends from ASMPT.

S&P said, "ASMI grew 1.5x faster than the wafer fab equipment (WFE)
market over 2016-2020, and we expect it to continue outperforming
the market in 2022, supported by the group's long-term growth
dynamics and leading position in atomic layer deposition (ALD) and
plasma-enhanced ALD (PEALD).ASMI expanded its revenue by about 30%
in 2021, largely in line with the WFE market, because its customers
invested heavily in leading-edge development and manufacturing
capacity. We believe this trend will continue in 2022, because many
of ASMI's customers are substantially investing in capacity to cope
with constraints and spurring demand in auto, industrial, and
personal electronics, among others. With planned 20%-25% revenue
growth in 2022, we believe that ASMI will outperform the WFE
market, which is set to grow by a mid-to-high-teens percentage.
This is thanks to continued strong customer demand--translating
into a EUR1.0 billion backlog at the end of first-quarter 2022,
versus EUR345 million at the end of first-quarter 2021—as well as
ASMI's leading market share of about 55% in ALD, and approximately
15% market share in Epi. Also key to ASMI's outperformance is the
transition of several larger semiconductor makers to more advanced
technology nodes (specifically 7 nanometers and below) and the
increasing complexity of semiconductor components. These
developments foster an increase in the number of deposition layers
and the continued substitution of older deposition methods with
more advanced techniques, such as ALD and PEALD, for which ASMI is
the market leader, especially with logic and foundry customers.

"Increasing sales and tight cost control will support an S&P Global
Ratings-adjusted EBITDA margin of 32%-33% and reported FOCF after
lease payments of EUR300 million or more in 2022-2023. Because of
tight cost control and stronger operating leverage, the group has
significantly strengthened its S&P Global Ratings-adjusted EBITDA
margin over the years, to about 32% in 2021, from 24% in 2016. We
expect ASMI will generate positive annual FOCF after lease payments
(excluding dividends from ASMPT) of more than EUR300 million, from
EUR215.7 million in 2021, constituting a sharp improvement from the
EUR50 million-EUR100 million generated over the 2016-2018 period.
We believe that strong demand patterns, combined with contained
change in working capital and the well-invested manufacturing base
will support the group's improved cash flow profile. However, we
continue to believe ASMI could face swings in FOCF in individual
periods, reflecting volatility in the industry.

ASMI continues to expand its product portfolio but remains focused
on small segments within the deposition equipment market. Although
it has decreased from about two-thirds in 2015, the contribution
from ALD and PEALD continued to account for more than half of
ASMI's equipment revenue in 2021. ALD is a growing, but still
relatively nascent, segment within the $21.6 billion deposition
equipment market and is likely to increase further in 2022 (as per
ASMI's estimates). S&P said, "In our view, ASMI is the market
leader in this segment and is looking to expand its addressable
market. However, its focus on a limited number of deposition
techniques exposes the company to potential volatility or
unexpected adverse developments in this market, which, in the long
term, may include the entry of new competitors or emergence of
substitute deposition technologies. In addition, ASMI's customer
base exhibits high concentration. In our view, the loss of larger
individual customers represents a potential risk for ASMI." In
2021, ASMI's 10 largest customers accounted for about 79% of
consolidated revenue, and the three largest clients contributed 59%
of total net sales. This is mainly because of the semiconductor
industry's concentration, however, and most key semiconductor
manufacturers are ASMI customers.

ASMI aims to further expand its addressable market in the single
wafer ALD space, targeting a market share of more than 55% by 2025.
The group is diversifying into other segments--particularly
epitaxy, with a total market value of $800 million-$1.0 billion,
which is expected to expand toward $1.5 billion-$1.8 billion by
2025 (as per ASMI's estimates)--but also vertical furnaces and
plasma-enhanced chemical vapor deposition (PECVD). ASMI has been
operating in the small analog and power segment of the epitaxy
market for some time but, since 2017, has expanded into the larger
epitaxy markets with logic, foundry, and memory clients. In line
with its selective growth strategy, ASMI has a limited presence in
the roughly $4 billion PECVD market (according to ASMI' estimates)
and vertical furnaces. That said, the group is introducing new
products, which could further improve product diversification. For
most of its products, however, ASMI faces intense competition from
larger peers with significantly greater resources, such as Applied
Materials Inc. and Lam Research Corp.

S&P said, "We forecast ASMI will continue to display a highly
conservative balance sheet through the cycle. ASMI has no financial
debt and maintained a net cash position of more than EUR250 million
for many years, which we expect will grow over time to more than
EUR500 million-EUR600 million as the group's cash flow generation
improves. Since 2016, ASMI has expanded its annual regular dividend
payouts by about 18% on average, and complemented this by
occasional special distributions, share buybacks, and capital
returns. Special dividend and capital returns, however, are
typically funded by extraordinary cash receipts, such as from
ASMI's reduction of its stake in ASMPT in 2017, and cash received
from the litigation settlement in 2019. The recent acquisition of
Reno in early 2022, which we understand is small, does not affect
our view of prudent financial policy in the future, even if ASMI
could make additional acquisitions.

"The stable outlook reflects S&P Global Ratings' expectation that
ASMI will maintain a conservative balance sheet, including a
reported net cash position of more than EUR500 million, and
generate FOCF after lease payments of more than EUR300 million in
the next 12 months, excluding dividends from ASMPT. In addition, we
expect ASMI to maintain S&P Global Ratings-adjusted gross
debt-to-EBITDA ratio below 1.0x."

Downside scenario

S&P said, "Although unlikely in the next 12 months, we could
consider lowering our rating if ASMI substantially reduced its cash
holdings or raised material amounts of debt to finance large
shareholder distributions or acquisitions, such that adjusted
leverage sustainably exceeds 2.0x. In addition, FOCF generation at
only breakeven and an adjusted EBITDA margin below 15% through the
cycle could lead us to lower the rating."

Upside scenario

S&P said, "We view ASMI's limited product diversification as a key
drag factor for an investment-grade rating. We could, however,
consider raising our rating if ASMI further diversifies its
technology focus while maintaining its market-leading position in
the growing ALD and PEALD equipment markets; continues to grow its
revenue at 20%-25% in 2022, and 13%-18% in 2023; maintains its
adjusted EBITDA margin at about 32%-33%; and demonstrates reduced
margin volatility through the industry cycle." At the same time, an
upgrade would require the group to sustainably generate FOCF after
lease payments (excluding dividends from ASMPT) of more than EUR800
million, while maintaining adjusted leverage below 1.0x over the
cycle.

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


GROSVENOR PLACE 2015-1: Moody's Affirms Ba2 Rating on D-R Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Grosvenor Place CLO 2015-1 B.V.:

EUR28,650,000 Class A-2A-R Senior Secured Floating Rate Notes due
2029, Upgraded to Aaa (sf); previously on Mar 30, 2021 Upgraded to
Aa1 (sf)

EUR20,000,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2029, Upgraded to Aaa (sf); previously on Mar 30, 2021 Upgraded to
Aa1 (sf)

EUR19,950,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aa3 (sf); previously on Mar 30, 2021
Upgraded to A1 (sf)

EUR11,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to B1 (sf); previously on Mar 30, 2021
Affirmed B2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR201,500,000 (current outstanding amount EUR128,930,000) Class
A-1A-R Senior Secured Floating Rate Notes due 2029, Affirmed Aaa
(sf); previously on Mar 30, 2021 Affirmed Aaa (sf)

EUR 5,000,000 (current outstanding amount EUR3,199,270) Class
A-1B-R Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Mar 30, 2021 Affirmed Aaa (sf)

EUR18,900,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Baa1 (sf); previously on Mar 30, 2021
Upgraded to Baa1 (sf)

EUR20,300,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Ba2 (sf); previously on Mar 30, 2021
Affirmed Ba2 (sf)

Grosvenor Place CLO 2015-1 B.V., issued in April 2015, refinanced
in April 2017 and reset in April 2018 is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by CQS (UK) LLP.
The transaction's reinvestment period ended in April 2020.

RATINGS RATIONALE

The rating upgrades on the Class A-2A-R, Class A-2B-R, Class B-R
and Class E-R Notes are primarily a result of the deleveraging of
the senior notes following amortisation of the underlying portfolio
since July 2021.

The Class A-1A-R and Class A-1B-R Notes have paid down by
approximately EUR41.5 million (20.6%) and EUR1.03 million (20.6%)
respectively since July 2021 and EUR72.6 million (36.0%) and EUR1.8
million (36.0%) respectively since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated February
28, 2022 [1] the Class A, Class B, Class C, Class D and Class E OC
ratios are reported at 152.89%, 137.7%, 125.85%, 115.2% and 109.93%
compared to July 2021 [2] levels of 140.9%, 130.0%, 121.12%, 112.84
and 108.64%, respectively.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR276.4m

Defaulted Securities: None

Diversity Score: 26

Weighted Average Rating Factor (WARF): 2777

Weighted Average Life (WAL): 3.19 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.24%

Weighted Average Coupon (WAC): 2.5%

Weighted Average Recovery Rate (WARR): 43.61%

Par haircut in OC tests and interest diversion test: None

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

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.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in May 2021. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities. CLO notes' performance may also be impacted either
positively or negatively by (1) the manager's investment strategy
and behaviour and (2) divergence in the legal interpretation of CDO
documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.



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

IM BCC 4: DBRS Gives Prov. CCC(low) Rating on Series B Notes
------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
series of notes to be issued by IM BCC Cajamar PYME 4 FT (the
Issuer):

-- Series A Notes at AA (sf)
-- Series B Notes at CCC (low) (sf)

The transaction is a cash flow securitization collateralized by a
portfolio of secured and unsecured loans originated by Cajamar Caja
Rural S.C.C. (Cajamar or the Originator; rated BB (high) with a
Negative trend by DBRS Morningstar) to small and medium-size
enterprises (SME) and self-employed individuals based in Spain. As
of 3 February 2022, the transaction's provisional portfolio
included 21,633 loans to 18,030 obligor groups, totalling EUR 977
million. At closing, the Originator will select the final portfolio
of EUR 900 million from the provisional pool.

The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal maturity date in July 2064. The rating of the Series B Notes
addresses the ultimate payment of interest and principal on or
before the legal maturity date.

Interest and principal payments on the Notes will be made monthly,
with the first payment date on 23 May 2022. The Notes will pay a
fixed interest rate equal to 0.5% until 22 November 2023. After
that, the Notes will pay an interest rate of one-month Euribor plus
a 0.20% and 0.30% margin for the Series A and Series B notes,
respectively.

The provisional pool exhibits low borrower concentration. The
largest obligor group represents 0.4% of the portfolio balance and
the top ten and top twenty borrowers represent 3.4% and 5.5% of the
outstanding pool balance, respectively. At closing, the largest
obligor group cannot represent more than 0.5% of the portfolio
balance. As per DBRS Morningstar's Industry classification, the
pool exhibits a high industry concentration in Farming/Agriculture,
which represents 38.0% of the pool balance, followed by Building
and Development and Business Equipment and Services at 11.4% and
7.6%, respectively. There is a high concentration of borrowers in
Andalusia (40.2% of the portfolio balance), which is expected given
that Andalusia is the home region of the Originator. Additionally,
8.8% of the outstanding balance of the provisional portfolio
corresponds to refinance loans, which have a higher default
expectation. At closing, the maximum percentage of refinance loans
transferred to the Issuer cannot exceed 8.0% of the portfolio
balance.

The Series A Notes benefit from 25.0% credit enhancement through
subordination of the Series B Notes and the presence of a reserve
fund. The Series B Notes benefit from 3.0% credit enhancement
provided by the reserve fund. The reserve fund will be funded
through a subordinated loan and is available to cover senior fees
and interest and principal on the Series A Notes and, once the
Series A Notes are fully amortized, interest and principal on the
Series B Notes. The reserve fund will not amortize during the life
of the transaction. The Series B Notes interest and principal
payments are subordinated to the Series A Notes payments.

The ratings are based on DBRS Morningstar's "Rating CLOs Backed by
Loans to European SMEs" methodology and the following analytical
considerations:

-- The probability of default (PD) for the portfolio was
determined using the historical performance information supplied.
The historical data has been provided separately for refinance
loans and "regular" loans. DBRS Morningstar adjusted the annual PD
for the loans of the portfolio that have an internal rating by
Cajamar of 1 and those loans with internal rating model for cured
loans (C) and refinance loans (R) considering an annual PD of 20.0%
for those borrowers. For the remaining portfolio, DBRS Morningstar
assumed an annual PD of 1.7% for the standard loans and an annual
PD of 3.6% for refinance loans based on the historical performance
data provided. DBRS Morningstar applied additional adjustments to
expected performance in the context of the current Coronavirus
Disease (COVID-19) pandemic.

-- The assumed weighted-average life (WAL) of the portfolio is 4.0
years.

-- The PD and WAL were used in the DBRS Morningstar Diversity
Model to generate the hurdle rates for the respective ratings.

-- The recovery rate was determined by considering the security
level, the type of collateral and, if applicable, the respective
market value decline rates for Spain. For the Series A Notes, DBRS
Morningstar applied a 62.7% recovery rate for secured loans and a
15.8% recovery rate for unsecured loans. For the Series B Notes,
DBRS Morningstar applied a 79.2% recovery rate for secured loans,
and a 21.5% recovery rate for unsecured loans.
-- The break-even rates for the interest rate stresses and default
timings were determined using the DBRS Morningstar proprietary cash
flow tool.

The transaction structure was analyzed in a proprietary Excel-based
cash flow engine, considering the default rates at which the Notes
did not return all specified cash flows.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to increases
in unemployment rates and income reductions for many borrowers.
DBRS Morningstar anticipates that delinquencies may increase in the
coming months for many SME transactions, some meaningfully. The
ratings are based on additional analysis and adjustments to
expected performance as a result of the global efforts to contain
the spread of the coronavirus. For this transaction, DBRS
Morningstar increased the expected default rate for obligors in
certain industries based on their perceived exposure to the adverse
disruptions of the coronavirus.

Notes: All figures are in euros unless otherwise noted.




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

BLEIKER'S SMOKEHOUSE: Faces Food Fraud Probe After Administration
-----------------------------------------------------------------
Grace Duncan at The Grocer reports that collapsed fish supplier
Bleiker's Smokehouse, which was placed into administration by its
owners on April 29, is under investigation for food fraud
concerns.

According to The Grocer, the North Yorkshire-based smokehouse was
previously a supplier of fish products to major UK supermarkets and
had 86 members of staff, but it is now under investigation by the
FSA's National Food Crime Unit (NFCU).

"Our investigation into Bleiker's Smokehouse Ltd is related to a
number of alleged issues including concerns about their country of
origin claims on some of their smoked salmon products," The Grocer
quotes said Gavan Wafer, head of investigation at the NFCU, as
saying.  "The NFCU has acted on intelligence it received and which
has resulted in one arrest being made.

"It is vitally important that we ensure food is safe and what it
says it is, and that consumers and food businesses are confident in
the authenticity of food they are buying," he added.  "We would
like to take the opportunity to thank North Yorkshire Police for
assisting in the investigation and supporting this operation."

Martyn Pullin and Phil Pearce of business advisory firm FRP were
appointed as joint administrators to the business on Friday, April
29, when remaining employees were made redundant and the business
ceased trading, The Grocer relates.

FRP said the business had lost a significant contract earlier this
year -- reported to be with Aldi -- which led to a consultation
with its employees and the business and assets being marketed for
sale, The Grocer recounts.  However, a buyer could not be found,
and on April 28, some 38 members of staff were made redundant
before the company entered administration the following day, The
Grocer notes.

In its latest filing with Companies House for the financial year
ending April 30, 2021, the company posted turnover of GBP14.1
million, a fall from the previous 15 month financial period at
GBP20.5 million, due to Covid-related disruption, The Grocer
discloses.  However, operating profit stood up, rising slightly
from GBP369,886 in Bleiker's previous accounts to GBP373,159, The
Grocer states.

FRP reported it was now on site and working with staff in making
applications to the Redundancy Payments Office, The Grocer relays.
The administrators added they were continuing to search for a
buyer, according to The Grocer.


GFG ALLIANCE: Transferred Money from EU Steelworks to Settle Debt
-----------------------------------------------------------------
Robert Smith and Sylvia Pfeife at The Financial Times report that
Sanjeev Gupta's GFG Alliance transferred money from an eastern
European steelworks in an attempt to settle a debt with buyout
group American Industrial Partners, according to documents that
shed light on a legal battle sparked after the private equity
business refused to accept the funds on the grounds it could amount
to a criminal offence.

The thwarted payment in July last year was a last-ditch attempt by
industrialist Gupta to keep control of Europe's largest aluminium
smelter in Dunkirk, which New York-based AIP had become a creditor
to a few months earlier before eventually taking control of the
facility in northern France in October, the FT
notes.

The loss of the Dunkirk operation dealt a large blow to GFG, a
collection of metal plants and smelters that Mr. Gupta built using
billions of dollars from failed supply chain finance company
Greensill Capital.  Greensill's implosion in March last year has
left Mr. Gupta fighting to preserve an industrial empire that at
its peak employed 35,000 people and had annual revenues of US$20
billion, the FT states.

GFG late last year sued one of AIP's funds in an attempt to reclaim
the facility, saying that the buyout group's refusal to accept a
US$180 million transfer to repay a debt was made in "bad faith" in
an effort to "appropriate" the smelter, the FT recounts.

AIP, the FT says, has rejected the allegation, arguing that
accepting the payment might have constituted a "benefit from
criminal conduct", after it claimed the French government told it
"there were grounds to believe" the funds had been
"misappropriated" from a steel mill in eastern Europe.

The legal dispute comes as French police raided the Dunkirk smelter
last month as part of a criminal probe into Gupta's business
empire, the FT notes.

Documents seen by the FT appear to confirm that money flowed from
Gupta's eastern European steel business to a UK company that then
sought to repay AIP.  The transactions highlight how Mr. Gupta
freely shifted funds between the unrelated entities that make up
GFG, which is a collection of independent businesses rather than a
consolidated legal group, the FT discloses.

According to the FT, in court filings, GFG said it sent funds for
the AIP payment from an entity called Liberty Finance Management,
adding that it provided sufficient "know your client" information
about the British company.  LFM sent the first debt repayment of
US$81 million on July 15, the FT relays, citing the filings.

On the same day, however, GFG's Liberty Ostrava steelworks in the
Czech Republic lent EUR84 million to LFM, according to a loan
agreement seen by the FT, which was signed by Gupta and two GFG
directors.

Tens of millions of euros were also sent on to LFM from Ostrava's
sister steelworks in the Romanian city of Galati to help fund the
rest of the repayment, the FT says, citing people familiar with the
transactions.

The Czech and Romanian plants are also the main assets backing an
outstanding EUR2.2 billion loan from Greensill's German banking
unit, whose collapse last year triggered a criminal probe by German
regulators, the FT states.  Greensill Bank also lent a further
EUR76 million to Liberty Ostrava in 2020 with a guarantee from the
Czech government, the FT notes.

GFG purchased the Dunkirk smelter at the end of 2018 from mining
group Rio Tinto, borrowing US$167 million more than it initially
paid for the asset, through a series of debt deals, the FT
recounts.


MCCOLL'S: Goes Into Administration After Rescue Talks Fail
----------------------------------------------------------
Alec Mattinson at The Grocer reports that convenience chain
McColl's has fallen into administration after failing to agree on a
financing package to ensure its survival.

McColl's employs about 16,000 people and 6,000 on a full-time
equivalent basis.

The company announced its board had "regrettably” appointed
PricewaterhouseCoopers as administrators, having been left with "no
other choice”, The Grocer relates.

Administrators are expected to implement a sale of the business to
a third-party purchaser as soon as possible, The Grocer notes.

It is reported EG Group, owned by the Issa Brothers and TDR Capital
who also own Morrisons' rival Asda, is lined up to buy the
business, The Grocer states.

According to The Grocer, McColl's said that "constructive
discussions” with its key wholesale supplier Morrisons to find a
solution to its funding issues "had made significant progress," but
that its lenders "made clear they were not satisfied that such
discussions would reach an outcome acceptable to them."

Therefore the company's senior lenders on May 6 declined to further
extend the waiver of the company's banking covenants, which has now
expired, The Grocer discloses.

McColl's has asked that Mark Banfield, Robert Lewis and Rachael
Wilkinson of PwC be appointed as administrators of the company and
of the named subsidiaries, The Grocer relays.

That application is expected to be approved by the court over the
course of the day, The Grocer states.

The group has also requested that the listing of its ordinary
shares be suspended with immediate effect, The Grocer discloses.

Morrisons confirmed that it had put forward a rescue proposal ahead
of the administration and expressed disappointment that it was
rejected, The Grocer notes.


NORTH EAST WARRINGTON: Enters Liquidation, Taps Leonard Curtis
--------------------------------------------------------------
Nathan Okell at Warrington Guardian reports that a credit union
serving residents in Warrington has entered voluntary liquidation.

Members have been made aware of the closure of North East
Warrington Credit Union after more than 25 years, Warrington
Guardian discloses.

Following the move to close the business, which has an office on
Cinnamon Lane in Fearnhead, administrators Leonard Curtis have been
appointed to begin winding-up proceedings, Warrington Guardian
relates.

The Financial Services Compensation Scheme covers NEWCU members'
deposit and expects to pay out funds to members within seven days
of the announcement of the closure, Warrington Guardian states.




S4 CAPITAL: S&P Places 'BB-' Long-Term ICR on CreditWatch Negative
------------------------------------------------------------------
S&P Global Ratings placed its 'BB-' long-term issuer credit rating
on London Stock Exchange-listed digital marketing group S4 Capital
PLC and its 'BB-' issue ratings on its debt on CreditWatch with
negative implications.

S&P said, "We expect to resolve the CreditWatch placement once we
have more clarity on the reasons for and the implications of the
delay in the publication of S4 Capital's audited accounts, and once
we have reassessed our view of the group's management and
governance.

"The delay in the publication of S4 Capital's 2021 audited annual
accounts could have a negative impact on our view of the group's
governance. We believe that so far, there has been a lack of
transparency and clear communication of the reasons for the delay
and the expected timeframe to resolve it. S4 Capital failed to
publish its audited annual report by April 29, 2022, the standard
deadline for U.K. listed businesses with a year-end of Dec. 31. We
believe that this is unusual for U.K. listed companies and the
group's rated peers. Prior to the April deadline, in March 2022,
the group delayed and ultimately cancelled the release of its
preliminary accounts less than 24 hours before their planned
release. We understand that the group is making use of ongoing
COVID-19 relief, which allows listed companies to delay the
publication of their audited annual reports by two months until the
end of June 2022. The group has now scheduled its preliminary
results announcement for May 6, 2022. We expect that this could
provide clarity on the reasons for the initial delays and a revised
timeline for the publication of the audited annual report. Subject
to additional information, or once the audit on the group's
accounts is complete, we plan to assess the implications of the
potential findings for S4 Capital's credit metrics and reassess our
view of S4 Capital's governance standards. This could lead us to
lower the ratings by one or multiple notches.

"A continued delay in the audit process could lead to the
de-listing of S4 Capital's shares and a potential event of default
on its debt instruments. Should S4 Capital fail to release its
audited annual accounts by June 30, 2022, we understand that the
listing of the group's shares on the London Stock Exchange would be
suspended until the audited annual accounts were released, and the
group could be subject to regulatory action from the Financial
Conduct Authority. In our view, this would significantly affect the
group's standing in and access to the capital markets and make it
more difficult for the group to fund future acquisitions with
equity and raise additional liquidity. We understand that, under
the senior secured debt documentation, the group has until May 15,
2022, to share its audited annual accounts with its lenders. We
also understand that the group has a grace period of 60 days, after
which failure to release the audited annual accounts could lead to
an event of default and eventually to an acceleration event, if the
lenders instruct this through the agent, thereby creating a
liquidity shortfall.

"We expect to resolve the CreditWatch placement once we have more
clarity on the reasons for and the implications of the delay in the
publication of S4 Capital's 2021 audited accounts, and once we have
reassessed our view of the group's financial metrics and management
and governance. We could lower our ratings by one or multiple
notches depending on the materiality of the auditors' findings,
including any potential implications for our view of the group's
credit metrics, its ability to raise funds to finance future
growth, or its liquidity position. We could also lower our ratings
following a broader review of S4 Capital's management and
governance standards, irrespective of the materiality of the
auditors' findings."

Environmental, Social, And Governance

ESG credit indicators: To E-2, S-2, G-4; From E-2, S-2, G-3

S&P said, "Governance factors are a negative consideration in our
credit rating analysis of S4 Capital. We believe that the group has
lacked transparency in communicating the reasons for the delay of
its 2021 audited annual accounts. We continue to review our
assessment of the group's governance and risk management in the
context of the delay. In addition, in our view, executive chairman
and founder Sir Martin Sorrell has a significant degree of control
over decision-making at the group that is not offset by an
independent board of directors." Sir Martin owns 10% of the group's
listed shares and has a special class B share that provides him
with enhanced rights. There is also key-man risk. Sir Martin's
experience and relationships in the media industry are a vital
contributor to S4 Capital's ability to attract and retain new
business, and his departure from the group without a viable
succession plan in place could pose a risk to the group's current
rapid growth.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Transparency and reporting


TOGETHER ASSET 2021-CRE1: DBRS Confirms BB(low) Rating on E Notes
-----------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the notes issued by
Together Asset Backed Securitization 2021-CRE1 Plc (TABS
2021-CRE1), as follows:

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (low) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date. The ratings of the Class B, Class C, Class D,
and Class E notes address the timely payment of interest while the
senior-most class outstanding otherwise ultimate payment of
interest and principal on or before the legal final maturity date.

DBRS Morningstar also discontinued its rating on the Class X Notes,
following their repayment in full at the January 2022 payment date.
Prior to their redemption, the outstanding principal balance of the
Class X Notes stood at GBP 177,294.81 and they were rated BB (sf).

DBRS Morningstar also took the following rating actions on the
notes issued by Together Asset Backed Securitization 2021-CRE2 Plc
(TABS 2021-CRE2), as follows:

-- Class A Loan Note confirmed at AAA (sf)
-- Class B Notes confirmed at AA (low) (sf)
-- Class C Notes confirmed at A (low) (sf)
-- Class D Notes confirmed at BBB (low) (sf)
-- Class E Notes confirmed at B (sf)
-- Class X Notes upgraded to AA (sf) from BB (sf)

The rating on the Class A Loan Note addresses the timely payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date. The ratings on the Class B, Class C,
Class D, and Class E notes address the timely payment of interest
once most senior and the ultimate repayment of principal on or
before the legal final maturity date. The rating on the Class X
Notes addresses the ultimate payment of interest and principal on
or before the legal final maturity date.

The rating actions in both transactions are based on the following
analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the February 2022 payment date.

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

TABS 2021-CRE1 and TABS 2021-CRE2 are securitizations of first- and
second-lien mortgage loans, both owner-occupied and
non-owner-occupied, backed by commercial, mixed-use, and
residential properties located in the United Kingdom. The mortgages
are originated and serviced by Together Commercial Finance Limited
(TCFL). BCM Global Mortgage Services Limited (formerly Link
Mortgages Services Limited) acts as the standby servicer for both
transactions. The portfolios include adverse borrower features,
such as borrowers with prior county court judgments and a high
concentration of self-employed borrowers. The loans in the
portfolios are also subject to cross-default and
cross-collateralization,

TABS 2021-CRE1 and TABS 2021-CRE2 are the first public
securitizations backed by small balance commercial mortgage loans
originated by TCFL. The first call dates are on the February 2025
and February 2026 payment dates, respectively, and coincide with a
step-up in the coupon. The legal final maturity dates are on the
January 2055 and August 2052 payment dates, respectively.

PORTFOLIO PERFORMANCE

Delinquencies have been low in both transactions since closing.

In the case of the TABS 2021-CRE1 transaction, two-to-three months
delinquencies and 90+ day delinquencies were marginal at 0.0%
(0.04% and 0.03%, respectively), as of the February 2022 payment
date.

In the case of the TABS 2021-CRE2 transaction, two-to-three months
delinquencies and 90+ day delinquencies were at 0.1%, as of the
February 2022 payment date.

As of the February 2022 payment date, there were no cumulative
repossessions and cumulative principal losses were zero for both
transactions.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables in both transactions.

In the case of TABS 2021-CRE1, DBRS Morningstar has updated its
base case PD and LGD assumptions to 11.2% and 9.1%, respectively,
from 9.9% and 20.1%, respectively, at closing.

In the case of TABS 2021-CRE2, DBRS Morningstar updated its base
case PD and LGD assumptions to 10.2% and 12.6%, respectively, from
9.5% and 16.7%, respectively, at closing.

In both transactions, the variations in the PD and LGD assumptions
result from the update of the European RMBS Insight: UK Addendum
(27 October 2021). The changes to the Methodology include revisions
to the loan scoring approach, delinquency migration matrices, and
loss given default floors, as well as updates to house price
indexation and market value decline rates through the first quarter
of 2020.

CREDIT ENHANCEMENT

As of the February 2022 payment date, the credit enhancement (CE)
evolved since closing as follows:

TABS 2021-CRE1

-- CE to the Class A Notes increased to 24.1%, from 22.3%
-- CE to the Class B Notes increased to 17.9%, from 16.8%
-- CE to the Class C Notes increased to 13.0%, from 12.5%
-- CE to the Class D Notes stable at 8.6%, and
-- CE to the Class E Notes decreased to 4.5%, from 5.1%

TABS 2021-CRE2

-- CE to the Class A Loan Notes increased to 22.6% from 21.1%,
-- CE to the Class B Notes increased to 16.7% from 15.6%,
-- CE to the Class C Notes increased to 12.2% from 11.3%,
-- CE to the Class D Notes increased to 8.0% from 7.4%,
-- CE to the Class E Notes increased to 4.2% from 3.8%, and
-- CE to the Class X Notes remained at 0.0%.

The CE for the Class A to Class E notes in both transactions
consists of the subordination of the respective junior notes and a
General Reserve Fund (GRF).

Both transactions benefits from a GRF, which is available to cover
senior fees and interest on the Class A to Class E notes and
principal losses via the principal deficiency ledgers (PDLs) on the
Class A to Class Z notes.

As of the February 2022 payment date, both GRFs were at their
target level, equal to 2% of the portfolio outstanding balance at
closing minus the Class A Liquidity Reserve Fund (Class A LRF). As
of the February 2022 payment date, all PDLs were clear in both
transactions.

The Class A notes in both transactions benefit from a dedicated
liquidity reserve, the Class A LRF, which covers the payment of
senior fees and interest shortfalls on the Class A notes. The Class
A LRF is amortizing with a target amount set at 1.5% of the Class A
outstanding balance and floored at 1% of the Class A balance at
closing. Any excess amounts become part of the available revenue
receipts. As of the February 2022 payment date, the Class A LRF was
at its target balance in both transactions.

Elavon Financial Services DAC, UK Branch (Elavon UK) acts as the
account bank for both transactions. Based on the DBRS Morningstar
private rating of Elavon UK, the downgrade provisions outlined in
the transaction documents, and other mitigating factors inherent in
the transaction structures, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the ratings assigned to the Class A notes in both transactions, as
described in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structures in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures had caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for
borrowers.

Notes: All figures are in British pound sterling unless otherwise
noted.


WARWICK FINANCE: Moody's Hikes Rating on GBP36.73MM E Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 3 notes in
Warwick Finance Residential Mortgages Number Three PLC. The rating
action reflects the increased levels of credit enhancement for the
affected notes.

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

GBP1469.18M Class A Notes, Affirmed Aaa (sf); previously on Jul 1,
2021 Affirmed Aaa (sf)

GBP128.55M Class B Notes, Affirmed Aa2 (sf); previously on Jul 1,
2021 Upgraded to Aa2 (sf)

GBP64.28M Class C Notes, Upgraded to A1 (sf); previously on Jul 1,
2021 Upgraded to A3 (sf)

GBP36.73M Class D Notes, Upgraded to Ba1 (sf); previously on Jul
1, 2021 Affirmed Ba2 (sf)

GBP36.73M Class E Notes, Upgraded to B2 (sf); previously on Jul 1,
2021 Affirmed Caa1 (sf)

RATINGS RATIONALE

The performance of the transaction has continued to improve since
last year. Total delinquencies have decreased in the past year,
with 90 days plus arrears currently standing at 2.07% of current
pool balance. Cumulative losses currently stand at 0.21% of
original pool balance.

Moody's has maintained the expected loss assumption to 3.5% as a
percentage of original pool balance. Moody's has also assessed
loan-by-loan information as a part of its detailed transaction
review to determine the credit support consistent with target
rating levels and the volatility of future losses. As a result,
Moody's has maintained the MILAN CE assumption at 19%.

Increase in Available Credit Enhancement

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

For instance, the credit enhancement for the tranche C affected by
today's rating action increased to 13.6% from 11.72% since the last
rating action, the credit enhancement for tranche D increased to
10.44% from 8.96% since last rating action, and the credit
enhancement for tranche E increased to 7.27% from 6.19% since last
rating action.

Moody's considered how the liquidity available in the transactions
and other mitigants support continuity of note payments, in case of
servicer default.

The liquidity reserve provides liquidity support to Class A,
however, Classes B to E do not benefit from it. As a result, the
ratings of the Class B notes in Warwick Finance Residential
Mortgages Number Three PLC are constrained by operational risk.

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

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: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in available
credit enhancement; and (iii) improvements in the credit quality of
the transaction counterparties; and (iv) a decrease in sovereign
risk

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



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

[*] BOND PRICING: For the Week May 2 to May 6, 2022
---------------------------------------------------
Issuer              Coupon    Maturity Currency  Price
------              ------    -------- --------  -----
Gazprom PJSC Via Gaz   2.250   7/19/2022  CHF    51.760
Russian Railways Via   5.700   04/05/2022 USD     9.000
Gazprom PJSC Via Gaz   1.450   03/06/2023 CHF    25.694
Corestate Capital Ho   3.500   4/15/2023  EUR    63.875
Russian Railways Via   0.840   03/12/2026 CHF     7.445
Gazprom PJSC Via Gaz   8.625   4/28/2034  USD    29.750
Ukraine Government I   7.750   09/01/2022 USD    56.750
Gazprom PJSC Via Gaz   3.125  11/17/2023  EUR    26.939
Gazprom PJSC Via Gaz   4.950   7/19/2022  USD    58.000
Russian Railways Via   2.100   10/02/2023 CHF     5.255
Severstal OAO Via St   3.150   9/16/2024  USD    19.500
Kernel Holding SA      6.500  10/17/2024  USD    53.201
Lukoil International   4.563   4/24/2023  USD    47.000
Gunvor Group Ltd       6.250   9/30/2026  USD    86.644
Gazprom PJSC via Gaz   3.897              EUR    18.809
Gazprom PJSC Via Gaz   5.150   02/11/2026 USD    37.500
MHP Lux SA             6.950   04/03/2026 USD    51.684
MHP SE                 7.750   05/10/2024 USD    50.983
Eustream AS            1.625   6/25/2027  EUR    74.228
Lukoil Securities BV   3.875   05/06/2030 USD    36.250
Gazprom PJSC via Gaz   1.540   6/30/2027  CHF    25.997
Russian Railways Via   2.200   5/23/2027  EUR    10.000
Yandex NV              0.750   03/03/2025 USD    46.500
Lukoil International   4.750   11/02/2026 USD    42.000
Russian Railways Via   7.487   3/25/2031  GBP    15.413
ADLER Group SA         2.250   1/14/2029  EUR    75.204
Gazprom PJSC Via Gaz   4.250   04/06/2024 GBP    25.311
Gazprom PJSC via Gaz   1.500   2/17/2027  EUR    27.024
Corestate Capital Ho   1.375  11/28/2022  EUR    59.301
Gazprom PJSC Via Gaz   2.949   1/24/2024  EUR    25.000
Kernel Holding SA      6.750  10/27/2027  USD    52.843
Gazprom PJSC Via Gaz   2.500   3/21/2026  EUR    24.986
Russian Railways Via   3.125              CHF     9.251
VEON Holdings BV       3.375  11/25/2027  USD    57.149
Russian Railways Via   0.898   10/03/2025 CHF     6.090
Republic of Belarus    6.875   2/28/2023  USD    14.200
Russian Railways Via   4.600   03/06/2023 EUR    10.053
Gazprom PJSC Via Gaz   2.250  11/22/2024  EUR    32.153
Russian Foreign Bond   2.875   12/04/2025 EUR    15.242
Sberbank of Russia V   5.125  10/29/2022  USD    10.350
Gazprom PJSC via Gaz   2.950   1/27/2029  USD    27.850
Banca Monte dei Pasc   5.375   1/18/2028  EUR    63.202
Metinvest BV           8.500   4/23/2026  USD    54.250
Lukoil International   6.656   06/07/2022 USD    69.050
Gazprom Neft OAO Via   4.375   9/19/2022  USD    21.000
Gazprom PJSC via Gaz   4.599              USD    23.000
Credit Bank of Mosco   3.100   1/21/2026  EUR    10.000
Novolipetsk Steel Vi   1.450   06/02/2026 EUR    24.993
Lukoil Capital DAC     3.600  10/26/2031  USD    36.000
Gazprom PJSC Via Gaz   7.288   8/16/2037  USD    28.500
Ukraine Government I   6.750   6/20/2026  EUR    32.748
Gazprom PJSC via Gaz   3.250   2/25/2030  USD    24.000
Mitsubishi UFJ Inves   3.971  12/15/2050  EUR    36.687
Credit Bank of Mosco   3.875   9/21/2026  USD    14.563
Lukoil Capital DAC     2.800   4/26/2027  USD    37.500
Gazprom PJSC via Gaz   3.000   6/29/2027  USD    25.500
MHP Lux SA             6.250   9/19/2029  USD    51.184
Ukraine Government I   7.750   09/01/2025 USD    34.265
Gazprom PJSC via Gaz   2.950   4/15/2025  EUR    24.998
Borets Finance DAC     6.000   9/17/2026  USD    29.968
NAK Naftogaz Ukraine   7.625   11/08/2026 USD    32.042
NAK Naftogaz Ukraine   7.125   7/19/2024  EUR    31.547
Credit Bank of Mosco   7.500   10/05/2027 USD    23.000
NPC Ukrenergo          6.875   11/09/2026 USD    33.395
ALROSA Finance SA      3.100   6/25/2027  USD    11.000
Gazprom PJSC Via Gaz   4.364   3/21/2025  EUR    25.000
Ukraine Government I   6.876   5/21/2029  USD    32.000
Novolipetsk Steel Vi   4.700   5/30/2026  USD    30.000
Gazprom PJSC via Gaz   3.500   7/14/2031  USD    30.500
Metinvest BV           7.750  10/17/2029  USD    53.500
Frigoglass Finance B   6.875   02/12/2025 EUR    70.120
Moby SpA               7.750   2/15/2023  EUR    73.501
Credit Bank of Mosco   7.625              USD     6.750
ALROSA Finance SA      4.650   04/09/2024 USD    24.000
Tinkoff Bank JSC Via   6.000              USD    20.000
Phosagro OAO Via Pho   3.949   4/24/2023  USD    29.000
VTB Bank OJSC Via VT   6.950  10/17/2022  USD    89.900
Gazprom PJSC via Gaz   1.850  11/17/2028  EUR    25.000
Casino Guichard Perr   2.511              EUR    25.861
MMC Norilsk Nickel O   4.100   04/11/2023 USD    53.000
Aggregate Holdings S   6.875   11/09/2025 EUR    45.072
Polyus Finance PLC     3.250  10/14/2028  USD    28.000
VTB Bank PJSC Via VT   9.500              USD    36.561
Gazprom PJSC Via Gaz   4.950   02/06/2028 USD    26.000
MMC Norilsk Nickel O   2.550   09/11/2025 USD    46.000
Eurochem Finance DAC   5.500   3/13/2024  USD    41.500
Gazprom Neft OAO Via   6.000  11/27/2023  USD    32.809
Vnesheconombank Via    6.800  11/22/2025  USD    33.500
Credit Bank of Mosco   4.700   1/29/2025  USD    15.025
MMC Norilsk Nickel O   6.625  10/14/2022  USD    65.375
Credit Bank of Mosco   5.150   2/20/2024  EUR    14.965
VEON Holdings BV       7.250   4/26/2023  USD    70.282
MMK International Ca   4.375   6/13/2024  USD    31.000
Hellenic Republic Go   1.875   1/24/2052  EUR    70.246
State of North Rhine   1.450   1/19/2122  EUR    71.346
NGD Holdings BV        6.750  12/31/2026  USD    39.837
Banca Monte dei Pasc  10.500   7/23/2029  EUR    71.774
Gazprom PJSC Via Gaz   4.950   3/23/2027  USD    42.250
MMC Norilsk Nickel O   2.800  10/27/2026  USD    47.500
Dtek Renewables Fina   8.500   11/12/2024 EUR    36.881
Evraz PLC              5.375   3/20/2023  USD    35.234
Alfa Bank AO Via Alf   5.950   4/15/2030  USD    10.000
Russian Foreign Bond   2.650   5/27/2036  EUR    14.377
Metinvest BV           7.750   4/23/2023  USD    43.000
Metalloinvest Financ   3.375  10/22/2028  USD    91.470
Casino Guichard Perr   3.992              EUR    43.815
VF Ukraine PAT via V   6.200   02/11/2025 USD    53.046
Ukraine Government I   8.994   02/01/2024 USD    36.815
State Agency of Road   6.250   6/24/2028  USD    32.333
Standard Profil Auto   6.250   4/30/2026  EUR    71.571
Novatek OAO Via Nova   4.422  12/13/2022  USD    40.000
Sberbank of Russia V   5.250   5/23/2023  USD   100.475
Rallye SA              4.000   2/28/2032  EUR    14.870
Delivery Hero SE       2.125   03/10/2029 EUR    66.303
Fuerstenberg Capital   5.625              EUR    65.602
Mobile Telesystems O   5.000   5/30/2023  USD    27.000
Ozon Holdings PLC      1.875   2/24/2026  USD    26.000
Ukreximbank Via Biz    9.750   1/22/2025  USD    94.400
Phosagro OAO Via Pho   3.050   1/23/2025  USD    25.000
State of North Rhine   0.950   01/10/2121 EUR    54.274
Gtlk Europe Capital    4.650   03/10/2027 USD    22.130
Metinvest BV           7.650   10/01/2027 USD    52.346
VEON Holdings BV       4.000   04/09/2025 USD    62.535
Russian Railways Via   1.195   04/03/2028 CHF     5.819
Hungary Government B   2.250   4/20/2033  HUF    65.954
Russian Foreign Bond   1.125  11/20/2027  EUR    15.141
Romanian Government    2.875   4/13/2042  EUR    70.210
Severstal OAO Via St   5.900  10/17/2022  USD    13.000
Russian Railways Via   4.375   03/01/2024 USD    20.930
Korian SA              0.875   03/06/2027 EUR    51.024
Evraz PLC              5.250   04/02/2024 USD    51.000
Metinvest BV           5.625   6/17/2025  EUR    52.463
Tinkoff Bank JSC Via   9.250              USD   100.550
Eurotorg LLC Via Bon   9.000  10/22/2025  USD    29.749
Ukraine Railways Via   8.250   07/09/2024 USD    29.250
MMC Norilsk Nickel O   3.375  10/28/2024  USD    58.750
Credit Bank of Mosco   5.550   2/14/2023  USD    99.000
Phosagro OAO Via Pho   2.600   9/16/2028  USD    24.250
Vnesheconombank Via    5.942  11/21/2023  USD     5.000
United Kingdom Gilt    0.500  10/22/2061  GBP    62.090
Slovakia Government    1.000  10/13/2051  EUR    71.239
Ekosem-Agrar AG        8.500   12/07/2022 EUR     6.539
Bank Gospodarstwa Kr   2.250   7/21/2033  PLN    63.773
Delivery Hero SE       1.000   4/30/2026  EUR    73.487
VEON Holdings BV       5.950   2/13/2023  USD    72.500
Accor SA               0.700   12/07/2027 EUR    49.473
Polyus Finance PLC     5.250   02/07/2023 USD    99.990
Borets Finance DAC     6.500   04/07/2022 USD    36.739
GTLK Europe DAC        5.125   5/31/2024  USD    22.250
Russian Agricultural   8.500  10/16/2023  USD     7.250
Russian Foreign Bond   4.500   04/04/2022 USD    23.326
Rallye SA              4.371   2/28/2032  EUR    15.015
Gtlk Europe Capital    4.349   2/27/2029  USD    16.593
Suek Securities DAC    3.375   9/15/2026  USD    15.000
Delivery Hero SE       1.500   1/15/2028  EUR    67.663
Turkiye Is Bankasi A   6.125   4/25/2024  USD    98.910
Ekosem-Agrar AG        7.500   08/01/2024 EUR    10.356
Vnesheconombank Via    6.025   07/05/2022 USD     5.000
Hacienda Investments   5.350   02/08/2028 USD    91.500
PIK Securities DAC     5.625  11/19/2026  USD     6.350
Carnival PLC           1.000  10/28/2029  EUR    70.840
NAK Naftogaz Ukraine   7.375   7/19/2022  USD    68.500
Banca Monte dei Pasc   8.000   1/22/2030  EUR    66.250
Uralkali OJSC Via Ur   4.000  10/22/2024  USD    37.000
Global Fashion Group   1.250   3/15/2028  EUR    71.878
Polyus Finance PLC     4.700   1/29/2024  USD    99.305
Gtlk Europe Capital    5.950   4/17/2025  USD    13.000
Interpipe Holdings P   8.375   5/13/2026  USD    38.109
Korian SA              1.875              EUR    38.570
Ukraine Government B  15.840   2/26/2025  UAH    55.455
ABH Financial Ltd Vi   2.700   06/11/2023 EUR     5.000
Novolipetsk Steel Vi   4.500   6/15/2023  USD    47.000
Vonovia SE             1.625   09/01/2051 EUR    68.469
Chelyabinsk Pipe Pla   4.500   9/19/2024  USD    10.000
Ukreximbank Via Biz    9.625   4/27/2022  USD    26.283
Voltalia SA            1.000   1/13/2025  EUR    29.916
Sweden Government Bo   1.375   6/23/2071  SEK    65.261
VEON Holdings BV       4.950   6/16/2024  USD    61.350
Gtlk Europe Capital    4.800   2/26/2028  USD    20.250
Credit Bank of Mosco   8.875              USD     8.750
Andrade Gutierrez In   9.500  12/30/2024  USD    61.625
Serbia International   2.050   9/23/2036  EUR    69.168
Sovcombank Via SovCo   8.000   04/07/2030 USD   100.000
Gtlk Europe Capital    4.949   2/18/2026  USD    13.000
Novolipetsk Steel Vi   4.000   9/21/2024  USD    38.000
VEON Holdings BV       3.375  11/25/2027  USD    57.185
Metro Bank PLC         5.500   6/26/2028  GBP    64.700
Rusal Capital DAC      4.850   02/01/2023 USD    30.653
Quadient SA            3.375              EUR    58.321
Rusal Capital DAC      5.300   05/03/2023 USD    40.000
VTB Bank OJSC Via VT   4.073  10/24/2024  CHF     5.000
Banca Monte dei Pasc   8.500   09/10/2030 EUR    67.884
SCF Capital Designat   3.850   4/26/2028  USD    92.779
Serbia International   1.650   03/03/2033 EUR    72.356
FIGEAC-AERO            1.125  10/18/2022  EUR    22.347
Nostrum Oil & Gas Fi   8.000   7/25/2022  USD    21.500
Nexity SA              0.250   03/02/2025 EUR    61.829
TMK OAO Via TMK Capi   4.300   02/12/2027 USD    21.110
Home Credit & Financ   8.800              USD     5.000
Bank Gospodarstwa Kr   2.125   06/05/2030 PLN    71.288
Ukraine Railways Via   7.875   7/15/2026  USD    27.450
Royalty Pharma PLC     3.350   09/02/2051 USD    71.493
Prosus NV              3.832   02/08/2051 USD    67.968
Alfa Bank AO Via Alf   6.950              USD    11.533
Idavang A/S            7.250   11/11/2025 EUR    65.002
Sovcombank Via SovCo   3.400   1/26/2025  USD     5.197
Global Ports Finance   6.500   9/22/2023  USD     8.625
Alfa Bank AO Via Alf   5.900              USD     9.223
ABH Financial Ltd Vi   2.875   11/09/2022 CHF     4.000
Lithuania Government   0.500   7/28/2050  EUR    65.249
Air France-KLM         0.125   3/25/2026  EUR    16.098
Czech Republic Gover   1.500   4/24/2040  CZK    64.374
Mallinckrodt Interna   5.750   08/01/2022 USD    52.000
Sovcombank Via SovCo   7.600              USD     5.000
Neoen SA               2.000   06/02/2025 EUR    52.958
Haya Real Estate SA    5.250  11/15/2022  EUR    69.645
Hacienda Investments   5.075   2/15/2023  USD    12.904
Romanian Government    2.625   12/02/2040 EUR    69.609
Sibur Securities DAC   2.950   07/08/2025 USD    27.500
Russian Federal Bond   6.100   7/18/2035  RUB    73.901
Intelsat Jackson Hol   8.500  10/15/2024  USD    44.491
VEON Holdings BV       4.000   04/09/2025 USD    62.404
Sovcombank Via SovCo   7.750              USD     4.969
Sibur Securities DAC   3.450   9/23/2024  USD    26.000
Celtic Resources Hol   4.125   10/09/2024 USD    30.000
PB International BV    7.625  12/31/2025  USD    43.017
Intelsat Jackson Hol   5.500   08/01/2023 USD    42.750
Intelsat Jackson Hol   9.750   7/15/2025  USD    44.512
Rallye SA              4.000   2/28/2032  CHF    12.000
Neoen SA               1.875   10/07/2024 EUR    42.543
Lukoil Capital DAC     3.600  10/26/2031  USD    36.500
O1 Properties Financ   0.500   9/27/2028  USD     6.203
BP Capital Markets B   0.933   12/04/2040 EUR    72.701
Vonovia Finance BV     1.000   1/28/2041  EUR    67.948
BAT International Fi   2.250   09/09/2052 GBP    55.639
Cardea Europe AG       7.250   12/08/2023 EUR    68.007
Mallinckrodt Interna   4.750   4/15/2023  USD    41.250
Russian Foreign Bond   4.875   9/16/2023  USD    27.247
SCF Capital Designat   5.375   6/16/2023  USD    21.121
Karlou BV              7.750   6/18/2024  USD    17.040
Maisons du Monde SA    0.125   12/06/2023 EUR    47.017
Russian Foreign Bond   5.250   6/23/2047  USD    19.413
Russian Foreign Bond   5.100   3/28/2035  USD    15.000
Biocartis Group NV     4.000   05/09/2024 EUR    72.252
Arrival SA             3.500   12/01/2026 USD    66.011
Bank Gospodarstwa Kr   2.375  11/27/2040  PLN    52.326
State of North Rhine   0.500   1/15/2052  EUR    72.768
Pierre Et Vacances S   2.000   04/01/2023 EUR    27.763
Deutsche Bahn Financ   0.625   12/08/2050 EUR    67.276
Ukreximbank Via Biz    9.950  11/14/2029  USD    26.830
Credit Bank of Mosco   7.121   6/25/2024  USD    99.537
Prosus NV              4.027   08/03/2050 USD    71.590
State of North Rhine   1.375   1/15/2120  EUR    70.917
Czech Republic Gover   0.050  11/29/2029  CZK    71.695
Republic of Poland G   4.000   4/25/2047  PLN    69.358
Turkey Government Bo  11.000   2/24/2027  TRY    69.500
Wirecard AG            0.500   09/11/2024 EUR    12.181
Lukoil Capital DAC     2.800   4/26/2027  USD    47.500
Union Fenosa Prefere   1.173              EUR    67.420
PJSC Koks via IMH Ca   5.900   9/23/2025  USD     5.660
Lukoil Securities BV   3.875   05/06/2030 USD    36.000
Sibur Securities DAC   4.125   10/05/2023 USD    27.036
Rallye SA              3.400   2/28/2032  EUR    14.761
MHP SE                 7.750   05/10/2024 USD    50.948
Rallye SA              5.250   2/28/2032  EUR    14.191
Lukoil International   6.656   06/07/2022 USD    72.000
Alfa Bank AO Via Alf   5.500  10/26/2031  USD     8.900
Gazprom PJSC Via Gaz   8.625   4/28/2034  USD    26.000
Gazprom PJSC Via Gaz   4.950   02/06/2028 USD    41.000
Ziton A/S              7.900   10/03/2022 EUR    70.389
Senvion Holding GmbH   3.875  10/25/2022  EUR     0.286
HOCHDORF Holding AG    2.500              CHF    48.325
Luzerner Kantonalban   0.150   10/07/2044 CHF    72.293
Offshore Drilling Ho   8.375   9/20/2020  USD     5.000
Banque Cantonale de    0.100   11/01/2044 CHF    70.359
Hungary Government B   2.250   6/22/2034  HUF    63.269
DNB Bank ASA           0.954              USD    74.531
Russian Foreign Bond   4.250   6/23/2027  USD    20.000
Nostrum Oil & Gas Fi   7.000   2/16/2025  USD    24.625
State of Rhineland-P   0.375   03/10/2051 EUR    71.499
MHP Lux SA             6.250   9/19/2029  USD    51.105
SRV Group Oyj          4.875   3/27/2025  EUR    70.585
Hungary Government B   2.000   5/23/2029  HUF    72.662
Russian Foreign Bond   5.625   04/04/2042 USD    21.951
Societe Nationale SN   0.875   2/28/2051  EUR    68.565
Suek Securities DAC    3.375   9/15/2026  USD    13.000
Nexity SA              0.875   4/19/2028  EUR    50.510
Econocom Group SA/NV   0.500   03/06/2023 EUR     8.036
PREOS Global Office    7.500   12/09/2024 EUR    63.500
State of Brandenburg   0.300  11/17/2045  EUR    71.427
Mallinckrodt Interna   5.625  10/15/2023  USD    52.500
Rallye SA              3.250   2/28/2032  CHF    15.000
Ukraine Government B   9.790   5/26/2027  UAH    48.452
Eurochem Finance DAC   5.500   3/13/2024  USD    40.000
Intu Debenture PLC     5.562  12/31/2027  GBP    41.125
Lukoil International   4.563   4/24/2023  USD    54.000
Credit Bank of Mosco   3.875   9/21/2026  USD     3.000
Paragon GmbH & Co KG   4.000   4/23/2023  CHF    25.000
Gazprom PJSC Via Gaz   4.950   7/19/2022  USD    60.500
EYEMAXX Real Estate    5.500   7/22/2025  EUR    75.000
Galapagos Holding SA   7.000   6/15/2022  EUR     4.000
Turkey Government Bo   8.000   03/12/2025 TRY    72.500
EA Partners II BV      6.750   06/01/2021 USD     0.541
Severstal OAO Via St   3.150   9/16/2024  USD    11.191
FF Group Finance Lux   1.750   07/03/2019 EUR     4.479
Travelex Financing P   8.000   5/15/2022  EUR     1.583
Linde PLC              1.000   9/30/2051  EUR    70.616
Turkey Government Bo  10.500   08/11/2027 TRY    67.000
MHP Lux SA             6.950   04/03/2026 USD    51.025
Ukraine Government I   7.253   3/15/2033  USD    32.161
NPC Ukrenergo          6.875   11/09/2026 USD    33.474
Ukraine Government I   7.750   09/01/2022 USD    57.012
Celtic Resources Hol   4.125   10/09/2024 USD    31.965
Metinvest BV           8.500   4/23/2026  USD    54.000
Haya Real Estate SA    5.125  11/15/2022  EUR    69.889
Kernel Holding SA      6.750  10/27/2027  USD    52.730
Fuerstenberg Capital   1.020              EUR    63.481
Lithuania Government   0.750   7/15/2051  EUR    71.171
Ukraine Government I   7.750   09/01/2025 USD    34.870
Wellcome Trust Ltd/T   1.500   7/14/2071  GBP    69.346
Mallinckrodt Interna   5.500   4/15/2025  USD    53.000
DOF Subsea AS          9.110  11/27/2023  NOK    36.833
Unibail-Rodamco-West   1.750   07/01/2049 EUR    72.205
Immigon Portfolioabb   5.772              EUR    10.766
Gazprom PJSC via Gaz   4.599              USD    15.000
Kernel Holding SA      6.500  10/17/2024  USD    53.741
Tinkoff Bank JSC Via   6.000              USD    10.213
VEON Holdings BV       7.250   4/26/2023  USD    69.564
Credit Bank of Mosco   4.700   1/29/2025  USD    19.250
Thomas Cook Group PL   6.250   6/15/2022  EUR     0.518
Kommunekredit          0.125   9/26/2040  EUR    73.000
Metinvest BV           7.750  10/17/2029  USD    52.500
DOF Subsea AS          9.500   4/30/2022  USD    37.457
PIK Securities DAC     5.625  11/19/2026  USD     6.350
Shell International    1.750   09/10/2052 GBP    67.251
Air Berlin PLC         8.250   4/19/2018  EUR     0.892
Gazprom Neft OAO Via   6.000  11/27/2023  USD    27.500
DNB Bank ASA           0.758              USD    74.584
State of North Rhine   0.200   1/27/2051  EUR    66.848
EA Partners I BV       6.875   9/28/2020  USD     1.000
Gazprom PJSC via Gaz   3.250   2/25/2030  USD    42.500
Metalloinvest Financ   3.375  10/22/2028  USD    20.500
Scandinavian Airline   0.625              CHF    15.649
Societe Du Grand Par   0.700  10/15/2060  EUR    61.612
Claranova SE           5.000   07/01/2023 EUR     1.070
Allied Irish Banks P  12.500   6/25/2035  GBP    55.973
VEON Holdings BV       5.950   2/13/2023  USD    70.282
Flagship Finance PLC   1.875   7/14/2061  GBP    72.515
Hylea Group SA         7.250   12/01/2022 EUR     3.750
Nestle Finance Inter   0.375   12/03/2040 EUR    72.053
AstraZeneca PLC        2.125   08/06/2050 USD    68.966
State of Saxony-Anha   0.500   3/24/2051  EUR    74.213
Russian Foreign Bond   4.375   3/21/2029  USD    14.807
Koninklijke Luchtvaa   0.750              CHF    20.500
Lukoil International   4.750   11/02/2026 USD    40.000
Metinvest BV           7.650   10/01/2027 USD    52.390
Norddeutsche Landesb   7.490              EUR    62.757
EYEMAXX Real Estate    5.500   4/26/2023  EUR     3.985
Slovenia Government    0.688   03/03/2081 EUR    51.385
Deutsche Lichtmiete    5.750   01/01/2023 EUR     5.000
City of Kyiv Via PBR   7.500  12/15/2022  USD    35.000
Russian Foreign Bond   4.750   5/27/2026  USD    20.495
NAK Naftogaz Ukraine   7.625   11/08/2026 USD    31.644
VEON Holdings BV       4.950   6/16/2024  USD    62.987
Aggregate Holdings S   5.500   5/17/2024  EUR    49.764
Ukraine Government I   7.750   09/01/2024 USD    35.306
Gazprom PJSC Via Gaz   7.288   8/16/2037  USD    45.000
Russian Foreign Bond   5.875   9/16/2043  USD    22.784
Rickmers Holding AG    8.875   06/11/2018 EUR     0.810
Hellenic Bank PCL     10.000              EUR    57.019
BAT International Fi   2.000   3/13/2045  EUR    67.990
Deutsche Wohnen SE     1.300   04/07/2041 EUR    71.481
Ukraine Government I   6.876   5/21/2029  USD    32.380
City of Lugano Switz   0.150  11/28/2070  CHF    53.281
Russian Foreign Bond   2.875   12/04/2025 EUR    15.191
Polski Koncern Nafto   2.875   3/25/2031  PLN    70.539
ALROSA Finance SA      4.650   04/09/2024 USD    20.000
Borets Finance DAC     6.000   9/17/2026  USD    22.635
National Grid Gas PL   1.625   1/14/2043  GBP    68.455
Dexia Credit Local S   1.206              EUR     2.906
VTB Bank OJSC Via VT   6.950  10/17/2022  USD     7.515
OGX Austria GmbH       8.375   04/01/2022 USD     0.003
Genfit                 3.500  10/16/2025  EUR    25.028
European Financial S   0.050   1/18/2052  EUR    62.348
Autonomous Community   2.965   09/08/2039 JPY    67.257
MMK International Ca   4.375   6/13/2024  USD    25.000
Eurotorg LLC Via Bon   9.000  10/22/2025  USD    29.000
Sberbank of Russia V   5.125  10/29/2022  USD   100.375
Gazprom PJSC Via Gaz   4.950   3/23/2027  USD    93.000
Pentracor GmbH         8.500   5/29/2025  EUR    14.700
Phosagro OAO Via Pho   2.600   9/16/2028  USD    19.500
Air Berlin PLC         6.750   05/09/2019 EUR     0.415
Metinvest BV           7.750   4/23/2023  USD    52.020
Lehman Brothers UK C   5.125              EUR    35.000
FF Group Finance Lux   3.250   11/02/2021 CHF     6.705
Clarion Funding PLC    1.875   09/07/2051 GBP    73.826
Banco Espirito Santo   7.125  11/28/2023  EUR     0.523
Cooperatieve Raboban   0.010  11/27/2040  EUR    70.652
Societe Nationale SN   1.000   1/19/2061  EUR    63.004
BAT International Fi   4.000  11/23/2055  GBP    72.528
Gazprom PJSC via Gaz   2.950   1/27/2029  USD    24.500
Evraz PLC              5.250   04/02/2024 USD    61.050
Officine Maccaferri-   5.750   06/01/2021 EUR    16.959
City of Lausanne Swi   0.050   9/28/2054  CHF    61.630
VF Ukraine PAT via V   6.200   02/11/2025 USD    50.119
University College L   1.625   06/04/2061 GBP    75.378
Republic of Belarus    6.378   2/24/2031  USD    12.625
Novolipetsk Steel Vi   4.700   5/30/2026  USD    35.000
Gazprom PJSC Via Gaz   5.150   02/11/2026 USD    24.667
Alno AG                8.500   5/14/2018  EUR    17.864
Societe Du Grand Par   1.000   2/18/2070  EUR    64.082
Cie Generale des Eta   0.625   11/02/2040 EUR    72.227
Ukreximbank Via Biz    9.625   4/27/2022  USD    26.283
Mallinckrodt Interna   5.750   08/01/2022 USD    48.250
Land Berlin            0.050   08/06/2040 EUR    72.737
Rallye SA              1.000   2/28/2032  EUR    15.731
Land Baden-Wuerttemb   0.125  11/19/2040  EUR    73.977
ALROSA Finance SA      3.100   6/25/2027  USD    88.500
Ukreximbank Via Biz    7.623   02/09/2023 USD    31.731
Senivita Social Esta   4.000   05/12/2025 EUR     5.120
Caisse Francaise de    0.500   10/01/2046 EUR    74.427
Interpipe Holdings P   8.375   5/13/2026  USD    36.467
Ukraine Government B  10.000   8/23/2023  UAH    69.318
Republic of Belarus    6.200   2/28/2030  USD    12.750
Barclays Bank PLC      0.500   1/28/2033  MXN    32.137
Ukraine Government B   9.990   5/22/2024  UAH    55.440
Ukraine Government B   3.700   4/27/2023  USD    51.431
Uralkali OJSC Via Ur   4.000  10/22/2024  USD    20.767
Hamon & CIE SA         3.300   1/31/2035  EUR    46.000
Stichting Afwikkelin  11.250              EUR     0.622
Credit Bank of Mosco   3.100   1/21/2026  EUR    13.513
Debenhams PLC          5.250   7/15/2021  GBP     0.500
TenneT Holding BV      0.500  11/30/2040  EUR    71.292
Hellenic Republic Go   2.085   7/25/2057  EUR    37.993
Hyde Housing Associa   1.750   8/18/2055  GBP    70.226
EYEMAXX Real Estate    5.500   9/24/2024  EUR     4.013
Avangardco Investmen  10.000  10/29/2018  USD     0.348
Havila Shipping ASA    5.920   01/02/2025 NOK    32.247
Deutsche Lichtmiete    5.250   02/01/2027 EUR    10.509
Gazprom Neft OAO Via   4.375   9/19/2022  USD    31.102
Vnesheconombank Via    6.800  11/22/2025  USD     5.000
Gazprom PJSC via Gaz   3.500   7/14/2031  USD    24.667
Ukraine Government I   7.750   09/01/2026 USD    34.481
Portugal Telecom Int   6.250   7/26/2016  EUR     0.285
Yuksel Insaat AS       9.500   11/10/2015 USD     0.100
Deutsche Lichtmiete    5.250   09/01/2025 EUR    11.500
Mitsubishi UFJ Inves   3.802  12/30/2099  EUR     5.100
Privatbank CJSC Via   10.250   1/23/2018  USD     4.000
MMC Norilsk Nickel O   2.800  10/27/2026  USD    50.000
Ukreximbank Via Biz    9.750   1/22/2025  USD    41.178
Ukraine Government I  15.840   2/26/2025  UAH    55.455
Alfa Bank AO Via Alf   5.950   4/15/2030  USD    10.000
State of Bremen        0.400   8/20/2049  EUR    72.041
Severstal OAO Via St   5.900  10/17/2022  USD    31.000
Sberbank of Russia V   5.250   5/23/2023  USD    12.091
City of Lausanne Swi   0.540   11/06/2062 CHF    69.284
Hellas Telecommunica   6.054   1/15/2015  USD     0.001
Novatek OAO Via Nova   4.422  12/13/2022  USD    21.125
VTB Bank OJSC Via VT   6.250   6/30/2035  USD    22.000
Prosus NV              4.027   08/03/2050 USD    71.444
Nordiska Kreditmarkn   8.816              SEK    72.108
Gazprom PJSC Via Gaz   3.125  11/17/2023  EUR    26.939
Northern Powergrid N   1.875   6/16/2062  GBP    71.050
City of Bern Switzer   0.040   10/02/2070 CHF    54.070
ESFIL-Espirito Santo   5.250   06/12/2015 EUR     0.111
State of North Rhine   0.375   09/02/2050 EUR    71.090
Republic of Belarus    5.875   2/24/2026  USD    13.000
Credit Bank of Mosco   7.625              USD    17.750
Swissgrid AG           0.050   6/30/2050  CHF    62.655
Deutsche Lichtmiete    5.750   12/01/2023 EUR    10.000
Lehman Brothers UK C   5.750              EUR     7.000
Ukraine Government I   9.750   11/01/2028 USD    34.224
Andrade Gutierrez In  11.000   8/20/2021  USD    57.257
Bourbon Corp           8.305              EUR     0.544
Landwirtschaftliche    0.010  11/26/2040  EUR    73.012
Banca Popolare di Vi   9.500   9/29/2025  EUR     0.049
Sovcombank Via SovCo   7.600              USD     5.000
Gazprom PJSC via Gaz   3.897              EUR    18.809
Ukraine Government I   7.375   9/25/2032  USD    31.875
MMC Norilsk Nickel O   6.625  10/14/2022  USD   102.620
Lehman Brothers UK C   3.875              EUR    35.000
Phosagro OAO Via Pho   3.949   4/24/2023  USD    28.329
VTB Bank PJSC          5.000              USD    58.580
Ukraine Government B  11.670  11/22/2023  UAH    64.886
Alfa Bank AO Via Alf   5.900              USD     9.223
Global Ports Finance   6.500   9/22/2023  USD    10.000
Novolipetsk Steel Vi   1.450   06/02/2026 EUR    27.000
Land Thueringen        0.375   12/01/2051 EUR    71.050
Stichting Afwikkelin   6.250  10/26/2020  EUR     5.375
Basque Government      1.375  10/31/2070  EUR    58.642
Phosagro OAO Via Pho   3.050   1/23/2025  USD    22.500
Turkey Government In   5.750   05/11/2047 USD    72.588
Romanian Government    2.875   4/13/2042  EUR    70.280
Polyus Finance PLC     5.250   02/07/2023 USD    24.143
Muenchener Hypotheke   0.010  10/19/2039  EUR    72.280
UK Municipal Bonds A   1.625   8/26/2060  GBP    75.105
Ukraine Government B  11.000   6/21/2023  UAH    71.439
Ghelamco Invest        4.500   5/23/2022  EUR    40.010
Ukraine Government I   7.750   09/01/2023 USD    42.217
Republic of Poland G   1.750   4/25/2032  PLN    66.950
Credit Bank of Mosco   7.500   10/05/2027 USD     5.893
Thomas Cook Finance    3.875   7/15/2023  EUR     0.548
Region Wallonne Belg   0.650   1/16/2051  EUR    67.228
RTE Reseau de Transp   1.125   09/09/2049 EUR    73.434
Gazprom PJSC via Gaz   1.500   2/17/2027  EUR    27.024
Virgolino de Oliveir  10.500   1/28/2018  USD     0.010
OGX Austria GmbH       8.500   06/01/2018 USD     0.002
State Agency of Road   6.250   6/24/2028  USD    23.080
Banco Espirito Santo   2.223              EUR     0.120
Prosus NV              3.832   02/08/2051 USD    68.803
Polyus Finance PLC     3.250  10/14/2028  USD    28.050
VPV Lebensversicheru   3.477   8/17/2026  EUR    64.812
UkrLandFarming PLC    10.875   3/26/2018  USD     1.522
Hacienda Investments   5.350   02/08/2028 USD    10.024
Evraz PLC              5.375   3/20/2023  USD    60.050
Tresu Investment Hol   5.000   01/02/2025 EUR    48.800
Agrokor dd             9.875   05/01/2019 EUR    15.000
Ukraine Government I   4.375   1/27/2030  EUR    32.496
Verimatrix SA          6.000   6/29/2022  EUR     3.829
Ukraine Government B  10.950   11/01/2023 UAH    69.763
Republic of Ireland    0.995   2/24/2121  EUR    69.107
Virgolino de Oliveir  11.750   02/09/2022 USD     0.500
VTB Bank PJSC          3.750              EUR
Single Platform Inve   0.695   6/25/2039  EUR    73.664
Sovcombank Via SovCo   7.750              USD     4.969
MMC Norilsk Nickel O   4.100   04/11/2023 USD    52.115
Region de Bruxelles-   1.121   05/11/2071 EUR    66.936
Norske Skogindustrie   7.000  12/30/2026  EUR     0.010
Barclays Bank PLC      0.348   5/30/2034  USD    64.607
LSF9 Balta Issuer SA   3.000  12/31/2030  EUR    69.935
Virgolino de Oliveir  10.500   1/28/2018  USD     0.455
Tennor Finance BV      5.750   6/17/2024  EUR    75.000
Ukraine Government I   7.750   09/01/2027 USD    34.339
Alfa Bank AO Via Alf   5.500  10/26/2031  USD     8.900
MMC Norilsk Nickel O   3.375  10/28/2024  USD    50.000
Platform HG Financin   1.625   08/10/2055 GBP    70.092
EOS Imaging SA         6.000   5/31/2023  EUR     7.250
Sovcombank Via SovCo   3.400   1/26/2025  USD     5.197
New World Resources    8.000   04/07/2020 EUR     0.001
Alitalia-Societa Aer   5.250   7/30/2020  EUR     0.100
Land Berlin            0.350   09/09/2050 EUR    70.774
Fuerstenberg Capital   1.609              EUR    61.493
KTG Agrar SE           7.125   06/06/2017 EUR     1.869
Green City Energy Kr   4.000  12/30/2026  EUR    12.100
Barclays Bank PLC      2.468   11/01/2031 USD    70.729
Transcapitalbank JSC  10.000              USD    65.354
Ukraine Government I  12.520   5/13/2026  UAH    41.993
Norwegian Air Shuttl   5.000   02/07/2023 SEK    41.500
SCF Capital Designat   5.375   6/16/2023  USD    21.121
Deutsche Bank AG/Lon   1.625  10/31/2034  USD    67.727
Ukraine Government I  15.840   2/26/2025  UAH    55.455
SAS AB                 5.854              SEK    27.199
Barclays Bank PLC     12.000   9/24/2025  TRY    56.192
Mallinckrodt Interna   5.500   4/15/2025  USD    53.000
BPCE SA                2.255   03/12/2040 AUD    65.557
WD Invest Sarl         1.900   10/02/2024 EUR    11.576
State of Saarland      0.050   11/05/2040 EUR    72.685
Societe Centrale des   2.500   5/15/2023  EUR     6.970
Saleza AS              9.000   07/12/2021 EUR     0.203
Cirio Finance Luxemb   7.500   11/03/2002 EUR     1.426
Elli Finance UK PLC    8.750   6/15/2019  GBP    65.125
State of Bremen        0.450   2/24/2051  EUR    72.550
Espirito Santo Finan   3.125   12/02/2018 EUR     0.290
Societe Generale SA   10.000   10/01/2036 USD    75.250
Borets Finance DAC     6.500   04/07/2022 USD    36.739
Region Wallonne Belg   1.250   6/22/2071  EUR    68.401
Russian Federal Bond   0.250   7/20/2044  RUB    50.500
Civitas Properties F   4.000  11/24/2022  EUR    65.000
Barclays Bank PLC      1.139   1/27/2031  USD    72.372
MMC Norilsk Nickel O   2.550   09/11/2025 USD    44.737
Espirito Santo Finan   9.750  12/19/2025  EUR     0.290
MFB Magyar Fejleszte   2.900  10/22/2031  HUF    70.632
Sovcombank Via SovCo   8.000   04/07/2030 USD     5.000
Veneto Banca SpA       9.878   12/01/2025 EUR     0.571
VTB Bank PJSC Via VT   9.500              USD     8.086
Canton of Neuchatel    0.100  10/29/2049  CHF    66.571
Land Berlin            0.125  11/24/2045  EUR    69.192
Cirio Holding Luxemb   6.250   2/16/2004  EUR     0.723
Metinvest BV           5.625   6/17/2025  EUR    52.484
Mobile Telesystems O   5.000   5/30/2023  USD    23.452
EDOB Abwicklungs AG    7.500   04/01/2012 EUR     2.789
Spain Government Bon   1.000  10/31/2050  EUR    71.603
Solarworld AG          9.691   2/24/2019  EUR    20.875
Jain International T   7.125   3/31/2026  USD    28.000
VTB Bank PJSC          4.763              USD    58.120
Praktiker AG           5.875   02/10/2016 EUR     0.069
Privatbank CJSC Via   11.000   02/09/2021 USD     1.000
Muenchener Hypotheke   0.010   11/02/2040 EUR    71.112
Societe Generale SA   11.000  10/30/2036  USD    73.500
Corporate Commercial   8.250   08/08/2014 USD     0.308
Solon SE               1.375   12/06/2012 EUR     0.745
Gazprom PJSC via Gaz   1.850  11/17/2028  EUR    27.562
Land Thueringen        0.125   1/13/2051  EUR    65.536
Banco Santander SA     1.909              EUR     1.663
Ukraine Government I   8.994   02/01/2024 USD    37.131
Jain International T   7.125   02/01/2022 USD    22.424
Ukraine Government I   6.750   6/20/2026  EUR    32.851
Banco Espirito Santo   6.875   7/15/2016  EUR    24.500
Russian Foreign Bond   5.250   6/23/2047  USD    17.625
Offshore Drilling Ho   8.375   9/20/2020  USD     5.000
Frigoglass Finance B   6.875   02/12/2025 EUR    70.218
Credit Bank of Mosco   5.550   2/14/2023  USD    16.968
La Veggia Finance SA   7.125  11/14/2004  EUR     0.287
Barclays Bank PLC      2.328  11/29/2030  USD    70.706
Chelyabinsk Pipe Pla   4.500   9/19/2024  USD    10.000
niiio finance group    4.000   5/31/2026  EUR    75.000
LBI ehf                6.100   8/25/2011  USD    10.709
Cooperatieve Raboban   0.500  10/30/2043  MXN    13.302
Andrade Gutierrez In   9.500  12/30/2024  USD    61.375
Republic of Belarus    7.625   6/29/2027  USD    12.088
Intelsat Jackson Hol   8.500  10/15/2024  USD    44.491
Espirito Santo Finan   6.875  10/21/2019  EUR     0.244
Cirio Finanziaria Sp   8.000  12/21/2005  EUR     0.750
Landesbank Hessen-Th   1.650   5/27/2030  EUR     1.095
Novolipetsk Steel Vi   4.500   6/15/2023  USD    35.758
Vnesheconombank Via    6.025   07/05/2022 USD     5.132
Ville de Paris         0.450  10/20/2045  EUR    71.588
New World Resources    4.000   10/07/2020 EUR     0.376
Air Berlin PLC         5.625   05/09/2019 CHF     0.678
Havila Shipping ASA    5.170   01/02/2025 NOK    40.000
de Volksbank NV        0.125  11/19/2040  EUR    72.711
Mallinckrodt Interna   5.625  10/15/2023  USD    52.323
RUSNANO AO             6.750   12/12/2023 RUB    68.900
Quintet Private Bank   3.650  11/13/2023  EUR    51.300
State of Lower Austr   0.460   10/08/2049 EUR    70.445
Dexia SA               1.230              EUR     3.125
BPCE SA                1.703              EUR    65.898
Hema Bondco II BV      8.500   1/15/2023  EUR     0.113
German Pellets GmbH    7.250   07/09/2018 EUR     1.879
Land Berlin            0.100   1/18/2041  EUR    73.163
Bank Vontobel AG      15.000   11/07/2022 EUR    50.200
Nostrum Oil & Gas Fi   8.000   7/25/2022  USD    26.763
Norske Skogindustrie   2.000  12/30/2115  EUR     0.113
Banca Popolare di Vi   2.821  12/20/2017  EUR     0.100
Sairgroup Finance BV   4.375   06/08/2006 EUR     1.568
WPE International Co  10.375   9/30/2020  USD     5.000
Standard Profil Auto   6.250   4/30/2026  EUR    71.414
Free and Hanseatic C   0.200   09/03/2049 EUR    67.866
Polski Fundusz Rozwo   2.000   03/05/2030 PLN    70.306
Region de Bruxelles-   0.765   7/15/2052  EUR    69.618
German Pellets GmbH    7.250  11/27/2019  EUR     1.879
Rusal Capital DAC      5.300   05/03/2023 USD    40.000
Alpine Holding GmbH    6.000   5/22/2017  EUR     3.084
Nationale-Nederlande   0.050   11/12/2040 EUR    73.122
Sidetur Finance BV    10.000   4/20/2016  USD     0.770
Region Wallonne Belg   1.225   09/02/2120 EUR    57.652
Ukraine Government I   9.790   5/26/2027  UAH    48.452
Bilt Paper BV         10.360              USD     1.345
Rhaetische Bahn Stam   0.050   08/03/2050 CHF    67.757
Transports Publics D   0.450  12/29/2056  CHF    66.307
Enertronica Santerno   7.000  12/31/2022  EUR    69.000
Finmek International   7.000   12/03/2004 EUR     2.193
State of Lower Austr   1.000   9/15/2121  EUR    66.969
Polyus Finance PLC     4.700   1/29/2024  USD    26.665
City of Zurich Switz   0.250  11/24/2051  CHF    72.238
Ukraine Government I  11.670  11/22/2023  UAH    64.886
Novolipetsk Steel Vi   4.000   9/21/2024  USD    30.521
OGX Austria GmbH       8.375   04/01/2022 USD     0.002
Lehman Brothers UK C   6.900              USD     3.986
Midland Heart Capita   1.831   08/12/2050 GBP    74.800
CBo Territoria         3.750   07/01/2024 EUR     4.700
Joh Friedrich Behren   6.250   6/18/2024  EUR    28.812
Vnesheconombank Via    5.942  11/21/2023  USD     5.000
Ukraine Government I  12.520   5/13/2026  UAH    41.993
Kairos Global Soluti   1.900   07/03/2035 USD    69.704
Dolphin Drilling ASA   4.490   8/28/2019  NOK     0.644
Banco Espirito Santo   6.900   6/28/2024  EUR    24.500
Russian Railways JSC   7.850   07/10/2028 RUB    68.620
Windreich GmbH         6.500   7/15/2016  EUR     4.475
Free and Hanseatic C   0.400  11/23/2051  EUR    71.297
Dtek Renewables Fina   8.500   11/12/2024 EUR    36.881
Cooperatieve Raboban   0.500   7/30/2043  MXN    13.535
State Savings Bank o   7.293   1/19/2024  USD    26.460
Andrade Gutierrez In  11.000   8/20/2021  USD    57.257
AK BARS Bank Via AK    8.000   7/13/2022  USD    24.745
Russian Foreign Bond   5.625   04/04/2042 USD    22.131
Ukraine Government B  12.520   5/13/2026  UAH    41.993
Kommunekredit          0.869   11/12/2043 SEK    68.490
KTG Agrar SE           7.250  10/15/2019  EUR     1.869
Sibur Securities DAC   4.125   10/05/2023 USD    27.036
SAir Group             5.500   7/23/2003  CHF    12.625
Golfino AG             8.000  11/18/2023  EUR     0.020
Kommunekredit          0.869   11/12/2043 SEK    68.059
State of Brandenburg   0.125   1/26/2046  EUR    69.147
CB First Investment    8.000              EUR    71.610
Turkiye Is Bankasi A   6.125   4/25/2024  USD    99.240
Russian Agricultural   8.500  10/16/2023  USD     5.026
Rusal Capital DAC      4.850   02/01/2023 USD    30.653
Lloyds Bank PLC        0.256   9/29/2034  USD    69.145
CRC Breeze Finance S   6.110   05/08/2026 EUR    31.525
Communaute Francaise   0.788   8/30/2049  EUR    68.773
Cirio Del Monte NV     7.750   3/14/2005  EUR     0.355
Agrokor dd             9.125   02/01/2020 EUR    15.000
Assistance Publique    1.099   04/06/2071 EUR    66.427
Canton of Neuchatel    0.350   7/14/2050  CHF    71.791
Bank Nadra Via NDR F   8.250   7/31/2018  USD     0.208
State of Brandenburg   0.050   08/10/2040 EUR    72.754
Home Credit & Financ   8.000   06/01/2026 RUB    76.010
Takarek Mortgage Ban   3.000  10/22/2031  HUF    68.700
Romanian Government    3.375   1/28/2050  EUR    71.114
Assistance Publique    0.791   8/27/2051  EUR    70.834
Barclays Bank PLC      1.444  10/30/2034  USD    66.408
Stichting Afwikkelin   6.625   5/14/2018  EUR     5.375
Virgolino de Oliveir  10.875   1/13/2020  USD    36.000
Region Wallonne Belg   1.246   05/12/2070 EUR    67.180
Credit Suisse AG       0.500  12/16/2025  BRL    64.838
Region de Bruxelles-   1.100   6/22/2066  EUR    68.079
BPCE SA                2.450   2/24/2035  AUD    73.871
Pfandbriefzentrale d   0.050   10/06/2043 CHF    72.791
Grupo Isolux Corsan    1.000  12/30/2021  EUR     0.100
UBS AG/London         13.250   05/04/2022 USD    28.100
Sibur Holding PAO      1.500   10/01/2032 USD    26.000
Credit Bank of Mosco   8.875              USD     5.321
PJSC Koks via IMH Ca   5.900   9/23/2025  USD     5.660
City of Lausanne Swi   0.230   11/01/2060 CHF    61.560
Waste Italia SpA      10.500  11/15/2019  EUR     0.550
Kommunekredit          0.500   7/30/2027  TRY    20.201
BPCE SA                2.285   12/03/2035 AUD    70.970
Cattles Ltd            8.125   07/05/2017 GBP     0.027
Barclays Bank PLC      5.000   11/01/2029 BRL    62.782
Tonon Luxembourg SA    9.250   1/24/2020  USD     0.500
V-Bank AG              4.000              EUR    62.808
BASF SE                1.025   8/13/2048  JPY    71.715
Deutsche Bank AG       0.687   10/11/2049 EUR    55.193
Kingdom of Belgium G   0.459   7/23/2079  EUR    49.689
Serbia International   2.050   9/23/2036  EUR    69.199
NTRP Via Interpipe L  10.250   08/02/2017 USD    29.088
Erotik-Abwicklungsge   7.750   07/09/2019 EUR     0.779
Hellas Telecommunica   8.500  10/15/2013  EUR     0.834
Batigere Grand Est S   1.500  12/15/2051  EUR    70.355
Basque Government      1.000  10/31/2050  EUR    66.544
VTB Bank OJSC Via VT   6.250   6/30/2035  USD    22.000
Sberbank of Russia P   7.000   03/11/2031 RUB    70.000
Bank Julius Baer & C  13.250   01/05/2023 USD    45.700
Single Platform Inve   0.656   9/20/2050  EUR    64.372
Phosphorus Holdco PL  10.000   04/01/2019 GBP     1.500
Banco Espirito Santo   2.403              EUR     0.254
Haya Real Estate SA    5.250  11/15/2022  EUR    69.708
Republic of Ireland    1.230   6/23/2121  EUR    72.610
Barclays Bank PLC      1.092   7/28/2034  USD    64.336
Privatbank CJSC Via   10.875   2/28/2018  USD     8.000
Lloyds Bank PLC        0.444   7/29/2033  USD    65.475
Bayer Construct Epit   3.700  10/21/2031  HUF
Societe Nationale SN   1.280   3/27/2120  EUR    55.832
Turkey Government Bo   1.500   10/09/2024 TRY
VTB Bank PJSC          3.750              EUR    56.000
Ukraine Government B   3.700  12/22/2022  USD    68.002
VTB Bank PJSC          7.600   04/02/2031 RUB    62.000
Stichting Afwikkelin   2.275              EUR     0.622
A-TEC Industries AG    8.750  10/27/2014  EUR     0.100
Sibur Securities DAC   2.950   07/08/2025 USD    27.454
J&T Energy Financing   4.250   2/18/2027  EUR    76.358
Irish Bank Resolutio   0.566   6/21/2016  EUR     0.500
Norwegian Air Shuttl   6.375  11/15/2024  USD    46.912
Russian Post FGUP      5.070  11/17/2023  RUB    60.090
BOA Offshore AS        0.409   7/17/2047  NOK     5.256
Agrokor dd Via Aquar   4.921   08/08/2017 EUR    14.625
Infogroup Holding Kf   3.000   5/20/2031  HUF    65.350
Moby SpA               7.750   2/15/2023  EUR    73.501
State of Brandenburg   0.300   10/04/2049 EUR    70.086
Muenchener Hypotheke   0.250  10/31/2044  CHF    73.117
Green City Energy Kr   5.000  12/31/2036  EUR    12.100
SiC Processing GmbH    7.125   03/01/2016 EUR     1.449
Ukraine Government I  11.670  11/22/2023  UAH    64.886
Orient Express Bank    2.000              USD    19.964
Serbia International   1.650   03/03/2033 EUR    72.261
Resa SA/Belgium        1.950   7/22/2036  EUR    50.010
Kingdom of Belgium G   1.170   05/12/2121 EUR    67.133
Alno AG                8.000   3/21/2019  EUR    15.000
Free and Hanseatic C   0.300   9/16/2050  EUR    69.504
Russian Foreign Bond   5.875   9/16/2043  USD    22.460
Region Wallonne Belg   1.000   9/16/2059  EUR    67.473
BPCE SA                2.550   06/09/2035 AUD    74.232
Steilmann SE           7.000   9/23/2018  EUR     1.429
Caisse des Depots et   0.398  12/15/2050  EUR    71.135
Romanian Government    2.625   12/02/2040 EUR    69.869
SCF Capital Designat   3.850   4/26/2028  USD    15.114
Bulgaria Steel Finan  12.000   05/04/2013 EUR     0.216
Credit Agricole SA     3.000   1/28/2041  AUD    65.333
Barclays Bank PLC      1.072  12/30/2030  USD    72.051
Ukraine Government I  10.000   8/23/2023  UAH    69.318
NRW Bank               0.106   8/17/2050  EUR    67.539
VIS Finance LLC        9.150   3/22/2024  RUB    71.800
OR PJSC               12.000   9/22/2022  RUB    18.700
Del Monte Finance Lu   6.625   5/24/2006  EUR     4.335
LP Portfolio Vagyonk   3.400   9/23/2031  HUF    60.000
Ukraine Government I   7.750   09/01/2027 USD    34.249
MOL Hungarian Oil &    1.900   04/12/2031 HUF    61.700
Steilmann SE           7.000   03/09/2017 EUR     1.429
Russian Foreign Bond   1.850  11/20/2032  EUR    15.093
Societe Du Grand Par   0.576  10/29/2052  EUR    67.123
Republic of Ireland    1.320  11/28/2119  EUR    61.265
Deutsche Bank AG       1.725   1/16/2045  EUR    63.078
SNCF Reseau            1.425   8/14/2119  EUR    66.025
Russian Foreign Bond   4.875   9/16/2023  USD    26.319
DZ Bank AG Deutsche    0.550   4/29/2024  EUR    42.126
Ville de Paris         0.831   2/23/2056  EUR    69.708
Romanian Government    3.375   1/28/2050  EUR    71.135
Credit Suisse Intern   9.500   3/24/2026  UAH    63.550
Ahtium PLC             4.000  12/16/2015  EUR     0.586
Region de Bruxelles-   0.592   12/10/2061 EUR    58.432
DekaBank Deutsche Gi   7.650   03/10/2023 EUR    32.330
Leonteq Securities A   8.380   7/20/2022  CHF    40.600
Virgolino de Oliveir  11.750   02/09/2022 USD     0.500
Regie Autonome des T   0.938   5/25/2050  EUR    72.761
Ukraine Government B   3.890   02/02/2023 USD    63.855
Kingdom of Belgium G   0.650   6/22/2071  EUR    57.924
Elli Investments Ltd  12.250   6/15/2020  GBP    52.250
Barclays Bank PLC     10.200   2/16/2023  USD    51.200
Grupo Isolux Corsan    6.000  12/30/2021  EUR     0.263
Windreich GmbH         6.250   03/01/2015 EUR     4.475
Ville de Paris         0.850   08/04/2051 EUR    73.425
Turkey Government In   4.875   4/16/2043  USD    68.838
Espirito Santo Finan   5.050  11/15/2025  EUR     0.290
Van Lanschot Kempen    1.410   04/04/2024 EUR   100.150
OR PJSC               12.000  11/14/2024  RUB    17.380
Windreich GmbH         6.500   03/01/2015 EUR     4.475
Gebr Sanders GmbH &    8.750  10/22/2018  EUR     9.375
Landeskreditbank Bad   0.610  11/17/2050  EUR    73.636
Legenda OOO            9.950   04/08/2025 RUB    70.100
Russian Foreign Bond   4.375   3/21/2029  USD    13.000
Assistance Publique    0.634   8/27/2045  EUR    73.190
Finance and Credit B   9.250   1/25/2019  USD     0.001
Windreich GmbH         6.750   03/01/2015 EUR     4.475
WEB Windenergie AG     2.250   9/25/2028  EUR     0.010
DZ Bank AG Deutsche   11.680   8/26/2022  EUR    51.470
Norske Skog Holding    8.000   2/24/2021  EUR     0.006
Romanian Government    2.750   4/14/2041  EUR    70.442
Region de Bruxelles-   0.444   3/19/2057  EUR    55.173
Single Platform Inve   0.363   2/15/2041  EUR    67.233
Depfa Funding II LP    6.500              EUR    61.379
Credit Bank of Mosco   7.121   6/25/2024  USD    20.909
Intelsat Jackson Hol   9.750   7/15/2025  USD    44.512
Societe Generale SA   21.000  12/23/2022  USD    62.800
Joh Friedrich Behren   7.750   11/11/2020 EUR    29.250
German Pellets GmbH    7.250   04/01/2016 EUR     1.879
Sairgroup Finance BV   6.625   10/06/2010 EUR     1.568
Pescanova SA           5.125   4/20/2017  EUR     0.319
Alpine Holding GmbH    5.250   07/01/2015 EUR     3.084
Ukraine Government I   7.253   3/15/2033  USD    32.250
State of Rhineland-P   0.375   7/20/2048  EUR    70.368
Agrokor dd             8.875   02/01/2020 USD    15.000
Rio Forte Investment   4.000   7/22/2014  EUR     4.411
Stichting Afwikkelin   8.450   8/20/2018  USD     5.375
Futureal Development   3.500  11/16/2036  HUF    74.000
Vontobel Financial P   9.400   5/13/2022  EUR    41.970
Credit Bank of Mosco   4.500   7/15/2022  RUB    61.020
Societe Generale SA   17.604   8/24/2023  USD    48.500
Credit Bank of Mosco   5.150   2/20/2024  EUR    14.965
Land Baden-Wuerttemb   0.375   7/20/2048  EUR    71.570
Grenke Finance PLC     0.819   2/15/2030  EUR    70.853
Region Hauts-de-Fran   0.402   2/18/2043  EUR    72.009
Republic of Ireland    0.740  11/27/2120  EUR    50.909
Centrosolar Group AG   7.000   2/15/2016  EUR     2.505
Single Platform Inve   1.023   2/15/2046  EUR    73.867
Sibur Securities DAC   3.450   9/23/2024  USD    38.000
Steilmann SE           6.750   6/27/2017  EUR     2.184
State of Mecklenburg   0.239  11/17/2070  EUR    57.921
Cooperatieve Raboban   0.500  10/29/2027  MXN    59.186
Aralco Finance SA     10.125   05/07/2020 USD     3.224
Spain Government Bon   1.450  10/31/2071  EUR    64.379
UBS AG/London         16.000  12/29/2022  CHF    67.150
Alteo Nyrt             3.150  10/28/2029  HUF    66.700
Slovenia Government    1.175   2/13/2062  EUR    73.031
Republic of Ireland    0.835   07/08/2080 EUR    70.406
Societe Du Grand Par   1.149   04/08/2069 EUR    65.831
Single Platform Inve   1.150   5/25/2066  EUR    70.979
Regie Autonome des T   0.875   8/18/2080  EUR    76.050
BNG Bank NV           10.010   6/17/2025  TRY    54.948
Muenchener Hypotheke   0.550   2/18/2046  CHF    71.360
ITK Holding zrt        2.900   6/23/2031  HUF    63.100
Credit Bank of Mosco   0.010  10/27/2023  RUB
Lloyds Bank PLC        1.836  10/25/2033  USD    67.981
Senvion Holding GmbH   3.875  10/25/2022  EUR     0.286
Autonomous Community   1.744   07/01/2061 EUR    70.504
EFG International Fi   8.000   06/10/2022 CHF    63.250
WEB Windenergie AG     4.500              EUR     0.010
Caixa Economica Mont   5.000              EUR    50.010
Specialfastigheter S   1.120   2/19/2044  SEK    68.395
Grand Delta Habitat    1.285   11/06/2040 EUR    73.270
Minicentrales Dos SA   0.010   06/06/2047 EUR    59.125
Haya Real Estate SA    5.125  11/15/2022  EUR    69.769
Batigere Grand Est S   1.400   8/31/2050  EUR    67.280
Autonomous Community   1.138  11/22/2052  EUR    67.880
Region Wallonne Belg   1.550   4/28/2120  EUR    67.961
Chelyabinsk Pipe Pla   7.900   06/08/2027 RUB    92.660
Single Platform Inve   0.932   2/15/2041  EUR    73.575
Elli Finance UK PLC    8.750   6/15/2019  GBP    65.125
Kardan NV              6.325   2/21/2021  ILS
Air Berlin Finance B   8.500   03/06/2019 EUR     0.401
Region de Bruxelles-   0.640   7/20/2045  EUR    71.748
Slovenia Government    0.488  10/20/2050  EUR    64.683
Single Platform Inve   1.548  10/31/2050  EUR    58.911
Golden Gate AG         6.500   10/11/2014 EUR    33.000
Societe Generale SA   10.000   5/31/2034  USD    71.750
B+N Referencia Ipari   3.500   6/24/2031  HUF    70.200
Lloyds Bank PLC        0.500   7/26/2028  MXN    55.105
Single Platform Inve   0.559   2/15/2047  EUR    64.605
State of Hesse         0.227   8/20/2049  EUR    67.122
Thomas Cook Group PL   6.250   6/15/2022  EUR     0.518
BPCE SA                2.315  11/19/2035  AUD    71.296
JP Morgan Structured  12.000   01/04/2027 ZMW
Societe Generale SA    8.600   7/29/2022  USD    43.800
Credit Suisse AG/Lon   4.700  11/30/2022  USD     9.523
COFIDUR SA             0.100  12/31/2024  EUR    24.050
VTB Bank PJSC         13.000              RUB    65.050
OGX Austria GmbH       8.500   06/01/2018 USD     0.002
French Republic Gove   0.500   5/25/2072  EUR    54.457
Ville de Paris         0.650  11/25/2070  EUR    56.173
International Financ   0.500   6/29/2027  ZAR    63.921
Nostrum Oil & Gas Fi   7.000   2/16/2025  USD    27.428
Deutsche Bank AG/Lon   0.348  11/26/2034  USD    61.681
Baromfi-Coop Termelo   3.000   7/19/2031  HUF    72.500
Leonteq Securities A   8.510   5/27/2022  USD    26.580
Maxima Telecom        10.750   7/14/2026  RUB    65.020
Hell Energy Magyaror   3.000   7/28/2031  HUF    73.400
SALVATOR Vermoegensv   9.500              EUR     7.400
Russian Railways JSC  10.150   9/20/2039  RUB    60.080
Single Platform Inve   0.745   2/15/2047  EUR    68.041
UniCredit Bank AG      4.450   4/29/2022  EUR    66.000
State of Lower Austr   0.400  10/13/2050  EUR    68.249
Region de Bruxelles-   0.910   1/31/2053  EUR    72.257
International Bank o   8.250   10/09/2024 USD    60.375
Russian Railways JSC   9.130   4/29/2043  RUB    60.080
Zurcher Kantonalbank  15.200   9/21/2022  USD    30.560
Russian Railways JSC   9.730   8/18/2033  RUB    60.080
Minicentrales Dos SA   0.010   06/06/2047 EUR    66.875
Barclays Bank PLC      1.092   7/28/2031  USD    70.812
Region Wallonne Belg   0.638   6/21/2047  EUR    69.145
Russian Foreign Bond   4.500   04/04/2022 USD    23.326
Transports Publics N   0.320  10/28/2037  CHF    71.673
Ukraine Government I   9.790   5/26/2027  UAH    48.452
Cooperatieve Raboban   0.500   1/31/2033  MXN    34.614
Ukraine Government I  10.000   8/23/2023  UAH    69.318
Communaute Francaise   1.010   7/19/2051  EUR    72.337
Ukraine Government B  10.710   4/26/2028  UAH    30.492
Finland Government B   0.125   4/15/2052  EUR    67.061
Espirito Santo Finan   5.050  11/15/2025  EUR     0.290
UkrLandFarming PLC    10.875   3/26/2018  USD     1.522
UBS AG/London          6.500   8/15/2022  USD    58.700
Banque International  15.000   01/05/2023 EUR    39.160
Republic of Belarus    5.875   2/24/2026  USD    13.000
Single Platform Inve   0.740   04/01/2042 EUR    73.313
O1 Properties Financ   0.500   9/27/2028  USD     6.203
Single Platform Inve   0.833   2/15/2041  EUR    73.593
Bibby Offshore Servi   7.500   6/15/2021  GBP    11.625
Portugal Obrigacoes    1.000   04/12/2052 EUR    69.055
BNP Paribas SA         0.500  11/16/2032  MXN    31.610
getgoods.de AG         7.750   10/02/2017 EUR     0.527
Veneto Banca SpA       6.411              EUR     0.345
DZ Bank AG Deutsche    4.000   6/24/2022  EUR    73.560
VTB Bank PJSC          0.010   05/01/2025 RUB    62.510
OR PJSC               11.500   7/28/2024  RUB    18.380
BNP Paribas Issuance   5.000   11/05/2024 EUR    38.680
Region Wallonne Belg   1.222   6/24/2080  EUR    62.757
Republic of Ireland    0.740   9/22/2078  EUR    67.472
Krakowski Bank Spold   8.020   9/20/2023  PLN    70.000
Intelsat Jackson Hol   9.750   7/15/2025  USD    44.512
State of Saxony-Anha   0.475   9/30/2050  EUR    72.604
National Grid Electr   1.690   9/16/2041  GBP    72.604
BNP Paribas SA         0.500   9/29/2029  AUD    72.006
Region de Bruxelles-   0.808   1/31/2050  EUR    70.848
Rio Forte Investment   4.750   11/10/2015 EUR     4.423
Lehman Brothers Trea   1.214   10/05/2035 EUR     0.100
Wirtschafts- und Inf   0.500   8/28/2046  EUR    72.908
Ville de Paris         0.758   8/20/2060  EUR    64.997
BNP Paribas SA        20.200   5/31/2022  USD    37.750
Luzerner Kantonalban  23.000   06/07/2022 CHF    21.370
DZ Bank AG Deutsche    8.900   6/24/2022  EUR    71.000
Deutsche Bank AG/Lon  13.750   6/20/2026  TRY    46.958
Ukraine Government I   9.990   5/22/2024  UAH    55.440
Specialfastigheter S   1.180   12/02/2044 SEK    69.769
Republic of Austria    0.700   4/20/2071  EUR    66.342
Astana Finance BV      7.875   06/08/2010 EUR    16.000
Republic of Belarus    6.200   2/28/2030  USD    13.000
Russian Railways JSC   6.850   07/05/2027 RUB    67.800
Gazprombank JSC        5.650   6/27/2024  RUB    76.150
Credit Suisse AG/Lon   5.800   7/26/2023  USD     9.570
Wingholding Zrt        3.000   9/22/2031  HUF    63.400
Credit Suisse AG/Lon   8.450   06/07/2023 USD     9.770
Hell Energy Magyaror   2.700  12/18/2029  HUF    65.900
DekaBank Deutsche Gi   7.050   4/28/2023  EUR    52.150
Russian Post FGUP      2.750   12/06/2023 RUB    60.090
Decipher Production   12.500   9/27/2019  USD     1.500
Ukraine Government B   3.900   10/05/2023 USD    41.225
Sequa Petroleum NV     5.000   4/29/2020  USD    30.250
Ministeries Van de V   0.634  11/19/2060  EUR    60.641
Grand Delta Habitat    1.500   09/01/2049 EUR    71.526
VTB Bank PJSC         11.250   05/06/2037 RUB    58.000
SkyGreen Buildings K   3.000  12/29/2030  HUF    67.300
VTB Bank PJSC         10.000              RUB    50.030
Tonon Luxembourg SA    9.250   1/24/2020  USD     0.500
Republic of Austria    0.850   6/30/2120  EUR    55.709
Peine GmbH             2.000   07/05/2023 EUR    44.500
Region de Bruxelles-   0.562  12/23/2065  EUR    53.623
Alpine Holding GmbH    5.250   06/10/2016 EUR     3.084
State of Lower Austr   0.550  11/13/2080  EUR    50.547
Luminis SA             1.800   09/02/2059 EUR    54.195
National Treasury Ma   1.190   10/07/2101 EUR    71.324
Agrokor dd             9.125   02/01/2020 EUR    15.000
Portugal Telecom Int   5.242   11/06/2017 EUR     0.694
Russian Foreign Bond   4.750   5/27/2026  USD    20.313
Communaute Francaise   1.000   10/08/2069 EUR    60.344
Tonon Luxembourg SA   12.500   5/14/2024  USD     0.399
UBS AG/London          0.120   5/25/2040  MXN    14.308
Corner Banca SA        6.600   08/02/2022 CHF    24.430
AKB Peresvet ZAO       0.510   2/14/2032  RUB    13.000
Veragold Mining Co G   5.000  12/31/2022  EUR    56.000
Retail Bel Finance L  10.350   03/05/2026 RUB    77.550
TBI Bank EAD           5.250   7/30/2031  EUR    56.225
Agrokor dd             9.875   05/01/2019 EUR    15.000
Ahtium PLC             9.750   04/04/2017 EUR     0.726
Ministeries Van de V   1.095   06/03/2055 EUR    72.593
Deutsche Agrar Holdi   7.250   9/28/2018  EUR     0.726
Region Wallonne Belg   1.135   10/10/2069 EUR    64.896
Communaute Francaise   0.392   1/22/2041  EUR    70.874
A-TEC Industries AG    2.750   05/10/2014 EUR     0.100
Depfa Funding III LP   0.235              EUR    61.051
Region de Bruxelles-   1.020   4/30/2060  EUR    69.022
Ukreximbank Via Biz    7.623   02/09/2023 USD    31.731
Societe Generale SA   18.000   05/02/2024 USD    36.850
Landesbank Baden-Wue   3.300  11/25/2022  EUR    67.870
DZ Bank AG Deutsche   12.200   9/23/2022  EUR    74.250
DZ Bank AG Deutsche    5.800   9/23/2022  EUR    75.510
DeltaCredit Bank JSC   1.000   5/18/2026  RUB    55.860
Pongs & Zahn AG        8.500   11/01/2014 EUR     0.130
Ukraine Government I   9.990   5/22/2024  UAH    55.440
Ukraine Government B  10.570   05/10/2027 UAH    33.412
Region Wallonne Belg   1.165   6/29/2059  EUR    70.131
Specialfastigheter S   1.280   9/20/2049  SEK    66.978
Communaute Francaise   1.581   1/23/2120  EUR    65.334
Mox Telecom AG         7.250   11/02/2017 EUR     2.270
OR PJSC               11.000  12/29/2024  RUB    15.610
SFO VTB Investment P   0.010   03/10/2023 RUB    79.000
Retail Bel Finance L   9.450   5/28/2025  RUB    81.500
Skandinaviska Enskil   9.500   7/17/2023  SEK    68.430
Sberbank of Russia P   0.010   6/22/2028  RUB    54.900
Trans-Sped Logisztik   2.500   3/16/2030  HUF
Credit Bank of Mosco   0.010   9/18/2023  RUB
Russian Railways JSC   9.390   2/28/2040  RUB    60.080
JP Morgan Structured  11.000  12/30/2026  ZMW    67.712
Dr Wiesent Sozial gG   7.000              EUR     0.011
Ukraine Government I   7.750   09/01/2026 USD    34.497
Ukraine Government B   8.120   11/10/2035 UAH    18.336
Single Platform Inve   0.924   2/18/2049  EUR    66.881
Wirtschafts- und Inf   0.200  12/14/2045  EUR    68.437
Ukraine Government B  12.940   2/14/2024  UAH    62.921
KPNQwest NV           10.000   3/15/2012  EUR     0.453
Hungary Government I   1.500  11/17/2050  EUR    64.948
Harp Issuer PLC        1.400   2/14/2032  USD    72.366
Officine Maccaferri-   5.750   06/01/2021 EUR    16.959
LSF9 Balta Issuer SA   3.000  12/31/2030  EUR    69.935
Russian Railways JSC   9.130   5/29/2035  RUB    79.000
Societe Generale SA   17.000   1/17/2030  USD    63.700
Erste Group Bank AG    4.500  10/15/2022  EUR    58.900
Leonteq Securities A   7.500   6/28/2022  CHF    67.640
Erste Group Bank AG    4.100   4/30/2022  EUR    34.750
UBS AG/London          9.750   3/17/2023  CHF    46.050
United Engine Corp J  11.500   6/26/2024  RUB    61.070
SAir Group             4.250   02/02/2007 CHF    12.625
Republic of Belarus    6.378   2/24/2031  USD    13.333
Russian Foreign Bond   5.100   3/28/2035  USD    14.167
KPNQwest NV            8.875   02/01/2008 EUR     0.453
Ukraine Government B  11.780   5/27/2026  UAH    40.269
CDC Habitat SEM        0.853   2/15/2041  EUR    71.064
Heta Asset Resolutio   7.500  12/31/2023  ATS     4.870
OPUS TIGAZ Gazhaloza   2.800   3/24/2031  HUF    73.200
Societe Generale SA   15.000   05/02/2024 USD    31.950
Bank Vontobel AG      20.504   05/12/2022 CHF    55.000
VTB Bank PJSC         10.000              RUB    62.000
RENE LEZARD Mode Gmb   7.250  11/25/2017  EUR     0.111
DekaBank Deutsche Gi   3.970   02/09/2023 EUR    72.750
Credit Suisse AG/Lon   4.450   6/28/2023  USD     9.210
DZ Bank AG Deutsche   12.640   5/27/2022  EUR    59.350
Credit Suisse AG/Lon   4.710   8/24/2022  USD     9.820
Landesbank Baden-Wue   3.900   6/24/2022  EUR    65.190
VTB Bank PJSC          8.400   5/21/2030  RUB    65.000
Russian Railways JSC   9.390   2/28/2040  RUB    60.080
VTB Bank PJSC          0.010  11/18/2025  RUB    55.050
Sberbank of Russia P   0.010  11/30/2028  RUB    55.700
Leonteq Securities A  22.220   9/16/2022  CHF    41.620
Kalita OOO            13.000   8/18/2024  RUB     8.300
Russian Railways JSC   9.130  11/29/2028  RUB    60.080
SAir Group             0.125   07/07/2005 CHF    12.625
Ukraine Government B  11.290   11/10/2025 UAH    42.945
Barclays Bank PLC      0.475   2/28/2034  USD    67.579
Ville de Paris         0.921   5/26/2053  EUR    73.312
Republic of Poland G   1.250  10/25/2030  PLN    68.085
Cooperatieve Raboban   0.500  11/30/2027  MXN    58.121
Vontobel Financial P   7.500  12/23/2022  USD    60.500
Russian Railways JSC   9.130   06/08/2028 RUB    60.080
Sonnedix Energy Tau    2.200  12/31/2038  EUR    75.000
DVM Construction Fov   3.000   7/29/2030  HUF    66.500
UBS AG/London          8.250  11/21/2022  CHF    57.900
Bank Vontobel AG      11.000   02/06/2023 CHF    49.100
Societe Generale Eff   4.000  11/22/2022  USD    56.630
BF Garant-Invest OOO  10.000  12/25/2023  RUB    72.210
VTB Bank PJSC          0.010   10/06/2023 RUB    65.010
RUSAL Bratsk OJSC      0.010   04/07/2026 RUB    65.510
WEB Windenergie AG     6.250              EUR     0.010
Norske Skog Holding    8.000   2/24/2021  EUR     0.006
Barclays Bank PLC      1.072  12/30/2030  USD    68.125
Veneto Banca SpA       6.950   2/25/2025  EUR     0.571
Rena GmbH              7.000  12/15/2015  EUR     2.096
Republic of Ireland    0.810   07/10/2079 EUR    69.787
ECM Real Estate Inve   5.000   10/09/2011 EUR    15.375
City of Kyiv Via PBR   7.500  12/15/2022  USD    35.000
Banca Popolare di Vi   9.500   10/02/2025 EUR     0.049
Vasakronan AB          2.400   6/20/2044  SEK    72.293
Region de Bruxelles-   0.731   8/25/2060  EUR    61.161
A-TEC Industries AG    5.750   11/02/2010 EUR     0.100
Ukraine Government B  12.300   07/03/2024 UAH    54.171
New World Resources    8.000   04/07/2020 EUR     0.001
Cie Generale de Navi   0.350  12/29/2056  CHF    63.969
Kalita OOO            13.000   9/21/2025  RUB     8.800
Naftatrans Plyus OOO  12.000   2/20/2026  RUB    76.800
State of Saxony-Anha   1.258   07/03/2028 EUR    60.000
Societe Generale SA   21.660   2/24/2028  USD    71.750
Eltex Kft              3.500  12/21/2028  HUF    72.250
Leonteq Securities A   6.770   5/27/2022  USD    52.360
UBS AG/London          6.500   10/02/2024 USD    71.500
Takarek Mortgage Ban   3.000   8/21/2030  HUF    71.300
Credit Suisse AG/Lon  18.500  12/14/2026  USD    68.240
Sberbank of Russia P   0.010  11/13/2026  TRY    67.100
Nordea Bank Abp        5.813   7/20/2024  SEK    68.100
Federal Grid Co Unif   9.390   3/23/2050  RUB    62.480
Federal Grid Co Unif   9.390   3/23/2050  RUB    61.880
Leonteq Securities A  14.000   02/03/2023 CHF    58.330
MET Hungary Solar Pa   3.800   12/02/2031 HUF    72.900
Societe Generale SA    2.050   12/02/2035 USD    68.315
Ukraine Government I   7.750   09/01/2023 USD    41.855
Societe Generale SA    2.200  12/17/2040  USD    71.490
Region de Bruxelles-   0.274   12/11/2040 EUR    72.374
BPCE SA                2.250   3/13/2040  AUD    66.373
Turkey Government Bo  11.700  11/13/2030  TRY    64.450
French Republic Gove   0.750   5/25/2053  EUR    73.980
Ukraine Government B  11.800   3/25/2026  UAH    41.368
Lehman Brothers Trea   2.000   3/16/2035  EUR     0.100
Bulgaria Steel Finan  12.000   05/04/2013 EUR     0.216
Lehman Brothers Trea   2.875   3/14/2013  CHF     0.100
Norske Skogindustrie   7.125  10/15/2033  USD     0.010
New World Resources    4.000   10/07/2020 EUR     0.376
Mriya Agro Holding P   9.450   4/19/2018  USD     4.667
Deutsche Bank AG/Lon   0.500  10/18/2038  MXN    15.142
Nordea Bank Abp        4.100   7/20/2023  SEK    50.880
Takarek Mortgage Ban   2.600  10/22/2028  HUF    74.500
Federal Grid Co Unif  10.150   09/07/2048 RUB    60.080
Russian Railways JSC  10.150   9/19/2033  RUB    71.000
MS Deutschland Betei   6.875  12/18/2017  EUR     0.700
SG Issuer SA           6.130   1/20/2024  SEK    73.440
Maxima Telecom         9.750   5/21/2024  RUB    61.850
Pannon Work Szemelyz   3.000  10/30/2030  HUF    67.500
DZ Bank AG Deutsche    4.050   5/27/2022  EUR    79.430
VTB Bank PJSC          0.010   6/17/2026  RUB
SAir Group             5.125   03/01/2003 CHF    12.750
Vontobel Financial P   6.500   6/24/2022  EUR    71.830
UniCredit Bank AG      4.500  10/26/2022  EUR    74.220
Raiffeisen Schweiz G   9.500   05/02/2023 CHF    76.590
Credit Suisse AG/Lon  13.700   9/25/2023  USD    48.290
Muehl Product & Serv   6.750   03/10/2005 DEM     0.104
Commerzbank AG         0.060  11/19/2029  EUR    75.330
Ukraine Government B   8.750   2/16/2033  UAH    20.402
Norske Skogindustrie   7.125  10/15/2033  USD     0.010
Banco Espirito Santo  10.000   12/06/2021 EUR     0.523
Hungary Government B   4.000   4/28/2051  HUF    64.963
UBS AG/London          5.520   4/29/2041  USD    57.993
Region de Bruxelles-   1.225   6/21/2070  EUR    70.351
Credito Padano Banca   3.100              EUR    34.008
Kreditanstalt fuer W   0.693   02/08/2050 EUR    70.954
Credit Agricole SA     3.270   10/05/2041 AUD    69.155
Societe Generale SA    2.050   2/22/2031  AUD    75.043
Region de Bruxelles-   0.845   9/30/2059  EUR    63.552
Waste Italia SpA      10.500  11/15/2019  EUR     0.550
Aargau Verkehr AG      0.270  11/29/2049  CHF    73.534
Societe Generale SA    5.000   01/10/2023 USD    42.470
Zurcher Kantonalbank  21.250   10/04/2022 CHF    71.100
DekaBank Deutsche Gi  11.200  12/23/2022  EUR    48.370
Russian Post FGUP      6.600  11/13/2030  RUB    67.260
VTB Bank PJSC          2.000   11/10/2023 RUB    62.010
Societe Generale SA   10.000   6/28/2034  USD    70.250
UniCredit Bank AG      4.500   10/05/2022 EUR    59.060
DekaBank Deutsche Gi   5.970   02/09/2023 EUR    67.180
Leonteq Securities A  24.020   6/29/2022  CHF    30.130
Zurcher Kantonalbank   3.000   09/06/2022 EUR    73.810
BNP Paribas Issuance   6.310   07/05/2023 SEK    73.050
UniCredit Bank AG      6.600   7/20/2028  EUR    38.290
DekaBank Deutsche Gi   5.600   4/25/2022  EUR    61.620
Zurcher Kantonalbank   6.000   4/14/2023  CHF    63.390
Societe Generale SA   24.000  11/20/2025  USD    68.150
Opus Global Nyrt       2.800  10/29/2029  HUF    74.500
UniCredit Bank AG      4.750   12/04/2023 EUR    71.290
SFO VTB Investment P   0.010  11/13/2023  RUB    65.000
Northland Resources   15.000   7/15/2019  USD     2.621
Ukraine Government B   6.000   4/23/2031  UAH    15.570
Single Platform Inve   0.815   04/01/2042 EUR    69.695
Solarwatt GmbH         7.000   11/01/2015 EUR    15.500
Ukraine Government B  12.500   3/27/2024  UAH    60.954
Societe Generale SA    2.696   6/30/2035  USD    66.219
NatWest Markets PLC    0.576   8/18/2031  USD    71.123
Agence Francaise de    0.368   01/12/2046 EUR    73.998
Region de Bruxelles-   1.040   05/03/2061 EUR    69.901
Autonomous Community   1.089  10/31/2049  EUR    70.284
Ministeries Van de V   0.400  11/20/2043  EUR    71.847
Region Wallonne Belg   1.150   09/02/2120 EUR    54.319
Single Platform Inve   0.810   04/01/2042 EUR    72.111
BPCE SA                2.250   3/13/2040  AUD    65.927
Heta Asset Resolutio   0.297  12/31/2023  EUR     4.870
Communaute Francaise   1.040   7/19/2101  EUR    65.143
Societe Nationale SN   1.400   5/18/2120  EUR    60.623
Lehman Brothers Trea  11.000  12/20/2017  AUD     0.100
DZ Bank AG Deutsche    9.410   8/26/2022  EUR    34.070
Skandinaviska Enskil   6.500   1/15/2024  SEK    74.850
SG Issuer SA           6.940   1/20/2025  SEK    66.920
Federal Grid Co Unif   9.730   4/27/2048  RUB    60.080
VTB Bank PJSC          0.010   5/19/2024  RUB    51.850
VTB Bank PJSC          0.010   04/05/2024 RUB    68.010
Skandinaviska Enskil   8.600   7/17/2023  SEK    67.490
DZ Bank AG Deutsche   18.800   9/23/2022  EUR    69.630
Leonteq Securities A  21.420   05/11/2022 CHF    23.180
Credit Suisse AG/Lon  13.250   05/04/2022 USD    41.290
Leonteq Securities A   6.300   7/17/2023  EUR    77.590
Credit Suisse AG/Lon  10.000   7/22/2022  CHF    21.220
DZ Bank AG Deutsche   11.500   6/24/2022  EUR    71.110
EFG International Fi  10.600   8/23/2023  EUR    63.630
Severo-Zapadnaya Kon  12.150   9/26/2031  RUB    57.010
Progress Etteremhalo   3.000   9/18/2030  HUF    71.300
Russian Railways JSC   5.910  10/15/2040  RUB    60.080
Norske Skog Holding    8.000   2/24/2023  USD     0.006
Espirito Santo Finan   0.606  10/27/2024  EUR     0.297
Muenchener Hypotheke   1.010   08/06/2044 EUR    71.856
Region de Bruxelles-   0.540   9/13/2044  EUR    71.309
Wirtschafts- und Inf   0.138   8/23/2044  EUR    67.837
Credit Agricole Corp   2.610   7/27/2050  USD    69.041
Pescanova SA           8.750   2/17/2019  EUR     0.319
Region de Bruxelles-   0.690   6/22/2050  EUR    68.414
Elli Investments Ltd  12.250   6/15/2020  GBP    52.250
Region Wallonne Belg   0.850   1/26/2071  EUR    56.209
Lehman Brothers Trea   8.000  10/23/2008  USD     0.100
Akademiska Hus AB      1.252   2/13/2043  SEK    70.912
Agence Francaise de    2.360   1/30/2045  AUD    74.430
Cooperatieve Raboban   0.500  12/29/2027  MXN    57.486
Single Platform Inve   0.780   2/15/2040  EUR    73.770
Credit Agricole SA     3.000   1/19/2041  AUD    63.254
Communaute Francaise   0.782   02/08/2061 EUR    59.714
Ukraine Government B   6.000   11/12/2025 UAH    33.900
Agrokor dd             8.875   02/01/2020 USD    15.000
Ukraine Government B   9.500   3/19/2025  UAH    45.516
Ukraine Government B  11.970   4/16/2025  UAH    48.706
Single Platform Inve   1.075   6/26/2052  EUR    73.029
Credit Suisse AG/Lon   8.500   09/09/2022 EUR    67.540
Skandinaviska Enskil   8.300   7/17/2023  SEK    67.170
Credit Suisse AG/Lon  10.000  11/30/2022  CHF    34.400
VTB Bank PJSC          0.010   9/14/2024  RUB    55.440
Landesbank Baden-Wue   4.050   3/24/2023  EUR    37.300
DekaBank Deutsche Gi   2.600   08/12/2022 EUR    74.420
B+N Referencia Ipari   2.900  12/20/2029  HUF    68.900
Russian Railways JSC   9.130   5/20/2044  RUB    60.080
Credit Bank of Mosco   0.010  12/19/2022  RUB    62.000
Credit Bank of Mosco   4.000   7/15/2022  RUB    61.000
DZ Bank AG Deutsche    5.000   6/24/2022  EUR    72.880
Bank Julius Baer & C  22.500   05/03/2022 CHF    47.200
Credit Suisse AG/Lon   4.600   11/09/2022 USD
Citigroup Global Mar  12.000   2/13/2024  SEK    79.060
Societe Generale SA   18.000   5/31/2024  USD    32.323
Credit Suisse AG/Lon   4.460   7/26/2023  USD     9.430
Banque International   7.500   7/28/2022  USD    53.980
OR PJSC               13.500  10/22/2025  RUB    22.100
Credit Suisse AG/Lon   8.250   6/17/2022  CHF    53.770
Barclays Bank PLC      4.000   11/08/2023 USD     9.294
AutoWallis Nyrt        3.000   7/27/2031  HUF    64.700
Federal Passenger Co   6.900   11/05/2029 RUB    76.510
Societe Generale SA   18.000   11/02/2023 USD    41.130
Alteo Nyrt             2.450   10/08/2031 HUF    60.900
Main Road JSC          6.900  10/30/2029  RUB    61.020
UBS Group AG           2.300   12/03/2035 AUD    73.672
Cie de Financement F   0.900   7/18/2058  EUR    72.227
Ukraine Government B   9.820   02/12/2031 UAH    23.934
Ukraine Government B   9.700   03/10/2032 UAH    22.937
Republic of Belarus    6.875   2/28/2023  USD    14.500
Metropole de Lyon      0.500  12/28/2049  EUR    66.510
State of Rhineland-P   0.100   10/01/2040 EUR    72.267
Metropole de Lyon      0.466   12/07/2046 EUR    69.111
HSBC Bank PLC         10.300   12/10/2024 TRY    61.798
Metropole de Lyon      0.540   12/07/2050 EUR    66.045
BLT Finance BV        12.000   02/10/2015 USD    10.500
SAir Group             6.250  10/27/2002  CHF    12.625
Kingdom of Belgium G   0.558   9/24/2077  EUR    53.703
Santander Internatio   1.700   12/12/2049 EUR    44.696
Region de Bruxelles-   1.036   01/07/2060 EUR    69.144
Region de Bruxelles-   0.944   6/22/2057  EUR    68.269
Credit Agricole Corp  10.800   3/24/2026  TRY    51.774
Republic of Belarus    7.625   6/29/2027  USD    11.856
Region de Bruxelles-   0.556  12/23/2064  EUR    54.097
Kuntarahoitus Oyj      0.815   2/24/2061  EUR    73.859
Thomas Cook Finance    3.875   7/15/2023  EUR     0.548
BrokerCreditService    1.484   12/06/2031 USD    72.730
Lehman Brothers Trea   5.100   05/08/2017 HKD     0.100
Hungary Government B   3.000   4/25/2041  HUF    61.056
Single Platform Inve   1.013  12/20/2050  EUR    72.040
Republic of Ireland    1.200   4/15/2120  EUR    61.479
CDC Habitat SEM        0.814   2/15/2040  EUR    70.722
Kuntarahoitus Oyj      1.005   11/04/2060 EUR    73.247
Lehman Brothers Trea   4.300   06/04/2012 USD     0.100
DZ Bank AG Deutsche   14.800   6/24/2022  EUR    74.760
Leonteq Securities A  16.000   5/25/2022  CHF    18.580
SG Issuer SA           2.270   02/04/2032 EUR    71.260
Raiffeisen Schweiz G  10.000  12/31/2024  CHF    64.570
Federal Grid Co Unif   9.730   4/27/2048  RUB    60.080
Credit Suisse AG/Lon  10.250   06/02/2022 USD    31.460
VTB Bank PJSC          0.010   5/19/2024  RUB
RosDorBank PJSC        9.500   12/12/2024 RUB    60.000
EFG International Fi   6.200   08/05/2022 EUR    25.930
Sberbank of Russia P   0.016   3/15/2032  RUB    72.900
STAVMAT Epitoanyag K   3.000   7/20/2031  HUF    72.900
Appeninn Holding       3.500  11/22/2029  HUF    66.500
Erste Group Bank AG    6.250   3/29/2023  EUR    67.050
Leonteq Securities A   8.000   05/02/2023 CHF    17.530
Credit Suisse AG/Lon   9.500  10/18/2022  CHF    31.770
VTB Bank PJSC          0.010   1/27/2026  RUB    62.510
DZ Bank AG Deutsche   22.700   6/24/2022  EUR    65.420
UBS AG/London         16.250   05/03/2023 USD    52.550
VTB Bank PJSC          0.010   08/12/2026 RUB    59.000
UBS AG/London          8.250  11/19/2026  EUR    67.970
DZ Bank AG Deutsche   15.600  12/23/2022  EUR    71.610
Severo-Zapadnaya Kon  12.150   9/26/2031  RUB    79.000
UBS AG/London         16.250   07/07/2022 CHF    69.500
WEB Windenergie AG     5.500   04/08/2023 EUR   100.500
Bank Otkritie Financ   0.010   09/10/2023 RUB    60.000
WEB Windenergie AG     6.500              EUR     0.010
HPI AG                 3.500              EUR     3.011
Ukraine Government B   9.700   12/08/2027 UAH    29.532
Metropole de Lyon      0.376  12/22/2044  EUR    69.624
Bulgaria Government    1.375   9/23/2050  EUR    70.809
SAG Solarstrom AG      6.250  12/14/2015  EUR    31.000
Barclays Bank PLC      0.360   8/15/2033  USD    66.382
Republic of Ireland    1.210  10/27/2111  EUR    70.381
SAG Solarstrom AG      7.500   07/10/2017 EUR    31.000
Veneto Banca SpA       6.944   5/15/2025  EUR     0.571
BNP Paribas SA         2.840   8/26/2039  AUD    70.677
Single Platform Inve   0.803   3/20/2041  EUR    72.196
Single Platform Inve   0.532   2/15/2044  EUR    67.148
Russian Foreign Bond   4.250   6/23/2027  USD    19.967
DZ Bank AG Deutsche    0.350   11/10/2042 EUR    73.737
LBI ehf                7.431              USD     0.001
Heta Asset Resolutio   5.030  12/31/2023  EUR     4.870
Credito Padano Banca   3.100              EUR    33.799
Nederlandse Watersch   0.190   11/02/2050 EUR    68.467
Bibby Offshore Servi   7.500   6/15/2021  GBP    11.625
SAir Group             2.125   11/04/2004 CHF    12.625
LBI ehf                6.100   8/25/2011  USD    10.709
State of Lower Austr   0.585   10/11/2049 EUR    73.122
Single Platform Inve   0.780   04/01/2042 EUR    71.641
BPCE SA                2.320   03/04/2036 USD    70.612
Leonteq Securities A  10.000   6/28/2022  CHF    53.790
Credit Suisse AG/Lon  15.000   6/29/2022  USD    19.040
UBS AG/London          8.250   7/21/2022  USD    69.650
EFG International Fi  10.000   9/20/2023  USD    62.620
UniCredit Bank AG      1.500   1/31/2040  EUR    71.810
UBS AG/London         11.500  11/14/2022  EUR    71.850
Corner Banca SA       15.000   5/25/2022  CHF    40.400
Gold-Zack AG           7.000  12/14/2005  EUR     1.524
EFG International Fi  11.120  12/27/2024  EUR    23.400
SFO VTB RKS-1          8.000   12/01/2030 RUB    73.650
BNP Paribas Emission  10.000  12/22/2022  EUR    63.970
Danske Bank A/S        7.470   07/09/2023 SEK    72.860
PRE Motor Technologi  11.750   9/29/2026  RUB    69.850
Otthon Centrum Holdi   3.000   4/19/2031  HUF    73.900
Banque Cantonale Vau  10.600   05/05/2022 CHF    62.420
Dyadya Doner OOO      13.500   4/25/2023  RUB    17.880
Societe Generale SA    4.500  12/30/2024  USD    73.460
Societe Generale Eff  20.000   9/23/2022  EUR    53.410
Zurcher Kantonalbank  11.600   11/10/2022 EUR    57.860
Raiffeisen Schweiz G  16.000   7/19/2022  EUR    64.800
OR PJSC               12.600   9/28/2025  RUB    16.780
Sberbank of Russia P   0.010   10/09/2026 RUB    66.200
Credit Suisse AG/Lon  15.000   11/02/2022 USD    45.640
Aerofuels JSC          9.900   9/26/2024  RUB    71.000
Bank Otkritie Financ   0.010   7/16/2025  RUB    60.130
Mifa Mitteldeutsche    7.500   08/12/2018 EUR     2.410
VTB Bank PJSC          0.010   8/29/2023  RUB    69.790
Russian Railways JSC   8.400   10/11/2038 RUB    60.080
Ukraine Government B   9.000   7/17/2030  UAH    22.745
Ukraine Government B   6.000   12/11/2030 UAH    15.879
Ukraine Government B   9.990   12/10/2031 UAH    23.673
Wirtschafts- und Inf   0.200   12/02/2043 EUR    70.430
Single Platform Inve   0.950   7/25/2047  EUR    73.622
Ukraine Government B   8.420   05/10/2034 UAH    19.280
Single Platform Inve   0.457   2/15/2046  EUR    64.244
Single Platform Inve   0.776   1/23/2051  EUR    66.952
BNP Paribas SA         3.080   8/28/2039  AUD    73.475
Oberbank AG            0.230   10/07/2041 EUR    72.392
Region Wallonne Belg   0.828   8/28/2048  EUR    70.051
Vasakronan AB          1.655   09/05/2039 SEK    72.962
Heta Asset Resolutio   4.875  12/31/2023  EUR     4.870
Ukraine Government B   6.000  11/26/2025  UAH    33.566
Lehman Brothers Trea   4.820  12/18/2036  EUR     0.100
Lehman Brothers Trea  10.000  10/23/2008  USD     0.100
Wirtschafts- und Inf   0.192   1/28/2042  EUR    72.047
Single Platform Inve   0.767   2/15/2041  EUR    72.761
Norske Skogindustrie   2.000  12/30/2115  EUR     0.113
Leonteq Securities A  14.000   07/06/2022 CHF    59.340
EFG International Fi   5.500  12/30/2025  EUR    75.240
UBS AG/London          4.650  10/31/2023  USD     9.380
Sberbank of Russia P   0.010   11/05/2024 RUB    74.000
Societe Generale SA   16.000   08/01/2024 USD
UBS AG/London         11.750   7/21/2022  CHF    54.600
LLMC AirLoans         13.250   05/06/2025 RUB    71.920
Banque International  10.000  11/23/2022  CHF    73.950
SG Issuer SA           4.000   6/22/2026  EUR    69.600
Vontobel Financial P  15.500  12/23/2022  EUR    79.220
Zurcher Kantonalbank  12.300   06/07/2022 CHF    68.490
Leonteq Securities A  18.000   05/12/2022 CHF    56.420
Societe Generale SA   10.800   3/31/2026  USD    64.850
Leonteq Securities A   7.000   3/29/2023  CHF    74.300
Credit Suisse AG/Lon   8.000   6/27/2022  CHF    56.370
Bank Julius Baer & C  29.500   6/27/2022  CHF    37.700
Russian Railways JSC   7.550   4/15/2027  RUB    70.500
Skandinaviska Enskil   6.500   7/15/2024  SEK    73.860
Corner Banca SA        8.000   06/08/2022 EUR    68.430
Societe Generale SA   20.000   01/03/2024 USD    12.550
Bayerische Landesban   1.100   1/26/2024  EUR    76.550
SEZ Im Sergo Orgonik  10.750   9/14/2027  RUB    75.330
Federal Grid Co Unif   9.730  10/30/2048  RUB    66.090
UBS AG/London         10.500  10/21/2022  USD    44.000
Credit Suisse AG/Lon  11.000   6/15/2022  CHF    31.500
Danske Bank A/S       10.300   07/09/2023 SEK    11.600
Bank Julius Baer & C   8.200   9/19/2022  USD    44.500
MFC Webbanker LLC     12.750   01/02/2025 RUB    71.500
Credit Suisse AG/Lon  10.000   6/16/2022  USD    56.510
Zurcher Kantonalbank  19.250   6/15/2022  CHF    46.910
Leonteq Securities A  21.840   06/09/2022 CHF    51.160
Societe Generale SA    6.000   06/06/2022 USD     0.190
Bank Julius Baer & C  21.150   08/09/2022 CHF    37.900
CFP Microfinance Co   13.000   7/18/2024  RUB    74.860
UniCredit Bank AG      4.200   9/21/2022  EUR    49.060
UBS AG/London          5.000   4/14/2023  CHF    65.650
Zurcher Kantonalbank   7.000   08/10/2022 USD    41.290
UBS AG/London         19.750   05/05/2022 USD    42.750
Bank Julius Baer & C   8.400   05/06/2022 USD    69.950
Russian Railways JSC   8.650   02/04/2032 RUB    74.830
EFG International Fi   9.100   9/20/2023  EUR    64.090
OR PJSC               16.000  11/22/2025  RUB    49.100
Leonteq Securities A  24.190   8/30/2022  CHF    28.150
VTB Bank PJSC          0.010   06/09/2023 RUB    79.010
Russian Railways JSC   5.910   5/30/2040  RUB    60.080
Bank Vontobel AG      10.000   2/28/2023  CHF    74.000
Credit Suisse AG/Lon  11.500   07/04/2022 CHF    28.220
Credit Suisse AG/Lon  12.500   8/18/2022  CHF    30.700
UBS AG/London          9.750   04/06/2023 USD    41.900
Credit Suisse AG/Lon  10.350   2/27/2023  CHF    37.870
Leonteq Securities A  12.000   05/02/2023 USD    60.640
Credit Suisse AG/Lon  11.250   8/15/2022  EUR    56.970
Bank Vontobel AG      22.300   08/02/2022 CHF    61.700
Zurcher Kantonalbank  17.000   7/27/2022  CHF    51.940
VTB Bank PJSC          0.010   02/03/2026 RUB    63.000
Credit Suisse AG/Lon  19.250   12/06/2022 USD    44.830
BNP Paribas Emission  20.000   6/23/2022  EUR    70.070
Sberbank of Russia P   0.010   2/14/2025  RUB    55.000
DZ Bank AG Deutsche   10.000   6/24/2022  EUR    71.230
VTB Bank PJSC          0.010   2/24/2026  RUB    58.010
Sberbank of Russia P   0.010  11/23/2026  RUB    54.400
Leonteq Securities A  12.000   01/11/2023 CHF    44.880
DZ Bank AG Deutsche   18.800  12/23/2022  EUR    73.890
Sberbank of Russia P   0.010   1/15/2027  RUB    75.700
Sberbank of Russia P   0.010   10/05/2028 RUB    54.800
Bayerische Landesban   1.350  12/23/2022  EUR    63.280
Leonteq Securities A  16.000   6/21/2022  USD    26.590
Kalita OOO            15.000   09/12/2023 RUB    10.950
Bank Julius Baer & C   7.000   6/22/2022  CHF    60.050
Societe Generale SA   10.000  11/30/2022  USD    67.400
Pongs & Zahn AG        8.500              EUR     0.002
SG Issuer SA           0.850  10/16/2024  EUR    14.480
Zalaco Sutoipari zrt   3.500   7/24/2030  HUF    70.480
Vontobel Financial P  10.000   6/24/2022  EUR    72.520
Leonteq Securities A  20.400   1/18/2023  CHF    65.120
AKB Peresvet ZAO       0.510   08/04/2034 RUB    13.370
Federal Grid Co Unif   9.130  10/30/2048  RUB    60.080
Vasakronan AB          1.000   6/15/2041  EUR    72.812
Region Bourgogne-Fra   0.397   12/03/2045 EUR    68.974
Region Bourgogne-Fra   0.300   12/03/2040 EUR    72.350
Ukraine Government B   9.760   7/23/2031  UAH    23.430
Intelsat SA            4.500   6/15/2025  USD     9.500
Ukraine Government B   9.700   10/06/2027 UAH    30.700
Phosphorus Holdco PL  10.000   04/01/2019 GBP     1.500
Metropole de Lyon      0.500  12/28/2048  EUR    67.485
BNP Paribas SA         3.170   01/07/2041 AUD    72.972
HSBC Bank PLC         10.300  12/20/2024  TRY    61.586
Ukraine Government B  13.300   6/28/2023  UAH    73.001
Department of Loiret   0.550  12/18/2045  EUR    71.412
Ukraine Government I   7.750   09/01/2024 USD    34.765
Ukraine Government B   8.310   11/10/2034 UAH    18.923
Wirtschafts- und Inf   0.170   12/09/2041 EUR    71.946
Ukraine Government B  12.500   2/21/2024  UAH    62.161
Ukraine Government B   3.900   3/30/2023  USD    58.712
Irish Bank Resolutio   4.000   4/23/2018  EUR    33.250
Single Platform Inve   1.117   5/25/2066  EUR    70.277
Ukraine Government B   6.500   08/02/2023 UAH    65.301
Single Platform Inve   0.678   2/15/2041  EUR    70.673
Department of Loiret   0.500  10/30/2042  EUR    73.336
Societe Generale SA    1.323   1/31/2034  USD    66.910
Credit Agricole Corp  10.800   3/24/2026  TRY    54.681
Cie DU Chemin de Fer   0.280  11/29/2052  CHF    54.818
Pescanova SA           6.750   03/05/2015 EUR     0.319
Single Platform Inve   0.605   9/20/2042  EUR    70.075
Single Platform Inve   0.462   2/15/2040  EUR    70.680
Kingdom of Belgium G   0.675   07/07/2080 EUR    56.786
Hellas Telecommunica   8.500  10/15/2013  EUR     0.834
Ukraine Government B  11.870   01/06/2027 UAH    37.274
Grupo Isolux Corsan    6.000  12/30/2021  USD     0.263
Societe Generale SA    3.110  10/28/2041  AUD    72.773
Ministeries Van de V   0.600  11/19/2055  EUR    61.774
Single Platform Inve   0.873   5/25/2052  EUR    67.271
Department of Girond   0.418   11/12/2041 EUR    72.920
Turkey Government Bo  12.400   03/08/2028 TRY    73.000
Communaute Francaise   0.886   6/22/2057  EUR    64.914
Lehman Brothers Trea   5.000  10/24/2008  CHF     0.100
Batigere Grand Est S   1.600  11/14/2044  EUR    73.083
Rio Forte Investment   3.900   07/10/2014 USD     4.423
Region de Bruxelles-   0.900   4/14/2050  EUR    72.915
Single Platform Inve   1.010   3/20/2051  EUR    73.353
Centre Hospitalier B   0.950   02/05/2041 EUR    72.330
Communaute Francaise   0.750   02/04/2061 EUR    60.179
BPCE SA                2.820  12/18/2039  AUD    72.629
Credit Agricole SA     3.450   03/04/2041 AUD    67.636
Premium Green PLC      0.508  10/25/2038  EUR    73.355
Privatbank CJSC Via   10.875   2/28/2018  USD     8.000
Turkiye Ihracat Kred  12.540   9/14/2028  TRY    48.199
Air Berlin Finance B   6.000   03/06/2019 EUR     0.372
Societe Generale SA    1.192   8/29/2034  USD    66.625
Vontobel Financial P   4.050   7/15/2022  EUR    27.120
JD Capital PLC         5.000   5/21/2028  EUR    70.000
Corner Banca SA       13.680  10/28/2022  EUR    54.000
Bank Julius Baer & C  14.580   09/09/2022 USD    23.500
EFG International Fi   9.800   06/07/2023 USD    71.880
Bank Vontobel AG       8.758   06/02/2022 CHF    36.600
Leonteq Securities A  16.600   6/17/2022  USD    26.460
Bayerische Landesban   2.350   08/05/2022 EUR    76.340
VTB Bank PJSC          2.000  11/17/2023  RUB    67.210
Credit Suisse AG/Lon  14.000   6/16/2022  USD    59.440
BNP Paribas Issuance   7.980   1/20/2025  SEK    68.150
Deutsche Bank AG/Lon   2.200   4/14/2023  EUR    73.880
VTB Bank PJSC          0.010   08/01/2023 RUB    56.010
Societe Generale SA    4.500  12/29/2022  USD     0.260
Getin Noble Bank SA   10.930   04/04/2024 PLN    73.875
EFG International Fi   7.500   7/26/2022  USD    57.180
VTB Bank PJSC          0.010   8/26/2026  RUB    58.000
VTB Bank PJSC          0.010   09/09/2026 RUB    60.010
VTB Bank PJSC          0.010   7/15/2026  RUB    58.000
SG Issuer SA           7.700   1/20/2024  SEK    75.520
VTB Bank PJSC          0.010   5/13/2025  RUB    66.880
VTB Bank PJSC          0.010  12/13/2024  RUB    72.500
DekaBank Deutsche Gi   4.630  12/16/2022  EUR    78.250
SG Issuer SA           6.020   1/20/2024  SEK    73.270
SG Issuer SA           6.500   1/20/2025  SEK    64.850
BNP Paribas Emission  20.000   6/23/2022  EUR    72.410
Sberbank of Russia P   0.010   02/03/2027 RUB    71.400
Rosselkhozbank JSC    18.600   7/15/2025  RUB   100.000
Sberbank of Russia P   0.010   1/19/2026  RUB    65.100
Sberbank of Russia P   0.010   1/19/2026  RUB    65.900
Bank Julius Baer & C  10.050   7/29/2022  USD    47.150
RUSNANO AO             6.750   3/26/2024  RUB    65.260
Forras Vagyonkezeles   3.250   10/01/2030 HUF
Raiffeisen Schweiz G  11.000   7/19/2022  CHF    71.670
Bank Vontobel AG      20.000   06/12/2023 EUR    48.500
VTB Bank PJSC          0.010   9/22/2023  RUB    64.020
OOO SPV Structural I   0.010   09/01/2023 RUB    66.740
VTB Bank PJSC          0.010   9/15/2023  RUB    65.030
TransFin-M PAO         8.500   06/04/2025 RUB    70.200
Bank Julius Baer & C  11.700   4/26/2022  CHF    26.600
Ukraine Government B   6.000   1/28/2032  UAH    14.917
Ukraine Government B   9.700   8/25/2032  UAH    22.672
Ville de Paris         0.395  12/18/2045  EUR    70.020
Ukraine Government B   9.990   8/27/2031  UAH    23.889
Ukraine Government B   6.000   10/11/2028 UAH    19.634
Ukraine Government B   8.880   05/10/2032 UAH    21.050
Ukraine Government B   9.150   05/10/2031 UAH    22.320
Ukraine Government B  10.360   11/10/2027 UAH    31.144
Ukraine Government B   8.750   11/10/2032 UAH    20.511
Ukraine Government B   9.610   10/11/2029 UAH    25.164
Cooperatieve Raboban   0.500   8/21/2028  MXN    54.569
Getin Noble Bank SA    9.930   6/28/2024  PLN    74.375
Credit Agricole Corp  10.200   08/06/2026 TRY    51.563
Bilt Paper BV         10.360              USD     1.345
HSBC Bank PLC          0.500   6/23/2027  MXN    59.851
IT Holding Finance S   9.875  11/15/2012  EUR     0.015
Region Wallonne Belg   1.300   6/16/2068  EUR    71.208
Rena GmbH              8.250   07/11/2018 EUR     2.096
Ukraine Government B  12.700  10/30/2024  UAH    54.220
Credit Agricole Corp   5.400   1/31/2028  BRL    71.705
Societe Wallonne de    0.913   7/31/2040  EUR    67.626
SAir Group             6.250   04/12/2005 CHF    12.625
Ukraine Government B   9.500   7/16/2025  UAH    42.444
Ukraine Government B  11.570   03/01/2028 UAH    32.594
Ukraine Government B  11.540   12/10/2025 UAH    42.735
BNG Bank NV            0.680   03/04/2050 EUR    71.516
Region de Bruxelles-   1.016   9/23/2057  EUR    69.829
Deutsche Bank AG/Lon   0.500   04/05/2038 MXN    22.402
DZ HYP AG              0.205   06/05/2040 EUR    70.397
Lehman Brothers Trea   4.100   06/10/2014 SGD     0.100
Single Platform Inve   0.800   04/07/2042 EUR    71.938
Virgolino de Oliveir  10.875   1/13/2020  USD    36.000
Polski Bank Spoldzie   9.430   9/14/2027  PLN    71.800
Lehman Brothers Trea   7.500  10/24/2008  USD     0.100
Landesbank Baden-Wue   0.310   12/09/2039 EUR    67.508
Region Wallonne Belg   1.240   5/28/2069  EUR    69.173
Sidetur Finance BV    10.000   4/20/2016  USD     0.770
Hellas Telecommunica   6.054   1/15/2015  USD     0.001
Single Platform Inve   0.656   2/15/2046  EUR    66.858
Single Platform Inve   1.033   2/15/2046  EUR    73.650
Wirtschafts- und Inf   0.208   1/28/2043  EUR    71.239
Russian Foreign Bond  12.750   6/24/2028  USD    24.585
Getin Noble Bank SA    7.230   7/26/2024  PLN    66.865
Region de Bruxelles-   1.053  11/14/2059  EUR    69.627
Communaute Francaise   0.500   6/27/2046  EUR    67.012
Leonteq Securities A  17.000   07/05/2022 EUR    33.220
Zurcher Kantonalbank  15.500   11/08/2022 USD    70.210
Sberbank of Russia P   0.010  11/27/2026  RUB    74.700
EFG International Fi  16.000  10/27/2022  CHF    54.970
Raiffeisen Switzerla  12.000   9/22/2022  CHF    42.250
Vita Line OOO          9.750  10/28/2025  RUB    74.040
Russian Federal Bond   5.900   03/12/2031 RUB    76.982
MetMax Europe Zrt      3.000   12/11/2030 HUF    70.700
UBS AG/London         18.000   6/16/2022  USD    43.000
Sberbank of Russia P   0.010   08/03/2028 RUB    75.000
Bank Otkritie Financ   0.010   7/28/2023  RUB    59.000
Corner Banca SA       15.400   4/26/2022  CHF    67.800
Erste Group Bank AG    6.250   8/31/2022  EUR    56.000
Sberbank of Russia P   0.010  11/24/2025  RUB    73.600
Bank Otkritie Financ   0.010   6/16/2023  RUB    55.000
Bank Julius Baer & C  10.250   10/05/2022 USD    41.900
Region Produkt OOO    11.500   09/03/2026 RUB    68.510
OR PJSC               16.000  11/26/2025  RUB    48.990
UBS AG/London         13.750   9/22/2022  CHF    73.950
Zurcher Kantonalbank  15.000   9/26/2022  EUR    77.430
VTB Bank PJSC          0.010   08/08/2023 RUB    71.110
UBS AG/London         14.250   08/10/2022 USD    70.450
VTB Bank PJSC          0.010  12/20/2024  RUB    57.030
Sberbank of Russia P   0.010   12/05/2024 RUB    70.010
DekaBank Deutsche Gi   8.100   8/26/2022  EUR    42.980
Axial Javito Kereske   2.000   9/23/2030  HUF    64.240
Bank Julius Baer & C   8.000   10/07/2022 USD    44.900
Russian Foreign Bond  12.750   6/24/2028  USD    24.754
Ukraine Government B   6.000  10/15/2031  UAH    15.184
Ukraine Government B   9.700  10/13/2032  UAH    22.684
Mriya Agro Holding P  10.950   3/30/2016  USD     4.667
Ukraine Government B   9.700   06/02/2032 UAH    22.772
Ukraine Government B   9.700   12/08/2032 UAH    22.521
KPNQwest NV            7.125   06/01/2009 EUR     0.453
United Kingdom Gilt    0.625  10/22/2050  GBP    70.071
Turkey Government Bo  10.600   02/11/2026 TRY    72.450
Caisse des Depots et   2.160   12/07/2050 AUD    69.208
Romanian Government    2.750   4/14/2041  EUR    70.256
Single Platform Inve   0.419   2/15/2040  EUR    69.319
Single Platform Inve   0.720   3/20/2051  EUR    65.872
Heta Asset Resolutio   5.730  12/31/2023  EUR     4.870
Hungary Government B   3.000  10/27/2038  HUF    63.744
Hema Bondco II BV      8.500   1/15/2023  EUR     0.113
Ukraine Government B  11.580   02/02/2028 UAH    32.802
Ukraine Government B   6.500   9/20/2023  UAH    62.673
Grupo Isolux Corsan    0.250  12/30/2018  EUR     0.100
Ukraine Government I   7.375   9/25/2032  USD    32.227
Barclays Bank PLC     13.810   4/16/2024  TRY    71.741
Natixis SA             2.930   7/29/2051  AUD    73.105
Lehman Brothers Trea   2.500   8/23/2012  GBP     0.100
Development Bank of    6.750   05/02/2024 USD     5.934
Development Bank of    6.750   05/02/2024 USD     5.934
Barclays Bank PLC     10.200   2/14/2025  TRY    58.045
Single Platform Inve   1.080   5/25/2066  EUR    68.899
Ukraine Government B   6.000   1/14/2026  UAH    32.470
Lehman Brothers Trea   4.350   08/08/2016 SGD     0.100
Laurel GmbH            7.125  11/16/2017  EUR     7.750
Region de Bruxelles-   0.720  10/17/2051  EUR    69.108
Ukraine Government I   9.750   11/01/2028 USD    34.365
Region de Bruxelles-   0.460  12/15/2051  EUR    62.275
Petromena ASA          9.750   5/24/2016  NOK     0.607
Ukraine Government I   4.375   1/27/2030  EUR    32.421
Agence Francaise de    2.360  10/17/2044  AUD    74.485
Bank Julius Baer & C  13.300   02/01/2023 CHF    65.800
Leonteq Securities A  12.000   05/03/2022 CHF    71.910
Landesbank Baden-Wue   8.100   8/26/2022  EUR    32.610
Landesbank Baden-Wue   2.800   8/26/2022  EUR    65.880
Landesbank Baden-Wue   4.400   8/26/2022  EUR    65.390
Landesbank Baden-Wue   3.100   8/26/2022  EUR    45.760
Landesbank Baden-Wue   4.650   8/26/2022  EUR    76.450
Landesbank Baden-Wue   6.450   8/26/2022  EUR    70.000
Landesbank Baden-Wue   6.000   8/26/2022  EUR    36.170
Landesbank Baden-Wue   5.550   8/26/2022  EUR    54.870
Landesbank Baden-Wue   2.650   8/26/2022  EUR    73.020
Landesbank Baden-Wue   4.050   8/26/2022  EUR    30.670
Landesbank Baden-Wue   3.150   8/26/2022  EUR    71.180
Raiffeisen Switzerla   9.000   7/29/2022  CHF    63.670
UBS AG/London         15.000   08/03/2022 CHF    57.900
Raiffeisen Switzerla  10.100   02/08/2023 CHF    69.560
BNP Paribas Emission   3.000   6/23/2022  EUR    74.400
UBS AG/London         11.250   02/03/2023 CHF    62.100
Vontobel Financial P   0.212   02/03/2023 EUR    49.900
Landesbank Baden-Wue   3.300   8/26/2022  EUR    75.290
BNP Paribas Emission  14.000   6/23/2022  EUR    68.260
VTB Bank PJSC          0.010   03/11/2026 RUB    56.070
DZ Bank AG Deutsche    6.250   6/22/2022  EUR    69.650
Bank Vontobel AG      11.003   10/03/2022 CHF    67.900
Bank Vontobel AG      10.009   10/03/2022 EUR    67.100
Bank Julius Baer & C  14.650   07/07/2022 USD    32.050
Leonteq Securities A  10.600   10/12/2022 CHF    61.160
UBS AG/London         14.250   10/07/2022 USD    36.850
UBS AG/London         13.000   04/11/2023 CHF    72.200
UBS AG/London          9.000   10/10/2022 CHF    67.200
Raiffeisen Schweiz G   7.200   10/06/2022 CHF    67.860
DekaBank Deutsche Gi   4.250   05/05/2022 EUR    58.460
Corner Banca SA       12.600   10/12/2022 EUR    66.710
EFG International Fi  12.000   10/12/2022 CHF    50.950
Vontobel Financial P   5.500   6/17/2022  USD    36.630
Bank Julius Baer & C   9.300   07/07/2022 EUR    71.600
Bank Vontobel AG      10.006   10/03/2022 EUR    67.100
Bank Vontobel AG      13.005   10/03/2022 CHF    35.200
BNP Paribas Emission   6.000   6/23/2022  EUR    68.850
BNP Paribas Emission   7.500   6/23/2022  EUR    65.620
BNP Paribas Emission  10.000   6/23/2022  EUR    63.880
BNP Paribas Emission  12.000   6/23/2022  EUR    59.440
BNP Paribas Emission  11.000   6/23/2022  EUR    66.670
BNP Paribas Emission  11.000   6/23/2022  EUR    35.750
BNP Paribas Emission  15.000   6/23/2022  EUR    32.070
BNP Paribas Emission   8.000   6/23/2022  EUR    58.830
BNP Paribas Emission   8.000   6/23/2022  EUR    55.030
BNP Paribas Emission   5.500   6/23/2022  EUR    70.010
BNP Paribas Emission   9.500   6/23/2022  EUR    75.000
BNP Paribas Emission   8.000   6/23/2022  EUR    39.760
BNP Paribas Emission   8.500   6/23/2022  EUR    38.610
BNP Paribas Emission   9.000   6/23/2022  EUR    36.990
BNP Paribas Emission  11.000   6/23/2022  EUR    68.460
BNP Paribas Emission   9.000   6/23/2022  EUR    71.880
BNP Paribas Emission   7.000   6/23/2022  EUR    76.760
BNP Paribas Emission  12.000   6/23/2022  EUR    67.430
Sberbank of Russia P   0.010   04/06/2026 RUB    66.300
DZ Bank AG Deutsche    5.250   6/22/2022  EUR    70.360
UBS AG/London          9.250   04/08/2026 EUR    74.160
DZ Bank AG Deutsche    5.250   9/21/2022  EUR    74.990
DZ Bank AG Deutsche    6.500   6/22/2022  EUR    69.780
Zurcher Kantonalbank   8.000   7/14/2022  CHF    64.180
BNP Paribas Emission   5.500   6/23/2022  EUR    66.780
BNP Paribas Emission  10.000   6/23/2022  EUR    75.770
BNP Paribas Emission  11.000   6/23/2022  EUR    73.890
BNP Paribas Emission  13.000   6/23/2022  EUR    68.680
BNP Paribas Emission   6.000   6/23/2022  EUR    64.780
BNP Paribas Emission   7.500   6/23/2022  EUR    63.070
BNP Paribas Emission   9.500   6/23/2022  EUR    38.370
BNP Paribas Emission  10.000   6/23/2022  EUR    35.750
BNP Paribas Emission   9.000   6/23/2022  EUR    71.910
BNP Paribas Emission  10.000   6/23/2022  EUR    72.340
BNP Paribas Emission  18.000   6/23/2022  EUR    74.980
BNP Paribas Emission   6.500   6/23/2022  EUR    67.730
BNP Paribas Emission   8.000   6/23/2022  EUR    63.570
BNP Paribas Emission  11.000   6/23/2022  EUR    62.040
BNP Paribas Emission  13.000   6/23/2022  EUR    57.080
BNP Paribas Emission  20.000   6/23/2022  EUR    68.920
BNP Paribas Emission  13.000   6/23/2022  EUR    34.200
BNP Paribas Emission  12.000   6/23/2022  EUR    73.720
BNP Paribas Emission   4.500   6/23/2022  EUR    72.460
BNP Paribas Emission   8.500   6/23/2022  EUR    74.280
BNP Paribas Emission   9.000   6/23/2022  EUR    77.010
BNP Paribas Emission   9.500   6/23/2022  EUR    72.130
BNP Paribas Emission   6.500   6/23/2022  EUR    78.000
BNP Paribas Emission  10.000   6/23/2022  EUR    52.020
BNP Paribas Emission  13.000   6/23/2022  EUR    49.550
BNP Paribas Emission   8.500   6/23/2022  EUR    72.690
BNP Paribas Emission  16.000   6/23/2022  EUR    60.040
Sberbank of Russia P   0.010   04/06/2026 RUB    56.000
Sberbank of Russia P   0.010   04/05/2028 RUB    73.100
VTB Bank PJSC          0.010   03/11/2026 RUB    60.110
Landesbank Baden-Wue   3.100   4/23/2027  EUR    74.820
BNP Paribas Emission   8.500   6/23/2022  EUR    77.690
BNP Paribas Emission  12.000   6/23/2022  EUR    71.170
BNP Paribas Emission   8.000   6/23/2022  EUR    61.910
BNP Paribas Emission  11.000   6/23/2022  EUR    66.970
EFG International Fi   6.000   3/30/2023  USD    65.450
UniCredit Bank AG      5.300   05/12/2025 EUR    75.800
BNP Paribas Emission   9.500   6/23/2022  EUR    60.960
BNP Paribas Emission  10.000   6/23/2022  EUR    37.620
BNP Paribas Emission  12.000   6/23/2022  EUR    34.350
BNP Paribas Emission  14.000   6/23/2022  EUR    33.120
BNP Paribas Emission  15.000   6/23/2022  EUR    32.420
BNP Paribas Emission  15.000   6/23/2022  EUR    31.360
BNP Paribas Emission  13.000   6/23/2022  EUR    70.850
Raiffeisen Schweiz G   8.000   10/06/2022 CHF    65.340
Vontobel Financial P  14.500   6/24/2022  EUR    62.810
Vontobel Financial P   5.000   9/23/2022  EUR    73.060
Vontobel Financial P  12.000   9/23/2022  EUR    65.340
Vontobel Financial P  13.500   9/23/2022  EUR    60.400
Vontobel Financial P  11.500   9/23/2022  EUR    75.160
Vontobel Financial P  13.500   9/23/2022  EUR    72.850
Vontobel Financial P  16.500   9/23/2022  EUR    69.810
Vontobel Financial P   4.500   9/23/2022  EUR    71.610
Vontobel Financial P  11.000   9/23/2022  EUR    62.010
Vontobel Financial P  13.500   9/23/2022  EUR    59.830
Vontobel Financial P   7.500   9/23/2022  EUR    66.140
Vontobel Financial P   8.500   6/24/2022  EUR    64.500
EFG International Fi   6.000  12/22/2023  USD    21.860
Vontobel Financial P  13.750   6/24/2022  EUR    44.600
Vontobel Financial P   9.000   6/24/2022  EUR    70.520
Basler Kantonalbank   12.000  10/14/2022  CHF    64.520
Vontobel Financial P   7.000   9/23/2022  EUR    69.960
Vontobel Financial P   5.000   9/23/2022  EUR    72.880
Vontobel Financial P   7.500   9/23/2022  EUR    67.780
Vontobel Financial P  10.500   9/23/2022  EUR    63.710
Vontobel Financial P  12.000   6/24/2022  EUR    61.460
Vontobel Financial P  12.500   9/23/2022  EUR    73.970
Vontobel Financial P  12.000   9/23/2022  EUR    60.770
Vontobel Financial P  10.000   6/24/2022  EUR    62.760
Vontobel Financial P  11.500   6/24/2022  EUR    61.150
Vontobel Financial P   6.500   9/23/2022  EUR    67.820
Vontobel Financial P   8.000   9/23/2022  EUR    65.350
Vontobel Financial P  10.750   6/24/2022  EUR    40.460
Vontobel Financial P  16.750   6/24/2022  EUR    55.080
Vontobel Financial P   6.250   6/24/2022  EUR    68.550
Vontobel Financial P  17.750   6/24/2022  EUR    43.380
EFG International Fi   8.000   1/19/2023  CHF    61.170
EFG International Fi   9.000   1/16/2023  CHF    38.270
Raiffeisen Schweiz G  16.000   7/13/2022  CHF    66.420
Societe Generale Eff   4.000   7/22/2022  USD    38.930
Sberbank of Russia P   0.010  12/17/2025  RUB    66.200
GVC George's Venture   2.500  12/18/2030  HUF
Bank Julius Baer & C   7.750   7/15/2022  USD    55.400
Leonteq Securities A  13.000   6/21/2022  CHF    36.410
Raiffeisen Schweiz G  18.520   7/13/2022  CHF    26.250
Vontobel Financial P  11.000   6/24/2022  EUR    74.580
Vontobel Financial P   9.000   9/23/2022  EUR    65.650
Vontobel Financial P   7.000   6/24/2022  EUR    69.150
Vontobel Financial P  14.500   9/23/2022  EUR    71.780
Vontobel Financial P  18.500   9/23/2022  EUR    68.050
Vontobel Financial P   8.500   9/23/2022  EUR    64.580
Vontobel Financial P  13.000   6/24/2022  EUR    59.650
Vontobel Financial P   5.500   9/23/2022  EUR    69.640
Vontobel Financial P  10.000   9/23/2022  EUR    63.340
Vontobel Financial P  14.000   9/23/2022  EUR    74.740
Vontobel Financial P   7.000   9/23/2022  EUR    76.760
Vontobel Financial P   8.500   9/23/2022  EUR    73.510
Vontobel Financial P  10.500   9/23/2022  EUR    70.790
Vontobel Financial P  18.000   9/23/2022  EUR    68.680
Raiffeisen Schweiz G  12.000   07/12/2022 CHF    57.700
Raiffeisen Schweiz G   6.500   01/12/2023 CHF    65.740
Vontobel Financial P  11.000   9/23/2022  EUR    74.160
DZ Bank AG Deutsche    7.000   6/20/2022  EUR    75.010
Vontobel Financial P  15.000   9/23/2022  EUR    71.120
Vontobel Financial P  15.000   6/24/2022  EUR    73.970
Vontobel Financial P  13.000   9/23/2022  EUR    68.590
Vontobel Financial P  10.500   6/24/2022  EUR    71.890
Zurcher Kantonalbank  10.000   6/28/2022  CHF    65.910
Zurcher Kantonalbank   8.000   6/28/2022  EUR    69.890
EFG International Fi  10.030   7/26/2022  USD    45.290
Sberbank of Russia P   0.010  12/17/2025  RUB    66.100
Sberbank of Russia P   0.010  12/17/2025  RUB    62.900
UBS AG/London         12.500   6/23/2022  USD    34.900
UBS AG/London          6.250  12/23/2022  CHF    41.950
Corner Banca SA       13.000  10/19/2022  CHF    35.770
Leonteq Securities A  10.000   1/19/2023  CHF    67.200
Corner Banca SA       11.200   7/19/2022  CHF    32.970
Corner Banca SA        8.000   1/16/2023  CHF    57.320
Corner Banca SA       13.000   1/19/2023  USD    44.620
Leonteq Securities A  10.400   1/19/2023  CHF    60.490
Leonteq Securities A  10.000  10/19/2022  CHF    42.590
Vontobel Financial P  10.000   9/23/2022  EUR    47.690
Vontobel Financial P  16.500   9/23/2022  EUR    43.130
Vontobel Financial P  11.500   6/24/2022  EUR    45.220
Vontobel Financial P  11.500   9/23/2022  EUR    53.560
Vontobel Financial P   6.500   6/24/2022  EUR    58.680
Vontobel Financial P   7.000   9/23/2022  EUR    46.340
Vontobel Financial P   6.000   9/23/2022  EUR    47.740
Vontobel Financial P   8.500   9/23/2022  EUR    45.290
Landesbank Baden-Wue   3.100   7/22/2022  EUR    72.370
Landesbank Baden-Wue   2.300   7/22/2022  EUR    75.400
Landesbank Baden-Wue   3.150   7/22/2022  EUR    72.060
Landesbank Baden-Wue   4.700   7/22/2022  EUR    67.550
Landesbank Baden-Wue   6.250   7/22/2022  EUR    47.320
Societe Generale Eff   9.000   6/24/2022  EUR    35.430
Societe Generale Eff  10.750   6/24/2022  EUR    32.060
Societe Generale Eff   4.250   7/22/2022  EUR    44.940
Societe Generale Eff   8.250   7/22/2022  EUR    35.400
EFG International Fi   6.200  12/18/2023  USD    17.170
DZ Bank AG Deutsche   20.200   6/24/2022  EUR    27.820
Raiffeisen Switzerla   7.500   02/08/2023 CHF    65.510
DZ Bank AG Deutsche   17.500   6/24/2022  EUR    64.760
Vontobel Financial P  15.000   9/23/2022  EUR    70.500
Vontobel Financial P  12.500   9/23/2022  EUR    73.680
Vontobel Financial P  17.000   9/23/2022  EUR    71.720
Vontobel Financial P  15.000   9/23/2022  EUR    66.480
Vontobel Financial P  13.000   6/24/2022  EUR    68.700
Vontobel Financial P  13.000   9/23/2022  EUR    74.610
Vontobel Financial P   8.500   9/23/2022  EUR    43.380
Vontobel Financial P  15.000   9/23/2022  EUR    39.380
Vontobel Financial P   4.500   9/23/2022  EUR    57.650
Vontobel Financial P  13.000   9/23/2022  EUR    57.210
Vontobel Financial P   9.000   6/24/2022  EUR    57.350
Vontobel Financial P   6.000   9/23/2022  EUR    60.350
Zurcher Kantonalbank   9.500   7/22/2022  CHF    71.220
Zurcher Kantonalbank  19.000   7/22/2022  CHF    44.600
UBS AG/London         22.500   6/16/2022  USD    42.450
UBS AG/London         14.500   6/16/2022  CHF    61.350
Raiffeisen Schweiz G  10.000   10/12/2022 EUR    58.800
Raiffeisen Schweiz G  12.000  10/13/2022  CHF    65.560
Societe Generale Eff  14.750   6/24/2022  EUR    29.110
Societe Generale Eff  12.250   7/22/2022  EUR    31.430
Vontobel Financial P  15.750   6/24/2022  EUR    66.980
DZ Bank AG Deutsche   18.500   6/24/2022  EUR    60.830
Vontobel Financial P   5.500   9/23/2022  EUR    46.580
Vontobel Financial P  11.500   9/23/2022  EUR    40.980
Vontobel Financial P   7.500   9/23/2022  EUR    54.960
Vontobel Financial P   3.500   9/23/2022  EUR    57.660
Vontobel Financial P   6.500   9/23/2022  EUR    58.470
Vontobel Financial P   4.500   9/23/2022  EUR    61.080
Vontobel Financial P   3.500   9/23/2022  EUR    59.330
Zurcher Kantonalbank  20.000   7/22/2022  USD    35.690
UBS AG/London         11.750   6/16/2022  CHF    63.750
Landesbank Baden-Wue   4.750   7/22/2022  EUR    73.160
DZ Bank AG Deutsche   15.000   6/24/2022  EUR    73.330
Landesbank Baden-Wue   4.800   7/22/2022  EUR    68.120
Landesbank Baden-Wue   4.000   7/22/2022  EUR    51.260
Societe Generale Eff  12.750   6/24/2022  EUR    30.410
Landesbank Baden-Wue   3.150   7/22/2022  EUR    53.860
Landesbank Baden-Wue   7.200   7/22/2022  EUR    47.160
Landesbank Baden-Wue   9.250   7/22/2022  EUR    45.310
DZ Bank AG Deutsche   15.900   6/24/2022  EUR    64.880
Raiffeisen Switzerla  11.000   08/05/2022 EUR    50.060
Vontobel Financial P  11.000   6/24/2022  EUR    74.610
Vontobel Financial P  11.500   6/24/2022  EUR    74.570
DZ Bank AG Deutsche    8.000   7/20/2022  EUR    72.320
DZ Bank AG Deutsche    8.750   6/22/2022  EUR    70.040
Vontobel Financial P  14.000   6/24/2022  EUR    42.010
DZ Bank AG Deutsche    5.000   7/20/2022  EUR    72.000
DZ Bank AG Deutsche    8.000   7/20/2022  EUR    67.640
DZ Bank AG Deutsche    5.250   9/21/2022  EUR    70.980
Bank Julius Baer & C  15.000   7/13/2022  USD    42.500
DZ Bank AG Deutsche    7.000   9/21/2022  EUR    73.110
Vasutvillamosito Kft   3.000   02/03/2031 HUF    73.200
DZ Bank AG Deutsche    6.100   6/20/2022  EUR    69.490
DZ Bank AG Deutsche    5.100   6/20/2022  EUR    70.940
DZ Bank AG Deutsche    7.000   6/22/2022  EUR    74.000
Zurcher Kantonalbank  15.000   7/20/2022  CHF    54.940
EFG International Fi   6.000   7/13/2022  EUR    57.360
Leonteq Securities A  11.000   08/05/2022 CHF    62.870
DZ Bank AG Deutsche    7.250   9/21/2022  EUR    71.380
Vontobel Financial P   9.250   6/24/2022  EUR    68.000
DZ Bank AG Deutsche    9.000   9/21/2022  EUR    62.060
DZ Bank AG Deutsche    6.500   9/19/2022  EUR    67.100
DZ Bank AG Deutsche    6.250   6/20/2022  EUR    65.210
Bank Julius Baer & C  14.500   1/13/2023  USD    34.400
Vontobel Financial P   9.000   9/23/2022  EUR    70.250
Vontobel Financial P   5.500   9/23/2022  EUR    74.010
Vontobel Financial P  12.500   9/23/2022  EUR    73.030
Vontobel Financial P   6.000   9/23/2022  EUR    52.810
Credit Suisse AG/Lon   9.000   05/05/2022 CHF    58.660
Vontobel Financial P  23.500   6/24/2022  EUR    75.750
BNP Paribas Emission   4.000   6/23/2022  EUR    74.020
Vontobel Financial P   9.500   9/23/2022  EUR    70.520
Vontobel Financial P  16.000   6/24/2022  EUR    62.970
Vontobel Financial P  11.000   9/23/2022  EUR    67.360
Vontobel Financial P  14.000   9/23/2022  EUR    64.890
Vontobel Financial P   8.000   9/23/2022  EUR    70.310
SG Issuer SA           0.021   07/07/2033 EUR    72.110
Bank Vontobel AG      10.500   1/16/2023  CHF    53.600
Bank Vontobel AG       8.000   7/18/2022  CHF    29.300
Vontobel Financial P  13.500   9/23/2022  EUR    45.190
Vontobel Financial P  11.000   6/24/2022  EUR    53.050
Vontobel Financial P  15.000   9/23/2022  EUR    41.200
Vontobel Financial P   9.500   9/23/2022  EUR    44.150
Vontobel Financial P  11.000   9/23/2022  EUR    43.330
Sberbank of Russia P   0.010  12/22/2025  RUB    64.800
Leonteq Securities A  12.000   6/28/2022  CHF    68.780
Sberbank of Russia P   0.010  12/29/2025  RUB    72.200
Vontobel Financial P   8.400   12/04/2023 EUR    77.120
Societe Generale Eff  13.250   6/24/2022  EUR    74.500
EFG International Fi  10.000   7/27/2022  CHF    61.350
Leonteq Securities A   9.000   02/01/2023 CHF    62.750
Leonteq Securities A  15.000   4/28/2022  CHF    63.530
Leonteq Securities A   9.000   7/29/2022  CHF    60.500
Societe Generale Eff  16.250   5/27/2022  EUR    69.860
Societe Generale Eff  13.500   8/26/2022  EUR    72.810
Raiffeisen Switzerla   7.300   1/25/2023  CHF    60.820
Erste Group Bank AG    7.250   03/03/2026 EUR    42.950
Leonteq Securities A  10.000   4/26/2022  CHF    58.320
Landesbank Baden-Wue   4.700  10/28/2022  EUR    66.780
Bank Vontobel AG       6.007   9/26/2022  CHF    68.000
Bank Vontobel AG       9.009   9/26/2022  EUR    64.300
Bank Vontobel AG      12.751   6/27/2022  CHF    31.300
Bank Vontobel AG      15.009   6/27/2022  CHF    29.400
Bank Vontobel AG      22.008   6/27/2022  CHF    54.000
UBS AG/London          9.750   9/30/2022  CHF    80.700
UBS AG/London         16.000   9/30/2022  CHF    37.550
Landesbank Baden-Wue   3.750  10/28/2022  EUR    69.350
Landesbank Baden-Wue   3.500  10/28/2022  EUR    42.920
Bank Vontobel AG       9.000   9/26/2022  EUR    64.300
Bank Vontobel AG       4.255   6/27/2022  CHF    66.500
Bank Vontobel AG      14.006   9/26/2022  CHF    32.200
Bank Vontobel AG      12.508   9/26/2022  CHF    62.200
Bank Vontobel AG       5.507   9/25/2023  CHF    72.100
Landesbank Baden-Wue   7.500  10/28/2022  EUR    74.490
Landesbank Baden-Wue   5.600  10/28/2022  EUR    70.760
Landesbank Baden-Wue   5.050  10/28/2022  EUR    49.400
Landesbank Baden-Wue   4.050  10/28/2022  EUR    40.960
Landesbank Baden-Wue   6.350  10/28/2022  EUR    36.880
Landesbank Baden-Wue   7.100  10/28/2022  EUR    58.350
Vontobel Financial P   9.250  12/23/2022  EUR    47.260
UBS AG/London          7.250   11/03/2023 CHF    73.550
Leonteq Securities A   3.790   1/25/2023  EUR    75.130
EFG International Fi  15.000   11/03/2022 CHF    67.260
Leonteq Securities A   7.000   7/22/2022  CHF    64.390
Nordea Bank Abp        7.100   7/20/2024  SEK    70.490
Nordea Bank Abp        9.000   7/20/2024  SEK    67.030
UniCredit Bank AG      4.350   7/31/2023  EUR    59.560
Sberbank of Russia P   0.010   1/21/2026  RUB    63.700
UBS AG/London          9.750   7/20/2022  CHF    57.250
Zurcher Kantonalbank   8.000   4/29/2022  USD    46.430
DZ Bank AG Deutsche   15.600   9/23/2022  EUR    58.210
DZ Bank AG Deutsche   19.900   6/24/2022  EUR    59.270
DZ Bank AG Deutsche   15.700   9/23/2022  EUR    62.500
DZ Bank AG Deutsche   15.800   9/23/2022  EUR    28.990
DZ Bank AG Deutsche   20.200   6/24/2022  EUR    64.650
UniCredit Bank AG     10.700   02/03/2025 EUR    72.800
UniCredit Bank AG     10.700   2/17/2025  EUR    73.480
Sberbank of Russia P   0.010   1/21/2026  RUB    64.100
DZ Bank AG Deutsche   17.600   6/24/2022  EUR    54.900
DZ Bank AG Deutsche   17.500   9/23/2022  EUR    60.160
DZ Bank AG Deutsche   17.000   6/24/2022  EUR    68.410
DZ Bank AG Deutsche   18.000   6/24/2022  EUR    25.420
UBS AG/London          7.750   7/20/2022  CHF    47.600
DZ Bank AG Deutsche   13.500   9/23/2022  EUR    72.040
Bank Vontobel AG       7.506   7/15/2022  CHF    57.100
Zurcher Kantonalbank   7.500   4/29/2022  CHF    46.310
Zurcher Kantonalbank   7.500   7/28/2022  CHF    59.950
DZ Bank AG Deutsche   21.100   6/24/2022  EUR    57.240
DZ Bank AG Deutsche   24.900   9/23/2022  EUR    54.710
DZ Bank AG Deutsche   13.300   9/23/2022  EUR    70.380
DZ Bank AG Deutsche    8.600   6/24/2022  EUR    63.300
DZ Bank AG Deutsche    7.900   9/23/2022  EUR    69.600
UBS AG/London          7.750   7/20/2022  CHF    56.850
UBS AG/London         15.250   7/21/2022  USD    34.450
DZ Bank AG Deutsche   16.200   6/24/2022  EUR    69.180
DZ Bank AG Deutsche   13.000   6/24/2022  EUR    55.110
Bank Julius Baer & C  11.050   11/03/2022 USD    75.650
Leonteq Securities A  14.000   4/26/2022  CHF    31.390
Leonteq Securities A  13.000   7/25/2022  USD    31.340
Leonteq Securities A   7.450   1/25/2023  EUR    36.710
UBS AG/London          7.250   05/03/2023 EUR    72.000
EFG International Fi   4.750   1/29/2024  USD    57.110
Sberbank of Russia P   0.010   11/02/2028 RUB    68.400
DZ Bank AG Deutsche    7.750   6/22/2022  EUR    69.970
DZ Bank AG Deutsche    5.500   6/22/2022  EUR    75.000
DZ Bank AG Deutsche    5.000   6/22/2022  EUR    74.600
Vontobel Financial P  13.000   9/23/2022  EUR    74.330
Vontobel Financial P  14.500   9/23/2022  EUR    72.760
Vontobel Financial P  19.000   9/23/2022  EUR    68.750
Vontobel Financial P  15.500   9/23/2022  EUR    73.070
Vontobel Financial P  12.500   9/23/2022  EUR    66.070
Vontobel Financial P  16.000   9/23/2022  EUR    64.020
Bank Julius Baer & C  15.000   6/15/2022  USD    67.900
Zurcher Kantonalbank  11.500   07/06/2022 CHF    75.530
Zurcher Kantonalbank  11.250   07/06/2022 EUR    41.470
Leonteq Securities A  11.000   9/15/2022  CHF    34.960
Vontobel Financial P  11.500   6/24/2022  EUR    73.800
Vontobel Financial P  11.500   6/24/2022  EUR    70.790
Societe Generale Eff   9.000   8/26/2022  EUR    71.830
DZ Bank AG Deutsche    7.500   7/20/2022  EUR    65.060
Vontobel Financial P  20.000   6/24/2022  EUR    53.590
DZ Bank AG Deutsche    4.750   9/21/2022  EUR    60.340
Leonteq Securities A  14.000   10/05/2022 CHF    61.480
Corner Banca SA       16.000   10/05/2022 CHF    59.940
Vontobel Financial P   8.000   9/23/2022  EUR    62.360
Vontobel Financial P   7.000   9/23/2022  EUR    61.950
Leonteq Securities A  10.000  12/14/2022  CHF    59.950
Leonteq Securities A   9.000   01/06/2023 CHF    65.350
Vontobel Financial P  15.000   6/24/2022  EUR    54.320
Federal Grid Co Unif   7.500   5/21/2036  RUB    66.180
DZ Bank AG Deutsche    8.250   6/22/2022  EUR    74.870
DZ Bank AG Deutsche    8.000   9/21/2022  EUR    64.660
Vontobel Financial P  16.000   9/23/2022  EUR    71.310
Vontobel Financial P  14.000   9/23/2022  EUR    74.290
Vontobel Financial P  10.500   9/23/2022  EUR    78.200
Vontobel Financial P  14.500   9/23/2022  EUR    74.150
Vontobel Financial P  14.500   9/23/2022  EUR    65.090
Vontobel Financial P   3.500   9/23/2022  EUR    55.640
Vontobel Financial P   8.500   9/23/2022  EUR    66.640
Leonteq Securities A  20.000   6/15/2022  CHF    33.000
DZ Bank AG Deutsche    7.000   6/22/2022  EUR    69.270
DZ Bank AG Deutsche    5.750   9/21/2022  EUR    70.560
DZ Bank AG Deutsche    5.250   9/21/2022  EUR    72.970
DZ Bank AG Deutsche    5.250   9/21/2022  EUR    73.790
Vontobel Financial P   8.000   9/23/2022  EUR    70.300
Vontobel Financial P   3.750   01/03/2023 EUR    37.920
Vontobel Financial P  13.000   9/23/2022  EUR    75.350
Vontobel Financial P  14.000   9/23/2022  EUR    72.850
Vontobel Financial P  12.500   9/23/2022  EUR    73.750
Vontobel Financial P  19.000   9/23/2022  EUR    71.090
Vontobel Financial P  17.500   9/23/2022  EUR    72.140
Vontobel Financial P  15.000   9/23/2022  EUR    71.810
Bank Julius Baer & C   6.900   07/06/2022 CHF    72.100
Bank Julius Baer & C   6.300   07/06/2022 CHF    69.950
Zurcher Kantonalbank  11.500   07/06/2022 EUR    70.090
Zurcher Kantonalbank  15.250   07/06/2022 CHF    39.260
Leonteq Securities A  15.000   6/15/2022  CHF    25.640
Vontobel Financial P  17.000   9/23/2022  EUR    71.190
Vontobel Financial P  13.500   6/24/2022  EUR    70.440
Vontobel Financial P  10.500  10/18/2022  EUR    36.280
Zurcher Kantonalbank  15.000   7/13/2022  CHF    36.810
Credit Suisse AG/Lon  15.000   6/14/2022  CHF    66.120
Vontobel Financial P  15.500   9/23/2022  EUR    72.840
Vontobel Financial P   5.000   9/23/2022  EUR    68.730
DZ Bank AG Deutsche    5.250   7/20/2022  EUR    73.500
Vontobel Financial P  16.000   6/24/2022  EUR    77.300
Societe Generale Eff   8.000   8/26/2022  EUR    73.490
DZ Bank AG Deutsche    5.750   7/20/2022  EUR    63.140
DZ Bank AG Deutsche    8.750   7/20/2022  EUR    68.810
Leonteq Securities A   5.710   9/23/2022  USD    49.530
Bank Julius Baer & C   7.350   9/23/2022  USD    68.250
Vontobel Financial P  15.500   6/24/2022  EUR    66.980
DZ Bank AG Deutsche    5.000   7/20/2022  EUR    78.440
DZ Bank AG Deutsche    7.000   9/21/2022  EUR    61.250
DZ Bank AG Deutsche    6.500   6/22/2022  EUR    75.060
Zurcher Kantonalbank  11.000   6/22/2022  USD    57.640
Vontobel Financial P  11.500   6/24/2022  EUR    67.110
Vontobel Financial P  15.500   6/24/2022  EUR    59.910
Sberbank of Russia P   0.010   07/05/2028 RUB    59.700
Sberbank of Russia P   0.010   07/06/2026 RUB    74.000
Sberbank of Russia P   0.010   07/03/2026 RUB    55.800
EFG International Fi  18.000   6/30/2022  EUR    65.280
DZ Bank AG Deutsche    6.000   6/22/2022  EUR    73.840
DZ Bank AG Deutsche    8.500   6/22/2022  EUR    70.520
DZ Bank AG Deutsche   16.000   6/22/2022  EUR    73.390
Vontobel Financial P  17.500   9/23/2022  EUR    69.980
Vontobel Financial P  11.500   9/23/2022  EUR    76.630
Vontobel Financial P   9.500   9/23/2022  EUR    68.770
Vontobel Financial P   6.500   9/23/2022  EUR    64.270
Raiffeisen Schweiz G   7.500   3/17/2023  USD    55.600
Vontobel Financial P  13.500   6/24/2022  EUR    68.800
Vontobel Financial P  17.000   6/24/2022  EUR    65.150
Vontobel Financial P  14.000   6/24/2022  EUR    76.980
Leonteq Securities A  12.000   8/31/2022  CHF    64.920
Zurcher Kantonalbank   6.500   06/07/2022 CHF    64.580
Raiffeisen Schweiz G  17.500   9/14/2022  CHF    74.230
Raiffeisen Schweiz G   7.250   9/13/2023  CHF    74.200
Erste Group Bank AG    4.000   10/01/2025 EUR    58.300
Societe Generale Eff   9.250   6/24/2022  EUR    73.030
Societe Generale Eff   7.000  10/28/2022  EUR    74.370
Vontobel Financial P  13.500   6/24/2022  EUR    69.030
Vontobel Financial P  10.500   6/24/2022  EUR    68.290
Vontobel Financial P   8.000   6/24/2022  EUR    51.310
Vontobel Financial P  12.500   6/24/2022  EUR    52.040
Vontobel Financial P  11.000   6/24/2022  EUR    69.810
Vontobel Financial P  13.250   9/23/2022  EUR    55.160
Societe Generale Eff  10.500  10/28/2022  EUR    70.800
Societe Generale Eff  10.500  10/28/2022  EUR    35.730
Vontobel Financial P   7.000   9/23/2022  EUR    64.960
Vontobel Financial P  18.500   9/23/2022  EUR    54.810
Vontobel Financial P   6.000   9/23/2022  EUR    66.060
Vontobel Financial P   9.000   9/23/2022  EUR    61.620
Vontobel Financial P   8.500   9/23/2022  EUR    53.890
Societe Generale Eff  13.750  10/28/2022  EUR    71.660
Raiffeisen Schweiz G  16.000   9/20/2022  CHF    33.480
Vontobel Financial P  11.000   6/24/2022  EUR    70.710
Vontobel Financial P  18.000   6/24/2022  EUR    70.890
Leonteq Securities A  25.680   9/23/2022  CHF    36.180
Vontobel Financial P  15.000   9/23/2022  EUR    44.150
Vontobel Financial P  13.000   9/23/2022  EUR    45.230
Vontobel Financial P   9.000   9/23/2022  EUR    48.010
Vontobel Financial P   9.000   9/23/2022  EUR    73.660
Vontobel Financial P  13.500   9/23/2022  EUR    69.530
Vontobel Financial P  13.500   6/24/2022  EUR    69.110
Vontobel Financial P  12.500   9/23/2022  EUR    68.190
Vontobel Financial P  16.000   9/23/2022  EUR    65.800
Vontobel Financial P  11.000   9/23/2022  EUR    69.670
Basler Kantonalbank   12.000  12/22/2022  CHF    65.180
Vontobel Financial P  12.500   9/23/2022  EUR    58.250
Vontobel Financial P  16.250   6/24/2022  EUR    59.880
VTB Bank PJSC          0.010   06/03/2026 RUB    65.200
Leonteq Securities A  20.880   9/23/2022  CHF    30.960
Vontobel Financial P   5.000   6/24/2022  EUR    57.070
Vontobel Financial P   8.000   6/24/2022  EUR    47.530
Vontobel Financial P  17.500   9/23/2022  EUR    55.290
Vontobel Financial P  10.000   9/23/2022  EUR    60.750
Basler Kantonalbank    8.000   3/22/2023  CHF    68.080
Vontobel Financial P   7.250   6/24/2022  EUR    59.050
Leonteq Securities A  14.000   9/23/2022  CHF    66.970
Leonteq Securities A  10.000  12/23/2022  CHF    71.250
Societe Generale Eff   6.500  10/28/2022  EUR    43.010
Societe Generale Eff   8.500  10/28/2022  EUR    38.280
Societe Generale Eff  12.500  10/28/2022  EUR    34.040
Societe Generale Eff  16.250   9/23/2022  EUR    57.140
Societe Generale Eff   5.500  10/28/2022  EUR    74.920
Societe Generale Eff   6.500  10/28/2022  EUR    73.110
Societe Generale Eff   7.500  10/28/2022  EUR    71.610
Societe Generale Eff   8.500  10/28/2022  EUR    70.360
Societe Generale Eff   7.250   6/24/2022  EUR    76.750
Societe Generale Eff  13.500   9/23/2022  EUR    66.810
Societe Generale Eff   8.000  10/28/2022  EUR    72.450
Leonteq Securities A  22.520   07/06/2022 CHF    22.460
Leonteq Securities A  20.000   07/06/2022 CHF    32.020
Vontobel Financial P  15.500   6/24/2022  EUR    66.980
Vontobel Financial P  10.000   6/24/2022  EUR    73.560
Vontobel Financial P   5.000   9/23/2022  EUR    68.870
Vontobel Financial P   5.500   9/23/2022  EUR    67.430
Vontobel Financial P   7.500   9/23/2022  EUR    63.720
Vontobel Financial P  11.000   9/23/2022  EUR    59.940
Vontobel Financial P  11.500   9/23/2022  EUR    58.970
Vontobel Financial P  14.500   9/23/2022  EUR    56.950
Vontobel Financial P  13.500   9/23/2022  EUR    57.580
Vontobel Financial P   9.250   9/23/2022  EUR    74.140
Societe Generale Eff   8.500  10/28/2022  EUR    73.940
Societe Generale Eff  14.500  10/28/2022  EUR    33.080
Societe Generale Eff   6.250   9/23/2022  EUR    75.910
Societe Generale Eff  11.750  10/28/2022  EUR    74.320
Sberbank of Russia P   0.010   9/21/2028  RUB    55.100
Raiffeisen Schweiz G  16.000   9/20/2022  CHF    39.660
Raiffeisen Schweiz G   7.500   3/17/2023  CHF    63.230
Vontobel Financial P   7.500   6/24/2022  EUR    79.340
Vontobel Financial P   8.000   6/24/2022  EUR    58.270
Vontobel Financial P  17.500   9/23/2022  EUR    43.440
Vontobel Financial P  11.000   9/23/2022  EUR    46.510
Vontobel Financial P   7.000   9/23/2022  EUR    49.790
Vontobel Financial P  11.000   9/23/2022  EUR    71.370
Vontobel Financial P  11.500   6/24/2022  EUR    74.260
Vontobel Financial P  17.000   6/24/2022  EUR    64.820
Vontobel Financial P  11.500   9/23/2022  EUR    33.300
Vontobel Financial P   5.500   9/23/2022  EUR    52.080
Vontobel Financial P  10.500   6/24/2022  EUR    71.810
Vontobel Financial P  14.000   9/23/2022  EUR    66.830
Vontobel Financial P  15.500   9/23/2022  EUR    56.360
Vontobel Financial P  16.500   9/23/2022  EUR    55.810
Vontobel Financial P   8.500   9/23/2022  EUR    62.740
Vontobel Financial P   6.000   9/23/2022  EUR    76.190
Leonteq Securities A  17.000   1/18/2023  CHF    44.680
Vontobel Financial P   5.500   6/24/2022  EUR    70.050
Vontobel Financial P  12.750   6/24/2022  EUR    42.980
Vontobel Financial P   6.250   6/24/2022  EUR    75.590
Leonteq Securities A  10.000   4/18/2023  USD    55.760
Leonteq Securities A  18.000   10/06/2022 CHF    58.840
Leonteq Securities A  18.000   07/06/2022 CHF    64.470
Landesbank Baden-Wue   2.500   8/25/2023  EUR    60.010
UniCredit Bank AG      3.700   6/25/2022  EUR    48.360
Leonteq Securities A   2.500   06/05/2024 EUR    66.450
UniCredit Bank AG      3.850   6/28/2022  EUR    60.370
UniCredit Bank AG      3.800   6/28/2022  EUR    33.860
UniCredit Bank AG      4.250   6/28/2022  EUR    46.230
Vontobel Financial P   7.350   6/15/2022  USD    44.120
DZ Bank AG Deutsche   22.800   6/24/2022  EUR    64.130
DZ Bank AG Deutsche    6.500   9/21/2022  EUR    74.420
Vontobel Financial P   7.750   6/24/2022  EUR    73.900
Bank Julius Baer & C   6.850   6/15/2022  CHF    71.550
Societe Generale Eff  14.250   6/24/2022  EUR    75.000
DZ Bank AG Deutsche    6.500   6/22/2022  EUR    71.810
DZ Bank AG Deutsche    9.500   6/22/2022  EUR    62.940
DZ Bank AG Deutsche    7.500  12/23/2022  EUR    56.370
Vontobel Financial P   9.350   6/24/2022  EUR    69.440
Vontobel Financial P   7.700   08/02/2022 CHF    43.900
Leonteq Securities A  24.480   9/21/2022  CHF    44.800
Leonteq Securities A  10.000   10/05/2022 CHF    31.300
Vontobel Financial P   6.000   9/23/2022  EUR    73.330
Vontobel Financial P  12.500   9/23/2022  EUR    32.500
Vontobel Financial P   7.500   6/24/2022  EUR    63.960
Corner Banca SA       12.000   6/14/2022  CHF    62.340
Societe Generale Eff   5.500   9/23/2022  EUR    48.540
DZ Bank AG Deutsche    6.750   6/22/2022  EUR    73.340
DZ Bank AG Deutsche   14.500  12/21/2022  EUR    68.230
DZ Bank AG Deutsche    5.000   6/22/2022  EUR    72.580
Societe Generale Eff  11.500   5/27/2022  EUR    55.160
Vontobel Financial P   6.250   6/24/2022  EUR    67.190
Corner Banca SA       12.000   01/05/2023 EUR    74.690
Leonteq Securities A  10.000   10/05/2022 CHF    73.080
Corner Banca SA       16.000   07/06/2022 CHF    64.540
Vontobel Financial P  16.000   9/23/2022  EUR    72.280
Leonteq Securities A  14.000   9/14/2022  EUR    34.020
Corner Banca SA       10.400  12/14/2022  CHF    37.640
Vontobel Financial P   9.000   6/24/2022  EUR    46.460
Vontobel Financial P  15.500   6/24/2022  EUR    41.070
Vontobel Financial P  10.500   6/24/2022  EUR    44.900
Leonteq Securities A  14.000   9/14/2022  CHF    50.360
Leonteq Securities A  25.460   07/01/2022 CHF    26.270
Vontobel Financial P  11.500   6/24/2022  EUR    59.610
Vontobel Financial P   6.500   6/24/2022  EUR    66.430
Corner Banca SA       17.000   1/17/2023  EUR    46.310
Vontobel Financial P  18.000   6/24/2022  EUR    24.930
Vontobel Financial P  19.500   6/24/2022  EUR    62.430
Vontobel Financial P   9.250   6/24/2022  EUR    40.210
Leonteq Securities A   6.000   07/05/2023 CHF    74.210
Leonteq Securities A  21.520   07/01/2022 CHF    21.600
Vontobel Financial P   8.000   6/24/2022  EUR    59.040
DZ Bank AG Deutsche   15.500   6/22/2022  EUR    70.300
DZ Bank AG Deutsche    5.000   9/21/2022  EUR    71.860
Bank Julius Baer & C   7.600   07/01/2022 EUR    68.250
Citigroup Global Mar   2.600   10/12/2028 EUR    77.020
DZ Bank AG Deutsche   15.500   9/21/2022  EUR    68.440
Bank Julius Baer & C   9.000   07/01/2022 USD    41.450
Bank Julius Baer & C   6.200  12/21/2022  CHF    71.200
Zurcher Kantonalbank   8.000   6/21/2023  CHF    64.030
Zurcher Kantonalbank  11.000   6/21/2022  CHF    65.490
Zurcher Kantonalbank  12.000   6/21/2022  CHF    57.030
DZ Bank AG Deutsche   10.000  12/23/2022  EUR    51.470
Vontobel Financial P  18.000   9/23/2022  EUR    32.220
DZ Bank AG Deutsche   10.000   6/24/2022  EUR    50.320
Vontobel Financial P  16.500   6/24/2022  EUR    60.370
Zurcher Kantonalbank  12.500   10/05/2022 USD    49.110
Bank Julius Baer & C   7.500   11/11/2022 EUR    71.100
Bank Julius Baer & C   7.900   2/13/2023  EUR    73.300
UBS AG/London          7.500   9/29/2023  CHF    70.550
UBS AG/London         14.750   3/29/2023  CHF    61.850
UBS AG/London         13.000   3/29/2023  USD    46.800
UBS AG/London          8.750   3/29/2023  CHF    65.100
UBS AG/London         14.250   4/20/2023  USD    55.400
UBS AG/London          4.750   7/21/2022  EUR    72.000
UBS AG/London          9.000   7/21/2023  EUR    71.450
Landesbank Baden-Wue   9.150  10/28/2022  EUR    65.480
Credit Suisse AG/Lon   6.000  11/28/2022  CHF    74.660
Credit Suisse AG/Lon  10.000   09/09/2022 USD    53.080
Credit Suisse AG/Lon   7.250   12/01/2022 CHF    70.850
Credit Suisse AG/Lon  16.000   6/27/2022  EUR    63.640
Credit Suisse AG/Lon  10.000   9/26/2022  EUR    68.100
Credit Suisse AG/Lon  10.000   10/03/2022 CHF    54.240
Credit Suisse AG/Lon   7.500   09/08/2022 EUR    65.760
Credit Suisse AG/Lon   8.500   9/13/2022  CHF    29.460
Credit Suisse AG/Lon  15.000   9/15/2022  USD    37.690
Credit Suisse AG/Lon   8.500  12/16/2022  CHF    60.680
Bank Vontobel AG       7.250   3/24/2023  CHF    71.800
Vontobel Financial P   4.500  12/23/2022  EUR    77.220
Vontobel Financial P  10.500  12/23/2022  EUR    74.270
Vontobel Financial P   4.500   9/23/2022  EUR    79.450
Vontobel Financial P   5.500  12/23/2022  EUR    47.270
Vontobel Financial P  11.500  12/23/2022  EUR    43.030
Vontobel Financial P  15.000  12/23/2022  EUR    42.260
UBS AG/London          9.500   6/30/2022  EUR    67.950
UBS AG/London          4.500   07/01/2024 CHF    73.750
UBS AG/London         11.000   6/30/2022  CHF    28.300
Vontobel Financial P  16.500  12/23/2022  EUR    68.030
UBS AG/London          6.000   6/30/2023  CHF    59.300
Vontobel Financial P  10.000  12/23/2022  EUR    73.510
Vontobel Financial P  15.000  12/23/2022  EUR    70.370
Vontobel Financial P  13.000  12/23/2022  EUR    71.070
Vontobel Financial P  14.500  12/23/2022  EUR    67.990
Vontobel Financial P   7.500  12/23/2022  EUR    57.620
Vontobel Financial P   4.000  12/23/2022  EUR    62.850
Vontobel Financial P   8.000  12/23/2022  EUR    69.170
Vontobel Financial P   5.000  12/23/2022  EUR    72.980
Vontobel Financial P  13.000  12/23/2022  EUR    73.720
Vontobel Financial P  12.000  12/23/2022  EUR    66.800
Bank Vontobel AG       7.500   1/16/2023  EUR    73.100
Bank Vontobel AG      13.000  10/17/2022  CHF    39.000
Vontobel Financial P   8.500  12/23/2022  EUR    71.770
Vontobel Financial P   7.500  12/23/2022  EUR    73.360
Vontobel Financial P  12.000  12/23/2022  EUR    68.980
Vontobel Financial P  10.000  12/23/2022  EUR    70.540
Vontobel Financial P  14.000  12/23/2022  EUR    67.580
Vontobel Financial P  10.500  12/23/2022  EUR    69.940
Vontobel Financial P  13.500  12/23/2022  EUR    68.130
Vontobel Financial P  11.500  12/23/2022  EUR    69.610
Vontobel Financial P  15.000  12/23/2022  EUR    67.380
Vontobel Financial P  12.500  12/23/2022  EUR    68.380
Vontobel Financial P   5.500  12/23/2022  EUR    71.920
EFG International Fi  19.000   11/10/2022 CHF    43.650
Leonteq Securities A   9.000   05/11/2023 CHF    73.500
Vontobel Financial P   8.500  12/23/2022  EUR    58.580
Vontobel Financial P   8.250  12/23/2022  EUR    36.320
Vontobel Financial P  12.500  12/23/2022  EUR    39.440
Leonteq Securities A   2.380   11/10/2022 EUR    43.480
DekaBank Deutsche Gi   7.260   5/30/2022  EUR    69.070
Leonteq Securities A  26.400   11/08/2022 CHF    48.820
Leonteq Securities A  26.400  11/15/2022  USD    54.190
Leonteq Securities A  22.800   11/11/2022 CHF    33.920
Societe Generale Eff  14.250   6/24/2022  EUR    66.030
Societe Generale Eff  11.750   9/23/2022  EUR    71.770
UBS AG/London          6.250   11/10/2023 CHF    70.100
Bank Vontobel AG      12.000   05/09/2023 EUR    60.000
Bank Vontobel AG      24.000   08/09/2022 CHF    42.000
Zurcher Kantonalbank  11.000   11/08/2022 CHF    70.210
Zurcher Kantonalbank  12.500   11/04/2022 CHF    64.400
Zurcher Kantonalbank  13.550   11/04/2022 CHF    61.650
Landesbank Baden-Wue  29.630  10/28/2022  EUR    75.140
Leonteq Securities A  18.000  11/15/2022  CHF    42.760
Corner Banca SA       20.000  11/15/2022  CHF    52.810
Leonteq Securities A  14.000   2/15/2023  CHF    43.160
Leonteq Securities A   9.000   05/12/2023 CHF    51.420
Corner Banca SA       10.000   5/15/2023  USD    45.050
Corner Banca SA       10.000   05/12/2023 CHF    70.870
Leonteq Securities A   7.000   05/12/2023 CHF    70.690
Vontobel Financial P  27.900   6/24/2022  EUR    64.930
Landesbank Baden-Wue   4.000  11/25/2022  EUR    71.280
Landesbank Baden-Wue  11.500  11/25/2022  EUR    72.990
Societe Generale Eff  14.000   5/27/2022  EUR    68.280
Societe Generale Eff   7.500   5/27/2022  EUR    45.590
Landesbank Baden-Wue   4.350  11/25/2022  EUR    75.730
Landesbank Baden-Wue   5.650  11/25/2022  EUR    78.570
Landesbank Baden-Wue   3.750  11/25/2022  EUR    76.160
Landesbank Baden-Wue   5.850  11/25/2022  EUR    72.520
Landesbank Baden-Wue   4.150  11/25/2022  EUR    57.180
Landesbank Baden-Wue   8.300  11/25/2022  EUR    46.990
Bank Vontobel AG      13.750   05/08/2023 CHF    53.600
Bank Vontobel AG      14.000  11/14/2022  CHF    41.800
Bank Vontobel AG       9.000   05/12/2023 CHF    72.900
Bank Vontobel AG      14.000   05/12/2023 CHF    66.800
Bank Vontobel AG      18.750  11/14/2022  CHF    40.700
Bank Vontobel AG       8.750   05/12/2023 CHF    58.800
Vontobel Financial P  18.000   9/23/2022  EUR    72.270
Vontobel Financial P  12.500  12/23/2022  EUR    70.800
Vontobel Financial P  13.500  12/23/2022  EUR    69.570
Vontobel Financial P  14.500  12/23/2022  EUR    68.420
Vontobel Financial P  16.000  12/23/2022  EUR    67.700
Vontobel Financial P  19.500  12/23/2022  EUR    65.290
Vontobel Financial P  18.000  12/23/2022  EUR    65.820
Vontobel Financial P  17.000  12/23/2022  EUR    66.730
Vontobel Financial P  12.500   9/23/2022  EUR    70.120
Vontobel Financial P  15.500   9/23/2022  EUR    67.240
Vontobel Financial P  20.500   9/23/2022  EUR    63.850
Vontobel Financial P  14.000   9/23/2022  EUR    68.630
Vontobel Financial P  17.500   9/23/2022  EUR    66.140
Vontobel Financial P  19.000   9/23/2022  EUR    64.960
Vontobel Financial P  22.000   9/23/2022  EUR    62.850
Vontobel Financial P  17.500  12/23/2022  EUR    74.670
Vontobel Financial P  20.000   9/23/2022  EUR    73.760
Vontobel Financial P  18.000   9/23/2022  EUR    74.910
Vontobel Financial P   3.000  12/23/2022  EUR    77.140
Vontobel Financial P  17.500  12/23/2022  EUR    70.070
Vontobel Financial P   8.000  12/23/2022  EUR    65.340
Vontobel Financial P  11.500  12/23/2022  EUR    67.650
Vontobel Financial P   7.000  12/23/2022  EUR    54.290
Vontobel Financial P   7.500  12/23/2022  EUR    67.700
Vontobel Financial P   8.000  12/23/2022  EUR    71.060
Vontobel Financial P   5.000   9/23/2022  EUR    67.800
Vontobel Financial P  14.000  12/23/2022  EUR    63.360
Vontobel Financial P  12.000  12/23/2022  EUR    65.280
Vontobel Financial P  16.500   9/23/2022  EUR    60.960
Vontobel Financial P  14.000   9/23/2022  EUR    63.340
Vontobel Financial P  19.000   9/23/2022  EUR    58.890
Vontobel Financial P  18.000  12/23/2022  EUR    60.350
Vontobel Financial P  16.000  12/23/2022  EUR    61.720
Vontobel Financial P   8.000  12/23/2022  EUR    64.970
Vontobel Financial P   9.500  12/23/2022  EUR    62.560
Vontobel Financial P  12.000  12/23/2022  EUR    61.080
Vontobel Financial P  11.500   9/23/2022  EUR    66.100
Vontobel Financial P  14.000  12/23/2022  EUR    59.630
Vontobel Financial P  16.000  12/23/2022  EUR    58.370
Vontobel Financial P   7.500   9/23/2022  EUR    64.640
Vontobel Financial P  10.000   9/23/2022  EUR    61.950
Vontobel Financial P  15.000  12/23/2022  EUR    58.950
Vontobel Financial P  11.000   9/23/2022  EUR    60.610
Vontobel Financial P   8.500   9/23/2022  EUR    63.090
Vontobel Financial P  17.000  12/23/2022  EUR    57.850
Vontobel Financial P  12.500   9/23/2022  EUR    59.630
Vontobel Financial P  15.500   9/23/2022  EUR    57.890
Vontobel Financial P  14.000   9/23/2022  EUR    58.720
Vontobel Financial P  18.500   9/23/2022  EUR    56.380
Vontobel Financial P  17.000   9/23/2022  EUR    57.070
Vontobel Financial P   6.000  12/23/2022  EUR    42.390
Vontobel Financial P  10.000  12/23/2022  EUR    40.270
Vontobel Financial P  11.500  12/23/2022  EUR    39.770
Vontobel Financial P   6.000   9/23/2022  EUR    41.280
Vontobel Financial P   9.500   9/23/2022  EUR    38.950
Vontobel Financial P   8.000  12/23/2022  EUR    41.170
Vontobel Financial P  13.000  12/23/2022  EUR    39.830
Vontobel Financial P  15.000  12/23/2022  EUR    39.450
Vontobel Financial P  14.000  12/23/2022  EUR    39.610
Vontobel Financial P  10.500   9/23/2022  EUR    38.240
Vontobel Financial P  13.500   9/23/2022  EUR    37.470
Vontobel Financial P   7.000   9/23/2022  EUR    40.350
Vontobel Financial P  17.000   9/23/2022  EUR    37.120
Vontobel Financial P   8.000   9/23/2022  EUR    39.500
Vontobel Financial P  12.000   9/23/2022  EUR    37.830
Vontobel Financial P  16.500  12/23/2022  EUR    39.650
Vontobel Financial P  15.000   9/23/2022  EUR    37.170
Vontobel Financial P  20.000   9/23/2022  EUR    55.750
Vontobel Financial P   4.500  12/23/2022  EUR    77.630
Vontobel Financial P   7.000   9/23/2022  EUR    76.730
Vontobel Financial P   7.000   9/23/2022  EUR    69.150
Vontobel Financial P   7.500   9/23/2022  EUR    64.780
DZ Bank AG Deutsche    9.500   5/25/2022  EUR    73.070
DZ Bank AG Deutsche   12.000   6/22/2022  EUR    66.060
DZ Bank AG Deutsche   13.000   6/22/2022  EUR    65.460
DZ Bank AG Deutsche   10.500   5/25/2022  EUR    30.450
DZ Bank AG Deutsche    6.000  12/21/2022  EUR    60.650
Societe Generale Eff  10.250  10/28/2022  EUR    72.240
Societe Generale Eff  15.000   5/27/2022  EUR    60.990
Societe Generale Eff  13.000   7/22/2022  EUR    63.070
Societe Generale Eff  12.250   8/26/2022  EUR    63.900
DZ Bank AG Deutsche   15.750   5/25/2022  EUR    64.090
DZ Bank AG Deutsche   15.750   6/22/2022  EUR    73.690
DZ Bank AG Deutsche    7.250   9/21/2022  EUR    73.820
DZ Bank AG Deutsche    6.250  12/21/2022  EUR    74.180
DZ Bank AG Deutsche    5.500   3/22/2023  EUR    73.820
Leonteq Securities A  21.600   12/06/2022 CHF    40.920
Leonteq Securities A  22.800   12/06/2022 CHF    53.530
Leonteq Securities A   8.800   12/07/2023 CHF    76.400
Credit Suisse AG/Lon  13.500  11/28/2022  CHF    35.730
Credit Suisse AG/Lon  15.000  11/29/2022  USD    36.360
Bank Vontobel AG       9.000   2/21/2023  CHF    66.200
Bank Vontobel AG      12.250  11/28/2022  CHF    58.100
Bank Vontobel AG       7.000   5/26/2023  EUR    71.100
DZ Bank AG Deutsche    6.750  12/21/2022  EUR    76.940
Raiffeisen Schweiz G   8.200   12/06/2023 CHF    76.230
Raiffeisen Switzerla  19.000   12/06/2022 CHF    52.210
Leonteq Securities A  22.200   12/07/2022 CHF    48.530
Sberbank of Russia P   0.010   12/07/2026 RUB    61.200
DZ Bank AG Deutsche   16.800   9/23/2022  EUR    72.530
DZ Bank AG Deutsche   16.700  12/23/2022  EUR    55.020
DZ Bank AG Deutsche   16.800   9/23/2022  EUR    76.980
DZ Bank AG Deutsche   19.100  12/23/2022  EUR    67.820
DZ Bank AG Deutsche   20.500   9/23/2022  EUR    71.110
DZ Bank AG Deutsche   17.300  12/23/2022  EUR    73.640
Sberbank of Russia P   0.010   12/07/2026 RUB    59.000
Ebis OOO              14.500  11/25/2025  RUB    70.000
SG Issuer SA           2.100  12/27/2033  EUR    63.370
DZ Bank AG Deutsche   23.900   6/24/2022  EUR    61.400
Societe Generale Eff  13.500   9/23/2022  EUR    60.420
DZ Bank AG Deutsche   17.700  12/23/2022  EUR    36.210
DZ Bank AG Deutsche   13.500   3/24/2023  EUR    38.610
DZ Bank AG Deutsche   18.300  12/23/2022  EUR    75.170
DZ Bank AG Deutsche   20.200   6/24/2022  EUR    75.940
DZ Bank AG Deutsche   10.500  12/23/2022  EUR    64.310
DZ Bank AG Deutsche   12.000   3/24/2023  EUR    63.440
DZ Bank AG Deutsche   10.000   3/24/2023  EUR    75.440
UniCredit Bank AG      6.300  12/21/2022  EUR    51.570
Societe Generale Eff   5.500  10/28/2022  EUR    73.160
DZ Bank AG Deutsche   18.500  11/25/2022  EUR    35.330
DZ Bank AG Deutsche   14.200   9/23/2022  EUR    74.240
DZ Bank AG Deutsche   21.600   6/24/2022  EUR    56.100
Bank Vontobel AG       7.750   2/20/2023  CHF    73.600
Bank Vontobel AG      20.000  11/21/2022  CHF    54.300
Bank Vontobel AG      10.750   5/22/2023  CHF    64.000
Societe Generale Eff  15.000   7/22/2022  EUR    77.700
DZ Bank AG Deutsche   18.800   9/23/2022  EUR    65.350
DZ Bank AG Deutsche   11.500  11/25/2022  EUR    70.830
DZ Bank AG Deutsche    8.300   3/24/2023  EUR    74.170
DZ Bank AG Deutsche   12.500   3/24/2023  EUR    73.690
DZ Bank AG Deutsche   15.700  11/25/2022  EUR    35.760
DZ Bank AG Deutsche   16.700   9/23/2022  EUR    59.580
DZ Bank AG Deutsche   14.100  12/23/2022  EUR    62.000
DZ Bank AG Deutsche   11.800   3/24/2023  EUR    70.600
DZ Bank AG Deutsche   10.100   3/24/2023  EUR    73.980
DZ Bank AG Deutsche   15.800  12/23/2022  EUR    67.900
DZ Bank AG Deutsche   19.100   6/24/2022  EUR    63.820
Societe Generale Eff   7.500  10/28/2022  EUR    70.230
Societe Generale Eff   8.500  10/28/2022  EUR    69.090
DZ Bank AG Deutsche   18.700   6/24/2022  EUR    71.380
DZ Bank AG Deutsche   24.700   6/24/2022  EUR    73.050
DZ Bank AG Deutsche   10.900  11/25/2022  EUR    63.800
DZ Bank AG Deutsche    6.700   3/24/2023  EUR    68.460
DZ Bank AG Deutsche   10.000   3/24/2023  EUR    72.240
Leonteq Securities A  15.000   2/24/2023  USD    69.170
DZ Bank AG Deutsche   15.600   9/23/2022  EUR    67.240
DZ Bank AG Deutsche    9.100   3/24/2023  EUR    65.370
DZ Bank AG Deutsche   13.700   3/24/2023  EUR    69.330
DZ Bank AG Deutsche   12.100  11/25/2022  EUR    72.020
Bank Vontobel AG      14.000   5/22/2023  CHF    64.700
Leonteq Securities A  14.000   2/23/2023  CHF    67.340
Societe Generale Eff  14.000   6/24/2022  EUR    59.340
DZ Bank AG Deutsche   14.000  11/25/2022  EUR    68.880
DZ Bank AG Deutsche   13.400  12/23/2022  EUR    69.480
DZ Bank AG Deutsche   14.600   6/24/2022  EUR    66.760
Societe Generale Eff   9.500   8/26/2022  EUR    67.770
Societe Generale Eff   6.500  10/28/2022  EUR    71.540
DZ Bank AG Deutsche   20.400  12/23/2022  EUR    36.220
DZ Bank AG Deutsche   15.600   3/24/2023  EUR    38.520
DZ Bank AG Deutsche   17.700   3/24/2023  EUR    38.700
DZ Bank AG Deutsche   16.300   3/24/2023  EUR    77.410
DZ Bank AG Deutsche   14.200   6/24/2022  EUR    59.730
DZ Bank AG Deutsche   11.800   9/23/2022  EUR    62.360
EFG International Fi   9.400  11/24/2022  CHF    69.740
Basler Kantonalbank   12.000  11/24/2022  CHF    67.830
Societe Generale Eff  10.250   7/22/2022  EUR    66.990
UBS AG/London         21.500  11/25/2022  USD    61.250
Bank Vontobel AG      20.500  11/21/2022  CHF    54.400
Bank Vontobel AG       8.000   5/22/2023  CHF    62.600
Bank Vontobel AG      18.000  11/21/2022  USD    51.000
Bank Vontobel AG      10.000  11/21/2022  CHF    46.300
Skandinaviska Enskil   9.020   7/17/2023  SEK    66.260
SecurAsset SA          5.250   6/30/2022  EUR    30.050
UBS AG/London         15.000  11/25/2022  USD    64.450
Landesbank Baden-Wue   3.000   6/24/2022  EUR    59.930
Landesbank Baden-Wue   3.000   4/25/2022  EUR    56.090
Societe Generale SA    6.000   05/09/2022 USD     0.190
Bank Julius Baer & C  14.500  10/26/2022  EUR    67.850
Leonteq Securities A  20.400  10/26/2022  CHF    35.540
Leonteq Securities A  22.200  10/26/2022  CHF    66.510
UBS AG/London         10.250   08/04/2023 CHF    76.250
Raiffeisen Schweiz G  18.000  10/25/2022  CHF    52.550
Raiffeisen Schweiz G   8.000   7/25/2023  CHF    64.260
Raiffeisen Schweiz G  10.000   4/25/2023  CHF    42.920
Vontobel Financial P   9.250  12/23/2022  EUR    55.610
DZ Bank AG Deutsche    9.600   6/24/2022  EUR    74.650
DZ Bank AG Deutsche   12.200   6/24/2022  EUR    71.260
DZ Bank AG Deutsche   15.300   6/24/2022  EUR    68.310
DZ Bank AG Deutsche    8.500   9/23/2022  EUR    76.060
DZ Bank AG Deutsche   10.500   9/23/2022  EUR    73.340
DZ Bank AG Deutsche   12.800   9/23/2022  EUR    71.000
DZ Bank AG Deutsche   10.100  10/28/2022  EUR    73.940
DZ Bank AG Deutsche    9.600  12/23/2022  EUR    74.760
DZ Bank AG Deutsche   12.200  10/28/2022  EUR    71.790
DZ Bank AG Deutsche    8.000  12/23/2022  EUR    76.980
DZ Bank AG Deutsche   11.300  12/23/2022  EUR    72.790
DZ Bank AG Deutsche   16.600   9/23/2022  EUR    37.890
DZ Bank AG Deutsche   18.800  10/28/2022  EUR    38.000
DZ Bank AG Deutsche   14.800  12/23/2022  EUR    40.710
DZ Bank AG Deutsche   17.300  12/23/2022  EUR    39.840
Vontobel Financial P   5.500  12/23/2022  EUR    74.350
Vontobel Financial P   8.250  12/23/2022  EUR    68.570
Vontobel Financial P   9.750  12/23/2022  EUR    74.670
Leonteq Securities A  14.000  10/28/2022  CHF    72.570
UniCredit Bank AG      7.250   12/09/2022 EUR    75.590
Bank Julius Baer & C  10.100  11/14/2022  USD    72.100
UBS AG/London          4.250   3/29/2023  EUR    71.750
UBS AG/London         10.750  10/20/2022  EUR    52.650
UBS AG/London         10.500   1/23/2023  CHF    39.200
Credit Suisse AG/Lon  11.500   8/25/2022  USD    31.780
Credit Suisse AG/Lon   7.500  11/28/2022  USD    70.330
Credit Suisse AG/Lon   8.500   6/30/2022  CHF    27.410
Credit Suisse AG/Lon   8.500   6/24/2022  CHF    27.080
Credit Suisse AG/Lon  15.000   6/27/2022  USD    28.760
Credit Suisse AG/Lon   7.000   9/28/2022  CHF    76.710
UBS AG/London         19.500   09/01/2022 USD    50.600
UBS AG/London          8.250   03/01/2023 CHF    55.100
UBS AG/London         10.500   2/27/2023  CHF    72.950
Credit Suisse AG/Lon  11.750   09/08/2022 USD    38.220
Credit Suisse AG/Lon   7.000   12/08/2022 CHF    70.310
Credit Suisse AG/Lon  10.500   09/12/2022 CHF    29.240
Credit Suisse AG/Lon   7.750  12/15/2022  CHF    72.220
Bank Vontobel AG       6.750   3/17/2023  CHF    69.600
Bank Vontobel AG       7.750   3/17/2023  CHF    72.700
Bank Vontobel AG       8.500   3/17/2023  CHF    43.200
Bank Vontobel AG      11.500   3/17/2023  CHF    61.400
Bank Vontobel AG      20.000  12/19/2022  CHF    44.000
Bank Vontobel AG      10.500  12/27/2022  CHF    47.400
Vontobel Financial P   8.500  12/23/2022  EUR    70.370
Vontobel Financial P   8.500  12/23/2022  EUR    44.760
UBS AG/London          8.250   6/30/2023  CHF    71.400
Vontobel Financial P   9.000  12/23/2022  EUR    73.010
UBS AG/London         14.500   6/30/2022  CHF    53.550
Vontobel Financial P  17.000  12/23/2022  EUR    66.560
Vontobel Financial P  16.000  12/23/2022  EUR    67.100
Vontobel Financial P  14.500  12/23/2022  EUR    53.710
Vontobel Financial P  12.000  12/23/2022  EUR    54.600
Vontobel Financial P  15.000  12/23/2022  EUR    72.890
Vontobel Financial P  10.000  12/23/2022  EUR    67.890
Vontobel Financial P  14.000  12/23/2022  EUR    65.870
Bank Vontobel AG       9.250   1/16/2023  CHF    67.400
Corner Banca SA       16.000   4/29/2022  CHF    55.880
Bank Vontobel AG      13.259   7/29/2022  CHF    32.800
Banque Cantonale Vau  22.200   08/02/2022 CHF    71.580
Societe Generale Eff   4.750  10/28/2022  EUR    76.650
Leonteq Securities A  20.000   11/08/2022 USD    66.510
Leonteq Securities A  13.000   11/08/2022 CHF    53.020
Raiffeisen Schweiz G  16.000  11/29/2022  CHF    58.440
Raiffeisen Schweiz G   9.000   2/28/2023  CHF    63.100
Raiffeisen Schweiz G   6.600  11/29/2023  CHF    72.880
Bank Vontobel AG       6.500   2/20/2023  CHF    34.400
Bank Vontobel AG       9.000  11/20/2023  EUR    70.600
Bank Vontobel AG       7.500   5/26/2023  CHF    67.500
Bank Vontobel AG      12.500   2/27/2023  CHF    39.700
Bank Vontobel AG      24.000  11/28/2022  CHF    46.100
Bank Vontobel AG      12.000  11/28/2022  CHF    61.400
EFG International Fi  14.600  11/29/2022  USD    66.590
DZ Bank AG Deutsche    8.000   6/22/2022  EUR    72.170
DZ Bank AG Deutsche   12.000  12/21/2022  EUR    70.490
DZ Bank AG Deutsche   14.750  12/21/2022  EUR    72.180
DZ Bank AG Deutsche   11.000   9/21/2022  EUR    69.600
DZ Bank AG Deutsche    8.000  12/21/2022  EUR    72.170
DZ Bank AG Deutsche    5.250   3/22/2023  EUR    75.190
DZ Bank AG Deutsche    6.250  12/21/2022  EUR    76.460
DZ Bank AG Deutsche    7.500   9/21/2022  EUR    73.880
DZ Bank AG Deutsche    6.000  12/21/2022  EUR    74.610
Landesbank Baden-Wue   6.150   3/24/2023  EUR    77.530
Landesbank Baden-Wue   3.500   3/24/2023  EUR    48.680
Landesbank Baden-Wue   6.200   3/24/2023  EUR    42.170
Landesbank Baden-Wue   8.650   3/24/2023  EUR    39.470
Landesbank Baden-Wue   3.350   3/24/2023  EUR    71.130
Landesbank Baden-Wue   8.900   3/24/2023  EUR    71.170
Landesbank Baden-Wue   3.650   3/24/2023  EUR    62.730
Landesbank Baden-Wue   6.200   3/24/2023  EUR    58.450
Leonteq Securities A  12.000   9/30/2022  CHF    71.930
Vontobel Financial P  18.500   9/23/2022  EUR    66.790
Vontobel Financial P  16.750   9/23/2022  EUR    50.270
Vontobel Financial P  13.250   9/23/2022  EUR    75.910
Vontobel Financial P  15.000   9/23/2022  EUR    63.870
Vontobel Financial P   9.000   9/23/2022  EUR    66.080
Vontobel Financial P  16.500   9/23/2022  EUR    63.280
DekaBank Deutsche Gi   4.790   9/23/2022  EUR    64.420
Sberbank of Russia P   0.010   10/03/2028 RUB    58.600
Luzerner Kantonalban  23.100   8/15/2022  CHF    47.920
Leonteq Securities A  18.500  11/29/2022  CHF    58.960
Leonteq Securities A  25.000  11/29/2022  CHF    63.110
Leonteq Securities A  10.800   5/26/2023  EUR    58.410
Corner Banca SA       10.000  11/29/2022  EUR    70.800
Leonteq Securities A  17.600   5/30/2023  USD    62.540
Leonteq Securities A  10.800   5/26/2023  CHF    68.140
Leonteq Securities A  10.800   5/26/2023  EUR    70.740
Corner Banca SA       13.200  11/29/2022  CHF    64.740
Leonteq Securities A  12.800  11/29/2022  CHF    48.330
Leonteq Securities A   7.800  11/29/2023  CHF    71.700
Corner Banca SA       11.000  11/29/2022  CHF    35.700
Leonteq Securities A   8.000   03/01/2023 CHF    68.160
Corner Banca SA       12.000  11/29/2022  USD    50.250
Leonteq Securities A  10.000  11/29/2022  CHF    59.980
Leonteq Securities A  11.000   5/30/2023  USD    59.410
Leonteq Securities A  10.000  11/29/2022  CHF    66.890
Raiffeisen Schweiz G   9.000   5/26/2023  USD    63.030
Raiffeisen Schweiz G   7.000  11/29/2023  CHF    75.670
Bank Vontobel AG       9.000  11/20/2023  CHF    43.000
Bank Vontobel AG       8.000  11/27/2023  EUR    54.400
Bank Vontobel AG      21.750   5/26/2023  CHF    49.300
Bank Vontobel AG       7.250   2/27/2023  CHF    71.800
Bank Vontobel AG       9.000   5/26/2023  EUR    70.000
Bank Vontobel AG      18.250   5/26/2023  EUR    41.600
Bank Vontobel AG       9.500   3/31/2023  EUR    71.700
Bank Vontobel AG      14.250   11/07/2022 CHF    39.800
Leonteq Securities A  15.000   11/08/2022 CHF    36.990
Leonteq Securities A  14.000   02/08/2023 USD    49.170
Sberbank of Russia P   0.010  10/21/2026  RUB    60.200
EFG International Fi  18.000  10/20/2022  CHF    52.530
Vontobel Financial P   8.500  12/23/2022  EUR    70.440
Vontobel Financial P   5.500  12/23/2022  EUR    65.110
Vontobel Financial P   7.000  12/23/2022  EUR    69.030
Vontobel Financial P  20.000   9/23/2022  EUR    66.990
Vontobel Financial P  13.000  12/23/2022  EUR    66.550
Vontobel Financial P  13.500   9/23/2022  EUR    64.330
Vontobel Financial P  21.000  12/23/2022  EUR    74.430
Vontobel Financial P   8.000  12/23/2022  EUR    71.060
Vontobel Financial P  18.500  12/23/2022  EUR    75.950
Vontobel Financial P  17.500   9/23/2022  EUR    71.800
Vontobel Financial P  12.500   9/23/2022  EUR    77.300
UBS AG/London         18.500   06/08/2023 USD    58.100
Vontobel Financial P  15.500  12/23/2022  EUR    65.440
Vontobel Financial P  15.500   9/23/2022  EUR    72.310
Vontobel Financial P   4.500  12/23/2022  EUR    74.390
Vontobel Financial P   3.000  12/23/2022  EUR    76.850
Vontobel Financial P   3.000   9/23/2022  EUR    76.550
Vontobel Financial P   4.900   7/13/2023  EUR    67.750
Societe Generale Eff  18.250   7/22/2022  EUR    74.240
Societe Generale Eff  16.750   8/26/2022  EUR    75.300
Societe Generale Eff  25.250   7/22/2022  EUR    42.910
Societe Generale Eff   9.000   8/26/2022  EUR    58.480
Societe Generale Eff  23.000   8/26/2022  EUR    44.500
Societe Generale Eff   7.500   9/23/2022  EUR    61.500
Societe Generale Eff   6.000  12/23/2022  EUR    66.180
EFG International Fi  17.400   06/10/2022 USD    70.900
EFG International Fi   7.000   06/09/2023 CHF    71.470
EFG International Fi  10.000   12/09/2022 USD    43.550
Leonteq Securities A  21.880   06/10/2022 CHF    62.930
Leonteq Securities A  21.760   06/10/2022 CHF    27.840
BNP Paribas Emission   3.000   6/23/2022  EUR    75.440
BNP Paribas Emission   3.000   6/23/2022  EUR    73.780
BNP Paribas Emission   3.000  12/22/2022  EUR    76.270
BNP Paribas Emission   4.000  12/22/2022  EUR    74.820
BNP Paribas Emission   4.000   3/23/2023  EUR    75.020
Zurcher Kantonalbank   8.100  12/14/2022  USD    45.910
DZ Bank AG Deutsche   10.000  12/23/2022  EUR    49.880
DZ Bank AG Deutsche   12.200   9/23/2022  EUR    59.290
DZ Bank AG Deutsche    9.400   9/23/2022  EUR    68.850
DZ Bank AG Deutsche   11.700   9/23/2022  EUR    65.740
DZ Bank AG Deutsche   10.800   9/23/2022  EUR    70.960
DZ Bank AG Deutsche   13.800   6/24/2022  EUR    72.640
DZ Bank AG Deutsche   13.400   9/23/2022  EUR    61.140
Societe Generale Eff   9.500   6/24/2022  EUR    74.600
DZ Bank AG Deutsche    8.100  12/19/2022  EUR    76.110
DZ Bank AG Deutsche    7.600   3/20/2023  EUR    76.330
Bank Julius Baer & C   9.150   6/13/2022  USD    68.400
DZ Bank AG Deutsche    5.000  12/19/2022  EUR    67.690
DZ Bank AG Deutsche    9.500  12/19/2022  EUR    76.540
DZ Bank AG Deutsche    8.500  12/19/2022  EUR    69.950
DZ Bank AG Deutsche    6.750   3/20/2023  EUR    75.770
DZ Bank AG Deutsche    4.750   3/20/2023  EUR    77.480
Leonteq Securities A  10.000  12/14/2022  CHF    65.000
UBS AG/London          9.900   07/01/2024 EUR    57.680
Raiffeisen Centroban  11.750   08/04/2023 EUR    52.540
Landesbank Baden-Wue   6.000   1/27/2023  EUR    56.480
Raiffeisen Schweiz G   9.000   03/10/2023 USD    57.410
Raiffeisen Schweiz G  10.000   03/10/2023 CHF    62.190
Erste Group Bank AG    4.500   10/01/2025 EUR    65.500
Societe Generale Eff   9.750   7/22/2022  EUR    70.190
Bank Julius Baer & C   7.250   9/14/2022  CHF    65.700
UBS AG/London          4.520   09/07/2023 USD     9.273
Vontobel Financial P  14.000   9/23/2022  EUR    72.300
Vontobel Financial P  11.500   6/24/2022  EUR    68.970
Vontobel Financial P  18.500   6/24/2022  EUR    72.160
Vontobel Financial P  15.000   9/23/2022  EUR    67.100
Vontobel Financial P  14.000   6/24/2022  EUR    67.200
DZ Bank AG Deutsche   10.600   9/23/2022  EUR    67.980
DZ Bank AG Deutsche   13.600   9/23/2022  EUR    67.650
DZ Bank AG Deutsche   15.900   9/23/2022  EUR    66.630
DZ Bank AG Deutsche   19.000   9/23/2022  EUR    63.230
DZ Bank AG Deutsche   21.000   9/23/2022  EUR    60.450
DZ Bank AG Deutsche   17.500   6/24/2022  EUR    62.940
DZ Bank AG Deutsche   10.500   9/23/2022  EUR    65.260
DZ Bank AG Deutsche   17.600   9/23/2022  EUR    63.120
BNP Paribas Issuance   9.000   5/18/2022  SEK    63.720
Vontobel Financial P  12.500   6/24/2022  EUR    56.270
Bank Julius Baer & C  10.300   5/25/2022  CHF    72.600
Bank Julius Baer & C   6.300   5/25/2022  CHF    69.100
DZ Bank AG Deutsche   15.750   6/22/2022  EUR    62.400
Vontobel Financial P   9.000   6/24/2022  EUR    68.130
DZ Bank AG Deutsche    9.000   6/22/2022  EUR    59.380
Vontobel Financial P  12.500   6/24/2022  EUR    75.590
Bank Julius Baer & C  10.800   5/25/2022  USD    35.300
EFG International Fi   5.700   5/24/2023  USD    57.530
Zurcher Kantonalbank   9.500   06/07/2022 USD    70.530
Societe Generale Eff  10.250   5/27/2022  EUR    70.910
DZ Bank AG Deutsche   14.300   6/24/2022  EUR    58.600
DZ Bank AG Deutsche   17.200   6/24/2022  EUR    43.420
DZ Bank AG Deutsche    7.300   6/24/2022  EUR    68.710
DZ Bank AG Deutsche   14.000   6/24/2022  EUR    64.250
DZ Bank AG Deutsche   19.700   6/24/2022  EUR    66.040
DZ Bank AG Deutsche   22.000   6/24/2022  EUR    76.980
DZ Bank AG Deutsche    9.700   6/24/2022  EUR    60.910
Leonteq Securities A  23.000   09/09/2022 CHF    45.770
UniCredit Bank AG     10.300   9/27/2024  EUR    66.670
DekaBank Deutsche Gi   1.000   3/17/2025  EUR    66.770
Zurcher Kantonalbank  10.500   06/02/2022 CHF    61.260
EFG International Fi  11.000   09/10/2024 USD    66.810
Bank Vontobel AG       7.255  11/21/2022  CHF    68.300
DZ Bank AG Deutsche   20.200   6/24/2022  EUR    51.700
DZ Bank AG Deutsche    9.900   6/24/2022  EUR    67.170
DZ Bank AG Deutsche   15.500   6/24/2022  EUR    74.360
DZ Bank AG Deutsche    9.300   6/24/2022  EUR    78.750
DZ Bank AG Deutsche    8.900   6/24/2022  EUR    61.350
DZ Bank AG Deutsche   11.300   6/24/2022  EUR    55.390
DZ Bank AG Deutsche   19.900   6/24/2022  EUR    60.520
DZ Bank AG Deutsche   17.600   6/24/2022  EUR    65.490
Leonteq Securities A  22.000   09/09/2022 CHF    32.340
LLC Online Microfina  12.500   05/04/2024 RUB    73.940
Societe Generale Eff  16.750   6/24/2022  EUR    27.650
Societe Generale Eff  16.000   7/22/2022  EUR    28.690
Vontobel Financial P  18.000   9/23/2022  EUR    61.100
Vontobel Financial P  17.000   9/23/2022  EUR    62.980
Vontobel Financial P  14.000   9/23/2022  EUR    46.780
EFG International Fi  15.000   5/27/2022  CHF    71.440
UBS AG/London         10.250   5/30/2023  CHF    51.150
UBS AG/London          9.750  11/28/2022  EUR    73.000
UBS AG/London          8.250   5/27/2022  CHF    30.800
Leonteq Securities A  15.000   9/13/2022  CHF    41.170
Leonteq Securities A   9.000   03/10/2023 CHF    64.560
Leonteq Securities A   7.000   9/13/2023  CHF    77.010
Corner Banca SA       20.000   9/13/2022  CHF    43.170
Leonteq Securities A  10.000  12/13/2022  USD    41.690
Societe Generale Eff  15.250   8/26/2022  EUR    30.080
Corner Banca SA       15.000   05/12/2022 CHF    49.630
Raiffeisen Switzerla  10.500   05/12/2022 CHF    59.180
UBS AG/London         14.750   2/17/2023  CHF    34.150
Vontobel Financial P   4.800   06/01/2022 EUR    66.400
DZ Bank AG Deutsche    7.500   9/19/2022  EUR    75.320
Leonteq Securities A  13.400   5/18/2022  CHF    58.040
EFG International Fi  12.000   12/09/2022 CHF    42.630
UBS AG/London         11.250   12/09/2022 CHF    36.550
UBS AG/London          8.000   06/09/2023 CHF    60.550
UBS AG/London          8.250   06/09/2023 CHF    68.000
UBS AG/London          6.000   06/09/2022 EUR    48.600
UBS AG/London         10.500   06/09/2023 CHF    59.650
Raiffeisen Schweiz G  15.000   06/07/2022 CHF    60.260
Raiffeisen Schweiz G   6.300   12/07/2022 CHF    77.000
BNP Paribas Emission   4.000   6/23/2022  EUR    77.320
BNP Paribas Emission   3.000   9/22/2022  EUR    76.380
BNP Paribas Emission   4.000   9/22/2022  EUR    74.490
BNP Paribas Emission   3.000   3/23/2023  EUR    75.730
BNP Paribas Emission   5.000   6/22/2023  EUR    73.840
DZ Bank AG Deutsche   13.800   9/23/2022  EUR    69.740
DZ Bank AG Deutsche   12.800   6/24/2022  EUR    68.490
DZ Bank AG Deutsche   10.300   9/23/2022  EUR    64.460
DZ Bank AG Deutsche   11.900   9/23/2022  EUR    62.730
Societe Generale Eff   5.500   5/27/2022  EUR    68.990
Bank Julius Baer & C   9.400   09/12/2022 EUR    67.550
DZ Bank AG Deutsche    6.250  12/19/2022  EUR    72.730
DZ Bank AG Deutsche    8.250  12/19/2022  EUR    74.360
EFG International Fi  17.000   6/30/2022  CHF    35.010
EFG International Fi  10.010   6/30/2022  EUR    33.320
Landesbank Baden-Wue   6.200   1/27/2023  EUR    74.620
Landesbank Baden-Wue   5.100   1/27/2023  EUR    69.760
Societe Generale Eff   7.500   5/27/2022  EUR    62.460
Societe Generale Eff   9.500   5/27/2022  EUR    58.850
Societe Generale Eff   5.000   6/24/2022  EUR    76.760
Societe Generale Eff   7.000   6/24/2022  EUR    71.200
Societe Generale Eff   9.000   6/24/2022  EUR    67.110
Zurcher Kantonalbank   7.500   01/10/2023 CHF    65.370
Leonteq Securities A  24.870   6/14/2022  CHF    20.210
Zurcher Kantonalbank  24.000   6/17/2022  CHF    48.430
Landesbank Baden-Wue  10.500   1/27/2023  EUR    68.430
Landesbank Baden-Wue   7.200   1/27/2023  EUR    69.100
Landesbank Baden-Wue  10.500   1/27/2023  EUR    49.860
Landesbank Baden-Wue   7.000   1/27/2023  EUR    74.060
Societe Generale Eff   6.000   6/24/2022  EUR    73.740
Societe Generale Eff   8.000   6/24/2022  EUR    68.950
DekaBank Deutsche Gi   3.400   7/19/2024  EUR    69.420
Landesbank Baden-Wue   2.100  11/24/2023  EUR    75.930
Zurcher Kantonalbank   7.000   01/10/2023 CHF    65.840
Vontobel Financial P   7.500   6/24/2022  EUR    60.680
Vontobel Financial P  12.000   6/24/2022  EUR    54.670
Vontobel Financial P  14.500   6/24/2022  EUR    52.200
Vontobel Financial P  12.000   6/24/2022  EUR    43.480
Vontobel Financial P  16.000   6/24/2022  EUR    51.180
Vontobel Financial P  17.000   6/24/2022  EUR    39.980
Vontobel Financial P  13.500   6/24/2022  EUR    42.180
Vontobel Financial P  11.000   6/24/2022  EUR    67.160
Leonteq Securities A  14.000   1/17/2023  CHF    71.590
Leonteq Securities A  15.740   08/10/2022 USD    31.190
Sberbank of Russia P   0.010   5/23/2028  RUB    68.900
Vontobel Financial P   8.500   5/25/2022  USD    36.710
Vontobel Financial P  10.000   6/24/2022  EUR    59.270
Vontobel Financial P  15.000   6/24/2022  EUR    53.670
Vontobel Financial P   8.000   6/24/2022  EUR    62.770
Vontobel Financial P  19.500   6/24/2022  EUR    76.210
Bank Vontobel AG      18.006   5/24/2023  EUR    57.800
Raiffeisen Schweiz G   8.000  11/21/2022  CHF    69.360
Vontobel Financial P   9.000   6/24/2022  EUR    57.770
Vontobel Financial P  10.250   6/24/2022  EUR    64.140
Vontobel Financial P   6.500   6/24/2022  EUR    74.460
DZ Bank AG Deutsche    7.000   6/22/2022  EUR    59.520
Zurcher Kantonalbank  11.000   06/07/2022 USD    72.900
Zurcher Kantonalbank  17.000   06/07/2022 USD    62.880
Societe Generale Eff  14.250   9/23/2022  EUR    30.720
Societe Generale Eff   8.250   5/27/2022  EUR    74.780
Zurcher Kantonalbank  24.500   06/02/2022 CHF    55.620
Bank Vontobel AG       6.502   5/23/2023  CHF    70.200
DZ Bank AG Deutsche   13.500   6/24/2022  EUR    70.940
DZ Bank AG Deutsche   13.200   6/24/2022  EUR    76.660
DZ Bank AG Deutsche   11.300   6/24/2022  EUR    76.300
DZ Bank AG Deutsche   20.200   6/24/2022  EUR    71.030
DZ Bank AG Deutsche   13.000   6/24/2022  EUR    69.420
DZ Bank AG Deutsche   18.400   6/24/2022  EUR    30.840
DZ Bank AG Deutsche   13.300   6/24/2022  EUR    56.060
DZ Bank AG Deutsche   16.200   6/24/2022  EUR    50.200
Vontobel Financial P   4.100  12/16/2022  EUR    71.810
Credit Suisse AG/Lon  10.000   8/26/2022  EUR    78.580
UBS AG/London         11.750  11/28/2022  CHF    41.400
UBS AG/London          8.500   5/27/2022  CHF    62.650
UBS AG/London          9.000   5/30/2023  CHF    71.050
UBS AG/London          8.500  11/28/2022  EUR    55.150
UBS AG/London         12.000  11/28/2022  CHF    73.850
Corner Banca SA       14.600  12/13/2022  CHF    42.170
Corner Banca SA       17.000  12/13/2022  USD    52.110
Leonteq Securities A  10.000   03/10/2023 CHF    35.390
Leonteq Securities A  18.000   9/13/2022  USD    46.760
Basler Kantonalbank    8.000  11/28/2022  CHF    72.180
Societe Generale Eff   5.250   8/26/2022  EUR    43.910
Societe Generale Eff  10.000   6/24/2022  EUR    73.250
Societe Generale Eff   9.500   7/22/2022  EUR    73.960
APRI Fly Planing OOO  13.000   09/02/2025 RUB    63.200
Bank Vontobel AG       7.754   5/24/2023  EUR    68.600
DZ Bank AG Deutsche    3.000  12/23/2022  EUR    47.940
DZ Bank AG Deutsche    7.000  12/23/2022  EUR    38.230
Bank Vontobel AG      21.502   05/12/2022 CHF    34.000
Leonteq Securities A  10.000   08/12/2022 CHF    67.750
Leonteq Securities A  10.000   08/12/2022 CHF    59.040
Leonteq Securities A  12.400   05/12/2022 CHF    49.680
Vontobel Financial P   9.750   9/23/2022  EUR    73.520
Landesbank Baden-Wue   4.550   5/27/2022  EUR    47.580
Landesbank Baden-Wue   3.500   5/27/2022  EUR    65.600
Leonteq Securities A  10.000   1/18/2023  USD    42.260
Landesbank Baden-Wue   3.550   6/24/2022  EUR    68.220
Landesbank Baden-Wue   2.050   6/24/2022  EUR    68.830
Raiffeisen Centroban  10.429   3/22/2023  EUR    59.670
Raiffeisen Centroban   7.648   3/22/2023  EUR    56.900
Leonteq Securities A  14.200   09/01/2022 CHF    58.960
Goldman Sachs & Co W  17.000   6/22/2022  EUR    75.350
DZ Bank AG Deutsche    9.270   6/24/2022  EUR    45.270
Leonteq Securities A  21.600  10/18/2022  CHF    38.680
Sberbank of Russia P   0.010   5/25/2026  RUB    70.400
Bank Julius Baer & C   8.800   5/19/2022  EUR    64.750
DZ Bank AG Deutsche   10.750   9/21/2022  EUR    61.240
Societe Generale Eff  16.250   8/26/2022  EUR    74.610
BNP Paribas Emission   6.150   6/23/2022  EUR    71.300
Societe Generale Eff  13.750   5/27/2022  EUR    34.690
DZ Bank AG Deutsche    5.700   6/20/2022  EUR    74.010
DZ Bank AG Deutsche    5.000   9/19/2022  EUR    75.050
Raiffeisen Schweiz G   7.000   03/10/2023 CHF    66.850
Raiffeisen Switzerla  12.500   9/13/2022  CHF    71.090
DZ Bank AG Deutsche   15.750   9/21/2022  EUR    57.970
DZ Bank AG Deutsche    5.750   6/22/2022  EUR    73.180
Bank Julius Baer & C  13.500   9/14/2022  CHF    31.600
DZ Bank AG Deutsche    5.250   6/22/2022  EUR    73.160
DZ Bank AG Deutsche    5.250   9/21/2022  EUR    68.360
Bank Julius Baer & C   6.000   9/14/2022  CHF    57.050
Bank Julius Baer & C   5.350   9/14/2022  CHF    79.100
Leonteq Securities A  24.040   9/14/2022  CHF    68.930
Leonteq Securities A  20.410   9/14/2022  CHF    25.780
Vontobel Financial P  16.500   9/23/2022  EUR    74.030
Vontobel Financial P  15.000   9/23/2022  EUR    75.030
Goldman Sachs & Co W   7.000  12/21/2022  EUR    76.660
Credit Suisse AG/Lon  10.000   5/30/2022  CHF    31.800
BNP Paribas Issuance   3.300   5/23/2022  EUR    44.500
Raiffeisen Schweiz G  16.200   9/14/2022  CHF    42.040
Raiffeisen Switzerla  10.000   03/10/2023 EUR    33.540
Bank Vontobel AG      16.000   05/12/2022 CHF    24.400
BNP Paribas Emission   8.000   9/22/2022  EUR    66.050
Corner Banca SA        8.000   9/26/2022  CHF    83.290
DZ Bank AG Deutsche    8.250   6/22/2022  EUR    59.270
DZ Bank AG Deutsche    7.250   6/22/2022  EUR    59.560
DZ Bank AG Deutsche    6.500   6/22/2022  EUR    59.190
DZ Bank AG Deutsche    6.500   6/22/2022  EUR    60.430
DZ Bank AG Deutsche    5.500   6/22/2022  EUR    64.050
Sberbank of Russia P   0.010   3/25/2026  RUB    55.400
Vontobel Financial P  17.750   3/29/2023  EUR    70.760
UniCredit Bank AG      9.900  10/20/2022  EUR    63.100
Credit Suisse AG/Lon   6.900   3/20/2023  USD     1.440
EFG International Fi  10.000   9/26/2022  CHF    65.980
UBS AG/London          9.750   9/26/2022  CHF    60.450
Sberbank of Russia P   0.010   3/25/2026  RUB    67.800
Sberbank of Russia P   0.010   3/27/2028  RUB    55.800
BNP Paribas Emission   6.000   9/22/2022  EUR    71.150
Leonteq Securities A  10.000   6/29/2022  CHF    57.900
Corner Banca SA       14.000   9/26/2022  USD    43.520
DZ Bank AG Deutsche    7.000   6/22/2022  EUR    65.200
DZ Bank AG Deutsche    9.500   6/22/2022  EUR    70.520
DZ Bank AG Deutsche    8.000   6/22/2022  EUR    56.260
DZ Bank AG Deutsche    7.750   6/22/2022  EUR    57.370
Landesbank Baden-Wue   8.900  10/28/2022  EUR    75.820
UBS AG/London         10.000   3/23/2026  USD    44.290
Bank Julius Baer & C   9.450   12/01/2022 EUR    72.650
Credit Suisse AG/Lon   8.500   06/08/2022 CHF    51.690
Credit Suisse AG/Lon  12.000   05/09/2022 USD    35.520
EFG International Fi   6.500   3/24/2023  USD    61.400
Landesbank Baden-Wue   4.000   6/27/2025  EUR    76.680
EFG International Fi  15.000   9/26/2022  CHF    50.380
UBS AG/London         12.750   9/26/2022  CHF    68.100
UBS AG/London         12.250   9/26/2022  EUR    79.450
UBS AG/London         26.250   9/26/2022  USD    38.950
Bank Julius Baer & C   5.750   6/27/2022  EUR    68.050
Vontobel Financial P  15.350   3/29/2023  EUR    70.400
Vontobel Financial P  13.950   05/05/2022 CHF    28.660
Leonteq Securities A  10.000   4/26/2022  EUR    72.670
Societe Generale Eff   5.000   5/27/2022  EUR    57.300
Societe Generale SA   24.000   11/08/2024 USD    66.750
Bank Julius Baer & C  17.200   02/06/2023 USD    53.900
Sberbank of Russia P   0.010  10/23/2026  RUB    67.100
Zurcher Kantonalbank  10.000   02/03/2023 CHF    63.890
Sberbank of Russia P   0.010  10/23/2026  RUB    66.600
DZ Bank AG Deutsche   10.000   6/22/2022  EUR    59.540
Landesbank Baden-Wue   4.050  10/28/2022  EUR    75.800
Landesbank Baden-Wue   7.400  10/28/2022  EUR    66.110
Landesbank Baden-Wue   7.850  10/28/2022  EUR    42.990
Landesbank Baden-Wue   5.750  10/28/2022  EUR    39.040
Landesbank Baden-Wue   6.850  10/28/2022  EUR    73.640
Landesbank Baden-Wue   2.700  10/28/2022  EUR    73.730
Vontobel Financial P  16.700   05/06/2022 USD    56.560
Leonteq Securities A  24.000   11/04/2022 CHF    43.650
Leonteq Securities A  27.000   11/04/2022 CHF    62.560
Leonteq Securities A  15.200   4/29/2022  CHF    62.350
Bank Vontobel AG      16.500   01/03/2023 EUR    42.700
Bank Vontobel AG       8.500   11/03/2023 CHF    49.700
Bank Vontobel AG       8.000   02/06/2023 EUR    70.400
Vontobel Financial P  14.750   1/30/2023  EUR    69.930
Vontobel Financial P   5.500  12/23/2022  EUR    71.640
Vontobel Financial P   8.500  12/23/2022  EUR    68.930
Vontobel Financial P  13.000  12/23/2022  EUR    38.120
Vontobel Financial P  10.750  12/23/2022  EUR    57.090
Vontobel Financial P  13.000  12/23/2022  EUR    69.780
Vontobel Financial P  15.500  12/23/2022  EUR    38.720
Vontobel Financial P  18.500  12/23/2022  EUR    58.150
Societe Generale Eff   5.750   8/26/2022  EUR    72.430
Leonteq Securities A  22.820  11/25/2022  CHF    37.780
Leonteq Securities A  10.000  11/25/2022  CHF    37.440
Landesbank Baden-Wue   2.850   5/26/2023  EUR    67.350
Landesbank Baden-Wue   3.000   5/26/2023  EUR    75.140
Landesbank Baden-Wue   2.200   6/23/2023  EUR    77.830
Landesbank Baden-Wue   5.850   5/26/2023  EUR    75.170
Landesbank Baden-Wue   6.200   5/26/2023  EUR    45.510
Vontobel Financial P  17.750  12/23/2022  EUR    41.240
Societe Generale Eff   5.500  11/25/2022  EUR    72.980
Societe Generale Eff   6.500  11/25/2022  EUR    71.300
Societe Generale Eff   8.500  11/25/2022  EUR    68.900
Societe Generale Eff  10.750   6/24/2022  EUR    65.590
Societe Generale Eff   4.750  11/25/2022  EUR    47.230
Societe Generale Eff   8.750  11/25/2022  EUR    74.150
Societe Generale Eff   4.750  11/25/2022  EUR    76.410
Societe Generale Eff   6.750  11/25/2022  EUR    71.730
Societe Generale Eff   8.750  11/25/2022  EUR    68.630
Societe Generale Eff  10.750  11/25/2022  EUR    66.410
Societe Generale Eff   7.000  11/25/2022  EUR    76.700
Societe Generale Eff  10.000  11/25/2022  EUR    72.520
Societe Generale Eff  12.000  11/25/2022  EUR    70.370
Vontobel Financial P   8.500  12/23/2022  EUR    51.350
Raiffeisen Switzerla  11.750   10/06/2022 CHF    70.380
UBS AG/London          6.500   3/31/2023  USD    46.200
UBS AG/London         10.250   9/30/2022  CHF    70.200
UBS AG/London          9.500   9/30/2022  CHF    59.450
Vontobel Financial P  20.000   9/23/2022  EUR    66.790
Vontobel Financial P  23.000   9/23/2022  EUR    65.020
Vontobel Financial P  17.500   9/23/2022  EUR    69.080
DZ Bank AG Deutsche    9.500  12/21/2022  EUR    66.330
DZ Bank AG Deutsche    5.250  12/21/2022  EUR    75.320
DZ Bank AG Deutsche    9.250  10/26/2022  EUR    73.990
DZ Bank AG Deutsche    5.500  12/21/2022  EUR    75.430
DZ Bank AG Deutsche    6.000  12/21/2022  EUR    72.390
DZ Bank AG Deutsche    7.750  12/21/2022  EUR    73.530
DZ Bank AG Deutsche   11.500  12/21/2022  EUR    65.890
Societe Generale Eff  13.000   7/22/2022  EUR    71.940
Societe Generale Eff  12.250   8/26/2022  EUR    72.680
Societe Generale Eff   7.750   9/23/2022  EUR    42.190
Leonteq Securities A  29.500   9/27/2022  CHF    48.470
Vontobel Financial P  14.500   9/23/2022  EUR    71.510
Vontobel Financial P  12.000   9/23/2022  EUR    74.500
Vontobel Financial P  22.000   9/23/2022  EUR    58.110
Sberbank of Russia P   0.010   9/24/2026  RUB    62.900
Leonteq Securities A   8.000   9/27/2023  CHF    70.780
Leonteq Securities A  11.000  12/27/2022  CHF    70.250
Vontobel Financial P  20.500   9/23/2022  EUR    56.750
Vontobel Financial P  18.000   9/23/2022  EUR    58.510
Vontobel Financial P   8.500   9/23/2022  EUR    56.420
Leonteq Securities A  20.000   9/27/2022  USD    45.080
Vontobel Financial P   8.000   9/23/2022  EUR    74.370
Bank Julius Baer & C  16.000   9/23/2022  CHF    29.750
Leonteq Securities A  12.000  12/28/2022  CHF    68.410
Leonteq Securities A  14.000  12/27/2022  CHF    36.470
Vontobel Financial P  15.500   9/23/2022  EUR    60.530
Vontobel Financial P  11.500   9/23/2022  EUR    66.090
Vontobel Financial P  13.500   9/23/2022  EUR    63.130
Vontobel Financial P  10.500   9/23/2022  EUR    54.410
Vontobel Financial P  15.500   9/23/2022  EUR    51.640
Leonteq Securities A  12.000  12/28/2022  USD    42.360
Vontobel Financial P  11.000   9/23/2022  EUR    67.170
Leonteq Securities A  10.000   3/24/2023  USD    52.580
SG Issuer SA           7.740   7/20/2025  SEK    57.290
Danske Bank A/S        5.300   7/15/2023  SEK    40.830
Leonteq Securities A   4.000   08/10/2022 CHF    59.160
Landesbank Baden-Wue   3.150   3/24/2023  EUR    70.510
Raiffeisen Centroban   7.644   9/21/2022  EUR    71.720
Raiffeisen Centroban   8.918   9/21/2022  EUR    68.320
Leonteq Securities A  17.600   06/08/2022 USD    28.300
Landesbank Baden-Wue   6.000   3/24/2023  EUR    71.910
Bank Vontobel AG      10.506   8/19/2022  EUR    62.600
Bank Vontobel AG       7.756   8/19/2022  CHF    58.000
Bank Vontobel AG      12.008   8/19/2022  CHF    33.900
Corner Banca SA       11.000   5/19/2022  CHF    71.610
Leonteq Securities A  15.000   5/19/2022  CHF    26.300
Leonteq Securities A  12.400   8/19/2022  EUR    69.050
Leonteq Securities A  11.400   5/19/2022  CHF    58.000
Leonteq Securities A  16.000   5/19/2022  CHF    59.080
Raiffeisen Centroban  10.192   9/21/2022  EUR    65.800
Goldman Sachs & Co W   7.000   6/22/2022  EUR    69.800
Goldman Sachs & Co W   7.000   7/20/2022  EUR    70.340
Goldman Sachs & Co W   7.000   3/22/2023  EUR    73.230
Bank Vontobel AG      10.000   01/10/2023 EUR    60.500
BrokerCreditService    8.000   1/30/2024  USD    62.170
Sberbank of Russia P   0.010   11/05/2025 RUB    68.400
Societe Generale Eff   4.750   6/24/2022  EUR    44.320
Leonteq Securities A  10.000   02/06/2023 CHF    35.570
Vontobel Financial P   8.750   9/23/2022  EUR    41.930
Leonteq Securities A  13.000   08/09/2022 CHF    76.300
Vontobel Financial P  12.000   6/24/2022  EUR    47.580
Vontobel Financial P  13.000   6/24/2022  EUR    50.650
Vontobel Financial P  12.000   6/24/2022  EUR    41.930
Zurcher Kantonalbank   6.500   8/16/2022  CHF    69.180
Bank Vontobel AG      10.000   08/08/2022 CHF    26.400
Bank Vontobel AG       9.500   02/06/2023 CHF    65.400
Bank Vontobel AG      11.000   02/06/2023 EUR    34.400
Bank Vontobel AG       8.500   02/06/2023 EUR    75.900
Vontobel Financial P  20.000   6/24/2022  EUR    65.940
Vontobel Financial P  14.500   6/24/2022  EUR    38.670
Leonteq Securities A  22.130   07/08/2022 CHF    25.520
VTB Bank PJSC          0.010   11/03/2023 RUB    66.010
Corner Banca SA       11.200   10/12/2022 EUR    44.580
Corner Banca SA       10.000   10/12/2022 CHF    32.940
Goldman Sachs & Co W   6.000   6/21/2023  EUR    75.740
Goldman Sachs & Co W   6.000   6/21/2023  EUR    68.440
UniCredit Bank AG      4.400   04/12/2023 EUR    58.750
DZ Bank AG Deutsche    5.000  12/23/2022  EUR    45.670
UniCredit Bank AG      5.150   4/24/2023  EUR    60.890
Vontobel Financial P   9.250   6/24/2022  EUR    40.040
Societe Generale Eff   3.500   5/27/2022  EUR    49.290
Leonteq Securities A   8.000   01/12/2023 CHF    62.450
Leonteq Securities A  10.000   07/12/2022 CHF    57.330
Leonteq Securities A  10.000   01/12/2023 CHF    73.740
Leonteq Securities A  10.000   10/12/2022 CHF    56.250
Leonteq Securities A  10.000   07/06/2022 EUR    28.130
UniCredit Bank AG      3.600   09/02/2024 EUR    41.520
Leonteq Securities A  12.000   01/12/2023 CHF    34.550
Goldman Sachs & Co W   7.000   9/21/2022  EUR    71.480
Goldman Sachs & Co W   7.000  12/21/2022  EUR    69.830
Goldman Sachs & Co W   7.000  12/21/2022  EUR    69.790
Goldman Sachs & Co W   6.000  12/21/2022  EUR    72.510
Vontobel Financial P  14.000   6/24/2022  EUR    71.900
Goldman Sachs & Co W   5.000   9/21/2022  EUR    72.320
Sberbank of Russia P   0.010   11/06/2025 RUB    64.700
Corner Banca SA       14.000   05/09/2022 CHF    32.360
Leonteq Securities A  11.200   02/06/2023 CHF    43.680
Leonteq Securities A  18.000   08/09/2022 USD    40.140
Leonteq Securities A  13.000   02/06/2023 USD    50.740
Leonteq Securities A  10.000   02/06/2023 CHF    49.640
Leonteq Securities A   8.000   02/06/2023 USD    71.410
Zurcher Kantonalbank   6.000   2/13/2023  CHF    71.980
Vontobel Financial P  12.500   9/23/2022  EUR    67.780
Vontobel Financial P  13.500   9/23/2022  EUR    51.950
Vontobel Financial P  16.000   6/24/2022  EUR    48.710
Vontobel Financial P  13.000   9/23/2022  EUR    42.810
Vontobel Financial P  16.000   6/24/2022  EUR    39.810
Bank Julius Baer & C  17.000   05/09/2022 CHF    59.900
Leonteq Securities A  10.000   01/09/2023 EUR    76.260
UniCredit Bank AG      6.750   08/03/2022 EUR    79.550
Goldman Sachs & Co W   7.000   5/25/2022  EUR    71.260
Goldman Sachs & Co W   7.000   6/21/2023  EUR    72.020
Vontobel Financial P   6.250   6/24/2022  EUR    71.740
Goldman Sachs & Co W   7.000   7/20/2022  EUR    76.310
BrokerCreditService    3.500   4/30/2024  USD    53.000
Goldman Sachs & Co W   8.000   7/20/2022  EUR    67.160
Bank Vontobel AG       8.000   01/10/2023 CHF    64.900
Bank Vontobel AG       8.000   01/10/2023 CHF    64.900
Leonteq Securities A  22.810   08/09/2022 CHF    32.060
Goldman Sachs & Co W   7.000   8/24/2022  EUR    72.920
Goldman Sachs & Co W   7.000   5/25/2022  EUR    75.270
Goldman Sachs & Co W   7.000   6/22/2022  EUR    75.810
Goldman Sachs & Co W   7.000   6/21/2023  EUR    75.020
Bank Vontobel AG      11.000   01/10/2023 CHF    71.300
Vontobel Financial P  16.500   6/24/2022  EUR    52.690
Goldman Sachs & Co W   6.000   3/22/2023  EUR    75.620
Goldman Sachs & Co W   7.000   9/21/2022  EUR    77.410
Goldman Sachs & Co W   7.000   3/22/2023  EUR    75.610
Goldman Sachs & Co W   8.000   8/24/2022  EUR    69.810
Goldman Sachs & Co W   8.000   6/21/2023  EUR    70.280
Sberbank of Russia P   0.010   11/05/2025 RUB    64.700
Leonteq Securities A  10.000   07/06/2022 EUR    42.350
Skandinaviska Enskil   6.800   1/15/2024  SEK    75.320
Leonteq Securities A   9.000   01/12/2023 USD    47.770
Vontobel Financial P  13.000   6/24/2022  EUR    70.770
Vontobel Financial P  13.500   6/24/2022  EUR    77.540
Vontobel Financial P  15.500   6/24/2022  EUR    75.440
Vontobel Financial P  13.000   6/24/2022  EUR    39.800
Vontobel Financial P  17.500   6/24/2022  EUR    68.790
Vontobel Financial P   8.000   6/24/2022  EUR    43.820
Vontobel Financial P   9.500   6/24/2022  EUR    42.320
EFG International Fi   8.700   7/13/2023  EUR    38.690
Vontobel Financial P  12.250   6/24/2022  EUR    75.030
Citigroup Global Mar   8.200   3/21/2024  SEK    66.560
Sberbank of Russia P   0.010  11/20/2025  RUB    68.400
Mostotrest PJSC        0.010   7/29/2026  RUB    49.400
UBS AG/London         13.500   5/18/2022  CHF    24.420
UBS AG/London         12.250  11/18/2022  EUR    35.150
UBS AG/London         12.750   5/18/2022  CHF    64.500
Landesbank Baden-Wue   2.200   1/27/2023  EUR    29.510
DekaBank Deutsche Gi   3.250   08/11/2023 EUR    71.770
DekaBank Deutsche Gi   2.800  10/20/2023  EUR    52.740
EFG International Fi   4.670  11/23/2022  EUR    71.500
Zurcher Kantonalbank  10.750   7/15/2022  EUR    41.890
Leonteq Securities A  10.000   07/12/2023 CHF    61.990
Vontobel Financial P  16.500   6/24/2022  EUR    67.720
Vontobel Financial P  11.500   6/24/2022  EUR    79.810
Landesbank Baden-Wue   2.500   6/24/2022  EUR    65.170
Bank Julius Baer & C   7.950   10/11/2022 EUR    73.600
EFG International Fi   9.430   7/19/2022  USD    50.870
EFG International Fi  10.210   7/19/2022  USD    44.930
Vontobel Financial P  14.500   6/24/2022  EUR    69.160
Vontobel Financial P  12.500   6/24/2022  EUR    75.370
Vontobel Financial P  10.500   6/24/2022  EUR    79.070
Vontobel Financial P  15.000   6/24/2022  EUR    71.940
Vontobel Financial P  11.000   6/24/2022  EUR    40.960
Zurcher Kantonalbank   4.750   7/15/2022  CHF    64.550
Landesbank Baden-Wue   3.100   3/24/2023  EUR    77.700
Vontobel Financial P  16.450   03/03/2023 EUR    65.460
DekaBank Deutsche Gi   3.250  11/25/2022  EUR    54.290
Leonteq Securities A  16.400   06/02/2022 CHF    28.100
Landesbank Baden-Wue   4.550   3/24/2023  EUR    76.130
DekaBank Deutsche Gi   3.200   9/23/2022  EUR    65.950
DekaBank Deutsche Gi   3.500   7/22/2022  EUR    68.420
SG Issuer SA           8.700   1/20/2025  SEK    49.190
Nordea Bank Abp        9.000   1/20/2025  SEK    72.900
DekaBank Deutsche Gi   3.900   4/25/2022  EUR    37.640
Landesbank Baden-Wue   2.650   6/24/2022  EUR    73.810
Societe Generale Eff   6.100   04/03/2023 EUR    64.470
Societe Generale Eff   7.550   8/23/2024  EUR    57.020
Landesbank Baden-Wue   3.000   5/26/2023  EUR    65.290
Nordea Bank Abp        6.063   7/20/2024  SEK    68.480
Nordea Bank Abp        7.150   7/20/2024  SEK    70.370
UBS AG/London         13.250   4/29/2022  CHF    53.750
DekaBank Deutsche Gi   3.300   08/12/2022 EUR    79.560
Bank Otkritie Financ   0.010   2/26/2023  RUB    84.880
Leonteq Securities A   7.600   03/09/2023 EUR    70.120
UniCredit Bank AG      3.450   04/02/2024 EUR    62.160
Sberbank of Russia P   0.010   03/11/2025 RUB    74.400
Leonteq Securities A  16.000   06/01/2022 USD    23.390
Leonteq Securities A  11.000  11/28/2022  EUR    72.380
Leonteq Securities A  10.000   12/01/2022 USD    42.790
Leonteq Securities A  10.000   12/01/2022 CHF    79.870
Corner Banca SA       15.000   8/31/2022  EUR    37.490
Leonteq Securities A  15.000   8/31/2022  CHF    64.450
Luzerner Kantonalban   7.500   6/15/2022  CHF    59.420
Leonteq Securities A  11.000   06/01/2022 CHF    54.760
Bank Julius Baer & C   9.000   09/01/2022 CHF    72.200
Bank Julius Baer & C   7.250   06/02/2022 CHF    61.550
Zurcher Kantonalbank  10.000   06/08/2022 USD    35.250
Vontobel Financial P   7.500   6/24/2022  EUR    72.710
Vontobel Financial P  11.500   6/24/2022  EUR    72.390
UniCredit Bank AG     12.000   6/16/2022  EUR    31.100
Societe Generale Eff  11.250   6/24/2022  EUR    36.420
Societe Generale Eff  13.250   6/24/2022  EUR    34.110
Societe Generale Eff  15.250   6/24/2022  EUR    32.400
Vontobel Financial P  18.750   6/24/2022  EUR    19.830
Vontobel Financial P   6.750   6/24/2022  EUR    63.330
Vontobel Financial P  18.250   6/24/2022  EUR    59.200
Vontobel Financial P  14.750   6/24/2022  EUR    61.720
Vontobel Financial P   7.000   6/24/2022  EUR    76.730
Vontobel Financial P  14.250   6/24/2022  EUR    57.840
Vontobel Financial P   9.000   6/24/2022  EUR    71.960
Vontobel Financial P   5.500   6/24/2022  EUR    70.150
Vontobel Financial P   9.000   6/24/2022  EUR    69.060
Societe Generale Eff   5.250   6/24/2022  EUR    75.770
Societe Generale Eff   7.250   6/24/2022  EUR    69.600
Societe Generale Eff   9.250   6/24/2022  EUR    65.110
Societe Generale Eff  11.250   6/24/2022  EUR    61.610
Societe Generale Eff  10.000   6/24/2022  EUR    72.360
Societe Generale Eff  11.000   6/24/2022  EUR    70.540
Societe Generale Eff  12.000   6/24/2022  EUR    68.860
Societe Generale Eff   8.500   6/24/2022  EUR    74.650
Societe Generale Eff  10.500   6/24/2022  EUR    70.750
Societe Generale Eff   8.000   6/24/2022  EUR    76.510
Societe Generale Eff   9.000   6/24/2022  EUR    74.390
Vontobel Financial P  17.000   6/24/2022  EUR    49.950
Vontobel Financial P  14.500   6/24/2022  EUR    18.670
Societe Generale Eff   5.250   6/24/2022  EUR    49.470
Societe Generale Eff   7.250   6/24/2022  EUR    43.320
Societe Generale Eff   9.250   6/24/2022  EUR    39.260
Societe Generale Eff   8.250   6/24/2022  EUR    71.980
Societe Generale Eff  10.250   6/24/2022  EUR    67.770
Societe Generale Eff  12.250   6/24/2022  EUR    64.390
Societe Generale Eff  14.250   6/24/2022  EUR    61.590
Societe Generale Eff   5.500   6/24/2022  EUR    73.210
Societe Generale Eff   6.500   6/24/2022  EUR    70.490
Societe Generale Eff   7.500   6/24/2022  EUR    68.160
Societe Generale Eff   8.500   6/24/2022  EUR    66.150
Societe Generale Eff  10.000   6/24/2022  EUR    74.520
Landesbank Baden-Wue   4.100   6/27/2025  EUR    76.060
DZ Bank AG Deutsche    5.500   6/22/2022  EUR    74.890
DZ Bank AG Deutsche    6.500   9/21/2022  EUR    72.740
Leonteq Securities A   7.400   12/01/2023 USD    72.910
Bank Julius Baer & C  10.000   06/02/2022 CHF    42.450
DZ Bank AG Deutsche   10.250   6/22/2022  EUR    70.790
DZ Bank AG Deutsche   11.000   6/22/2022  EUR    70.120
DZ Bank AG Deutsche    6.000   6/22/2022  EUR    69.120
DZ Bank AG Deutsche    5.000   9/21/2022  EUR    70.250
Leasing-Trade OOO     11.000   4/30/2026  RUB    57.600
Raiffeisen Centroban   7.500   07/07/2023 EUR    50.270
Zurcher Kantonalbank  12.500   12/02/2022 EUR    74.480
Vontobel Financial P  23.950   06/03/2022 EUR    14.880
Vontobel Financial P  26.800   06/03/2022 EUR    32.750
Vontobel Financial P  15.500   06/02/2022 EUR    70.610
Societe Generale SA    8.510   06/06/2024 USD    74.710
Landesbank Baden-Wue   3.300  11/25/2022  EUR    72.180
Landesbank Baden-Wue   4.000  11/25/2022  EUR    70.050
Landesbank Baden-Wue   5.500  11/25/2022  EUR    66.470
Landesbank Baden-Wue   5.100  11/25/2022  EUR    46.660
Landesbank Baden-Wue   7.900  11/25/2022  EUR    42.160
Landesbank Baden-Wue   2.000  11/25/2022  EUR    72.640
Landesbank Baden-Wue   3.800  11/25/2022  EUR    67.200
Landesbank Baden-Wue   6.700  11/25/2022  EUR    73.810
Landesbank Baden-Wue   6.300  11/25/2022  EUR    78.030
Landesbank Baden-Wue   3.800  11/25/2022  EUR    69.850
DZ Bank AG Deutsche   15.500   6/24/2022  EUR    71.340
Landesbank Baden-Wue   5.750  11/25/2022  EUR    73.680
Landesbank Baden-Wue   7.850  11/25/2022  EUR    69.500
Landesbank Baden-Wue   2.000  11/25/2022  EUR    61.100
Landesbank Baden-Wue   5.350  11/25/2022  EUR    49.880
Landesbank Baden-Wue   8.500  11/25/2022  EUR    44.520
Landesbank Baden-Wue   4.350  11/25/2022  EUR    51.850
Landesbank Baden-Wue   5.400  11/25/2022  EUR    49.750
Landesbank Baden-Wue   6.600  11/25/2022  EUR    48.110
Landesbank Baden-Wue   5.900  11/25/2022  EUR    59.670
DekaBank Deutsche Gi   3.050   7/22/2022  EUR    64.550
UniCredit Bank AG      4.100   08/02/2023 EUR    76.300
Skandinaviska Enskil   7.800   7/15/2024  SEK    72.610
Vontobel Financial P  17.000   6/24/2022  EUR    64.820
Vontobel Financial P  12.500   6/24/2022  EUR    70.280
UniCredit Bank AG      7.300   6/14/2024  EUR    58.930
UniCredit Bank AG      7.200   6/14/2024  EUR    74.870
Vontobel Financial P  19.500   6/24/2022  EUR    63.350
Vontobel Financial P  22.500   6/24/2022  EUR    59.230
Bank Vontobel AG      15.010   08/08/2022 USD    51.400
Bank Vontobel AG      14.257   08/08/2022 CHF    50.500
Societe Generale SA    6.820   5/18/2026  USD    66.900
DZ Bank AG Deutsche   14.800   6/24/2022  EUR    74.830
DZ Bank AG Deutsche   15.200   9/23/2022  EUR    73.500
DZ Bank AG Deutsche    8.500   6/22/2022  EUR    58.450
DZ Bank AG Deutsche    5.500   9/23/2022  EUR    75.740
DZ Bank AG Deutsche    7.100   9/23/2022  EUR    71.590
DZ Bank AG Deutsche    9.100   9/23/2022  EUR    68.130
DZ Bank AG Deutsche   11.200   9/23/2022  EUR    65.190
DZ Bank AG Deutsche   20.400   5/27/2022  EUR    66.310
DZ Bank AG Deutsche   12.000   6/24/2022  EUR    74.480
DZ Bank AG Deutsche    9.100   6/24/2022  EUR    72.110
DZ Bank AG Deutsche    8.300   9/23/2022  EUR    73.870
DZ Bank AG Deutsche   10.800   9/23/2022  EUR    70.350
DZ Bank AG Deutsche   15.000   6/24/2022  EUR    73.420
DZ Bank AG Deutsche   16.500   6/24/2022  EUR    73.620
DZ Bank AG Deutsche   14.500   9/23/2022  EUR    73.090
DZ Bank AG Deutsche   18.800   5/27/2022  EUR    63.570
DZ Bank AG Deutsche   21.200   6/24/2022  EUR    59.210
DZ Bank AG Deutsche   19.000   9/23/2022  EUR    62.890
DZ Bank AG Deutsche    8.700   9/23/2022  EUR    75.420
DZ Bank AG Deutsche   11.700   9/23/2022  EUR    70.390
DZ Bank AG Deutsche    6.250   6/20/2022  EUR    74.890
DZ Bank AG Deutsche    9.500   6/20/2022  EUR    71.700
EFG International Fi  15.000  11/14/2022  EUR    73.800
EFG International Fi  22.000   05/12/2022 CHF    59.390
EFG International Fi  14.000   05/12/2022 USD    45.830
Credit Suisse AG/Lon   8.000   08/12/2022 CHF    79.590
UBS AG/London         14.750  11/14/2022  CHF    40.950
UBS AG/London         10.500  11/14/2022  CHF    38.600
UBS AG/London         11.250  11/14/2022  CHF    62.800
UBS AG/London          5.500   05/12/2023 EUR    74.900
UBS AG/London         11.750  11/14/2022  CHF    39.800
Corner Banca SA       15.000  11/21/2022  USD    61.140
Leonteq Securities A  13.000  11/21/2022  USD    35.740
Leonteq Securities A   9.000  11/21/2022  CHF    54.590
Basler Kantonalbank   11.000   05/12/2022 CHF    68.000
Bank Julius Baer & C   8.550   5/13/2022  USD    39.500
Bank Julius Baer & C   6.000   5/13/2022  EUR    70.850
Leonteq Securities A   9.450   5/13/2022  USD    18.200
Leonteq Securities A  28.960   5/17/2022  CHF    55.070
Leonteq Securities A  10.000  11/14/2022  CHF    73.700
Vontobel Financial P  18.500   6/24/2022  EUR    64.900
Vontobel Financial P  16.500   6/24/2022  EUR    71.820
Vontobel Financial P  10.500   6/24/2022  EUR    74.340
Vontobel Financial P  12.500   6/24/2022  EUR    71.270
Vontobel Financial P  14.500   6/24/2022  EUR    68.480
Vontobel Financial P  18.500   6/24/2022  EUR    63.650
Vontobel Financial P  16.500   6/24/2022  EUR    65.950
Vontobel Financial P  11.000   6/24/2022  EUR    69.260
Vontobel Financial P   8.000   6/24/2022  EUR    73.770
Vontobel Financial P   9.500   6/24/2022  EUR    71.430
Vontobel Financial P  12.500   6/24/2022  EUR    67.250
Vontobel Financial P  14.000   6/24/2022  EUR    65.390
Vontobel Financial P  15.500   6/24/2022  EUR    63.660
Vontobel Financial P  17.000   6/24/2022  EUR    62.040
Vontobel Financial P   7.500   6/24/2022  EUR    69.300
Vontobel Financial P   8.000   6/24/2022  EUR    65.030
Vontobel Financial P   9.000   6/24/2022  EUR    66.190
Vontobel Financial P  16.000   6/24/2022  EUR    54.650
Credit Suisse AG/Lon  10.000   5/13/2022  USD    46.640
Vontobel Financial P  18.500   6/24/2022  EUR    77.310
Vontobel Financial P  13.500   6/24/2022  EUR    46.600
Vontobel Financial P  17.500   6/24/2022  EUR    42.800
Corner Banca SA       11.000  11/17/2022  EUR    61.200
Leonteq Securities A   9.000  11/17/2022  CHF    70.500
Leonteq Securities A  18.000   5/17/2022  USD    38.790
Leonteq Securities A  13.200   5/13/2022  USD    38.660
Leonteq Securities A   9.000   8/17/2022  CHF    70.780
Leonteq Securities A  10.000   8/17/2022  CHF    48.700
Vontobel Financial P  11.300   5/17/2022  USD    35.130
Vontobel Financial P  15.350   5/17/2022  USD    66.960
Bank Vontobel AG      11.008  11/14/2022  CHF    75.500
Vontobel Financial P   5.500   6/24/2022  EUR    64.920
Vontobel Financial P   8.750   6/24/2022  EUR    60.690
Vontobel Financial P   5.250   6/24/2022  EUR    74.810
Vontobel Financial P  11.750   6/24/2022  EUR    48.350
Vontobel Financial P  14.750   6/24/2022  EUR    66.180
Vontobel Financial P  11.750   6/24/2022  EUR    70.520
Vontobel Financial P  12.000   6/24/2022  EUR    60.310
Vontobel Financial P  14.250   6/24/2022  EUR    66.630
Leonteq Securities A  20.000   8/16/2022  CHF    68.750
Zurcher Kantonalbank  17.500   8/22/2022  CHF    61.290
Landesbank Baden-Wue   2.750  11/25/2022  EUR    54.310
Landesbank Baden-Wue   5.000  11/25/2022  EUR    75.720
Landesbank Baden-Wue   3.200  11/25/2022  EUR    37.930
Landesbank Baden-Wue   5.100  11/25/2022  EUR    34.260
Vontobel Financial P  14.500   6/24/2022  EUR    64.650
Vontobel Financial P   9.500   9/23/2022  EUR    61.890
UBS AG/London         10.000   06/02/2022 CHF    65.050
UBS AG/London          8.250   12/02/2022 CHF    62.400
Luzerner Kantonalban   7.600   8/16/2022  CHF    65.830
EFG International Fi  10.000   06/02/2022 CHF    46.540
Sberbank of Russia P   0.010   12/05/2025 RUB    64.600
Sberbank of Russia P   0.010   12/08/2025 RUB    65.400
SG Issuer SA           1.050  11/20/2025  EUR    15.550
Leonteq Securities A  12.000   06/08/2022 CHF    34.670
Leonteq Securities A  10.000   06/08/2022 EUR    64.610
Leonteq Securities A  11.000   06/07/2022 CHF    55.430
Nordea Bank Abp        2.000  12/29/2025  SEK    72.320
Vontobel Financial P  12.800   06/08/2022 USD    51.870
Raiffeisen Switzerla   7.500   06/07/2022 CHF    60.620
UniCredit Bank AG      5.800   01/12/2024 EUR    52.740
Vontobel Financial P   7.150   12/09/2022 CHF    67.110
UBS AG/London          7.250   12/09/2022 CHF    62.500
UBS AG/London         16.000   06/09/2022 USD    61.400
UBS AG/London         10.500   06/09/2022 CHF    34.950
UBS AG/London         12.250   06/09/2022 CHF    34.700
EFG International Fi  11.000   06/10/2022 USD    39.080
DekaBank Deutsche Gi   2.900   1/13/2023  EUR    43.650
DekaBank Deutsche Gi   2.000   01/12/2024 EUR    74.780
DekaBank Deutsche Gi   2.300   1/13/2023  EUR    75.060
Zurcher Kantonalbank   8.000  12/14/2022  CHF    65.770
Bank Vontobel AG       7.504   6/13/2022  CHF    33.400
Bank Vontobel AG       9.006   6/14/2022  CHF    58.900
Bank Vontobel AG      10.253   6/14/2022  EUR    62.400
Skandinaviska Enskil   7.450   1/15/2025  SEK    67.240
Nordea Bank Abp        8.500   1/20/2025  SEK    60.520
Landesbank Baden-Wue   3.150   3/24/2023  EUR    75.750
Sberbank of Russia P   0.010   9/25/2025  RUB    76.000
SG Issuer SA           2.200   01/10/2025 EUR    71.850
UniCredit Bank AG      4.800   05/06/2022 EUR    68.080
EFG International Fi   9.800  12/27/2022  CHF    60.400
Societe Generale SA   27.300  10/20/2025  USD    33.650
Skandinaviska Enskil   6.400   1/15/2025  SEK    65.220
Landesbank Baden-Wue   3.600   6/23/2023  EUR    60.090
Sberbank of Russia P   1.169   12/12/2024 RUB    73.200
Erste Group Bank AG    7.500   1/30/2025  EUR    73.200
Sberbank of Russia P   0.010   09/01/2025 RUB    73.600
UBS AG/London          6.750   5/16/2022  CHF    53.450
Bank Vontobel AG      10.003   9/19/2022  CHF    51.600
UBS AG/London         16.500   9/15/2022  USD    31.100
Zurcher Kantonalbank  10.500  11/18/2022  USD    64.080
Bank Vontobel AG      29.000   1/24/2023  CHF    54.400
UniCredit Bank AG      4.200   06/05/2023 EUR    63.130
Zurcher Kantonalbank   6.300  12/16/2022  CHF    45.200
Leonteq Securities A   6.600   01/09/2023 CHF    57.000
EFG International Fi  15.000   01/09/2023 USD    67.800
EFG International Fi   4.900  10/20/2023  USD    62.910
Skandinaviska Enskil   5.750   1/15/2025  SEK    70.160
EFG International Fi   4.900  10/16/2023  USD    65.570
Sberbank of Russia P   0.010  10/20/2025  RUB    69.100
UBS AG/London          9.250  10/21/2022  CHF    48.350
Sberbank of Russia P   0.010  10/23/2025  RUB    66.000
Sberbank of Russia P   0.010  10/22/2025  RUB    70.800
Sberbank of Russia P   0.010  10/23/2025  RUB    62.000
UniCredit Bank AG      6.600   9/13/2023  EUR    66.640
UBS AG/London         14.500  10/17/2022  USD    26.900
UniCredit Bank AG      4.150   05/08/2023 EUR    57.360
UniCredit Bank AG      4.900   5/22/2023  EUR    67.590
Sberbank of Russia P   3.200   9/24/2025  RUB    73.900
Sberbank of Russia P   0.010   9/17/2025  RUB    68.400
Bayerische Landesban   2.150   1/27/2023  EUR    76.620
Bayerische Landesban   3.500   1/26/2024  EUR    72.230
Bank Vontobel AG       9.501   12/12/2022 CHF    66.700
Bank Vontobel AG       9.750   12/12/2022 CHF    69.800
Landesbank Baden-Wue   7.500   7/22/2022  EUR    70.740
Landesbank Baden-Wue   3.100   7/22/2022  EUR    55.900
Landesbank Baden-Wue   5.850   7/22/2022  EUR    47.850
Landesbank Baden-Wue   3.250   7/22/2022  EUR    76.710
Landesbank Baden-Wue   4.300   7/22/2022  EUR    71.300
DZ Bank AG Deutsche   24.000   6/24/2022  EUR    42.080
DZ Bank AG Deutsche   24.400   6/24/2022  EUR    42.620
DZ Bank AG Deutsche   20.400   6/24/2022  EUR    56.700
Sberbank of Russia P   0.010  12/16/2025  RUB    68.700
Societe Generale Eff   3.000   6/24/2022  EUR    52.590
Societe Generale Eff  11.250   6/24/2022  EUR    56.880
Societe Generale Eff   6.250   7/22/2022  EUR    38.920
Societe Generale Eff  14.250   7/22/2022  EUR    30.070
Vontobel Financial P   9.500   6/24/2022  EUR    43.150
Leonteq Securities A  11.000   05/05/2022 CHF    36.540
Leonteq Securities A   9.000   02/08/2023 CHF    63.480
Vontobel Financial P   7.000   6/24/2022  EUR    72.510
Vontobel Financial P   7.500   9/23/2022  EUR    71.930
Vontobel Financial P  12.000   9/23/2022  EUR    67.230
Vontobel Financial P  15.000   9/23/2022  EUR    64.630
Sberbank of Russia P   1.165   2/24/2025  RUB    74.300
Raiffeisen Schweiz G   6.000   8/24/2022  CHF    73.390
Landesbank Baden-Wue   2.000   6/24/2022  EUR    73.470
DZ Bank AG Deutsche   16.900   6/24/2022  EUR    31.830
DZ Bank AG Deutsche   11.250   6/22/2022  EUR    74.830
DZ Bank AG Deutsche   14.600   6/24/2022  EUR    69.660
DZ Bank AG Deutsche    8.300   6/24/2022  EUR    64.670
Bank Vontobel AG       8.500   12/12/2022 EUR    64.900
Landesbank Baden-Wue   8.600   6/24/2022  EUR    39.210
Landesbank Baden-Wue   5.100   6/24/2022  EUR    45.500
DZ Bank AG Deutsche   24.400   6/24/2022  EUR    46.440
DZ Bank AG Deutsche   14.000   6/24/2022  EUR    34.210
DZ Bank AG Deutsche    8.000   6/22/2022  EUR    57.440
DZ Bank AG Deutsche   10.200   6/24/2022  EUR    69.030
DZ Bank AG Deutsche   17.500   6/24/2022  EUR    65.770
DZ Bank AG Deutsche    4.600   6/24/2022  EUR    71.610
DZ Bank AG Deutsche   10.800   6/24/2022  EUR    61.940
UBS AG/London          7.250   07/05/2022 EUR    70.420
Landesbank Baden-Wue   3.250   6/24/2022  EUR    67.340
DZ Bank AG Deutsche   16.800   6/24/2022  EUR    52.260
DZ Bank AG Deutsche   19.200   6/24/2022  EUR    49.310
DZ Bank AG Deutsche   15.400   6/24/2022  EUR    51.040
Landesbank Baden-Wue   8.250   7/22/2022  EUR    70.310
Vontobel Financial P   8.750   6/24/2022  EUR    67.900
DZ Bank AG Deutsche   16.700   6/24/2022  EUR    65.960
Landesbank Baden-Wue   4.000   6/24/2022  EUR    72.090
Landesbank Baden-Wue   4.500   6/24/2022  EUR    61.360
Vontobel Financial P  15.000   6/24/2022  EUR    69.270
Vontobel Financial P   7.500   6/24/2022  EUR    73.110
Vontobel Financial P  17.500   6/24/2022  EUR    65.280
Vontobel Financial P   5.500   6/24/2022  EUR    54.530
Raiffeisen Schweiz G   8.000   9/14/2022  EUR    65.100
Raiffeisen Schweiz G  11.000  12/14/2022  CHF    73.100
Raiffeisen Schweiz G   5.000   8/24/2022  CHF    73.050
Bank Vontobel AG       9.502   12/12/2022 CHF    66.700
Bank Vontobel AG       7.502   12/12/2022 CHF    64.800
Bank Vontobel AG      15.001   9/13/2022  CHF    31.400
Vontobel Financial P  18.000   6/24/2022  EUR    62.110
Vontobel Financial P  20.000   6/24/2022  EUR    68.830
Vontobel Financial P  16.500   6/24/2022  EUR    74.610
Vontobel Financial P   7.500   6/24/2022  EUR    55.670
Vontobel Financial P  18.000   6/24/2022  EUR    53.630
Raiffeisen Schweiz G  10.000  12/14/2022  CHF    60.020
Vontobel Financial P   9.500   6/24/2022  EUR    67.700
Vontobel Financial P  16.000   6/24/2022  EUR    58.410
Vontobel Financial P   7.500   6/24/2022  EUR    71.660
Vontobel Financial P  20.500   6/24/2022  EUR    53.830
Leonteq Securities A   6.800   2/20/2023  CHF    70.010
Vontobel Financial P  11.000   6/24/2022  EUR    68.890
Vontobel Financial P  13.500   6/24/2022  EUR    68.800
Vontobel Financial P  18.000   6/24/2022  EUR    72.470
Vontobel Financial P  15.500   6/24/2022  EUR    64.570
Vontobel Financial P  13.500   6/24/2022  EUR    61.090
Vontobel Financial P  11.000   6/24/2022  EUR    64.120
Leonteq Securities A   6.000   2/20/2023  CHF    63.580
VTB Bank PJSC          2.000   4/29/2026  RUB    63.000
Credit Suisse AG/Lon   6.000   8/22/2022  CHF    71.870
EFG International Fi   9.800   6/21/2023  EUR    42.420
Bank Vontobel AG       7.550   1/30/2023  CHF    68.300
Leonteq Securities A  10.000  10/31/2022  USD    49.960
Zurcher Kantonalbank  18.000   05/06/2022 CHF    50.550
Leonteq Securities A  15.000   08/02/2022 CHF    27.630
Leonteq Securities A  10.000   1/30/2023  EUR    78.480
Leonteq Securities A  17.000   08/02/2022 USD    34.510
Leonteq Securities A  26.350   08/03/2022 CHF    65.330
Leonteq Securities A   9.000  10/31/2022  CHF    61.200
Leonteq Securities A  12.000   6/21/2022  CHF    32.450
Leonteq Securities A  20.000   7/29/2022  CHF    35.930
Leonteq Securities A  22.450   7/29/2022  CHF    33.700
Vontobel Financial P   6.500   6/24/2022  EUR    69.790
Zurcher Kantonalbank  11.000   6/28/2022  CHF    76.180
Leonteq Securities A  11.000  10/31/2022  USD    47.150
Landesbank Baden-Wue   5.650   5/27/2022  EUR    43.680
Vontobel Financial P   8.000   6/24/2022  EUR    69.960
Vontobel Financial P   9.500   6/24/2022  EUR    67.870
Vontobel Financial P  14.000   6/24/2022  EUR    62.470
Vontobel Financial P  17.000   6/24/2022  EUR    59.460
Vontobel Financial P  21.000   6/24/2022  EUR    74.420
Vontobel Financial P  16.500   6/24/2022  EUR    66.420
Vontobel Financial P   5.500   6/24/2022  EUR    68.560
Vontobel Financial P  15.500   6/24/2022  EUR    71.630
Vontobel Financial P  13.000   6/24/2022  EUR    76.420
Vontobel Financial P  10.000   6/24/2022  EUR    31.100
Credit Suisse AG/Lon   8.250   9/19/2022  EUR    69.350
Zurcher Kantonalbank   8.000   08/08/2022 CHF    69.780
Vontobel Financial P  10.500   6/24/2022  EUR    62.160
Zurcher Kantonalbank  15.500   05/10/2022 CHF    69.780
Vontobel Financial P   8.000   6/24/2022  EUR    64.950
Vontobel Financial P  17.500   6/24/2022  EUR    72.570
Vontobel Financial P  13.500   6/24/2022  EUR    57.120
Vontobel Financial P  18.000   6/24/2022  EUR    59.360
Vontobel Financial P  12.500   6/24/2022  EUR    65.360
Vontobel Financial P  16.000   6/24/2022  EUR    61.610
Vontobel Financial P  16.500   6/24/2022  EUR    76.320
Vontobel Financial P  16.000   6/24/2022  EUR    72.710
Vontobel Financial P   7.500   6/24/2022  EUR    60.730
Sberbank of Russia P   0.010   03/04/2026 RUB    64.900
UBS AG/London          9.750   09/05/2022 CHF    66.400
UBS AG/London         16.250   09/05/2022 CHF    57.300
Leonteq Securities A  20.000   06/01/2022 EUR    67.750
EFG International Fi   6.400   03/08/2023 USD    70.100
UniCredit Bank AG      5.300   04/08/2025 EUR    75.230
Zurcher Kantonalbank  13.000   6/17/2022  CHF    64.630
Sberbank of Russia P   0.010   03/06/2028 RUB    57.300
Bank Vontobel AG      23.008   06/02/2022 CHF    41.800
Bank Vontobel AG      10.506   09/02/2022 CHF    66.500
Bank Vontobel AG       8.252   09/02/2022 EUR    70.100
Bank Vontobel AG       7.259   06/03/2022 CHF    65.300
Sberbank of Russia P   0.010   03/05/2026 RUB    68.000
Bank Vontobel AG       7.250   06/03/2022 CHF    51.600
Bank Vontobel AG       5.254   09/02/2022 CHF    69.600
Bank Vontobel AG      14.004   09/02/2022 CHF    40.500
Sberbank of Russia P   0.010   03/04/2026 RUB    64.200
Leonteq Securities A  14.000   06/08/2022 CHF    39.770
Leonteq Securities A  17.000   06/08/2022 USD    31.280
Zurcher Kantonalbank   7.000   09/08/2022 CHF    79.770
Bank Vontobel AG      25.504   5/24/2022  CHF    35.800
Bank Vontobel AG      15.004   8/26/2022  CHF    30.400
Bank Vontobel AG      15.004   8/26/2022  CHF    30.400
DZ Bank AG Deutsche    8.000   6/20/2022  EUR    75.160
Bank Julius Baer & C   7.000   06/10/2022 CHF    49.500
DZ Bank AG Deutsche    5.500   6/22/2022  EUR    73.920
Leonteq Securities A  16.000   06/10/2022 CHF    32.190
Aerofuels JSC          9.250   2/28/2024  RUB    71.380
UBS AG/London          9.250   03/10/2023 CHF    59.800
UBS AG/London         10.750   09/12/2022 CHF    56.200
UBS AG/London         16.500   09/12/2022 CHF    60.950
Raiffeisen Switzerla   8.500   09/08/2022 CHF    56.490
Vontobel Financial P   3.000   09/05/2023 EUR    75.570
Landesbank Baden-Wue   2.200  12/23/2022  EUR    74.920
Landesbank Baden-Wue   2.150  12/23/2022  EUR    55.420
Landesbank Baden-Wue   3.000  12/23/2022  EUR    60.930
DekaBank Deutsche Gi   2.500  10/24/2023  EUR    65.980
SG Issuer SA           8.120   7/20/2023  SEK    68.580
UniCredit Bank AG      3.600   10/05/2022 EUR    55.530
DekaBank Deutsche Gi   2.600  10/24/2023  EUR    66.120
Landesbank Baden-Wue   2.600   9/22/2023  EUR    70.160
Danske Bank A/S        7.141   07/09/2023 SEK    68.360
Bank Julius Baer & C   8.900   6/17/2022  USD    63.450
Vontobel Financial P   8.250   6/24/2022  EUR    44.030
Vontobel Financial P   4.200   9/16/2022  EUR    75.630
Vontobel Financial P   8.500   7/13/2022  EUR    69.660
VTB Bank PJSC          0.010   5/20/2026  RUB    66.150
Credit Suisse AG/Lon  12.000   4/29/2022  USD    19.110
Vontobel Financial P  16.500   6/24/2022  EUR    53.670
Vontobel Financial P  15.000   6/24/2022  EUR    62.820
Vontobel Financial P   9.000   6/24/2022  EUR    48.490
Vontobel Financial P  17.000   6/24/2022  EUR    40.810
Vontobel Financial P  13.000   6/24/2022  EUR    44.180
Vontobel Financial P   5.000   6/24/2022  EUR    65.750
Vontobel Financial P  10.500   6/24/2022  EUR    56.640
Leonteq Securities A  24.350   4/29/2022  CHF    54.020
UniCredit Bank AG     12.000   8/18/2022  EUR    50.600
Societe Generale Eff   4.750   6/24/2022  EUR    38.960
Bank Vontobel AG      11.000   08/01/2022 EUR    43.700
Vontobel Financial P  11.500   6/24/2022  EUR    72.660
Vontobel Financial P  12.500   6/24/2022  EUR    70.920
Vontobel Financial P  15.000   6/24/2022  EUR    67.810
Vontobel Financial P  14.000   6/24/2022  EUR    69.360
Vontobel Financial P  16.500   6/24/2022  EUR    64.570
Vontobel Financial P  15.000   6/24/2022  EUR    26.970
Vontobel Financial P  10.500   6/24/2022  EUR    68.290
Vontobel Financial P  13.500   6/24/2022  EUR    64.020
Vontobel Financial P  17.000   6/24/2022  EUR    60.450
Vontobel Financial P  11.500   6/24/2022  EUR    74.660
Vontobel Financial P  17.000   6/24/2022  EUR    66.500
Vontobel Financial P   7.500   6/24/2022  EUR    33.260
Vontobel Financial P   5.500   6/24/2022  EUR    58.160
Leonteq Securities A  12.000   7/29/2022  CHF    62.470
Leonteq Securities A   7.000   05/03/2023 CHF    65.400
Vontobel Financial P   8.250   6/24/2022  EUR    62.800
Vontobel Financial P   9.750   6/24/2022  EUR    71.160
Leonteq Securities A  10.000   11/02/2022 CHF    48.260
Leonteq Securities A   5.000   1/30/2023  USD    46.180
Leonteq Securities A   2.800   7/29/2022  EUR    52.350
Leonteq Securities A  23.180   4/29/2022  USD    21.640
Zurcher Kantonalbank  10.000   6/24/2022  CHF    68.930
Zurcher Kantonalbank   9.000   6/28/2022  CHF    77.830
Vontobel Financial P  12.000   6/24/2022  EUR    31.680
Goldman Sachs & Co W  15.000   6/22/2022  EUR    67.460
Goldman Sachs & Co W  19.000   6/22/2022  EUR    63.340
Goldman Sachs & Co W  12.000   3/22/2023  EUR    66.070
Goldman Sachs & Co W  10.000   6/22/2022  EUR    72.450
Goldman Sachs & Co W  10.000   9/21/2022  EUR    74.860
Goldman Sachs & Co W   7.000  12/21/2022  EUR    74.350
Goldman Sachs & Co W  10.000  12/21/2022  EUR    69.730
Goldman Sachs & Co W  13.000  12/21/2022  EUR    63.740
Goldman Sachs & Co W   8.000   3/22/2023  EUR    73.410
Goldman Sachs & Co W  10.000   3/22/2023  EUR    69.300
Goldman Sachs & Co W  10.000   9/21/2022  EUR    74.860
Goldman Sachs & Co W  17.000   6/22/2022  EUR    57.840
Goldman Sachs & Co W   8.000   9/21/2022  EUR    73.090
Goldman Sachs & Co W   9.000   9/21/2022  EUR    70.000
Goldman Sachs & Co W  15.000   9/21/2022  EUR    61.290
DekaBank Deutsche Gi   3.350   04/08/2024 EUR    67.610
DekaBank Deutsche Gi   3.250   04/06/2023 EUR    72.780
Leonteq Securities A   8.000   3/15/2023  CHF    61.210
Zurcher Kantonalbank   8.500   06/10/2022 EUR    40.450
Vontobel Financial P  16.000   6/24/2022  EUR    70.210
Vontobel Financial P  14.000   6/24/2022  EUR    72.390
Vontobel Financial P  14.000   6/24/2022  EUR    71.170
Vontobel Financial P  15.000   6/24/2022  EUR    27.820
Vontobel Financial P  10.500   6/24/2022  EUR    58.560
Zurcher Kantonalbank   7.750   05/10/2022 CHF    76.890
Bank Julius Baer & C   9.250   9/19/2022  EUR    71.300
Bank Julius Baer & C   8.450   6/17/2022  USD    73.350
Bank Julius Baer & C  12.000   9/19/2022  USD    69.450
Landesbank Baden-Wue   3.000   8/26/2022  EUR    70.120
Vontobel Financial P   8.500   6/24/2022  EUR    71.570
Vontobel Financial P  17.500   6/24/2022  EUR    75.040
Vontobel Financial P  16.000   6/24/2022  EUR    67.970
Vontobel Financial P  18.000   6/24/2022  EUR    68.050
Vontobel Financial P  17.500   6/24/2022  EUR    26.580
Vontobel Financial P  12.500   6/24/2022  EUR    29.310
Landesbank Baden-Wue   4.000   7/25/2025  EUR    48.610
Societe Generale Eff   6.500   6/24/2022  EUR    34.620
Vontobel Financial P   7.500   6/24/2022  EUR    70.460
Vontobel Financial P  19.500   6/24/2022  EUR    57.090
Zurcher Kantonalbank   9.250   05/10/2022 CHF    72.090
Vontobel Financial P  18.500   6/24/2022  EUR    63.710
Goldman Sachs & Co W   7.000   6/22/2022  EUR    75.440
Vontobel Financial P   9.500   6/24/2022  EUR    67.670
Vontobel Financial P  11.500   6/24/2022  EUR    65.140
Vontobel Financial P  15.500   6/24/2022  EUR    60.750
Vontobel Financial P  13.500   6/24/2022  EUR    62.840
Vontobel Financial P  12.500   6/24/2022  EUR    64.140
Vontobel Financial P  10.500   6/24/2022  EUR    65.860
Zurcher Kantonalbank  20.500   08/09/2022 CHF    46.890
Vontobel Financial P  12.000   6/24/2022  EUR    59.200
Vontobel Financial P   8.500   6/24/2022  EUR    63.420
Vontobel Financial P   7.500   6/24/2022  EUR    31.920
Vontobel Financial P  12.500   6/24/2022  EUR    28.330
Vontobel Financial P  17.500   6/24/2022  EUR    25.830
Zurcher Kantonalbank   8.000   05/10/2022 EUR    73.400
EFG International Fi   8.560   6/17/2022  CHF    67.900
Leonteq Securities A  21.290   6/17/2022  CHF    64.380
Vontobel Financial P  15.000   6/24/2022  EUR    55.320
Leonteq Securities A  20.760   6/17/2022  CHF    26.260
Vontobel Financial P   6.000   6/24/2022  EUR    54.290
Vontobel Financial P   5.500   6/24/2022  EUR    68.090
Vontobel Financial P  13.500   6/24/2022  EUR    53.180
Vontobel Financial P   6.000   6/24/2022  EUR    73.610
Vontobel Financial P  10.500   6/24/2022  EUR    74.490
Vontobel Financial P  10.000   6/24/2022  EUR    29.960
Vontobel Financial P  13.500   6/24/2022  EUR    59.760
Vontobel Financial P  17.000   6/24/2022  EUR    50.350
Societe Generale Eff   5.000   5/27/2022  EUR    37.370
Vontobel Financial P  17.500   6/24/2022  EUR    58.840
Vontobel Financial P   6.500   6/24/2022  EUR    72.210
Vontobel Financial P  15.500   6/24/2022  EUR    60.910
Vontobel Financial P  17.500   6/24/2022  EUR    65.030
Landesbank Baden-Wue   2.650   9/22/2023  EUR    68.210
Leonteq Securities A  23.690   06/03/2022 CHF    24.540
Leonteq Securities A  23.290   06/03/2022 CHF    63.800
Leonteq Securities A  11.000   09/07/2022 CHF    60.860
EFG International Fi   9.850   06/08/2022 USD    71.890
Erste Group Bank AG    8.000   6/30/2022  EUR    66.300
Erste Group Bank AG    6.500   6/30/2022  EUR    66.000
Erste Group Bank AG    4.250   6/30/2022  EUR    65.900
UniCredit Bank AG      4.050   07/01/2024 EUR    73.220
UBS AG/London         11.000  11/30/2022  CHF    34.450
UBS AG/London          6.500  11/30/2022  CHF    69.750
UBS AG/London          5.250   5/31/2023  CHF    75.700
UBS AG/London         10.250  11/30/2022  CHF    61.500
UBS AG/London          5.250   5/31/2023  EUR    65.100
UBS AG/London         12.500  11/30/2022  CHF    59.650
Leonteq Securities A  14.000   06/08/2022 CHF    38.410
Leonteq Securities A  12.000   06/08/2022 CHF    17.540
Zurcher Kantonalbank   9.500   6/15/2022  EUR    67.740
Zurcher Kantonalbank   9.250   6/15/2022  CHF    72.000
Vontobel Financial P  12.750   6/24/2022  EUR    67.040
Vontobel Financial P  10.000   6/24/2022  EUR    63.630
Raiffeisen Centroban  12.652   9/21/2022  EUR    70.140
Vontobel Financial P  12.000   6/24/2022  EUR    63.720
Vontobel Financial P   9.750   6/24/2022  EUR    34.550
DZ Bank AG Deutsche    7.000   9/19/2022  EUR    72.330
DZ Bank AG Deutsche    6.200   6/20/2022  EUR    73.660
DZ Bank AG Deutsche    5.400   9/19/2022  EUR    74.930
Raiffeisen Switzerla  13.000   5/19/2022  CHF    58.040
Leonteq Securities A   9.300   8/24/2022  USD    43.760
UBS AG/London         11.000   8/24/2022  CHF    49.350
UBS AG/London         11.250   8/24/2022  CHF    67.150
Credit Suisse AG/Lon   7.250   5/18/2022  CHF    60.170
Credit Suisse AG/Lon   8.100   8/23/2022  CHF    67.160
UniCredit Bank AG      4.450  12/29/2022  EUR    35.590
EFG International Fi   7.000   5/23/2022  EUR    31.670
SG Issuer SA           7.500   1/20/2025  SEK    46.800
Landesbank Baden-Wue   2.750  11/25/2022  EUR    56.690
UniCredit Bank AG      3.800  12/29/2022  EUR    41.550
DekaBank Deutsche Gi   3.000  12/29/2022  EUR    55.290
Landesbank Baden-Wue   3.400   2/24/2023  EUR    68.030
Leonteq Securities A  17.140   08/12/2022 CHF    66.710
Leonteq Securities A  18.480   08/12/2022 CHF    69.790
Landesbank Baden-Wue   6.750   8/26/2022  EUR    34.340
Landesbank Baden-Wue   9.000   9/23/2022  EUR    76.700
Landesbank Baden-Wue  10.100   8/26/2022  EUR    63.890
Landesbank Baden-Wue   5.000   8/26/2022  EUR    74.520
Landesbank Baden-Wue   4.800   8/26/2022  EUR    36.730
Landesbank Baden-Wue   5.000   8/26/2022  EUR    70.730
BNP Paribas Emission   8.000   6/23/2022  EUR    56.080
BNP Paribas Emission  14.000   6/23/2022  EUR    51.560
BNP Paribas Emission   5.000   9/22/2022  EUR    63.800
BNP Paribas Emission   8.000   9/22/2022  EUR    58.230
BNP Paribas Emission  12.000   9/22/2022  EUR    54.400
BNP Paribas Emission   5.000  12/22/2022  EUR    65.020
BNP Paribas Emission   8.000  12/22/2022  EUR    60.260
BNP Paribas Emission  10.000   6/23/2022  EUR    69.580
BNP Paribas Emission   8.000   9/22/2022  EUR    71.360
BNP Paribas Emission   8.000  12/22/2022  EUR    73.160
BNP Paribas Emission   8.000   9/22/2022  EUR    70.060
BNP Paribas Emission   8.000  12/22/2022  EUR    71.990
BNP Paribas Emission   8.000  12/22/2022  EUR    72.290
BNP Paribas Emission  10.000  12/22/2022  EUR    56.140
BNP Paribas Emission  10.000   6/23/2022  EUR    68.880
BNP Paribas Emission  10.000   9/22/2022  EUR    71.360
BNP Paribas Emission  10.000   6/23/2022  EUR    77.120
BNP Paribas Emission  10.000   9/22/2022  EUR    77.330
BNP Paribas Emission  14.000   9/22/2022  EUR    70.100
BNP Paribas Emission   8.000  12/22/2022  EUR    76.730
BNP Paribas Emission  14.000  12/22/2022  EUR    72.580
BNP Paribas Emission   6.000  12/22/2022  EUR    53.980
BNP Paribas Emission   6.000  12/22/2022  EUR    51.140
BNP Paribas Emission   8.000  12/22/2022  EUR    49.900
BNP Paribas Emission   8.000   9/22/2022  EUR    48.090
BNP Paribas Emission  12.000   9/22/2022  EUR    72.500
BNP Paribas Emission  12.000  12/22/2022  EUR    75.080
Societe Generale Eff   4.000   7/22/2022  EUR    40.230
BNP Paribas Emission   6.000   6/23/2022  EUR    51.300
BNP Paribas Emission   8.000   6/23/2022  EUR    48.670
BNP Paribas Emission  10.000   6/23/2022  EUR    46.370
BNP Paribas Emission   6.000   9/22/2022  EUR    52.780
BNP Paribas Emission   8.000   9/22/2022  EUR    50.680
BNP Paribas Emission  12.000   6/23/2022  EUR    74.770
BNP Paribas Emission   5.000   6/23/2022  EUR    62.420
Vontobel Financial P   6.000   6/24/2022  EUR    72.300
Vontobel Financial P  11.250   6/24/2022  EUR    75.050
Vontobel Financial P   6.250   6/24/2022  EUR    66.690
Vontobel Financial P  14.250   6/24/2022  EUR    43.350
Vontobel Financial P  16.250   6/24/2022  EUR    65.870
Vontobel Financial P   5.750   6/24/2022  EUR    75.990
Vontobel Financial P   8.000   6/24/2022  EUR    63.960
Vontobel Financial P  20.000   6/24/2022  EUR    35.890
Vontobel Financial P   5.250   6/24/2022  EUR    74.800
Vontobel Financial P   9.000   6/24/2022  EUR    74.910
Leonteq Securities A  10.000   2/13/2023  USD    61.510
Leonteq Securities A  16.000  11/16/2022  CHF    63.010
Leonteq Securities A  12.000  11/16/2022  CHF    38.360
Corner Banca SA       10.000   2/13/2023  EUR    44.500
Corner Banca SA       13.000   8/16/2022  CHF    36.010
Leonteq Securities A  14.000   2/13/2023  CHF    50.940
Leonteq Securities A  13.000  11/16/2022  USD    70.140
Bank Vontobel AG       6.500   2/13/2023  CHF    66.100
Bank Vontobel AG      10.000   8/15/2022  CHF    64.800
Bank Vontobel AG      10.000   8/15/2022  CHF    64.800
Bank Vontobel AG      14.500   2/13/2023  EUR    59.200
Bank Vontobel AG       7.500   2/13/2023  EUR    64.600
Bank Julius Baer & C  19.600   5/16/2022  CHF    30.550
Societe Generale Eff  13.000   5/27/2022  EUR    78.800
Societe Generale Eff  15.000   5/27/2022  EUR    76.300
Societe Generale Eff  14.000   6/24/2022  EUR    77.510
Societe Generale Eff   3.500   8/26/2022  EUR    42.730
Societe Generale Eff  13.250   7/22/2022  EUR    78.300
Societe Generale Eff  12.500   8/26/2022  EUR    79.060
Corner Banca SA       12.000   06/01/2022 CHF    36.270
Zurcher Kantonalbank  21.500   8/23/2022  USD    45.860
Zurcher Kantonalbank   6.020   8/16/2022  CHF    79.040
Zurcher Kantonalbank  11.500   8/23/2022  EUR    74.630
Leonteq Securities A  26.150   8/16/2022  CHF    35.740
Zurcher Kantonalbank  18.500   8/22/2022  USD    52.460
Landesbank Baden-Wue   5.000  11/25/2022  EUR    46.970
Landesbank Baden-Wue   3.200  11/25/2022  EUR    73.300
DZ Bank AG Deutsche    5.000   8/24/2022  EUR    70.980
ID Collect LLC        12.000   7/25/2024  RUB    71.150
Bank Julius Baer & C   5.750   8/17/2022  CHF    65.250
Zurcher Kantonalbank  12.900   8/17/2022  CHF    39.960
EFG International Fi   4.900   12/04/2023 USD    59.820
UBS AG/London         15.000   06/03/2022 USD    32.600
Sberbank of Russia P   0.010   12/02/2025 RUB    67.100
T-Centrum CZ AS        6.940  10/30/2024  CZK    72.000
DekaBank Deutsche Gi   3.350  11/28/2022  EUR    74.780
Basler Kantonalbank   10.000   2/13/2023  CHF    64.370
EFG International Fi  15.000   2/13/2023  EUR    37.410
BNP Paribas Emission  10.000   6/23/2022  EUR    68.840
BNP Paribas Emission   6.000   6/23/2022  EUR    66.220
BNP Paribas Emission   6.000   9/22/2022  EUR    67.790
BNP Paribas Emission   6.000  12/22/2022  EUR    69.150
BNP Paribas Emission   6.000   6/23/2022  EUR    74.060
BNP Paribas Emission  12.000   6/23/2022  EUR    68.910
BNP Paribas Emission   6.000   9/22/2022  EUR    75.560
BNP Paribas Emission  10.000   9/22/2022  EUR    74.040
BNP Paribas Emission  14.000   6/23/2022  EUR    72.860
BNP Paribas Emission   8.000   6/23/2022  EUR    75.360
BNP Paribas Emission  10.000   6/23/2022  EUR    70.760
BNP Paribas Emission   8.000   9/22/2022  EUR    77.150
BNP Paribas Emission  12.000   9/22/2022  EUR    69.780
BNP Paribas Emission   8.000  12/22/2022  EUR    74.140
BNP Paribas Emission  10.000  12/22/2022  EUR    71.310
BNP Paribas Emission  12.000   9/22/2022  EUR    75.540
BNP Paribas Emission   8.000   9/22/2022  EUR    70.570
BNP Paribas Emission   5.000  12/22/2022  EUR    74.150
BNP Paribas Emission   8.000  12/22/2022  EUR    72.350
BNP Paribas Emission   4.000   6/23/2022  EUR    74.410
BNP Paribas Emission   5.000   6/23/2022  EUR    69.320
BNP Paribas Emission   5.000   9/22/2022  EUR    69.710
BNP Paribas Emission   8.000   9/22/2022  EUR    65.470
BNP Paribas Emission  10.000   6/23/2022  EUR    61.570
BNP Paribas Emission  14.000   6/23/2022  EUR    58.680
BNP Paribas Emission  15.000   6/23/2022  EUR    57.000
BNP Paribas Emission  12.000   9/22/2022  EUR    61.510
BNP Paribas Emission  15.000   6/23/2022  EUR    70.000
BNP Paribas Emission   5.000  12/22/2022  EUR    70.560
BNP Paribas Emission   8.000  12/22/2022  EUR    67.260
BNP Paribas Emission  10.000   9/22/2022  EUR    66.960
BNP Paribas Emission  10.000   9/22/2022  EUR    64.170
BNP Paribas Emission   5.000  12/22/2022  EUR    71.750
BNP Paribas Emission   8.000  12/22/2022  EUR    69.250
BNP Paribas Emission  14.000   9/22/2022  EUR    28.940
BNP Paribas Emission  12.000  12/22/2022  EUR    31.030
EFG International Fi  17.000   08/11/2022 CHF    63.340
Societe Generale Eff  12.000   5/27/2022  EUR    75.050
Societe Generale Eff  13.250   6/24/2022  EUR    75.940
Societe Generale Eff  15.250   6/24/2022  EUR    73.160
Societe Generale Eff  14.500   7/22/2022  EUR    74.060
BNP Paribas Emission   6.000   6/23/2022  EUR    72.170
Societe Generale Eff   6.500   6/24/2022  EUR    71.660
BNP Paribas Emission  14.000   6/23/2022  EUR    58.140
BNP Paribas Emission  12.000   9/22/2022  EUR    60.940
BNP Paribas Emission  10.000  12/22/2022  EUR    62.580
BNP Paribas Emission  10.000   9/22/2022  EUR    71.200
BNP Paribas Emission  12.000   9/22/2022  EUR    70.780
BNP Paribas Emission  14.000   6/23/2022  EUR    67.070
BNP Paribas Emission  10.000   9/22/2022  EUR    73.220
BNP Paribas Emission  14.000   6/23/2022  EUR    77.540
BNP Paribas Emission  10.000  12/22/2022  EUR    75.630
BNP Paribas Emission   6.000   9/22/2022  EUR    73.630
BNP Paribas Emission  14.000   6/23/2022  EUR    59.540
BNP Paribas Emission   5.000   6/23/2022  EUR    68.590
BNP Paribas Emission  14.000   6/23/2022  EUR    59.640
BNP Paribas Emission   4.000   9/22/2022  EUR    75.550
BNP Paribas Emission   8.000   6/23/2022  EUR    65.240
BNP Paribas Emission  15.000   9/22/2022  EUR    60.210
BNP Paribas Emission  12.000  12/22/2022  EUR    63.540
BNP Paribas Emission  14.000  12/22/2022  EUR    59.290
BNP Paribas Emission  10.000   6/23/2022  EUR    74.900
Societe Generale Eff  13.750   8/26/2022  EUR    74.910
BNP Paribas Emission  12.000   9/22/2022  EUR    62.400
BNP Paribas Emission   4.000  12/22/2022  EUR    75.780
BNP Paribas Emission  12.000   9/22/2022  EUR    63.550
BNP Paribas Emission   5.000   6/23/2022  EUR    72.530
BNP Paribas Emission  10.000   6/23/2022  EUR    64.400
BNP Paribas Emission   5.000   9/22/2022  EUR    73.650
BNP Paribas Emission   5.000  12/22/2022  EUR    74.390
BNP Paribas Emission   8.000  12/22/2022  EUR    67.970
BNP Paribas Emission   5.000   9/22/2022  EUR    70.640
BNP Paribas Emission   8.000   9/22/2022  EUR    67.330
BNP Paribas Emission  12.000   9/22/2022  EUR    61.470
BNP Paribas Emission   8.000   6/23/2022  EUR    30.690
BNP Paribas Emission  10.000   6/23/2022  EUR    28.560
BNP Paribas Emission  12.000   6/23/2022  EUR    26.790
BNP Paribas Emission   8.000   9/22/2022  EUR    32.770
BNP Paribas Emission  10.000   9/22/2022  EUR    31.150
BNP Paribas Emission  12.000   9/22/2022  EUR    29.900
BNP Paribas Emission   8.000  12/22/2022  EUR    32.210
BNP Paribas Emission  10.000  12/22/2022  EUR    31.480
BNP Paribas Emission  10.000   6/23/2022  EUR    65.690
UniCredit Bank AG     10.000   9/15/2022  EUR    77.390
Bank Julius Baer & C   9.600   08/12/2022 USD    42.200
Leonteq Securities A  26.380   08/12/2022 CHF    53.130
Landesbank Baden-Wue   8.700   8/26/2022  EUR    68.090
Landesbank Baden-Wue   3.600   8/26/2022  EUR    69.370
Landesbank Baden-Wue   3.000   8/26/2022  EUR    75.100
Zurcher Kantonalbank  12.000   8/23/2022  CHF    74.900
Zurcher Kantonalbank  20.500   8/23/2022  CHF    56.070
DZ Bank AG Deutsche    9.700   6/24/2022  EUR    71.970
DZ Bank AG Deutsche   24.500   6/24/2022  EUR    39.630
Landesbank Baden-Wue  10.500   6/24/2022  EUR    42.120
Landesbank Baden-Wue   2.500   6/24/2022  EUR    54.880
Landesbank Baden-Wue   9.500   6/24/2022  EUR    37.460
Landesbank Baden-Wue   2.500   6/24/2022  EUR    51.660
Landesbank Baden-Wue   2.000   6/24/2022  EUR    70.930
Landesbank Baden-Wue   8.000   6/24/2022  EUR    54.370
Zurcher Kantonalbank  10.000   6/23/2022  CHF    75.720
EFG International Fi  18.000   6/16/2022  CHF    28.110
SG Issuer SA           0.263   2/20/2025  EUR    19.910
UBS AG/London         11.250  12/16/2022  USD    69.150
UBS AG/London          8.250   6/16/2023  CHF    66.750
Landesbank Baden-Wue   3.500   6/24/2022  EUR    67.550
Landesbank Baden-Wue   5.250   6/24/2022  EUR    79.040
DZ Bank AG Deutsche    7.300   6/24/2022  EUR    67.690
Landesbank Baden-Wue   4.200   6/24/2022  EUR    50.810
Landesbank Baden-Wue   7.150   6/24/2022  EUR    45.910
Landesbank Baden-Wue   7.250   7/22/2022  EUR    68.630
EFG International Fi  10.000  12/16/2022  CHF    38.260
DZ Bank AG Deutsche   13.000   6/24/2022  EUR    62.590
DZ Bank AG Deutsche   16.900   6/24/2022  EUR    56.420
Landesbank Baden-Wue   6.000   6/24/2022  EUR    65.940
Landesbank Baden-Wue   5.000   7/22/2022  EUR    74.700
Vontobel Financial P   3.500   07/03/2023 EUR    49.780
Vontobel Financial P  10.000   07/06/2022 EUR    71.910
DZ Bank AG Deutsche   17.400   6/24/2022  EUR    48.290
DZ Bank AG Deutsche   19.500   6/24/2022  EUR    45.920
DZ Bank AG Deutsche   21.700   6/24/2022  EUR    43.870
DZ Bank AG Deutsche    6.200   6/24/2022  EUR    67.870
Landesbank Baden-Wue   1.500   6/24/2022  EUR    72.310
Landesbank Baden-Wue   2.500   6/24/2022  EUR    72.030
DZ Bank AG Deutsche   15.800   6/24/2022  EUR    42.210
Landesbank Baden-Wue   5.500   6/24/2022  EUR    43.130
Credit Suisse AG/Lon   6.000   8/24/2022  CHF    71.830
UBS AG/London         12.500  12/16/2022  CHF    54.700
UBS AG/London          8.000  12/16/2022  CHF    66.100
DZ Bank AG Deutsche   11.600   6/24/2022  EUR    75.530
Landesbank Baden-Wue   8.750   7/22/2022  EUR    43.250
DZ Bank AG Deutsche   11.300   6/24/2022  EUR    66.390
Landesbank Baden-Wue  10.000   7/22/2022  EUR    73.970
Landesbank Baden-Wue   2.000   7/22/2022  EUR    56.960
Societe Generale Eff  10.250   7/22/2022  EUR    33.070
Landesbank Baden-Wue   4.500   7/22/2022  EUR    51.030
Vontobel Financial P  13.000   9/23/2022  EUR    80.190
Vontobel Financial P  17.000   9/23/2022  EUR    70.860
UniCredit Bank AG     10.400   08/11/2022 EUR    58.905
EFG International Fi   4.900  12/15/2023  USD    59.830
Leonteq Securities A  10.000   6/15/2022  CHF    65.220
SG Issuer SA           0.015   11/07/2033 EUR    75.060
SG Issuer SA           0.021   8/15/2033  EUR    61.050
Landesbank Baden-Wue   3.600   7/22/2022  EUR    73.320
Landesbank Baden-Wue   2.700   7/22/2022  EUR    48.510
Landesbank Baden-Wue   6.000   7/22/2022  EUR    38.520
Landesbank Baden-Wue   8.550   7/22/2022  EUR    35.420
Landesbank Baden-Wue   6.500   7/22/2022  EUR    63.680
Leonteq Securities A  12.000   6/15/2022  CHF    31.880
Landesbank Baden-Wue   5.500   7/22/2022  EUR    75.740
Landesbank Baden-Wue   2.500   7/22/2022  EUR    75.720
Landesbank Baden-Wue   3.300   7/22/2022  EUR    73.610
UBS AG/London          8.000   02/03/2023 CHF    62.850
UBS AG/London         10.250   08/03/2022 CHF    63.300
Vontobel Financial P   9.500   6/24/2022  EUR    68.640
Zurcher Kantonalbank   9.000   7/21/2022  CHF    74.720
DZ Bank AG Deutsche    5.800   6/20/2022  EUR    74.520
EFG International Fi   7.210   6/16/2022  USD    41.490
Vontobel Financial P  13.000   6/24/2022  EUR    75.750
Vontobel Financial P   7.500   6/24/2022  EUR    75.400
Vontobel Financial P  19.000   6/24/2022  EUR    60.780
Societe Generale Eff   3.000   7/22/2022  USD    10.810
Zurcher Kantonalbank   9.800   6/17/2022  USD    43.750
Vontobel Financial P   8.000   6/24/2022  EUR    62.980
Vontobel Financial P  20.000   6/24/2022  EUR    72.760
Vontobel Financial P  16.000   6/24/2022  EUR    72.150
Vontobel Financial P  12.500   6/24/2022  EUR    44.100
Vontobel Financial P  10.500   6/24/2022  EUR    46.120
Vontobel Financial P  17.000   6/24/2022  EUR    40.810
Vontobel Financial P  19.000   6/24/2022  EUR    68.830
Vontobel Financial P  16.000   6/24/2022  EUR    71.760
Vontobel Financial P  18.000   6/24/2022  EUR    64.950
Vontobel Financial P  18.500   6/24/2022  EUR    64.790
Vontobel Financial P  16.500   6/24/2022  EUR    63.060
Credit Suisse AG/Lon  13.000   6/16/2022  CHF    59.590
UBS AG/London          9.000   6/16/2022  CHF    30.700
VTB Bank PJSC          0.010   06/01/2024 RUB    63.000
Vontobel Financial P  11.500   6/24/2022  EUR    68.450
Vontobel Financial P  14.000   6/24/2022  EUR    65.610
Vontobel Financial P   6.500   6/24/2022  EUR    63.440
Vontobel Financial P  17.000   6/24/2022  EUR    77.070
Vontobel Financial P   7.000   6/24/2022  EUR    51.110
Vontobel Financial P  15.000   6/24/2022  EUR    42.390
UBS AG/London         10.250   6/16/2022  CHF    29.520
Vontobel Financial P  19.500   6/24/2022  EUR    39.470
Vontobel Financial P  15.000   6/24/2022  EUR    73.250
Vontobel Financial P   9.000   6/24/2022  EUR    74.280
Vontobel Financial P   9.000   6/24/2022  EUR    74.160
Vontobel Financial P  14.500   6/24/2022  EUR    71.990
Vontobel Financial P   7.500   6/24/2022  EUR    63.990
Vontobel Financial P   8.500   6/24/2022  EUR    48.410
Vontobel Financial P  19.000   6/24/2022  EUR    75.510
Vontobel Financial P  19.500   6/24/2022  EUR    68.000
DZ Bank AG Deutsche   20.000   6/24/2022  EUR    29.770
DZ Bank AG Deutsche   17.600   6/24/2022  EUR    34.920
DZ Bank AG Deutsche   11.900   6/24/2022  EUR    74.220
Landesbank Baden-Wue   6.500   7/22/2022  EUR    73.150
Vontobel Financial P  11.000   6/24/2022  EUR    62.330
DZ Bank AG Deutsche   13.800   6/24/2022  EUR    69.080
DZ Bank AG Deutsche   12.000   6/24/2022  EUR    46.050
DZ Bank AG Deutsche   13.900   6/24/2022  EUR    43.890
Landesbank Baden-Wue   5.150   6/24/2022  EUR    73.650
Vontobel Financial P   6.000   6/24/2022  EUR    62.660
Vontobel Financial P  11.500   6/24/2022  EUR    77.220
Credit Suisse AG/Lon  18.500   12/04/2023 USD    74.000
Vontobel Financial P  12.250   6/28/2022  EUR    74.870
Reso-Leasing OOO       8.000   5/19/2031  RUB    79.990
Leonteq Securities A  12.000   06/07/2022 CHF    61.880
Credit Suisse AG/Lon  10.500   09/05/2022 EUR    67.650
Zurcher Kantonalbank   6.500   6/14/2022  CHF    59.480
Leonteq Securities A  10.000   12/07/2022 USD    69.070
Leonteq Securities A   9.000   09/07/2022 CHF    61.570
Leonteq Securities A   9.400   12/07/2022 EUR    71.790
Leonteq Securities A   8.000   12/07/2022 CHF    37.550
Zurcher Kantonalbank  14.000   6/14/2022  CHF    65.080
Zurcher Kantonalbank  10.000   6/14/2022  CHF    68.050
Zurcher Kantonalbank  15.000   6/14/2022  CHF    65.420
Credit Suisse AG/Lon  11.500   06/01/2022 EUR    65.610
Bank Vontobel AG      17.500   06/02/2022 CHF    49.800
Raiffeisen Centroban  10.735   9/21/2022  EUR    70.310
Vontobel Financial P   9.500   6/24/2022  EUR    68.210
Vontobel Financial P  11.250   6/24/2022  EUR    69.010
Vontobel Financial P   5.500   6/24/2022  EUR    66.720
Vontobel Financial P   6.250   6/24/2022  EUR    73.770
Vontobel Financial P  10.000   6/24/2022  EUR    52.220
Vontobel Financial P  16.000   6/24/2022  EUR    23.370
DZ Bank AG Deutsche    7.000   6/20/2022  EUR    70.680
DZ Bank AG Deutsche    9.500   6/20/2022  EUR    66.370
DZ Bank AG Deutsche    5.000   9/19/2022  EUR    66.920
DZ Bank AG Deutsche    5.800   6/20/2022  EUR    76.270
DZ Bank AG Deutsche    4.800   6/20/2022  EUR    76.290
DZ Bank AG Deutsche    5.500   6/20/2022  EUR    74.770
DZ Bank AG Deutsche    4.900   9/19/2022  EUR    75.910
Credit Suisse AG/Lon  10.000   06/07/2022 CHF    31.020
Vontobel Financial P   9.000   06/08/2022 EUR    38.760
Bank Julius Baer & C   8.000   09/08/2022 CHF    64.900
Bank Julius Baer & C   7.250   06/09/2022 CHF    70.250
Zurcher Kantonalbank  20.000   6/15/2022  USD    47.120
Raiffeisen Centroban   9.202   9/21/2022  EUR    69.110
Vontobel Financial P  13.750   6/24/2022  EUR    23.350
DekaBank Deutsche Gi   4.000   07/07/2022 EUR    51.270
DekaBank Deutsche Gi   2.450   4/25/2022  EUR    72.960
DZ Bank AG Deutsche   12.000   6/22/2022  EUR    59.850
DZ Bank AG Deutsche    6.500   6/22/2022  EUR    69.180
DZ Bank AG Deutsche    6.750   6/22/2022  EUR    66.130
DZ Bank AG Deutsche    5.250   6/22/2022  EUR    75.560
DZ Bank AG Deutsche   13.500   6/22/2022  EUR    71.230
DZ Bank AG Deutsche    8.250   6/22/2022  EUR    55.240
Leonteq Securities A  21.000   06/09/2022 CHF    34.160
Leonteq Securities A  22.870   06/09/2022 CHF    35.140
Credit Suisse AG/Lon  11.000   06/08/2022 USD    37.520
Credit Suisse AG/Lon  11.000   06/08/2022 CHF    60.480
Vontobel Financial P  18.650   06/09/2022 EUR    17.070
Goldman Sachs & Co W  19.000   5/25/2022  EUR    75.300
Goldman Sachs & Co W  25.000   5/25/2022  EUR    66.240
Goldman Sachs & Co W  18.000   7/20/2022  EUR    74.210
Bank Vontobel AG       6.504   12/05/2022 CHF    68.800
Bank Vontobel AG       6.504   12/05/2022 CHF    68.800
Bank Vontobel AG       9.000   12/05/2022 CHF    72.000
Bank Vontobel AG       9.004   12/05/2022 CHF    72.000
Bank Vontobel AG       7.508   12/05/2022 EUR    64.600
Bank Vontobel AG       7.504   12/05/2022 EUR    64.600
Bank Vontobel AG      10.000   12/05/2022 CHF    59.900
Bank Vontobel AG       7.756   06/06/2023 EUR    68.000
BNP Paribas Emission   4.000   6/23/2022  EUR    76.430
BNP Paribas Emission   5.000   6/23/2022  EUR    76.390
BNP Paribas Emission   5.000   6/23/2022  EUR    76.020
BNP Paribas Emission   5.000   6/23/2022  EUR    75.640
BNP Paribas Emission   6.000   6/23/2022  EUR    75.060
BNP Paribas Emission   6.000   6/23/2022  EUR    73.790
BNP Paribas Emission   3.000   6/23/2022  EUR    74.200
BNP Paribas Emission   3.000   6/23/2022  EUR    73.640
BNP Paribas Emission   3.000   6/23/2022  EUR    73.640
BNP Paribas Emission   3.000   6/23/2022  EUR    73.130
BNP Paribas Emission   5.000   9/22/2022  EUR    76.520
BNP Paribas Emission   6.000   9/22/2022  EUR    75.530
BNP Paribas Emission   6.000   9/22/2022  EUR    75.600
BNP Paribas Emission   3.000   9/22/2022  EUR    73.880
Landesbank Baden-Wue   5.000   6/24/2022  EUR    56.830
Vontobel Financial P   7.000   6/24/2022  EUR    63.240
Vontobel Financial P  10.000   6/24/2022  EUR    58.750
Vontobel Financial P  13.500   6/24/2022  EUR    55.080
Vontobel Financial P   7.500   6/24/2022  EUR    72.120
Vontobel Financial P   9.500   6/24/2022  EUR    69.200
Vontobel Financial P  11.500   6/24/2022  EUR    66.540
Vontobel Financial P   7.500   6/24/2022  EUR    71.110
Vontobel Financial P  13.500   6/24/2022  EUR    63.330
Vontobel Financial P  14.000   6/24/2022  EUR    64.210
Vontobel Financial P   6.000   6/24/2022  EUR    75.420
Vontobel Financial P   6.000   6/24/2022  EUR    73.450
Vontobel Financial P   9.000   6/24/2022  EUR    68.940
Vontobel Financial P  10.500   6/24/2022  EUR    66.930
Vontobel Financial P  12.000   6/24/2022  EUR    65.060
Vontobel Financial P   7.000   6/24/2022  EUR    62.070
Zurcher Kantonalbank   8.000   07/01/2022 CHF    62.600
Zurcher Kantonalbank   8.750   07/01/2022 CHF    72.660
Sberbank of Russia P   0.010   6/25/2026  RUB    68.000
Societe Generale Eff   6.750   7/22/2022  EUR    75.490
Societe Generale Eff   8.750   7/22/2022  EUR    72.100
Societe Generale Eff  12.000   7/22/2022  EUR    34.940
Societe Generale Eff  14.000   7/22/2022  EUR    33.240
Societe Generale Eff   8.500   7/22/2022  EUR    61.990
Societe Generale Eff  10.000   7/22/2022  EUR    69.930
Societe Generale Eff  11.000   7/22/2022  EUR    68.410
Vontobel Financial P   8.250   6/24/2022  EUR    75.200
Vontobel Financial P   5.750   6/24/2022  EUR    68.760
Vontobel Financial P  15.000   6/24/2022  EUR    72.000
Vontobel Financial P  15.000   6/24/2022  EUR    64.740
Vontobel Financial P  11.750   6/24/2022  EUR    72.400
Societe Generale Eff   9.000   7/22/2022  EUR    73.480
Societe Generale Eff  11.000   7/22/2022  EUR    69.390
Bank Julius Baer & C  11.000   6/27/2022  CHF    28.000
Vontobel Financial P  14.000   6/24/2022  EUR    39.970
Vontobel Financial P  18.500   6/24/2022  EUR    37.670
Vontobel Financial P   7.000   6/24/2022  EUR    46.770
Vontobel Financial P  20.000   6/24/2022  EUR    65.060
Leonteq Securities A  16.000   6/28/2022  CHF    30.750
Corner Banca SA       17.000   6/28/2022  EUR    73.120
Leonteq Securities A  14.000  12/28/2022  CHF    43.520
Leonteq Securities A  12.000   6/28/2022  CHF    17.900
Leonteq Securities A  13.000   6/28/2022  EUR    70.910
Leonteq Securities A  22.560   6/24/2022  CHF    22.160
Leonteq Securities A  26.030   6/24/2022  CHF    27.280
Raiffeisen Schweiz G  13.000   6/29/2022  CHF    44.380
Raiffeisen Schweiz G  11.000   6/29/2022  CHF    55.810
EFG International Fi  11.780   07/11/2022 USD    59.050
DZ Bank AG Deutsche    9.000   9/21/2022  EUR    61.520
DZ Bank AG Deutsche   11.000   9/21/2022  EUR    62.330
DZ Bank AG Deutsche    6.500   9/21/2022  EUR    65.610
DZ Bank AG Deutsche    6.000   6/22/2022  EUR    64.370
DZ Bank AG Deutsche    5.500   9/21/2022  EUR    74.450
DZ Bank AG Deutsche    5.750   9/21/2022  EUR    74.790
DZ Bank AG Deutsche    5.250   6/22/2022  EUR    67.080
DZ Bank AG Deutsche    6.000   9/21/2022  EUR    62.660
DZ Bank AG Deutsche    5.000   6/22/2022  EUR    73.590
DZ Bank AG Deutsche    6.000   6/22/2022  EUR    69.610
DZ Bank AG Deutsche    5.000   9/21/2022  EUR    70.460
Vontobel Financial P   4.150   7/18/2023  EUR    64.340
Vontobel Financial P   9.400  12/30/2022  CHF    31.890
Erste Group Bank AG   10.750   08/02/2022 EUR    54.100
Erste Group Bank AG    5.500   08/02/2025 EUR    62.500
Leonteq Securities A  20.000   6/29/2022  CHF    31.520
Zurcher Kantonalbank   8.000   07/07/2022 EUR    73.380
Leonteq Securities A   7.030   6/28/2023  CHF    71.730
UniCredit Bank AG     10.100   7/27/2022  EUR    46.190
UniCredit Bank AG      6.300   7/27/2022  EUR    42.000
UniCredit Bank AG      9.800   7/27/2022  EUR    75.620
UniCredit Bank AG      9.250   7/27/2022  EUR    65.750
Zurcher Kantonalbank   8.250   07/07/2022 CHF    76.890
Zurcher Kantonalbank  10.000   07/07/2022 CHF    72.920
Zurcher Kantonalbank  15.750   07/08/2022 USD    48.810
Bank Vontobel AG       6.500   6/26/2023  CHF    59.400
Bank Vontobel AG       6.502   6/26/2023  CHF    59.300
Bank Vontobel AG       7.000  12/27/2022  CHF    58.200
Bank Vontobel AG       5.750   6/26/2023  CHF    69.900
Zurcher Kantonalbank  10.400   07/08/2022 CHF    59.010
Landesbank Baden-Wue   4.150   6/23/2023  EUR    49.540
Landesbank Baden-Wue   2.800   6/23/2023  EUR    51.970
Landesbank Baden-Wue   6.650   6/23/2023  EUR    74.430
Landesbank Baden-Wue   3.800   6/23/2023  EUR    49.960
Landesbank Baden-Wue   2.600   6/23/2023  EUR    53.020
Landesbank Baden-Wue   4.500   6/23/2023  EUR    68.880
Landesbank Baden-Wue   3.350   6/23/2023  EUR    71.060
Landesbank Baden-Wue   2.250   6/23/2023  EUR    74.640
Landesbank Baden-Wue   7.300   6/23/2023  EUR    72.270
Landesbank Baden-Wue   5.350   6/23/2023  EUR    66.260
Landesbank Baden-Wue   4.650   6/23/2023  EUR    67.830
Landesbank Baden-Wue   3.400   6/23/2023  EUR    71.440
Landesbank Baden-Wue   3.500   6/23/2023  EUR    70.080
Landesbank Baden-Wue   2.500   6/23/2023  EUR    76.520
Landesbank Baden-Wue   5.000   6/23/2023  EUR    47.620
Landesbank Baden-Wue   7.250   6/23/2023  EUR    45.410
Landesbank Baden-Wue   5.600   6/23/2023  EUR    47.140
Landesbank Baden-Wue   2.700   6/23/2023  EUR    53.320
Landesbank Baden-Wue   2.650   6/23/2023  EUR    72.680
Landesbank Baden-Wue   1.800   6/23/2023  EUR    75.460
Basler Kantonalbank   10.000   9/30/2022  CHF    76.070
Raiffeisen Switzerla  10.500   07/11/2024 USD    14.570
Vontobel Financial P  15.000   6/24/2022  EUR    67.480
Vontobel Financial P  12.000   6/24/2022  EUR    70.610
Zurcher Kantonalbank  17.000   6/24/2022  CHF    73.400
Goldman Sachs & Co W   8.000   5/25/2022  EUR    71.460
Goldman Sachs & Co W  10.000   7/20/2022  EUR    73.080
Goldman Sachs & Co W   8.000   6/21/2023  EUR    78.060
Bank Julius Baer & C   9.650   7/29/2022  USD    57.500
Sberbank of Russia P   0.010   06/04/2026 RUB    62.800
Bank Julius Baer & C   8.800   09/05/2022 EUR    62.200
Sberbank of Russia P   0.010   06/02/2028 RUB    69.300
Erste Group Bank AG    7.250   6/30/2026  EUR    77.300
UniCredit Bank AG      5.250   07/01/2024 EUR    72.550
UBS AG/London          7.750   5/31/2023  CHF    73.100
UBS AG/London          8.500  11/30/2022  CHF    55.300
UBS AG/London         12.000  11/30/2022  EUR    33.750
UniCredit Bank AG      7.750   5/27/2022  EUR    68.680
Vontobel Financial P   9.000   6/24/2022  EUR    71.650
Vontobel Financial P  17.000   6/24/2022  EUR    70.950
Vontobel Financial P  13.500   6/24/2022  EUR    69.190
Zurcher Kantonalbank  11.200   6/30/2022  CHF    63.280
Zurcher Kantonalbank   6.400   11/07/2022 USD    37.190
Zurcher Kantonalbank  11.000   6/24/2022  CHF    64.870
Zurcher Kantonalbank  20.250   6/24/2022  CHF    57.560
Zurcher Kantonalbank   8.000   05/05/2022 CHF    69.330
Zurcher Kantonalbank  21.500   6/24/2022  USD    47.930
Zurcher Kantonalbank  14.000   6/24/2022  CHF    29.460
Societe Generale Eff  16.500   6/24/2022  EUR    71.960
Societe Generale Eff  10.250   6/24/2022  EUR    51.550
Societe Generale Eff   7.750   7/22/2022  EUR    73.680
Societe Generale Eff   4.500   7/22/2022  EUR    72.160
Societe Generale Eff   6.500   7/22/2022  EUR    66.150
Societe Generale Eff  10.500   7/22/2022  EUR    58.870
Societe Generale Eff   7.000   7/22/2022  EUR    75.440
Societe Generale Eff   8.000   7/22/2022  EUR    73.400
Societe Generale Eff   9.000   7/22/2022  EUR    71.580
Vontobel Financial P  12.250   6/24/2022  EUR    61.560
Vontobel Financial P  16.750   6/24/2022  EUR    71.320
Societe Generale Eff   8.000   7/22/2022  EUR    77.310
Societe Generale Eff  10.000   7/22/2022  EUR    73.530
Societe Generale Eff   4.000   7/22/2022  EUR    51.720
Societe Generale Eff   6.000   7/22/2022  EUR    44.600
Societe Generale Eff   8.000   7/22/2022  EUR    40.100
Societe Generale Eff  10.000   7/22/2022  EUR    37.080
Vontobel Financial P   9.500   6/24/2022  EUR    40.670
Vontobel Financial P  12.000   6/24/2022  EUR    67.340
Societe Generale Eff  13.000   7/22/2022  EUR    66.140
Societe Generale Eff   6.250   7/22/2022  EUR    73.510
Societe Generale Eff   7.250   7/22/2022  EUR    71.200
Societe Generale Eff   8.250   7/22/2022  EUR    69.130
Bank Julius Baer & C   9.000   6/27/2022  CHF    58.400
Vontobel Financial P  10.500   6/24/2022  EUR    43.010
Societe Generale Eff   3.000   6/24/2022  EUR    59.050
Leonteq Securities A   8.000   6/28/2023  CHF    68.810
Leonteq Securities A  18.000   9/28/2022  CHF    58.810
Corner Banca SA       14.000   9/28/2022  CHF    60.480
Leonteq Securities A  17.000   6/28/2022  CHF    30.690
Leonteq Securities A  14.000   6/24/2022  CHF    71.080
Leonteq Securities A   6.400   6/28/2023  CHF    60.430
Leonteq Securities A  17.000   6/28/2022  USD    51.810
Raiffeisen Schweiz G  12.000   6/29/2022  CHF    66.410
Raiffeisen Schweiz G  10.000   6/29/2022  CHF    58.330
Raiffeisen Schweiz G  20.000   6/29/2022  CHF    29.360
DZ Bank AG Deutsche   10.750   9/21/2022  EUR    72.560
DZ Bank AG Deutsche    7.250   6/22/2022  EUR    63.430
DZ Bank AG Deutsche    8.500   9/21/2022  EUR    63.320
DZ Bank AG Deutsche    4.750   9/21/2022  EUR    74.690
DZ Bank AG Deutsche    6.750   9/21/2022  EUR    60.610
DZ Bank AG Deutsche    5.750   6/22/2022  EUR    65.100
Landesbank Baden-Wue   3.400  11/25/2022  EUR    60.720
SG Issuer SA           5.000   04/02/2024 EUR    54.570
Landesbank Baden-Wue   3.400   1/27/2023  EUR    65.410
SG Issuer SA           5.000   5/23/2024  EUR    57.780
UniCredit Bank AG      5.150   01/02/2023 EUR    62.600
Citigroup Global Mar  13.200  12/18/2023  SEK    67.320
Vontobel Financial P  14.500   6/24/2022  EUR    61.250
Vontobel Financial P  10.000   6/24/2022  EUR    67.780
Vontobel Financial P  21.000   6/24/2022  EUR    53.910
Vontobel Financial P  19.000   6/24/2022  EUR    56.110
Vontobel Financial P  15.000   6/24/2022  EUR    69.610
Vontobel Financial P  16.500   6/24/2022  EUR    69.850
Vontobel Financial P   5.550   5/18/2022  EUR    49.530
Raiffeisen Schweiz G  12.000   8/17/2022  CHF    63.490
Raiffeisen Schweiz G   6.500  11/17/2023  CHF    75.720
Vontobel Financial P  15.500   6/24/2022  EUR    67.530
Bank Julius Baer & C  11.200   5/18/2022  CHF    34.350
Bank Julius Baer & C   7.300   5/18/2022  CHF    66.150
Zurcher Kantonalbank  27.000   5/27/2022  USD    66.060
Bank Vontobel AG       6.505   2/20/2023  EUR    67.800
Bank Vontobel AG      10.508   8/19/2022  CHF    36.900
Bank Vontobel AG      10.507   8/19/2022  CHF    36.900
Leonteq Securities A  15.000   8/19/2022  CHF    69.630
Corner Banca SA       19.000   5/23/2022  USD    27.090
Leonteq Securities A  19.000   5/23/2022  USD    61.300
Leonteq Securities A   5.700   8/19/2022  USD    51.590
DZ Bank AG Deutsche    5.000   6/22/2022  EUR    68.540
DZ Bank AG Deutsche    5.000   6/22/2022  EUR    72.420
Bank Julius Baer & C   8.800   5/23/2022  CHF    54.550
DZ Bank AG Deutsche   11.000   6/22/2022  EUR    70.170
Raiffeisen Switzerla   7.700   8/19/2022  CHF    63.970
Bank Vontobel AG      20.004   08/10/2022 CHF    39.100
EFG International Fi  13.000   8/24/2022  CHF    46.030
EFG International Fi   8.200   03/01/2023 USD    45.050
Bank Vontobel AG       7.508   05/12/2022 CHF    62.700
Bank Vontobel AG       6.507   8/17/2022  CHF    69.200
Bank Vontobel AG       6.505   2/27/2023  CHF    59.000
Leonteq Securities A  10.000   06/01/2022 CHF    44.100
Leonteq Securities A   8.000   03/01/2023 CHF    62.200
Leonteq Securities A  11.000   8/26/2022  CHF    37.190
DZ Bank AG Deutsche   16.400   6/24/2022  EUR    59.870
DZ Bank AG Deutsche    9.500   7/22/2022  EUR    67.210
DZ Bank AG Deutsche   10.000   7/22/2022  EUR    68.830
DZ Bank AG Deutsche   10.800   7/22/2022  EUR    71.290
EFG International Fi   6.600   4/29/2022  CHF    72.530
Raiffeisen Switzerla   8.200   11/03/2022 CHF    44.860
Raiffeisen Switzerla   7.000   05/03/2023 CHF    70.260
Vontobel Financial P  11.500   9/23/2022  EUR    71.620
Vontobel Financial P   8.000   9/23/2022  EUR    75.200
Vontobel Financial P  11.500   9/23/2022  EUR    69.550
Vontobel Financial P  14.000   9/23/2022  EUR    67.500
Vontobel Financial P   9.000   6/24/2022  EUR    73.590
Vontobel Financial P  12.000   6/24/2022  EUR    72.570
Vontobel Financial P  14.000   6/24/2022  EUR    69.270
Vontobel Financial P  14.500   9/23/2022  EUR    74.950
Societe Generale SA   15.000   8/30/2024  USD    33.200
Vontobel Financial P  11.000   6/24/2022  EUR    75.100
Vontobel Financial P  16.000   6/24/2022  EUR    68.550
Vontobel Financial P  18.500   6/24/2022  EUR    65.700
Vontobel Financial P   7.000   6/24/2022  EUR    47.620
Bank Vontobel AG      11.006  10/31/2022  CHF    70.800
Bank Vontobel AG      16.500   08/05/2022 CHF    48.700
UBS AG/London         13.000   05/06/2024 USD    39.420
EFG International Fi   6.080   05/05/2022 USD    38.840
Raiffeisen Switzerla   7.000   8/19/2022  CHF    59.290
UBS AG/London          6.500   8/24/2022  CHF    21.960
EFG International Fi  15.000   8/24/2022  CHF    61.500
Leonteq Securities A   9.000   8/26/2022  CHF    59.640
Leonteq Securities A  14.000   8/26/2022  USD    31.810
Leonteq Securities A  12.000   06/01/2022 CHF    26.920
Leonteq Securities A  10.000   5/19/2022  CHF    35.790
DZ Bank AG Deutsche    8.000   6/20/2022  EUR    69.490
Raiffeisen Centroban  10.000   3/24/2023  EUR    41.030
Leonteq Securities A  14.000   5/19/2022  CHF    32.800
EFG International Fi   4.500   2/26/2024  USD    53.180
Bank Vontobel AG       7.500   7/18/2022  CHF    67.600
Leonteq Securities A  10.000   1/19/2023  USD    23.740
Leonteq Securities A  11.000   1/19/2023  CHF    60.730
Leonteq Securities A  12.000   6/28/2022  CHF    64.030
Vontobel Financial P   7.000   9/23/2022  EUR    51.220
Vontobel Financial P  15.500   6/24/2022  EUR    41.930
Vontobel Financial P   4.500   9/23/2022  EUR    63.360
Vontobel Financial P   7.500   9/23/2022  EUR    57.560
Vontobel Financial P  13.500   9/23/2022  EUR    51.920
Vontobel Financial P   8.500   6/24/2022  EUR    55.630
Vontobel Financial P   9.500   6/24/2022  EUR    43.070
Vontobel Financial P  11.000   6/24/2022  EUR    41.770
Vontobel Financial P  13.500   9/23/2022  EUR    41.760
Vontobel Financial P  14.500   6/24/2022  EUR    39.570
Vontobel Financial P  12.500   6/24/2022  EUR    40.580
EFG International Fi   7.000  12/29/2022  USD     6.350
Credit Suisse AG/Lon  16.300  12/26/2023  USD    46.920
EFG International Fi   8.160   2/26/2025  EUR    75.240
Vontobel Financial P  18.500   6/24/2022  EUR    65.390
Vontobel Financial P  18.500   6/24/2022  EUR    73.930
Vontobel Financial P  14.500   6/24/2022  EUR    65.250
Vontobel Financial P  14.500   6/24/2022  EUR    61.700
Vontobel Financial P  16.000   6/24/2022  EUR    53.310
Vontobel Financial P  20.500   6/24/2022  EUR    59.460
Vontobel Financial P  11.000   6/24/2022  EUR    70.040
Vontobel Financial P  18.000   6/24/2022  EUR    55.950
EFG International Fi   6.100   4/29/2022  CHF    72.030
Zurcher Kantonalbank   8.500   08/11/2022 CHF    67.780
Raiffeisen Switzerla   6.500   11/03/2022 CHF    65.690
Raiffeisen Schweiz G  12.000   05/03/2022 USD    42.350
Landesbank Baden-Wue   3.000   8/26/2022  EUR    76.110
Landesbank Baden-Wue   5.000   8/26/2022  EUR    71.270
Societe Generale SA   16.000   8/30/2024  USD    28.200
Vontobel Financial P  15.500   6/24/2022  EUR    74.050
Vontobel Financial P   7.000   6/24/2022  EUR    77.480
Vontobel Financial P  15.500   6/24/2022  EUR    65.850
Vontobel Financial P  12.500   6/24/2022  EUR    68.610
Vontobel Financial P  16.000   9/23/2022  EUR    65.520
Vontobel Financial P  11.500   9/23/2022  EUR    73.270
Vontobel Financial P  14.000   6/24/2022  EUR    70.940
Vontobel Financial P  13.500   9/23/2022  EUR    69.870
Vontobel Financial P   8.500   6/24/2022  EUR    78.740
Vontobel Financial P  13.000   9/23/2022  EUR    43.330
Vontobel Financial P  13.500   6/24/2022  EUR    71.700
Vontobel Financial P  12.000   6/24/2022  EUR    42.720
Vontobel Financial P   9.500   9/23/2022  EUR    45.860
Vontobel Financial P   8.500   6/24/2022  EUR    45.790
DZ Bank AG Deutsche    5.250   6/22/2022  EUR    73.090
DZ Bank AG Deutsche    5.000   6/22/2022  EUR    70.320
BrokerCreditService   14.000   09/09/2022 USD    45.000
Bank Vontobel AG       9.006  10/31/2022  CHF    35.100
Bank Vontobel AG      11.501   05/02/2022 EUR    68.700
Zurcher Kantonalbank   6.100   2/13/2023  EUR    72.110
Societe Generale SA   10.000   8/30/2024  USD    47.850
Sberbank of Russia P   0.010   08/06/2026 RUB    70.900
Bank Julius Baer & C   8.400   08/08/2022 EUR    70.750
Bank Julius Baer & C  15.000   08/04/2022 CHF    33.150
Vontobel Financial P  18.000   6/24/2022  EUR    60.970
Vontobel Financial P   7.500   6/24/2022  EUR    71.660
Vontobel Financial P   8.000   6/24/2022  EUR    69.350
Vontobel Financial P  16.500   6/24/2022  EUR    54.340
Leonteq Securities A  28.120   08/04/2022 CHF    36.030
Leonteq Securities A   3.280   08/03/2022 EUR    75.850
DZ Bank AG Deutsche   13.700   9/23/2022  EUR    62.970
DZ Bank AG Deutsche   12.900   9/23/2022  EUR    72.250
Zurcher Kantonalbank   7.000   08/11/2022 CHF    70.700
Sberbank of Russia P   0.010   08/05/2026 RUB    68.300
Vontobel Financial P   5.500   09/09/2022 EUR    75.630
DekaBank Deutsche Gi   1.000   1/20/2025  EUR    44.660
Sberbank of Russia P   0.010  12/17/2025  RUB    63.100
UBS AG/London          7.500   6/23/2022  CHF    61.050
UBS AG/London         13.000   6/23/2022  CHF    35.150
UBS AG/London          8.750   6/23/2022  CHF    34.550
Bank Vontobel AG      10.500   1/16/2023  CHF    53.600
Bank Vontobel AG      10.000   1/16/2023  EUR    75.100
Bank Vontobel AG      10.000   7/18/2022  EUR    69.600
DekaBank Deutsche Gi   2.500   02/02/2024 EUR    54.930
Leonteq Securities A  10.000   7/19/2022  CHF    18.700
Vontobel Financial P   6.000   6/24/2022  EUR    51.960
Vontobel Financial P   6.000   9/23/2022  EUR    60.250
Vontobel Financial P   9.500   9/23/2022  EUR    55.390
Vontobel Financial P  13.500   6/24/2022  EUR    50.750
Vontobel Financial P   8.000   6/24/2022  EUR    44.480
Vontobel Financial P  12.000   9/23/2022  EUR    42.400
Vontobel Financial P  16.000   6/24/2022  EUR    38.570
EFG International Fi   4.900  12/28/2023  USD    58.900
Leonteq Securities A  16.000   6/21/2022  USD    32.270
Leonteq Securities A  12.000   7/15/2022  CHF    55.540
Leonteq Securities A  24.610   7/15/2022  CHF    46.990
Leonteq Securities A  20.000   7/13/2022  CHF    35.080
Leonteq Securities A   9.000   7/15/2022  CHF    67.340
Vontobel Financial P  14.500   6/24/2022  EUR    62.940
Vontobel Financial P  12.000   6/24/2022  EUR    70.740
EFG International Fi  18.000   7/14/2022  CHF    71.750
Societe Generale Eff  14.000   6/24/2022  EUR    67.030
Raiffeisen Schweiz G  13.200   08/02/2022 USD    29.510
Zurcher Kantonalbank  29.250   08/09/2022 CHF    50.970
Credit Suisse AG/Lon   8.000   08/03/2022 CHF    33.900
Vontobel Financial P  19.000   6/24/2022  EUR    61.130
Bank Julius Baer & C   8.250   05/04/2022 CHF    61.000
DZ Bank AG Deutsche   11.100   7/22/2022  EUR    74.920
DZ Bank AG Deutsche   12.300   7/22/2022  EUR    63.800
DZ Bank AG Deutsche   15.600   6/24/2022  EUR    69.390
DZ Bank AG Deutsche   11.800   7/22/2022  EUR    73.260
Credit Suisse AG/Lon   7.250   9/19/2022  CHF    79.540
Credit Suisse AG/Lon  11.000   6/20/2022  USD    37.760
Raiffeisen Schweiz G  12.500   08/02/2022 CHF    40.000
Zurcher Kantonalbank  19.000   08/10/2022 CHF    60.220
DZ Bank AG Deutsche    7.250   8/24/2022  EUR    65.730
Vontobel Financial P  11.000   6/24/2022  EUR    64.120
Vontobel Financial P  12.000   6/24/2022  EUR    66.440
Vontobel Financial P  15.000   6/24/2022  EUR    58.250
Vontobel Financial P  17.000   6/24/2022  EUR    60.810
Bank Julius Baer & C   7.650   05/04/2022 CHF    73.000
Corner Banca SA       14.000   11/02/2022 CHF    31.880
Zurcher Kantonalbank  14.000   05/11/2022 CHF    71.370
Leonteq Securities A  10.000   1/30/2023  USD    38.590
Leonteq Securities A  20.000   08/03/2022 CHF    34.840
DZ Bank AG Deutsche    6.250   8/24/2022  EUR    70.760
DZ Bank AG Deutsche    8.000   8/24/2022  EUR    70.090
DZ Bank AG Deutsche    6.750   9/21/2022  EUR    78.240
Raiffeisen Schweiz G  10.000   08/02/2022 CHF    45.000
Raiffeisen Schweiz G  13.000   08/02/2022 CHF    62.520
Zurcher Kantonalbank  12.750   05/11/2022 CHF    62.370
Vontobel Financial P  15.750   08/03/2022 EUR    28.200
Vontobel Financial P  19.000   6/24/2022  EUR    53.590
Leonteq Securities A  11.000   7/29/2022  CHF    65.490
Vontobel Financial P  12.500   6/24/2022  EUR    71.380
Vontobel Financial P  14.750   6/24/2022  EUR    27.120
Vontobel Financial P  17.750   6/24/2022  EUR    30.350
Vontobel Financial P  11.750   6/24/2022  EUR    36.900
Corner Banca SA       12.500  10/31/2022  CHF    76.420
UniCredit Bank AG      4.250   07/01/2022 USD    73.820
Societe Generale Eff   8.750   6/24/2022  EUR    31.980
Zurcher Kantonalbank  12.500   08/09/2022 EUR    54.940
Bank Vontobel AG       7.550   1/30/2023  CHF    68.300
DZ Bank AG Deutsche    5.000   8/24/2022  EUR    77.530
DZ Bank AG Deutsche    5.750   9/21/2022  EUR    68.570
DZ Bank AG Deutsche    5.250   6/22/2022  EUR    57.010
Societe Generale Eff   3.000   6/24/2022  EUR    47.220
Bank Julius Baer & C   9.500   11/03/2022 CHF    67.150
Zurcher Kantonalbank  20.000   08/10/2022 USD    50.060
Zurcher Kantonalbank  30.000   08/09/2022 USD    36.720
DZ Bank AG Deutsche    6.750  12/21/2022  EUR    75.440
Leonteq Securities A   6.200   5/20/2022  EUR    52.940
Societe Generale Eff   5.750   5/27/2022  EUR    49.870
Societe Generale Eff  15.750   5/27/2022  EUR    32.800
Vontobel Financial P  12.250   6/24/2022  EUR    64.290
Vontobel Financial P  10.500   6/24/2022  EUR    51.190
Landesbank Baden-Wue   3.500  12/22/2023  EUR    73.310
DZ Bank AG Deutsche    5.000   6/20/2022  EUR    75.380
DZ Bank AG Deutsche    6.500   6/20/2022  EUR    72.620
VTB Bank PJSC          0.010   7/29/2026  RUB    58.000
Raiffeisen Schweiz G  13.000  10/18/2022  CHF    34.660
Leonteq Securities A  24.240  10/19/2022  CHF    40.050
UniCredit Bank AG      6.800  11/16/2022  EUR    34.710
UniCredit Bank AG      5.050  11/16/2022  EUR    51.390
Societe Generale Eff  18.000   5/27/2022  EUR    75.410
Vontobel Financial P  15.000  12/23/2022  EUR    74.460
Vontobel Financial P  16.500  12/23/2022  EUR    71.750
Vontobel Financial P  14.000  12/23/2022  EUR    73.810
Vontobel Financial P  14.500  12/23/2022  EUR    75.090
Vontobel Financial P  11.000  12/23/2022  EUR    72.090
Vontobel Financial P   4.500  12/23/2022  EUR    75.240
Vontobel Financial P   8.500  12/23/2022  EUR    70.920
Sberbank of Russia P   0.010   06/03/2026 RUB    68.800
DZ Bank AG Deutsche   15.400   6/24/2022  EUR    71.170
EFG International Fi  24.000   06/07/2022 USD    25.850
Raiffeisen Schweiz G   8.000  11/28/2022  CHF    70.090
Zurcher Kantonalbank  10.500   06/10/2022 CHF    70.930
Zurcher Kantonalbank  19.000   06/10/2022 USD    53.660
Zurcher Kantonalbank  22.750   06/10/2022 USD    38.260
Zurcher Kantonalbank  21.750   06/10/2022 CHF    48.780
Zurcher Kantonalbank  13.000   06/10/2022 CHF    44.440
Raiffeisen Schweiz G  12.000   06/01/2022 CHF    44.960
Raiffeisen Schweiz G  14.000   06/01/2022 CHF    68.110
Vontobel Financial P  26.350   06/06/2022 EUR    31.710
Vontobel Financial P  20.000   6/24/2022  EUR    32.670
Vontobel Financial P  16.500   6/24/2022  EUR    18.960
Vontobel Financial P  14.500   6/24/2022  EUR    72.230
Societe Generale SA   18.000   07/03/2024 USD    40.000
UniCredit Bank AG     13.300   07/07/2022 EUR    71.530
Sberbank of Russia P   0.010   7/24/2025  RUB    77.000
DekaBank Deutsche Gi   2.800   09/01/2023 EUR    66.540
Landesbank Baden-Wue   3.100   8/26/2022  EUR    73.860
Goldman Sachs & Co W  25.000   5/25/2022  EUR    74.690
Goldman Sachs & Co W  10.000   5/25/2022  EUR    71.740
Goldman Sachs & Co W  23.000   5/25/2022  EUR    52.900
Goldman Sachs & Co W   9.000   6/22/2022  EUR    72.330
Goldman Sachs & Co W  18.000   6/22/2022  EUR    58.840
Goldman Sachs & Co W  14.000   9/21/2022  EUR    63.990
Goldman Sachs & Co W  10.000  12/21/2022  EUR    71.110
Goldman Sachs & Co W  15.000  12/21/2022  EUR    62.990
Goldman Sachs & Co W  16.000  12/21/2022  EUR    61.810
Goldman Sachs & Co W   6.000   3/22/2023  EUR    75.690
Goldman Sachs & Co W   8.000   3/22/2023  EUR    74.500
Goldman Sachs & Co W  15.000   3/22/2023  EUR    65.140
Bank Julius Baer & C   6.600   7/13/2022  CHF    64.500
Sberbank of Russia P   0.010   08/07/2025 RUB    66.700
VTB Bank PJSC          0.010   7/25/2023  RUB    67.000
Sberbank of Russia P   1.219   7/23/2025  RUB    71.200
Basler Kantonalbank    7.600   4/13/2023  CHF    66.360
Bank Vontobel AG       8.001   10/07/2022 CHF    38.900
Bank Vontobel AG       6.008   04/11/2023 EUR    66.200
Bank Vontobel AG      10.010   10/07/2022 EUR    71.600
Raiffeisen Schweiz G   6.500   07/12/2022 CHF    64.350
Vontobel Financial P   8.500   6/24/2022  EUR    72.540
Vontobel Financial P  10.000   6/24/2022  EUR    70.290
Vontobel Financial P  14.500   6/24/2022  EUR    63.490
Vontobel Financial P  10.500   6/24/2022  EUR    69.180
Vontobel Financial P   9.000   6/24/2022  EUR    69.480
Vontobel Financial P  12.000   6/24/2022  EUR    64.050
Vontobel Financial P   8.000   6/24/2022  EUR    72.680
Vontobel Financial P   2.000   6/24/2022  EUR    71.480
Vontobel Financial P  11.500   6/24/2022  EUR    56.820
Vontobel Financial P   7.000   6/24/2022  EUR    61.600
Vontobel Financial P   7.500   6/24/2022  EUR    73.850
Vontobel Financial P  15.000   6/24/2022  EUR    60.670
Vontobel Financial P  11.000   6/24/2022  EUR    66.460
Vontobel Financial P  14.000   6/24/2022  EUR    61.690
Vontobel Financial P  19.000   6/24/2022  EUR    56.030
Vontobel Financial P   8.500   6/24/2022  EUR    70.620
Vontobel Financial P  13.500   6/24/2022  EUR    62.850
Vontobel Financial P  19.500   6/24/2022  EUR    55.160
Vontobel Financial P  17.500   6/24/2022  EUR    57.780
Vontobel Financial P   6.500   6/24/2022  EUR    76.110
Vontobel Financial P   3.500   6/24/2022  EUR    67.760
Vontobel Financial P  15.000   6/24/2022  EUR    73.680
Vontobel Financial P   6.500   6/24/2022  EUR    75.500
Basler Kantonalbank    9.400   05/05/2022 CHF    67.930
Vontobel Financial P   5.500   6/24/2022  EUR    58.090
Vontobel Financial P  10.000   6/24/2022  EUR    69.460
UBS AG/London          7.250  10/21/2022  EUR    75.900
UBS AG/London         13.250  10/21/2022  CHF    57.300
UBS AG/London         13.250  10/21/2022  CHF    61.300
Vontobel Financial P  11.500   6/24/2022  EUR    46.280
Vontobel Financial P  17.500   6/24/2022  EUR    64.010
Vontobel Financial P  15.500   6/24/2022  EUR    71.950
Leonteq Securities A  21.530   5/17/2022  CHF    24.390
UniCredit Bank AG      6.500   9/15/2022  EUR    32.170
UniCredit Bank AG      8.500   6/16/2022  EUR    46.590
Bank Julius Baer & C   9.300   7/22/2022  USD    53.900
Vontobel Financial P   6.000   6/24/2022  EUR    34.480
Vontobel Financial P  11.000   6/24/2022  EUR    30.120
Vontobel Financial P  13.000   6/24/2022  EUR    28.410
Vontobel Financial P  15.500   6/24/2022  EUR    64.410
Vontobel Financial P   8.500   6/24/2022  EUR    32.090
Raiffeisen Switzerla  12.000   7/19/2022  EUR    64.970
Vontobel Financial P   8.000   6/24/2022  EUR    40.720
Vontobel Financial P  13.000   6/24/2022  EUR    35.450
Vontobel Financial P  16.000   6/24/2022  EUR    33.540
Vontobel Financial P   5.500   6/24/2022  EUR    44.250
Vontobel Financial P  15.500   6/24/2022  EUR    53.760
Vontobel Financial P  13.500   6/24/2022  EUR    56.470
Vontobel Financial P   7.000   6/24/2022  EUR    45.220
Vontobel Financial P   9.000   6/24/2022  EUR    42.210
Vontobel Financial P   6.000   6/24/2022  EUR    46.930
Vontobel Financial P  11.500   6/24/2022  EUR    39.740
Vontobel Financial P  10.500   6/24/2022  EUR    40.960
Vontobel Financial P   8.000   6/24/2022  EUR    43.600
Vontobel Financial P  13.000   6/24/2022  EUR    38.700
Vontobel Financial P  16.500   6/24/2022  EUR    35.870
Vontobel Financial P  15.500   6/24/2022  EUR    36.770
Vontobel Financial P  14.000   6/24/2022  EUR    37.660
Vontobel Financial P  10.500   6/24/2022  EUR    37.830
Vontobel Financial P   9.000   6/24/2022  EUR    62.910
Vontobel Financial P  11.000   6/24/2022  EUR    59.420
Vontobel Financial P   8.000   6/24/2022  EUR    63.340
Vontobel Financial P  17.000   6/24/2022  EUR    52.360
Vontobel Financial P  11.500   6/24/2022  EUR    70.990
Vontobel Financial P  10.500   6/24/2022  EUR    58.960
Vontobel Financial P   5.500   6/24/2022  EUR    68.560
Vontobel Financial P  14.000   6/24/2022  EUR    55.430
Vontobel Financial P   6.000   6/24/2022  EUR    58.240
Landesbank Baden-Wue   2.750   9/23/2022  EUR    58.970
UniCredit Bank AG      3.000   11/12/2022 EUR    61.090
DZ Bank AG Deutsche   16.000   9/23/2022  EUR    62.810
DZ Bank AG Deutsche    8.100  12/23/2022  EUR    70.440
DZ Bank AG Deutsche   13.600  12/23/2022  EUR    64.850
DZ Bank AG Deutsche   12.100  12/23/2022  EUR    73.470
DZ Bank AG Deutsche   12.500   9/23/2022  EUR    73.330
DZ Bank AG Deutsche   10.400  12/23/2022  EUR    74.630
DZ Bank AG Deutsche    7.700  12/23/2022  EUR    72.340
DZ Bank AG Deutsche   12.200  12/23/2022  EUR    68.280
DZ Bank AG Deutsche   16.800  12/23/2022  EUR    64.150
Societe Generale Eff   9.000  10/28/2022  EUR    71.590
Societe Generale Eff   7.750   5/27/2022  EUR    76.600
Societe Generale Eff   8.750   5/27/2022  EUR    75.060
Societe Generale Eff   9.750   5/27/2022  EUR    73.740
Societe Generale Eff  10.750   5/27/2022  EUR    72.540
Societe Generale Eff  11.750   5/27/2022  EUR    71.480
Societe Generale Eff  12.750   5/27/2022  EUR    70.510
Societe Generale Eff  11.000   6/24/2022  EUR    72.680
Societe Generale Eff  10.000   7/22/2022  EUR    74.130
Societe Generale Eff   8.000   8/26/2022  EUR    76.960
Societe Generale Eff   8.750  10/28/2022  EUR    76.010
Vontobel Financial P   9.500  12/23/2022  EUR    33.760
Zurcher Kantonalbank  20.500   11/04/2022 CHF    67.550
Vontobel Financial P   7.000  12/23/2022  EUR    75.910
Vontobel Financial P  13.000  12/23/2022  EUR    71.140
Vontobel Financial P  15.000  12/23/2022  EUR    70.580
Vontobel Financial P  11.500  12/23/2022  EUR    72.150
Vontobel Financial P  16.500  12/23/2022  EUR    69.790
Vontobel Financial P  10.000  12/23/2022  EUR    73.270
Vontobel Financial P  15.500  12/23/2022  EUR    73.070
Vontobel Financial P  12.000  12/23/2022  EUR    74.860
Vontobel Financial P  14.500  12/23/2022  EUR    73.720
Vontobel Financial P  13.000  12/23/2022  EUR    74.100
UBS AG/London          7.250   11/10/2023 CHF    62.500
UBS AG/London         14.000   11/10/2022 CHF    75.500
UBS AG/London          8.500   11/10/2023 CHF    75.300
UBS AG/London          9.250   11/10/2023 CHF    70.050
UBS AG/London          9.750   05/10/2023 USD    63.850
Vontobel Financial P   8.500  12/23/2022  EUR    74.760
Vontobel Financial P  14.000  12/23/2022  EUR    70.560
Vontobel Financial P   7.500  12/23/2022  EUR    66.280
Vontobel Financial P  11.000  12/23/2022  EUR    68.590
Vontobel Financial P   6.000  12/23/2022  EUR    65.460
Vontobel Financial P   8.000  12/23/2022  EUR    68.320
Vontobel Financial P   5.000  12/23/2022  EUR    65.700
Raiffeisen Switzerla  17.500   11/08/2022 USD    52.620
Raiffeisen Schweiz G   7.700   11/08/2023 CHF    71.140
Societe Generale Eff  11.250   7/22/2022  EUR    72.040
Societe Generale Eff  12.250   7/22/2022  EUR    71.010
Societe Generale Eff  13.250   7/22/2022  EUR    70.080
Societe Generale Eff   9.250   8/26/2022  EUR    74.590
Societe Generale Eff  10.250   8/26/2022  EUR    73.260
Societe Generale Eff  11.250   8/26/2022  EUR    72.150
Societe Generale Eff  12.250   8/26/2022  EUR    71.160
Societe Generale Eff   8.500   9/23/2022  EUR    75.530
Societe Generale Eff   9.500   9/23/2022  EUR    74.200
Societe Generale Eff  10.500   9/23/2022  EUR    73.000
Societe Generale Eff  15.000   5/27/2022  EUR    68.100
Societe Generale Eff  12.000   6/24/2022  EUR    71.100
Societe Generale Eff  12.000  10/28/2022  EUR    71.670
Bank Vontobel AG      14.505  11/14/2022  EUR    80.100
Bank Vontobel AG      14.505  11/14/2022  EUR    80.100
Societe Generale Eff  11.250   5/27/2022  EUR    33.570
Societe Generale Eff  13.250   5/27/2022  EUR    31.480
DZ Bank AG Deutsche    7.500   6/22/2022  EUR    69.340
DZ Bank AG Deutsche    6.250   9/21/2022  EUR    70.760
DZ Bank AG Deutsche    5.000   9/21/2022  EUR    73.630
DZ Bank AG Deutsche    7.000   9/21/2022  EUR    72.370
DZ Bank AG Deutsche   11.750   6/22/2022  EUR    60.260
DZ Bank AG Deutsche    8.500   6/22/2022  EUR    73.550
Societe Generale Eff  15.250   5/27/2022  EUR    29.750
DekaBank Deutsche Gi   5.100   6/15/2022  EUR    74.720
Leonteq Securities A  20.940   5/19/2022  CHF    65.950
Corner Banca SA        6.500  11/21/2022  CHF    41.200
Zurcher Kantonalbank  13.250   5/31/2022  CHF    60.840
Zurcher Kantonalbank   5.000   5/31/2022  CHF    70.870
UBS AG/London          7.250  11/21/2022  CHF    66.900
UBS AG/London         10.250  11/21/2022  CHF    38.400
UBS AG/London          5.250   5/19/2023  CHF    73.150
Vontobel Financial P  14.000   6/24/2022  EUR    74.210
Vontobel Financial P   9.500   6/24/2022  EUR    74.180
Vontobel Financial P   4.000   6/24/2022  EUR    58.520
Vontobel Financial P  16.500   6/24/2022  EUR    49.960
Basler Kantonalbank    8.000   4/28/2022  CHF    74.790
Bank Vontobel AG       8.502  10/17/2022  EUR    74.900
Bank Vontobel AG       9.001  10/17/2022  CHF    75.000
Raiffeisen Switzerla  12.500   05/10/2022 EUR    27.640
DZ Bank AG Deutsche    5.800   6/20/2022  EUR    75.850
DZ Bank AG Deutsche    5.400   6/20/2022  EUR    74.370
Corner Banca SA       16.000   08/10/2022 EUR    67.280
Zurcher Kantonalbank   8.500   5/19/2022  CHF    74.030
Vontobel Financial P   3.500   6/24/2022  EUR    60.030
Bank Julius Baer & C  16.000   05/11/2022 EUR    22.550
Vontobel Financial P  14.000   6/24/2022  EUR    71.820
Vontobel Financial P   8.000   6/24/2022  EUR    51.280
Vontobel Financial P  20.000   6/24/2022  EUR    75.670
EFG International Fi   5.800   4/26/2023  EUR    40.020
Litana-Kaliningrad O  13.000   05/01/2024 RUB    58.640
Leonteq Securities A  12.000   7/22/2022  CHF    65.140
Vontobel Financial P  15.500   6/24/2022  EUR    27.050
Credit Suisse AG/Lon  12.500   8/22/2022  CHF    69.990
Leonteq Securities A  30.000  10/18/2022  CHF    62.530
Sberbank of Russia P   0.010   5/25/2026  RUB    69.700
Societe Generale Eff  15.000   5/27/2022  EUR    73.210
Societe Generale Eff  11.750   5/27/2022  EUR    37.110
Vontobel Financial P   5.750   6/24/2022  EUR    75.600
DZ Bank AG Deutsche    5.700   9/19/2022  EUR    73.940
Raiffeisen Schweiz G  18.000  10/19/2022  CHF    54.750
Raiffeisen Schweiz G  20.000  10/19/2022  CHF    35.890
Erste Group Bank AG    8.700   11/12/2026 EUR
UniCredit Bank AG      9.250  11/16/2022  EUR    39.590
UniCredit Bank AG      6.550  11/16/2022  EUR    60.220
Epito-Es Epuletkarba   3.000   11/11/2030 HUF    73.600
Raiffeisen Schweiz G  10.250   02/06/2023 CHF    62.430
Sberbank of Russia P   0.010   11/05/2025 RUB    69.400
Leonteq Securities A  20.000   08/10/2022 CHF    37.690
Leonteq Securities A  22.310   08/10/2022 USD    22.480
Zurcher Kantonalbank  10.000   8/18/2022  CHF    57.130
Zurcher Kantonalbank  10.000   8/18/2022  CHF    73.580
Zurcher Kantonalbank   8.000   8/18/2022  CHF    76.440
DZ Bank AG Deutsche   12.700   9/23/2022  EUR    72.780
DZ Bank AG Deutsche   14.500   6/24/2022  EUR    66.040
DZ Bank AG Deutsche   14.400   6/24/2022  EUR    77.670
DZ Bank AG Deutsche    7.100   9/23/2022  EUR    69.270
DZ Bank AG Deutsche    9.500   9/23/2022  EUR    64.710
DZ Bank AG Deutsche   11.300   9/23/2022  EUR    71.610
DZ Bank AG Deutsche   11.100   9/23/2022  EUR    48.650
DZ Bank AG Deutsche   14.900   9/23/2022  EUR    74.700
Vontobel Financial P   9.000   9/23/2022  EUR    70.250
Vontobel Financial P  10.500   9/23/2022  EUR    68.730
Vontobel Financial P  13.000   6/24/2022  EUR    66.580
Vontobel Financial P   9.000   6/24/2022  EUR    70.380
Vontobel Financial P  11.000   6/24/2022  EUR    68.400
Vontobel Financial P  15.000   6/24/2022  EUR    64.870
Vontobel Financial P  11.000   6/24/2022  EUR    68.890
Vontobel Financial P  16.000   9/23/2022  EUR    73.100
Vontobel Financial P  12.250   6/24/2022  EUR    51.300
Raiffeisen Schweiz G  12.000   07/12/2022 CHF    71.960
Raiffeisen Schweiz G  14.000   07/12/2022 CHF    32.140
Bank Julius Baer & C   6.700  10/13/2022  CHF    69.200
DZ Bank AG Deutsche    5.200  12/19/2022  EUR    73.110
DZ Bank AG Deutsche    7.250  12/19/2022  EUR    75.060
Vontobel Financial P  12.000   08/09/2022 EUR    63.640
Leonteq Securities A  14.880   08/09/2022 CHF    62.000
DZ Bank AG Deutsche    5.500   6/22/2022  EUR    67.120
DZ Bank AG Deutsche    7.250   6/22/2022  EUR    75.260
DZ Bank AG Deutsche    8.250   8/24/2022  EUR    68.520
Vontobel Financial P  11.000   6/24/2022  EUR    72.230
Vontobel Financial P  16.500   6/24/2022  EUR    65.000
Vontobel Financial P  20.000   6/24/2022  EUR    62.140
Vontobel Financial P  14.000   6/24/2022  EUR    68.430
Vontobel Financial P  18.500   9/23/2022  EUR    53.840
Vontobel Financial P  24.000   6/24/2022  EUR    52.020
Vontobel Financial P   8.000   9/23/2022  EUR    75.440
Vontobel Financial P   8.000   6/24/2022  EUR    73.690
Vontobel Financial P  10.000   9/23/2022  EUR    73.680
Vontobel Financial P  12.000   9/23/2022  EUR    70.490
Vontobel Financial P  14.000   9/23/2022  EUR    67.650
Vontobel Financial P  16.500   9/23/2022  EUR    65.360
Vontobel Financial P  19.000   9/23/2022  EUR    63.380
Vontobel Financial P  13.500   6/24/2022  EUR    70.440
Vontobel Financial P  15.500   9/23/2022  EUR    68.350
Raiffeisen Schweiz G   9.500   02/06/2023 USD    50.360
Raiffeisen Schweiz G  12.000   11/09/2022 CHF    39.830
Sberbank of Russia P   0.010  10/28/2024  RUB    73.200
DZ Bank AG Deutsche   17.400   6/24/2022  EUR    65.930
DZ Bank AG Deutsche   18.500   9/23/2022  EUR    64.570
DZ Bank AG Deutsche   12.600   9/23/2022  EUR    68.790
DZ Bank AG Deutsche   12.800   9/23/2022  EUR    58.950
DZ Bank AG Deutsche   16.400   9/23/2022  EUR    62.500
DZ Bank AG Deutsche   18.000   9/23/2022  EUR    60.080
DZ Bank AG Deutsche   23.000   9/23/2022  EUR    54.470
DZ Bank AG Deutsche   12.700   9/23/2022  EUR    46.880
DZ Bank AG Deutsche   14.500   9/23/2022  EUR    45.610
Vontobel Financial P  12.000   9/23/2022  EUR    67.320
Vontobel Financial P  14.000   9/23/2022  EUR    66.690
Vontobel Financial P  12.000   9/23/2022  EUR    67.770
Vontobel Financial P  15.000   6/24/2022  EUR    65.330
Vontobel Financial P   6.000   6/24/2022  EUR    75.530
Vontobel Financial P  21.500   6/24/2022  EUR    72.650
Vontobel Financial P  18.000   6/24/2022  EUR    75.690
Vontobel Financial P  18.500   6/24/2022  EUR    70.990
Vontobel Financial P  10.000   6/24/2022  EUR    68.210
Vontobel Financial P   6.250   6/24/2022  EUR    67.940
Vontobel Financial P  12.500   6/24/2022  EUR    41.990
UniCredit Bank AG     10.150   09/07/2022 EUR    72.910
UniCredit Bank AG      7.450   09/07/2022 EUR    50.980
UniCredit Bank AG      9.650   09/07/2022 EUR    35.000
DZ Bank AG Deutsche   14.100   6/24/2022  EUR    61.160
DZ Bank AG Deutsche   10.500   9/23/2022  EUR    66.850
DZ Bank AG Deutsche   12.300   9/23/2022  EUR    67.090
DZ Bank AG Deutsche   14.300   9/23/2022  EUR    61.260
DZ Bank AG Deutsche   16.500   9/23/2022  EUR    61.880
DZ Bank AG Deutsche   17.100   9/23/2022  EUR    68.900
DZ Bank AG Deutsche   15.100   6/24/2022  EUR    75.980
DZ Bank AG Deutsche   20.100   9/23/2022  EUR    21.290
DZ Bank AG Deutsche   16.300   9/23/2022  EUR    55.120
DZ Bank AG Deutsche   18.300   9/23/2022  EUR    52.940
DZ Bank AG Deutsche   20.400   9/23/2022  EUR    51.130
DZ Bank AG Deutsche    6.500   9/23/2022  EUR    73.440
DZ Bank AG Deutsche    8.600   9/23/2022  EUR    70.520
DZ Bank AG Deutsche   11.100   9/23/2022  EUR    67.980
DZ Bank AG Deutsche   20.800   9/23/2022  EUR    46.720
DZ Bank AG Deutsche   15.400   9/23/2022  EUR    30.890
DZ Bank AG Deutsche   18.000   9/23/2022  EUR    30.180
DZ Bank AG Deutsche    8.400   9/23/2022  EUR    70.810
Goldman Sachs & Co W   5.000   9/21/2022  EUR    74.370
Goldman Sachs & Co W   5.000   5/25/2022  EUR    72.920
Goldman Sachs & Co W   5.000   6/22/2022  EUR    73.300
Goldman Sachs & Co W   5.000   7/20/2022  EUR    73.670
Goldman Sachs & Co W   5.000   8/24/2022  EUR    74.070
DZ Bank AG Deutsche   20.200   6/24/2022  EUR    26.030
DZ Bank AG Deutsche   12.900   9/23/2022  EUR    31.930
Societe Generale Eff   6.750   5/27/2022  EUR    36.850
Societe Generale Eff   5.250   5/27/2022  EUR    77.120
Societe Generale Eff   9.250   5/27/2022  EUR    65.430
Societe Generale Eff  14.750   5/27/2022  EUR    26.470
Societe Generale Eff  10.250   5/27/2022  EUR    63.330
Erste Group Bank AG    9.500   3/29/2024  EUR    65.100
Zurcher Kantonalbank  11.000   7/15/2022  CHF    42.830
Bank Vontobel AG       6.000   01/04/2023 CHF    65.300
Bank Vontobel AG       8.500   01/03/2023 EUR    70.500
Bank Vontobel AG      11.250   01/03/2023 EUR    73.500
Bank Vontobel AG      11.250   01/03/2023 EUR    73.500
Bank Vontobel AG      17.500   07/04/2022 CHF    27.400
Sberbank of Russia P   0.010   4/22/2026  RUB    64.520
Leonteq Securities A  18.000   7/26/2022  CHF    63.900
Leonteq Securities A  12.000   7/26/2022  EUR    60.250
Corner Banca SA       17.200   4/26/2022  CHF    53.460
Leonteq Securities A   9.000  10/26/2022  EUR    64.610
Vontobel Financial P   7.000   6/24/2022  EUR    42.430
Vontobel Financial P  12.500   6/24/2022  EUR    57.910
Vontobel Financial P  10.000   6/24/2022  EUR    41.610
Vontobel Financial P  13.500   6/24/2022  EUR    38.170
Vontobel Financial P  12.500   6/24/2022  EUR    39.250
Vontobel Financial P  16.500   6/24/2022  EUR    36.400
Vontobel Financial P   9.500   6/24/2022  EUR    39.240
Vontobel Financial P  11.000   6/24/2022  EUR    40.340
Vontobel Financial P   6.500   6/24/2022  EUR    46.060
DZ Bank AG Deutsche    7.000   6/20/2022  EUR    71.320
DZ Bank AG Deutsche    8.000   6/20/2022  EUR    71.470
DZ Bank AG Deutsche    7.000   6/20/2022  EUR    64.790
DZ Bank AG Deutsche    5.300   6/20/2022  EUR    69.790
Corner Banca SA       14.000   4/26/2022  USD    57.350
Zurcher Kantonalbank   5.000   4/27/2022  EUR    64.900
DZ Bank AG Deutsche    5.000   6/22/2022  EUR    58.760
DZ Bank AG Deutsche    6.750   6/22/2022  EUR    59.030
DZ Bank AG Deutsche   10.500   6/22/2022  EUR    71.910
DZ Bank AG Deutsche   12.000   6/22/2022  EUR    80.660
DZ Bank AG Deutsche    9.000   6/22/2022  EUR    75.820
DZ Bank AG Deutsche    8.000   6/22/2022  EUR    60.480
Leonteq Securities A   8.000   7/26/2022  CHF    62.310
Zurcher Kantonalbank  16.250   05/04/2022 EUR    65.120
Zurcher Kantonalbank   8.000   05/04/2022 CHF    72.880
EFG International Fi   5.000   4/26/2023  USD    63.610
Raiffeisen Switzerla   6.750  10/26/2022  CHF    63.230
Raiffeisen Switzerla  12.000  10/26/2022  CHF    40.660
Raiffeisen Switzerla  10.500  10/26/2022  CHF    65.230
Raiffeisen Switzerla   8.000  10/26/2022  EUR    63.830
Leonteq Securities A  11.500  10/27/2022  CHF    62.180
Landesbank Baden-Wue   7.000   4/28/2023  EUR    74.960
Landesbank Baden-Wue   5.200   4/28/2023  EUR    59.070
Landesbank Baden-Wue   3.350   4/28/2023  EUR    63.880
Landesbank Baden-Wue   5.650   4/28/2023  EUR    71.860
Landesbank Baden-Wue   4.200   4/28/2023  EUR    75.820
Landesbank Baden-Wue   7.000   4/28/2023  EUR    40.100
Landesbank Baden-Wue   3.800   4/28/2023  EUR    46.610
Landesbank Baden-Wue   3.200   4/28/2023  EUR    69.280
Landesbank Baden-Wue   2.000   4/28/2023  EUR    73.190
Landesbank Baden-Wue   4.650   4/28/2023  EUR    68.210
Landesbank Baden-Wue   3.300   4/28/2023  EUR    72.230
Landesbank Baden-Wue   5.250   4/28/2023  EUR    41.280
Landesbank Baden-Wue   3.150   4/28/2023  EUR    45.350
Landesbank Baden-Wue   2.300   4/28/2023  EUR    66.870
Landesbank Baden-Wue   6.000   4/28/2023  EUR    73.930
Landesbank Baden-Wue   5.700   4/28/2023  EUR    41.130
Landesbank Baden-Wue   4.350   4/28/2023  EUR    43.040
Landesbank Baden-Wue   3.000   4/28/2023  EUR    45.700
Vontobel Financial P  13.500   6/24/2022  EUR    62.570
Vontobel Financial P  15.000   6/24/2022  EUR    60.920
Vontobel Financial P  11.000   6/24/2022  EUR    66.330
Vontobel Financial P   9.500   6/24/2022  EUR    68.380
Vontobel Financial P  12.500   6/24/2022  EUR    64.420
Vontobel Financial P  16.500   6/24/2022  EUR    59.390
Vontobel Financial P  16.000   6/24/2022  EUR    75.370



                           *********


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.


                * * * End of Transmission * * *