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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 30, 2022, Vol. 23, No. 101

                           Headlines



F R A N C E

GETLINK SE: Fitch Affirms BB Rating on EUR850MM Green Bond
ILLIAD SA: Fitch Assigns First-Time 'BB' LongTerm IDR


I R E L A N D

ARES EUROPEAN VII: Moody's Affirms B2 Rating on Class E-R Notes
MALLINCKRODT PLC: Bondholders to Fund Chapter 11 Exit


I T A L Y

ASSICURATRICE MILANESE: Fitch Hikes LT IDR From BB+, Outlook Stable
CEDACRI MERGECO: Fitch Lowers Rating on Secured Notes to 'B'


L U X E M B O U R G

KIWI VFS: S&P Withdraws 'B-' ICR on Acquisition By Blackstone


P O R T U G A L

TAGUS-SOCIEDADE: Moody's Assigns (P)B1 Rating to EUR1MM F Notes


R U S S I A

AGROBANK JSC: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
ASAKABANK JSC: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
MICROCREDITBANK: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
NATIONAL BANK OF UZBEKISTAN: Fitch Affirms 'BB-' IDRs
UZBEK INDUSTRIAL: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable



S E R B I A

VERANO REMONT: Serbia Puts Assets Up for Sale for RSD452.3MM


S P A I N

SANTANDER CONSUMER 2014-1: Fitch Affirms CC Rating on Serie E Debt


T U R K E Y

TURKIYE KALKINMA VE YATIRIM: Fitch Affirms B+ IDRs, Outlook Neg.


U K R A I N E

KYIV CITY: Moody's Confirms 'Caa3' Long Term Issuer Ratings


U N I T E D   K I N G D O M

DONNELLY TRANSPORT: Director Disqualified for Nine Years
DRYDEN 62 EURO 2017: Fitch Hikes Rating on Class F Notes to Bsf
HARLEQUIN MANAGEMENT: Investors Lost More Than GBP220 Million
INSPIRED EDUCATION: S&P Affirms 'B' ICR on EUR250MM Add-On Debt
INSPIRED FINCO: Moody's Rates New EUR250MM Secured Term Loan 'B2'

JAMIE'S ITALIAN: GBP2.4 Million Paid Out to Owner, Filings Show
LONDON WALL 2021-01: S&P Hikes Cl. X-Dfrd Notes Rating to 'BB(sf)'
MISGUIDED: Business Advisory Expert Outlines Rescue Options
NORTHWOODS CAPITAL 26: Fitch Assigns 'B-(EXP)' Rating on F Notes


X X X X X X X X

[*] BOND PRICING: For the Week May 23 to May 27, 2022

                           - - - - -


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F R A N C E
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GETLINK SE: Fitch Affirms BB Rating on EUR850MM Green Bond
----------------------------------------------------------
Fitch Ratings has assigned Channel Link Enterprises Finance Plc's
(CLEF) newly-issued notes final ratings of 'BBB'. Fitch has also
affirmed CLEF's existing notes at 'BBB' and Getlink S.E.'s (GET)
EUR850 million green bond at 'BB'. The Outlooks are Stable.

RATING RATIONALE

The ratings reflect the pari-passu nature of the A11 tranche with
the other 'BBB' rated tranches.

CLEF's rating is underpinned by the critical nature of the asset
managed by Eurotunnel, the long-term maturity of the concession
terminating in 2086 and the historical resilience of passenger
volumes on the high-speed trains and car shuttle business. These
factors support Fitch's view that CLEF will navigate recovery
following the impact of the Covid-19 pandemic and Brexit-related
uncertainties. Fitch assumes demand will progressively recover by
2025-2029 from the current subdued traffic levels.

CLEF's average debt service coverage ratio (DSCR) of 1.55x places
its credit profile at 'BBB', constrained by volatility and expected
low coverage ratios in the near term.

GET is credit-linked to CLEF, the ring-fenced vehicle secured by
Fixed Link's (FL or Eurotunnel) activities, the fixed railway link
between the UK and France. Fitch assesses the consolidated profile
of GET, comprising Eurotunnel, Eleclink and Europorte, at 'BBB' and
apply a three-notch downward adjustment to arrive at GET's 'BB'
rating.

GET's 'BB' rating reflects the structural subordination of its debt
and its weaker debt structure assessment, reflecting refinancing
risk associated with its single bullet debt. This is based upon the
subordinated and restricted access GET has to cash flows generated
by its wholly-owned subsidiary CLEF and the expected unrestricted,
albeit potentially volatile income GET will receive from its
subsidiary, Eleclink.

The liquidity position is robust. At December 2021, Eurotunnel had
EUR429 million cash available, as well as committed fully undrawn
liquidity lines/guarantee facilities of around EUR368 million, at
the CLEF ring-fenced perimeter. This compares with debt service of
EUR237 million and EUR242 million due in 2022 and 2023.

At the Getlink level (and other group companies), available cash
was EUR292 million as of end December 2021. In addition, Getlink's
debt service reserve account (DSRA) was EUR31 million and it had an
unused revolving credit facility of EUR75 million.

KEY RATING DRIVERS

Mixed Traffic Performance - Volume Risk: High-Midrange

Fitch has revised its assessment of Revenue Risk (Volume) to
'High-Midrange' from 'Midrange' following the publication of its
new Transportation Infrastructure Rating Criteria, which assesses
volume risk on a five-point scale.

Traffic volume proved resilient through economic recessions for
Eurostar passengers and car shuttle volumes, while truck shuttle
volumes showed significant volatility (-46% in 2007-2009), partly
because of the 2008 tunnel fire accident. Eurotunnel is able to
differentiate itself from competing ferry operators in the Dover
Strait and command a premium on ferry fares, due to the speed, ease
and reliability of its shuttle service. Nonetheless, competition
and exposure to discretionary demand are constraints on the
rating.

Some Flexibility - Price Risk: Midrange

Shuttle service fares are flexible and can be adapted to market
conditions. Historically, this has helped Eurotunnel to quickly
recover volume loss on the truck and to a lesser extent, car
businesses. The railway usage contract (RUC) regulates railway
network fares, preventing a full pass-through of inflation into
tariffs. A low inflation environment could limit the railway
network's revenue growth.

Eleclink is expected to begin commercial operations in 2H22 and
will add revenue diversity to GET's consolidated credit profile.
This revenue could be volatile due to exposure to electricity price
risk in both the French and UK markets.

Largely Maintenance Capex - Infrastructure Development and Renewal:
Midrange

Strong UK/French regulatory oversight, Eurotunnel's prudent
management policy as tunnel operator and the inclusion of minimum
capex in the dividend distribution lock-up covenant calculation
mitigate the lack of formal provisioning for capex under the
financing documentation. The capex plan is generally funded with
projected cash flows and investments are planned in advance and
considering market conditions. In Fitch's view, this provides some
flexibility in delivering the capex programme.

Fully Amortising, Back-Ended - Debt Structure: Midrange (CLEF)

Debt is senior, largely fixed-rate and fully amortising but with a
back loaded repayment profile. Debt is almost evenly split between
sterling and euros, substantially mirroring EBITDA exposure.
Structural features include standard default/lock-up tests with
cash-sweep mechanism and a EUR370 million liquidity reserve, which
currently covers 18 months debt service, but reduces to eight
months from 2046 due to increased back-ended repayment profile of
the debt. Refinancing and additional debt are subject to rating
affirmation.

Single Bullet Debt with Refinancing Risk — Debt Structure: Weaker
(Getlink)

The EUR850 million bond is a five-year fixed rate bullet debt due
in 2025. Fitch views refinancing risk as high, due to the deep
subordination and the use of a single-bullet maturity, which is
only somewhat mitigated by the 12-month DSRA and the cash on
balance sheet at the GET level. The protective features of the
consolidated-based lock-up and incurrence covenants are diminished
by the possibility of raising prior-ranking non-recourse debt at
subsidiaries and the presence of sizeable baskets for additional
debt and dividends.

Structural Subordination - Issuer Structure

GET is not a single-purpose vehicle as it is invested in multiple
businesses (Fixed Link, Europorte, Eleclink) and its debt is
structurally subordinated to the project finance-type debt at CLEF.
There are strong structural protections under CLEF's
issuer-borrower structure, including lock-up provisions potentially
triggering cash sweep and additional indebtedness clauses subject
to rating tests, which limits debt being pushed down from the
holding company, GET. These factors drive Fitch's rating approach
and together with the 'Weaker' debt structure assessment explain
the three-notch difference between GET and the consolidated
profile, the latter largely driven by Eurotunnel's core
activities.

The key rating drivers of the consolidated profile are in line with
CLEF, given this dominates the consolidated group's EBITDA
generation.

PEER GROUP

Compared with High Speed Rail Finance (1) PLC (HS1; A-/Stable),
CLEF shares exposure to Eurostar. However, CLEF is exposed directly
to Eurostar passenger volumes, while HS1 is exposed to the number
of train paths, which are inherently less volatile, although
ultimately exposed to the same performance drivers. HS1 also
benefits from having 60% of its revenues supported by the UK
government via underpinned "availability" payments ultimately
leading to its higher rating. Finally, compared with Autoroutes
Paris-Rhin-Rhone (A-/Stable), CLEF's higher exposure to competition
and demonstrated lower resilience during the economic downturn,
lead to the lower rating.

Fitch compares GET's structural subordination with that of Gatwick
Airport Finance (BB-/Negative). GET's notes are similarly
subordinated structurally to cash flow generation although both
have full ownership of the underlying asset. Gatwick's notes would
be affected by delayed traffic recovery, which could result in an
extended dividend lock-up beyond 2024. The lock-up provision at
Gatwick and the uncertain traffic recovery of the airport lead to a
wider notching than GET.

RATING SENSITIVITIES

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

CLEF

-- Annual Fitch rating case (FRC) fixed link DSCR consistently
    below 1.3x;

-- Fitch will monitor the impact of coronavirus and Brexit
    negotiations on trade and people flows between the UK and EU.
    Any resulting revenue deterioration beyond Fitch's FRC
    assumptions may result in negative rating action;

-- Indication that traffic volumes will deteriorate outside
    Fitch's expectations or take longer to recover than currently
    anticipated.

GET

-- A downgrade of the consolidated group's credit profile would
    lead to a downgrade of GET;

-- Failure to prefund GET debt well in advance of its maturity
    could be rating-negative, as could a material increase of debt

    at GET or subsidiary levels.

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

CLEF

-- Annual FRC fixed link DSCR consistently above 1.5x, subject to

    clearer visibility on traffic recovery.

GET

-- An upgrade of the consolidated group's credit profile could
    lead to an upgrade of GET;

-- The notching difference with the consolidated credit profile
    might be reduced if ElecLink demonstrates the ability to
    generate strong and stable cash flow, to which GET continues
    to have direct and unconditional access.

BEST/WORST CASE RATING SCENARIO

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

CREDIT UPDATE

Lower revenues than forecasted in the October FRC have been offset
by a lower cost base than Fitch anticipated. As a result, FY21
EBITDA of EUR266 million is above that expected in the previous
FRC.

During 2021, passenger shuttles were lower than in 2020, mainly due
to ongoing restrictive measures, namely on the UK border. Eurostar
continued to be severely affected, with its passenger market around
14% of volumes prior to the pandemic. Truck shuttle slightly
decreased from 2020, mainly due to adjustments to new post-Brexit
administrative rules, as well as the Covid-19 restrictions and a
shortage of truck drivers. Negative developments on traffic were
somewhat mitigated by a favourable mix and yield management
initiatives.

In 1Q22 Fitch observed increasing levels of traffic in all segments
- truck shuttle, car and Eurostar passengers - indicating recovery
despite volumes still being below pre-pandemic levels.

FINANCIAL ANALYSIS

Under the FRC, Fitch has incorporated reasonable conservative
assumptions for traffic, supported by the ongoing Brexit effect on
truck and subdued macroeconomic environment, which may dent
car/rail passenger recovery.

In particular, Fitch has assumed truck shuttle to fully recover to
2019 levels only by 2029, car shuttle to recover by 2024 and
Eurostar traffic to be at 95% of 2019 volumes by end-2025. After
recovery, Fitch assumes volumes will grow well below the blended
UK-France GDP growth assumptions (1%) until 2035, when Fitch
substantially halves growth thereafter. Fitch expects yields on the
shuttle business to track less than half of inflation beyond 2024,
while the railway network will mechanically follow the fares set by
the RUC. Finally, Fitch has applied stresses to management's opex
projections.

This results in an average DSCR of 1.55x until debt maturity
(excluding 2050), with coverage below 1.5x in the short term.

ESG CONSIDERATIONS

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

Rating Actions

                                Rating           Prior
                                ------           -----
Getlink S.E.  

Getlink S.E./Debt/1 LT    LT     BB    Affirmed    BB

Channel Link Enterprises Finance Plc

Channel Link Enterprises
Finance Plc/Debt/1 LT     LT     BBB   Affirmed    BBB

Channel Link Enterprises
Finance Plc/Debt/1 LT     LT     BBB   New Rating  BBB(EXP)


ILLIAD SA: Fitch Assigns First-Time 'BB' LongTerm IDR
-----------------------------------------------------
Fitch Ratings has assigned Iliad S.A. (Illiad) a first-time
Long-Term Issuer Default Rating (IDR) and its existing unsecured
bonds a senior unsecured rating of 'BB' with a Recovery Rating of
'RR4'. It has also affirmed Iliad Holding's Long-Term IDR at 'BB'
and senior secured instrument rating at 'BB-'/'RR5'. The Outlook on
both IDRs is Stable.

The ratings of Iliad Holding and Iliad are based on a consolidated
rating profile and reflect Iliad Holding's full ownership of
operating subsidiary Iliad. This reflects Fitch's assessment of
strong parent-subsidiary linkage (PSL) between the two. Iliad is
Iliad Holding's sole operating asset and drives Fitch's assessment
of its operating profile. Fitch assesses Iliad's Standalone Credit
Profile (SCP) at 'bb+' as a result of the lower leverage than at
the holding company.

Iliad has a solid position in the French telecoms market based on
the deployment of its own mobile and fixed network and partnerships
with passive infrastructure providers. The acquisition of UPC
Poland enables Iliad to create an integrated, fixed and mobile
operator in Poland while investment risks in Italy since the launch
of Iliad's mobile operations in 2018 have reduced as Iliad Italy
has started to generate positive EBITDA (after leases).

The Stable Outlook reflects that while Iliad Holding's funds from
operations (FFO) net leverage is above the threshold of the rating,
Fitch believes it will be able to reduce this to about 4.6x by 2024
with organic free cashflow (FCF) generation, dividends from
investments and asset disposals. The higher leverage is partly due
to Italian spectrum payments in 2022, without which the
deleveraging to a level consistent with the rating threshold would
be 12 to 18 months faster.

KEY RATING DRIVERS

Strong Domestic Position: Following the acquisition of UPC in
Poland Fitch estimates that France will account for about
two-thirds of group EBITDA (company-defined, after leases). Iliad
has subscriber market shares in fixed broadband and mobile of about
23% and 19%, respectively. Its technology and pricing innovation,
coupled with an industry-leading cost structure, have enabled it to
build a well-entrenched position in fixed broadband with strong
cash generation. This is exemplified by Iliad's domestic EBITDA
margin of 42% at end-2021. The cash generation has provided Iliad
with the scope to invest in its own fibre and mobile network in
France and pursue growth opportunities in other markets.

Competitive Market, EBITDA Growth: The French telecoms market has
four market participants with either full or partial ownership of
their mobile and end-to-end fixed broadband networks. While a
significant increase pricing pressure is unlikely, the market
structure makes profitable revenue growth through increasing
subscribers difficult. However, Iliad should be able to increase
EBITDA in France over the next 12 to 18 months through upselling
greater-value tariffs to its own customers, migrating customers on
to its own network (saving wholesale and roaming fees) and
increasing operating leverage.

Passive Infrastructure Partnerships Supportive: Iliad's
infrastructure partnerships in local access networks and mobile
towers have multiple benefits as they release value in passive
assets to fund network deployments and to invest in assets that
improve its competitive position, improve the risk/return dynamics
in fixed-network deployment and reduce its free cash flow (FCF)
outlays while increasing the pace of network coverage. Although the
partnerships will result in higher operating costs, on balance,
Fitch believes that given its market position and size of FCF
generation in France, they improve the scalability of Iliad's
platform.

UPC Poland Acquisition Synergistic: Iliad acquired UPC Poland for
an enterprise value of EUR1.5 billion. The acquisition enables
Iliad to move from being a mobile-only operator to a converged,
fixed-line and mobile network operator that strengthens its market
position in Poland, while extracting revenue, cost and network
synergies. Fitch expects Poland will account for about 25% of total
EBITDA in the next two years on a pro-forma basis. Iliad expects to
fund the transaction with a combination of cash and debt issued at
the level of its Polish operating subsidiary Play.

Building Scale in Italy: Iliad's investment in Italy is at an early
stage, with its scale less than sufficient for FCF to be positive
on a standalone basis. It made significant progress in 2021 with
8.5 million new subscribers (about a 10% market share) and 8,727
active mobile sites. This enabled Iliad Italy to generate EUR80
million in EBITDA in 2021, after a EUR133 million loss in 2020. The
continued deployment of its own network and expansion of its
customer base, albeit at slower pace, will enable Iliad to
accelerate EBITDA growth in 2022 (Fitch base case estimates EUR220
million). The deployment of its own network enables Iliad to
convert variable costs into fixed costs while reducing national
roaming costs.

Calculated Risks in Italy: Factors that reduce the risks and
improve the chances to make a return in Italy include the existence
a of long-term national roaming agreement with RAN-sharing in rural
areas, a lower operating cost structure than existing Italian
mobile operators, affordable off-network interconnection rates,
availability of third-party mobile towers, low prevalence of
handset subsidies and circumventing traditional distribution
methods.

High Leverage but Deleveraging Capacity: Fitch's base case
forecasts that Iliad Holding's pro-forma consolidated FFO net
leverage (including the acquisition of UPC Poland) will decline to
about 4.6x by 2024 from 5.1x in 2022. The pace of decline is
restrained by EUR959 million of one-off spectrum payments in Italy
in 2022, which is partially offset by expected proceeds from
disposals in Poland and France. Excluding the EUR959 million
Italian spectrum payment pro-forma consolidated net leverage would
fall within the threshold of the rating. FFO net leverage at Iliad
is 1x-1.2x lower but follows a similar trend.

Consolidated Rating Approach: Fitch sees a strong linkage between
Iliad Holding and its stronger subsidiary Iliad based on its PSL
Criteria. Iliad Holding's ownership and control of Iliad lead to
'open access and control' while covenant restrictions in bank loan
indentures are insufficiently strong on their own to establish
effective ringfencing, in Fitch's view. Iliad's SCP is one notch
higher than the consolidated rating profile at 'bb+', due to lower
leverage at the operating subsidiary.

Structural Subordination of Debt: Following the acquisition of UPC
Poland, Fitch projects Fitch-defined consolidated gross debt would
be EUR15.2 billion at end-2022, of which EUR3.7 billion is issued
by Iliad Holding and the remainder by Iliad. The quantum of gross
debt issued by Iliad leads to structural subordination of the debt
issued by the holding company. As result, the debt issued by Iliad
Holding is rated one notch lower than its IDR.

DERIVATION SUMMARY

Iliad Holding and Iliad are rated on a consolidated basis, with
Iliad driving the operating profile of both companies. Iliad's
operating profiles in France and Poland are broadly in line with
that of other alternative telecoms operators with well-entrenched
domestic positions and ownership of both fixed- and-mobile network
assets, such as UPC Holding BV (BB-/Negative), Telenet Group
Holding NV and VMED O2 UK Limited (both BB-/Stable). Iliad
Holding's higher IDR reflects Fitch's expectations that leverage
will be sustained at lower levels. Risks related to achieving
sufficient scale and turning FCF-positive in Italy, which
contributes towards negative FCF at the group level in the
short-to-medium term weaken the business profile relative to its
alternative telecom operator peers', but will have a lower bearing
on the rating as Iliad Italy starts to generate EBITDA.

Iliad's operating profile is weaker then domestically focused
incumbent operators such as Royal KPN N.V. (BBB/Stable). The
stronger operating profile of incumbent operators like Royal KPN
reflects their higher service revenue market share in both mobile
and fixed, network infrastructure ownership, network scale
economics of servicing of all market segments and a market
structure that is predominantly based on two to three duplicate
mobile or local loop network infrastructures.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch's Rating Case for Iliad and
Iliad Holding

-- Revenue of EUR8.2 billion in 2022, increasing by 2.8% to 5%
    p.a. during 2023-2025;

-- Fitch-defined EBITDA margin (excluding lease interest costs)
    of 37.8% in 2022, 38.5% in 2023 and remaining broadly stable
    to 2025;

-- Capex excluding spectrum at 26% of revenue in 2022, gradually
    declining to 21% by 2025;

-- Dividends paid by Iliad of EUR200 million per year and EUR30
    million per year by Iliad Holding;

-- Net acquisition spend of EUR430 million in 2022 and EUR160
    million in 2023;

-- Disposals proceeds used to pay down debt at Iliad Holding in
    2022 and 2023.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade for Iliad Holding and Iliad:

-- Sustained competitive position in France, successful
    integration of UPC Poland, and improved scale and network
    roll-out in in Italy;

-- Iliad Holding's consolidated FFO net leverage trending
    sustainably below 4.0x (equivalent to about 3.5x Fitch-defined

    net debt/EBITDA);

-- Iliad Holding's FFO (on a standalone basis excluding Iliad,
    including interest earned from intercompany loans) above 2x
    gross interest;

-- Significant positive FCF generation.

Factors that could, individually or collectively, lead to negative
rating action/downgrade for Iliad Holding and Iliad:

-- Failure to show significant progress in reducing consolidated
    FFO net leverage to sustainably below 4.5x (equivalent to
    about 4.0x Fitch-defined net debt/EBITDA) by 2024;

-- Iliad Holding's FFO (on a standalone basis excluding Iliad,
    including interest earned from intercompany loans) below 1.5x
    gross interest;

-- A significant degradation in Iliad's market share of mobile or
    fixed broadband in France and Poland and/or operating FCF;

-- Higher-than-expected FCF burn at Iliad Italy with distant
    prospects of turning FCF positive.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Iliad has comfortable liquidity, with cash
and cash equivalents of EUR704 million and revolving undrawn credit
facilities of EUR1.65 billion at end-2021. The company also has an
undrawn revolving credit facility of about EUR433 million at its
operating subsidiary Play in Poland. This provides sufficient
capacity to cover maturities of EUR694 million in 2022.

Iliad Holding has a five-year, undrawn EUR300 million revolving
credit facility and a cash balance of EUR79 million. It is expected
to receive about EUR200 million in dividends from Iliad in 2022.
This comfortably covers annual interest payments of about EUR133
million and other company net outflows. Iliad Holding's EUR1.2
billion bridge to disposal facility is expected to be repaid by
2022 with proceeds from the sale of tower assets in France and
Poland.

ESG CONSIDERATIONS

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




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I R E L A N D
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ARES EUROPEAN VII: Moody's Affirms B2 Rating on Class E-R Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Ares European CLO VII DAC:

EUR52,000,000 Class A-2A-R Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Apr 15, 2021 Affirmed Aa2
(sf)

EUR10,000,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Apr 15, 2021 Affirmed Aa2
(sf)

EUR29,000,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A1 (sf); previously on Apr 15, 2021
Affirmed A2 (sf)

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

EUR265,000,000 (Current outstanding amount EUR264,518,938) Class
A-1-R Senior Secured Floating Rate Notes due 2030, Affirmed Aaa
(sf); previously on Apr 15, 2021 Definitive Rating Assigned Aaa
(sf)

EUR20,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa2 (sf); previously on Apr 15, 2021
Affirmed Baa2 (sf)

EUR29,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Apr 15, 2021
Affirmed Ba2 (sf)

EUR12,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B2 (sf); previously on Apr 15, 2021
Affirmed B2 (sf)

Ares European CLO VII DAC, issued in September 2014, reset in
August 2017 and refinanced in April 2021, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Ares European
Loan Management LLP. The transaction's reinvestment period ended in
October 2021.

RATINGS RATIONALE

The rating upgrades on the Class A-2A-R, A-2B-R and B-R Notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in October 2021.

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 shorter amortisation profile than it
had assumed at the last rating action in April 2021.

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: EUR448.39m

Defaulted Securities: None

Diversity Score: 57

Weighted Average Rating Factor (WARF): 2806

Weighted Average Life (WAL): 4.47 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.54%

Weighted Average Coupon (WAC): 3.57%

Weighted Average Recovery Rate (WARR): 44.57%

Par haircut in OC tests and interest diversion test: 0%

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.

Moody's notes that the May 2022 trustee report was published at the
time it was completing its analysis of the April 2022 data. Key
portfolio metrics such as WARF, diversity score, weighted average
spread and life, and OC ratios exhibit little or no change between
these dates.

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 and swap 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:

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

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.

MALLINCKRODT PLC: Bondholders to Fund Chapter 11 Exit
-----------------------------------------------------
Alexander Gladstone, Jonathan Randles and Soma Biswas at The Wall
Street Journal report that drugmaker Mallinckrodt PLC has obtained
support among unsecured bondholders to fund its exit from chapter
11 after a chilly reception from the leveraged credit market.

The Ireland-based company had been struggling to complete a
financing deal needed to emerge from bankruptcy and has been
working with Morgan Stanley to find investors, the Journal relates.


A US$900 million loan deal failed to gain traction with market
participants, the Journal discloses.

                    About Mallinckrodt PLC

Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly-owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies.  The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics; and
gastrointestinal products.  Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case
No. 20-12522) to seek approval of a restructuring that would reduce
total debt by $1.3 billion and resolve opioid-related claims
against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins, LLP and Richards, Layton &
Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes &
Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel;
Guggenheim Securities, LLC as investment banker; and AlixPartners,
LLP as restructuring advisor.  Prime Clerk, LLC is the claims
agent.

The official committee of unsecured creditors retained Cooley, LLP,
as its legal counsel; Robinson & Cole, LLP as co-counsel; and
Dundon Advisers, LLC as financial advisor.

On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an
official committee of opioid-related claimants.  The OCC tapped
Akin Gump Strauss Hauer & Feld, LLP as its lead counsel; Cole
Schotz as Delaware co-counsel; Province, Inc. as financial advisor;
and Jefferies, LLC as investment banker.




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

ASSICURATRICE MILANESE: Fitch Hikes LT IDR From BB+, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Assicuratrice Milanese S.p.A.'s
(Milanese) Insurer Financial Strength (IFS) Rating to 'BBB' (Good)
from 'BBB-' (Good) and its Long-Term Issuer Default Rating (IDR) to
'BBB-' from 'BB+'. The Outlooks are Stable.

The upgrade reflects Milanese's consolidation of its very strong
capital position, while maintaining strong operating performance
and low asset-concentration risk. We expect Milanese to maintain
its current levels of capitalisation, financial performance and
asset-concentration risk in 2022. The ratings continue to reflect
Milanese's small size in the Italian insurance market, despite a
strong franchise in medical malpractice, the company's core
business.

KEY RATING DRIVERS

Very Strong Capital: Fitch's assessment of Milanese's
capitalisation is reflected in Fitch's Prism Factor-Based Model
(Prism FBM) score of 'Extremely Strong' at end-2021, unchanged from
end-2020's. Milanese's Solvency II ratio, calculated according to
the standard formula, was also very strong at 232% at end-2021
(end-2020: 244%). The company has no debt, which Fitch views as
credit-positive.

Less Favourable Business Profile: Fitch assesses Milanese's
business profile as less favourable in comparison with the Italian
insurance sector as a whole. Milanese is a small non-life insurer
that targets niche businesses, such as medical malpractice.

The company reported EUR55 million in equity and EUR75 million in
gross premiums at end-2021. Two business lines, general liability
and motor third-party liability (MTPL), contributed about
three-quarters of the business volumes. Milanese's small size,
limited diversification and a weak competitive position outside its
core business constrain its ratings.

Very Strong Earnings: Milanese has a very strong earnings profile.
The company's very strong financial performance and earnings in
2021 was supported by healthy underwriting results. It reported a
very strong five-year (to 2021) average combined ratio of 69%
(2021: 70%), leading to a five-year average return on equity of
15%; these levels are firmly supportive of the ratings.

Low Asset-Concentration Risk: Fitch views Milanese's investment
risk as low. The company's exposure to Italian sovereign debt, a
feature of the asset composition of the Italian market, was a low
EUR10 million at end-1Q22 (2021: zero). Milanese's Fitch-estimated
risky assets were a strong 32% of capital at end-2021, unchanged
from end-2020's. The company also holds a highly liquid portfolio,
with about 62% of it invested in cash or term deposits.

Extensive Reinsurance Coverage: Fitch assesses Milanese's
reinsurance coverage as adequate for its ratings, as the company
managed to renew and extend existing treaties with good renewal
conditions. The company's reinsurance utilisation ratio was stable
at a high level of 53% in 2021. However, we believe Milanese's high
usage of reinsurance is commensurate with the risks the company
assumes and helps mitigate concentration risk.

Good Reserve Adequacy: Milanese has a strong record of positive
reserve movements across most lines of business. Fitch expects
Milanese to maintain adequate reserve levels across the whole
portfolio.

RATING SENSITIVITIES

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

-- Sustained deterioration in Milanese's financial performance and
earnings with the combined ratio above 100%

-- Deterioration in Milanese's Prism FBM score to below 'Extremely
Strong' for a sustained period

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

-- A significant improvement of Milanese's business profile
through profitable growth and higher diversification, which Fitch
deems unlikely in the next 12 to 24 months

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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


CEDACRI MERGECO: Fitch Lowers Rating on Secured Notes to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded Cedacri Mergeco S.p.A.'s senior
secured notes (SSNs) to 'B' from 'B+' and revised their Recovery
Rating to 'RR4' from 'RR3'. Fitch has also affirmed the company's
Long-Term Issuer Default Rating (IDR) at 'B' with a Stable
Outlook.

Cedacri Mergeco was incorporated by financial investor and key
shareholder ION Group for the 2021 leveraged buyout (LBO) of
Cedacri S.p.A. (Cedacri).

The downgrade of the SSNs follows the issuance of an additional
EUR105 million of floating-rate notes (FRNs). The higher amount of
gross debt, applied to unchanged going-concern (GC) enterprise
value assumptions, resulted in lower recoveries to within Fitch's
'RR4' band. Fitch understands from management that the key terms of
the additional FRNs are in line with the existing notes issued in
2021.

The affirmation of the IDR is underpinned by Cedacri's continuing
leadership in software solutions for financial institutions in
Italy, validated by strong revenue and margins in 2021.
Satisfactory results under the company's efficiency initiatives,
endorsed by ION Group, provide further room for EBITDA margin
improvements over the next two financial years.

KEY RATING DRIVERS

Increase in Leverage: The EUR105 million tap of Cedacri's SSNs
increases Fitch's forecast of funds from operations (FFO) gross
leverage to 7.9x by end-2022, up from Fitch's previous forecast of
7.2x. This is marginally over Fitch's threshold for a downgrade to
'B-'. However, Fitch expects this metric to improve to 6.8x by
2023. The proceeds of the issue will finance general corporate
purposes, fees and the payment of the issue discount. Fitch factors
in unchanged net leverage. However, this may change as the company
invests the new funding.

Efficiencies and R&D Support Deleverage: Cedacri's deleveraging
prospects rely on the organic growth of the business and on EBITDA
margin expansion. Fitch expects the outsourcing trend from banks to
continue, sustaining a gentle growth of recurring revenue. Fitch
also sees limited challenges to pricing and customer cancellations.
Fitch-defined EBITDA margin, adjusted for the application of IFRS
16 and capitalised R&D costs, is set to increase to over 25% in
2024 from about 23% in 2021. A reduction in R&D expenses and the
operating efficiencies plan, both ongoing, are the key contributors
to increasing profitability.

Evolution of Financial Policy Expected: Cedacri's cash position is
strong after the tap issue. Fitch expects its shareholders to push
for investments in value-enhancing initiatives, including M&A and
possibly dividend payments. For this reason, Fitch centres Fitch's
rating sensitivities on gross leverage metrics. Additional EBITDA
from bolt-on acquisitions may provide for faster gross
deleveraging, particularly in the absence of additional gross debt.
However, M&A may increase execution risks. Overall, Fitch sees room
for Cedacri to remain within Fitch's sensitivities for a 'B' rating
through the cycle while investing or distributing its extra cash to
shareholders.

2021 Ahead of Expectations: Management guidance on Cedacri's 2021
performance is marginally ahead of Fitch's initial forecasts.
Hence, Fitch has slightly increase Fitch's revenue expectations by
about EUR5 million. Fitch has also revised Fitch's 2021 EBITDA
forecast to over EUR100 million, up from about the EUR85 million
estimate in September 2021. A faster reduction of R&D expenses,
strong results under the efficiency initiatives and lower
non-recurring costs delivered an EBITDA margin expansion of about
3.5pp. The latter, together with lower-than-expected debt funding
for the LBO, results in 2021 FFO gross leverage of around 7.0x,
lower than Fitch's initial expectations of 8.8x.

Progress on Cost Savings: ION Group's investment in Cedacri
included an ambitious plan of cost efficiencies. The investor
viewed the company's cost structure as heavy on outsourcing and IT
expenses. Fitch assesses the additional EBITDA under this plan
would have been at around EUR14 million for 2021, over EUR2 million
higher than Fitch's expectations at the time of the initial rating.
Fitch also understands from management that cash savings measures
for over additional EUR15 million have been implemented. Given
ION's record on cost savings and the 2021 overperformance, Fitch
has increased Fitch's forecast EBITDA from cost savings for 2022 by
around EUR7 million to about EUR22 million.

R&D Expenses: Cedacri's R&D expenses are often related to bespoke
product development. They are incurred in the implementation phase,
followed by a ramp-up in revenue when the new contract goes live.
The company spent a high EUR42 million in 2020 to onboard a new
large customer under its core banking solutions (CBS) product. CBS
is a full-service solution capable of managing all the IT functions
of a financial institution. Fitch estimates R&D to have declined
materially in 2021 to about EUR17 million, but Fitch sees marginal
increases in the next three years. Fitch expects a total of around
EUR100 million of R&D expenses for the four years to 2024.

Free Cash Flow Stability: Cedacri's business model provides for
stable FCF generation. Cash from working capital is neutral to
positive and capex as a share of revenue is around 5% through the
cycle. All this will lead to an average FCF margin of over 7% for
2022-2024. However, should a new large customer be added to the CBS
platform, Fitch expects R&D to increase, affecting margins over the
implementation phase. The effect may last up to 18 to 24 months
before the contract goes live, reducing FCF margins in the
interim.

Recurring Revenue, Consolidation Risk: Most of Cedacri's systems
are essential for its clients. Over 50% of its revenue arises from
long-term contracts, increasingly delivered through a software-as-a
service (SaaS) model. About three quarters are recurring. Cedacri's
contracts include short-term protection against customers
cancelling subscriptions, while a wide product portfolio helps to
partially retain merging customers due to the financial sector's
consolidation. However, the concentration in Cedacri's customer
base, with the top 10 clients accounting for around 50% revenue,
significantly exposes the company to the risk of consolidation in
its customer base.

DERIVATION SUMMARY

Cedacri is strongly positioned in the Italian software and IT
services market for banks. Its business model enables the company
to capitalise on growth in digital and cloud computing and the
increasing outsourcing trend within financial institutions.

It competes in Italy with international champions such as Accenture
Plc (A+/Stable) and IBM, as well as with local companies such as
Centurion Bidco S.p.A (Engineering - Ingegneria Informatica S.p.A.
(EII), B+/Stable). Cedacri leads in niches such as regulatory and
compliance software and in full IT outsourcing for
small-to-medium-sized banks. It is exposed to the risk of
consolidation within its customer base.

Cedacri's ratings are underpinned by a strong market position and
strong FCF generation that are counterbalanced by high leverage. It
compares well with Fitch publicly and privately rated LBO peers in
software services. These include, besides EII, Dedalus SpA
(B/Stable). Dedalus has comparable leverage with and smaller scale
than Cedacri, but its pan-European footprint in the highly
fragmented healthcare software industry provides it with a stronger
anchor to revenue growth. Cedacri's business model is stronger than
EII's, with the latter being strongly exposed to the consultancy
model but with a less leveraged capital structure.

Fitch sees some comparison also with LBO peers in ERP services
including Teamsystem Holdings SpA (B/Stable) and Bock Capital Bidco
B.V. (B/Stable), also active with a SaaS model. These two peers'
leverage and FCF generation are broadly comparable with Cedacri's.
However, Fitch believes that ERP providers' diversified customer
base provides for lower business risk, in particular Teamsystem,
which offers a sophisticated full service offering.

KEY ASSUMPTIONS

-- Annual revenue growth averaging around 5% until 2024, from
    12.8% in 2021;

-- Annual cost savings of EUR40 million by 2024, with low
    integration costs;

-- R&D costs between EUR20 million and EUR30 million annually
    from 2022 to 2024 treated as operating expense;

-- Limited revenue synergies contributing to a EUR5 million
    increase in EBITDA by 2024.

Key Recovery Assumptions

Fitch updated its recovery analysis for Cedacri to reflect the
issuance of the additional EUR105 million FRNs.

Fitch's recovery analysis assumes that Cedacri will be considered a
GC in bankruptcy, and that it would be reorganised rather than
liquidated. This is because most of its value lies within its
contract portfolio, incumbent software licenses and strong client
relationships.

Fitch assumes a 10% administrative claim.

Fitch assesses GC EBITDA at EUR80 million. Fitch estimates that at
this level of EBITDA, after the undertaking of corrective measures
and the restructuring of its capital structure, Cedacri would
generate zero to slightly positive FCF.

A financial distress leading to a restructuring may be driven by
Cedacri losing part of its customer base and compromising on
pricing to retain clients. In particular, the combination of a wave
of mergers between Italian banks and Cedacri suffering
technological weaknesses within its portfolio may lead to declining
revenue and a contraction in margins. In this case, Cedacri's
capital structure may come under pressure, with increased cost of
debt absorbing remaining FCF headroom. A poorer execution under the
cost saving plans may add to the financial risk in this scenario.

Fitch applies a recovery multiple of 5.5x, in line with sector
peers' and around the mid-point of Fitch's multiples band for EMEA.
This generates a ranked recovery in the 'RR4' band, after deducting
10% for administrative claims. This results in a 'B'/'RR'/45%
instrument rating for the outstanding senior secured debt.

Fitch's estimates of creditor claims include a fully drawn EUR60
million super senior revolving credit facility (RCF) and the EUR755
million SSNs, including the newly issued EUR105 million add-on
FRNs.

RATING SENSITIVITIES

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

-- Gross debt / operating EBITDA below 5.5x or FFO gross leverage

    below 6x, driven by revenue expansion and cost-savings
    initiatives;

-- Cash from operations (CFO) less capex/gross debt above 10%;

-- Operating EBITDA / interest paid sustained above 3.5x or FFO
    interest coverage sustained above 3.5x.

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

-- Gross debt / operating EBITDA above 7.0x or FFO gross leverage

    above 7.5x, led by lower margins, debt-funded acquisitions or
    dividend payments;

-- CFO less capex/gross debt below 5%;

-- Operating EBITDA / interest paid below 2.0x or FFO interest
    coverage sustainably below 2.5x;

-- Fitch-defined EBITDA margin remaining below 18%, including
    failure to control R&D and operating expenses;

-- FCF margin below 3%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Fitch views Cedacri's liqudity as satisfactory. Proceeds of the
additional FRNs and lower-than-expected cash LBO funding
requirements have strengthened itis cash position. The EUR60
million RCF remains undrawn. Fitch expects the company to employ a
considerable amount of cash on balance sheet to fund a combination
of M&A and dividend payments.

ESG CONSIDERATIONS

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




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

KIWI VFS: S&P Withdraws 'B-' ICR on Acquisition By Blackstone
-------------------------------------------------------------
S&P Global Ratings said that following the completion of
Blackstone's acquisition of VFS Global, the outstanding debt at
Kiwi VFS Sub I S.a.r.l and Kiwi VFS Sub II S.a.r.l has been repaid.
S&P is therefore withdrawing its 'B-' issuer credit rating on Kiwi
VFS Sub I and its 'B-' issue rating on the group's senior secured
facilities issued by Kiwi VFS Sub II. The outlook was negative at
the time of the withdrawal.




===============
P O R T U G A L
===============

TAGUS-SOCIEDADE: Moody's Assigns (P)B1 Rating to EUR1MM F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by TAGUS-Sociedade de Titularizacao
de Creditos, S.A. (the "Issuer"):

EUR168.0M Class A Asset-Backed Floating Rate Notes due June 2039,
Assigned (P)Aa2 (sf)

EUR8.0M Class B Asset-Backed Floating Rate Notes due June 2039,
Assigned (P)A1 (sf)

EUR12.0M Class C Asset-Backed Floating Rate Notes due June 2039,
Assigned (P)Baa1 (sf)

EUR6.0M Class D Asset-Backed Floating Rate Notes due June 2039,
Assigned (P)Ba1 (sf)

EUR5.0M Class E Asset-Backed Floating Rate Notes due June 2039,
Assigned (P)Ba3 (sf)

EUR1.0M Class F Asset-Backed Floating Rate Notes due June 2039,
Assigned (P)B1 (sf)

Moody's has not assigned a rating to the Class G Floating Rate
Notes and Class Z Notes due June 2039 amounting in total to
EUR3.0M.

RATINGS RATIONALE

The transaction is a one year revolving cash securitisation of auto
loans originated by 321 Credito IFIC S.A ("321C", NR). 321C is a
Portuguese specialized lending company 100% owned by Banco CTT
(N.R.).

As of March 31, 2022, the pool consisted of 17,855 loans with a
weighted average seasoning of 1.4 years, and a total outstanding
balance of approximately EUR200 million. The weighted average
remaining maturity of the loans is 86.5 months. The securitised
portfolio is highly granular, with top 10 borrower concentration at
0.27% and the portfolio weighted average interest rate is 8.3%. The
portfolio is collateralised by 100% used cars.

Moody's have received a breakdown of vehicles by engine type. A
high percentage of the portfolio (85.7%) are Diesel cars with a
weighted average car age of 8 years.

According to Moody's, the transaction benefits from credit
strengths such as (i) the granularity of the portfolio, (ii) the
strong excess spread-trapping mechanism through a 3 months
artificial write off mechanism, (iii) the high average interest
rate of 8.3%, (iv) very good performance track record of the
previous transaction Ulisses Finance No. 1, (v) Servdebt, Capital
Asset Management, S.A. (NR) appointed as back up servicer at
closing and (vi) an interest rate swap agreement to mitigate
interest rate risk provided by Credit Agricole Corporate and
Investment Bank (Aa2(cr)/P-1(cr)).

However, Moody's notes that the transaction features some credit
weaknesses such as (i) a one year revolving structure which could
increase performance volatility of the underlying portfolio,
partially mitigated by early amortisation triggers, revolving
criteria both on individual loan and portfolio level and the
eligibility criteria for the portfolio, (ii) a complex structure
including interest deferral triggers for junior notes, pro-rata
payments on all classes of notes after the end of the revolving
period, (iii) the high proportion of used cars 100% with a
relatively high 95.4% weighted average LTV.

Moody's analysis focused, amongst other factors, on (1) an
evaluation of the underlying portfolio of receivables and the
eligibility criteria; (2) the revolving structure of the
transaction; (3) historical performance on defaults and recoveries
from the Q1 2015 to Q4 2021 vintages provided on the originator's
total book; (4) credit enhancement provided by excess spread and
subordination; (5) the liquidity facility available for Classes A-F
and the liquidity support available in the transaction by way of
principal to pay interest for all classes and (6) the overall legal
and structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
5.0%, expected recoveries of 30.0% and portfolio credit enhancement
("PCE") of 17.0%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's cash flow model to rate Auto and Consumer ABS.

Portfolio expected defaults of 5.0% are in line with Iberian Auto
loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i)
historical performance of the book of the originator, (ii) previous
transactions used as a benchmark, and (iii) other qualitative
considerations.

Portfolio expected recoveries of 30.0% are in line with Iberian
Auto loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i)
historical performance of the book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

PCE of 17.0% is in line with Iberian Auto loan ABS average and is
based on Moody's assessment of the pool taking into account the
relative ranking to the originators peers in the Iberian and EMEA
consumer ABS market. The PCE level of 17.0% results in an implied
coefficient of variation ("CoV") of approximately 61%.

ESG - Environmental considerations:

The public and political debate about the future of combustion
engines and in particular diesel engines given the shift towards
alternative fuel vehicles such as electric cars is being reflected
in declining new diesel car registrations in several EMEA markets.
This transaction has high exposure to diesel engines with Euro 5
emission standards and below. Vehicles with older or larger engines
with elevated carbon dioxide emissions have a higher likelihood of
obsolescence and their recovery values are more sensitive to
changes in carbon emissions regulations and shifts in consumer
demand. Additional scenario analysis has been factored into Moody's
rating assumptions for these segments.

METHODOLOGY

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

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

Factors or circumstances that could lead to an upgrade of the
ratings of the notes would be (1) better than expected performance
of the underlying collateral; (2) significant improvement in the
credit quality of 321C; or (3) an improvement of Portugal's local
currency country ceiling.

Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
321C; or (3) a deterioration of Portugal's local currency country
ceiling.




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

AGROBANK JSC: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Joint-Stock Commercial Bank Agrobank's
(Agro) Long-Term Issuer Default Ratings (IDRs) at 'BB-' with Stable
Outlooks and Viability Rating (VR) at 'b-'.

Fitch has withdrawn Agro's Support Rating and Support Rating Floor
as they are no longer relevant to the agency's coverage following
the publication of its updated Bank Rating Criteria on November 12,
2021. In line with the updated criteria, Fitch has assigned Agro a
Government Support Rating (GSR) of 'bb-'.

KEY RATING DRIVERS

Agro's 'BB-' IDRs reflect Fitch's view of a moderate probability of
support from the government of Uzbekistan in case of need, as
captured by the bank's 'bb-' GSR. This view is based on majority
state ownership, significant systemic importance, important roles
in government economic and social policy, the low cost of potential
support relative to sovereign international reserves and a record
of capital and liquidity support.

Agro was not included in the list of state banks that the
government targets privatising by end-2025, according to the
medium-term strategy for banking system development published in
2020. Agro will retain its role as the government's agent for
state-sponsored subsidised lending to SMEs and retail clients in
rural regions with a particular focus on the agriculture sector and
family entrepreneurships.

Risky Operating Environment: Fitch considers Uzbekistan's operating
environment as volatile and vulnerable to external shocks given the
economy's reliance on commodity exports and remittances
(particularly from Russia). In Fitch's view, the conflict in
Ukraine and sanctions against Russia will have a negative effect on
the Uzbek economy, with Fitch's forecast for GDP growth in 2022
revised to 3.1% from 5.8% previously. Banks do not have meaningful
direct credit risk exposure to Russian banks, while reliance on
funding from them is limited (about 10% of sector liabilities at
end-2021).

Fitch's assessment also factors in the dominance of state-owned
banks (82% of end-1Q22 sector assets), high dollarisation of sector
assets and liabilities, a considerable share of external debt in
the funding structure and rapid lending growth in recent years,
coupled with still weak underwriting standards.

Sovereign Support: The authorities' ability to provide support is
underpinned by the moderate size of the banking sector relative to
the economy (total assets were 57% of GDP at end-2021) and large
international reserves (USD35 billion at end-2021). However, our
assessment of support ability also factors in high concentrations
in the banking sector (with state-owned banks accounting for 82% of
end-1Q22 sector assets), high sector loan dollarisation (50% at
end-1Q22), a high share of external funding in the banking sector
and vulnerability to external shocks in a volatile operating
environment, as government finances are sensitive to commodity
exports and remittances.

The Stable Outlooks on the bank's IDRs reflect that on the
sovereign.

Policy Role Drives VR: Agro's 'b-' VR reflects exposure to
high-risk sectors (agriculture, SME and retail borrowers with
below-average incomes, mainly in rural areas of Uzbekistan) and
long-term development lending, resulting in potentially vulnerable
asset quality. Agro's VR also reflects weak operating efficiency
resulting from an expensive country-wide branch network, and weak
profitability.

Vulnerable Asset Quality: The share of loans from the three lowest
categories in local GAAP (a proxy for impaired loans) increased to
4.6% at end-2021 from around 1.8% at end-2020. The increase was
associated mainly with a deterioration in the quality of loans
issued by the state's programme for households and family
entrepreneurs support. Fitch believes the impaired ratio will
further increase alongside amortisation of the loan book after fast
growth in recent years. Impaired loans were 60% covered by total
reserves at end-2021.

Modest Profitability: Agro's profitability is modest as reflecting
in a 1% operating profit to risk-weighted assets (RWA) ratio in
2021 (local GAAP). The net interest margin was a moderate 4.6%, but
high operating expenses (cost-income ratio of 58.9%) resulted in a
low return on average equity of 5.5% in 2021. Pre-impairment profit
to average gross loans ratio was 2% in 2020-2021, providing the
bank with an only modest ability to cover a potential uptick in
impairment charges through income.

Regular New Capital Injections: To support Agro's development role
and lending growth, the state injected UZS8.7 trillion of equity in
2016-2021. The estimated Fitch Core Capital (FCC) to regulatory RWA
ratio was 20% at end-2021. The reported regulatory Tier 1 ratio was
19.8% and the total capital ratio was 22.0% at end-2021, both
reasonably above the regulatory minimums of 10% and 13%,
respectively.

High State Funding: Non-state deposits made up only 24% of Agro's
funding at end-2021. Funding from the state (borrowings and
deposits) was 47% of total at the same date and 27% was long-term
external lines from international financial institutions and
international banks. External borrowings were attracted to finance
long-term foreign currency project finance loans and commercial
business generally. Fitch estimates the next 12 months' repayments
of external funding was around UZS2.3 trillion (about 9% of total
funds) at end-2021. Agro's liquidity cushion was UZS5.3 trillion at
the same date, covering the next 12 months' repayments by 230%.

RATING SENSITIVITIES

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

The support-driven ratings could be downgraded if the Uzbek
sovereign was downgraded, or if Fitch changes its view on the Uzbek
authorities' ability or propensity to support the bank.

The VR could be downgraded if asset quality deterioration results
in large losses, and regulatory capital requirements breach if not
compensated by new equity injections from the state.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
The support-driven ratings could be upgraded if the Uzbek sovereign
was upgraded.

An upgrade of the VR could stem from improvements in Uzbekistan's
operating environment and a sustained record of stable asset
quality performance. An improvement in the bank's profitability and
strengthening of underwriting standards would also be positive,
combined with other factors.

VR ADJUSTMENTS

Agro's VR is one notch below the 'b' implied rating due to the risk
profile adjustment (negative), reflecting the bank's focus on
policy lending under different state development programmes mainly
in rural regions, which viewed risky by Fitch as these exposures
are of directed nature, and underwriting standards in this segment
are weak. Risk profile score is assessed by Fitch at 'b-'.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Agro's IDRs and GSR are directly linked to Uzbekistan's sovereign
rating.

ESG CONSIDERATIONS

Agro has an ESG Relevance Score of '4' for Governance Structure as
Uzbekistan is highly involved in the bank at board level and in its
business and strategy development. The ESG Relevance Score of '4'
for Financial Transparency reflects delays in IFRS accounts
publications, which are only prepared on an annual basis.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3' - ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

                                Rating             Prior
                                ------             -----
Joint-Stock Commercial Bank Agrobank

                  LT IDR         BB-   Affirmed     BB-
                  ST IDR         B     Affirmed     B
                  LC LT IDR      BB-   Affirmed     BB-
                  LC ST IDR      B     Affirmed     B
                  Viability      b-    Affirmed     b-
                  Support        WD    Withdrawn    3
                  Support Floor  WD    Withdrawn    BB-
                  Gov't Support  bb-   New Rating


ASAKABANK JSC: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Joint-Stock Company Asakabank's (Asaka)
Long-Term Issuer Default Ratings (IDRs) at 'BB-' with Stable
Outlooks and Viability Rating (VR) at 'b'.

Fitch has withdrawn Asaka's Support Rating and Support Rating Floor
as they are no longer relevant to the agency's coverage following
the publication of its updated Bank Rating Criteria on 12 November
2021. In line with the updated criteria, Fitch has assigned Asaka a
Government Support Rating (GSR) of 'bb-'.

Fitch has also withdrawn its 'BB-(EXP)' rating on an anticipated
debut Eurobond placement assigned in November 2021, as the bank has
decided not to proceed with the issue in the near future.

KEY RATING DRIVERS

Asaka's IDRs of 'BB-' reflects Fitch's view of a moderate
probability of support from the government of Uzbekistan in case of
need, as captured by the bank's Government Support Rating (GSR) of
'bb-'. This view is based on its majority state ownership,
significant systemic importance, important roles in government
economic and social policy, the low cost of potential support
relative to the sovereign international reserves and a record of
capital and liquidity support.

According to the government's strategy for banking sector reform
published in 2020, Asaka is among the banks due to be privatised in
the medium term. According to the authorities, prior to
privatisation an international financial institution (IFI) will
acquire a minority stake in the bank's capital and the bank will
undertake business-model transformation. Once that is completed,
the government expects to sell a controlling stake to a strategic
investor. As part of the transformation Asaka will shift from
directed lending to a commercial business model with a focus on
developing the SME and retail segments.

Despite the ongoing preparation for privatisation, Fitch still
factors in potential state support because (i) we expect the
government will continue to support state-owned banks as long as
they remain in majority state ownership; (ii) under Fitch's base
case the change of control will not before at least the next two
years and will depend on successful business-model transformation;
and (iii) Asaka has significant systemic importance and continues
to finance strategically important sectors of the economy.


High-Risk Operating Environment: Fitch views Uzbekistan's operating
environment as volatile and vulnerable to external shocks given the
economy's reliance on commodity exports and remittances
(particularly from Russia). In Fitch's view, the conflict in
Ukraine and sanctions against Russia will have a negative effect on
the Uzbek economy, with our forecast for GDP growth in 2022 revised
to 3.1% from 5.8% previously. Banks do not have a meaningful direct
credit risk exposure to Russian banks, while reliance on funding
from them is limited (about 10% of sector liabilities at
end-2021).

Fitch's assessment also factors in the dominance of state-owned
banks (82% of end-1Q22 sector assets), high dollarisation of sector
assets and liabilities, a considerable share of external debt in
the funding structure and rapid lending growth in recent years
coupled with still weak underwriting standards.

Sovereign Support: The authorities' ability to provide support is
underpinned by the moderate size of the banking sector relative to
the economy (total assets were 57% of GDP at end-2021) and large
international reserves (USD35 billion at end-2021). However, our
assessment of support ability also factors in high concentrations
in the banking sector (with state-owned banks accounting for 82% of
end- 1Q22 sector assets), high sector loan dollarisation (50% at
end-1Q22), a high share of external funding in the banking sector
and vulnerability to external shocks in a volatile operating
environment, as government finances are sensitive to commodity
exports and remittances.

The Stable Outlook on the bank's IDR reflects that on the
sovereign.

VR Affirmed at 'b': Asaka's VR reflects high lending growth in
recent years, which was supported by new equity injections from the
state before the planned privatisation was announced in 2020, an
unseasoned loan book, high balance-sheet dollarisation and
dependence on foreign funding. The rating also captures a good
corporate franchise, a high share of loans guaranteed by state and
reasonable liquidity cushion.

Lending Growth Moderated: Asaka's loan book expanded five times
during 2017-2020, before growth moderated to 10% in 2021 due to
depletion of its equity buffer and focus on business model
transformation. We expect Asaka's loan growth to remain below the
sector average until IFIs invest in the bank's privatisation,
providing capital for further growth.

Vulnerable Asset Quality: Asset-quality risks stem from rapid
lending growth in previous years, including in long-term project
financing lending that is yet to season. Additionally, loan book
dollarisation was a high 72% at end-2021, while only some borrowers
receiving foreign-currency revenue, and many borrowers are not
properly hedged against currency risks.

Fitch estimates the bank's Stage 3 loans ratio to have increased to
6.5% at end-2021 from 5.9% at end-2020, and reserve coverage of
Stage 3 loans by total provisions at a reasonable 94%. We estimate
the Stage 2 loans ratio at 6% at same date. Asset-quality risks are
moderately mitigated by guarantees from the government; Fitch
estimates about a third of Asaka's loans were guaranteed by the
Ministry of Finance.

Modest Profitability: Asaka's net interest margin (NIM) decreased
to 2.1% in 2021 from 3.1% in 2019 (local GAAP) due to a 140bp hike
in cost of funding, while earning-asset yield improved only 40bp.
This, coupled with only modest non-interest income and moderate
operating efficiency as reflected by a cost -to-income ratio of
50%, resulted in only modest pre-impairment profit at 1% of average
gross loans in 2021. The return on equity was 1.6%.

Decreased Capital Cushion: Asaka's estimated Fitch Core Capital
(FCC)/regulatory risk-weighted assets (RWAs) was 11.9% at end-2021,
down from 18.9% at end-2019, as lending growth significantly
exceeded internal capital generation. Its regulatory Tier 1 ratio
was 13% and the total capital adequacy ratio was 14.3%, both only
moderately above regulatory minimum requirements of 11% and 13%
respectively. Asaka received a small capital injection from the
state in April 2022, which we estimate will lift capital ratios by
about 50bp.

High External Liabilities: Funding structure is a rating weakness.
Asaka is significantly reliant on wholesale funding, as reflected
by a loan/deposit ratio of 350% at end-2021. Deposits made up only
25% of Asaka's funds (albeit up from 19% at end-2020), while
borrowings from foreign creditors represented another 53%.

Its external funding repayment schedule is manageable as Asaka's
cushion of liquid assets at end-2021 covered 108% of wholesale
external debt maturing in next 12 months. Fitch believes that while
the bank is under the state's ownership, the government will
support Asaka with liquidity in case of need.

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

The support-driven IDRs could be downgraded if Uzbekistan's IDR is
downgraded. The ratings could also be downgraded if Asaka's
controlling stake is sold to a strategic investor with a lower
rating compared with the sovereign's or without a rating. However,
even after privatisation, Fitch anticipates that the IDRs would
factor in potential support at one notch below the sovereign's
ratings, provided the bank maintains its systemic importance.

The VR could be downgraded as a result of a sharp deterioration in
Asaka's asset quality translating into loss-making performance and
reducing the bank's capital buffer below 100bp over regulatory
minimum levels. Deterioration of liquidity buffers, particularly in
foreign currency, as a result of insufficient cash flows being
generated by the loan book could be credit-negative, if not offset
by liquidity injections from the state.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
The support-driven ratings could be upgraded if the Uzbek sovereign
is upgraded.

An upgrade of the VR could stem from improvements in the Uzbek
operating environment, a sustained stable asset-quality
performance, an improvement in profitability, a decrease in
balance-sheet dollarisation and an improved funding structure.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Asaka's IDRs and GSR are directly linked to the Uzbekistan
sovereign rating.

ESG CONSIDERATIONS

Asaka has ESG Relevance Scores of '4' for Governance Structure as
the state of Uzbekistan is highly involved in the banks at board
level and in the business. The ESG Relevance Score of '4' for
Financial Transparency reflects delays in IFRS accounts
publications, which are prepared only on annual basis.

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

Rating Actions

                                 Rating           Prior
                                 ------           -----
Joint-Stock Company Asakabank

                     LT IDR        BB-  Affirmed    BB-
                     ST IDR        B    Affirmed    B
                     LC LT IDR     BB-  Affirmed    BB-
                     LC ST IDR     B    Affirmed    B
                     Viability     b    Affirmed    b
                     Support       WD   Withdrawn   3
                     Support Floor WD   Withdrawn   BB-
                     Gov't Support bb-  New Rating

senior unsecured    LT            WD   Withdrawn   BB-(EXP)

MICROCREDITBANK: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Uzbekistan-based Microcreditbank's (MCB)
Long-Term Issuer Default Ratings (IDRs) at 'BB-' with a Stable
Outlook and Viability Rating (VR) at 'b-'.

Fitch has withdrawn MCB's Support Rating and Support Rating Floor
as they are no longer relevant to the agency's coverage following
the publication of its updated Bank Rating Criteria on November 12,
2021. In line with the updated criteria, Fitch has assigned MCB a
Government Support Rating (GSR) of 'bb-'.

KEY RATING DRIVERS

Support-Driven IDRs: MCB's Long-Term IDRs are driven by a moderate
probability of support from the government of Uzbekistan
(BB-/Stable), as reflected by the GSR of 'bb-'. This view is based
on the bank's state ownership, important role in the government's
economic and social policy, the low cost of potential support
relative to the sovereign's international reserves, and an extended
record of capital and liquidity support. The Stable Outlook on
MCB's ratings reflects that on the sovereign.

Policy Lending, Excluded from Privatisation: As confirmed by the
authorities, MCB will remain in long-term strategic ownership due
to its increased policy role as one of the three banks engaged in
subsidised lending under state development programmes.

VR Affirmed: The bank's 'b-' VR reflects its exposure to the local
operating environment, above-market lending growth in recent years,
mostly directed lending giving rise to asset quality risks, weak
profitability to date, moderate capitalisation and increased
reliance on wholesale borrowings. It also captures MCB's limited
franchise compared with other Fitch-rated state-owned banks.

Risky Operating Environment: Fitch considers Uzbekistan's operating
environment as volatile and vulnerable to external shocks given the
economy's reliance on commodity exports and remittances
(particularly from Russia). In Fitch's view, the conflict in
Ukraine and sanctions on Russia will have a negative effect on the
Uzbek economy, with Fitch's forecast for GDP growth in 2022 revised
to 3.1% from 5.8%. Banks do not have meaningful direct credit risk
exposure to Russian banks, while reliance on funding from them is
limited (about 10% of sector funding at end-2021).

Fitch's assessment also factors in the dominance of state-owned
banks (81% of end-1Q22 sector assets), high dollarisation of sector
assets and liabilities, a considerable share of external debt in
the funding structure and rapid lending growth in recent years,
coupled with still weak underwriting standards.

Small Bank, Social Policy Lending: MCB's franchise is limited in
the concentrated Uzbek banking system. The bank made up 3% of
sector assets and gross loans and 2% of sector liabilities at
end-1Q22. Along with some other banks, MCB is the government's
agent bank for subsidised SME and retail lending under state social
and development programmes. The bank is undergoing business
transformation to improve its operating efficiency and digitalise
its services.

Rapid Lending Growth, Weak Underwriting: MCB grew its loan book at
an average rate of 57% (FX-adjusted) in 2019-2021, outpacing the
market average of 20%. Coupled with weaker underwriting standards
on subsidised lending, this could lead to heightened asset quality
risks, in Fitch's view. While loan growth moderated to 8% in 3M22,
Fitch expects it to return to above-sector levels given a recent
capital injection by the state. Additional risks stem from
increased loan dollarisation although it has stabilised at about
35% of gross loans in the past couple of years.

Deteriorating Asset Quality: Problem loans (exposures in the three
lowest quality brackets under local GAAP) increased significantly
in 2021 and were equal to 6% of gross loans at end-1Q22 (end-2020:
1%). This was due to the end of pandemic-driven payment holidays
and seasoning of loans. The coverage of problem loans was low
(about 20% at end-1Q21). Fitch expects the share of problem
exposures to further increase in 2022-2023, particularly in the
subsidised development loan book.

Limited Profitability: MCB's performance has been weak to date,
with the operating profit below 1% of regulatory risk-weighted
assets in 2021. Despite an adequate net interest margin of 6% in
2021, operating efficiency remains weak (cost/income ratio at 64%
in 2021 under local GAAP). This impacts the bank's pre-impairment
profit, which made up 3% of average gross loans in 2021, providing
only a limited buffer against asset quality risks. The cost of risk
has been limited in the last three years (between 1%-2% under local
GAAP), but Fitch expects it to increase in 2022-2023 weighing on an
already small net profit (return on average equity was 2% in
2021).

State-Supported Capitalisation: MCB receives regular capital
contributions from the government to finance its policy lending.
New capital contributions have totalled UZS3.4 trillion (about
USD300 million) since 2019, with the latest in 1Q22. This improved
the bank's regulatory Tier 1 and total capital ratios to 20% and
27% at end-1Q22, significantly above the statutory minimums of 10%
and 13%, respectively. However, Fitch expects new capital to be
consumed by new subsidised lending within 2022-2023. Given weak
internal capital generation, the bank's capitalisation will remain
only moderate, considering asset quality risks.

Reliant on External Funding, Manageable Liquidity: MCB is primarily
funded by wholesale borrowings, mostly long-term from foreign banks
and international financial institutions, which together made up
48% of total liabilities at end-1Q22. Cheap state funding accounted
for another 35% of liabilities while non-state deposits were a
limited 16%. Liquid assets were equal to 12% of total assets at
end-2021. At end-2021, available FC liquidity covered FC debt
coming due within the next 12 months by a comfortable 1.7x.

RATING SENSITIVITIES

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

MCB's support-driven IDRs could be downgraded if Uzbekistan's
sovereign IDR is downgraded. Fitch could also downgrade MCB's IDRs
and notch them off the sovereign IDR in case of a marked weakening
of the bank's policy role or of its association with the sovereign.
However, Fitch currently views this as unlikely.

The VR could be downgraded if asset quality deterioration
translates into loss-making performance and capital ratios fall
below regulatory statutory minimums unless compensated by new
equity injections from the state.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
The bank's IDRs could be upgraded following an upgrade of the
sovereign IDR.

A VR upgrade could stem from material improvements in the
Uzbekistan operating environment coupled with material increase of
the bank's commercial franchise and strengthening of its risk
profile. It would also require higher profitability and reduced
reliance on external funding.

VR ADJUSTMENTS

No adjustments are needed to the implied VR scores.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

MCB's IDRs are equalised to the sovereign IDR of the Republic of
Uzbekistan based on Fitch's view of a moderate likelihood of state
support.

ESG CONSIDERATIONS

MCB has ESG Relevance Score of '4' for Governance Structure as the
state of Uzbekistan is highly involved in the banks at board level
and in the business. It has an ESG Relevance Score of '4' for
Financial Transparency, reflecting delays in IFRS accounts
publications which are prepared only on annual basis. These factors
have a negative impact on the bank's credit profile and are
relevant to the ratings in conjunction with other factors. The bank
also has ESG Relevance Score of '3' for 'Human Rights, Community
Relations, Access and Affordability' given the bank's focus on
social lending to lower-income citizens to decrease poverty and
promote entrepreneurship.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of '3' - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

Rating Actions

                              Rating              Prior
                              ------              -----
Microcreditbank  LT IDR         BB-   Affirmed    BB-
                 ST IDR         B     Affirmed    B
                 LC LT IDR      BB-   Affirmed    BB-
                 LC ST IDR      B     Affirmed    B
                 Viability      b-    Affirmed    b-
                 Support        WD    Withdrawn   3
                 Support Floor  WD    Withdrawn   BB-
                 Gov't. Support bb-   New Rating


NATIONAL BANK OF UZBEKISTAN: Fitch Affirms 'BB-' IDRs
-----------------------------------------------------
Fitch Ratings has affirmed JSC National Bank for Foreign Economic
Activity of the Republic of Uzbekistan's (NBU) Long-Term Issuer
Default Ratings (IDRs) at 'BB-' with Stable Outlooks and Viability
Rating (VR) at 'b'.

Fitch has withdrawn NBU's Support Rating and Support Rating Floor
as they are no longer relevant to the agency's coverage following
the publication of its updated Bank Rating Criteria on November 12,
2021. In line with the updated criteria, Fitch has assigned NBU a
Government Support Rating (GSR) of 'bb-'

KEY RATING DRIVERS

NBU's 'BB-' IDRs reflect Fitch's view of a moderate probability of
support from the government of Uzbekistan in case of need, as
reflected by the bank's 'bb-'GSR. This view is based on majority
state ownership, significant systemic importance, important roles
in government economic and social policy, the low cost of potential
support relative to the sovereign international reserves and a
record of capital and liquidity support.

NBU was not included in the list of state banks that the government
targets privatising by end-2025, according to the medium-term
strategy for banking system development published in 2020. Fitch
believes that NBU will retain its important policy role while
expanding its retail- and corporate-banking franchises.

Risky Operating Environment: Fitch considers Uzbekistan's operating
environment as volatile and vulnerable to external shocks given the
economy's reliance on commodity exports and remittances
(particularly from Russia). In Fitch's view, the conflict in
Ukraine and sanctions against Russia will have a negative effect on
the Uzbek economy, with Fitch's forecast for the GDP growth in 2022
revised to 3.1% from 5.8% previously. Banks do not have meaningful
direct credit risk exposure to Russian banks, and reliance on
funding from them is limited (about 10% of sector liabilities at
end-2021). Fitch's assessment also factors in the dominance of
state-owned banks (82% of end-1Q22 sector assets), high
dollarisation of sector assets and liabilities, a considerable
share of external debt in the funding structure and rapid lending
growth in recent years, coupled with still weak underwriting
standards.

Sovereign Support: The authorities' ability to provide support is
underpinned by the moderate size of the banking sector relative to
the economy (total assets were 57% of GDP at end-2021) and large
international reserves (USD35 billion at end-2021). However,
Fitch's assessment of support ability also factors in high
concentrations in the banking sector (with state-owned banks
accounting for 82% of end-1Q22 sector assets), high sector loan
dollarisation (50% at end-1Q22), a high share of external funding
in the banking sector and vulnerability to external shocks in a
volatile operating environment, as government finances are
sensitive to commodity exports and remittances.

The Stable Outlook on the bank's IDR reflects that on the
sovereign.

Largest Bank in Uzbekistan: NBU's VR reflects the bank's strong
franchise with close ties with the state, reasonable asset quality
and capitalisation, which has historically been supported by equity
injections from the state. The rating also captures a high balance
sheet dollarisation, rapid growth in recent years resulting in a
largely unseasoned loan book, high reliance on funding from foreign
banks and international financial institutions (IFIs) and modest
profitability.

Moderate Impaired Loans: Loans in the bottom three regulatory
categories (a proxy for impaired loans) accounted for a moderate
4.5% at end-2021, up from 3.2% at end-2020, partially due to the
ending of pandemic-induced credit holidays (the bank provided
deferrals on about 7% of total loans back in 2020). NBU's loan book
is largely unseasoned after almost five times expansion in
2016-2021. This includes policy financing, which makes up about
half of total loans. Positively, asset quality is enhanced by state
guarantees on some of NBU's largest exposures (estimated by Fitch
at 40% of total loans at end-2021).

Modest Profitability: The operating profit-to-risk-weighted assets
(RWA) ratio was 2% (local GAAP) in 2020 and 2021. NBU's net
interest margin (3.7% in 2021) is under pressure due to a high
share of low-yield policy lending. Loan impairment charges consumed
47% of pre-impairment profit in 2021, so the return on equity was
only a modest 7%.

Capitalisation Supported by the State: NBU received large capital
injections from the state in 2017-2019, which were aimed at
supporting the bank's policy role and further development. The
Fitch-estimated Fitch core capital/regulatory RWA ratio was a good
18.4% at end-2021, down from 19.1% at end-2020 as lending growth
exceeded internal capital generation. The bank's regulatory capital
ratios were also reasonable, with a Tier 1 ratio of 17.4% and a
total capital adequacy ratio of 22.0% at end-2021, providing a
comfortable cushion over regulatory minimum requirements (10% and
13%, respectively).

High Foreign Borrowings: Fitch views NBU's funding profile as
structurally weak due to its high reliance on borrowings from
international banking groups, as reflected by a loan/deposits ratio
of 3.2x at end-2021. External funding accounted for 53% of NBU's
non-equity funding at end-2021, with state funding (including
deposits from the Ministry of Finance) making up another 14%. The
maturity schedule of the bank's borrowings is mostly aligned with
long-term loan repayments (60% of NBU's total external borrowings
mature more than two years from end-2021). However, short-term
foreign-currency borrowings were still material, with about UZS8.7
trillion (USD780 million) due by end-2022.

RATING SENSITIVITIES

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

The support-driven ratings could be downgraded if the Uzbek
sovereign was downgraded, or if Fitch changes its view on the Uzbek
authorities' ability or propensity to support the bank.

The VR could be downgraded as a result of a sharp deterioration in
NBU's asset quality that translates into loss-making performance,
reducing the bank's capital buffer below 100bp over regulatory
minimum levels. However, Fitch currently views this scenario as
unlikely. Deterioration of NBU's liquidity buffers, particularly in
foreign currency, as a result of insufficient cash flows being
generated by NBU's loan book could be credit-negative, if not
offset by liquidity injections from the state.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
The support-driven ratings could be upgraded if the Uzbek sovereign
was upgraded.

An upgrade of the VR could stem from improvements in the Uzbek
operating environment, sustained stable asset quality performance,
an improvement in profitability, a decrease in balance-sheet
dollarisation and an improved funding structure.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

NBU's senior unsecured debt rating is aligned with the bank's
Long-Term IDRs.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

NBU's senior debt ratings would be downgraded if the bank's IDRs
were downgraded

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
NBU's debt ratings would be upgraded if the bank's IDRs were
upgraded

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

NBU's IDRs, GSR and debt ratings are directly linked to the
Uzbekistan sovereign rating.

ESG CONSIDERATIONS

NBU has an ESG Relevance Score of '4' for Governance Structure as
Uzbekistan is highly involved in the bank at board level and in its
business and strategy development.

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

Rating Actions
                                       Rating           Prior
                                       ------           -----
National Bank for Foreign
Economic Activity of the
Republic of Uzbekistan   LT IDR          BB-   Affirmed   BB-
                         ST IDR          B     Affirmed   B
                         LC LT IDR       BB-   Affirmed   BB-
                         LC ST IDR       B     Affirmed   B
                         Viability       b     Affirmed   b
                         Support         WD    Withdrawn  3
                         Support Floor   WD    Withdrawn  BB-
                         Gov't Support   bb-   New Rating
  senior unsecured       LT              BB-   Affirmed   BB-


UZBEK INDUSTRIAL: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Uzbek Industrial and Construction Bank
Joint-Stock Commercial Bank's (UICB, also known as Uzpromstroybank)
Long-Term Issuer Default Ratings (IDRs) at 'BB-'. The Outlook is
Stable. Fitch has also affirmed the bank's Viability Rating (VR) at
'b'.

Fitch has withdrawn UICB's Support Rating and Support Rating Floor
as they are no longer relevant to the agency's coverage following
the publication of its updated Bank Rating Criteria on November 12,
2021. In line with the updated Criteria, Fitch has assigned UICB a
Government Support Rating (GSR) of 'bb-'.

KEY RATING DRIVERS

State Support Drives IDRs: The affirmation of UICB's IDRs reflects
Fitch's view of a moderate probability of support from the
government of Uzbekistan (BB-/Stable), in case of need, as
reflected by the bank's GSR) of 'bb-'. This view is based on its
majority state ownership, significant systemic importance as the
second-largest bank in Uzbekistan servicing key industries and the
low cost of potential support relative to the sovereign's
international reserves. The Stable Outlook on UICB' ratings
reflects that on the sovereign.

Privatisation Planned by End-2023: UICB is one of the banks
targeted for privatisation by the government. The bank is expected
to receive a total of USD175 million convertible loans from
international financial institutions (IFIs) in 2022, to be later
converted into minority stakes. The government's controlling stake
should be sold to a strategic investor by end-2023. However, Fitch
continues to factor in potential state support as Fitch expects the
government to continue supporting state-owned banks while they
remain in majority state ownership. In Fitch's view, the ongoing
conflict in Ukraine may result in lower investor appetite to assets
in CIS markets so the sale may take longer than currently planned.

VR Affirmed At 'b': UICB's VR of 'b' reflects its exposure to the
local operating environment, a highly concentrated loan book giving
rise to asset-quality pressures, only moderate profitability and
capitalization, as well as increased reliance on funding from
foreign banks and IFIs. The VR also captures the bank's strong
corporate franchise and moderate capital headroom over regulatory
requirements.

High-Risk Operating Environment: Fitch deems Uzbekistan's operating
environment as volatile and vulnerable to external shocks given the
economy's reliance on commodity exports and remittances
(particularly from Russia). In Fitch's view, the conflict in
Ukraine and sanctions on Russia will have a negative effect on the
Uzbek economy, with Fitch's forecast for GDP growth in 2022 revised
to 3.1% from 5.8% previously. Banks do not have a meaningful direct
credit risk exposure to Russian banks, while reliance on funding
from Russian banks is limited (about 10% of sector liabilities at
end-2021).

Fitch's assessment also factors in the dominance of state-owned
banks (81% of end-1Q22 sector assets), high dollarisation of sector
assets and liabilities, a considerable share of external debt in
the funding structure and rapid lending growth in recent years,
coupled with still weak underwriting standards.

Pre-Sale Business-Model Transformation: UICB is the second-largest
bank in Uzbekistan at 13% of sector assets and gross loans at
end-2M22. It has historically had a strong corporate franchise in
key strategic industries. As part of the preparation for the
privatisation, the bank has been undergoing a deep transformation
focusing on development of commercial lending (particularly in SME
and retail segments) and improvement of corporate governance.

Dollarised Concentrated Loans; Moderate Growth: Risks mainly stem
from high single-name and industry concentrations of the loan book
as well as its high dollarisation (66% of gross loans at end-1Q22,
well above the sector average of 50%). However, lending growth has
been very moderate in the last three years (6% in 2021, foreign
exchange-adjusted, compared with 16% for the sector) given capital
constraints and tightening of underwriting standards.

Asset Quality Under Pressure: Impaired loans (Stage 3 loans under
IFRS9) equalled 6.2% of gross loans at end-2021, slightly improving
from 6.6% at end-2020, and were 70% covered by total loan loss
allowances. Stage 2 loans were a significant 20% of the loan book
at end-2021 and some of these exposures may be transferred to Stage
3 in the medium term as grace periods on previously issued loans
end and loans start to season.

Profitability Improves Post-Pandemic: UICB's core profitability
benefits from a gradually increasing net interest margin (5% in
2021) and tight cost management, with pre-impairment profit equal
to about 4% of average gross loans, up 100bp from pre-pandemic
levels. After a spike in 2020, loan impairment charges in 2021 fell
back to 1% of average loans, supporting net profit (return on
average equity was 13% in 2021, up from a low 2% in the previous
year).

Stable, Albeit Moderate, Capitalisation: The bank's Fitch Core
Capital (FCC) was equal to 13% of regulatory risk-weighted assets
at end-2021, decreasing by 90bp from end-2020's level, due to
modest internal capital generation and lending expansion
post-pandemic. Tier 1 and total capital ratios under Local GAAP
(13% and 15% at end-1Q22, respectively) provided 250bp-270bp
headroom over the bank's statutory minimums. Fitch expects the bank
to maintain roughly the same moderate capital buffer in the medium
term.

Mostly Wholesale Funding: UICB is mainly funded by wholesale
borrowings (about 60% of end-2021 total liabilities) which
primarily comprised long-term loans from foreign banks and IFIs as
well as Eurobonds. State-related funding accounted for 18% of
liabilities while non-state customer accounts were another 21%. The
available liquidity buffer made up a modest 16% of total assets
under local GAAP at end-2021 and covered 1.1x of wholesale debt
repayments in the next 12 months.

RATING SENSITIVITIES

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

The IDRs could be downgraded if Uzbekistan's IDRs are downgraded.

An IDR downgrade would also follow the sale of UICB's controlling
stake to a strategic investor with a lower rating than the
sovereign's or without a rating. However, even after the
privatisation, Fitch anticipates that the IDRs would factor in
potential support at one notch below the sovereign's ratings, due
to the bank's moderate systemic importance.

The VR could be downgraded in case a material deterioration in
UICB's asset quality translating into loss-making performance that
reduces the bank's regulatory capital buffers below 100bp over
minimum statutory requirements. However, this scenario is currently
seen as unlikely by Fitch.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
UICB's IDRs would be upgraded following an upgrade of the sovereign
IDRs.

An upgrade of the bank's VR would require material improvements in
Uzbekistan's operating environment coupled with UICB's successful
transition to a commercial business model while maintaining stable
asset quality and improving profitability and capitalisation.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

UICB's senior unsecured debt rating is aligned with the bank's
Long-Term IDRs.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

The debt rating would be downgraded following the downgrade of the
bank's IDRs.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
An upgrade of the debt rating would require an upgrade of the
bank's IDRs.

VR ADJUSTMENTS

No adjustments are needed to the implied VR scores.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

UICB's IDRs are driven by potential support from the Uzbek
authorities (BB-/Stable).

ESG CONSIDERATIONS

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




===========
S E R B I A
===========

VERANO REMONT: Serbia Puts Assets Up for Sale for RSD452.3MM
------------------------------------------------------------
Branislav Urosevic at SeeNews reports that Serbia's Bankruptcy
Supervision Agency said it is offering for sale assets of bankrupt
car dealer Verano Remont for RSD452.3 million (EUR3.8
million/US$4.1 million).

The agency said in a statement on May 26 the assets include a car
storage and repair facilities with a combined surface of nearly
6,000 sq m, and land zoned for construction projects, both in
Belgrade, SeeNews relates.

The offer also includes various pieces of equipment and supplies.

According to the trade registry data, Belgrade-based real estate
management company Fikole owns 95% of Verano Remont, which was
declared bankrupt in 2015, SeeNews notes.




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

SANTANDER CONSUMER 2014-1: Fitch Affirms CC Rating on Serie E Debt
------------------------------------------------------------------
Fitch Ratings has upgraded six tranches of FT, Santander Consumer
Spain Auto 2016-2 (SCSA 2016) and Santander Consumer Spain Auto
2019-1, FT (SCSA 2019) and affirmed FTA, Santander Consumer Spain
Auto 2014-1's (SCSA 2014) notes, as detailed below.

   DEBT                  RATING                     PRIOR
   ----                  ------                     -----
Santander Consumer
Spain Auto 2019-1, FT

Class A ES0305442008     LT AA+sf      Affirmed     AA+sf
Class B ES0305442016     LT AA+sf      Affirmed     AA+sf
Class C ES0305442024     LT AAsf       Upgrade      Asf
Class D ES0305442032     LT A+sf       Upgrade      A-sf
Class E ES0305442040     LT Asf        Upgrade      BBBsf

FTA, Santander Consumer
Spain Auto 2014-1

Serie A ES0305053003     LT A+sf       Affirmed     A+sf
Serie B ES0305053011     LT A+sf       Affirmed     A+sf
Serie C ES0305053029     LT A+sf       Affirmed     A+sf
Serie D ES0305053037     LT Asf        Affirmed     Asf
Serie E ES0305053045     LT CCsf       Affirmed     CCsf

FT, Santander Consumer
Spain Auto 2016-2

Class A ES0305213003     LT AA+sf      Affirmed     AA+sf
Class B ES0305213011     LT AA+sf      Affirmed     AA+sf
Class C ES0305213029     LT AA+sf      Upgrade      Asf
Class D ES0305213037     LT AA+sf      Upgrade      A-sf
Class E ES0305213045     LT Asf        Upgrade      BBB-sf

TRANSACTION SUMMARY

The transactions are securitisations of auto loans originated by
Santander Consumer, E.F.C., S.A. a wholly-owned and fully
integrated subsidiary of Santander Consumer Finance S.A.
(A-/Stable/F2; deposit rating A/F1) whose ultimate parent is Banco
Santander S.A. (A-/Stable/F2).

KEY RATING DRIVERS

Broadly Stable Asset Performance Expectations: Fitch has
recalibrated the base-case default rates for the transactions and
for all sub-products. This has resulted in weighted average (WA)
base-case default rates of 3.5% (SCSA 2014), 3.7% (SCSA 2016) and
4.4% (SCSA 2019). This recalibration reflects the robust record
since closing, and Fitch's neutral asset performance outlook for
the Spanish car loan sector. Downside performance risk has
increased, driven by the recent increase in inflation, which may
put pressure on household financing, especially for weaker
borrowers. However, Fitch views the transactions sufficiently
protected by credit enhancement (CE) to withstand the most
immediate consequences, as reflected in the rating actions.

The analysis of SCSA 2019 reflects the current portfolio
composition rather than the assumed stressed composition, as the
revolving period ended in December 2021, which also implies default
rating multiples recalibration. Under a 'AA+' stress scenario,
Fitch has applied a default multiple of 3.9x on WA terms.

For SCSA 2014 and SCSA 2016, which have been amortising
sequentially since March 2019 and March 2021, Fitch has increased
the default rating multiples at the 'A+sf' and 'AA+sf' highest
achievable rating to 3.3x and 4.2x, respectively. This reflects the
lower default rate base case on the portfolios.

CE Build Up to Continue: The upgrades and affirmations reflect the
robust CE protection available. CE ratios are expected to continue
increasing, especially for SCSA 2014 and SCSA 2016 as they are
amortising sequentially. Fitch expects CE ratios to remain broadly
stable for SCSA 2019, considering its pro-rata note amortisation,
unless the notes' amortisation profile switches to sequential,
which implies CE build up mainly for the senior notes. The switch
to sequential trigger is defined as cumulative losses exceeding
1.3% of the portfolio initial balance, versus the 0.9% ratio as of
the latest reporting date.

Ratings Capped by Counterparty Risks: The maximum achievable rating
for SCSA 2014 is 'A+sf' due to the contractually defined
transaction account bank (TAB) minimum eligibility ratings of BBB+'
and 'F2', which are insufficient to support 'AAsf' and 'AAAsf'
category ratings as per Fitch's criteria. Similarly, the maximum
achievable rating for SCSA 2016 and SCSA 2019 is 'AA+sf', due to
the contractually defined TAB minimum eligibility ratings of 'A-'
or 'F1', which are insufficient to support a 'AAAsf' rating.

The junior notes' ratings (SCSA 2014 class D, SCSA 2019 and SCSA
2016 class E) are capped at the TAB provider's deposit rating, as
the only source of structural CE for these notes is the reserve
fund held at the TAB. Santander Consumer Finance, S.A. is the TAB
provider for all three transactions.

Payment Interruption Risk Mitigated: Fitch views the transactions
as sufficiently protected against payment interruption risk in a
scenario of servicer disruption. Liquidity sources would provide a
sufficient buffer to adequately cover senior fees, swap payments
(if applicable, only for SCSA 2019) and interest payment
obligations on the notes in the relevant rating scenarios while an
alternative servicing arrangement was implemented.

RATING SENSITIVITIES

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

-- Long-term asset performance deterioration, such as increased
    delinquencies or reduced portfolio yield, which could be
    driven by changes in portfolio characteristics, macroeconomic
    conditions, business practices or the legislative landscape.
    Higher inflation, larger unemployment and lower economic
    growth than Fitch's current forecast as disclosed in the
    Global Economic Outlook - March 2022 could impact borrowers'
    ability to pay car loan financing;

-- For the junior most tranches of SCSA 2014, 2016 and 2019, a
    downgrade of the TAB rating, as the notes' ratings are capped
    at the bank's ratings due to excessive counterparty risk
    exposure.

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

-- Increasing CE ratios as the transactions deleverage to fully
    compensate the credit losses and cash flow stresses
    commensurate with higher rating scenarios may lead to
    upgrades;

-- For the senior notes rated 'AA+sf' (in SCSA 2016 and SCSA
    2019) or 'A+sf' (in SCSA 2014), modified TAB minimum
    eligibility rating thresholds compatible with higher ratings
    as per Fitch's Structured Finance and Covered Bonds
    Counterparty Rating Criteria. This is because the class A
    notes' ratings are capped at 'A+sf' (SCSA 2014) and 'AA+sf'
    (SCSA 2016 and 2019) due to the contractually defined
    eligibility thresholds;

-- For the junior tranches of SCSA 2014, 2016 and 2019, an
    upgrade of the TAB rating as the notes' rating is capped at
    the bank's ratings due to excessive counterparty risk
exposure.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

FT, Santander Consumer Spain Auto 2016-2, FTA, Santander Consumer
Spain Auto 2014-1, Santander Consumer Spain Auto 2019-1, FT

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

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

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

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




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

TURKIYE KALKINMA VE YATIRIM: Fitch Affirms B+ IDRs, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Kalkinma ve Yatirim Bankasi
A.S.'s (Kalkinma Bankasi) Long-Term Foreign- (LTFC) and
Local-Currency (LTLC) Issuer Default Ratings (IDRs) at 'B+', both
with a Negative Outlook.

KEY RATING DRIVERS

Kalkinma Bankasi's 'B+' LTFC and LTLC IDRs are driven by support
from the Turkish authorities, if needed, as reflected in its 'b+'
Government Support Rating (GSR). Fitch's view of support reflects a
high government propensity to provide support in case of need,
given the bank's state ownership, policy role, significant
Treasury-guaranteed funding and the record of support from the
Turkish authorities.

Kalkinma Bankasi's 'b+' GSR is equalised with the Turkish sovereign
rating (B+/Negative), resulting in the LTFC and LTLC IDRs being
equalised, despite Turkey's weak external finances and limited
financial flexibility to provide support in FC. This reflects the
bank's limited short-term external debt requirements - given that
about 85% of external funding is issued under the Turkish treasury
guarantee. The Short-Term Local- and Foreign-Currency IDRs of 'B'
map to the 'B+' Long-Term IDRs. The Negative Outlooks on the
Long-Term IDRs mirror that on Turkey's sovereign rating.

Our view of support for Kalkinma Bankasi reflects its small
balance-sheet size relative to sovereign resources and still
largely treasury-guaranteed funding base. In addition, the
medium-term tenor of the bank's non-guaranteed funding should limit
the potential need for support over the rating horizon. "The bank
plans to grow aggressively over the medium term and shift to a more
commercially oriented business model with an increased share of
non-guaranteed funding, which may lead us to review our view of
support," Fitch said.

Kalkinma Bankasi does not have a deposit licence. FC-denominated
treasury-guaranteed borrowings from international financial
institutions (IFIs) earmarked for development purposes are
historically its exclusive source of funding. About 85% of total
external funding at end-2021 (USD2.1 billion) was under Turkish
Treasury guarantee, while only USD400 million of external
borrowings were not under guarantee.

Fitch views FC liquidity as weak given the bank's limited
short-term FC liquidity and ensuing reliance on FC loan repayments
to support liquidity, notwithstanding reasonable diversification of
wholesale funding maturities with evenly balanced repayment
schedules. Under its policy role, Kalkinma Bankasi focuses on
direct and apex lending (the latter channelled through commercial
banks and leasing companies) largely in FC to Turkish SMEs and
corporates in sectors, such as renewable energy and regions deemed
strategic by the government. About half of the loans are
collateralised with letters of guarantees from Turkish banks. Since
2019 its strategy has expanded to some investment-banking
operations, such as venture-capital and private-equity funds, to
support the development of such activities in Turkey. In addition,
the bank plans to increase loans without letters of guarantees.

Loans are almost entirely in FC - and therefore long-term and
gradually amortising - which heightens risks to asset quality given
the lira's depreciation. Energy-sector lending accounted for a high
53% of gross loans (end-2021) and exposures are mainly to less
developed regions in Turkey.

Kalkinma Bankasi generally reports modest profitability metrics
(operating profit/risk-weighted assets (RWAs) at 1.8% in 2021),
underpinned by volume growth, margin expansion, fairly low
impairment charges and low-cost government-guaranteed IFI funding.

The bank's common equity Tier 1 (CET1) ratio was 8% (net of
forbearance) at end-2021, which is weak, given operating
environment risks. Nevertheless, its CET1 ratio compares favourably
with development bank peers'. Capitalisation has been supported by
a series of capital injections (core and additional Tier 1,
including a TRY1.5 billion additional Tier 1 capital injection in
1Q22) from the Turkish authorities since 2017, with further
injections expected in 2022 and 2023. Its total capital ratio
(end-2021: 14.3%) is above the regulatory minimum (12% recommended
by the BRSA).

As is usual for development banks, Fitch does not assign a VR to
Kalkinma Bankasi. This is because its dedicated policy and
development role is strongly dependent on support from the state,
including treasury-guaranteed funding.

NATIONAL RATING

The National Rating is at the same level at the sovereign, at
'AAA(tur)', due to the bank's very limited LC debt and potential
government support as reflected by the b+ GSR .

RATING SENSITIVITIES

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

A negative rating action on the sovereign ratings would lead to
similar rating actions on the bank's support-driven IDRs.

The bank's GSR could also be revised down and its LTFC IDR
downgraded, if further stress in Turkey's external finances
materially reduces the reliability of support in FC for the bank
from the Turkish authorities; if its proportion of non-guaranteed
funding increases materially (particularly if Fitch believes this
to be indicative of a weakening of Kalkinma Bankasi 's policy role)
or if its balance-sheet size increases sharply.

The bank's LTLC IDR could be downgraded if Turkey's LTLC IDR is
downgraded, if Fitch believes the sovereign's propensity to support
the bank has reduced (not Fitch's base case) or if Fitch sees an
increased likelihood of intervention risk in LC.

The Short-Term IDRs are sensitive to changes in the Long-Term
IDRs.

The National Rating is sensitive to changes in the bank's LTLC IDR
and its creditworthiness relative to other Turkish issuers'.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
An upward revision of the bank's GSR and upgrades of the bank's
LTFC and LTLC IDRs are unlikely given the Negative Outlook on
Turkey's sovereign rating. Stabilisation of the sovereign Outlook
would likely result in a similar action on the bank.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The bank's ratings are linked to the sovereign's ratings.

ESG CONSIDERATIONS

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

Rating Actions

                                  Rating              Prior
                                  ------              -----
Turkiye Kalkinma
ve Yatirim Bankasi A.S.
                      LT IDR        B+       Affirmed  B+
                      ST IDR        B        Affirmed  B
                      LC LT IDR     B+       Affirmed  B+
                      LC ST IDR     B        Affirmed  B
                      Natl LT       AAA(tur) Affirmed  AAA(tur)
                      Gov't Support b+       Affirmed  b+




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

KYIV CITY: Moody's Confirms 'Caa3' Long Term Issuer Ratings
-----------------------------------------------------------
Moody's Investors Service confirmed the City of Kyiv and City of
Kharkiv's foreign and domestic currency long-term issuer ratings at
Caa3. Moody's also changed the outlooks to negative from ratings
under review. Both cities' Baseline Credit Assessments (BCAs) are
confirmed at caa3. This concludes the review for downgrade that was
initiated on March 1, 2022.

The rating action follows Moody's decision to downgrade the
Ukrainian government's rating to Caa3 from Caa2, with negative
outlook, on May 20, 2022.

The confirmation of the two cities' ratings at Caa3 reflects
Moody's assessment of the widespread physical, economic and social
impacts of the protracted military conflict with Russia. The
confirmation reflects Moody's expectation of extensive physical
damage to infrastructure, the tragic loss of life and displacement
of a significant proportion of its population in combination with a
significant and prolonged loss in economic activity including lower
employment, a reduction in key tax revenue sources as well as
rising spending pressure for both cities. Russia's invasion has
upended the normal functioning of the two local administrations
with consequent impacts on their ability to govern effectively.

The negative outlook reflects the high degree of downside risks of
the social and economic damage that the two cities will incur.
Moody's cannot exclude more severe implications around the ability
to meet debt obligations or potential debt restructuring in the
future of the two cities. At the Caa3 rating level, Moody's expects
a recovery in the event of default typically in the order of
65-80%. More severe losses for creditors, would be typically
consistent with a rating below Caa3.

RATINGS RATIONALE

RATIONALE FOR CONFIRMING THE CITIES' Caa3 RATINGS

The military conflict in Ukraine implies high credit risks for Kyiv
and Kharkiv. The most relevant direct effects include physical
damage to real estate and infrastructure, casualties, displacement
of its population, loss in economic activity and employment. In
addition to contraction of tax revenue, the cities are faced with
1) rising infrastructure spending pressure, sharply limiting their
financial flexibility and a 2) severe reduction of the normal
functioning of the key public functions with consequent
repercussions in their governance and management effectiveness.
While it is difficult to assess the long-term impact of the
military conflict, the two cities are facing unprecedented
challenges to mitigate the social and the economic disruption over
the next months.

Against this backdrop, the City of Kyiv entered this crisis with a
relatively wealthy and diversified economy, strong financial
fundamentals and low debt levels at an estimated 17% of operating
revenues in 2021, all of which provides some shock absorption
capacity. 2022 debt service appears moderate and achievable, in
face of the city's liquidity buffers.

Similarly, the City of Kharkiv benefited from a relatively
developed economy, solid financials and a moderate debt burden at
an estimated 45% of operating revenue in 2021. A historically
conservative approach to budget spending allowed the city to
maintain its budget position close to balance over the last four
years.

Both cities are largely exposed to systemic risk from the Ukraine
sovereign, which has further increased, given their close
operational and financial linkages. Specifically, Kyiv and Kharkiv
are highly reliant on tax and intergovernmental revenues from the
sovereign which may reduce given pressure on national budgets and
the need to reprioritise resources. They are also exposed to
tighter financing conditions, including reduced market access and
refinancing risks.

The Caa3 ratings also incorporate a low level of extraordinary
support from the Ukrainian Government for both the City of Kyiv and
the City of Kharkiv.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook on Kyiv and Kharkiv reflects the risks
associated with a longer and protracted military conflict with
severe economic and fiscal damage for the two cities. Moody's
expects ongoing credit-negative effects from tax shortfalls caused
by losses in the economic activity and displacement of population,
in combination with additional costs to mitigate social and
economic needs. Moody's expects that the city will face more
difficult financial conditions including potential lack of market
access and debt restructuring. Once the conflicts ends, the cities
will have a high need to finance reconstruction efforts, putting
financial and liquidity profiles, as well as debt service capacity
under pressure.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

KYIV

The City of Kyiv's ESG Credit Impact Score is very highly negative
(CIS-5), reflecting moderately negative exposure to environmental
risk, highly negative exposure to social risks, along with very
highly negative governance risk. These exposures are not
sufficiently mitigated by financial resilience and federal
government support.

The E issuer profile score is moderately negative (E-3), reflecting
neutral-to-low exposure to carbon transition risks and moderately
negative risks for the remaining environmental risk factors.

The highly negative S issuer profile score (S-4) reflects highly
negative risk for demographics as well as labor and income mainly
reflecting the economic damages resulting from the current military
conflict and related displacement of population. Moreover, health
and safety conditions have significantly weakened and access to
basic services will remain disrupted. Moody's also assess
moderately negative risks for education and housing.

The very highly negative issuer profile score (G-5) reflects a
significantly impaired institutional structure which, as a result
of the military conflict, will heavily impact intergovernmental
relationships, weaken management capacity and effectiveness
including budget management.

KHARKIV

The City of Kharkiv's ESG Credit Impact Score is very highly
negative (CIS-5), reflecting highly negative exposure to
environmental risk, highly negative exposure to social risk, along
with very highly negative governance risk. These exposures are not
sufficiently mitigated by financial resilience and central
government support.

The E issuer profile score is highly negative (E-4), reflecting
highly negative risks exposure to physical climate risk including
elevated heat stress and significant pressure on municipal water
systems.

The highly negative S issuer profile score (S-4) reflects primarily
the highly negative risk for demographics as well as labor and
income, mainly reflecting the economic damages resulting from the
current military conflict and the related displacement of
population. Moreover health and safety conditions have
significantly weakened and access to basic services will remain
disrupted. Moody's also assess moderately negative risks for
education and housing.

The very highly negative issuer profile score (G-5) reflects a
significantly impaired institutional structure which, as a result
of the military conflict, will heavily impact intergovernmental
relationships, weaken management capacity and effectiveness
including budget management.

The specific economic indicators, as required by EU regulation, are
not available for City of Kyiv and City of Kharkiv. The following
national economic indicators are relevant to the sovereign rating,
which was used as an input to this credit rating action.

Sovereign Issuer: Ukraine, Government of

GDP per capita (PPP basis, US$): 13,196 (2020 Actual) (also known
as Per Capita Income)

GDP growth (% change): -3.8% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 5% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -5.6% (2020 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: 3.4% (2020 Actual) (also known as
External Balance)

External debt/GDP: 80.2%

Economic resiliency: b3

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

SUMMARY OF MINUTES FROM RATING COMMITTEE

On May 20, 2022, a rating committee was called to discuss the
rating of the Kharkiv, City of and Kyiv, City of. The main points
raised during the discussion were: The issuers' economic
fundamentals, including its economic strength, have materially
decreased. The issuers' institutions and governance strength, have
materially decreased. The issuers' fiscal or financial strength,
including its debt profile, have materially decreased. The systemic
risk in which the issuers operate has materially increased.

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

An upgrade of the two cities' ratings is remote given the negative
outlook.

Conversely, downward pressure could be exerted on the ratings in
case of increased likelihood of defaults and severe losses for
creditors, following prolonged economic and social crises and
strained liquidity situation.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.



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

DONNELLY TRANSPORT: Director Disqualified for Nine Years
--------------------------------------------------------
Armaghi reports that a County Armagh man has been disqualified from
acting as a director over his conduct with a local freight
transport company.

According to Armaghi, Neil Donnelly (47), of Lisraw Road, Scarva,
was disqualified for nine years in the High Court, Belfast.

The action comes in respect of his conduct as a director of
Donnelly Transport Limited, Armaghi notes.

The company operated as freight transport by road and went into
administration on September 21, 2018, Armaghi discloses.

It did so at the time with an estimated deficiency as regards
creditors of GBP922,649, Armaghi states.

The company subsequently went into liquidation on December 16,
2020, Armaghi recounts.

There was a total of GBP100 owing as share capital, resulting in an
estimated deficiency as regards members of GBP922,749, Armaghi
notes.

A number of matters of unfit conduct were alleged by the Department
of Economy in relation to Neil Donnelly in respect of his conduct
as a director of the company and accepted by the court, Armaghi
discloses.

The court has made one disqualification order in the financial year
commencing April 1, 2022, Armaghi relays.


DRYDEN 62 EURO 2017: Fitch Hikes Rating on Class F Notes to Bsf
---------------------------------------------------------------
Fitch Ratings has upgraded Dryden 62 Euro CLO 2017 DAC's class D
and F notes, while affirming the rest. The class B to F notes have
been removed from Rating Watch Positive (RWP). The Outlooks are
Stable.

   DEBT              RATING                     PRIOR
   ----              ------                     -----
Dryden 62 Euro CLO 2017 B.V.

A XS1826185438      LT AAAsf       Affirmed     AAAsf
B XS1826185784      LT AAsf        Affirmed     AAsf
C XS1826186089      LT Asf         Affirmed     Asf
D XS1826186592      LT BBB+sf      Upgrade      BBBsf
E XS1826186832      LT BBsf        Affirmed     BBsf
F XS1826186758      LT Bsf         Upgrade      B-sf

TRANSACTION SUMMARY

Dryden 62 Euro CLO 2017 DAC is a cash flow collateralised loan
obligation (CLO) mostly comprising senior secured obligations. The
transaction is actively managed by PGIM Limited and will exit its
reinvestment period in January 2023.

KEY RATING DRIVERS

CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
and the shorter risk horizon incorporated in Fitch's stressed
portfolio analysis. The analysis considered modelling results for
the current and stressed portfolios based on the 28 February 2022
trustee report. The stressed portfolio analysis is based on Fitch's
collateral quality matrix specified in the transaction
documentation and underpins the model-implied ratings (MIRs) in
this review.

The transaction has two matrices, based on a 20% fixed-rate
obligation maximum and a 10% fixed-rate obligation minimum limit
and top-10 obligor concentration limits of 18% and 27.5%. Fitch
analysed the matrix specifying the 27.5% top-10 obligor
concentration limit, as the transaction currently has a 21.75%
concentration. When analysing the matrix, Fitch applied a haircut
of 1.5% to the weighted average recovery rate (WARR) as the
calculation in the transaction documentation is not in line with
Fitch's latest CLO criteria.

Fitch has been informed by the manager that owing to market
conditions there is no longer any plan to reset or refinance the
transaction or update the Fitch test matrices in the near term.
Therefore, Fitch has removed the class B to F notes from RWP. The
Stable Outlooks on all notes reflect Fitch's expectation of
sufficient credit protection to withstand potential deterioration
in the credit quality of the portfolio in stress scenarios that are
commensurate with the ratings. The transaction is still in its
reinvestment period, so no deleveraging is expected.

MIR Deviation: The class B to F notes' ratings are one notch below
their respective MIRs. The deviation reflects the remaining
reinvestment period until January 2023, during which the portfolio
could change significantly due to reinvestment and the risk of
negative portfolio migration in a stagflation scenario.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is currently 0.89% above par. It
is passing all collateral-quality, portfolio-profile and coverage
tests. Exposure to assets with a Fitch-derived rating of 'CCC+' and
below is 3.74%, according to the 28 February 2022 trustee report
versus a limit of 7.5%.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/'B-' category. The
weighted average rating factor (WARF), as calculated by Fitch under
the updated criteria, was 25.56.

High Recovery Expectations: Senior secured obligations comprise
94.06% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch, was 58.33%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top- 10 obligor
concentration is 21.75%, and no obligor represents more than 2.89%
of the portfolio balance.

RATING SENSITIVITIES

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

Downgrades may occur if the loss expectation is larger than
initially assumed, due to unexpectedly high levels of defaults and
portfolio deterioration.

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

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

Upgrades may occur on better-than-expected portfolio credit quality
and deal performance, leading to higher credit enhancement and
excess spread available to cover for losses in the remaining
portfolio.

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


HARLEQUIN MANAGEMENT: Investors Lost More Than GBP220 Million
-------------------------------------------------------------
FTAdviser reports that thousands of investors were cheated out of
more than GBP220 million when they sank their savings into
"off-site" luxury properties in the Caribbean and got nothing in
return, a court heard.

David Ames, 70, is accused of three counts of fraud by abuse of
position as the company director of Harlequin Management Services
South East Limited, FTAdviser discloses.

According to FTAdviser, the court was told the former boss
allegedly encouraged investors to purchase overseas properties in
the Caribbean before they were built and then failed to give them
anything in return.

The prosecutors claim he persuaded the investors to sign contracts
without revealing the true state of affairs at the company, causing
a total loss of GBP226 million, FTAdviser discloses.

From 2006 to 2015, investors lost GBP398 million of their own
savings and pensions, jurors at Prospero House crown court heard,
FTAdviser relates.

During that period Ames made massive profits, taking home GBP6.2
million for himself and his close family, FTAdviser notes.

He picked out potential developments in 15 locations, mainly in the
Caribbean, FTAdviser states.

According to FTAdviser, Sarah Tricker, an accounts manager at
HMSSE, told the court she was unaware of any fraudulent activity
going on at the company and even put a deposit down for a property
at Buccament Bay herself.

However, she was unable to complete the purchase because no
mortgage was available.

When the company went into administration in May 2013, she was not
told give details of the collapse, FTAdviser relays.

Ms. Tricker managed the company accounts before it went into
administration.  She said she went to Buccament Bay with a
colleague as there seemed to be problems with the accounts
management, FTAdviser recounts.

Ms. Tricker also said that she sometimes received calls from
investors asking why the unit they purchased had not yet been
completed, FTAdviser notes.


INSPIRED EDUCATION: S&P Affirms 'B' ICR on EUR250MM Add-On Debt
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit and
issue ratings on Inspired Education Holdings Ltd. and on its debt.
At the same time, S&P assigned its 'B' issue rating to the EUR250
million term loan B add-on with the recovery rating of '3' (rounded
recovery estimate: 60%).

The stable outlook recognizes Inspired's sound and predictable
earnings over the next 12 months supported by the enrolment for
2022 and the relatively large portion of its contribution arising
from domestic students, which will help keep S&P Global Ratings'
adjusted debt to EBITDA at 6.0x and cash flow from operations to
debt at about 8%.

The acquisition of the Eleva schools gives Inspired access to
Brazil's nascent but fast-growing premium private school sector.

Through four separate transactions, Inspired acquired 10 schools
and 2 ELS' for about EUR360 million in cash, including the Escola
Eleva global schools (Eleva) for about EUR300 million. Eleva
comprises seven premium schools and two ELS' across Brazil and
encompasses the premium bilingual schools operating under the
Escola Eleva, Gurilandia, Batutinhas, and Leonardo da Vinci brands.
Eleva's first school (Escola Eleva Botafogo) was set up in 2017 and
scaled up to 1,000 students in its second academic year, indicating
the inherent demand for premium bilingual schools. Since then,
Eleva has extended via greenfield investment and acquisitions.
Inspired paid a high acquisition EBITDA multiple of about 26x for
the Escola Eleva global schools, but the deal gives it access to
Brazil's nascent but quickly expanding premium kindergarden to year
12 segment. Inspired can enter the market via an established
platform and incremental new earnings arising from the addition of
new year groups in the existing schools and three potential
additional greenfield projects set to be completed by 2024. S&P
said, "We view the current macroeconomic environment in Brazil as
challenging and uncertain, with high inflation, currency
depreciation, elevated interest rates, and the upcoming
presidential election. However, we expect Eleva schools to be
somewhat insulated from these factors because of the
non-discretionary nature of its service and the schools' locations
in regions with relatively high per capita income."

Stonepeak's investment indicates the group's ability to attract
long-term equity investors to the Inspired project. Inspired
completed its equity recapitalization process and, as part of it,
Stonepeak made a EUR1 billion minority equity investment in the
company. Of this, EUR150 million flowed into Inspired as fresh
equity and the remainder was used to acquire shares from the
existing shareholders. Most of the existing shareholders (including
TA Associates, Warburg Pincus, and GIC) remain invested after this
recapitalization event, demonstrating continued support and
commitment from the equity investors.

Inspired has returned to pre-pandemic trading levels in the recent
months and we expect this to continue. Excluding the benefits of
the recent acquisitions, we forecast Inspired will increase revenue
to 15%-18% in fiscal year 2022 (ending Aug. 31, 2022) as
pandemic-related drags dissipate. Inspired performed well in fiscal
2021; the pandemic did not have any material effect on its overall
enrolment, including the expat student population. Ancillary
services (about 15% of 2019 revenue) and ELS were the two segments
that were most hit. Management estimates that pandemic-related
effects brought its fiscal 2021 revenue down by EUR46.7 million and
its EBITDA by EUR25.6 million. However, S&P considers these issues
as temporary and already see evidence of these segments recovering
their lost earnings with Inspired raising its fees across its
schools and improving its overall enrolment figures.

Inspired's ability to undertake further material debt-financed
acquisitions is diminished for the next six-12 months. The group
has typically financed its acquisitions with a mix of equity and
debt. Before the recent equity recapitalization, it had raised
about EUR400 million of equity and undertook acquisitions of about
EUR900 million between fiscal 2017 and fiscal 2021. Inspired's
stated financial policy is to maintain management-calculated debt
to EBITDA below of 4.5x (equivalent to about S&P Global
Ratings-adjusted leverage of about 6.5x-7.0x). Inspired exceeded
its financial leverage of 4.5x when it completed the wholly
debt-funded acquisition of Wey Education in 2021. While it reduced
debt to EBITDA to below 4.5x in the first half of fiscal 2022, the
management-calculated leverage has sprung back above 4.5x with the
recent majority debt-funded acquisitions. The recent transaction
reduces the group's ability to undertake any material debt-financed
acquisitions over the next six to 12 months at the current rating
level, absent fresh equity. However, S&P anticipates that the group
will slowly regain rating headroom toward the second half of
financial year 2023 as its earning improve.

Inspired's strong cost management supports its margin profile.The
group has a track record of implementing best practice across its
portfolio of schools, including those it acquires with a focus on
key performance indicators such as teacher-student ratios,
nonteaching staff to students, and pricing strategies. In 2021,
Inspired generated higher S&P Global Ratings-adjusted EBITDA than
Cognita with fewer schools and enrolments. Inspired and Cognita
have different geographic profiles (with some overlap in countries
such as the U.K., Spain, and Vietnam), with Inspired generating
better margins in the emerging markets. Additionally, we believe
the company's focus on managing costs without compromising on the
quality of service supports the group's margin profile.

S&P said, "Inspired has higher exposure to emerging markets, where
we estimate the group will generate about 45% of its EBITDA. We
consider emerging countries (including South Africa, Vietnam,
Bahrain, Mexico, and Brazil) either moderately high risk or high
risk, reflecting the underlying economic and institutional risks of
operating in them. Nevertheless, the demand for good-quality
international education is high in emerging markets, owing to the
increased disposable income among middle-class families and the
schools' primary focus on local students rather than expat
students. Moreover, the group generates higher margins in those
countries than in Europe. Volatility of exchange rates relative to
the euro will affect the group's credit metrics because its debt is
largely denominated in euros. The group does not hedge its EBITDA
from emerging markets and has reduced exposure to those countries
by diversifying into stable markets.

"The stable outlook recognizes Inspired's earnings predictability
over the next 12 months, supported by the opening enrolment for
2022, pricing discipline among operators, and the relatively large
portion of its contribution arising from domestic students. The
outlook also incorporates our forecast that management's focus on
costs (including exceptional costs) and working capital will help
keep S&P Global Ratings-adjusted debt to EBITDA at 6.0x and cash
flow from operations to debt at about 8%."

S&P could lower the rating if one or more of the following occurs:

-- Inspired pursues a debt-financed acquisition or shareholder
returns that deteriorate credit metrics, including debt to EBITDA
sustained above 7.0x.

-- Foreign exchange volatility, delays in fee collection, or
higher growth capital expenditure (capex) cause free operating cash
flow to turn negative.

-- Recent acquisitions aren't integrated, and exceptional costs
prove to be a more significant drag on the group's profitability.

-- Liquidity weakens, possibly leading to a covenant breach.

S&P could raise the rating if Inspired demonstrates a track record
of prudent financial policy regarding acquisitions, greenfield
projects, and shareholder distributions, and achieves adjusted debt
to EBITDA of less than 5.0x, while generating materially positive
free operating cash flow sustainably. This scenario would be
supported by higher-than-expected growth of usage rates combined
with improved adjusted margins beyond our expectations.

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


INSPIRED FINCO: Moody's Rates New EUR250MM Secured Term Loan 'B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 instrument rating to
the new EUR250 million senior secured term loan B tranche due 2026
to be issued by Inspired Finco Holdings Limited, a subsidiary of
Inspired Education Holdings Limited ("Inspired"). The outlook is
stable.

The B2 corporate family rating and B2-PD probability of default
rating of Inspired Education Holdings Limited and the B2 instrument
ratings of Inspired Finco Holdings Limited as well as the stable
outlook on all ratings are unaffected by the new debt issuance.

The EUR250 million proceeds from the contemplated debt issuance, in
combination with EUR150 million of new equity raised, will be used
to finance the planned acquisition of Eleva Educacao ("Eleva") in
Brazil and a number of bolt-on acquisitions for a total
consideration of around EUR360 million. Eleva is an operator of
nine premium K-12 schools across Brazil with around 9,000 students.
The acquisition is expected to close in June 2022.

RATINGS RATIONALE

The B2 rating assigned to the new senior secured term loan B
tranche is in line with Inspired's B2 CFR and the B2 instrument
ratings on its existing senior secured bank credit facilities.
Inspired's ratings reflect the group's position as one of the
largest global operators in the fragmented K-12 education market,
which will be further strengthened by the addition of Eleva and the
other smaller acquisitions to its portfolio.

While the acquisition of Eleva initially weakens Inspired's rating
positioning, considering the high price it is paying for the
business which consequently leads to an increase in
Moody's-adjusted Debt/EBITDA to around 7.1x, based on the last
twelve months period to February 2022 and pro form for the
acquisitions, Moody's expects that the group will be able to
rapidly decrease leverage once again on the back of a continuously
strong operating performance in the current fiscal year, ending
August 2022.

Inspired's B2 CFR further reflects (1) its geographically
diversified portfolio of 71 schools in 21 countries; (2) the
predictable and stable revenue streams with strong margins,
underpinned by robust demand and good revenue visibility from
committed student enrollments; (3) the barriers to entry through
regulatory requirements, brand reputation and purpose built
real-estate in attractive locations; and (4) its good liquidity
profile.

Conversely, the rating is constrained by (1) Inspired's elevated
financial leverage resulting from the M&A-driven and debt-funded
growth strategy; (2) its exposure to changes in the political,
legal and economic environment in emerging markets; (3) the
historically modest free cash flow generation constrained by the
group's capacity expansion strategy; and (4) the governance risk
related to the concentration of power around the founder and CEO.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Inspired will
continue to grow its EBITDA through both increased student numbers
and tuition fee growth. Moody's expects that the group will pursue
growth and acquisitions in a prudent manner, as such maintaining
leverage within the expected range for the rating, and benefit from
positive free cash flow generation and a good liquidity profile.

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

Upward rating pressure could emerge if Moody's adjusted Debt/EBITDA
declines and is sustained below 6.0x; a track record of free cash
flow generation is established, resulting in a Moody's-adjusted
Free Cash Flow/Debt ratio sustained above 5%; and liquidity remains
adequate.

Inspired's rating could come under pressure if Moody's adjusted
Debt/EBITDA increases above 7.0x on a sustainable basis; Free Cash
Flow/Debt reduces towards zero; or liquidity weakens. Any material
negative impact from a change in any of the group's schools'
regulatory approval status could also pressure the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.

CORPORATE PROFILE

Headquartered in the UK, the group was founded in 2013 by Nadim M
Nsouli and has grown organically and through acquisitions to
generate EUR553 million of revenue during fiscal year 2021, ended
August 31, 2021. Inspired operates 71 schools across 21 countries
in five continents, with nearly 57,000 students, ranging from early
learning schools to secondary school. Inspired is controlled by the
CEO and founder, Mr Nsouli, with certain minority shareholders
having economic interests in the group.

JAMIE'S ITALIAN: GBP2.4 Million Paid Out to Owner, Filings Show
---------------------------------------------------------------
Hannah Boland at The Telegraph reports that celebrity chef Jamie
Oliver has clawed back GBP2.4 million from the collapse of his
Italian restaurant empire, company filings reveal, as suppliers to
the chain are forced to swallow tens of millions of pounds worth of
losses.

According to The Telegraph, documents published by Interpath as the
administration process wraps up show that Mr. Oliver's holding
company received a further GBP580,000 payment in the period between
last November and this month.  This takes the total which has been
paid out to Jamie Oliver Holdings, a business majority owned by Mr.
Oliver, to GBP2.4 million, The Telegraph notes.

Interpath said it was a "significant shortfall" to the amount that
had been owed to Mr. Oliver, who spent GBP25 million trying to save
the Italian chain in 2019, The Telegraph states.

However, suppliers to the chain have borne the brunt of the losses,
The Telegraph discloses.  Jamie's Italian had owed around GBP85
million when it went bust, which included GBP21 million in debts to
a group of creditors including food producers and UK councils, The
Telegraph says.

Jamie Oliver Holdings was classed as a secured creditor, unlike
those other businesses, and so was guaranteed to receive part of
the debts owed to it, according to The Telegraph.

The unsecured creditors, which include the suppliers and councils,
received just GBP520,000 of the GBP21 million they were owed, The
Telegraph relays.

The collapse of Jamie's Italian came amid a downturn in the casual
dining sector, with other companies including Gaucho, Byron and
Gourmet Burger Kitchen having struggled, The Telegraph recounts.

Jamie Oliver's Italian chain went through a painful restructuring
in which it offloaded unprofitable sites, in an attempt to stay
afloat, The Telegraph discloses.  However, when it went under,
almost 1,000 jobs were lost, with the closure of 22 of his 25 UK
restaurants described by Mr. Oliver as "the hardest thing I've ever
had to do", The Telegraph notes.

The three remaining UK restaurants -- in Gatwick airport -- were
bought by SSP out of administration, The Telegraph relates.


LONDON WALL 2021-01: S&P Hikes Cl. X-Dfrd Notes Rating to 'BB(sf)'
------------------------------------------------------------------
S&P Global Ratings raised its credit ratings on London Wall
Mortgage Capital PLC's Series Fleet 2021-01's class B-Dfrd notes to
'AA+ (sf)' from 'AA- (sf)', C-Dfrd notes to 'AA (sf)' from 'A
(sf)', Z1-Dfrd notes to 'AA- (sf)' from 'BBB+ (sf)', Z2-Dfrd notes
to 'BBB+ (sf)' from 'BB+ (sf)', and X-Dfrd notes to 'BB (sf)' from
'B- (sf)'. At the same time, S&P affirmed its 'AAA (sf)' rating on
the class A notes.

The rating actions reflect the transaction's consistent stable
credit performance and the paydown of the class X-Dfrd notes since
closing in May 2021.

S&P said, "Our credit and cash flow results indicate that the
available credit enhancement for the class A notes continues to be
commensurate with the assigned rating. We therefore affirmed our
'AAA (sf)' rating on the class A notes.

"Total arrears (0.07%) in the transaction have remained low and
stable. Total arrears are below our U.K. buy-to-let (BTL) index for
post-2014 originations.

"Since closing, our weighted-average foreclosure frequency (WAFF)
assumptions have decreased at all rating levels. Firstly, we have
decreased our total originator adjustment assumption since closing
as Fleet Mortgages was acquired by Starling Bank Ltd. and therefore
became regulated and required to adhere to Prudential Regulatory
Authority (PRA) standards. This reduction in the originator
adjustment was also driven by the strong performance of Fleet
Mortgages-originated assets within transactions that we currently
rate, including this transaction. Secondly, the weighted-average
indexed current loan-to-value (LTV) ratio of the pool has declined
by 5.6% since closing. The reduction in the weighted-average
indexed current LTV ratio has a positive effect on our WAFF
assumptions as the LTV ratio applied is calculated with a weighting
of 80% of the original LTV ratio and 20% of the current LTV
ratio."

This reduction in the weighted-average current LTV ratio has also
led to a reduction in our weighted-average loss severity (WALS)
assumptions.

  Credit Analysis Results

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

  AAA             20.46       48.25         9.87

  AA              13.83       40.13         5.55

  A               10.43       27.22         2.84

  BBB              7.19       19.26         1.39

  BB               3.79       13.45         0.51

  B                3.02        8.37         0.25

There are no counterparty constraints on the ratings on the notes
in this transaction. The replacement language in the documentation
is in line with our counterparty criteria.

The upgrades of the class B-Dfrd, C-Dfrd, Z1-Dfrd, and Z2-Dfrd
notes reflect that the required credit coverage at all rating
levels has declined since closing. As a result, S&P's cash flow
analysis indicated that the class B-Dfrd, C-Dfrd, class Z1-Dfrd,
and Z2-Dfrd notes could withstand stresses at a higher rating than
the previously assigned ratings. S&P has therefore raised its
ratings on these classes of notes.

S&P said, "The ratings on the class C-Dfrd, Z1-Dfrd, and Z2-Dfrd
notes are below the levels indicated by our cash flow analysis due
to the limited build-up in credit enhancement for these notes since
closing and the relative position of the notes in the capital
structure. Our rating on the class Z2-Dfrd notes also reflects that
these notes do not have hard credit enhancement.

"The class X-Dfrd notes have paid down by over GBP5.8 million since
closing. As a result, our credit and cash flow results indicate
that these notes can withstand our stresses at a higher level than
the previously assigned rating. We have therefore raised to 'BB
(sf)' from 'B- (sf)' our rating on this class of notes. The
assigned rating on the class X-Dfrd notes is below the level
indicated by our standard cash flow analysis. As these notes have
no hard credit enhancement, they rely on soft credit enhancement
through excess spread. The assigned rating considers the
sensitivity to high prepayment rates, leading reduced excess
spread, which could occur due to a significant proportion of loans
with an initial fixed rate of interest resetting over the next five
years, with a significant proportion of the loans reverting in 2022
and 2025.

"We expect U.K. inflation to reach 7.6% in 2022. Although high
inflation is overall credit negative for all borrowers, inevitably
some borrowers will be more negatively affected than others and to
the extent inflationary pressures materialize more quickly or more
severely than currently expected, risks may emerge. This
transaction is a BTL transaction and although underlying tenants
may be affected by inflationary pressures, the borrowers in the
pool are generally considered to be professional landlords and will
benefit from diversification of properties and rental streams.
Borrowers in this transaction are largely paying a fixed rate of
interest on average until 2025. As a result, in the short to medium
term borrowers are protected from rate rises but will feel the
effect of rising cost of living pressures. We have considered these
risks in our loan characteristic and originator adjustments. Based
on our most recent macroeconomic forecasts, we have also maintained
our mortgage market outlook for the U.K. to reflect uncertain
economic conditions and increased credit risk. These continue to
affect our 'B' foreclosure frequency assumptions for the archetypal
pool."


MISGUIDED: Business Advisory Expert Outlines Rescue Options
-----------------------------------------------------------
Jon Robinson at BusinessLive reports that a business advisory
expert has outlined what options are available to Missguided as it
was revealed the online fashion giant is on the brink of collapse.

Brian Burke, managing director at Quantuma, has spoken exclusively
to BusinessLive on what the Manchester-headquartered company may do
now, its next steps if it does enter insolvency and what actions
its creditors could take.

The uncertainty surround Missguided's future comes a month after
the business cut 63 jobs and its founder quit as chief executive,
BusinessLive notes.

According to BusinessLive, Mr. Burke said: "Missguided’s advisers
have been seeking a buyer for the business since April and the
situation has now escalated following creditors issuing a winding
up petition to recover their debts from the company.

"It is unclear at what stage the sale process has reached.
However, with the threat of winding up and if agreement cannot be
reached with those creditors, it is likely that the directors or
charge holders would look to appoint administrators before the
winding up petition is heard.

"The appointment of administrators would provide the company with
protection from its creditors whilst the administrators continue to
seek a buyer for the business and assets, or to allow a sale to be
concluded shortly following their appointment.

"The alternative is looking to exit administration by way of a
company voluntary arrangement (CVA) or restructuring plan, which
will require creditor approval, and likely significant compromises
of the debt owed to its suppliers, to preserve the business."


NORTHWOODS CAPITAL 26: Fitch Assigns 'B-(EXP)' Rating on F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Northwoods Capital 26 Euro DAC's notes
expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

   DEBT            RATING
   ----            ------
Northwoods Capital 26 Euro DAC

A               LT  AAA(EXP)sf      Expected Rating
B-1             LT  AA(EXP)sf       Expected Rating
B-2             LT  AA(EXP)sf       Expected Rating
C               LT  A(EXP)sf        Expected Rating
D               LT  BBB-(EXP)sf     Expected Rating
E               LT  BB-(EXP)sf      Expected Rating
F               LT  B-(EXP)sf       Expected Rating
Sub - Notes     LT  NR(EXP)sf       Expected Rating

TRANSACTION SUMMARY

Northwoods Capital 26 Euro DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans, first-lien, last-out loans
and high-yield bonds. The portfolio is actively managed by
Northwoods European CLO Management LLC. The transaction has a
2.1-year reinvestment period and a seven-year weighted average life
(WAL). The note proceeds will be used to fund a portfolio with a
target par amount of EUR450 million.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 60.4%.

Diversified Portfolio (Positive): The expected rating analysis is
based on an indicative top-10 obligor concentration limit at 20%
and a fixed-rate asset limit of 20%. The transaction also includes
various concentration limits, including the maximum exposure to the
three-largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management (Neutral): The transaction has a 2.1-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stressed-case portfolio and matrices analysis is 12 months less
than the WAL covenant, to account for structural and reinvestment
conditions after the reinvestment period, including the
over-collateralisation (OC) tests and Fitch 'C'-basket security
adjustment amount to be zero after reinvestment. In the agency's
opinion, these conditions reduce the effective risk horizon of the
portfolio during stress periods.

RATING SENSITIVITIES

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

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

Downgrades may occur if the loss expectation is larger than
initially assumed, due to unexpectedly high levels of default and
portfolio deterioration.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in upgrades of
up to three notches across the structure, except for 'AAAsf' rated
notes, which are at the highest rating on Fitch's scale and cannot
be upgraded.

Except for the tranche already at the highest 'AAAsf' rating,
upgrades may occur on better-than-expected portfolio credit quality
and deal performance, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

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

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




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

[*] BOND PRICING: For the Week May 23 to May 27, 2022
-----------------------------------------------------
Issuer             Coupon Maturity Currency Price
------             ------  -------- ------- -----
ADLER Group SA      2.250 1/14/2029  EUR   49.781
Diebold Nixdorf D   9.000 7/15/2025  EUR   72.700
Atento Luxco 1 SA   8.000 02/10/2026 USD   79.893
Gazprom PJSC Via    2.250 7/19/2022  CHF   72.500
Corestate Capital   3.500 4/15/2023  EUR   25.750
ADLER Group SA      1.500 7/26/2024  EUR   59.990
ADLER Group SA      1.875 1/14/2026  EUR   54.344
Endo Luxembourg F   6.125 04/01/2029 USD   76.106
EnfraGen Energia    5.37512/30/2030  USD   68.848
Gazprom PJSC Via    1.450 03/06/2023 CHF   41.663
VGP NV              1.500 04/08/2029 EUR   72.489
ADLER Real Estate   3.000 4/27/2026  EUR   72.486
Aggregate Holding   6.875 11/09/2025 EUR   25.118
Russian Foreign B   5.625 04/04/2042 USD   20.467
Lukoil Internatio   4.563 4/24/2023  USD   70.608
Russian Foreign B  12.750 6/24/2028  USD   24.146
Orpea SA            2.000 04/01/2028 EUR   63.826
Gazprom PJSC Via    4.950 7/19/2022  USD   73.528
Corestate Capital   1.37511/28/2022  EUR   40.012
ADLER Group SA      3.250 08/05/2025 EUR   57.000
Gazprom PJSC Via    8.625 4/28/2034  USD   33.026
ADLER Group SA      2.00011/23/2023  EUR   67.148
Consus Real Estat   4.00011/29/2022  EUR   65.910
Lukoil Securities   3.875 05/06/2030 USD   51.964
Kleopatra Holding   6.500 09/01/2026 EUR   65.542
ADLER Group SA      2.250 4/27/2027  EUR   50.650
VTB Bank OJSC Via   6.95010/17/2022  USD    5.975
Lukoil Internatio   4.750 11/02/2026 USD   60.377
ADLER Real Estate   2.125 02/06/2024 EUR   75.580
Castellum AB        3.125            EUR   73.592
Aragvi Finance In   8.450 4/29/2026  USD   68.894
EP Infrastructure   1.816 03/02/2031 EUR   68.094
ADLER Group SA      2.75011/13/2026  EUR   54.250
Russian Foreign B   4.875 9/16/2023  USD   24.639
Frigoglass Financ   6.875 02/12/2025 EUR   51.520
Sigma Holdco BV     5.750 5/15/2026  EUR   70.625
Lukoil Capital DA   2.800 4/26/2027  USD   54.957
MHP SE              7.750 05/10/2024 USD   52.971
Casino Guichard P   3.992            EUR   40.264
Sberbank of Russi   5.12510/29/2022  USD   10.350
Russian Railways    5.700 04/05/2022 USD    5.756
Banca Monte dei P   5.375 1/18/2028  EUR   62.291
VGP NV              2.250 1/17/2030  EUR   72.413
Casino Guichard P   2.511            EUR   25.832
Gazprom PJSC Via    3.12511/17/2023  EUR   35.645
CPI Property Grou   3.750            EUR   64.694
Mitsubishi UFJ In   3.97012/15/2050  EUR   33.980
Ukraine Governmen   9.750 11/01/2028 USD   39.544
Tinkoff Bank JSC    6.000            USD    8.000
Jababeka Internat   6.500 10/05/2023 USD   72.166
Standard Profil A   6.250 4/30/2026  EUR   65.039
NAK Naftogaz Ukra   7.375 7/19/2022  USD   68.500
Teva Pharmaceutic   4.100 10/01/2046 USD   70.826
NET4GAS sro         3.500 7/28/2026  EUR   65.052
Fastighets AB Bal   2.873 06/02/2081 EUR   74.883
Gazprom PJSC via    3.897            EUR   15.252
MHP Lux SA          6.950 04/03/2026 USD   52.949
Lukoil Capital DA   3.60010/26/2031  USD   51.473
VEON Holdings BV    3.37511/25/2027  USD   60.897
Air Baltic Corp A   6.750 7/30/2024  EUR   73.014
Heimstaden Bostad   3.000            EUR   69.396
Heimstaden Bostad   2.625            EUR   71.371
Ukraine Governmen   6.750 6/20/2026  EUR   36.312
SBB Treasury Oyj    0.75012/14/2028  EUR   71.301
Ideal Standard In   6.375 7/30/2026  EUR   69.640
ALROSA Finance SA   4.650 04/09/2024 USD   24.000
Gazprom PJSC via    4.599            USD   16.750
VF Ukraine PAT vi   6.200 02/11/2025 USD   65.259
ALROSA Finance SA   3.100 6/25/2027  USD   11.000
Vnesheconombank V   6.80011/22/2025  USD    5.000
Russian Railways    2.200 5/23/2027  EUR   10.000
Samhallsbyggnadsb   2.875            EUR   69.347
NAK Naftogaz Ukra   7.625 11/08/2026 USD   32.123
Hellenic Republic   1.875 1/24/2052  EUR   64.495
Novolipetsk Steel   4.700 5/30/2026  USD   36.912
Metinvest BV        8.500 4/23/2026  USD   60.000
Eurotorg LLC Via    9.00010/22/2025  USD   20.000
Atos SE             1.000 11/12/2029 EUR   73.458
La Banque Postale   3.000            EUR   74.735
Banca Monte dei P  10.500 7/23/2029  EUR   71.108
Ocado Group PLC     0.750 1/18/2027  GBP   70.464
EP Infrastructure   2.045 10/09/2028 EUR   73.280
Credit Bank of Mo   3.875 9/21/2026  USD   23.556
Russian Railways    2.100 10/02/2023 CHF    5.000
SBB Treasury Oyj    1.12511/26/2029  EUR   69.179
Ukraine Governmen   6.876 5/21/2029  USD   36.251
Boparan Finance P   7.62511/30/2025  GBP   71.400
Gazprom PJSC Via    2.25011/22/2024  EUR   31.178
Gazprom PJSC Via    7.288 8/16/2037  USD   30.282
Gazprom PJSC Via    5.150 02/11/2026 USD   29.291
Severstal OAO Via   3.150 9/16/2024  USD   15.000
Phosagro OAO Via    3.949 4/24/2023  USD   27.000
Gazprom PJSC Via    2.949 1/24/2024  EUR   27.566
United Kingdom Gi   0.62510/22/2050  GBP   67.566
Ukraine Governmen   4.375 1/27/2030  EUR   36.248
Korian SA           1.875            EUR   36.098
Novolipetsk Steel   1.450 06/02/2026 EUR   29.525
Moby SpA            7.750 2/15/2023  EUR   72.876
Yandex NV           0.750 03/03/2025 USD   49.625
Carnival PLC        1.00010/28/2029  EUR   64.199
Raiffeisen Bank I   4.500            EUR   73.633
Gazprom PJSC via    1.500 2/17/2027  EUR   26.360
State of North Rh   0.950 01/10/2121 EUR   50.403
Eustream AS         1.625 6/25/2027  EUR   73.576
Ukraine Governmen   7.750 09/01/2025 USD   38.356
TenneT Holding BV   1.125 06/09/2041 EUR   74.116
United Kingdom Gi   0.50010/22/2061  GBP   58.321
Credit Bank of Mo   3.100 1/21/2026  EUR   18.164
Mallinckrodt Inte  10.000 4/15/2025  USD   70.000
Kernel Holding SA   6.50010/17/2024  USD   53.107
CaixaBank SA        3.625            EUR   75.962
Credit Suisse Gro   0.625 1/18/2033  EUR   72.413
Iceland Bondco PL   4.375 5/15/2028  GBP   72.844
VTB Bank PJSC Via   9.500            USD    8.000
State Agency of R   6.250 6/24/2028  USD   33.602
Gazprom PJSC Via    4.250 04/06/2024 GBP   30.001
Russian Foreign B   4.250 6/23/2027  USD   15.888
Herens Midco Sarl   5.250 5/15/2029  EUR   76.167
Voltalia SA         1.000 1/13/2025  EUR   30.305
ING Groep NV        4.250            USD   76.720
Gazprom PJSC via    2.950 1/27/2029  USD   29.957
Pro-Gest SpA        3.25012/15/2024  EUR   74.583
MMC Norilsk Nicke   4.100 04/11/2023 USD   55.929
BICO Group AB       2.875 3/19/2026  SEK   68.672
Credit Bank of Mo   7.500 10/05/2027 USD   21.219
Gazprom PJSC Via    2.500 3/21/2026  EUR   26.999
Vonovia SE          1.625 09/01/2051 EUR   62.048
Romanian Governme   2.625 12/02/2040 EUR   66.915
Rallye SA           4.371 2/28/2032  EUR   14.018
Delivery Hero SE    2.125 03/10/2029 EUR   58.518
Desenio Group AB    5.54612/16/2024  SEK   70.333
Credit Bank of Mo   7.625            USD   15.000
Credit Bank of Mo   4.700 1/29/2025  USD   23.795
Russian Foreign B   2.875 12/04/2025 EUR   16.063
Gazprom PJSC via    3.250 2/25/2030  USD   26.675
NAK Naftogaz Ukra   7.125 7/19/2024  EUR   33.706
Alfa Bank AO Via    5.950 4/15/2030  USD   10.000
MorphoSys AG        0.62510/16/2025  EUR   73.468
Delivery Hero SE    1.000 4/30/2026  EUR   67.993
CPI Property Grou   1.500 1/27/2031  EUR   73.045
Gazprom PJSC via    1.540 6/30/2027  CHF   27.594
Borets Finance DA   6.000 9/17/2026  USD   29.968
Russian Foreign B   5.875 9/16/2043  USD   21.538
Sberbank of Russi   5.250 5/23/2023  USD   12.396
Grupo Antolin-Ira   3.500 4/30/2028  EUR   73.340
NPC Ukrenergo       6.875 11/09/2026 USD   32.680
Delivery Hero SE    1.000 1/23/2027  EUR   70.812
VEON Holdings BV    4.000 04/09/2025 USD   73.475
Mallinckrodt Inte   5.750 08/01/2022 USD   40.750
Metinvest BV        7.75010/17/2029  USD   55.000
Air France-KLM      0.125 3/25/2026  EUR   16.120
Vnesheconombank V   5.94211/21/2023  USD    5.000
Kernel Holding SA   6.75010/27/2027  USD   52.800
Delivery Hero SE    0.875 7/15/2025  EUR   73.309
Sigma Holdco BV     7.875 5/15/2026  USD   71.756
CTP NV              1.500 9/27/2031  EUR   69.854
Metalloinvest Fin   3.37510/22/2028  USD   25.413
Sweden Government   1.375 6/23/2071  SEK   67.005
Just Eat Takeaway   0.625 02/09/2028 EUR   63.810
Tinkoff Bank JSC    9.250            USD   10.000
Metinvest BV        5.625 6/17/2025  EUR   60.655
PIK Securities DA   5.62511/19/2026  USD    8.500
Russian Railways    0.840 03/12/2026 CHF    6.111
Gazprom PJSC Via    4.950 02/06/2028 USD   32.674
Credit Bank of Mo   8.875            USD   12.500
Russian Railways    7.487 3/25/2031  GBP    9.892
Hacienda Investme   5.350 02/08/2028 USD   12.000
Delivery Hero SE    1.500 1/15/2028  EUR   61.214
Serbia Internatio   1.650 03/03/2033 EUR   70.199
Romanian Governme   2.875 4/13/2042  EUR   67.343
Dtek Renewables F   8.500 11/12/2024 EUR   35.372
SPP-Distribucia A   1.000 06/09/2031 EUR   72.946
Evraz PLC           5.250 04/02/2024 USD   58.020
MHP Lux SA          6.250 9/19/2029  USD   52.454
State of North Rh   1.450 1/19/2122  EUR   63.717
Gazprom PJSC via    2.950 4/15/2025  EUR   27.444
BAT International   2.250 09/09/2052 GBP   52.240
NGD Holdings BV     6.75012/31/2026  USD   42.171
Russian Railways    4.600 03/06/2023 EUR   10.221
Nostrum Oil & Gas   8.000 7/25/2022  USD   22.040
Union Fenosa Pref   1.173            EUR   70.000
Ukraine Railways    8.250 07/09/2024 USD   30.477
Accor SA            0.700 12/07/2027 EUR   47.286
Russian Railways    0.898 10/03/2025 CHF    6.479
Russian Railways    3.125            CHF    5.268
Severstal OAO Via   5.90010/17/2022  USD   15.000
MMK International   4.375 6/13/2024  USD   31.000
Gazprom PJSC via    3.500 7/14/2031  USD   29.915
Bank Gospodarstwa   2.250 7/21/2033  PLN   60.560
Ukreximbank Via B   9.750 1/22/2025  USD   52.109
Ekosem-Agrar AG     8.500 12/07/2022 EUR   39.397
Gazprom PJSC Via    4.364 3/21/2025  EUR   29.575
Korian SA           0.875 03/06/2027 EUR   50.156
Metinvest BV        7.750 4/23/2023  USD   54.800
Electricite de Fr   2.000 12/09/2049 EUR   69.624
Arrival SA          3.500 12/01/2026 USD   35.000
Czech Gas Network   0.450 09/08/2029 EUR   72.468
Ukraine Governmen   8.994 02/01/2024 USD   40.210
Lloyds Banking Gr   3.36912/14/2046  USD   74.745
Serbia Internatio   2.050 9/23/2036  EUR   68.258
Evraz PLC           5.375 3/20/2023  USD   50.000
EnBW Energie Bade   2.125 8/31/2081  EUR   74.623
Metinvest BV        7.650 10/01/2027 USD   61.155
Royalty Pharma PL   3.350 09/02/2051 USD   71.119
Credit Bank of Mo   5.550 2/14/2023  USD   20.590
Cardea Europe AG    7.250 12/08/2023 EUR   58.981
Novatek OAO Via N   4.42212/13/2022  USD   46.500
GTLK Europe Capit   5.950 4/17/2025  USD   15.000
MMC Norilsk Nicke   6.62510/14/2022  USD   66.500
Hungary Governmen   2.250 4/20/2033  HUF   64.470
Polyus Finance PL   3.25010/14/2028  USD   26.783
Just Eat Takeaway   1.250 4/30/2026  EUR   71.927
National Grid Ele   0.87211/26/2040  EUR   66.403
MMC Norilsk Nicke   2.550 09/11/2025 USD   51.058
Phosagro OAO Via    2.600 9/16/2028  USD   20.767
Gazprom PJSC via    3.000 6/29/2027  USD   30.275
MMC Norilsk Nicke   2.80010/27/2026  USD   51.375
Credit Bank of Mo   5.150 2/20/2024  EUR   18.549
Odea Bank AS        7.625 08/01/2027 USD   73.063
Hungary Governmen   3.25010/22/2031  HUF   75.068
Quadient SA         3.375            EUR   58.187
Interpipe Holding   8.375 5/13/2026  USD   42.603
Mallinckrodt Inte   5.62510/15/2023  USD   35.250
Ekosem-Agrar AG     7.500 08/01/2024 EUR   18.613
Andrade Gutierrez   9.50012/30/2024  USD   45.000
SCF Capital Desig   5.375 6/16/2023  USD   20.284
Mobile Telesystem   5.000 5/30/2023  USD   27.000
Vnesheconombank V   6.025 07/05/2022 USD    5.000
Czech Gas Network   0.875 3/31/2031  EUR   68.047
Prosus NV           3.832 02/08/2051 USD   66.056
Biocartis Group N   4.000 05/09/2024 EUR   71.463
Saxa Gres Spa       7.000 08/04/2026 EUR   70.635
Czech Republic Go   1.500 4/24/2040  CZK   60.259
Banca Monte dei P   8.000 1/22/2030  EUR   65.452
Russian Agricultu   8.50010/16/2023  USD    7.250
Metro Bank PLC      5.500 6/26/2028  GBP   60.641
Royalty Pharma PL   3.550 09/02/2050 USD   74.054
Bank Gospodarstwa   2.125 06/05/2030 PLN   68.945
Turkey Government  12.600 10/01/2025 TRY   75.250
Hacienda Investme   5.075 2/15/2023  USD   13.292
Gazprom PJSC Via    4.950 3/23/2027  USD   28.256
Paragon GmbH & Co   4.000 4/23/2023  CHF   58.000
Russian Railways    4.375 03/01/2024 USD   20.000
SCF Capital Desig   3.850 4/26/2028  USD   20.596
Sovcombank Via So   8.000 04/07/2030 USD    4.846
Gazprom PJSC via    1.85011/17/2028  EUR   26.411
GTLK Europe DAC     5.125 5/31/2024  USD   16.000
Eurochem Finance    5.500 3/13/2024  USD   41.500
Intesa Sanpaolo S   4.950 06/01/2042 USD   75.724
GTLK Europe Capit   4.650 03/10/2027 USD   13.000
Global Ports Fina   6.500 9/22/2023  USD    8.625
Rallye SA           4.000 2/28/2032  EUR   14.380
Wirecard AG         0.500 09/11/2024 EUR   11.496
Suek Securities D   3.375 9/15/2026  USD   15.000
Prosus NV           4.987 1/19/2052  USD   78.057
MMC Norilsk Nicke   3.37510/28/2024  USD   53.125
Sovcombank Via So   7.750            USD    3.842
Sovcombank Via So   7.600            USD    5.007
Deutsche Bahn Fin   0.625 12/08/2050 EUR   61.260
Novolipetsk Steel   4.000 9/21/2024  USD   37.750
Borets Finance DA   6.500 04/07/2022 USD   30.017
Rallye SA           5.250 2/28/2032  EUR   14.823
Ozon Holdings PLC   1.875 2/24/2026  USD   26.000
Russian Foreign B   1.12511/20/2027  EUR   14.988
Maisons du Monde    0.125 12/06/2023 EUR   46.854
Vonovia Finance B   1.000 1/28/2041  EUR   62.659
Novolipetsk Steel   4.500 6/15/2023  USD   38.250
DOF Subsea AS       9.500 9/30/2022  USD   50.427
Phosagro OAO Via    3.050 1/23/2025  USD   21.875
Cellnex Finance C   3.875 07/07/2041 USD   73.460
Republic of Belar   6.378 2/24/2031  USD   13.333
Ukreximbank Via B   9.95011/14/2029  USD   35.239
TenneT Holding BV   0.50011/30/2040  EUR   66.130
Diebold Nixdorf D   9.000 7/15/2025  EUR   72.532
Sovcombank Via So   3.400 1/26/2025  USD    5.017
Ukraine Railways    7.875 7/15/2026  USD   29.737
Turkey Government  10.600 02/11/2026 TRY   71.600
Bank Gospodarstwa   1.750 03/12/2028 PLN   73.626
Aggregate Holding   5.500 5/17/2024  EUR   20.000
DOF Subsea AS       9.23011/27/2023  NOK   50.000
Republic of Polan   4.000 4/25/2047  PLN   65.876
Econocom Group SA   0.500 03/06/2023 EUR    8.047
Bank Gospodarstwa   2.37511/27/2040  PLN   48.774
Home Credit & Fin   8.800            USD    5.000
Banca Monte dei P   8.500 09/10/2030 EUR   67.276
BNP Paribas SA      2.824 1/26/2041  USD   72.759
Mallinckrodt Inte   5.500 4/15/2025  USD   39.000
Constellation Oil  10.000 11/09/2024 USD   36.659
Rusal Capital DAC   4.850 02/01/2023 USD   40.960
Mithra Pharmaceut   4.25012/17/2025  EUR   69.654
Haya Real Estate    5.25011/15/2022  EUR   68.304
Medtronic Global    1.62510/15/2050  EUR   72.392
BP Capital Market   1.467 9/21/2041  EUR   74.160
Societe Generale    4.027 1/21/2043  USD   76.006
PB International    7.62512/31/2025  USD   43.827
Lukoil Capital DA   2.800 4/26/2027  USD   55.003
Prosus NV           4.027 08/03/2050 USD   68.394
Turkey Government  11.000 2/24/2027  TRY   64.000
Societe Generale    3.625 03/01/2041 USD   73.219
Neoen SA            1.875 10/07/2024 EUR   43.625
Offshore Drilling   8.375 9/20/2020  USD    4.560
Republic of Belar   5.875 2/24/2026  USD   14.063
Atento Luxco 1 SA   8.000 02/10/2026 USD   79.157
Mallinckrodt Inte   4.750 4/15/2023  USD   41.500
Republic of Armen   3.600 02/02/2031 USD   73.537
JT International    3.300 9/14/2051  USD   72.197
VTB Bank OJSC Via   4.07310/24/2024  CHF    4.936
Slovenia Governme   1.175 2/13/2062  EUR   68.284
Nexity SA           0.250 03/02/2025 EUR   61.511
Travelex Financin   8.000 5/15/2022  EUR    1.212
Vonovia SE          1.500 6/14/2041  EUR   68.735
Uralkali OJSC Via   4.00010/22/2024  USD   22.000
Turkey Government   8.000 03/12/2025 TRY   68.500
Lukoil Capital DA   3.60010/26/2031  USD   49.651
State of North Rh   1.375 1/15/2120  EUR   61.908
BAT International   4.00011/23/2055  GBP   67.611
Neoen SA            2.000 06/02/2025 EUR   53.245
GTLK Europe Capit   4.800 2/26/2028  USD   16.000
VEON Holdings BV    3.37511/25/2027  USD   62.631
Russian Railways    1.195 04/03/2028 CHF    7.069
Intelsat Jackson    8.50010/15/2024  USD   44.504
Nostrum Oil & Gas   7.000 2/16/2025  USD   24.499
FF Group Finance    1.750 07/03/2019 EUR    5.493
Turkey Government  12.400 03/08/2028 TRY   69.750
Ukraine Governmen  15.840 2/26/2025  UAH   56.287
FIGEAC-AERO         1.12510/18/2022  EUR   22.802
Polyus Finance PL   5.250 02/07/2023 USD   25.143
Unibail-Rodamco-W   1.750 07/01/2049 EUR   60.747
EnfraGen Energia    5.37512/30/2030  USD   70.404
Lukoil Securities   3.875 05/06/2030 USD   52.061
Sibur Securities    2.950 07/08/2025 USD   35.000
Prosus NV           2.031 08/03/2032 EUR   74.309
SRV Group Oyj       6.875 3/23/2025  EUR   59.864
Fuerstenberg Capi   5.625            EUR   60.902
Credit Agricole S   2.811 01/11/2041 USD   72.731
TMK OAO Via TMK C   4.300 02/12/2027 USD   17.368
Enel Finance Inte   0.875 6/17/2036  EUR   73.495
CM.com NV           2.000 09/09/2026 EUR   74.270
Bayer AG            1.000 01/12/2036 EUR   74.055
BP Capital Market   0.933 12/04/2040 EUR   68.307
Rusal Capital DAC   5.300 05/03/2023 USD   30.000
HOCHDORF Holding    2.500            CHF   48.953
Alfa Bank AO Via    6.950            USD   11.533
GTLK Europe Capit   4.949 2/18/2026  USD   16.000
Slovenia Governme   0.688 03/03/2081 EUR   45.311
Autonomous Commun   2.965 09/08/2039 JPY   67.673
Intelsat Jackson    9.750 7/15/2025  USD   44.301
Deutsche Bahn Fin   1.125 5/29/2051  EUR   70.901
GTLK Europe Capit   4.349 2/27/2029  USD   14.974
Societe Generale    3.625 03/01/2041 USD   72.894
SRV Group Oyj       4.875 3/27/2025  EUR   59.875
Celtic Resources    4.125 10/09/2024 USD   37.915
ABH Financial Ltd   2.875 11/09/2022 CHF    5.100
Intelsat Jackson    5.500 08/01/2023 USD   42.919
Vonovia Finance B   1.625 10/07/2039 EUR   70.765
Credit Bank of Mo   7.121 6/25/2024  USD   21.063
Cooperatieve Rabo   0.01011/27/2040  EUR   68.975
Gazprom PJSC Via    4.950 7/19/2022  USD   74.450
BNP Paribas SA      2.824 1/26/2041  USD   72.359
Alfa Bank AO Via    5.900            USD    7.956
Romania Governmen   4.250 4/28/2036  RON   67.977
Vonovia Finance B   1.125 9/14/2034  EUR   73.834
Alfa Bank AO Via    5.50010/26/2031  USD    7.831
Societe Du Grand    1.00011/26/2051  EUR   71.342
Dexia Credit Loca   1.327            EUR    3.996
ABH Financial Ltd   2.700 06/11/2023 EUR    5.000
Region de Bruxell   0.765 7/15/2052  EUR   64.554
Nestle Finance In   0.875 6/14/2041  EUR   73.188
de Volksbank NV     0.375 9/16/2041  EUR   73.953
DNB Bank ASA        0.954            USD   69.798
AstraZeneca PLC     2.125 08/06/2050 USD   70.084
Clarion Funding P   1.875 09/07/2051 GBP   68.708
Lithuania Governm   0.750 7/15/2051  EUR   64.561
Nederlandse Water   0.500 4/26/2051  EUR   71.318
Wellcome Trust Lt   1.500 7/14/2071  GBP   63.165
Hungary Governmen   2.000 5/23/2029  HUF   72.933
Polyus Finance PL   4.700 1/29/2024  USD   26.114
Russian Foreign B   5.100 3/28/2035  USD   15.084
Scandinavian Airl   0.625            CHF   11.683
City of Kyiv Via    7.50012/15/2022  USD   36.368
Pierre Et Vacance   2.000 04/01/2023 EUR   25.014
Investor AB         0.37510/29/2035  EUR   73.174
Rallye SA           3.400 2/28/2032  EUR   14.172
Turkey Government   9.000 7/24/2024  TRY   74.500
DNB Bank ASA        1.848            USD   71.000
Idavang A/S         7.250 11/11/2025 EUR   65.967
CCEP Finance Irel   1.500 05/06/2041 EUR   74.517
University Colleg   1.625 06/04/2061 GBP   71.286
Gazprom PJSC Via    4.950 02/06/2028 USD   31.421
VEON Holdings BV    4.000 04/09/2025 USD   73.124
City of Lugano Sw   0.15011/28/2070  CHF   50.800
Haya Real Estate    5.12511/15/2022  EUR   69.422
Sibur Securities    4.125 10/05/2023 USD   30.352
Russian Foreign B   4.875 9/16/2023  USD   21.500
Russian Federal B   6.100 7/18/2035  RUB   76.200
Credit Agricole S   2.811 01/11/2041 USD   72.335
BAT International   2.000 3/13/2045  EUR   63.020
State of North Rh   0.500 1/15/2052  EUR   68.491
DNB Bank ASA        0.929            USD   69.955
Ukraine Governmen   7.750 09/01/2022 USD   69.636
Sibur Securities    3.450 9/23/2024  USD   28.200
Intu Debenture PL   5.56212/31/2027  GBP   41.250
Sigma Holdco BV     7.875 5/15/2026  USD   69.891
Prosus NV           1.985 7/13/2033  EUR   72.299
PIK Securities DA   5.62511/19/2026  USD    8.000
Senvion Holding G   3.87510/25/2022  EUR    0.249
Nederlandse Water   0.375 9/28/2046  EUR   71.581
Karlou BV           7.750 6/18/2024  USD   14.358
Hungary Governmen   2.250 6/22/2034  HUF   61.849
Gazprom PJSC via    4.599            USD   16.000
Mondelez Internat   1.250 09/09/2041 EUR   69.963
Koninklijke Lucht   0.750            CHF   18.000
Linde PLC           1.000 9/30/2051  EUR   62.266
Russian Foreign B   4.750 5/27/2026  USD   17.198
Rallye SA           3.250 2/28/2032  CHF   14.698
La Poste SA         0.625 1/18/2036  EUR   73.816
Nestle Finance In   0.375 12/03/2040 EUR   67.728
PJSC Koks via IMH   5.900 9/23/2025  USD    5.660
Lukoil Internatio   4.563 4/24/2023  USD   70.949
Immigon Portfolio   5.772            EUR   11.233
Thomas Cook Finan   3.875 7/15/2023  EUR    0.851
ALROSA Finance SA   4.650 04/09/2024 USD   11.119
Russian Foreign B   4.375 3/21/2029  USD   16.726
Shell Internation   1.750 09/10/2052 GBP   63.668
Societe Du Grand    0.70010/15/2060  EUR   57.246
Havila Shipping A   5.920 01/02/2025 NOK   34.228
O1 Properties Fin   0.500 9/27/2028  USD    6.270
Galapagos Holding   7.000 6/15/2022  EUR    2.010
Ministeries Van d   1.000 1/23/2051  EUR   73.085
Thomas Cook Group   6.250 6/15/2022  EUR    0.510
Lukoil Internatio   4.750 11/02/2026 USD   60.376
Russian Foreign B   5.625 04/04/2042 USD   20.625
Prosus NV           4.027 08/03/2050 USD   68.701
FF Group Finance    3.250 11/02/2021 CHF    5.385
Officine Maccafer   5.750 06/01/2021 EUR   16.545
Russian Foreign B   4.250 6/23/2027  USD   16.310
Constellation Oil  10.000 11/09/2024 USD    1.000
Rallye SA           4.000 2/28/2032  CHF   13.150
Norddeutsche Land   7.490            EUR   61.945
Vnesheconombank V   6.80011/22/2025  USD    5.000
BAE Systems PLC     3.000 9/15/2050  USD   75.056
Gecina SA           0.875 6/30/2036  EUR   74.770
Nexity SA           0.875 4/19/2028  EUR   49.053
Cooperatieve Rabo   0.01011/27/2040  EUR   68.791
Rickmers Holding    8.875 06/11/2018 EUR    0.665
Wessex Water Serv   1.250 01/12/2036 GBP   74.043
Romanian Governme   3.375 1/28/2050  EUR   70.379
Region Wallonne B   1.250 6/22/2071  EUR   63.925
Enel Finance Inte   2.875 07/12/2041 USD   73.682
Realkredit Danmar   1.000 10/01/2053 DKK   73.872
Constellation Oil  10.000 11/09/2024 USD    0.633
Russian Foreign B   5.250 6/23/2047  USD   17.646
MMK International   4.375 6/13/2024  USD   27.779
MHP SE              7.750 05/10/2024 USD   53.445
Societe Nationale   1.000 1/19/2061  EUR   58.882
Shell Internation   0.875 11/08/2039 EUR   73.289
Croatia Governmen   1.250 03/03/2040 EUR   70.995
Northern Powergri   1.875 6/16/2062  GBP   65.944
Claranova SE        5.000 07/01/2023 EUR    1.080
Credit Bank of Mo   4.700 1/29/2025  USD   23.812
Pentracor GmbH      8.500 5/29/2025  EUR   17.500
Prosus NV           4.987 1/19/2052  USD   78.651
Credit Bank of Mo   3.875 9/21/2026  USD   23.556
Sovcombank Via So   7.750            USD    3.842
Chelyabinsk Pipe    4.500 9/19/2024  USD   10.042
Ukreximbank Via B   7.623 02/09/2023 USD   32.010
Aragvi Finance In   8.450 4/29/2026  USD   69.926
Guinness Partners   2.000 4/22/2055  GBP   72.303
EA Partners II BV   6.750 06/01/2021 USD    0.389
JAB Holdings BV     3.750 5/28/2051  USD   75.345
Metinvest BV        7.75010/17/2029  USD   61.750
UK Municipal Bond   1.625 8/26/2060  GBP   70.552
Luzerner Kantonal   0.150 10/07/2044 CHF   72.081
Gazprom PJSC via    3.250 2/25/2030  USD   29.188
Platform HG Finan   1.625 08/10/2055 GBP   64.620
Sberbank of Russi   5.12510/29/2022  USD  100.375
Becton Dickinson    1.336 8/13/2041  EUR   70.160
Land Berlin         0.625 1/26/2052  EUR   72.167
Anchor Hanover Gr   2.000 7/21/2051  GBP   71.713
Hylea Group SA      7.250 12/01/2022 EUR    3.800
Cellnex Finance C   3.875 07/07/2041 USD   73.824
National Grid Gas   1.625 1/14/2043  GBP   65.355
Evraz PLC           5.250 04/02/2024 USD   42.367
Saltaire Finance    1.52711/23/2051  GBP   75.564
NPC Ukrenergo       6.875 11/09/2026 USD   34.830
Vier Gas Transpor   0.500 09/10/2034 EUR   70.845
Hacienda Investme   5.350 02/08/2028 USD   11.000
Societe Generale    4.027 1/21/2043  USD   75.769
Ziton A/S           7.900 10/03/2022 EUR   69.917
Russian Foreign B  12.750 6/24/2028  USD   25.000
Gazprom PJSC Via    8.625 4/28/2034  USD   35.336
Region de Bruxell   1.100 5/25/2051  EUR   72.733
Motability Operat   1.500 1/20/2041  GBP   74.783
Perrigo Finance U   4.90012/15/2044  USD   74.780
SABIC Capital I B   3.000 9/14/2050  USD   73.068
Ukraine Governmen   7.253 3/15/2033  USD   36.545
Onward Homes Ltd    2.125 3/25/2053  GBP   74.466
Banco Espirito Sa   7.12511/28/2023  EUR    0.523
Accentro Real Est   4.125 3/23/2026  EUR   71.871
Ukraine Governmen   6.876 5/21/2029  USD   36.749
St Galler Kantona   0.100 10/10/2041 CHF   73.749
Air Berlin PLC      8.250 4/19/2018  EUR    0.892
Lehman Brothers U   5.125            EUR   19.750
Alno AG             8.500 5/14/2018  EUR   16.502
Deutsche Lichtmie   5.250 02/01/2027 EUR    5.876
Development Bank    6.750 05/02/2024 USD    6.147
MHP Lux SA          6.250 9/19/2029  USD   52.842
Deutsche Lichtmie   5.750 12/01/2023 EUR    9.934
Deutsche Lichtmie   5.250 09/01/2025 EUR    0.010
Deutsche Wohnen S   1.300 04/07/2041 EUR   64.747
Phosagro OAO Via    3.949 4/24/2023  USD   27.357
Deutsche Lichtmie   5.750 01/01/2023 EUR    5.000
European Primary    1.732 11/09/2055 GBP   73.527
Nykredit Realkred   1.000 10/01/2053 DKK   73.865
Europejskie Centr  11.370 4/14/2023  PLN   58.973
Volkswagen Intern   1.500 1/21/2041  EUR   72.381
Muenchener Hypoth   0.01010/19/2039  EUR   70.841
Turkey Government   5.750 05/11/2047 USD   68.892
Cie Generale des    0.625 11/02/2040 EUR   68.320
Basque Government   1.37510/31/2070  EUR   55.755
Ukraine Governmen   7.750 09/01/2025 USD   38.721
VF Ukraine PAT vi   6.200 02/11/2025 USD   65.361
Metalloinvest Fin   3.37510/22/2028  USD   24.898
Czech Republic Go   1.950 7/30/2037  CZK   69.711
Alfa Bank AO Via    5.950 4/15/2030  USD   10.000
City of St Gallen   0.140 9/16/2044  CHF   74.092
Hyde Housing Asso   1.750 8/18/2055  GBP   64.977
WPP Finance 2013    2.875 9/14/2046  GBP   74.580
Uralkali OJSC Via   4.00010/22/2024  USD   20.000
Sberbank of Russi   5.250 5/23/2023  USD   12.396
ABN AMRO Bank NV    0.400 9/17/2041  EUR   73.871
Orpea SA            2.750 06/03/2033 EUR   60.159
Norwegian Air Shu   5.450 02/07/2023 SEK   41.154
Bourbon Corp        8.305            EUR    0.400
Gazprom PJSC Via    7.288 8/16/2037  USD   30.281
NAK Naftogaz Ukra   7.625 11/08/2026 USD   31.924
Avangardco Invest  10.00010/29/2018  USD    0.348
M Objekt Real Est   6.000 7/22/2024  EUR   55.715
Air Berlin PLC      6.750 05/09/2019 EUR    0.425
Ukraine Governmen  10.950 11/01/2023 UAH   71.647
Stichting Afwikke   6.25010/26/2020  EUR    5.375
Credit Bank of Mo   3.100 1/21/2026  EUR   20.081
Interpipe Holding   8.375 5/13/2026  USD   41.445
City of Lausanne    0.050 9/28/2054  CHF   60.087
UkrLandFarming PL  10.875 3/26/2018  USD    0.998
Engie SA            1.25010/24/2041  EUR   70.514
NET4GAS sro         2.750 7/17/2025  CZK   69.040
Alfa Bank AO Via    5.900            USD    7.956
Mallinckrodt Inte   5.750 08/01/2022 USD   48.250
EYEMAXX Real Esta   5.500 4/26/2023  EUR    2.837
EA Partners I BV    6.875 9/28/2020  USD    0.500
Metinvest BV        7.650 10/01/2027 USD   61.132
Nykredit Realkred   0.500 10/01/2053 DKK   74.654
Mallinckrodt Inte  10.000 4/15/2025  USD   70.081
Debenhams PLC       5.250 7/15/2021  GBP    0.500
Canton of Neuchat   0.350 7/14/2050  CHF   70.895
Privatbank CJSC V  10.250 1/23/2018  USD    3.909
Societe Du Grand    1.000 2/18/2070  EUR   59.702
Orpea SA            2.56411/30/2027  EUR   66.741
Region de Bruxell   1.121 05/11/2071 EUR   62.931
Genfit              3.50010/16/2025  EUR   24.756
European Financia   0.700 1/17/2053  EUR   72.389
Verimatrix SA       6.000 6/29/2022  EUR    3.851
Romanian Governme   4.000 2/14/2051  USD   77.232
Stichting Afwikke  11.250            EUR    0.622
Hellenic Bank PCL  10.000            EUR   54.730
Societe Centrale    2.500 5/15/2023  EUR    6.870
State Agency of R   6.250 6/24/2028  USD   34.451
OGX Austria GmbH    8.375 04/01/2022 USD    0.002
Phosagro OAO Via    3.050 1/23/2025  USD   21.820
Sovcombank Via So   3.400 1/26/2025  USD    5.017
Boparan Finance P   7.62511/30/2025  GBP   71.167
Nostrum Oil & Gas   8.000 7/25/2022  USD   23.418
Constellation Oil  10.000 11/09/2024 USD    1.000
Tresu Investment    5.000 01/02/2025 EUR   48.800
Ukraine Governmen   4.375 1/27/2030  EUR   36.201
Mitsubishi UFJ In   3.80212/30/2099  EUR    5.458
Russian Foreign B   2.875 12/04/2025 EUR   16.634
EDOB Abwicklungs    7.500 04/01/2012 EUR    1.368
Hamon & CIE SA      3.300 1/31/2035  EUR   46.000
Hellenic Republic   2.085 7/25/2057  EUR   37.180
Enel Finance Inte   2.875 07/12/2041 USD   73.212
Constellation Oil  10.000 11/09/2024 USD   36.968
Cirio Holding Lux   6.250 2/16/2004  EUR    0.723
Gazprom PJSC Via    3.12511/17/2023  EUR   35.645
RTE Reseau de Tra   1.125 09/09/2049 EUR   66.905
Polski Koncern Na   2.875 3/25/2031  PLN   68.924
AK BARS Bank Via    8.000 7/13/2022  USD   25.000
EYEMAXX Real Esta   5.500 9/24/2024  EUR    2.927
European Financia   0.050 1/18/2052  EUR   58.524
Societe Nationale   0.875 2/28/2051  EUR   65.127
Novolipetsk Steel   4.700 5/30/2026  USD   37.208
Hungary Governmen   3.125 9/21/2051  USD   67.783
Flagship Finance    1.875 7/14/2061  GBP   66.885
Ukraine Governmen   7.375 9/25/2032  USD   36.397
Northern Powergri   2.250 10/09/2059 GBP   73.821
Barclays Bank PLC   1.092 7/28/2031  USD   70.601
Republic of Polan   1.750 4/25/2032  PLN   65.058
Evraz PLC           5.375 3/20/2023  USD   45.022
Prosus NV           3.832 02/08/2051 USD   65.823
Kommunekredit       0.125 9/26/2040  EUR   71.373
Yuksel Insaat AS    9.500 11/10/2015 USD    0.101
Gazprom PJSC via    2.950 1/27/2029  USD   28.945
Canton of Neuchat   0.10010/29/2049  CHF   65.783
Junta de Castilla   1.275 04/07/2049 EUR   70.644
WD Invest Sarl      1.900 10/02/2024 EUR   11.374
Canton of Geneva    0.50010/31/2056  CHF   73.250
Andrade Gutierrez  11.000 8/20/2021  USD   56.940
Bilt Paper BV      10.360            USD    1.430
Allied Irish Bank  12.500 6/25/2035  GBP   55.202
Hellas Telecommun   6.054 1/15/2015  USD    0.001
Nordiska Kreditma   8.816            SEK   71.002
Barclays Bank PLC  12.000 9/24/2025  TRY   50.708
Kernel Holding SA   6.75010/27/2027  USD   52.826
ALROSA Finance SA   3.100 6/25/2027  USD   10.163
EYEMAXX Real Esta   5.500 7/22/2025  EUR   75.000
Polski Fundusz Ro   1.375 8/30/2027  PLN   74.146
Berner Kantonalba   0.100 9/30/2039  CHF   74.206
Land Berlin         0.350 09/09/2050 EUR   67.049
Ukraine Governmen   7.750 09/01/2023 USD   46.167
Ukraine Governmen   8.994 02/01/2024 USD   40.197
State of North Rh   0.375 09/02/2050 EUR   67.289
Orpea SA            2.000 08/09/2029 EUR   60.000
Gazprom PJSC Via    4.950 3/23/2027  USD   29.520
LSF9 Balta Issuer   3.00012/31/2030  EUR   64.485
Tinkoff Bank JSC    6.000            USD    6.643
Senivita Social E   6.500 05/12/2025 EUR    5.120
Civitas Propertie   4.00011/24/2022  EUR   65.000
Banco Espirito Sa   2.282            EUR    0.120
Orpea SA            2.77012/18/2028  EUR   60.355
Free and Hanseati   0.300 9/16/2050  EUR   65.783
Romania Governmen   3.650 9/24/2031  RON   72.870
Endo Luxembourg F   6.125 04/01/2029 USD   75.801
Ukraine Governmen   7.750 09/01/2026 USD   39.248
Ukreximbank Via B   9.750 1/22/2025  USD   52.109
Russian Foreign B   5.875 9/16/2043  USD   21.667
VTB Bank OJSC Via   6.95010/17/2022  USD    5.975
Eurotorg LLC Via    9.00010/22/2025  USD   31.250
Lehman Brothers U   3.875            EUR   19.750
Kleopatra Holding   6.500 09/01/2026 EUR   65.666
Metinvest BV        8.500 4/23/2026  USD   55.250
Suek Securities D   3.375 9/15/2026  USD   13.000
Ukraine Governmen   9.750 11/01/2028 USD   38.982
Novolipetsk Steel   1.450 06/02/2026 EUR   29.525
Havila Shipping A   5.170 01/02/2025 NOK   40.619
Jababeka Internat   6.500 10/05/2023 USD   72.511
Free and Hanseati   0.250 2/18/2041  EUR   73.580
Deutsche Bank AG/  13.750 6/20/2026  TRY   28.436
MHP Lux SA          6.950 04/03/2026 USD   53.305
Gazprom PJSC Via    5.150 02/11/2026 USD   27.167
City of Bern Swit   0.040 10/02/2070 CHF   51.907
Rallye SA           1.000 2/28/2032  EUR   15.750
Region Wallonne B   1.000 9/16/2059  EUR   62.528
Frigoglass Financ   6.875 02/12/2025 EUR   52.944
Jain Internationa   7.125 3/31/2026  USD   28.000
State of Saxony-A   0.500 3/24/2051  EUR   70.253
ESFIL-Espirito Sa   5.250 06/12/2015 EUR    0.111
Gazprom PJSC via    3.500 7/14/2031  USD   27.667
Eurochem Finance    5.500 3/13/2024  USD   40.000
LiveWest Treasury   1.875 2/18/2056  GBP   69.868
Cooperatieve Rabo   0.500 7/30/2043  MXN   13.295
Air Berlin PLC      5.625 05/09/2019 CHF    0.361
Sigma Holdco BV     5.750 5/15/2026  EUR   70.904
Phosagro OAO Via    2.600 9/16/2028  USD   23.000
Severstal OAO Via   3.150 9/16/2024  USD   15.000
Alfa Bank AO Via    5.50010/26/2031  USD    7.831
Praktiker AG        5.875 02/10/2016 EUR    0.069
Hungary Governmen   3.000 4/25/2041  HUF   59.023
Severstal OAO Via   5.90010/17/2022  USD   14.982
MMC Norilsk Nicke   6.62510/14/2022  USD  102.620
Banco Espirito Sa   6.875 7/15/2016  EUR   24.500
Veragold Mining C   5.00012/31/2022  EUR   20.000
Fuerstenberg Capi   1.020            EUR   61.718
Banque Cantonale    0.100 11/01/2044 CHF   69.799
BOA Offshore AS     0.409 7/17/2047  NOK    5.253
Banco Espirito Sa   2.462            EUR    0.254
Samhallsbyggnadsb   2.750 04/03/2040 EUR   61.227
Agrokor dd          9.875 05/01/2019 EUR   15.000
Metinvest BV        7.750 4/23/2023  USD   60.214
Republic of Belar   6.875 2/28/2023  USD   16.300
Ukraine Governmen  10.000 8/23/2023  UAH   70.585
Muenchener Hypoth   0.010 11/02/2040 EUR   69.520
Takarek Mortgage    3.00010/22/2031  HUF   66.800
State of Bremen     0.400 8/20/2049  EUR   68.432
Alitalia-Societa    5.250 7/30/2020  EUR    0.100
Boparan Finance P   7.62511/30/2025  GBP   69.518
Communaute Franca   0.788 8/30/2049  EUR   65.439
Bank Nadra Via ND   8.250 7/31/2018  USD    0.208
Virgolino de Oliv  10.500 1/28/2018  USD    0.436
Ideal Standard In   6.375 7/30/2026  EUR   70.150
Barclays Bank PLC   1.07212/30/2030  USD   74.340
Mallinckrodt Inte   5.500 4/15/2025  USD   35.000
Virgolino de Oliv  11.750 02/09/2022 USD    0.503
Orpea SA            3.00011/25/2041  EUR   59.613
Espirito Santo Fi   6.87510/21/2019  EUR    0.244
Sovcombank Via So   7.600            USD    5.007
Cirio Finanziaria   8.00012/21/2005  EUR    0.753
State of Rhinelan   0.375 03/10/2051 EUR   67.571
Polyus Finance PL   3.25010/14/2028  USD   25.880
Espirito Santo Fi   9.75012/19/2025  EUR    0.287
BAWAG PSK Bank fu   0.375 3/25/2041  EUR   73.633
Ukraine Governmen  11.50010/25/2023  UAH   72.459
Mallinckrodt Inte   5.62510/15/2023  USD   39.331
Green City Energy   4.00012/30/2026  EUR   12.000
Borets Finance DA   6.000 9/17/2026  USD   30.000
Sovcombank Via So   8.000 04/07/2030 USD    4.846
Havenbedrijf Rott   1.100 3/23/2051  EUR   73.430
Novatek OAO Via N   4.42212/13/2022  USD   51.732
VTB Bank PJSC Via   9.500            USD    8.289
Swissgrid AG        0.050 6/30/2050  CHF   61.577
MMC Norilsk Nicke   4.100 04/11/2023 USD   56.557
Ukraine Governmen  15.840 2/26/2025  UAH   56.287
OGX Austria GmbH    8.500 06/01/2018 USD    0.002
Societe Generale   10.000 10/01/2036 USD   70.125
Spain Government    1.00010/31/2050  EUR   67.346
Vnesheconombank V   5.94211/21/2023  USD    5.000
State of Bremen     0.450 2/24/2051  EUR   68.594
Free and Hanseati   0.200 09/03/2049 EUR   64.464
Republic of Belar   6.200 2/28/2030  USD   13.750
Kommunekredit       0.375 02/03/2045 DKK   71.379
CB First Investme   8.000            EUR   63.139
Solarworld AG       9.691 2/24/2019  EUR   25.000
Nordea Kredit Rea   1.000 10/01/2053 DKK   73.856
Ukraine Governmen   9.990 5/22/2024  UAH   59.574
de Volksbank NV     0.12511/19/2040  EUR   71.041
EOS Imaging SA      6.000 5/31/2023  EUR    7.250
LBI ehf             6.100 8/25/2011  USD   10.709
Region de Bruxell   1.029 1/14/2048  EUR   73.920
Celtic Resources    4.125 10/09/2024 USD   37.915
Banca Popolare di   9.500 9/29/2025  EUR    0.704
Espirito Santo Fi   3.125 12/02/2018 EUR    0.286
Landwirtschaftlic   0.01011/26/2040  EUR   71.342
Land Thueringen     0.375 12/01/2051 EUR   66.879
AXA Bank Europe S   0.250 06/09/2040 EUR   73.028
Elli Finance UK P   8.750 6/15/2019  GBP   65.125
Andrade Gutierrez   9.50012/30/2024  USD   61.375
Offshore Drilling   8.375 9/20/2020  USD    4.560
State of Brandenb   0.125 1/26/2046  EUR   66.414
Transcapitalbank   10.000            USD   65.353
Bank Vontobel AG   15.000 11/07/2022 EUR   53.300
Standard Profil A   6.250 4/30/2026  EUR   65.000
Wales & West Util   1.875 5/28/2041  GBP   73.517
Lehman Brothers U   5.750            EUR    7.000
New World Resourc   4.000 10/07/2020 EUR    0.308
Windreich GmbH      6.500 7/15/2016  EUR    4.475
Ukraine Governmen   7.750 09/01/2027 USD   38.919
Ukraine Governmen  11.67011/22/2023  UAH   68.201
Gazprom PJSC via    1.500 2/17/2027  EUR   26.360
Kernel Holding SA   6.50010/17/2024  USD   53.391
Privatbank CJSC V  11.000 02/09/2021 USD    1.000
State of Bremen     0.150 9/14/2040  EUR   72.417
Dexia SA            1.342            EUR    3.167
Ukraine Governmen   7.375 9/25/2032  USD   36.000
Ukraine Governmen   3.700 5/25/2023  USD   60.234
VTB Bank OJSC Via   6.250 6/30/2035  USD   22.000
City of Lausanne    0.540 11/06/2062 CHF   68.331
Credit Bank of Mo   7.625            USD   15.000
Barclays Bank PLC   1.218 06/03/2036 USD   65.000
Republic of Belar   5.875 2/24/2026  USD   14.000
Credit Bank of Mo   5.550 2/14/2023  USD   21.046
Romanian Governme   2.000 4/14/2033  EUR   72.280
Realkredit Danmar   0.500 10/01/2053 DKK   74.667
New World Resourc   8.000 04/07/2020 EUR    0.001
Jain Internationa   7.125 02/01/2022 USD   22.424
MFB Magyar Fejles   2.90010/22/2031  HUF   69.887
Nationale-Nederla   0.050 11/12/2040 EUR   71.598
Veneto Banca SpA    9.878 12/01/2025 EUR    0.479
Region Wallonne B   0.650 1/16/2051  EUR   63.167
Cirio Finance Lux   7.500 11/03/2002 EUR    1.430
Swissgrid AG        0.200 6/29/2040  CHF   73.602
Turkey Government   4.875 4/16/2043  USD   64.935
Perrigo Co PLC      5.30011/15/2043  USD   81.859
Department of L'E   0.515 5/25/2040  EUR   73.315
Land Thueringen     0.125 1/13/2051  EUR   61.741
SCF Capital Desig   5.375 6/16/2023  USD   20.284
Canton of Zurich    0.100 6/23/2045  CHF   73.276
Credit Bank of Mo   7.500 10/05/2027 USD   21.221
Sidetur Finance B  10.000 4/20/2016  USD    0.770
A-TEC Industries    8.75010/27/2014  EUR    0.100
Romania Governmen   4.750 10/11/2034 RON   74.931
Transports Public   0.45012/29/2056  CHF   64.808
A-TEC Industries    2.750 05/10/2014 EUR    0.100
DZ Bank AG Deutsc   0.550 4/29/2024  EUR   47.659
Metinvest BV        5.625 6/17/2025  EUR   60.141
Rosselkhozbank JS   9.000            RUB   75.820
CRC Breeze Financ   6.110 05/08/2026 EUR   31.539
Hema Bondco II BV   8.500 1/15/2023  EUR    0.113
State Savings Ban   7.293 1/19/2024  USD   30.625
Caisse Francaise    0.500 10/01/2046 EUR   71.674
French Republic G   0.750 5/25/2052  EUR   71.035
Barclays Bank PLC   1.139 1/27/2031  USD   72.289
Basque Government   1.00010/31/2050  EUR   62.675
Ukraine Governmen   6.750 6/20/2026  EUR   36.085
RUSNANO AO          6.750 12/12/2023 RUB   69.720
Cooperatieve Rabo   0.50010/30/2043  MXN   13.011
Mobile Telesystem   5.000 5/30/2023  USD   23.973
MMC Norilsk Nicke   2.550 09/11/2025 USD   51.618
Autonomous Commun   1.850 5/13/2061  EUR   70.419
Banco Espirito Sa   6.900 6/28/2024  EUR   24.500
Midland Heart Cap   1.831 08/12/2050 GBP   70.617
Kairos Global Sol   1.900 07/03/2035 USD   69.405
Grupo Antolin-Ira   3.500 4/30/2028  EUR   73.396
Fuerstenberg Capi   1.609            EUR   60.361
Land Baden-Wuertt   0.12511/19/2040  EUR   72.332
Saleza AS           9.000 07/12/2021 EUR    0.203
Gazprom PJSC via    3.897            EUR   15.202
State of Brandenb   0.60010/13/2051  EUR   72.300
Ville de Paris      0.45010/20/2045  EUR   68.435
KTG Agrar SE        7.125 06/06/2017 EUR    1.746
Free and Hanseati   0.40011/23/2051  EUR   67.312
Jyske Realkredit    0.500 10/01/2053 DKK   74.699
Barclays Bank PLC  10.200 2/16/2023  USD   51.200
Polski Fundusz Ro   2.000 03/05/2030 PLN   68.917
CBo Territoria      3.750 07/01/2024 EUR    4.600
Turkey Government   6.625 2/17/2045  USD   75.758
Joh Friedrich Beh   6.250 6/18/2024  EUR   30.001
Novolipetsk Steel   4.500 6/15/2023  USD   40.604
Novolipetsk Steel   4.000 9/21/2024  USD   39.136
City of Lausanne    0.230 11/01/2060 CHF   60.335
Norwegian Air Shu   6.37511/15/2024  USD   47.985
Tennor Finance BV   5.750 6/17/2024  EUR   75.000
Enertronica Sante   7.00012/31/2022  EUR   63.610
Region de Bruxell   0.55612/23/2064  EUR   49.805
Alpine Holding Gm   6.000 5/22/2017  EUR    3.084
City of Zurich Sw   0.25011/24/2051  CHF   71.109
UBS AG/London       0.90411/23/2025  EUR   69.222
Banco Santander S   1.909            EUR    1.574
Republic of Belar   7.625 6/29/2027  USD   13.615
Kardan NV           6.325 2/21/2021  ILS   12.900
Prosus NV           2.031 08/03/2032 EUR   74.336
Ukraine Governmen  11.67011/22/2023  UAH   68.201
Barclays Bank PLC   0.500 1/28/2033  MXN   32.800
Credit Bank of Mo   7.121 6/25/2024  USD   20.415
Romanian Governme   2.000 1/28/2032  EUR   75.799
Takarek Mortgage    3.000 8/21/2030  HUF   69.400
Romanian Governme   2.625 12/02/2040 EUR   67.057
Finmek Internatio   7.000 12/03/2004 EUR    2.193
Land Berlin         0.050 08/06/2040 EUR   71.207
Kreditanstalt fue   1.00010/19/2050  EUR   73.712
Sairgroup Finance   4.375 06/08/2006 EUR    1.578
Eurogrid GmbH       0.87511/20/2040  EUR   64.246
MMC Norilsk Nicke   3.37510/28/2024  USD   52.833
Grupo Isolux Cors   1.00012/30/2021  EUR    0.159
Russian Foreign B   5.100 3/28/2035  USD   13.000
Rhaetische Bahn S   0.050 08/03/2050 CHF   66.671
DekaBank Deutsche   7.650 03/10/2023 EUR   32.370
Elli Finance UK P   8.750 6/15/2019  GBP   65.125
Phosphorus Holdco  10.000 04/01/2019 GBP    1.319
Corporate Commerc   8.250 08/08/2014 USD    0.308
Irish Bank Resolu   0.566 6/21/2016  EUR    0.595
Kingdom of Belgiu   1.170 05/12/2121 EUR   60.040
Region Wallonne B   1.225 09/02/2120 EUR   51.798
Region de Bruxell   0.274 12/11/2040 EUR   69.601
Purple Protected    2.100 4/15/2060  EUR   67.886
Portugal Telecom    6.250 7/26/2016  EUR    0.285
State of Mecklenb   0.23911/17/2070  EUR   52.154
Barclays Bank PLC   0.00011/29/2030  USD   75.552
Land Berlin         0.12511/24/2045  EUR   66.644
Vnesheconombank V   6.025 07/05/2022 USD    5.000
Global Ports Fina   6.500 9/22/2023  USD   10.000
Communaute Franca   0.626 8/24/2040  EUR   72.867
niiio finance gro   4.000 5/31/2026  EUR   40.000
Rusal Capital DAC   5.300 05/03/2023 USD   40.606
Deutsche Telekom    3.500 4/15/2041  AUD   70.881
Grupo Isolux Cors   6.00012/30/2021  EUR    0.479
Agrokor dd          9.125 02/01/2020 EUR   15.000
Single Platform I   1.54810/31/2050  EUR   56.981
SCF Capital Desig   3.850 4/26/2028  USD   20.596
Region de Bruxell   0.444 3/19/2057  EUR   52.033
Norske Skogindust   7.00012/30/2026  EUR    0.010
Ukraine Governmen  15.840 2/26/2025  UAH   56.287
Borets Finance DA   6.500 04/07/2022 USD   30.017
Republic of Belar   6.378 2/24/2031  USD   13.287
Haya Real Estate    5.12511/15/2022  EUR   69.305
Kommunekredit       0.500 7/30/2027  TRY   18.138
MMC Norilsk Nicke   2.80010/27/2026  USD   51.320
Autonomous Commun   1.515 6/21/2051  EUR   72.927
Societe Generale   10.000 02/02/2023 USD   69.600
Hungary Governmen   3.125 9/21/2051  USD   67.745
Barclays Bank PLC   1.07212/30/2030  USD   62.875
State of Brandenb   0.300 10/04/2049 EUR   66.566
State of Rhinelan   0.60010/24/2046  EUR   73.327
Russian Foreign B   4.375 3/21/2029  USD   12.751
OGX Austria GmbH    8.375 04/01/2022 USD    0.002
Batigere Grand Es   1.709 11/04/2042 EUR   66.481
Leonteq Securitie   8.380 7/20/2022  CHF   41.950
Credit Suisse AG/   6.55011/30/2022  USD    9.210
State of Lower Au   1.000 9/15/2121  EUR   57.749
Cirio Del Monte N   7.750 3/14/2005  EUR    0.356
BPCE SA             1.762            EUR   61.591
Societe Nationale   1.280 3/27/2120  EUR   51.730
V-Bank AG           4.000            EUR   59.882
Rio Forte Investm   4.000 7/22/2014  EUR    3.713
SAir Group          5.500 7/23/2003  CHF   12.625
State of Lower Au   0.815 9/22/2056  EUR   69.646
Hellas Telecommun   8.50010/15/2013  EUR    0.834
KTG Agrar SE        7.25010/15/2019  EUR    1.746
Banca Popolare di   2.82112/20/2017  EUR    0.205
Barclays Bank PLC   5.000 11/01/2029 BRL   64.468
Batigere Grand Es   2.030 5/29/2070  EUR   71.520
DZ Bank AG Deutsc  11.680 8/26/2022  EUR   45.530
Polyus Finance PL   5.250 02/07/2023 USD   25.143
Single Platform I   1.220 8/24/2047  EUR   71.045
Rusal Capital DAC   4.850 02/01/2023 USD   40.960
Batigere Grand Es   1.50012/15/2051  EUR   58.167
Intelsat Jackson    8.50010/15/2024  USD   44.504
Italy Buoni Polie   0.950 03/01/2037 EUR   75.115
Depfa Funding III   0.235            EUR   44.637
Barclays Bank PLC   0.433 3/14/2023  USD    8.030
SNCF Reseau         1.425 8/14/2119  EUR   59.192
State of Saarland   0.050 11/05/2040 EUR   70.996
Dtek Renewables F   8.500 11/12/2024 EUR   35.372
Quintet Private B   3.65011/13/2023  EUR   67.890
Kingdom of Belgiu   0.459 7/23/2079  EUR   44.706
Erotik-Abwicklung   7.750 07/09/2019 EUR    0.779
MOL Hungarian Oil   1.900 04/12/2031 HUF   58.400
Bulgaria Governme   1.375 9/23/2050  EUR   67.499
Sibur Securities    2.950 07/08/2025 USD   28.874
Societe Generale   10.000 6/28/2034  USD   73.250
Del Monte Finance   6.625 5/24/2006  EUR    4.334
Ahtium PLC          4.00012/16/2015  EUR    0.586
National Grid Ele   1.151 2/20/2040  EUR   70.067
Romanian Governme   2.875 4/13/2042  EUR   67.437
Republic of Irela   0.835 07/08/2080 EUR   63.210
Wirtschafts- und    0.138 8/23/2044  EUR   66.287
Finance and Credi   9.250 1/25/2019  USD    0.001
Depfa Funding II    6.500            EUR   63.230
German Pellets Gm   7.25011/27/2019  EUR    1.477
Iceland Bondco PL   4.375 5/15/2028  GBP   73.125
Societe Generale   24.050 8/18/2022  USD   49.750
Veneto Banca SpA    6.950 2/25/2025  EUR    0.174
Caisse des Depots   0.39812/15/2050  EUR   67.512
Republic of Irela   0.74011/27/2120  EUR   44.876
State of Lower Au   0.460 10/08/2049 EUR   65.716
Ahtium PLC          9.750 04/04/2017 EUR    0.726
Solon SE            1.375 12/06/2012 EUR    0.745
Green City Energy   5.00012/31/2036  EUR   12.000
Aralco Finance SA  10.125 05/07/2020 USD    3.133
Deutsche Bank AG    0.687 10/11/2049 EUR   46.346
Ukraine Governmen   3.700 4/27/2023  USD   62.517
VTB Bank PJSC      17.750            RUB   68.000
Batigere Grand Es   1.550 08/12/2041 EUR   66.424
State of Brandenb   0.050 08/10/2040 EUR   71.232
Virgolino de Oliv  10.500 1/28/2018  USD    0.010
Jyske Realkredit    1.000 10/01/2053 DKK   73.870
Waste Italia SpA   10.50011/15/2019  EUR    0.550
Takarek Mortgage    2.60010/22/2028  HUF   73.200
Alno AG             8.000 3/21/2019  EUR   14.510
Sveriges Sakersta   1.378 7/13/2046  SEK   70.728
Privatbank CJSC V  10.875 2/28/2018  USD    8.000
Russian Federal B   0.250 7/20/2044  RUB   17.170
Golden Gate AG      6.500 10/11/2014 EUR   32.000
Windreich GmbH      6.500 03/01/2015 EUR    4.475
Specialfastighete   1.280 9/20/2049  SEK   59.128
Ville de Paris      0.850 08/04/2051 EUR   69.563
Rena GmbH           8.250 07/11/2018 EUR    2.096
Caisse des Depots   2.160 12/07/2050 AUD   65.152
Prosus NV           1.985 7/13/2033  EUR   72.428
Specialfastighete   1.120 2/19/2044  SEK   61.467
Republic of Irela   0.995 2/24/2121  EUR   60.361
Credit Bank of Mo   8.875            USD    5.270
SiC Processing Gm   7.125 03/01/2016 EUR    0.799
Pescanova SA        5.125 4/20/2017  EUR    0.319
Polyus Finance PL   4.700 1/29/2024  USD   26.114
Serbia Internatio   2.050 9/23/2036  EUR   68.491
Sibur Securities    4.125 10/05/2023 USD   30.352
Stichting Afwikke   6.625 5/14/2018  EUR    5.375
Mondelez Internat   1.250 09/09/2041 EUR   69.075
Gazprom PJSC via    1.85011/17/2028  EUR   26.411
Vontobel Financia  10.550 9/23/2022  USD   77.450
Barclays Bank PLC   0.475 2/28/2034  USD   65.329
Barclays Bank PLC   0.360 8/15/2033  USD   62.875
Region de Bruxell   1.144 1/14/2056  EUR   68.842
Junta de Castilla   1.27010/31/2044  EUR   75.495
Russian Agricultu   8.50010/16/2023  USD    4.821
Vasakronan AB       2.130 5/27/2041  SEK   73.903
Region de Bruxell   1.100 6/22/2066  EUR   62.699
Romanian Governme   3.375 1/28/2050  EUR   70.143
Department of L'E   0.643 8/31/2041  EUR   74.296
Banque Cantonale    9.10010/27/2022  CHF   75.640
Senvion Holding G   3.87510/25/2022  EUR    0.249
getgoods.de AG      7.750 10/02/2017 EUR    0.527
Region de Bruxell   1.31012/15/2069  EUR   67.995
Virgolino de Oliv  10.875 1/13/2020  USD   36.000
Vontobel Financia   5.800 7/22/2022  USD   70.260
Societe Generale    8.000 5/28/2027  USD   35.600
Rena GmbH           7.00012/15/2015  EUR    2.096
Assistance Publiq   1.099 04/06/2071 EUR   61.154
Intelsat Jackson    9.750 7/15/2025  USD   44.301
Nordea Kredit Rea   0.500 10/01/2053 DKK   74.687
Ukraine Governmen   3.890 02/02/2023 USD   70.178
Ukraine Governmen  12.520 5/13/2026  UAH   45.454
Serbia Internatio   1.650 03/03/2033 EUR   70.267
Lehman Brothers U   6.900            USD    3.986
Credit Suisse AG/  15.750 8/30/2024  USD    0.650
Bank Julius Baer   13.250 01/05/2023 USD   44.850
SG Issuer SA        5.150 01/10/2025 EUR   78.960
Andrade Gutierrez  11.000 8/20/2021  USD   56.940
Ukraine Governmen   9.990 5/22/2024  UAH   59.574
Region de Bruxell   0.845 9/30/2059  EUR   59.177
Mediobanca Banca    0.78010/28/2031  EUR   70.566
Societe Du Grand    1.149 04/08/2069 EUR   64.329
A-TEC Industries    5.750 11/02/2010 EUR    0.100
Nostrum Oil & Gas   7.000 2/16/2025  USD   24.499
Region Wallonne B   1.550 4/28/2120  EUR   62.898
Ukraine Governmen  12.520 5/13/2026  UAH   45.454
Ukreximbank Via B   7.623 02/09/2023 USD   32.010
Cooperatieve Rabo   0.50010/29/2027  MXN   60.963
Luzerner Kantonal  23.000 06/07/2022 CHF   13.350
Societe Generale   10.000 02/02/2023 USD   68.600
Republic of Armen   3.600 02/02/2031 USD   73.295
Kommunekredit       2.180 7/16/2040  AUD   73.840
Regie Autonome de   0.875 8/18/2080  EUR   63.622
Romanian Governme   4.000 2/14/2051  USD   77.200
Sequa Petroleum N   5.000 4/29/2020  USD   30.250
German Pellets Gm   7.250 07/09/2018 EUR    1.477
Romanian Governme   2.000 1/28/2032  EUR   75.744
Ministeries Van d   0.63411/19/2060  EUR   55.258
Kommunekredit       0.869 11/12/2043 SEK   69.654
Moby SpA            7.750 2/15/2023  EUR   72.876
Region de Bruxell   0.808 1/31/2050  EUR   66.529
Lithuania Governm   0.500 7/28/2050  EUR   61.236
Turkey Government   6.000 1/14/2041  USD   72.135
Polski Fundusz Ro   1.375 9/30/2027  PLN   73.806
Solarwatt GmbH      7.000 11/01/2015 EUR   15.500
German Pellets Gm   7.250 04/01/2016 EUR    1.477
Landeskreditbank    0.61011/17/2050  EUR   70.673
Credit Suisse AG/   6.100 09/08/2022 USD    9.450
Borzhomi Finance    7.600 2/20/2026  RUB   78.080
VTB Bank PJSC       5.195            USD   50.000
TAMI I KO LLC      10.500 3/25/2025  RUB   68.670
Cie Generale de N   0.35012/29/2056  CHF   65.568
Region de Bruxell   1.500 6/22/2070  EUR   73.113
CDC Habitat SEM     0.853 2/15/2041  EUR   62.368
Ukraine Governmen  12.520 5/13/2026  UAH   45.454
Raiffeisen Switze   3.890 8/26/2022  CHF   71.270
Sibur Holding PAO   1.500 10/01/2032 USD   26.000
Societe Generale   10.000 03/02/2023 USD   71.400
Societe Generale    1.323 1/31/2034  USD   69.605
PJSC Koks via IMH   5.900 9/23/2025  USD    5.660
Metropole de Lyon   0.37612/22/2044  EUR   66.633
Single Platform I   0.363 2/15/2041  EUR   63.986
Deutsche Telekom    3.500 09/06/2039 AUD   72.445
Steilmann SE        6.750 6/27/2017  EUR    2.184
Odea Bank AS        7.625 08/01/2027 USD   73.038
VTB Bank PJSC       3.750            EUR   48.000
Gebr Sanders GmbH   8.75010/22/2018  EUR    9.375
Pro-Gest SpA        3.25012/15/2024  EUR   73.417
SAir Group          6.25010/27/2002  CHF   12.625
Espirito Santo Fi   5.05011/15/2025  EUR    0.287
BNG Bank NV        10.010 6/17/2025  TRY   49.833
Norske Skogindust   2.00012/30/2115  EUR    0.113
Willhem AB          1.82410/18/2038  SEK   68.888
Carmila SA          1.890 11/06/2031 EUR   72.884
UBS AG/London      19.250 1/26/2023  USD   79.450
Centrosolar Group   7.000 2/15/2016  EUR    2.505
Communaute Franca   0.782 02/08/2061 EUR   56.550
Peine GmbH          2.000 07/05/2023 EUR   44.500
Portugal Telecom    5.242 11/06/2017 EUR    0.694
Societe Generale    2.20012/17/2040  USD   70.831
Norske Skog Holdi   8.000 2/24/2021  EUR    0.006
Sibur Securities    3.450 9/23/2024  USD   24.838
Vasakronan AB       1.655 09/05/2039 SEK   67.003
Hunland Feed Kft    2.880 7/21/2031  HUF   70.135
Societe Generale   22.000 11/03/2022 USD   58.100
Vontobel Financia   7.50012/23/2022  USD   59.770
Credit Suisse AG/  20.00011/29/2024  USD   12.040
Single Platform I   1.051 04/01/2042 EUR   72.088
Region Wallonne B   1.250 4/30/2055  EUR   70.185
Russian Foreign B   1.85011/20/2032  EUR   14.706
BNP Paribas SA      0.500 9/29/2029  AUD   68.925
Credit Suisse AG/  20.500 7/20/2022  USD   27.750
Societe Generale    9.640 09/12/2024 USD   62.530
Societe Wallonne    0.90410/23/2047  EUR   63.191
Specialfastighete   1.180 12/02/2044 SEK   62.598
Alpine Holding Gm   5.250 07/01/2015 EUR    3.084
Republic of Austr   0.850 6/30/2120  EUR   50.483
BPCE SA             2.550 06/09/2035 AUD   70.903
International Ban   8.250 10/09/2024 USD   60.375
PA Resources AB    13.500 03/03/2016 SEK    0.124
Elli Investments   12.250 6/15/2020  GBP   52.250
Orient Express Ba   2.000            USD   19.815
State of Bremen     0.550 02/04/2050 EUR   71.314
Muenchener Hypoth   0.25010/31/2044  CHF   72.549
Credit Suisse AG/   8.000 8/16/2024  USD    8.510
Rosselkhozbank JS   9.000            RUB   75.460
UBS AG/London      14.750 2/17/2023  CHF   33.250
Bank Vontobel AG    6.750 7/14/2023  CHF   78.400
Caixa Economica M   5.000            EUR   50.100
Communaute Franca   1.010 7/19/2051  EUR   67.537
Pfandbriefzentral   0.050 10/06/2043 CHF   72.630
Sairgroup Finance   6.625 10/06/2010 EUR    1.958
Premium Green PLC   1.000 7/25/2040  EUR   73.713
Haya Real Estate    5.25011/15/2022  EUR   68.549
Agrokor dd Via Aq   4.921 08/08/2017 EUR   14.625
Ukraine Governmen   3.900 10/05/2023 USD   47.393
DZ Bank AG Deutsc  22.700 6/24/2022  EUR   48.990
Sberbank of Russi   7.000 03/11/2031 RUB   68.000
GTC Magyarorszag    2.600 3/17/2031  HUF   71.260
Dr Wiesent Sozial   7.000            EUR    0.011
Joh Friedrich Beh   7.750 11/11/2020 EUR   30.030
State of Hesse      0.227 8/20/2049  EUR   63.449
Kingdom of Belgiu   0.650 6/22/2071  EUR   53.287
Credit Suisse AG    0.50012/16/2025  BRL   65.660
Alpine Holding Gm   5.250 06/10/2016 EUR    3.084
Getin Noble Bank   11.070 4/28/2023  PLN   66.875
DZ HYP AG           0.205 06/05/2040 EUR   68.831
Region de Bruxell   1.225 6/21/2070  EUR   65.036
Republic of Irela   1.230 6/23/2121  EUR   65.012
Grand Delta Habit   1.285 11/06/2040 EUR   65.524
Vasakronan AB       1.000 6/15/2041  EUR   71.134
Region Wallonne B   1.240 5/28/2069  EUR   63.773
Bulgaria Steel Fi  12.000 05/04/2013 EUR    0.216
Ukraine Governmen   9.790 5/26/2027  UAH   50.929
Takarek Mortgage    3.000 1/28/2036  HUF   58.700
BNP Paribas SA     20.200 5/31/2022  USD   31.250
Credit Bank of Mo   0.100 02/12/2023 RUB   54.350
Ville de Paris      0.760 5/25/2066  EUR   56.954
Virgolino de Oliv  11.750 02/09/2022 USD    0.503
Region de Bruxell   0.540 9/13/2044  EUR   68.330
City of Kyiv Via    7.50012/15/2022  USD   36.368
Communaute Franca   1.581 1/23/2120  EUR   60.247
Batigere Grand Es   1.400 8/31/2050  EUR   55.690
NTRP Via Interpip  10.250 08/02/2017 USD   27.622
Steilmann SE        7.000 9/23/2018  EUR    1.429
Duna Aszfalt Ut E   2.99010/17/2029  HUF   68.000
Mifa Mitteldeutsc   7.500 08/12/2018 EUR    2.415
BNP Paribas Emiss   7.500 02/07/2023 EUR   54.190
Autonomous Commun   1.25510/31/2048  EUR   71.032
Grupo Isolux Cors   0.25012/30/2018  EUR    0.162
Region Wallonne B   1.246 05/12/2070 EUR   62.452
Russian Foreign B   5.250 6/23/2047  USD   17.312
Ukraine Governmen  11.970 4/16/2025  UAH   56.969
VTB Bank PJSC       5.000            USD   59.000
Republic of Irela   1.32011/28/2119  EUR   56.324
OGX Austria GmbH    8.500 06/01/2018 USD    0.002
Single Platform I   0.523 05/07/2041 EUR   65.637
Single Platform I   1.165 06/06/2046 EUR   73.236
Regie Autonome de   0.938 5/25/2050  EUR   69.022
Citigroup Global    4.000 02/07/2034 EUR   77.660
Credit Suisse AG/  12.000 6/30/2022  CHF   18.330
Wirtschafts- und    0.208 1/28/2043  EUR   69.568
Stichting Afwikke   2.275            EUR    0.622
Romanian Governme   2.000 4/14/2033  EUR   72.147
Elli Investments   12.250 6/15/2020  GBP   52.250
Ukraine Governmen  10.000 8/23/2023  UAH   70.585
UBS AG/London       8.750 2/17/2023  CHF   74.350
MS Deutschland Be   6.87512/18/2017  EUR    0.610
UBS AG/London       8.25011/19/2026  EUR   73.890
Autonomous Commun   1.646 7/30/2060  EUR   69.182
Single Platform I   0.810 04/01/2042 EUR   68.445
SAG Solarstrom AG   6.25012/14/2015  EUR   31.000
Landesbank Hessen   1.650 5/27/2030  EUR    1.330
Batigere Grand Es   1.800 08/12/2050 EUR   62.692
Centre Hospitalie   0.950 02/05/2041 EUR   68.866
Region de Bruxell   0.592 12/10/2061 EUR   53.189
Single Platform I   1.040 6/25/2044  EUR   71.176
International Fin   0.500 6/29/2027  ZAR   64.433
Centre Hospitalie   1.160 09/06/2039 EUR   71.071
Communaute Franca   1.000 10/08/2069 EUR   55.130
Vasakronan AB       2.162 05/04/2040 SEK   72.285
Agrokor dd          9.875 05/01/2019 EUR   15.000
Ukraine Governmen  12.70010/30/2024  UAH   62.560
BNP Paribas SA      0.50011/16/2032  MXN   32.949
JP Morgan Structu  11.00012/30/2026  ZMW
Credit Suisse AG/   4.550 2/23/2023  USD    9.240
Bayer Construct E   3.70010/21/2031  HUF   70.280
Credit Suisse AG/  24.000 1/16/2024  USD   61.850
Krakowski Bank Sp   8.020 9/20/2023  PLN   66.500
State of Saxony-A   0.475 9/30/2050  EUR   69.049
Region de Bruxell   0.750 6/24/2042  EUR   74.633
Espirito Santo Fi   5.05011/15/2025  EUR    0.287
Region Wallonne B   1.135 10/10/2069 EUR   59.914
VPV Lebensversich   3.597 8/17/2026  EUR   64.917
Single Platform I   1.103 5/25/2052  EUR   67.658
State of Hesse      0.450 9/23/2044  EUR   71.194
Land Berlin         0.500 6/19/2047  EUR   73.183
Cooperatieve Rabo   0.50012/29/2027  MXN   59.092
Agrokor dd          8.875 02/01/2020 USD   15.000
Barclays Bank PLC   3.020 3/26/2051  USD   74.519
Heta Asset Resolu   7.50012/31/2023  ATS    5.250
Batigere Grand Es   1.60011/14/2039  EUR   70.602
Sonnedix Energy T   2.20012/31/2038  EUR   75.000
Anselma Issuer SA   1.57412/31/2038  EUR   74.730
Societe Generale   15.840 8/30/2024  USD   20.800
DekaBank Deutsche   3.970 02/09/2023 EUR   64.270
Sberbank of Russi   0.016 3/15/2032  RUB   70.300
SAir Group          5.125 03/01/2003 CHF   12.750
Credit Suisse Int   9.500 3/24/2026  UAH   70.220
State of Saxony-A   1.349 07/03/2028 EUR   60.000
Landesbank Baden-   3.30011/25/2022  EUR   61.170
Thomas Cook Finan   3.875 7/15/2023  EUR    0.851
French Republic G   0.500 5/25/2072  EUR   50.756
Polski Fundusz Ro   1.500 9/30/2027  PLN   74.341
Single Platform I   0.880 1/15/2040  EUR   73.683
Credit Bank of Mo   5.150 2/20/2024  EUR   18.549
National Grid Ele   1.690 9/16/2041  GBP   69.244
Ville de Paris      0.65011/25/2070  EUR   51.577
UBS Group AG        2.300 12/03/2035 AUD   72.035
Phosphorus Holdco  10.000 04/01/2019 GBP    1.319
Virgolino de Oliv  10.875 1/13/2020  USD   36.000
Region Wallonne B   0.850 1/26/2071  EUR   52.615
Cattles Ltd         8.125 07/05/2017 GBP    0.027
Cooperatieve Rabo   0.50011/30/2027  MXN   59.860
Air Berlin Financ   6.000 03/06/2019 EUR    0.402
Batigere Grand Es   1.55011/14/2039  EUR   69.559
Corner Banca SA    12.800 12/07/2022 CHF   56.240
DekaBank Deutsche   5.970 02/09/2023 EUR   61.090
Credit Agricole S   3.000 1/28/2041  AUD   61.438
Land Baden-Wuertt   0.375 7/20/2048  EUR   68.544
Agence France Loc   0.33012/20/2040  EUR   73.762
Region de Bruxell   0.980 01/10/2051 EUR   68.972
Region de Bruxell   1.065 06/12/2058 EUR   65.967
Thomas Cook Group   6.250 6/15/2022  EUR    0.510
BNG Bank NV         0.630 07/11/2067 EUR   69.595
Communaute Franca   1.367 1/20/2070  EUR   71.996
Deutsche Agrar Ho   7.250 9/28/2018  EUR    0.718
Purple Protected    1.580 5/25/2060  EUR   65.501
Denmark Governmen   0.25011/15/2052  DKK   69.743
Grand City Proper   2.500 6/27/2039  EUR   74.372
Vasakronan AB       2.400 6/20/2044  SEK   67.724
Single Platform I   1.250 8/15/2051  EUR   70.572
Akademiska Hus AB   1.252 2/13/2043  SEK   67.898
Ministeries Van d   0.60011/19/2055  EUR   58.262
Batigere Grand Es   1.540 11/04/2041 EUR   65.584
Vontobel Financia  13.500 6/24/2022  EUR   65.640
BNP Paribas SA     19.400 5/31/2022  USD   31.250
Wingholding Zrt     3.000 9/22/2031  HUF   63.400
Pannonia Bio Ltd    2.400 9/18/2029  HUF   70.055
WPE International  10.375 9/30/2020  USD    5.000
BNP Paribas SA      3.080 8/28/2039  AUD   71.304
Turkey Government   1.500 10/09/2024 TRY
Region of Pays de   0.448 9/25/2040  EUR   71.908
Ukraine Governmen   3.900 3/30/2023  USD   65.030
Societe Nationale   1.400 5/18/2120  EUR   55.355
BNG Bank NV         0.632 07/12/2066 EUR   70.115
CDC Habitat SEM     1.170 05/04/2037 EUR   72.932
Single Platform I   1.375 7/25/2053  EUR   72.355
Hungary Governmen   1.50011/17/2050  EUR   60.703
Assistance Publiq   0.791 8/27/2051  EUR   66.964
Ministeries Van d   0.40011/20/2043  EUR   68.763
Single Platform I   0.740 04/01/2042 EUR   69.284
UBS AG/London      18.000 6/16/2022  USD   38.250
Baromfi-Coop Term   3.000 7/19/2031  HUF   69.100
4iG Nyrt            2.900 3/29/2031  HUF   71.095
OR PJSC            12.000 9/22/2022  RUB   14.560
Societe Generale    4.00011/22/2022  USD   56.210
Sberbank of Russi   0.010 12/07/2026 RUB   65.500
Region de Bruxell   0.930 05/03/2051 EUR   69.511
Single Platform I   1.370 7/25/2053  EUR   72.251
State of Rhinelan   0.375 7/20/2048  EUR   67.403
Republic of Irela   1.020 09/10/2086 EUR   68.027
Republic of Irela   0.740 9/22/2078  EUR   60.567
Single Platform I   0.901 2/15/2041  EUR   72.419
Ukraine Governmen  12.300 07/03/2024 UAH   63.905
KPNQwest NV         8.875 02/01/2008 EUR    0.453
Grand Delta Habit   1.425 2/26/2048  EUR   60.230
Portugal Obrigaco   1.000 04/12/2052 EUR   64.506
Ukraine Governmen  11.67011/22/2023  UAH   68.201
State of Brandenb   0.30011/17/2045  EUR   68.674
Bibby Offshore Se   7.500 6/15/2021  GBP   11.625
Republic of Irela   1.100 11/12/2096 EUR   62.493
Credit Suisse AG/   5.20012/28/2022  USD    9.260
Societe Generale   14.820 8/16/2024  USD   70.408
Landesbank Baden-   4.050 3/24/2023  EUR   31.820
Societe Generale   12.000 7/14/2026  USD   20.400
Leonteq Securitie   7.000 3/29/2023  CHF   76.990
SALVATOR Vermoege   9.500            EUR    7.400
Nordea Bank Abp     7.050 7/20/2024  SEK   71.870
Vontobel Financia  25.000 6/23/2023  EUR   72.900
Opus Global Nyrt    2.80010/29/2029  HUF   67.000
Societe Generale   18.000 11/02/2023 USD   27.350
Resa SA/Belgium     1.950 7/22/2036  EUR   50.010
Autonomous Commun   1.550 05/11/2051 EUR   73.989
Credit Agricole C   2.610 7/27/2050  USD   66.997
SAG Solarstrom AG   7.500 07/10/2017 EUR   31.000
Ukraine Governmen   7.750 09/01/2026 USD   39.427
Hungary Governmen   4.000 4/28/2051  HUF   62.640
Regie Autonome de   1.070 4/28/2050  EUR   71.336
Constellation Oil  10.000 11/09/2024 USD    0.633
Deutsche Bank AG    1.725 1/16/2045  EUR   58.688
Landesbank Baden-   0.905 04/01/2041 EUR   70.644
Landeskreditbank    0.81212/16/2060  EUR   71.469
Specialfastighete   1.215 5/14/2035  SEK   74.433
Ukraine Governmen   3.70012/22/2022  USD   74.303
Credit Agricole C   1.300 02/02/2061 EUR   68.071
VTB Bank OJSC Via   6.250 6/30/2035  USD   22.000
Ukraine Governmen  11.780 5/27/2026  UAH   48.292
Agrokor dd          8.875 02/01/2020 USD   15.000
Single Platform I   1.762 5/25/2066  EUR   72.545
Hema Bondco II BV   8.500 1/15/2023  EUR    0.113
Bank Julius Baer    8.450 8/15/2022  USD   59.600
RUSNANO AO          6.750 3/26/2024  RUB   68.970
DZ Bank AG Deutsc  15.400 6/24/2022  EUR   63.810
EFG International   7.500 7/26/2022  USD   33.510
Barclays Bank PLC   2.650 11/04/2031 EUR   78.970
Leonteq Securitie  10.400 9/28/2022  CHF   78.020
City of Predeal R   7.150 5/15/2026  RON   69.000
Alfa-Bank AO       10.200 02/10/2025 RUB   65.000
NRW Bank            0.600 1/28/2051  EUR   73.152
Region de Bruxell   0.658 01/07/2041 EUR   73.904
Finland Governmen   0.125 4/15/2052  EUR   61.737
Getin Noble Bank   11.760 5/31/2023  PLN   67.711
Assistance Publiq   0.490 9/30/2040  EUR   72.656
Grenke Finance PL   0.819 2/15/2030  EUR   70.475
Stichting Afwikke   8.450 8/20/2018  USD    5.375
Region Wallonne B   1.165 6/29/2059  EUR   65.292
Spain Government    1.45010/31/2071  EUR   62.029
Cie de Financemen   0.900 7/18/2058  EUR   67.071
Republic of Irela   1.230 5/29/2120  EUR   66.045
Republic of Austr   0.700 4/20/2071  EUR   60.327
Ukraine Governmen   9.700 12/08/2027 UAH   36.146
Chelyabinsk Pipe    4.500 9/19/2024  USD   10.042
Muenchener Hypoth   0.550 2/18/2046  CHF   66.700
Getin Noble Bank   11.430 11/09/2023 PLN   54.865
GTC Magyarorszag    2.250 12/07/2030 HUF   69.705
Leonteq Securitie  14.000 07/12/2022 USD   50.970
Bank Julius Baer   29.500 6/27/2022  CHF   36.000
Quintet Private B   6.050 5/26/2026  USD   72.720
Banque Internatio   7.500 7/28/2022  USD   54.580
Alfa-Leasing OOO    8.300 7/28/2022  RUB   60.500
Sberbank of Russi   0.01011/30/2028  RUB   57.000
UniCredit Bank AG   6.600 7/20/2028  EUR   35.980
Banque Cantonale   22.200 08/02/2022 CHF   69.350
COFIDUR SA          0.10012/31/2024  EUR   25.000
Barclays Bank PLC   2.975 2/21/2025  USD    9.480
Barclays Bank PLC   2.353 2/23/2024  USD    9.310
Region de Bruxell   0.690 6/22/2050  EUR   64.454
Ukraine Governmen   7.750 09/01/2022 USD   69.807
Espirito Santo Fi   0.79810/27/2024  EUR    0.297
Communaute Franca   0.749 9/16/2080  EUR   62.127
Purple Protected    2.08510/27/2060  EUR   73.362
Region de Bruxell   0.56212/23/2065  EUR   49.302
Deutsche Bank AG/   0.50010/18/2038  MXN   16.131
Getin Noble Bank    9.960 3/31/2023  PLN   71.675
DZ Bank AG Deutsc   0.097 10/11/2050 EUR   73.041
Agence Francaise    2.330 02/10/2041 AUD   72.473
State of Lower Au   0.585 10/11/2049 EUR   68.315
Citigroup Global    1.200 8/25/2041  EUR   72.853
Getin Noble Bank    8.040 8/30/2024  PLN   49.875
Privatbank CJSC V  10.875 2/28/2018  USD    8.000
Skandinaviska Ens   9.500 7/17/2023  SEK   62.810
Zurcher Kantonalb  25.000 7/14/2022  CHF   82.660
Leonteq Securitie  18.000 2/22/2023  CHF   52.600
Landesbank Baden-   2.910 7/22/2022  EUR   67.400
Citigroup Global   12.000 2/13/2024  SEK   67.320
Federal Grid Co U  18.830 4/27/2048  RUB   50.010
Federal Grid Co U  18.830 4/27/2048  RUB   65.000
WEB Windenergie A   5.250 04/08/2023 EUR    0.010
BNP Paribas Issua   4.600 1/23/2024  EUR   55.800
Ukraine Governmen   7.750 09/01/2024 USD   39.779
Veneto Banca SpA    6.944 5/15/2025  EUR    0.352
Region de Bruxell   0.910 1/31/2053  EUR   67.587
Landesbank Baden-   1.300 6/21/2049  EUR   71.016
Societe Generale    5.05011/25/2036  USD   61.280
Societe Generale    5.40011/17/2037  USD   61.671
Aareal Bank AG      0.300 12/11/2030 EUR   73.769
Single Platform I   0.656 9/20/2050  EUR   58.820
Eurohold Bulgaria   8.00012/29/2026  EUR   70.622
SAir Group          2.125 11/04/2004 CHF   12.625
Single Platform I   1.150 5/25/2066  EUR   61.773
Lehman Brothers T   2.875 3/14/2013  CHF    0.100
Ukraine Governmen   8.120 11/10/2035 UAH   21.745
Kuntarahoitus Oyj   0.815 2/24/2061  EUR   70.937
Saechsische Aufba   0.300 2/18/2042  EUR   72.409
Italy Buoni Polie   1.500 4/30/2045  EUR   72.927
Agrokor dd          9.125 02/01/2020 EUR   15.000
Mox Telecom AG      7.250 11/02/2017 EUR    2.270
UBS AG/London      16.300 01/08/2024 EUR    5.810
Credit Suisse AG/   5.800 7/26/2023  USD    9.570
Barclays Bank PLC   1.580 04/12/2039 EUR   74.525
Hell Energy Magya   3.000 7/28/2031  HUF   70.100
Credit Suisse AG/   4.710 8/24/2022  USD    9.820
Leonteq Securitie  22.800 10/05/2022 CHF   30.750
JP Morgan Structu  12.000 01/04/2027 ZMW
Societe Generale   11.00010/30/2036  USD   73.500
Zurcher Kantonalb  21.250 10/04/2022 CHF   61.510
Leonteq Securitie   2.000 5/31/2022  EUR   63.500
Communaute Franca   1.040 7/19/2101  EUR   60.017
Kingdom of Belgiu   0.675 07/07/2080 EUR   51.381
Region de Bruxell   0.829 07/02/2043 EUR   74.673
Ville de Paris      0.963 12/06/2051 EUR   71.162
Nomura Bank Inter   1.450 12/10/2041 EUR   74.058
Department of Bou   0.490 12/08/2045 EUR   67.226
Department of Bou   0.467 12/08/2044 EUR   67.890
Autonomous Commun   1.744 07/01/2061 EUR   66.900
Ville de Paris      0.963 06/08/2050 EUR   71.957
Republic of Polan   1.25010/25/2030  PLN   66.408
Ville de Paris      0.464 8/20/2040  EUR   73.767
Italy Buoni Polie   0.150 5/15/2051  EUR   73.763
Ukraine Governmen   9.800 04/02/2031 UAH   28.718
Ukraine Governmen   9.910 08/07/2030 UAH   29.840
Ukraine Governmen   6.00012/23/2026  UAH   32.859
Citigroup Global    1.380 11/04/2041 EUR   75.199
Ville de Paris      0.758 8/20/2060  EUR   60.011
State of Hesse      0.100 10/01/2037 EUR   74.408
State of Saarland   0.500 3/15/2051  EUR   70.136
National Grid Ele   1.608 8/24/2040  GBP   69.400
Region Nouvelle-A   0.81411/22/2044  EUR   74.223
Landesbank Baden-   1.000 3/18/2039  EUR   73.722
Single Platform I   0.785 3/20/2039  EUR   72.033
Russian Foreign B   4.750 5/27/2026  USD   17.009
Credit Suisse AG/  14.000 3/17/2023  USD   67.190
VTB Bank PJSC       3.750            EUR   48.850
Leonteq Securitie  20.000 6/15/2022  CHF   32.720
Vontobel Financia  18.500 6/24/2022  EUR   47.770
Zurcher Kantonalb  14.600 06/03/2022 CHF   49.110
VEB-Leasing AO      7.910 09/01/2025 RUB   61.300
Banque Internatio   8.000 11/08/2023 USD   78.930
Landesbank Baden-   9.15010/28/2022  EUR   65.650
Norske Skogindust   7.12510/15/2033  USD    0.010
Heta Asset Resolu   5.03012/31/2023  EUR    5.181
Santander Interna   1.365 1/28/2061  EUR   72.697
Dolphin Drilling    4.490 8/28/2019  NOK    0.644
Single Platform I   0.776 1/23/2051  EUR   61.141
Single Platform I   1.080 5/25/2066  EUR   60.669
Norske Skog Holdi   8.000 2/24/2023  USD    0.006
Department of Loi   0.47810/30/2040  EUR   72.268
Region Hauts-de-F   0.691 07/09/2042 EUR   73.698
Italy Buoni Polie   2.150 03/01/2072 EUR   71.626
Region Wallonne B   1.220 06/12/2050 EUR   73.123
SAir Group          0.125 07/07/2005 CHF   12.625
Single Platform I   0.860 6/15/2039  EUR   72.591
Single Platform I   0.457 2/15/2046  EUR   59.770
Grand Delta Habit   1.630 03/06/2045 EUR   64.544
Ministeries Van d   1.095 06/03/2055 EUR   69.826
La Veggia Finance   7.12511/14/2004  EUR    0.287
Credito Padano Ba   3.100            EUR   33.692
Air Berlin Financ   8.500 03/06/2019 EUR    0.402
Wirtschafts- und    0.500 8/28/2046  EUR   71.076
Grand Delta Habit   1.75010/28/2061  EUR   73.933
Region Wallonne B   1.000 6/22/2045  EUR   72.466
Single Platform I   1.301 6/25/2044  EUR   73.343
Luminis SA          1.800 09/02/2059 EUR   55.246
Laurel GmbH         7.12511/16/2017  EUR    7.750
Region Wallonne B   1.150 09/02/2120 EUR   48.995
Region de Bruxell   0.976 11/04/2058 EUR   63.651
Barclays Bank PLC   2.000 06/12/2029 TRY   19.099
Leonteq Securitie  20.000 6/21/2022  CHF   61.610
Corner Banca SA    10.40012/14/2022  CHF   39.230
DZ Bank AG Deutsc   8.300 6/24/2022  EUR   65.420
Credit Suisse AG/   4.450 6/28/2023  USD    9.210
Leonteq Securitie  24.020 6/29/2022  CHF   29.290
UBS AG/London       8.250 4/21/2023  CHF   80.900
Leonteq Securitie  12.000 06/01/2022 CHF   24.460
Sberbank of Russi   0.01011/13/2026  TRY   69.900
Raiffeisen Centro   6.50012/21/2023  EUR   74.500
Corner Banca SA     8.400 2/20/2023  CHF   60.220
VTB Bank PJSC       0.01011/22/2024  RUB   61.010
Corner Banca SA     6.600 08/02/2022 CHF   24.430
Zurcher Kantonalb  12.250 10/07/2022 CHF   61.750
Danske Bank A/S     7.470 07/09/2023 SEK   65.530
Leonteq Securitie  13.000 10/06/2022 USD   44.760
Bayerische Landes   3.000 9/23/2022  EUR   77.450
Skandinaviska Ens   6.500 1/15/2024  SEK   68.250
RENE LEZARD Mode    7.25011/25/2017  EUR    0.110
DekaBank Deutsche  11.20012/23/2022  EUR   47.970
UBS AG/London      10.20011/30/2022  USD    9.204
Credit Suisse AG/  11.500 8/23/2022  CHF   30.870
Bank Vontobel AG   12.000 05/09/2023 EUR   53.100
Sberbank of Russi   0.010 8/31/2028  RUB   55.000
Greenergy Holding   3.000 9/21/2031  HUF   71.374
Single Platform I   1.260 1/22/2049  EUR   69.845
Societe Wallonne    0.94810/23/2051  EUR   61.954
Credit Agricole C   2.10510/22/2035  USD   74.512
Wirtschafts- und    0.192 1/28/2042  EUR   70.548
Republic of Irela   1.250 10/08/2121 EUR   71.701
Barclays Bank PLC   2.320 01/11/2041 USD   71.862
Pescanova SA        8.750 2/17/2019  EUR    0.319
Societe Generale    2.000 1/30/2036  USD   66.930
BPCE SA             2.255 03/12/2040 AUD   61.622
Ministeries Van d   1.053 06/03/2050 EUR   71.051
Metropole de Lyon   0.50012/28/2048  EUR   64.081
Region de Bruxell   0.500 6/22/2040  EUR   73.797
New World Resourc   8.000 04/07/2020 EUR    0.001
Single Platform I   1.490 3/20/2051  EUR   73.859
Aareal Bank AG      0.520 4/18/2031  EUR   74.447
Muenchener Hypoth   1.010 08/06/2044 EUR   66.937
Ministeries Van d   0.940 05/12/2050 EUR   70.863
Ville de Paris      0.831 2/23/2056  EUR   64.587
Lehman Brothers T   6.650 8/24/2011  AUD    0.100
Region Hauts-de-F   0.402 2/18/2043  EUR   69.078
Single Platform I   1.110 1/22/2040  EUR   74.333
Region de Bruxell   1.020 4/30/2060  EUR   63.540
Tonon Luxembourg   12.500 5/14/2024  USD    0.399
Credit Agricole S   3.450 03/04/2041 AUD   64.116
Thames Water Util   2.442 05/12/2050 GBP   71.959
BPCE SA             2.82012/18/2039  AUD   68.470
Credit Mutuel Ark   0.73010/14/2036  EUR   73.186
Communaute Franca   0.818 8/28/2050  EUR   64.987
Assistance Publiq   0.634 8/27/2045  EUR   70.108
Sweden Government   0.50011/24/2045  SEK   75.182
Batigere Grand Es   1.60011/14/2044  EUR   62.812
DZ Bank AG Deutsc  11.500 6/24/2022  EUR   71.010
Sberbank of Russi   0.010 6/22/2028  RUB   56.600
Appeninn Holding    3.50011/22/2029  HUF   66.500
VTB Bank PJSC      10.000            RUB   70.000
Landesbank Baden-   3.900 6/24/2022  EUR   69.180
EFG International  15.000 06/10/2022 CHF   69.020
DZ Bank AG Deutsc   4.000 6/24/2022  EUR   78.060
Societe Generale   16.000 07/03/2024 USD   17.600
Vontobel Financia   6.500 6/24/2022  EUR   72.530
Leonteq Securitie  10.00012/20/2022  CHF   34.410
Golfino AG          8.00011/18/2023  EUR    0.020
Vontobel Financia   7.350 6/15/2022  USD   46.660
SunDell Estate Ny   3.650 07/09/2031 HUF   69.500
LLMC AirLoans      13.250 05/06/2025 RUB   73.850
DekaBank Deutsche   7.050 4/28/2023  EUR   50.960
Nordea Bank Abp     4.100 7/20/2023  SEK   50.750
Credit Bank of Mo   0.010 9/18/2023  RUB   60.000
SG Issuer SA        6.130 1/20/2024  SEK   67.380
DZ Bank AG Deutsc  10.000 6/24/2022  EUR   73.260
DekaBank Deutsche   3.19010/26/2022  EUR   72.600
BNP Paribas Emiss  20.000 6/23/2022  EUR   74.490
UBS AG/London       7.850 11/02/2023 USD   62.300
Trans-Sped Logisz   2.500 3/16/2030  HUF   69.445
Slovenia Governme   0.48810/20/2050  EUR   60.822
Ville de Paris      0.921 5/26/2053  EUR   69.306
Getin Noble Bank   11.760 4/29/2024  PLN   39.745
Barclays Bank PLC   2.000 05/07/2036 MXN   27.341
Department of Bou   0.48210/20/2045  EUR   67.233
Single Platform I   1.240 5/25/2052  EUR   69.550
KPNQwest NV        10.000 3/15/2012  EUR    0.453
Collectivite Euro   0.487 10/09/2045 EUR   67.356
Ukraine Governmen   9.780 05/10/2029 UAH   31.979
Region de Bruxell   1.000 4/21/2051  EUR   69.136
Societe Generale    2.970 4/15/2036  USD   75.437
Lehman Brothers T   0.010 9/20/2011  USD    0.100
Single Platform I   1.500 3/20/2051  EUR   74.362
Harp Issuer PLC     1.400 2/14/2032  USD   72.485
Region de Bruxell   0.900 6/28/2046  EUR   72.554
Department of Bou   0.445 12/08/2043 EUR   68.495
Region de Bruxell   1.036 6/29/2049  EUR   72.221
Department of Bou   0.668 04/01/2042 EUR   73.571
Getin Noble Bank    7.64012/21/2023  PLN   54.875
HSBC Bank PLC       0.500 6/23/2027  MXN   61.863
Ukraine Governmen   9.610 11/10/2029 UAH   30.488
CDC Habitat SEM     1.043 05/12/2036 EUR   73.312
Citigroup Global    1.500 5/13/2051  EUR   72.942
Heta Asset Resolu   4.35012/31/2023  EUR    5.181
CDC Habitat SEM     0.814 2/15/2040  EUR   62.665
Single Platform I   0.830 09/06/2041 EUR   70.361
Ukraine Governmen   9.790 5/26/2027  UAH   50.929
LSF9 Balta Issuer   3.00012/31/2030  EUR   64.485
DZ Bank AG Deutsc   0.350 11/10/2042 EUR   71.297
Purple Protected    1.48011/30/2060  EUR   67.881
Getin Noble Bank    7.230 7/26/2024  PLN   41.775
Lehman Brothers T   6.000 03/04/2015 USD    0.100
Veneto Banca SpA    6.411            EUR    0.345
Batigere Grand Es   1.48510/25/2039  EUR   68.876
Caisse des Depots   0.750 11/06/2048 EUR   69.263
SunDell Estate Ny   3.250 11/12/2030 HUF   67.000
Leonteq Securitie  16.000 6/21/2022  USD   29.230
Leonteq Securitie  16.600 6/17/2022  USD   29.570
DZ Bank AG Deutsc   9.410 8/26/2022  EUR   29.080
Basler Kantonalba  10.00012/16/2022  CHF   50.650
Leonteq Securitie  10.000 12/01/2022 USD   37.760
SG Issuer SA        0.021 8/15/2033  EUR   52.710
Raiffeisen Schwei  12.500 06/07/2022 CHF  102.680
Daniella Keresked   3.000 7/30/2030  HUF   68.805
Leonteq Securitie  20.000 07/06/2022 CHF   31.690
Leonteq Securitie  27.170 8/19/2022  EUR   35.330
Nordea Bank Abp     8.250 1/20/2025  SEK   64.790
EFG International  18.000 9/29/2022  CHF   57.950
Landesbank Baden-   7.00010/28/2022  EUR   77.140
UBS AG/London      14.250 02/03/2023 CHF   61.950
OPUS TIGAZ Gazhal   2.800 3/24/2031  HUF   70.000
Landesbank Baden-   3.000 4/23/2027  EUR   77.520
Skandinaviska Ens   8.520 1/15/2024  SEK   71.300
Citigroup Global   13.20012/18/2023  SEK   57.050
Societe Generale    5.000 01/10/2023 USD   47.770
Societe Generale   15.000 05/02/2024 USD   31.950
Skandinaviska Ens   7.600 1/15/2024  SEK   69.840
Skandinaviska Ens   9.600 1/15/2024  SEK   74.280
Hell Energy Magya   2.70012/18/2029  HUF   62.800
Bayerische Landes   1.20011/25/2022  EUR   66.140
Bayerische Landes   2.700 7/22/2022  EUR   75.070
UBS AG/London       7.000 1/26/2024  USD   67.200
Credit Suisse AG/   7.75012/15/2022  CHF   73.100
Credit Suisse AG/  11.20011/14/2022  CHF   52.100
Gold-Zack AG        7.00012/14/2005  EUR    1.550
Leonteq Securitie  23.400 1/18/2023  CHF   81.840
National Treasury   1.190 10/07/2101 EUR   64.623
Societe Wallonne    0.89410/23/2045  EUR   64.278
Ukraine Governmen   7.253 3/15/2033  USD   36.085
Single Platform I   1.163 5/25/2066  EUR   62.370
Citigroup Global    1.370 7/27/2051  EUR   69.061
Erste Group Bank    1.010 10/07/2041 EUR   73.149
Banco Espirito Sa  10.000 12/06/2021 EUR    0.523
Republic of Austr   0.100 07/10/2040 EUR   73.419
Steilmann SE        7.000 03/09/2017 EUR    1.429
Minicentrales Dos   0.010 06/06/2047 EUR   66.875
Communaute Franca   0.750 02/04/2061 EUR   55.157
Landesbank Baden-   0.780 4/21/2036  EUR   75.069
Ukraine Governmen  12.500 4/24/2024  UAH   67.814
Pescanova SA        6.750 03/05/2015 EUR    0.319
Societe Generale    1.290 2/27/2040  EUR   74.314
Region de Bruxell   0.609 12/03/2049 EUR   63.395
Waste Italia SpA   10.50011/15/2019  EUR    0.550
Berlin Hyp AG       1.157 12/09/2039 EUR   71.343
State of Lower Au   0.40010/13/2050  EUR   63.483
Lehman Brothers T   2.000 3/16/2035  EUR    0.100
Region de Bruxell   1.015 1/23/2051  EUR   70.515
Single Platform I   1.00010/31/2040  EUR   73.265
Credito Padano Ba   3.100            EUR   33.905
Landesbank Baden-   0.770 6/23/2036  EUR   74.813
Ukraine Governmen   9.980 04/10/2030 UAH   30.572
Ukraine Governmen   9.700 10/06/2027 UAH   36.808
Region de Bruxell   0.650 2/15/2061  EUR   55.441
Landesbank Baden-   0.640 2/26/2036  EUR   73.509
NRW Bank            0.473 6/23/2049  EUR   72.781
Getin Noble Bank    8.290 7/28/2023  PLN   57.975
Communaute Franca   0.392 1/22/2041  EUR   69.752
Republic of Irela   1.21010/27/2111  EUR   63.572
Ukraine Governmen  12.940 2/14/2024  UAH   70.280
Single Platform I   0.940 10/04/2041 EUR   71.185
Morgan Stanley &    1.105 6/18/2041  EUR   72.256
Cooperatieve Rabo   0.500 1/31/2033  MXN   36.381
Rio Forte Investm   3.900 07/10/2014 USD    3.503
Batigere Grand Es   1.61010/23/2040  EUR   68.444
Lehman Brothers T  11.00012/20/2017  AUD    0.100
Societe Generale    8.600 7/29/2022  USD   43.800
Corner Banca SA    10.080 3/22/2023  CHF   69.180
Landesbank Baden-   5.450 8/26/2022  EUR   22.250
UniCredit Bank AG   6.300 7/27/2022  EUR   37.920
Credit Suisse AG/   5.880 6/28/2023  USD    9.100
Bank Julius Baer    7.80010/17/2022  USD   75.800
Credit Suisse AG/   6.190 9/14/2022  USD    9.630
Credit Suisse AG/   4.460 7/26/2023  USD    9.430
Societe Generale    8.50010/28/2022  EUR   68.820
Raiffeisen Schwei  16.500 8/30/2022  CHF   77.700
Leonteq Securitie  26.350 08/03/2022 CHF   54.970
Sberbank of Russi   0.01012/22/2026  RUB   66.300
VTB Bank PJSC       0.010 5/20/2025  RUB   57.010
EFG International   5.500 7/17/2023  USD   52.980
DZ Bank AG Deutsc   4.000 6/23/2023  EUR   75.460
RUSAL Bratsk OJSC   0.010 04/07/2026 RUB   63.060
Nordea Bank Abp     5.813 7/20/2024  SEK   55.650
Barclays Bank PLC   2.730 9/27/2024  EUR   45.440
Skandinaviska Ens   5.520 7/15/2024  SEK   59.780
Nordea Bank Abp     6.100 7/20/2024  SEK   77.500
Leonteq Securitie   2.380 11/10/2022 EUR   45.550
Societe Generale   17.604 8/24/2023  USD   48.500
Credit Suisse AG/   6.000 5/30/2022  CHF   74.530
Alteo Nyrt          3.15010/28/2029  HUF   63.700
Skandinaviska Ens   7.450 1/15/2025  SEK   58.740
Norske Skogindust   7.12510/15/2033  USD    0.010
Region de Bruxell   0.900 4/14/2050  EUR   68.840
Ukraine Governmen   7.750 09/01/2024 USD   39.706
Region de Bruxell   1.250 01/10/2060 EUR   69.972
NRW Bank            0.106 8/17/2050  EUR   64.083
Single Platform I   0.559 2/15/2047  EUR   59.875
Caisse des Depots   2.630 9/16/2049  AUD   72.899
HSBC Bank PLC      10.30012/20/2024  TRY   56.522
Caisse des Depots   2.34011/27/2049  AUD   68.282
Region de Bruxell   1.05311/14/2059  EUR   64.970
Region de Bruxell   0.453 12/07/2055 EUR   54.492
Department of Loi   0.55012/18/2045  EUR   68.330
BNP Paribas SA      3.170 01/07/2041 AUD   71.911
Lehman Brothers T   6.000 08/07/2013 EUR    0.100
Deutsche Bank AG/   0.500 04/05/2038 MXN   22.940
Single Platform I   0.938 2/15/2041  EUR   70.903
French Republic G   0.500 6/25/2044  EUR   74.311
Metropole de Lyon   0.466 12/07/2046 EUR   65.936
Grand Delta Habit   1.820 3/18/2050  EUR   65.621
LFA Foerderbank B   0.160 01/02/2040 EUR   73.097
Italy Buoni Polie   1.700 09/01/2051 EUR   70.729
Lehman Brothers T   5.103 6/22/2046  EUR    0.100
KPNQwest NV         7.125 06/01/2009 EUR    0.453
ING Bank NV         2.830 9/28/2051  USD   73.806
Kuntarahoitus Oyj   0.448 3/19/2040  EUR   74.009
Ukraine Governmen   6.000 1/27/2027  UAH   32.254
Republic of Irela   1.180 5/25/2087  EUR   73.820
Getin Noble Bank   11.760 8/31/2023  PLN   49.875
O1 Properties Fin   0.500 9/27/2028  USD    6.270
Republic of Belar   6.200 2/28/2030  USD   13.750
Single Platform I   0.754 9/20/2039  EUR   70.773
Caisse des Depots   2.345 1/29/2050  AUD   68.278
BPCE SA             2.614 03/04/2036 AUD   72.178
Northland Resourc   4.00010/15/2020  USD    0.271
Republic of Belar   7.625 6/29/2027  USD   13.233
Republic of Belar   6.875 2/28/2023  USD   15.081
Caisse des Depots   2.670 9/17/2049  AUD   73.419
Autonomous Commun   1.13811/22/2052  EUR   63.792
Region de Bruxell   0.731 8/25/2060  EUR   56.785
Ukraine Governmen  10.000 8/23/2023  UAH   70.585
Bulgaria Steel Fi  12.000 05/04/2013 EUR    0.216
Nomura Bank Inter   1.415 1/27/2042  EUR   74.279
Turkey Government  10.500 08/11/2027 TRY   64.000
LBI ehf             7.431            USD    0.001
Lehman Brothers T  11.00012/20/2017  AUD    0.100
Societe Generale   21.660 2/24/2028  USD   71.750
Luzerner Kantonal   7.500 6/15/2022  CHF   53.550
Corner Banca SA    15.000 5/31/2022  CHF   66.220
Zurcher Kantonalb   4.750 7/15/2022  CHF   68.240
Raiffeisen Schwei  14.000 7/26/2022  CHF   54.120
Mostotrest PJSC     0.010 7/29/2026  RUB   49.580
Leonteq Securitie   5.710 9/23/2022  USD   35.280
Leonteq Securitie  10.00010/19/2022  CHF   39.920
UBS AG/London      13.25010/21/2022  CHF   53.750
Vontobel Financia  10.000 6/24/2022  EUR   74.710
EFG International  10.320 7/19/2022  USD   50.110
OR PJSC            11.00012/29/2024  RUB    9.020
OR PJSC            12.600 9/28/2025  RUB   10.250
OR PJSC            16.00011/26/2025  RUB   17.750
UBS AG/London      17.500 7/28/2022  CHF   37.100
UBS AG/London      14.250 08/10/2022 USD   32.850
VTB Bank PJSC       0.010 07/02/2024 RUB   62.710
Corner Banca SA     8.000 9/26/2022  CHF   62.530
Raiffeisen Switze  12.000 07/06/2022 CHF   61.010
Bayerische Landes   1.35012/23/2022  EUR   59.370
HPI AG              3.500            EUR    3.011
Vontobel Financia  13.400 8/29/2022  EUR   63.750
Agrar Mezogazdasa   2.900 8/24/2031  HUF   69.985
Credit Suisse AG/  11.500 07/01/2022 USD   60.180
UBS AG/London       7.750 3/22/2023  USD   63.700
Nordea Bank Abp     3.200 1/20/2027  SEK   78.200
Societe Generale   11.750 9/18/2024  USD   47.800
LP Portfolio Vagy   3.400 9/23/2031  HUF   60.000
VEB-Leasing AO      6.910 1/16/2024  RUB   74.610
Single Platform I   0.678 2/15/2041  EUR   67.316
Single Platform I   0.930 07/02/2041 EUR   72.797
Region Wallonne B   0.865 7/20/2044  EUR   71.238
Municipality of A   0.460 9/20/2049  EUR   71.614
Landesbank Baden-   0.310 12/09/2039 EUR   63.819
Ukraine Governmen   8.880 05/10/2032 UAH   25.367
Ukraine Governmen   8.220 05/10/2035 UAH   22.137
Intelsat Jackson    9.750 7/15/2025  USD   44.301
Hypo Vorarlberg B   1.020 7/15/2041  EUR   74.009
Single Platform I   0.80012/20/2040  EUR   71.729
Landesbank Baden-   0.690 10/08/2035 EUR   74.173
Ville de Paris      0.37312/21/2044  EUR   67.771
Grupo Isolux Cors   1.00012/30/2021  USD    0.162
Single Platform I   1.075 6/26/2052  EUR   66.608
Single Platform I   0.767 2/15/2041  EUR   69.440
Region Wallonne B   0.970 6/24/2043  EUR   74.013
Norddeutsche Land   1.050 01/06/2039 EUR   72.103
Region Wallonne B   1.222 6/24/2080  EUR   57.824
Department of L'E   0.44210/25/2045  EUR   66.769
Single Platform I   0.465 2/27/2035  EUR   74.397
BPCE SA             2.285 12/03/2035 AUD   67.614
Lehman Brothers T   7.600 03/04/2010 NZD    0.100
Wirtschafts- und    0.20012/14/2045  EUR   66.353
Oberbank AG         0.230 10/07/2041 EUR   70.273
Banca Popolare di   9.500 10/02/2025 EUR    0.704
Berlin Hyp AG       0.44010/29/2035  EUR   73.420
SAir Group          6.250 04/12/2005 CHF   12.625
Republic of Irela   1.230 06/01/2120 EUR   69.943
Barclays Bank PLC   6.400 6/16/2031  MXN   70.999
Credit Agricole C  10.200 08/06/2026 TRY   47.493
Credit Agricole C   2.480 8/18/2050  USD   65.029
Kreditanstalt fue   0.693 02/08/2050 EUR   68.404
Norddeutsche Land   1.130 02/10/2039 EUR   73.513
Tonon Luxembourg   12.500 5/14/2024  USD    0.399
Deutsche Pfandbri   0.857 9/18/2037  EUR   67.381
Windreich GmbH      6.750 03/01/2015 EUR    4.475
Windreich GmbH      6.250 03/01/2015 EUR    4.475
LBI ehf             2.250 2/14/2011  CHF   10.750
Assistance Publiq   0.800 3/23/2046  EUR   72.989
Societe Du Grand    0.57610/29/2052  EUR   62.623
Single Platform I   0.950 7/25/2047  EUR   68.300
Barclays Bank PLC  13.810 4/16/2024  TRY   66.454
Autonomous Commun   0.81010/31/2040  EUR   72.797
Region de Bruxell   1.00010/29/2059  EUR   63.712
Sberbank of Russi   0.01010/22/2025  RUB   72.300
Sberbank of Russi   0.01010/22/2025  RUB   70.300
AutoWallis Nyrt     3.000 4/15/2030  HUF   69.430
Raiffeisen Switze   8.500 7/14/2022  CHF   57.300
Raiffeisen Switze  13.000 7/14/2022  CHF   56.510
Raiffeisen Schwei  11.000 7/14/2022  CHF   35.560
Vajda-Papir Gyart   3.50011/16/2030  HUF   70.200
Landesbank Baden-   4.000 7/25/2025  EUR   43.430
KESZ Holding Busi   2.800 6/17/2031  HUF   72.140
Leonteq Securitie  11.00010/31/2022  USD   45.980
Landesbank Baden-   7.000 4/28/2023  EUR   75.790
Zurcher Kantonalb  12.300 06/07/2022 CHF   62.790
VTB Bank PJSC       0.010 04/08/2026 RUB   62.500
Nordea Bank Abp     7.250 7/20/2023  EUR   74.870
UBS AG/London       8.75010/28/2022  CHF   56.650
Leonteq Securitie  12.000 6/21/2022  CHF   33.730
Opus Global Nyrt    3.200 4/29/2031  HUF   71.000
Leonteq Securitie   5.040 2/21/2023  CHF   74.950
Raiffeisen Schwei  12.00012/28/2022  CHF   71.410
Zurcher Kantonalb   7.000 08/10/2022 USD   42.190
Credit Suisse AG/   8.000 08/05/2022 EUR   68.030
Corner Banca SA     6.50011/21/2022  CHF   36.860
Bank Julius Baer    5.500 08/10/2022 CHF   72.250
ENVIEN Magyarorsz   2.500 5/18/2031  HUF   70.735
STAVMAT Epitoanya   3.000 7/20/2031  HUF   69.600
DZ Bank AG Deutsc   5.000 6/24/2022  EUR   63.230
Leonteq Securitie  12.000 01/12/2023 CHF   34.450
Raiffeisen Schwei  11.000 7/19/2022  CHF   66.460
Credit Suisse AG/   7.37012/28/2022  USD    9.570
UBS AG/London       9.50011/30/2022  CHF   49.250
Raiffeisen Schwei   8.000 2/27/2023  CHF   62.440
LP Portfolio Vagy   2.80011/30/2030  HUF   64.000
Raiffeisen Schwei  12.500 8/30/2022  CHF   63.540
Leonteq Securitie  14.000 06/08/2022 CHF   38.760
Bank Julius Baer    5.750 8/17/2022  CHF   66.500
Societe Generale   16.000 08/01/2024 USD   17.500
UBS AG/London      10.000 03/03/2023 CHF   62.800
Pannon Work Szeme   3.00010/30/2030  HUF   67.500
Zurcher Kantonalb  21.750 06/10/2022 CHF   52.340
DZ Bank AG Deutsc   9.270 6/24/2022  EUR   37.350
UniCredit Bank AG   1.500 1/31/2040  EUR   69.160
DZ Bank AG Deutsc   8.900 6/24/2022  EUR   64.590
EFG International  10.600 06/01/2023 USD   65.090
Bank Vontobel AG   17.500 07/04/2022 CHF   30.700
Leonteq Securitie  23.200 8/30/2022  CHF   60.230
Leonteq Securitie  24.190 8/30/2022  CHF   26.600
Banque Internatio  15.000 01/05/2023 EUR   40.050
Bank Vontobel AG   22.300 08/02/2022 CHF   31.100
Zurcher Kantonalb  11.600 11/10/2022 EUR   51.140
Luzerner Kantonal   8.40012/27/2022  USD   70.210
Futureal Developm   3.50011/16/2036  HUF   74.000
UBS AG/London       9.750 1/16/2023  EUR   76.500
Credit Suisse AG/  18.250 08/08/2022 USD   42.610
VTB Bank PJSC       0.010 12/06/2024 RUB   57.600
VTB Bank PJSC       0.01012/13/2024  RUB   56.500
Sberbank of Russi   0.010 2/14/2025  RUB
UBS AG/London      10.250 6/15/2023  CHF   76.950
VTB Bank PJSC       0.01012/20/2024  RUB   54.500
Avangard-Agro JSC   7.750 9/23/2027  RUB   71.200
Nordea Bank Abp     6.060 7/20/2023  SEK   75.120
Avangard-Agro JSC   8.00011/16/2027  RUB   61.600
SG Issuer SA        5.700 7/20/2024  SEK   72.440
SG Issuer SA        7.000 7/20/2023  SEK   75.770
Maxima Telecom     10.750 7/14/2026  RUB   64.210
Reneszansz Kofara   3.200 04/09/2031 HUF   73.000
SkyGreen Building   3.00012/29/2030  HUF   67.300
DVM Construction    3.000 7/29/2030  HUF   64.200
DeltaCredit Bank    1.000 9/29/2026  RUB   59.210
MARSO Ltd           2.30012/17/2029  HUF   71.845
Stelius Befekteto   3.100 9/17/2030  HUF   66.500
Pervyi Konteinern   5.000 12/09/2025 RUB   77.720
Market Epito Zrt    2.95010/22/2029  HUF   68.000
Skandinaviska Ens  10.150 1/15/2025  SEK   59.490
WEB Windenergie A   4.00012/17/2025  EUR    0.010
VEB-Leasing AO      7.910 8/18/2025  RUB   72.660
DeltaCredit Bank    1.00010/20/2025  RUB   65.830
WEB Windenergie A   5.500 04/08/2023 EUR   30.000
Sberbank of Russi   0.010 02/04/2027 RUB   60.400
DekaBank Deutsche   4.81012/23/2022  EUR   69.910
VTB Bank PJSC       0.010 9/16/2026  RUB   61.000
Banque Cantonale   21.150 8/22/2022  CHF   22.630
Sberbank of Russi   0.01011/23/2026  RUB   60.000
Credit Suisse AG/  15.000 07/07/2022 USD   25.770
UBS AG/London       9.750 05/10/2023 USD   64.500
UniCredit Bank AG  23.50010/28/2022  EUR   72.720
Vontobel Financia  11.400 5/31/2022  EUR   73.680
Raiffeisen Schwei   8.75011/29/2022  CHF   64.040
UBS AG/London      13.250 4/20/2023  USD   57.150
AutoWallis Nyrt     3.000 7/27/2031  HUF   64.700
Landesbank Baden-   6.75011/25/2022  EUR   60.690
DZ Bank AG Deutsc   4.69011/25/2022  EUR   59.900
Leonteq Securitie  12.000 05/11/2023 CHF   60.180
UBS AG/London       7.250 11/03/2023 CHF   66.900
Luzerner Kantonal  23.100 8/15/2022  CHF   37.090
Raiffeisen Schwei   9.00011/15/2022  CHF   73.800
Basler Kantonalba  14.000 11/10/2022 CHF   65.340
Landesbank Baden-   3.480 2/24/2023  EUR   62.140
ITK Holding zrt     2.900 6/23/2031  HUF   63.100
ENSI Kft            4.750 1/25/2032  HUF   73.200
Forras Vagyonkeze   3.250 10/01/2030 HUF   71.420
Skandinaviska Ens   6.250 1/15/2025  SEK   65.850
Bank Julius Baer    8.000 10/07/2022 USD   46.650
Pongs & Zahn AG     8.500 11/01/2014 EUR    0.101
Luzerner Kantonal   7.00012/16/2024  USD   71.540
Infogroup Holding   3.000 5/20/2031  HUF   65.350
Societe Generale   21.00011/25/2022  EUR   53.350
Vontobel Financia  18.000 3/24/2023  EUR   76.040
DeltaCredit Bank    1.000 5/18/2026  RUB   60.460
Bilt Paper BV      10.360            USD    1.430
Kuntarahoitus Oyj   0.726 01/08/2060 EUR   62.718
Single Platform I   1.117 5/25/2066  EUR   61.096
Ukraine Governmen   6.000 9/18/2024  UAH   53.913
SNCF Reseau         1.475 3/30/2065  EUR   71.731
Republic of Irela   0.810 07/10/2079 EUR   62.692
Lehman Brothers T   7.06012/29/2008  EUR    0.100
Cie DU Chemin de    0.28011/29/2052  CHF   53.459
Cerruti Finance S   6.500 7/26/2004  EUR    2.058
Single Platform I   0.780 03/05/2039 EUR   72.633
BLT Finance BV     12.000 02/10/2015 USD   10.500
Region of Pays de   0.44812/20/2039  EUR   72.972
Credit Agricole C   5.400 1/31/2028  BRL   71.256
Credit Agricole C  15.000 6/18/2026  TRY   58.641
Societe Generale    2.300 1/28/2036  USD   69.305
Agence Francaise    0.368 01/12/2046 EUR   70.457
Kingdom of Belgiu   0.558 9/24/2077  EUR   48.621
ING Bank NV         2.900 6/23/2051  USD   75.177
New World Resourc   4.000 10/07/2020 EUR    0.308
Grupo Isolux Cors   6.00012/30/2021  USD    0.479
Region de Bruxell   0.45012/22/2056  EUR   53.358
BPCE SA             2.250 3/13/2040  AUD   62.421
Caisse des Depots   2.61511/15/2049  AUD   72.664
Lloyds Bank PLC     0.500 7/26/2028  MXN   56.784
Single Platform I   1.250 05/10/2044 EUR   73.704
Region de Bruxell   0.730 2/25/2050  EUR   65.570
Lehman Brothers T   0.500 07/02/2020 EUR    0.100
BPCE SA             2.450 2/24/2035  AUD   70.626
Turkey Government  11.70011/13/2030  TRY   64.500
Single Platform I   0.720 3/20/2051  EUR   60.207
Metropole de Lyon   0.462 12/07/2045 EUR   66.964
Metropole de Lyon   0.540 12/07/2050 EUR   62.445
Aareal Bank AG      0.380 9/16/2031  EUR   72.178
Lehman Brothers T   4.680 12/12/2045 EUR    0.100
State of Rhinelan   0.100 10/01/2040 EUR   70.666
Single Platform I   0.924 2/18/2049  EUR   62.448
Oberoesterreichis   0.65010/15/2035  EUR   75.202
DZ Bank AG Deutsc   0.440 1/21/2036  EUR   72.306
Deutsche Pfandbri   0.765 09/12/2036 EUR   67.913
Communaute Franca   1.170 07/05/2049 EUR   72.918
Sidetur Finance B  10.000 4/20/2016  USD    0.770
Lloyds Bank PLC     2.637 1/16/2040  AUD   73.966
Wirtschafts- und    0.321 2/18/2041  EUR   74.148
Region de Bruxell   0.46012/15/2051  EUR   58.274
Communaute Franca   1.520 7/22/2069  EUR   70.555
Hamburgische Inve   0.380 2/24/2042  EUR   73.226
Single Platform I   0.811 6/28/2039  EUR   72.019
Single Platform I   0.419 2/15/2040  EUR   66.214
SAir Group          4.250 02/02/2007 CHF   12.625
Natixis SA          2.420 9/29/2035  AUD   72.796
Norske Skog Holdi   8.000 2/24/2023  USD    0.006
Lehman Brothers T   2.400 6/20/2011  JPY    0.100
Single Platform I   0.745 2/15/2047  EUR   63.174
Single Platform I   2.085 1/24/2044  NOK   75.439
Single Platform I   0.950 2/15/2044  EUR   70.702
Region de Bruxell   0.46012/15/2051  EUR   58.713
Northland Resourc   4.00010/15/2020  NOK    0.271
Hungary Governmen   3.00010/27/2038  HUF   61.763
Single Platform I   0.780 2/15/2040  EUR   70.598
Region de Bruxell   0.950 05/07/2049 EUR   70.666
BPCE SA             2.31511/19/2035  AUD   67.939
Region de Bruxell   0.557 08/07/2048 EUR   63.827
Communaute Franca   0.785 8/24/2050  EUR   64.466
Hellas Telecommun   6.054 1/15/2015  USD    0.001
Single Platform I   0.960 7/22/2038  EUR   74.751
Single Platform I   0.930 2/15/2041  EUR   71.500
Single Platform I   0.853 3/20/2040  EUR   70.849
Bibby Offshore Se   7.500 6/15/2021  GBP   11.625
Lehman Brothers T   5.000 05/02/2022 EUR    0.100
Agence Francaise    2.36010/17/2044  AUD   70.532
Single Platform I   1.156 02/12/2041 EUR   74.664
Lehman Brothers T  10.000 2/16/2009  CHF    0.100
Lehman Brothers T  13.000 2/16/2009  CHF    0.100
Single Platform I   0.753 6/25/2039  EUR   70.768
Region de Bruxell   0.620 11/04/2044 EUR   69.524
JP Morgan Structu  12.000 8/28/2026  ZMW
UBS AG/London      10.50010/28/2022  USD   61.150
VTB Bank PJSC       0.010 06/01/2024 RUB   63.500
VTB Bank PJSC       0.010 5/20/2026  RUB   62.810
VTB Bank PJSC       0.01011/18/2025  RUB   58.850
Leonteq Securitie   7.500 6/28/2022  CHF   68.600
Leonteq Securitie  26.030 6/24/2022  CHF   28.270
Leonteq Securitie  20.000 6/29/2022  CHF   29.450
Zurcher Kantonalb  14.000 6/14/2022  CHF   61.450
VTB Bank PJSC       0.010 5/13/2025  RUB   51.710
VTB Bank PJSC       0.010 5/13/2025  RUB   60.070
Leonteq Securitie  20.000 7/13/2022  CHF   34.920
Leonteq Securitie  10.000 12/07/2022 USD   77.150
UBS AG/London      12.25011/18/2022  EUR   34.500
Leonteq Securitie  20.000 7/29/2022  CHF   34.030
UBS AG/London      11.50011/14/2022  EUR   72.800
UBS AG/London      12.000 1/16/2023  CHF   38.200
Leonteq Securitie  22.770 8/30/2022  CHF   34.260
Raiffeisen Switze   8.20010/19/2022  CHF   59.500
Bank Vontobel AG    8.758 06/02/2022 CHF   35.500
Kalita OOO         15.000 09/12/2023 RUB    7.190
Raiffeisen Schwei  15.000 9/27/2022  CHF   38.130
Leonteq Securitie   3.090 7/28/2022  EUR   48.770
Leonteq Securitie  23.400 9/28/2022  CHF   27.610
Societe Generale   11.000 7/14/2026  USD   19.750
VTB Bank PJSC       2.00011/17/2023  RUB   76.000
Leonteq Securitie  18.000 08/02/2022 CHF   80.560
Zurcher Kantonalb  12.000 7/14/2022  CHF   34.710
Leonteq Securitie  26.120 8/31/2022  CHF   49.950
Nordea Bank Abp     4.600 1/20/2029  SEK   73.470
BNP Paribas SA     30.00012/21/2022  USD   63.500
Credit Suisse AG/   9.000 2/22/2023  USD   71.950
OR PJSC            13.50010/22/2025  RUB   12.980
OR PJSC            16.00011/22/2025  RUB   19.000
Credit Suisse AG/   9.50010/18/2022  CHF   32.120
UBS AG/London       9.25010/27/2022  CHF   71.450
Leonteq Securitie  20.40010/26/2022  CHF   35.060
Societe Generale    4.50012/29/2022  USD
SG Issuer SA        8.700 1/20/2025  SEK   41.870
SG Issuer SA        5.000 04/02/2024 EUR   54.360
UBS AG/London       6.500 3/31/2023  USD   41.000
SG Issuer SA        5.000 5/23/2024  EUR   55.020
Credit Suisse AG/   8.500 06/08/2022 CHF   51.280
Leonteq Securitie   7.000 6/14/2022  CHF   58.400
SG Issuer SA        2.270 02/04/2032 EUR   65.700
SG Issuer SA        2.200 01/10/2025 EUR   64.610
DZ Bank AG Deutsc   0.910 6/25/2029  EUR   71.630
OR PJSC            11.500 7/28/2024  RUB   11.230
BNP Paribas Issua   1.560 02/02/2039 EUR   59.300
Leonteq Securitie   5.200 10/03/2022 CHF   59.460
Landesbank Baden-   0.150 09/11/2039 EUR   73.090
Landesbank Baden-   0.400 11/08/2039 EUR   73.790
Sberbank of Russi   0.010 8/25/2025  RUB   72.400
Raiffeisen Switze  20.000 01/06/2023 CHF   67.090
Bank Julius Baer    8.60010/27/2022  USD   85.500
UBS AG/London      10.500 8/16/2023  USD   78.250
Zurcher Kantonalb  19.00011/18/2022  USD   71.410
UBS AG/London       6.250 02/06/2023 USD   81.500
Credit Suisse AG/  12.50011/16/2022  CHF   83.580
Sberbank of Russi   0.010 1/22/2027  RUB   70.600
Zurcher Kantonalb  15.500 11/08/2022 USD   56.520
Leonteq Securitie  24.240 9/30/2022  CHF   61.200
Zurcher Kantonalb  21.75010/21/2022  CHF   56.800
Sberbank of Russi   0.010 11/03/2026 RUB   64.800
Alteo Nyrt          2.450 10/08/2031 HUF   57.600
OR PJSC            12.00011/14/2024  RUB    9.660
Baromfi-Coop Term   3.000 5/19/2028  HUF   66.200
Kalita OOO         13.000 8/18/2024  RUB    4.510
Credit Suisse AG/   8.000 2/24/2023  USD   79.470
DekaBank Deutsche   6.000 7/19/2023  EUR   65.300
UBS AG/London      16.500 9/15/2022  USD   28.780
Bank Otkritie Fin   0.100 05/04/2023 RUB   74.860
NRW Bank            0.80010/22/2060  EUR   70.870
Oberoesterreichis   0.655 1/25/2036  EUR   75.161
HSBC Bank PLC       0.50012/22/2025  BRL   64.701
Ukraine Governmen   7.750 09/01/2027 USD   39.241
Region Wallonne B   0.638 6/21/2047  EUR   66.045
Ukraine Governmen   6.00010/23/2024  UAH   52.681
Region de Bruxell   1.036 01/07/2060 EUR   64.495
Credit Agricole S   3.270 10/05/2041 AUD   65.391
Region de Bruxell   0.759 9/20/2049  EUR   66.564
Landesbank Baden-   0.740 06/02/2036 EUR   74.566
CDC Habitat SEM     1.150 4/30/2037  EUR   72.687
Credit Agricole S   3.610 4/20/2036  AUD   73.874
French Republic G   0.750 5/25/2053  EUR   69.652
Single Platform I   0.915 2/15/2043  EUR   72.094
Deutsche Wohnen S   1.700 12/05/2036 EUR   73.995
Ukraine Governmen  12.500 1/17/2024  UAH   70.641
Communaute Franca   0.500 6/27/2046  EUR   63.552
Landesbank Baden-   0.590 12/07/2035 EUR   75.212
Ville de Paris      0.39512/18/2045  EUR   67.001
Citigroup Global    1.240 2/18/2040  EUR   73.629
Credit Agricole C   2.400 5/17/2048  EUR   69.222
Ukraine Governmen   9.990 5/22/2024  UAH   59.574
LFA Foerderbank B   0.125 9/30/2038  EUR   74.252
Wirtschafts- und    0.170 12/09/2041 EUR   69.984
Landesbank Baden-   0.660 7/14/2036  EUR   73.433
Department of Bou   0.671 05/05/2042 EUR   73.529
Wirtschafts- und    0.200 12/02/2043 EUR   67.824
NRW Bank            1.020 08/01/2049 EUR   73.721
Hypo Tirol Bank A   1.090 1/21/2041  EUR   71.183
Heta Asset Resolu   0.42912/31/2023  EUR    5.181
BNP Paribas SA      2.720 12/12/2034 AUD   73.344
Kreditanstalt fue   0.250 10/06/2036 CAD   50.826
Communaute Franca   0.948 10/11/2059 EUR   66.915
Landesbank Baden-   0.600 03/05/2036 EUR   73.042
Heta Asset Resolu   0.29712/31/2023  EUR    5.181
KPNQwest NV         7.125 06/01/2009 EUR    0.453
Caisse des Depots   2.205 9/28/2041  AUD   70.804
Societe Generale    2.880 09/10/2034 AUD   69.858
Norddeutsche Land   0.700 03/12/2036 EUR   73.578
Credit Agricole C  15.000 6/18/2026  TRY   59.166
Landesbank Baden-   0.820 02/01/2039 EUR   71.260
IT Holding Financ   9.87511/15/2012  EUR    0.015
Communaute Franca   0.886 6/22/2057  EUR   60.686
Nederlandse Water   0.190 11/02/2050 EUR   65.105
Kuntarahoitus Oyj   0.250 6/28/2040  CAD   40.221
Landesbank Baden-   0.620 2/18/2036  EUR   73.279
Lehman Brothers T   1.598 10/05/2035 EUR    0.100
Nomura Bank Inter   1.13812/19/2039  EUR   71.994
Region Occitanie    0.83411/22/2045  EUR   73.750
Northland Resourc  12.250 3/26/2016  USD    2.621
Communaute Franca   0.584 9/17/2039  EUR   71.487
Single Platform I   1.023 2/15/2046  EUR   69.090
SAir Group          2.750 7/30/2004  CHF   12.625
Region Occitanie    0.83411/18/2044  EUR   74.513
Landesbank Baden-   0.760 3/31/2036  EUR   74.848
Norske Skogindust   7.00012/30/2026  EUR    0.010
Czech Republic Go   0.05011/29/2029  CZK   70.600
Landesbank Baden-   0.590 9/22/2034  EUR   75.011
Raiffeisen Switze  10.500 07/11/2024 USD   14.900
VTB Bank PJSC       0.010 3/25/2026  RUB   48.520
Bank Julius Baer    8.600 7/19/2022  CHF   50.500
VTB Bank PJSC       0.010 08/01/2023 RUB   72.560
Raiffeisen Schwei   6.300 12/07/2022 CHF   70.190
Landesbank Baden-   3.00010/25/2024  EUR   31.060
Raiffeisen Schwei  18.000 06/03/2022 CHF   43.180
Sberbank of Russi   0.010 9/21/2028  RUB   56.600
UBS AG/London       5.000 4/14/2023  CHF   65.900
UniCredit Bank AG   5.300 04/08/2025 EUR   75.440
Leonteq Securitie  13.000 02/06/2023 USD   44.730
Raiffeisen Schwei  13.000 07/05/2022 CHF   64.840
VTB Bank PJSC      17.750 05/06/2037 RUB   80.000
Leonteq Securitie  15.000 6/16/2022  USD   32.090
Softline Trade CJ   8.90012/23/2023  RUB   85.400
Corner Banca SA     8.000 06/08/2022 EUR   69.120
Bank Vontobel AG   14.004 09/02/2022 CHF   43.400
Leonteq Securitie   8.090 10/04/2023 CHF   68.790
Bank Vontobel AG   14.750 1/16/2023  CHF   38.000
DekaBank Deutsche   8.100 8/26/2022  EUR   43.640
UniCredit Bank AG   5.55010/26/2022  EUR   61.260
Citigroup Global    3.500 5/24/2033  EUR   76.150
VTB Bank PJSC      22.200 04/02/2031 RUB   80.000
Sberbank of Russi   0.010 09/05/2025 RUB   70.300
Credit Suisse AG/   4.70011/30/2022  USD    9.523
Erste Group Bank    8.500 1/31/2023  EUR   55.800
VTB Bank PJSC       0.010 10/06/2024 RUB   99.400
UBS AG/London       9.500 12/08/2023 USD   65.800
Credit Suisse AG/  13.700 9/25/2023  USD   29.600
Credit Suisse AG/   7.250 12/01/2022 CHF   71.260
Zurcher Kantonalb  24.500 9/23/2022  USD   71.290
BNP Paribas Emiss  12.000 9/22/2022  EUR   70.820
Vontobel Financia  13.000 8/26/2022  EUR   75.970
Zurcher Kantonalb   6.000 4/14/2023  CHF   63.130
Sberbank of Russi   0.01010/20/2028  RUB   64.500
DekaBank Deutsche   3.750 11/04/2022 EUR   36.110
UBS AG/London      16.000 04/01/2024 USD   75.250
Societe Generale    9.25010/28/2022  EUR   78.200
Societe Generale   22.000 9/23/2022  EUR   52.440
Societe Generale   19.00011/25/2022  EUR   54.590
VTB Bank PJSC       0.010 10/06/2023 RUB   78.010
Bank Julius Baer   10.000 06/02/2022 CHF   39.100
State of North Rh   0.200 1/27/2051  EUR   62.932
Slovakia Governme   1.00010/13/2051  EUR   67.778
Ukraine Governmen   7.750 09/01/2023 USD   44.769
Land Berlin         0.100 1/18/2041  EUR   71.450
Santander Interna   1.700 12/12/2049 EUR   45.356
EDOB Abwicklungs    7.500 04/01/2012 EUR    1.368
Single Platform I   0.780 04/01/2042 EUR   67.992
Department of Bou   0.500 10/05/2043 EUR   69.788
Single Platform I   1.105 1/18/2040  EUR   75.085
Cooperatieve Rabo   0.500 8/21/2028  MXN   55.965
Romanian Governme   2.750 4/14/2041  EUR   67.444
Romanian Governme   2.750 4/14/2041  EUR   67.173
Natixis SA          0.300 6/25/2048  USD   32.933
Societe Generale    2.370 9/17/2035  AUD   64.122
Lehman Brothers T   2.300 06/06/2013 USD    0.100
Ukraine Governmen   5.000 2/20/2032  UAH   15.747
BNP Paribas SA      0.857 2/22/2036  EUR   75.653
Turkiye Ihracat K  12.540 9/14/2028  TRY   45.026
Ukraine Governmen   9.70010/13/2032  UAH   27.065
Single Platform I   0.873 5/25/2052  EUR   61.299
Agence Francaise    2.360 1/30/2045  AUD   70.448
Russian Foreign B   2.650 5/27/2036  EUR   15.162
Societe Generale    3.11010/28/2041  AUD   67.689
Natixis SA          2.900 1/29/2040  AUD   72.603
Ukraine Governmen   9.790 5/26/2027  UAH   50.929
Grand Delta Habit   1.500 06/02/2045 EUR   63.104
Development Bank    6.750 05/02/2024 USD    6.147
Irish Bank Resolu   6.75011/30/2013  BGN   33.250
Societe Generale    3.000 7/22/2022  USD    8.970
Deutsche Bank AG/   2.200 4/14/2023  EUR   77.080
UniCredit Bank AG   4.450 7/23/2022  EUR   50.810
UniCredit Bank AG   3.650 7/23/2022  EUR   47.060
Skandinaviska Ens  10.360 7/17/2023  SEK   71.940
Skandinaviska Ens   9.020 7/17/2023  SEK   57.250
UniCredit Bank AG   4.000 06/07/2022 EUR   65.010
SG Issuer SA        4.000 6/22/2026  EUR   76.060
SG Issuer SA       11.170 7/20/2025  SEK   30.880
Citigroup Global    7.200 5/24/2023  SEK   64.270
UniCredit Bank AG   3.700 06/04/2022 EUR   49.340
Landesbank Baden-   3.000 9/23/2022  EUR   59.410
UniCredit Bank AG   4.200 7/26/2022  EUR   22.500
UniCredit Bank AG   4.150 7/26/2022  EUR   45.910
Landesbank Baden-   2.400 7/22/2022  EUR   73.910
UniCredit Bank AG   3.850 6/28/2022  EUR   58.640
UniCredit Bank AG   3.800 6/28/2022  EUR   37.830
Skandinaviska Ens   8.300 7/17/2023  SEK   61.590
UniCredit Bank AG   4.250 6/28/2022  EUR   42.540
Nordea Bank Abp     7.100 7/20/2024  SEK   57.910
Bank Vontobel AG   10.004 9/19/2022  CHF   62.000
Bank Vontobel AG    7.254 9/19/2022  CHF   59.200
Leonteq Securitie   8.000 9/19/2022  CHF   62.490
UBS AG/London      10.250 9/19/2022  CHF   59.900
UBS AG/London      16.000 9/19/2022  CHF   43.000
DekaBank Deutsche   2.050 04/12/2024 EUR   68.740
VTB Bank PJSC       0.010 2/24/2026  RUB   65.550
Bank Vontobel AG    7.757 2/13/2023  CHF   60.200
Leonteq Securitie  10.000 6/22/2022  CHF   61.130
Sberbank of Russi   0.010 07/02/2025 RUB   73.900
Nordea Bank Abp     9.000 1/20/2025  SEK   64.630
Slavneft Oil & Ga   6.100 06/04/2030 RUB   76.000
Landesbank Baden-   4.550 6/24/2022  EUR   71.830
Landesbank Baden-   5.300 6/24/2022  EUR   57.880
DZ Bank AG Deutsc   6.200 6/24/2022  EUR   72.990
DZ Bank AG Deutsc  14.300 6/24/2022  EUR   65.800
DZ Bank AG Deutsc  22.900 6/24/2022  EUR   67.090
Landesbank Baden-   3.00010/27/2023  EUR   77.400
DZ Bank AG Deutsc  12.400 6/24/2022  EUR   76.500
DZ Bank AG Deutsc   3.600 6/24/2022  EUR   79.270
DZ Bank AG Deutsc   4.800 6/24/2022  EUR   74.960
DZ Bank AG Deutsc   7.800 6/24/2022  EUR   68.270
UBS AG/London      15.750 9/19/2022  CHF   58.600
EFG International   6.500 3/22/2023  USD   63.180
Leasing-Trade OOO  10.800 10/01/2024 RUB   75.470
EFG International   5.500 07/07/2023 USD   63.220
UBS AG/London      10.75010/28/2022  USD   71.750
UniCredit Bank AG   6.000 7/28/2023  EUR   35.920
Landesbank Baden-   5.800 6/24/2022  EUR   75.320
Landesbank Baden-   4.750 6/24/2022  EUR   77.740
Landesbank Baden-   3.550 6/24/2022  EUR   62.310
DZ Bank AG Deutsc  11.000 6/24/2022  EUR   60.440
DZ Bank AG Deutsc   8.900 6/24/2022  EUR   77.240
DZ Bank AG Deutsc  17.900 6/24/2022  EUR   75.270
DZ Bank AG Deutsc  11.200 6/24/2022  EUR   72.530
DZ Bank AG Deutsc  13.500 6/24/2022  EUR   68.150
UBS AG/London       7.500 3/17/2023  CHF   58.500
Credit Suisse AG/   8.250 6/17/2022  CHF   53.390
VTB Bank PJSC       0.010 1/20/2026  RUB   62.830
VTB Bank PJSC       0.010 02/03/2026 RUB   60.520
Bank Vontobel AG   11.259 9/19/2022  CHF   65.200
Bank Vontobel AG    7.255 9/19/2022  CHF   68.300
Landesbank Baden-   6.500 6/24/2022  EUR   65.790
Landesbank Baden-   2.150 6/24/2022  EUR   67.550
DZ Bank AG Deutsc  13.300 6/24/2022  EUR   56.840
Pharmacy Chain 36  10.500 06/04/2030 RUB   61.200
DZ Bank AG Deutsc  20.300 6/24/2022  EUR   54.610
UBS AG/London      12.250 3/17/2023  CHF   74.700
UBS AG/London       9.750 3/17/2023  CHF   46.750
VTB Bank PJSC       0.010 1/27/2026  RUB   65.600
Bank Vontobel AG    6.002 08/12/2022 EUR   49.600
Sberbank of Russi   0.010 1/19/2026  RUB   70.400
Sberbank of Russi   0.010 11/11/2025 RUB   72.000
Epito-Es Epuletka   3.000 11/11/2030 HUF   65.500
Sberbank of Russi   0.010 11/05/2025 RUB   71.700
Bank Vontobel AG    6.00611/14/2022  EUR   69.800
SG Issuer SA        1.50012/30/2032  EUR   46.380
Sberbank of Russi   0.010 1/19/2026  RUB   66.500
Sberbank of Russi   0.010 1/19/2026  RUB   68.200
Sberbank of Russi   0.01010/28/2024  RUB   73.200
Sberbank of Russi   0.010 1/21/2026  RUB   65.300
Sberbank of Russi   0.010 11/05/2025 RUB   73.700
Sberbank of Russi   0.010 11/06/2025 RUB   70.600
Raiffeisen Switze   7.500 7/14/2022  CHF   57.050
UniCredit Bank AG   5.250 12/01/2023 EUR   39.620
Societe Generale    0.705 11/12/2035 EUR   73.230
UBS AG/London       7.750 7/20/2022  CHF   56.350
UniCredit Bank AG  10.700 2/17/2025  EUR   69.310
Sberbank of Russi   0.01011/20/2025  RUB   73.900
Bank Vontobel AG    9.004 7/15/2022  CHF   75.400
Vontobel Financia  12.500 6/24/2022  EUR   58.080
Vontobel Financia  19.000 6/24/2022  EUR   75.760
UBS AG/London       9.750 7/20/2022  CHF   56.550
UBS AG/London      11.750 1/20/2023  CHF   68.500
Zurcher Kantonalb   7.500 7/28/2022  CHF   58.450
Sberbank of Russi   0.01010/31/2025  RUB   69.700
Leonteq Securitie   4.290 1/21/2025  EUR   77.920
Bank Vontobel AG    7.506 7/15/2022  CHF   57.400
Zurcher Kantonalb   6.50011/25/2022  EUR   76.410
Vontobel Financia   7.000 6/24/2022  EUR   72.120
Vontobel Financia  11.500 6/24/2022  EUR   64.460
Vontobel Financia  14.000 6/24/2022  EUR   61.270
Vontobel Financia   9.000 6/24/2022  EUR   73.730
Vontobel Financia  10.250 6/24/2022  EUR   65.760
Bank Vontobel AG    5.501 11/07/2022 EUR   63.800
Sberbank of Russi   0.010 1/19/2026  RUB   68.500
UBS AG/London      10.500 11/11/2022 CHF   62.200
EFG International  11.100 1/25/2023  USD   78.950
Sberbank of Russi   0.010 1/21/2026  RUB   67.200
UBS AG/London       7.750 7/20/2022  CHF   47.800
Sberbank of Russi   0.01011/20/2025  RUB   69.200
UBS AG/London       7.000 1/20/2023  CHF   71.000
UBS AG/London      15.250 7/21/2022  USD   32.400
Sberbank of Russi   0.01011/24/2025  RUB   70.800
UniCredit Bank AG  10.700 02/03/2025 EUR   68.720
Landesbank Baden-   3.500 8/26/2022  EUR   25.720
Zurcher Kantonalb  17.000 06/07/2022 USD   46.010
Bank Vontobel AG   11.00611/21/2022  EUR   78.000
Bank Vontobel AG    6.502 5/23/2023  CHF   69.700
DZ Bank AG Deutsc  14.300 6/24/2022  EUR   63.240
DZ Bank AG Deutsc  10.100 6/24/2022  EUR   78.680
DZ Bank AG Deutsc  13.200 6/24/2022  EUR   66.940
DZ Bank AG Deutsc  13.000 6/24/2022  EUR   64.330
DZ Bank AG Deutsc   8.900 6/24/2022  EUR   53.010
DZ Bank AG Deutsc  20.900 6/24/2022  EUR   64.200
DZ Bank AG Deutsc  11.000 6/24/2022  EUR   61.450
DZ Bank AG Deutsc  14.800 6/24/2022  EUR   74.440
Leonteq Securitie   6.00011/27/2023  CHF   68.040
UniCredit Bank AG   3.500 8/24/2022  EUR   50.320
Zurcher Kantonalb  14.000 6/24/2022  CHF   21.360
UBS AG/London       8.00010/28/2022  CHF   71.500
UBS AG/London       8.750 4/28/2023  CHF   64.600
Vontobel Financia   7.250 6/24/2022  EUR   68.440
Vontobel Financia  14.250 6/24/2022  EUR   76.280
Vontobel Financia   5.500 6/24/2022  EUR   77.290
Vontobel Financia  12.250 6/24/2022  EUR   65.910
SG Issuer SA        9.000 7/20/2023  SEK   68.160
DZ Bank AG Deutsc   6.250 9/19/2022  EUR   71.530
Vontobel Financia  16.000 6/24/2022  EUR   68.400
Vontobel Financia  15.500 6/24/2022  EUR   71.610
Vontobel Financia  16.000 6/24/2022  EUR   62.860
Vontobel Financia  15.000 6/24/2022  EUR   64.230
Vontobel Financia  17.000 6/24/2022  EUR   61.550
DZ Bank AG Deutsc   7.500 9/19/2022  EUR   64.190
Vontobel Financia  18.000 6/24/2022  EUR   71.110
Vontobel Financia  10.500 6/24/2022  EUR   77.040
Vontobel Financia  14.000 6/24/2022  EUR   71.090
Leonteq Securitie  13.00012/21/2022  CHF   37.430
Vontobel Financia  11.500 6/24/2022  EUR   74.930
Vontobel Financia   6.000 6/24/2022  EUR   50.510
Vontobel Financia   9.000 6/24/2022  EUR   44.800
Vontobel Financia  17.000 6/24/2022  EUR   36.900
Corner Banca SA    12.00012/21/2022  CHF   37.680
Corner Banca SA     8.000 6/21/2023  CHF   62.670
EFG International   8.200 6/21/2022  CHF   67.840
Corner Banca SA    12.000 6/21/2022  CHF   22.300
Landesbank Baden-   2.500 8/25/2023  EUR   67.150
Vontobel Financia   7.000 6/24/2022  EUR   71.170
Leonteq Securitie  10.00012/21/2022  USD   74.930
Vontobel Financia   5.000 6/24/2022  EUR   74.290
Vontobel Financia   7.000 6/24/2022  EUR   69.960
Vontobel Financia   7.000 6/24/2022  EUR   55.070
Raiffeisen Schwei   8.20012/21/2022  EUR   66.930
Vontobel Financia   5.500 6/24/2022  EUR   51.990
Vontobel Financia   6.000 6/24/2022  EUR   65.300
Vontobel Financia  10.000 6/24/2022  EUR   57.920
Leonteq Securitie  10.00010/31/2022  USD   37.720
Bank Julius Baer    6.750 6/22/2022  CHF   72.950
Credit Suisse AG/   8.250 9/19/2022  EUR   63.100
Vontobel Financia   9.500 6/24/2022  EUR   69.630
Vontobel Financia  11.500 6/24/2022  EUR   66.760
Vontobel Financia   7.500 6/24/2022  EUR   72.780
Vontobel Financia   8.000 6/24/2022  EUR   63.660
Vontobel Financia  10.500 6/24/2022  EUR   59.680
Vontobel Financia  15.500 6/24/2022  EUR   54.730
Vontobel Financia  14.000 6/24/2022  EUR   58.970
Vontobel Financia  15.500 6/24/2022  EUR   57.640
Vontobel Financia  19.000 6/24/2022  EUR   50.070
Vontobel Financia  12.000 6/24/2022  EUR   64.500
Vontobel Financia   7.000 6/24/2022  EUR   63.880
Vontobel Financia   8.000 6/24/2022  EUR   70.370
Vontobel Financia  17.000 6/24/2022  EUR   52.930
UniCredit Bank AG   7.650 7/18/2022  EUR   76.080
Vontobel Financia   8.500 6/24/2022  EUR   71.130
Vontobel Financia   5.500 6/24/2022  EUR   77.050
Vontobel Financia   5.000 6/24/2022  EUR   76.020
Zurcher Kantonalb   5.600 6/23/2023  USD   78.010
Vontobel Financia  19.500 6/24/2022  EUR   16.070
Vontobel Financia   9.000 6/24/2022  EUR   40.340
Vontobel Financia  16.000 6/24/2022  EUR   75.720
Bank Julius Baer    8.200 9/19/2022  USD   45.750
Leonteq Securitie   5.00012/21/2022  USD   46.790
EFG International   8.560 6/17/2022  CHF   72.470
Leonteq Securitie  11.000 7/29/2022  CHF   56.630
Leonteq Securitie  20.760 6/17/2022  CHF   17.560
Leonteq Securitie  10.000 9/21/2022  EUR   76.740
Vontobel Financia  10.500 6/24/2022  EUR   62.570
Vontobel Financia   5.500 6/24/2022  EUR   69.120
Vontobel Financia   5.000 6/24/2022  EUR   72.600
Vontobel Financia   7.500 6/24/2022  EUR   66.740
Vontobel Financia  12.500 6/24/2022  EUR   57.940
Vontobel Financia   8.000 6/24/2022  EUR   65.660
Vontobel Financia  17.500 6/24/2022  EUR   62.580
Vontobel Financia   9.500 6/24/2022  EUR   76.970
Vontobel Financia  15.750 08/03/2022 EUR   27.680
Bank Julius Baer   13.000 6/22/2022  CHF   23.400
Raiffeisen Centro   8.250 05/11/2023 EUR   71.340
Vontobel Financia   7.750 6/24/2022  EUR   61.590
Vontobel Financia  13.000 6/24/2022  EUR   57.330
VTB Bank PJSC       0.010 3/25/2026  RUB   62.090
DZ Bank AG Deutsc   5.000 6/20/2022  EUR   75.810
Goldman Sachs & C   6.000 6/21/2023  EUR   76.900
Vontobel Financia  15.000 6/24/2022  EUR   59.870
Vontobel Financia  14.000 6/24/2022  EUR   70.760
Vontobel Financia  18.000 6/24/2022  EUR   60.300
Vontobel Financia   8.500 6/24/2022  EUR   74.060
Vontobel Financia   6.500 6/24/2022  EUR   73.650
Vontobel Financia  15.000 6/24/2022  EUR   20.390
Vontobel Financia  10.000 6/24/2022  EUR   23.170
Vontobel Financia  17.500 6/24/2022  EUR   19.300
Goldman Sachs & C   7.000 6/22/2022  EUR   75.390
Goldman Sachs & C   6.000 7/20/2022  EUR   74.270
Vontobel Financia  13.000 6/24/2022  EUR   59.450
Vontobel Financia  15.000 6/24/2022  EUR   56.410
Vontobel Financia   8.500 6/24/2022  EUR   68.010
Vontobel Financia  11.000 6/24/2022  EUR   64.420
Vontobel Financia  19.500 6/24/2022  EUR   49.780
Raiffeisen Schwei   7.50012/21/2022  CHF   68.800
Raiffeisen Schwei   8.00012/21/2022  USD   72.740
Vontobel Financia   8.000 6/24/2022  EUR   61.370
Vontobel Financia   6.500 6/24/2022  EUR   43.720
Bank Julius Baer    9.250 9/19/2022  EUR   64.200
Bank Julius Baer    8.900 6/17/2022  USD   72.050
Bank Julius Baer    8.250 6/17/2022  USD   66.300
Leonteq Securitie  21.290 6/17/2022  CHF   48.700
DZ Bank AG Deutsc   5.600 6/20/2022  EUR   67.340
DZ Bank AG Deutsc   5.500 9/19/2022  EUR   75.660
DZ Bank AG Deutsc   5.600 6/20/2022  EUR   67.500
Vontobel Financia  16.500 6/24/2022  EUR   57.860
Vontobel Financia  17.500 6/24/2022  EUR   53.730
Vontobel Financia   9.500 6/24/2022  EUR   66.140
Vontobel Financia  13.500 6/24/2022  EUR   61.230
Vontobel Financia  15.000 6/24/2022  EUR   59.790
Vontobel Financia  16.500 6/24/2022  EUR   49.570
Vontobel Financia  11.000 6/24/2022  EUR   54.050
Raiffeisen Schwei  11.500 6/21/2022  CHF   42.580
Vontobel Financia  16.000 6/24/2022  EUR   39.770
Vontobel Financia   8.500 6/24/2022  EUR   47.020
Vontobel Financia  12.000 6/24/2022  EUR   43.020
Vontobel Financia  12.500 6/24/2022  EUR   54.900
Vontobel Financia   7.500 6/24/2022  EUR   41.940
Vontobel Financia  12.500 6/24/2022  EUR   37.570
Vontobel Financia  15.000 6/24/2022  EUR   76.610
Bank Julius Baer    8.450 6/17/2022  USD   53.150
Leonteq Securitie  10.52012/21/2022  USD   72.130
Leonteq Securitie  10.00010/31/2022  CHF   72.340
Landesbank Baden-   2.300 9/23/2022  EUR   76.250
Bank Julius Baer   12.000 9/19/2022  USD   63.500
Leonteq Securitie   7.000 05/03/2023 CHF   60.790
Leonteq Securitie   9.00010/31/2022  CHF   55.490
Vontobel Financia  11.500 6/24/2022  EUR   64.860
Bank Julius Baer    6.250 6/22/2022  CHF   72.000
Vontobel Financia  10.500 6/24/2022  EUR   61.840
Vontobel Financia  13.500 6/24/2022  EUR   67.560
Vontobel Financia  21.500 6/24/2022  EUR   70.960
Vontobel Financia  10.500 6/24/2022  EUR   62.840
Vontobel Financia   7.500 6/24/2022  EUR   24.970
Vontobel Financia  12.500 6/24/2022  EUR   21.670
Vontobel Financia  14.000 6/24/2022  EUR   77.150
Vontobel Financia  10.500 6/24/2022  EUR   59.500
Vontobel Financia  16.500 6/24/2022  EUR   58.410
Vontobel Financia  10.500 6/24/2022  EUR   38.880
Credit Suisse AG/   9.500 6/21/2022  USD   28.940
Nordea Bank Abp     4.750 7/20/2026  SEK   74.250
Bank Julius Baer    7.000 6/22/2022  CHF   60.700
Landesbank Baden-   3.500 6/24/2022  EUR   71.760
DZ Bank AG Deutsc  15.400 6/24/2022  EUR   46.610
DZ Bank AG Deutsc  10.800 6/24/2022  EUR   62.320
Vontobel Financia  11.000 6/24/2022  EUR   61.060
Landesbank Baden-   1.500 6/24/2022  EUR   62.180
DZ Bank AG Deutsc  13.200 6/24/2022  EUR   76.030
DZ Bank AG Deutsc  13.000 6/24/2022  EUR   60.890
Landesbank Baden-   4.050 6/24/2022  EUR   68.130
Zurcher Kantonalb  10.000 6/24/2022  CHF   62.070
Landesbank Baden-   3.350 4/28/2023  EUR   75.010
Landesbank Baden-   5.200 4/28/2023  EUR   50.940
Landesbank Baden-   3.350 4/28/2023  EUR   55.810
Landesbank Baden-   5.650 4/28/2023  EUR   77.520
Landesbank Baden-   9.500 6/24/2022  EUR   30.950
Landesbank Baden-   4.500 6/24/2022  EUR   49.600
Landesbank Baden-   3.300 4/28/2023  EUR   76.060
Landesbank Baden-   8.600 6/24/2022  EUR   32.700
Landesbank Baden-   5.100 6/24/2022  EUR   38.290
DZ Bank AG Deutsc  24.400 6/24/2022  EUR   42.630
DZ Bank AG Deutsc  20.000 6/24/2022  EUR   29.260
DZ Bank AG Deutsc  13.100 6/24/2022  EUR   73.960
DZ Bank AG Deutsc  19.500 6/24/2022  EUR   41.440
DZ Bank AG Deutsc   4.600 6/24/2022  EUR   72.850
DZ Bank AG Deutsc   6.200 6/24/2022  EUR   68.900
Landesbank Baden-   6.500 7/22/2022  EUR   74.750
Landesbank Baden-   8.250 7/22/2022  EUR   71.600
Landesbank Baden-   3.250 6/24/2022  EUR   57.750
Landesbank Baden-   5.500 6/24/2022  EUR   36.030
Vontobel Financia   3.500 07/03/2023 EUR   52.680
Landesbank Baden-   4.650 4/28/2023  EUR   71.760
Zurcher Kantonalb  10.000 6/23/2022  CHF   77.520
Vontobel Financia   8.500 7/13/2022  EUR   51.140
Vontobel Financia   9.500 6/24/2022  EUR   63.630
Vontobel Financia  15.000 6/24/2022  EUR   79.220
Vontobel Financia   8.000 6/24/2022  EUR   65.770
Vontobel Financia   6.500 6/24/2022  EUR   67.990
Vontobel Financia   7.000 6/24/2022  EUR   58.550
Vontobel Financia   8.000 6/24/2022  EUR   70.020
Vontobel Financia  12.500 6/24/2022  EUR   62.800
Nordea Bank Abp     2.00012/29/2025  SEK   68.280
Leonteq Securitie   8.000 08/12/2022 CHF   60.520
Raiffeisen Switze   7.200 2/15/2023  CHF   61.410
Leonteq Securitie  10.000 08/12/2022 CHF   66.320
Leonteq Securitie  10.000 08/12/2022 CHF   42.830
Corner Banca SA    12.000 08/12/2022 CHF   59.320
Raiffeisen Switze   8.000 08/12/2022 CHF   60.390
Vontobel Financia  20.500 8/17/2022  EUR   64.710
Dyadya Doner OOO   13.500 4/25/2023  RUB   16.000
Landesbank Baden-   3.100 8/26/2022  EUR   63.630
DZ Bank AG Deutsc  14.000 6/24/2022  EUR   51.130
DZ Bank AG Deutsc  11.300 6/24/2022  EUR   70.930
DZ Bank AG Deutsc  16.800 6/24/2022  EUR   60.830
Raiffeisen Switze   7.000 7/22/2022  CHF   64.140
DZ Bank AG Deutsc  18.400 6/24/2022  EUR   80.600
DZ Bank AG Deutsc  11.300 6/24/2022  EUR   57.610
DZ Bank AG Deutsc  15.500 6/24/2022  EUR   67.400
DZ Bank AG Deutsc  19.900 6/24/2022  EUR   55.320
DZ Bank AG Deutsc  17.600 6/24/2022  EUR   53.430
Credit Suisse AG/  15.000 6/14/2022  CHF   52.760
UBS AG/London      11.75011/28/2022  CHF   37.700
DZ Bank AG Deutsc   9.000 6/22/2022  EUR   76.060
Bank Vontobel AG    8.500 12/12/2022 EUR   66.800
Bank Vontobel AG    7.502 12/12/2022 CHF   73.900
Vontobel Financia  15.500 6/24/2022  EUR   72.010
Vontobel Financia  10.000 6/24/2022  EUR   22.300
EFG International   5.000 4/26/2023  USD   62.870
Raiffeisen Switze  10.50010/26/2022  CHF   59.130
DZ Bank AG Deutsc  16.900 6/24/2022  EUR   31.740
DZ Bank AG Deutsc  10.200 6/24/2022  EUR   69.630
DZ Bank AG Deutsc  17.400 6/24/2022  EUR   43.850
Landesbank Baden-   3.800 6/24/2022  EUR   76.310
Landesbank Baden-   1.850 6/24/2022  EUR   75.050
UBS AG/London       7.25011/28/2022  CHF   71.200
UBS AG/London       9.000 5/30/2023  CHF   64.950
Zurcher Kantonalb  10.000 02/03/2023 CHF   56.950
Bank Julius Baer    6.850 6/15/2022  CHF   71.450
Basler Kantonalba   8.00011/28/2022  CHF   72.070
DZ Bank AG Deutsc   5.300 6/20/2022  EUR   65.460
EFG International   9.800 6/21/2023  EUR   30.010
Bank Vontobel AG    5.502 06/12/2023 EUR   79.400
Raiffeisen Switze   6.75010/26/2022  CHF   59.640
EFG International  11.00011/28/2022  CHF   61.620
UBS AG/London      10.250 5/30/2023  CHF   52.350
DZ Bank AG Deutsc  23.200 6/24/2022  EUR   65.790
DZ Bank AG Deutsc  18.400 6/24/2022  EUR   25.380
Raiffeisen Switze   7.300 1/25/2023  CHF   61.240
Leonteq Securitie  11.000 6/14/2022  CHF   72.030
Leonteq Securitie  11.00012/14/2022  CHF   74.810
Leonteq Securitie  14.000 9/14/2022  EUR   34.700
Corner Banca SA    12.000 6/14/2022  CHF   71.150
Leonteq Securitie  14.000 6/14/2022  CHF   73.350
Leonteq Securitie  10.00012/14/2022  CHF   54.660
EFG International   4.750 1/29/2024  USD   49.300
Zurcher Kantonalb   6.500 06/07/2022 CHF   60.640
Leonteq Securitie  10.400 02/01/2023 USD   82.970
DZ Bank AG Deutsc   6.250 6/20/2022  EUR   75.280
VTB Bank PJSC       2.000 4/29/2026  RUB   65.530
DZ Bank AG Deutsc   7.000 6/20/2022  EUR   73.420
Landesbank Baden-   2.300 9/23/2022  EUR   72.990
DZ Bank AG Deutsc   5.000 6/22/2022  EUR   60.800
DZ Bank AG Deutsc  10.500 6/22/2022  EUR   73.670
Bank Vontobel AG    9.750 12/12/2022 CHF   68.400
Bank Vontobel AG    5.500 06/12/2023 EUR   79.000
Bank Vontobel AG    7.250 06/12/2023 CHF   78.100
Bank Vontobel AG   15.001 9/13/2022  CHF   34.800
VTB Bank PJSC       0.010 5/19/2024  RUB   61.520
Bank Vontobel AG    9.501 12/12/2022 CHF   50.600
Vontobel Financia   8.500 6/24/2022  EUR   63.990
Leonteq Securitie   8.000 7/26/2022  CHF   65.040
Vontobel Financia  16.500 6/24/2022  EUR   58.240
Vontobel Financia   7.500 6/24/2022  EUR   23.950
Vontobel Financia  15.000 6/24/2022  EUR   19.740
Vontobel Financia  12.500 6/24/2022  EUR   20.920
Vontobel Financia  17.500 6/24/2022  EUR   18.730
Raiffeisen Switze  12.00010/26/2022  CHF   38.760
Raiffeisen Switze   8.00010/26/2022  EUR   65.200
DZ Bank AG Deutsc  17.600 6/24/2022  EUR   29.370
Vontobel Financia  11.500 6/24/2022  EUR   68.610
Vontobel Financia  11.500 6/24/2022  EUR   66.000
Vontobel Financia  13.500 6/24/2022  EUR   63.950
Vontobel Financia  11.500 6/24/2022  EUR   73.630
Raiffeisen Schwei  11.00012/14/2022  CHF   71.880
Vontobel Financia  15.500 6/24/2022  EUR   64.660
Vontobel Financia  13.500 6/24/2022  EUR   57.850
Vontobel Financia   7.500 6/24/2022  EUR   68.850
Vontobel Financia  19.000 6/24/2022  EUR   75.760
Credit Suisse AG/  10.000 5/30/2022  CHF   29.620
DZ Bank AG Deutsc   7.000 6/20/2022  EUR   60.670
Raiffeisen Centro   5.750 5/19/2023  EUR   49.290
DZ Bank AG Deutsc   6.750 6/22/2022  EUR   60.900
Bank Vontobel AG    9.502 12/12/2022 CHF   50.600
SG Issuer SA        8.300 7/21/2025  SEK   50.360
Landesbank Baden-   2.000 6/24/2022  EUR   78.300
DZ Bank AG Deutsc  14.000 6/24/2022  EUR   34.560
DZ Bank AG Deutsc   8.000 6/22/2022  EUR   63.680
DZ Bank AG Deutsc  21.700 6/24/2022  EUR   39.310
UBS AG/London       7.250 07/05/2022 EUR   72.010
DZ Bank AG Deutsc  16.900 6/24/2022  EUR   54.390
DZ Bank AG Deutsc  12.000 6/24/2022  EUR   42.200
DZ Bank AG Deutsc  13.900 6/24/2022  EUR   40.020
DZ Bank AG Deutsc  15.800 6/24/2022  EUR   38.270
Landesbank Baden-   5.150 6/24/2022  EUR   65.730
Landesbank Baden-   2.650 6/24/2022  EUR   72.100
DZ Bank AG Deutsc   9.700 6/24/2022  EUR   61.610
Leonteq Securitie  11.50010/27/2022  CHF   56.820
Landesbank Baden-   2.500 6/24/2022  EUR   56.050
Landesbank Baden-   4.200 4/28/2023  EUR   77.360
Landesbank Baden-   3.200 4/28/2023  EUR   69.880
Landesbank Baden-   3.150 4/28/2023  EUR   38.770
VTB Bank PJSC       0.010 5/19/2024  RUB   60.070
Vontobel Financia  12.500 6/24/2022  EUR   40.370
Vontobel Financia  17.000 6/24/2022  EUR   36.900
Vontobel Financia  17.000 6/24/2022  EUR   75.770
Zurcher Kantonalb  20.250 6/24/2022  CHF   54.720
Zurcher Kantonalb  17.000 6/24/2022  CHF   78.940
Zurcher Kantonalb  11.200 6/30/2022  CHF   63.130
UniCredit Bank AG   4.200 8/24/2022  EUR   57.910
UBS AG/London      10.500 4/28/2023  CHF   71.400
UBS AG/London       9.50010/28/2022  CHF   59.050
Goldman Sachs & C  10.000 7/20/2022  EUR   74.400
Vontobel Financia  11.500 6/24/2022  EUR   70.470
Vontobel Financia   8.750 6/24/2022  EUR   64.590
Vontobel Financia   5.500 6/24/2022  EUR   64.940
Societe Generale    5.000 6/24/2022  EUR   74.810
Societe Generale    7.000 6/24/2022  EUR   68.900
Bank Julius Baer    9.650 7/29/2022  USD   64.850
DZ Bank AG Deutsc   4.700 6/20/2022  EUR   68.800
DZ Bank AG Deutsc   5.200 9/19/2022  EUR   68.740
DZ Bank AG Deutsc   5.700 9/19/2022  EUR   67.770
DZ Bank AG Deutsc   5.800 6/20/2022  EUR   74.230
DZ Bank AG Deutsc   4.700 6/20/2022  EUR   68.900
DZ Bank AG Deutsc   4.750 9/19/2022  EUR   77.540
DZ Bank AG Deutsc   6.250 6/20/2022  EUR   65.410
UBS AG/London       9.75011/28/2022  EUR   74.100
UBS AG/London       8.50011/28/2022  EUR   51.550
UBS AG/London      12.00011/28/2022  CHF   71.550
EFG International  10.000 7/27/2022  CHF   56.590
DZ Bank AG Deutsc   6.750 9/21/2022  EUR   73.360
DZ Bank AG Deutsc   5.000 6/22/2022  EUR   70.330
DZ Bank AG Deutsc   6.500 6/22/2022  EUR   67.550
Sberbank of Russi   0.010 4/27/2026  RUB   74.100
Vontobel Financia  13.500 6/24/2022  EUR   65.820
Vontobel Financia  12.000 6/24/2022  EUR   71.670
Vontobel Financia  19.000 6/24/2022  EUR   61.680
Zurcher Kantonalb  21.500 6/24/2022  USD   45.110
Zurcher Kantonalb   6.400 11/07/2022 USD   34.010
Vontobel Financia  10.250 6/24/2022  EUR   70.420
DZ Bank AG Deutsc   6.300 6/20/2022  EUR   66.250
DZ Bank AG Deutsc   6.500 6/20/2022  EUR   72.980
DZ Bank AG Deutsc   6.000 9/19/2022  EUR   74.540
DZ Bank AG Deutsc   8.250 9/19/2022  EUR   68.570
Vontobel Financia  13.500 6/24/2022  EUR   62.040
Vontobel Financia  12.500 6/24/2022  EUR   67.150
Vontobel Financia  10.500 6/24/2022  EUR   70.420
Vontobel Financia  16.500 6/24/2022  EUR   78.250
Vontobel Financia  16.500 6/24/2022  EUR   73.690
Vontobel Financia  16.000 6/24/2022  EUR   67.620
Vontobel Financia  17.000 6/24/2022  EUR   66.020
Leonteq Securitie  15.000 6/21/2022  CHF   18.850
Vontobel Financia  13.000 6/24/2022  EUR   40.400
Vontobel Financia   8.500 6/24/2022  EUR   73.750
Vontobel Financia   9.000 6/24/2022  EUR   66.750
Vontobel Financia  18.000 6/24/2022  EUR   76.470
Leonteq Securitie  17.000 9/21/2022  EUR   60.980
Vontobel Financia   5.500 6/24/2022  EUR   59.160
Vontobel Financia  21.500 6/24/2022  EUR   78.520
Vontobel Financia  12.000 6/24/2022  EUR   62.770
UBS AG/London      12.50012/16/2022  CHF   49.100
UBS AG/London       8.00012/16/2022  CHF   59.200
UBS AG/London      11.500 6/16/2022  CHF   66.150
Bank Vontobel AG    6.503 4/24/2023  EUR   57.300
Bank Vontobel AG    7.252 4/24/2023  CHF   63.300
Credit Suisse AG/  11.000 6/20/2022  USD   28.500
DekaBank Deutsche   1.46010/27/2022  EUR   77.510
Leonteq Securitie   5.400 7/25/2022  CHF   50.440
Vontobel Financia  19.000 6/24/2022  EUR   68.000
Vontobel Financia  14.000 6/24/2022  EUR   74.340
Vontobel Financia  13.000 6/24/2022  EUR   75.360
Vontobel Financia  16.000 6/24/2022  EUR   71.840
Vontobel Financia   9.000 6/24/2022  EUR   71.180
Vontobel Financia  15.000 6/24/2022  EUR   68.130
Vontobel Financia  16.500 6/24/2022  EUR   64.330
Leonteq Securitie  10.00012/21/2022  USD   39.880
Zurcher Kantonalb  11.000 6/24/2022  CHF   59.420
UBS AG/London      12.75010/28/2022  CHF   35.050
Vontobel Financia  13.500 6/24/2022  EUR   57.790
Vontobel Financia  16.500 6/24/2022  EUR   54.540
Vontobel Financia  16.000 6/24/2022  EUR   77.220
Vontobel Financia  12.500 6/24/2022  EUR   59.940
Vontobel Financia   7.500 6/24/2022  EUR   68.340
Vontobel Financia  13.130 8/17/2022  EUR   54.250
Vontobel Financia   9.500 6/24/2022  EUR   63.680
Vontobel Financia   9.000 6/24/2022  EUR   53.280
Vontobel Financia   4.000 6/24/2022  EUR   79.290
Credit Suisse AG/  14.000 6/16/2022  USD   63.730
Nordea Bank Abp     7.110 7/20/2023  SEK   75.120
Vontobel Financia  11.500 6/24/2022  EUR   70.490
Vontobel Financia  14.000 6/24/2022  EUR   67.250
Vontobel Financia   8.000 6/24/2022  EUR   57.840
Vontobel Financia  16.000 6/24/2022  EUR   75.110
Vontobel Financia  10.500 6/24/2022  EUR   42.440
UBS AG/London      13.500 4/29/2024  USD   39.810
Vontobel Financia  16.500 6/24/2022  EUR   71.010
Vontobel Financia  19.500 6/24/2022  EUR   67.140
Vontobel Financia   9.000 6/24/2022  EUR   74.100
Vontobel Financia   8.500 6/24/2022  EUR   44.770
Vontobel Financia  12.500 6/24/2022  EUR   76.080
Vontobel Financia   9.000 6/24/2022  EUR   75.640
Vontobel Financia  18.500 6/24/2022  EUR   65.010
EFG International   9.00010/28/2022  CHF   70.170
Raiffeisen Schwei  10.500 6/21/2022  CHF   54.570
DZ Bank AG Deutsc   7.300 6/24/2022  EUR   68.540
Landesbank Baden-   7.000 4/28/2023  EUR   36.170
Landesbank Baden-   7.250 7/22/2022  EUR   65.110
Landesbank Baden-   5.000 7/22/2022  EUR   71.320
Vontobel Financia  10.000 07/06/2022 EUR   77.350
Landesbank Baden-   5.250 4/28/2023  EUR   35.340
Landesbank Baden-   6.000 4/28/2023  EUR   71.220
Landesbank Baden-   5.700 4/28/2023  EUR   41.400
Landesbank Baden-   4.350 4/28/2023  EUR   43.500
Vontobel Financia   5.500 6/24/2022  EUR   73.860
Vontobel Financia  12.500 6/24/2022  EUR   59.620
Vontobel Financia  16.000 6/24/2022  EUR   69.320
Vontobel Financia   8.500 6/24/2022  EUR   65.900
EFG International  18.000 6/16/2022  CHF   31.120
EFG International  10.00012/16/2022  CHF   39.690
EFG International   7.210 6/16/2022  USD   38.590
Credit Suisse AG/  13.000 6/16/2022  CHF   63.950
UBS AG/London       9.000 6/16/2022  CHF   31.600
Vontobel Financia   6.000 6/24/2022  EUR   58.460
DZ Bank AG Deutsc   9.500 6/24/2022  EUR   77.910
Zurcher Kantonalb   9.800 6/17/2022  USD   45.710
Credit Suisse AG/  10.000 6/16/2022  USD   57.420
UBS AG/London      10.250 6/16/2022  CHF   29.940
UBS AG/London      11.25012/16/2022  USD   64.900
Bank Vontobel AG   12.00510/24/2022  CHF   61.500
Bank Vontobel AG    7.008 7/25/2022  CHF   54.500
Zurcher Kantonalb   6.50012/21/2022  EUR   68.740
Vontobel Financia   6.000 6/24/2022  EUR   57.710
Vontobel Financia   7.000 6/24/2022  EUR   47.430
Vontobel Financia  15.000 6/24/2022  EUR   38.560
Vontobel Financia  19.500 6/24/2022  EUR   35.430
Vontobel Financia  19.000 6/24/2022  EUR   73.230
Vontobel Financia  16.000 6/24/2022  EUR   71.300
Vontobel Financia  18.000 6/24/2022  EUR   61.310
Landesbank Baden-   3.800 4/28/2023  EUR   41.930
Landesbank Baden-   2.000 4/28/2023  EUR   73.980
Landesbank Baden-   8.000 6/24/2022  EUR   43.670
UniCredit Bank AG   4.250 07/01/2022 USD   58.470
Landesbank Baden-   3.000 4/28/2023  EUR   45.620
Vontobel Financia   6.500 6/24/2022  EUR   70.990
Vontobel Financia  15.000 6/24/2022  EUR   56.110
Vontobel Financia  17.500 6/24/2022  EUR   75.370
Vontobel Financia  12.500 6/24/2022  EUR   74.340
Vontobel Financia  21.500 6/24/2022  EUR   73.810
Vontobel Financia  14.000 6/24/2022  EUR   58.250
Vontobel Financia  11.000 6/24/2022  EUR   61.760
Vontobel Financia  15.000 6/24/2022  EUR   71.540
Vontobel Financia   6.000 6/24/2022  EUR   74.360
Vontobel Financia  10.000 6/24/2022  EUR   66.180
Leonteq Securitie   9.00012/21/2022  CHF   46.970
UBS AG/London       5.25012/16/2022  CHF   78.650
UBS AG/London       8.250 6/16/2023  CHF   67.350
Landesbank Baden-   2.500 6/24/2022  EUR   72.860
DZ Bank AG Deutsc  16.800 6/24/2022  EUR   69.950
DZ Bank AG Deutsc  19.200 6/24/2022  EUR   65.550
DZ Bank AG Deutsc  13.800 6/24/2022  EUR   73.060
DZ Bank AG Deutsc  16.700 6/24/2022  EUR   60.560
DZ Bank AG Deutsc  24.500 6/24/2022  EUR   33.490
Landesbank Baden-  10.500 6/24/2022  EUR   42.140
Landesbank Baden-   4.200 6/24/2022  EUR   51.690
Landesbank Baden-   7.150 6/24/2022  EUR   46.370
Landesbank Baden-   6.000 6/24/2022  EUR   72.320
Landesbank Baden-   4.000 6/24/2022  EUR   79.410
Landesbank Baden-   6.100 4/28/2023  EUR   77.690
Landesbank Baden-   2.500 6/24/2022  EUR   43.470
Landesbank Baden-   2.000 6/24/2022  EUR   57.650
Landesbank Baden-   2.300 4/28/2023  EUR   58.080
Vontobel Financia  11.000 6/24/2022  EUR   61.550
Vontobel Financia  14.500 6/24/2022  EUR   71.750
Vontobel Financia  20.000 6/24/2022  EUR   76.840
Vontobel Financia   8.000 6/24/2022  EUR   58.650
Vontobel Financia  14.500 6/24/2022  EUR   59.750
Leonteq Securitie  15.000 6/15/2022  CHF   21.870
Leonteq Securitie   9.000 02/01/2023 CHF   54.780
Vontobel Financia   8.500 6/24/2022  EUR   74.070
Leonteq Securitie   7.000 4/26/2023  CHF   64.610
Vontobel Financia  10.000 6/24/2022  EUR   36.720
Vontobel Financia  13.500 6/24/2022  EUR   33.340
Vontobel Financia  12.500 6/24/2022  EUR   34.390
Vontobel Financia  10.000 6/24/2022  EUR   63.470
Vontobel Financia   6.000 6/24/2022  EUR   72.510
Vontobel Financia  15.000 6/24/2022  EUR   64.000
Vontobel Financia  18.500 6/24/2022  EUR   75.440
Vontobel Financia  18.000 6/24/2022  EUR   57.390
Vontobel Financia   8.000 6/24/2022  EUR   70.610
Vontobel Financia  16.000 6/24/2022  EUR   55.020
Vontobel Financia  11.000 6/24/2022  EUR   61.040
DZ Bank AG Deutsc   5.750 9/21/2022  EUR   64.630
Sberbank of Russi   0.010 4/22/2026  RUB   66.600
Sberbank of Russi   0.010 4/23/2026  RUB   74.000
DZ Bank AG Deutsc   9.500 6/22/2022  EUR   64.850
Leonteq Securitie  18.000 7/26/2022  CHF   65.010
UBS AG/London       6.800 6/15/2026  USD   66.570
Bank Julius Baer   15.000 6/15/2022  USD   61.600
Leonteq Securitie   9.00010/26/2022  EUR   66.200
Vontobel Financia  12.500 6/24/2022  EUR   37.980
Vontobel Financia  14.500 6/24/2022  EUR   56.580
Vontobel Financia   7.500 6/24/2022  EUR   39.450
Vontobel Financia   6.500 6/24/2022  EUR   41.010
Vontobel Financia  18.500 6/24/2022  EUR   60.020
Vontobel Financia  14.500 6/24/2022  EUR   60.670
Vontobel Financia  17.500 6/24/2022  EUR   60.270
Vontobel Financia  16.000 6/24/2022  EUR   53.400
Vontobel Financia  20.500 6/24/2022  EUR   51.450
Vontobel Financia   5.500 6/24/2022  EUR   54.990
Vontobel Financia  15.000 6/24/2022  EUR   78.600
Credit Suisse AG/  11.000 6/15/2022  CHF   31.350
Vontobel Financia   7.500 6/24/2022  EUR   50.070
Vontobel Financia  11.000 6/24/2022  EUR   70.740
Vontobel Financia  18.000 6/24/2022  EUR   52.450
Vontobel Financia  21.500 6/24/2022  EUR   75.550
UniCredit Bank AG   3.000 08/03/2023 EUR   77.280
Leonteq Securitie   9.000 7/29/2022  CHF   59.020
Landesbank Baden-   3.050 9/23/2022  EUR   58.050
Vontobel Financia  16.000 6/24/2022  EUR   79.280
Vontobel Financia   7.000 6/24/2022  EUR   44.700
Vontobel Financia  15.000 6/24/2022  EUR   32.390
Vontobel Financia   8.500 6/24/2022  EUR   38.010
Vontobel Financia  15.500 6/24/2022  EUR   79.670
Vontobel Financia   8.000 6/24/2022  EUR   67.670
Vontobel Financia   9.500 6/24/2022  EUR   41.020
Vontobel Financia   7.500 6/24/2022  EUR   68.750
Vontobel Financia  11.000 6/24/2022  EUR   64.430
Vontobel Financia  14.500 6/24/2022  EUR   67.800
Leonteq Securitie  12.000 8/31/2022  CHF   58.680
Raiffeisen Schwei  10.00012/14/2022  CHF   54.650
VTB Bank PJSC       0.010 04/05/2024 RUB   60.070
Bank Vontobel AG   13.259 7/29/2022  CHF   20.800
DZ Bank AG Deutsc   8.000 6/20/2022  EUR   73.480
DZ Bank AG Deutsc   8.250 6/22/2022  EUR   71.670
DZ Bank AG Deutsc   5.500 6/22/2022  EUR   76.570
DZ Bank AG Deutsc   6.000 6/22/2022  EUR   75.320
DZ Bank AG Deutsc   5.250 9/21/2022  EUR   75.380
Zurcher Kantonalb  11.000 6/22/2022  USD   59.490
Credit Suisse AG/   8.500 09/09/2022 EUR   61.420
Sberbank of Russi   0.010 5/28/2026  RUB   65.700
DZ Bank AG Deutsc   7.000 6/22/2022  EUR   63.150
Vontobel Financia   6.500 6/24/2022  EUR   73.200
Leonteq Securitie  10.00010/26/2022  USD   25.200
Vontobel Financia  12.500 6/24/2022  EUR   59.820
Vontobel Financia   5.500 6/24/2022  EUR   42.710
Vontobel Financia  16.500 6/24/2022  EUR   31.510
Vontobel Financia  15.500 6/24/2022  EUR   35.420
Vontobel Financia  11.000 6/24/2022  EUR   35.500
DZ Bank AG Deutsc   8.500 6/22/2022  EUR   71.640
Vontobel Financia   3.750 01/03/2023 EUR   39.430
Leonteq Securitie  12.000 7/26/2022  EUR   63.720
EFG International   3.950 6/14/2022  USD   78.150
Vontobel Financia  15.500 6/24/2022  EUR   62.060
Vontobel Financia   9.500 6/24/2022  EUR   68.190
Vontobel Financia   7.000 6/24/2022  EUR   64.180
Vontobel Financia  18.000 6/24/2022  EUR   53.540
Raiffeisen Schwei   8.000 9/14/2022  EUR   66.780
Raiffeisen Schwei   8.300 9/14/2022  CHF   63.970
Vontobel Financia   9.500 6/24/2022  EUR   64.720
Vontobel Financia  20.500 6/24/2022  EUR   50.170
DZ Bank AG Deutsc   7.750 6/22/2022  EUR   65.710
DZ Bank AG Deutsc   5.250 9/21/2022  EUR   68.900
DZ Bank AG Deutsc   8.000 9/21/2022  EUR   66.790
Leonteq Securitie  11.000 9/15/2022  CHF   36.490
EFG International   5.160 6/14/2022  USD   70.260
Bank Vontobel AG    8.005 09/12/2022 SEK   65.600
Corner Banca SA    11.000 9/15/2022  CHF   40.040
Leonteq Securitie  15.000 6/15/2022  CHF   40.850
SG Issuer SA        0.263 2/20/2025  EUR   21.230
Credit Suisse AG/   6.000 8/24/2022  CHF   69.640
BNP Paribas Issua   7.980 1/20/2025  SEK   61.030
EFG International   8.620 8/24/2022  CHF   71.910
Leonteq Securitie   6.000 2/20/2023  CHF   52.490
Credit Suisse AG/   6.000 8/22/2022  CHF   69.760
Raiffeisen Schwei   5.000 8/24/2022  CHF   70.340
Raiffeisen Schwei   6.000 8/24/2022  CHF   70.380
Erste Group Bank    6.250 02/01/2026 EUR   73.030
VTB Bank PJSC       0.010 11/11/2025 RUB   48.750
VTB Bank PJSC       0.010 12/02/2025 RUB   51.010
VTB Bank PJSC       0.01011/25/2025  RUB   51.010
VTB Bank PJSC       0.01012/22/2023  RUB   71.010
Bank Vontobel AG    7.758 01/09/2023 CHF   72.900
UBS AG/London       9.500 6/30/2022  USD   70.850
UBS AG/London       8.250 07/07/2022 CHF   82.700
UBS AG/London      10.750 07/07/2022 EUR   68.450
UBS AG/London      11.250 01/09/2023 CHF   74.450
UBS AG/London      16.250 07/07/2022 CHF   31.000
UBS AG/London      16.500 6/30/2022  USD   43.200
EFG International   9.350 01/12/2023 CHF   47.710
Zurcher Kantonalb  19.000 6/30/2022  USD   26.840
Bank Vontobel AG   12.500 6/20/2022  CHF   59.600
Bank Vontobel AG   12.500 6/20/2022  CHF   59.600
Bank Vontobel AG    7.000 9/19/2022  CHF   50.700
Bank Vontobel AG    6.752 9/19/2022  CHF   64.500
Luzerner Kantonal  10.12012/23/2022  CHF   31.960
Basler Kantonalba   9.00012/23/2022  CHF   55.430
Vontobel Financia  15.500 6/24/2022  EUR   63.460
Vontobel Financia   9.000 6/24/2022  EUR   77.910
Vontobel Financia  11.000 6/24/2022  EUR   72.290
Vontobel Financia  14.500 6/24/2022  EUR   73.620
Vontobel Financia  11.500 6/24/2022  EUR   73.660
Vontobel Financia   5.000 6/24/2022  EUR   54.900
Vontobel Financia   7.000 6/24/2022  EUR   54.570
Vontobel Financia   9.500 6/24/2022  EUR   54.740
UBS AG/London       9.250 6/23/2023  USD   46.050
UBS AG/London      10.25012/23/2022  CHF   63.900
UBS AG/London      16.75012/23/2022  CHF   38.150
Societe Generale    5.750 7/22/2022  EUR   73.120
Societe Generale    8.000 7/22/2022  EUR   75.710
Societe Generale    9.000 7/22/2022  EUR   73.680
Vontobel Financia   8.250 6/24/2022  EUR   75.210
Vontobel Financia   9.500 6/24/2022  EUR   40.930
Vontobel Financia  12.000 6/24/2022  EUR   59.160
Societe Generale    6.250 7/22/2022  EUR   67.010
Societe Generale    8.250 7/22/2022  EUR   62.730
Sberbank of Russi   0.01012/17/2025  RUB   71.700
Sberbank of Russi   0.01012/17/2025  RUB   69.400
Zurcher Kantonalb   9.000 6/28/2022  CHF   66.070
Corner Banca SA    14.000 9/28/2022  CHF   55.230
Leonteq Securitie  17.000 6/28/2022  CHF   35.190
Leonteq Securitie  14.000 6/24/2022  CHF   65.470
Leonteq Securitie   8.00012/28/2022  CHF   74.660
Leonteq Securitie   6.400 6/28/2023  CHF   55.590
Vontobel Financia  10.000 6/24/2022  EUR   74.360
Vontobel Financia   7.000 6/24/2022  EUR   76.380
Leonteq Securitie  12.000 6/28/2022  CHF   18.290
Leonteq Securitie  13.000 6/28/2022  EUR   72.440
Leonteq Securitie  22.560 6/24/2022  CHF   14.590
Leonteq Securitie  17.000 6/28/2022  USD   27.940
Leonteq Securitie   9.00012/28/2022  USD   73.810
EFG International   6.00012/22/2023  USD   26.080
Raiffeisen Schwei  13.000 6/29/2022  CHF   41.190
Raiffeisen Schwei  20.000 6/29/2022  CHF   31.580
Raiffeisen Schwei  11.000 6/29/2022  CHF   52.760
Raiffeisen Schwei   7.20012/29/2022  USD   73.500
Bank Julius Baer    9.000 6/29/2022  CHF   75.550
EFG International  11.780 07/11/2022 USD   58.490
DZ Bank AG Deutsc   7.250 6/22/2022  EUR   55.900
DZ Bank AG Deutsc   6.750 9/21/2022  EUR   62.530
DZ Bank AG Deutsc  11.000 9/21/2022  EUR   63.840
DZ Bank AG Deutsc   6.500 9/21/2022  EUR   66.370
DZ Bank AG Deutsc   5.500 9/21/2022  EUR   63.070
DZ Bank AG Deutsc   6.000 9/21/2022  EUR   63.450
DZ Bank AG Deutsc   5.000 6/22/2022  EUR   69.370
DZ Bank AG Deutsc   5.000 9/21/2022  EUR   73.290
Vontobel Financia   4.150 7/18/2023  EUR   59.040
Erste Group Bank   10.750 08/02/2022 EUR   49.200
Erste Group Bank    5.500 08/02/2025 EUR   60.350
Zurcher Kantonalb   7.000 01/09/2023 CHF   76.160
Zurcher Kantonalb   8.000 07/07/2022 EUR   75.520
Leonteq Securitie   7.030 6/28/2023  CHF   63.670
UniCredit Bank AG  10.100 7/27/2022  EUR   42.300
UniCredit Bank AG   9.800 7/27/2022  EUR   59.950
UniCredit Bank AG   9.250 7/27/2022  EUR   54.710
Zurcher Kantonalb   6.500 1/13/2023  CHF   72.860
Zurcher Kantonalb  10.000 07/07/2022 CHF   73.980
Zurcher Kantonalb   5.000 1/13/2023  CHF   71.250
Zurcher Kantonalb  15.750 07/08/2022 USD   34.700
Bank Vontobel AG    6.500 6/26/2023  CHF   54.300
Bank Vontobel AG    6.502 6/26/2023  CHF   54.300
Bank Vontobel AG    8.00512/27/2022  CHF   61.400
Bank Vontobel AG    8.00512/27/2022  CHF   60.000
Bank Vontobel AG    7.00012/27/2022  CHF   59.400
Bank Vontobel AG    5.750 6/26/2023  CHF   70.000
UniCredit Bank AG   4.650 7/30/2024  EUR   78.740
UniCredit Bank AG   3.950 7/30/2024  EUR   73.760
Zurcher Kantonalb  10.400 07/08/2022 CHF   53.250
Landesbank Baden-   4.150 6/23/2023  EUR   50.230
Landesbank Baden-   2.800 6/23/2023  EUR   52.840
Landesbank Baden-   6.650 6/23/2023  EUR   75.840
Landesbank Baden-   5.150 6/23/2023  EUR   69.540
Landesbank Baden-   4.200 6/23/2023  EUR   71.910
Landesbank Baden-   3.000 6/23/2023  EUR   75.510
Landesbank Baden-   3.800 6/23/2023  EUR   42.970
Landesbank Baden-   2.600 6/23/2023  EUR   45.710
Landesbank Baden-   4.500 6/23/2023  EUR   59.880
Landesbank Baden-   3.350 6/23/2023  EUR   61.930
Landesbank Baden-   2.250 6/23/2023  EUR   65.360
Landesbank Baden-   7.300 6/23/2023  EUR   68.630
Landesbank Baden-   5.300 6/23/2023  EUR   74.050
Landesbank Baden-   5.350 6/23/2023  EUR   71.380
Landesbank Baden-   4.650 6/23/2023  EUR   73.140
Landesbank Baden-   3.400 6/23/2023  EUR   77.060
Landesbank Baden-   3.500 6/23/2023  EUR   73.710
Landesbank Baden-   2.500 6/23/2023  EUR   77.640
Landesbank Baden-   5.000 6/23/2023  EUR   41.330
Landesbank Baden-   7.250 6/23/2023  EUR   38.800
Landesbank Baden-   5.600 6/23/2023  EUR   40.200
Landesbank Baden-   2.700 6/23/2023  EUR   45.410
Landesbank Baden-   4.500 6/23/2023  EUR   74.070
Landesbank Baden-   3.650 6/23/2023  EUR   76.220
Landesbank Baden-   3.500 6/23/2023  EUR   77.710
Landesbank Baden-   2.650 6/23/2023  EUR   73.380
Basler Kantonalba  10.000 9/30/2022  CHF   74.570
EFG International  17.000 6/30/2022  CHF   36.330
EFG International  10.010 6/30/2022  EUR   31.010
UBS AG/London       9.900 07/01/2024 EUR   50.400
Raiffeisen Centro  11.750 08/04/2023 EUR   53.350
Vontobel Financia  20.000 6/24/2022  EUR   56.930
GVC George's Vent   2.50012/18/2030  HUF   73.280
Leonteq Securitie   8.000 6/28/2023  CHF   65.350
Leonteq Securitie  16.000 6/28/2022  CHF   22.490
Leonteq Securitie  18.000 9/28/2022  CHF   55.240
Corner Banca SA    17.000 6/28/2022  EUR   58.380
Leonteq Securitie  14.00012/28/2022  CHF   35.170
Raiffeisen Schwei  12.000 6/29/2022  CHF   65.020
Raiffeisen Schwei  10.000 6/29/2022  CHF   52.630
DZ Bank AG Deutsc  10.750 9/21/2022  EUR   57.900
DZ Bank AG Deutsc   8.500 9/21/2022  EUR   55.830
DZ Bank AG Deutsc   9.000 9/21/2022  EUR   63.230
SG Issuer SA        4.950 01/10/2025 EUR   77.500
DZ Bank AG Deutsc   5.750 6/22/2022  EUR   61.230
DZ Bank AG Deutsc   5.250 6/22/2022  EUR   68.080
DZ Bank AG Deutsc   6.000 6/22/2022  EUR   75.300
DekaBank Deutsche   1.000 1/20/2025  EUR   40.360
DZ Bank AG Deutsc   6.000 6/22/2022  EUR   72.240
Vontobel Financia   9.40012/30/2022  CHF   34.160
Sberbank of Russi   0.01012/17/2025  RUB   70.600
UBS AG/London      13.000 6/23/2022  CHF   35.450
UBS AG/London       6.25012/23/2022  CHF   39.500
UBS AG/London       8.750 6/23/2022  CHF   35.150
Leonteq Securitie  12.000 6/28/2022  CHF   64.460
EFG International   4.90012/28/2023  USD   51.860
EFG International   7.00012/29/2022  USD    6.780
Sberbank of Russi   0.01012/22/2025  RUB   69.300
Eltex Kft           3.50012/21/2028  HUF   72.250
Vontobel Financia   6.500 6/24/2022  EUR   70.990
Vontobel Financia  12.000 6/24/2022  EUR   61.940
Vontobel Financia   8.500 6/24/2022  EUR   67.030
Vontobel Financia  13.000 6/24/2022  EUR   60.420
Vontobel Financia   9.500 6/24/2022  EUR   65.220
Vontobel Financia   7.500 6/24/2022  EUR   68.950
Vontobel Financia  11.000 6/24/2022  EUR   63.550
Vontobel Financia  20.000 6/24/2022  EUR   73.620
Vontobel Financia  11.000 6/24/2022  EUR   61.040
Vontobel Financia  18.000 6/24/2022  EUR   52.990
Vontobel Financia   6.000 6/24/2022  EUR   71.180
Vontobel Financia  12.500 6/24/2022  EUR   62.470
TMK PJSC            7.350 2/28/2025  RUB   60.120
Vontobel Financia   5.500 09/09/2022 EUR   77.490
Zurcher Kantonalb   8.000 6/30/2022  CHF   61.020
Zurcher Kantonalb  18.000 6/30/2022  CHF   26.630
Bank Vontobel AG    6.50012/19/2022  CHF   74.500
Bank Vontobel AG   14.00012/19/2022  CHF   21.200
Bank Vontobel AG   12.500 9/19/2022  CHF   46.800
Bank Vontobel AG   14.000 9/19/2022  CHF   30.700
Bank Vontobel AG   10.00012/19/2022  CHF   69.900
HSBC Trinkaus & B   7.000 12/08/2022 EUR   70.810
DZ Bank AG Deutsc   7.75012/23/2022  EUR   46.340
DZ Bank AG Deutsc   7.300 6/24/2022  EUR   48.680
DZ Bank AG Deutsc   9.250 6/24/2022  EUR   42.690
DZ Bank AG Deutsc   6.10012/23/2022  EUR   51.340
Landesbank Baden-   4.200 7/22/2022  EUR   76.320
Bank Julius Baer    7.450 9/26/2022  USD   55.950
Bank Julius Baer    8.400 9/26/2022  USD   64.500
Bank Julius Baer    8.550 6/24/2022  USD   65.250
Sberbank of Russi   0.010 11/05/2025 RUB   71.000
UBS AG/London      10.000 07/08/2022 CHF   63.350
UBS AG/London       5.900 6/23/2022  EUR   77.350
UniCredit Bank AG   4.750 7/22/2024  EUR   73.050
Vontobel Financia  13.500 6/24/2022  EUR   59.820
Vontobel Financia  11.500 6/24/2022  EUR   76.190
Vontobel Financia  17.000 6/24/2022  EUR   54.110
Vontobel Financia   6.000 6/24/2022  EUR   76.290
Vontobel Financia  15.500 6/24/2022  EUR   61.750
Vontobel Financia  17.500 6/24/2022  EUR   59.540
Vontobel Financia   9.000 6/24/2022  EUR   76.220
Vontobel Financia  10.500 6/24/2022  EUR   74.860
Vontobel Financia  15.000 6/24/2022  EUR   67.550
Vontobel Financia  17.500 6/24/2022  EUR   64.470
Vontobel Financia  18.500 6/24/2022  EUR   63.030
Vontobel Financia  11.500 6/24/2022  EUR   70.970
DZ Bank AG Deutsc  14.750 7/20/2022  EUR   55.230
Vontobel Financia  12.000 6/24/2022  EUR   59.340
Vontobel Financia  15.000 6/24/2022  EUR   54.950
Vontobel Financia  19.000 6/24/2022  EUR   53.060
Vontobel Financia  11.500 6/24/2022  EUR   66.100
Vontobel Financia   9.000 6/24/2022  EUR   66.490
Vontobel Financia  16.500 6/24/2022  EUR   59.000
Basler Kantonalba  12.00012/23/2022  CHF   68.740
EFG International  17.000 6/23/2022  CHF   36.280
EFG International  16.000 6/23/2022  USD   46.810
Vontobel Financia  11.000 6/24/2022  EUR   68.360
Vontobel Financia   7.000 6/24/2022  EUR   74.250
Vontobel Financia   8.500 6/24/2022  EUR   76.110
Credit Suisse AG/  14.500 6/23/2022  CHF   55.820
UBS AG/London       9.75012/23/2022  CHF   52.000
UBS AG/London       8.250 6/23/2022  CHF   27.300
UBS AG/London       8.000 6/23/2022  USD   38.600
UBS AG/London       7.750 6/23/2023  CHF   73.200
Vontobel Financia  16.000 6/24/2022  EUR   70.900
Vontobel Financia  13.500 6/24/2022  EUR   73.420
Vontobel Financia  13.500 6/24/2022  EUR   57.660
Vontobel Financia  13.500 6/24/2022  EUR   64.150
Vontobel Financia  19.500 6/24/2022  EUR   57.510
Vontobel Financia   6.500 6/24/2022  EUR   65.860
Vontobel Financia   5.500 6/24/2022  EUR   68.260
Vontobel Financia   9.500 6/24/2022  EUR   61.620
Vontobel Financia  14.000 6/24/2022  EUR   56.280
Vontobel Financia  17.000 6/24/2022  EUR   53.270
Vontobel Financia  18.500 6/24/2022  EUR   77.210
Vontobel Financia  14.500 6/24/2022  EUR   66.480
Vontobel Financia  11.500 6/24/2022  EUR   72.870
Vontobel Financia  12.500 6/24/2022  EUR   70.990
Vontobel Financia  14.000 6/24/2022  EUR   69.240
Vontobel Financia  16.500 6/24/2022  EUR   65.990
DZ Bank AG Deutsc  11.250 7/20/2022  EUR   35.260
Vontobel Financia   5.500 6/24/2022  EUR   69.570
Leonteq Securitie   4.000 08/10/2022 CHF   54.900
Credit Suisse AG/   8.000 08/03/2022 CHF   31.390
Bank Julius Baer   15.000 6/22/2022  CHF   55.800
Vontobel Financia   7.500 6/24/2022  EUR   68.850
Vontobel Financia  16.500 6/24/2022  EUR   54.420
SG Issuer SA        7.740 7/20/2025  SEK   48.270
UBS AG/London       5.520 4/29/2041  USD   56.167
Corner Banca SA    10.200 6/22/2022  CHF   88.030
UniCredit Bank AG   7.650 7/18/2022  EUR   33.650
Leonteq Securitie  21.350 6/22/2022  CHF   56.530
Leonteq Securitie  22.790 6/22/2022  CHF   20.370
Vontobel Financia  16.500 6/24/2022  EUR   77.260
Bank Vontobel AG    8.00012/19/2022  EUR   59.300
Bank Julius Baer    9.000 11/07/2022 USD   58.650
DZ Bank AG Deutsc   4.70012/19/2022  EUR   70.060
DZ Bank AG Deutsc   6.500 9/19/2022  EUR   75.820
DZ Bank AG Deutsc   7.25012/19/2022  EUR   74.950
Societe Generale   18.000 5/31/2024  USD   30.850
DZ Bank AG Deutsc   5.20012/19/2022  EUR   69.210
Credit Suisse AG/  10.000 06/07/2022 CHF   31.050
UniCredit Bank AG   4.250 9/14/2022  EUR   69.790
DZ Bank AG Deutsc   3.050 7/22/2022  EUR   70.900
DZ Bank AG Deutsc   5.000 9/19/2022  EUR   68.980
DZ Bank AG Deutsc   6.250 9/19/2022  EUR   66.510
Zurcher Kantonalb   9.500 6/15/2022  EUR   69.400
Bank Vontobel AG   13.50410/31/2022  USD   73.300
UBS AG/London      13.000 05/06/2024 USD   39.870
Credit Suisse AG/  11.500 06/01/2022 EUR   50.600
EFG International   4.90011/24/2023  USD   53.480
Vontobel Financia  21.000 6/24/2022  EUR   39.530
Vontobel Financia   8.750 9/23/2022  EUR   38.550
UBS AG/London      12.750 11/07/2022 USD   36.850
UBS AG/London      12.750 11/07/2022 CHF   71.200
UBS AG/London      11.000 05/05/2023 CHF   74.850
UBS AG/London      19.250 11/07/2022 CHF   71.400
Landesbank Baden-   2.700 9/22/2023  EUR   69.570
Leonteq Securitie  21.520 07/01/2022 CHF   14.920
Bank Julius Baer    8.650 08/05/2022 USD   66.400
Leonteq Securitie   6.000 07/05/2023 CHF   62.340
Leonteq Securitie  25.460 07/01/2022 CHF   21.470
Zurcher Kantonalb   6.500 8/16/2022  CHF   65.430
Zurcher Kantonalb  22.000 8/16/2022  CHF   67.320
Sberbank of Russi   0.010 05/10/2028 RUB   65.900
Sberbank of Russi   0.010 05/07/2026 RUB   71.500
Zurcher Kantonalb  21.500 8/16/2022  USD   46.410
DZ Bank AG Deutsc   7.000 9/19/2022  EUR   72.330
Bank Vontobel AG    9.500 02/06/2023 CHF   63.900
Bank Vontobel AG   10.000 02/06/2023 CHF   76.700
Bank Vontobel AG   11.000 02/06/2023 CHF   42.900
UniCredit Bank AG   8.000 6/23/2022  EUR   66.110
DZ Bank AG Deutsc   5.500 6/20/2022  EUR   68.840
DZ Bank AG Deutsc   4.900 9/19/2022  EUR   70.150
DZ Bank AG Deutsc   6.800 6/20/2022  EUR   75.910
DZ Bank AG Deutsc   4.900 6/20/2022  EUR   72.190
DZ Bank AG Deutsc   9.000 6/22/2022  EUR   71.710
DZ Bank AG Deutsc   7.250 9/21/2022  EUR   73.520
Vontobel Financia  15.500 6/24/2022  EUR   61.370
Vontobel Financia  14.000 6/24/2022  EUR   65.020
Leonteq Securitie   8.000 11/07/2022 CHF   64.840
UniCredit Bank AG   4.200 9/21/2022  EUR   44.250
Sberbank of Russi   0.01011/25/2025  RUB   74.000
Vontobel Financia  12.500 9/23/2022  EUR   64.670
Corner Banca SA    16.000 07/06/2022 CHF   59.290
Vontobel Financia   3.000 9/23/2022  EUR   79.530
Leonteq Securitie  10.000 01/05/2023 CHF   64.220
Bank Julius Baer   11.000 01/04/2023 CHF   63.450
Vontobel Financia  16.500 6/24/2022  EUR   51.000
Bank Julius Baer    5.250 08/10/2022 CHF   72.350
Leonteq Securitie  10.000 10/05/2022 CHF   74.400
Leonteq Securitie  14.000 10/05/2022 CHF   61.600
Vontobel Financia  15.500 6/24/2022  EUR   73.620
Vontobel Financia  15.500 9/23/2022  EUR   68.440
Vontobel Financia   7.700 08/02/2022 CHF   32.850
Raiffeisen Schwei  10.250 02/06/2023 CHF   57.410
Raiffeisen Schwei   9.500 02/06/2023 USD   43.630
Zurcher Kantonalb  29.000 8/17/2022  CHF   55.390
Luzerner Kantonal  13.700 9/29/2022  EUR   59.560
Corner Banca SA    12.000 01/05/2023 EUR   76.290
Leonteq Securitie  18.000 10/06/2022 CHF   49.950
Zurcher Kantonalb  30.000 8/17/2022  USD   41.020
Vontobel Financia  13.500 6/24/2022  EUR   63.360
Vontobel Financia   7.500 6/24/2022  EUR   63.910
Vontobel Financia  16.500 9/23/2022  EUR   61.880
Vontobel Financia   8.500 6/24/2022  EUR   73.790
Vontobel Financia  11.000 6/24/2022  EUR   66.240
Vontobel Financia   9.000 9/23/2022  EUR   68.720
Vontobel Financia  11.500 9/23/2022  EUR   65.990
Vontobel Financia  14.000 9/23/2022  EUR   63.580
Leonteq Securitie  18.000 07/06/2022 CHF   55.280
Leonteq Securitie   7.000 11/07/2022 CHF   68.440
DZ Bank AG Deutsc   5.500 9/21/2022  EUR   77.970
Vontobel Financia  11.000 6/24/2022  EUR   69.090
Vontobel Financia  11.000 9/23/2022  EUR   78.790
Leonteq Securitie  11.000 08/10/2022 CHF   49.070
Erste Group Bank    1.70011/30/2027  RON   74.250
Leonteq Securitie  14.880 08/09/2022 CHF   59.230
Zurcher Kantonalb   8.500 11/10/2022 EUR   66.330
Vontobel Financia  10.000 9/23/2022  EUR   70.760
Vontobel Financia   6.000 9/23/2022  EUR   73.750
Vontobel Financia  10.500 9/23/2022  EUR   67.390
DZ Bank AG Deutsc   6.000 8/24/2022  EUR   75.900
DZ Bank AG Deutsc  10.250 8/24/2022  EUR   31.850
Vontobel Financia  20.000 6/24/2022  EUR   58.290
DZ Bank AG Deutsc  12.250 6/22/2022  EUR   72.620
DZ Bank AG Deutsc   9.500 9/21/2022  EUR   74.690
Vontobel Financia  16.500 6/24/2022  EUR   61.410
Vontobel Financia  12.500 9/23/2022  EUR   76.920
Vontobel Financia  14.000 9/23/2022  EUR   75.150
DZ Bank AG Deutsc  10.000 6/24/2022  EUR   31.960
DZ Bank AG Deutsc  10.00012/23/2022  EUR   34.530
Vontobel Financia  24.000 6/24/2022  EUR   44.540
Vontobel Financia   8.000 9/23/2022  EUR   76.880
Vontobel Financia   8.000 6/24/2022  EUR   75.350
Vontobel Financia   8.000 9/23/2022  EUR   74.600
Vontobel Financia  12.000 9/23/2022  EUR   67.360
Vontobel Financia  14.000 9/23/2022  EUR   64.360
Vontobel Financia  19.000 9/23/2022  EUR   59.720
Vontobel Financia  13.500 6/24/2022  EUR   70.910
Vontobel Financia   5.000 9/23/2022  EUR   75.620
Vontobel Financia   5.500 6/24/2022  EUR   74.330
Vontobel Financia   8.000 6/24/2022  EUR   70.020
Vontobel Financia  14.000 6/24/2022  EUR   62.900
Vontobel Financia   7.000 9/23/2022  EUR   71.980
Vontobel Financia   8.000 9/23/2022  EUR   70.300
Sberbank of Russi   0.01011/26/2025  RUB   69.800
Raiffeisen Schwei  10.000 02/06/2023 EUR   32.550
Zurcher Kantonalb   8.500 11/10/2022 CHF   66.130
DZ Bank AG Deutsc   7.50012/23/2022  EUR   37.600
Vontobel Financia  18.500 9/23/2022  EUR   46.640
Vontobel Financia  11.500 9/23/2022  EUR   73.430
Vontobel Financia   6.500 6/24/2022  EUR   72.090
Vontobel Financia   9.500 6/24/2022  EUR   68.080
Vontobel Financia  13.500 6/24/2022  EUR   75.910
Vontobel Financia   4.000 9/23/2022  EUR   77.560
Vontobel Financia   3.500 6/24/2022  EUR   79.250
Vontobel Financia  12.500 6/24/2022  EUR   64.520
Vontobel Financia   5.000 9/23/2022  EUR   62.830
Vontobel Financia  11.500 6/24/2022  EUR   78.360
Vontobel Financia  24.000 6/24/2022  EUR   80.060
Raiffeisen Schwei  12.000 11/09/2022 CHF   40.800
Leonteq Securitie  10.000 11/07/2022 CHF   62.680
DZ Bank AG Deutsc   7.250 6/22/2022  EUR   76.670
DZ Bank AG Deutsc  15.500 8/24/2022  EUR   28.810
DZ Bank AG Deutsc   5.250 8/24/2022  EUR   68.470
DZ Bank AG Deutsc  12.500 9/21/2022  EUR   77.430
Leonteq Securitie  11.200 11/07/2022 CHF   76.780
DZ Bank AG Deutsc  10.000 8/24/2022  EUR   70.340
DZ Bank AG Deutsc   9.500 8/24/2022  EUR   73.530
Bank Vontobel AG    9.00610/31/2022  CHF   23.500
Bank Vontobel AG   17.500 06/02/2022 CHF   42.700
Vontobel Financia   6.250 6/24/2022  EUR   75.090
Vontobel Financia  10.000 6/24/2022  EUR   49.440
Vontobel Financia  16.000 6/24/2022  EUR   26.070
DZ Bank AG Deutsc   7.000 6/20/2022  EUR   70.680
DZ Bank AG Deutsc   9.500 6/20/2022  EUR   61.550
DZ Bank AG Deutsc   7.250 6/20/2022  EUR   75.030
Bank Vontobel AG   12.000 02/06/2023 EUR   36.000
Bank Vontobel AG    8.500 02/06/2023 EUR   70.300
DZ Bank AG Deutsc   4.800 6/20/2022  EUR   70.310
Leonteq Securitie  14.000 06/08/2022 CHF   37.210
Leonteq Securitie   6.700 11/04/2022 USD   54.180
UBS AG/London      12.750 11/07/2022 CHF   69.800
Vontobel Financia  12.500 9/23/2022  EUR   67.020
Vontobel Financia  14.000 6/24/2022  EUR   79.570
Vontobel Financia  15.500 6/24/2022  EUR   77.630
Vontobel Financia  13.500 9/23/2022  EUR   53.220
Vontobel Financia  10.500 6/24/2022  EUR   54.760
Vontobel Financia  13.000 6/24/2022  EUR   52.080
Vontobel Financia  16.000 6/24/2022  EUR   49.720
Vontobel Financia  11.500 9/23/2022  EUR   38.600
Vontobel Financia  13.000 9/23/2022  EUR   37.860
Vontobel Financia  12.000 6/24/2022  EUR   36.850
Societe Generale    5.600 09/04/2023 EUR   43.180
Zurcher Kantonalb  18.000 8/16/2022  USD   45.660
Zurcher Kantonalb  10.000 8/16/2022  USD   57.510
Raiffeisen Switze   4.000 8/30/2022  CHF   31.510
EFG International  13.000 11/07/2022 CHF   64.890
Vontobel Financia   9.500 6/24/2022  EUR   65.890
Vontobel Financia  11.750 6/24/2022  EUR   77.410
Vontobel Financia   5.500 6/24/2022  EUR   59.930
Vontobel Financia  13.000 6/24/2022  EUR   79.490
Landesbank Baden-   3.000 9/23/2022  EUR   53.590
Leonteq Securitie  11.00011/24/2022  CHF   78.480
Leonteq Securitie  13.000 08/09/2022 CHF   68.760
Credit Suisse AG/   8.000 11/07/2022 USD   69.430
UBS AG/London       9.500 11/07/2022 CHF   64.300
UBS AG/London      10.250 11/07/2022 CHF   56.850
UBS AG/London      14.500 11/07/2022 CHF   29.660
Sberbank of Russi   0.010 05/06/2026 RUB   70.200
Vontobel Financia  11.250 6/24/2022  EUR   76.190
Vontobel Financia   9.750 6/24/2022  EUR   29.980
Landesbank Baden-   2.300 9/23/2022  EUR   75.540
Vontobel Financia  11.500 6/24/2022  EUR   74.120
Vontobel Financia  14.500 9/23/2022  EUR   78.120
Vontobel Financia  11.000 9/23/2022  EUR   55.020
Vontobel Financia  12.000 6/24/2022  EUR   49.700
Vontobel Financia   4.000 9/23/2022  EUR   45.840
Vontobel Financia  14.500 9/23/2022  EUR   37.200
Vontobel Financia  16.000 6/24/2022  EUR   34.630
Vontobel Financia  14.000 6/24/2022  EUR   35.700
Luzerner Kantonal   6.000 05/10/2023 CHF   64.600
Leonteq Securitie  11.000 11/07/2022 CHF   71.590
UniCredit Bank AG   3.750 9/14/2022  EUR   51.870
DZ Bank AG Deutsc   5.000 9/19/2022  EUR   62.560
Zurcher Kantonalb   6.000 2/13/2023  CHF   79.730
UBS AG/London      10.500 11/07/2022 CHF   56.900
Leonteq Securitie  12.000 11/09/2022 CHF   57.940
Zurcher Kantonalb  20.250 8/16/2022  CHF   56.140
Bank Vontobel AG   10.000 02/06/2023 CHF   28.100
Bank Vontobel AG    7.500 02/06/2023 CHF   72.400
DZ Bank AG Deutsc   5.400 9/19/2022  EUR   69.180
Zurcher Kantonalb   7.500 8/16/2022  USD   65.480
Bank Julius Baer   10.200 5/30/2023  EUR    9.950
EFG International   7.700 06/01/2023 USD   72.980
Raiffeisen Schwei  10.000 1/16/2023  CHF   55.880
Raiffeisen Schwei   8.500 1/16/2023  CHF   66.970
Societe Generale   19.500 6/24/2022  EUR   71.470
Bank Julius Baer    7.30010/24/2022  USD   64.800
Leonteq Securitie  13.00011/17/2022  USD   44.150
Corner Banca SA    11.00011/17/2022  EUR   63.550
Leonteq Securitie   9.00011/17/2022  CHF   58.330
Leonteq Securitie   8.000 5/17/2023  CHF   71.720
Corner Banca SA    11.00011/17/2022  USD   66.190
Leonteq Securitie  10.000 8/17/2022  CHF   32.250
Vontobel Financia   5.500 6/24/2022  EUR   58.670
Vontobel Financia   6.000 6/24/2022  EUR   68.700
Vontobel Financia   8.750 6/24/2022  EUR   65.380
Vontobel Financia   5.250 6/24/2022  EUR   69.480
Vontobel Financia  11.750 6/24/2022  EUR   44.040
Vontobel Financia  14.750 6/24/2022  EUR   50.990
Vontobel Financia  11.750 6/24/2022  EUR   62.050
Vontobel Financia  12.000 6/24/2022  EUR   46.000
Vontobel Financia  14.250 6/24/2022  EUR   68.580
Leonteq Securitie  10.00011/17/2022  USD   71.400
Leonteq Securitie   8.50011/14/2022  EUR   71.770
Leonteq Securitie   8.50011/17/2022  CHF   71.330
Vontobel Financia  14.500 6/24/2022  EUR   57.920
Vontobel Financia  10.000 6/24/2022  EUR   64.750
Vontobel Financia  21.000 6/24/2022  EUR   50.210
Vontobel Financia  19.000 6/24/2022  EUR   52.520
Vontobel Financia   6.500 6/24/2022  EUR   73.650
Vontobel Financia  11.000 6/24/2022  EUR   74.430
Vontobel Financia  15.000 6/24/2022  EUR   60.960
Vontobel Financia  16.500 6/24/2022  EUR   61.060
Raiffeisen Schwei  12.000 8/17/2022  CHF   56.380
Raiffeisen Schwei   5.500 5/17/2023  CHF   76.760
Raiffeisen Schwei   6.50011/17/2023  CHF   65.950
Vontobel Financia  15.500 6/24/2022  EUR   67.700
Vontobel Financia  20.500 6/24/2022  EUR   76.640
Leonteq Securitie  16.000 06/01/2022 USD   16.970
Corner Banca SA    15.000 8/31/2022  EUR   35.200
Leonteq Securitie  15.000 8/31/2022  CHF   57.510
DZ Bank AG Deutsc   5.250 6/22/2022  EUR   72.180
DZ Bank AG Deutsc   7.500 6/22/2022  EUR   63.180
DZ Bank AG Deutsc   6.500 6/22/2022  EUR   74.070
DZ Bank AG Deutsc   6.000 6/22/2022  EUR   76.130
DZ Bank AG Deutsc   5.250 9/21/2022  EUR   76.460
DZ Bank AG Deutsc   8.500 6/22/2022  EUR   73.210
Leonteq Securitie  11.000 06/01/2022 CHF   45.640
Leonteq Securitie   9.000 8/31/2022  CHF   74.470
UBS AG/London       5.250 5/19/2023  CHF   74.600
Leonteq Securitie   6.20011/28/2023  EUR   75.460
Bank Julius Baer    9.000 09/01/2022 CHF   71.850
Bank Julius Baer    8.000 09/01/2022 CHF   65.950
Zurcher Kantonalb  10.000 06/08/2022 USD   32.670
Zurcher Kantonalb  11.600 06/02/2022 USD   74.060
Technoleasing LLC  10.750 4/16/2026  RUB   73.660
Vontobel Financia   9.500 6/24/2022  EUR   76.530
Vontobel Financia   7.500 6/24/2022  EUR   67.060
Vontobel Financia  11.500 6/24/2022  EUR   67.820
UniCredit Bank AG  12.000 6/16/2022  EUR   29.310
Societe Generale   11.250 6/24/2022  EUR   37.070
Societe Generale   13.250 6/24/2022  EUR   34.500
Societe Generale   15.250 6/24/2022  EUR   32.420
Vontobel Financia  14.750 6/24/2022  EUR   69.230
Vontobel Financia  14.250 6/24/2022  EUR   30.720
Societe Generale    7.250 6/24/2022  EUR   76.620
Societe Generale   11.250 6/24/2022  EUR   67.220
Societe Generale    7.000 6/24/2022  EUR   75.590
Societe Generale    9.000 6/24/2022  EUR   71.770
Bank Vontobel AG    9.25611/14/2022  CHF   68.500
Bank Vontobel AG    9.00311/14/2022  CHF   55.200
Societe Generale   10.000 6/24/2022  EUR   74.430
Societe Generale   11.000 6/24/2022  EUR   72.380
Societe Generale   12.000 6/24/2022  EUR   70.560
Societe Generale    8.500 6/24/2022  EUR   74.680
Societe Generale    9.500 6/24/2022  EUR   72.870
Societe Generale   10.500 6/24/2022  EUR   72.900
Societe Generale    9.000 6/24/2022  EUR   76.660
Vontobel Financia  17.000 6/24/2022  EUR   35.250
Societe Generale    5.250 6/24/2022  EUR   51.530
Societe Generale    9.250 6/24/2022  EUR   40.340
Societe Generale    8.250 6/24/2022  EUR   69.110
Societe Generale   10.250 6/24/2022  EUR   64.810
Societe Generale   12.250 6/24/2022  EUR   61.290
Societe Generale    4.500 6/24/2022  EUR   69.830
Societe Generale    6.500 6/24/2022  EUR   64.140
Societe Generale    8.500 6/24/2022  EUR   59.990
Societe Generale    9.000 6/24/2022  EUR   77.650
Landesbank Baden-   4.100 6/27/2025  EUR   77.310
DZ Bank AG Deutsc   6.500 9/21/2022  EUR   73.180
Raiffeisen Centro   6.500 06/09/2023 EUR   63.220
DZ Bank AG Deutsc  10.250 6/22/2022  EUR   65.440
DZ Bank AG Deutsc  11.000 6/22/2022  EUR   65.080
Raiffeisen Schwei   5.400 8/17/2022  CHF   72.320
Leonteq Securitie   6.000 8/17/2022  CHF   72.750
EFG International   6.200 2/20/2023  CHF   75.260
Raiffeisen Schwei   4.600 2/20/2023  CHF   72.590
Leonteq Securitie  26.460 08/09/2022 CHF   28.430
Bank Julius Baer   13.150 08/10/2022 CHF   68.450
Basler Kantonalba   5.500 02/09/2023 CHF   70.750
DZ Bank AG Deutsc  15.000 8/24/2022  EUR   51.550
Bank Julius Baer    9.000 07/01/2022 USD   42.850
DZ Bank AG Deutsc   9.750 8/24/2022  EUR   58.130
DZ Bank AG Deutsc   6.000 6/22/2022  EUR   75.960
Leonteq Securitie  14.000 08/10/2022 CHF   65.970
Bank Julius Baer    7.600 07/01/2022 EUR   69.500
DZ Bank AG Deutsc   5.500 6/22/2022  EUR   68.100
Leonteq Securitie  10.000 08/10/2022 CHF   68.110
DZ Bank AG Deutsc   8.250 8/24/2022  EUR   64.390
Bank Vontobel AG   10.000 08/08/2022 CHF   19.100
Bank Vontobel AG   11.000 02/06/2023 EUR   32.400
DZ Bank AG Deutsc   5.800 6/20/2022  EUR   76.480
DZ Bank AG Deutsc   6.200 6/20/2022  EUR   67.750
Zurcher Kantonalb  10.000 06/02/2022 CHF   59.490
EFG International   8.160 2/26/2025  EUR   68.740
Leonteq Securitie   6.800 2/20/2023  CHF   65.500
Raiffeisen Schwei   4.500 2/21/2023  CHF   71.930
Danske Bank A/S     9.430 07/09/2024 SEK   63.150
EFG International   8.00011/21/2022  CHF   69.560
Raiffeisen Centro   7.500 07/07/2023 EUR   46.690
Landesbank Baden-   2.050 6/24/2022  EUR   72.830
Zurcher Kantonalb  15.750 06/03/2022 USD   49.390
Landesbank Baden-   2.00011/25/2022  EUR   63.000
Landesbank Baden-   6.10011/25/2022  EUR   75.050
Landesbank Baden-   3.80011/25/2022  EUR   70.520
DZ Bank AG Deutsc  15.500 6/24/2022  EUR   61.950
Landesbank Baden-   4.60011/25/2022  EUR   68.790
Landesbank Baden-   7.85011/25/2022  EUR   74.990
Landesbank Baden-   5.90011/25/2022  EUR   48.820
Sberbank of Russi   0.010 06/03/2026 RUB   72.700
EFG International  24.000 06/07/2022 USD   28.600
Zurcher Kantonalb  22.750 06/10/2022 USD   41.900
Leonteq Securitie   9.000 01/12/2023 USD   43.150
EFG International  13.000 01/05/2023 CHF   74.260
Vontobel Financia  13.000 6/24/2022  EUR   71.730
Vontobel Financia   8.000 6/24/2022  EUR   40.490
Vontobel Financia   9.500 6/24/2022  EUR   38.960
Vontobel Financia  14.500 6/24/2022  EUR   35.100
Leonteq Securitie  22.130 07/08/2022 CHF   27.300
EFG International   8.700 7/13/2023  EUR   27.240
DZ Bank AG Deutsc  17.000 6/24/2022  EUR   63.870
DZ Bank AG Deutsc   6.700 6/24/2022  EUR   67.950
DZ Bank AG Deutsc  11.600 6/24/2022  EUR   47.090
DZ Bank AG Deutsc  10.100 6/24/2022  EUR   76.130
DZ Bank AG Deutsc  12.000 6/24/2022  EUR   72.630
DZ Bank AG Deutsc  14.100 6/24/2022  EUR   69.580
DZ Bank AG Deutsc  15.200 6/24/2022  EUR   67.990
DZ Bank AG Deutsc  17.400 6/24/2022  EUR   65.400
DZ Bank AG Deutsc  17.200 6/24/2022  EUR   46.240
UniCredit Bank AG   6.300 8/18/2022  EUR   73.920
Vontobel Financia  15.000 9/23/2022  EUR   71.730
Vontobel Financia  10.500 9/23/2022  EUR   72.870
Vontobel Financia  10.500 6/24/2022  EUR   74.200
Vontobel Financia   5.500 9/23/2022  EUR   43.340
Vontobel Financia  15.000 9/23/2022  EUR   35.890
Vontobel Financia  13.000 9/23/2022  EUR   53.690
Zurcher Kantonalb  10.250 7/22/2022  CHF   75.210
Zurcher Kantonalb   9.500 7/22/2022  CHF   73.840
Vontobel Financia  11.500 9/23/2022  EUR   72.430
Vontobel Financia  14.500 6/24/2022  EUR   71.190
Vontobel Financia   6.000 9/23/2022  EUR   54.340
Basler Kantonalba   8.600 1/23/2023  CHF   73.800
Raiffeisen Schwei   6.500 01/12/2023 CHF   62.180
EFG International  11.000 1/23/2023  CHF   41.770
EFG International  12.000 7/21/2022  CHF   56.390
Zurcher Kantonalb   8.000 7/29/2022  USD   55.620
EFG International  10.030 7/26/2022  USD   35.380
Leonteq Securitie  11.00011/28/2022  EUR   63.800
Leonteq Securitie  11.000 8/31/2022  CHF   69.540
Leonteq Securitie  10.000 12/01/2022 CHF   64.440
DZ Bank AG Deutsc  10.000 6/22/2022  EUR   72.480
DZ Bank AG Deutsc   8.500 9/21/2022  EUR   74.380
DZ Bank AG Deutsc   6.250 9/21/2022  EUR   64.790
DZ Bank AG Deutsc   5.000 9/21/2022  EUR   75.260
DZ Bank AG Deutsc   7.000 9/21/2022  EUR   74.890
DZ Bank AG Deutsc  11.750 6/22/2022  EUR   54.460
DZ Bank AG Deutsc   8.500 6/22/2022  EUR   69.010
DekaBank Deutsche   5.100 6/15/2022  EUR   76.010
Corner Banca SA     7.60011/18/2022  USD   36.890
UniCredit Bank AG  14.200 6/24/2022  EUR   70.300
UBS AG/London       7.25011/21/2022  CHF   66.900
UBS AG/London      10.25011/21/2022  CHF   38.850
UBS AG/London       7.000 5/19/2023  CHF   79.650
UBS AG/London       7.75011/18/2022  USD   71.000
UBS AG/London       8.25011/21/2022  CHF   55.900
Leonteq Securitie   6.000 12/01/2023 CHF   67.950
Zurcher Kantonalb   7.100 12/02/2022 USD   83.830
UniCredit Bank AG   9.400 6/24/2022  EUR   74.130
UniCredit Bank AG  10.800 6/24/2022  EUR   71.240
UniCredit Bank AG  12.200 6/24/2022  EUR   68.680
Vontobel Financia  18.750 6/24/2022  EUR   13.270
Vontobel Financia   6.750 6/24/2022  EUR   64.560
Vontobel Financia  18.250 6/24/2022  EUR   64.730
Vontobel Financia   9.000 6/24/2022  EUR   71.850
Vontobel Financia   5.500 6/24/2022  EUR   65.070
Vontobel Financia   9.000 6/24/2022  EUR   57.640
Societe Generale    9.250 6/24/2022  EUR   71.380
Societe Generale    8.000 6/24/2022  EUR   73.500
Bank Vontobel AG    7.00411/14/2022  CHF   55.100
Bank Vontobel AG    5.755 5/15/2023  CHF   65.100
Bank Vontobel AG   12.004 8/15/2022  CHF   73.500
EFG International  13.00011/14/2022  CHF   37.320
Vontobel Financia  12.500 6/24/2022  EUR   66.940
Vontobel Financia  14.500 6/24/2022  EUR   12.460
Societe Generale    7.250 6/24/2022  EUR   44.800
Societe Generale    6.250 6/24/2022  EUR   74.830
Societe Generale   14.250 6/24/2022  EUR   58.380
Societe Generale    3.500 6/24/2022  EUR   73.790
Societe Generale    5.500 6/24/2022  EUR   66.700
Societe Generale    7.500 6/24/2022  EUR   61.930
Societe Generale   10.000 6/24/2022  EUR   75.750
DZ Bank AG Deutsc   5.500 6/22/2022  EUR   75.360
Leonteq Securitie   7.400 12/01/2023 USD   66.720
DZ Bank AG Deutsc   6.000 6/22/2022  EUR   63.090
DZ Bank AG Deutsc   5.000 9/21/2022  EUR   64.400
DZ Bank AG Deutsc   5.250 6/22/2022  EUR   77.830
DZ Bank AG Deutsc   5.250 6/22/2022  EUR   73.210
EFG International  17.00011/21/2022  EUR   70.080
Zurcher Kantonalb  12.500 12/02/2022 EUR   76.680
Landesbank Baden-   4.350 6/24/2022  EUR   53.890
EFG International   9.000 06/07/2023 EUR   67.430
Landesbank Baden-   3.050 6/24/2022  EUR   76.730
Landesbank Baden-   6.100 6/24/2022  EUR   77.070
Landesbank Baden-   3.550 6/24/2022  EUR   68.890
Landesbank Baden-   2.050 6/24/2022  EUR   59.110
Vontobel Financia  13.300 06/08/2022 EUR   54.950
Bank Julius Baer    7.250 06/09/2022 CHF   70.050
Zurcher Kantonalb  20.000 6/15/2022  USD   29.680
Zurcher Kantonalb  19.250 6/15/2022  CHF   29.440
DZ Bank AG Deutsc  12.000 6/22/2022  EUR   61.220
DZ Bank AG Deutsc   8.250 6/22/2022  EUR   52.570
Leonteq Securitie  21.840 06/09/2022 CHF   60.370
Leonteq Securitie  22.870 06/09/2022 CHF   34.240
Credit Suisse AG/  11.000 06/08/2022 USD   28.090
Goldman Sachs & C  19.000 7/20/2022  EUR   75.640
Goldman Sachs & C  18.000 7/20/2022  EUR   72.670
Goldman Sachs & C  22.000 6/22/2022  EUR   68.150
Zurcher Kantonalb   6.600 06/09/2022 CHF   66.600
Bank Vontobel AG    6.504 12/05/2022 CHF   66.500
Bank Vontobel AG    9.000 12/05/2022 CHF   72.000
Bank Vontobel AG    7.504 12/05/2022 EUR   69.200
Bank Vontobel AG   10.000 12/05/2022 CHF   36.600
BNP Paribas Emiss   6.000 6/23/2022  EUR   76.600
Vontobel Financia  14.500 6/24/2022  EUR   49.610
Vontobel Financia  14.250 6/24/2022  EUR   57.840
Vontobel Financia  10.750 6/24/2022  EUR   36.820
Vontobel Financia   6.250 6/24/2022  EUR   60.350
Vontobel Financia  16.750 6/24/2022  EUR   29.080
Vontobel Financia  12.250 6/24/2022  EUR   75.780
Vontobel Financia  17.750 6/24/2022  EUR   43.460
Vontobel Financia   9.000 6/24/2022  EUR   72.570
Goldman Sachs & C   6.00012/21/2022  EUR   66.400
Goldman Sachs & C   6.000 6/21/2023  EUR   66.900
EFG International   9.000 1/16/2023  CHF   39.730
Goldman Sachs & C   6.000 6/21/2023  EUR   74.940
Goldman Sachs & C   6.000 7/20/2022  EUR   73.540
Goldman Sachs & C   7.000 3/22/2023  EUR   64.280
Goldman Sachs & C   7.00012/21/2022  EUR   74.150
Goldman Sachs & C   7.000 3/22/2023  EUR   70.620
Goldman Sachs & C   7.000 6/21/2023  EUR   69.960
Goldman Sachs & C   8.000 8/24/2022  EUR   60.540
Goldman Sachs & C   8.000 7/20/2022  EUR   61.050
Bank Vontobel AG    8.000 01/10/2023 CHF   61.100
Bank Vontobel AG   11.000 01/10/2023 CHF   70.000
Bank Vontobel AG   10.000 07/11/2022 EUR   66.700
Bank Vontobel AG   10.000 07/11/2022 CHF   66.500
Goldman Sachs & C   3.000 7/20/2022  EUR   76.890
Goldman Sachs & C   3.000 8/24/2022  EUR   77.070
Goldman Sachs & C   3.000 9/21/2022  EUR   77.260
Goldman Sachs & C   3.000 3/22/2023  EUR   77.500
Goldman Sachs & C   3.000 6/21/2023  EUR   76.650
Corner Banca SA    13.00010/19/2022  CHF   33.440
Leonteq Securitie  10.000 1/19/2023  CHF   74.520
Leonteq Securitie  10.400 1/19/2023  CHF   62.620
Bank Vontobel AG    7.500 7/18/2022  CHF   69.700
Bank Vontobel AG   10.500 1/16/2023  CHF   48.400
Bank Vontobel AG   10.000 7/18/2022  EUR   71.800
Leonteq Securitie  10.000 1/19/2023  USD   22.380
Leonteq Securitie  10.00010/19/2022  CHF   68.030
Leonteq Securitie  10.000 7/19/2022  CHF   16.420
Vontobel Financia  10.000 9/23/2022  EUR   49.890
Vontobel Financia  13.500 9/23/2022  EUR   46.750
Vontobel Financia   6.000 6/24/2022  EUR   55.060
Vontobel Financia   7.000 9/23/2022  EUR   54.070
Vontobel Financia  16.500 9/23/2022  EUR   44.160
Vontobel Financia  11.500 6/24/2022  EUR   47.220
Vontobel Financia  15.500 6/24/2022  EUR   43.260
Vontobel Financia   4.500 9/23/2022  EUR   66.630
Vontobel Financia   6.000 9/23/2022  EUR   63.070
Vontobel Financia   7.500 9/23/2022  EUR   59.980
Vontobel Financia   9.500 9/23/2022  EUR   57.410
Vontobel Financia  11.500 9/23/2022  EUR   55.170
Vontobel Financia  13.500 9/23/2022  EUR   53.220
Vontobel Financia   6.500 6/24/2022  EUR   61.270
Vontobel Financia  11.000 6/24/2022  EUR   54.800
Vontobel Financia   8.500 6/24/2022  EUR   57.820
Vontobel Financia   5.000 9/23/2022  EUR   44.210
Vontobel Financia   7.000 9/23/2022  EUR   41.410
Vontobel Financia  13.500 6/24/2022  EUR   52.110
Vontobel Financia   6.000 9/23/2022  EUR   42.740
Vontobel Financia  15.000 9/23/2022  EUR   36.300
Vontobel Financia   8.000 6/24/2022  EUR   39.480
Vontobel Financia   8.500 9/23/2022  EUR   40.370
Vontobel Financia   9.500 6/24/2022  EUR   38.080
Vontobel Financia   9.500 9/23/2022  EUR   39.280
Vontobel Financia  11.000 6/24/2022  EUR   36.790
Vontobel Financia  11.000 9/23/2022  EUR   38.450
Vontobel Financia  12.000 9/23/2022  EUR   37.550
Vontobel Financia  13.500 9/23/2022  EUR   36.890
Vontobel Financia  14.500 6/24/2022  EUR   34.530
Vontobel Financia  16.000 6/24/2022  EUR   33.500
Vontobel Financia  12.500 6/24/2022  EUR   35.600
Vontobel Financia   8.500 6/24/2022  EUR   72.860
Bank Julius Baer    9.50010/13/2022  CHF   35.300
SG Issuer SA        0.021 6/14/2033  EUR   71.180
DZ Bank AG Deutsc   7.000 6/22/2022  EUR   75.380
DZ Bank AG Deutsc  11.500 6/22/2022  EUR   64.080
DZ Bank AG Deutsc   6.500 6/22/2022  EUR   65.630
DZ Bank AG Deutsc   8.000 7/20/2022  EUR   63.520
DZ Bank AG Deutsc   7.250 9/21/2022  EUR   73.990
DZ Bank AG Deutsc   8.500 7/20/2022  EUR   72.380
DZ Bank AG Deutsc   6.500 9/19/2022  EUR   63.010
DZ Bank AG Deutsc   7.000 9/21/2022  EUR   68.650
Zurcher Kantonalb  10.000 7/20/2022  CHF   76.070
Vontobel Financia   8.500 6/24/2022  EUR   75.600
Zurcher Kantonalb  23.500 7/27/2022  CHF   75.410
DZ Bank AG Deutsc   6.100 6/20/2022  EUR   65.380
Leonteq Securitie  14.20010/19/2022  USD   25.230
Vontobel Financia   9.000 9/23/2022  EUR   65.770
Vontobel Financia  12.000 9/23/2022  EUR   62.500
Vontobel Financia  16.000 6/24/2022  EUR   57.960
Vontobel Financia   7.000 9/23/2022  EUR   69.810
Vontobel Financia   5.500 9/23/2022  EUR   69.850
Vontobel Financia   8.000 9/23/2022  EUR   66.100
DZ Bank AG Deutsc   6.250 6/20/2022  EUR   58.560
Luzerner Kantonal   7.500 08/09/2023 CHF   39.980
Zurcher Kantonalb  15.000 7/20/2022  CHF   52.660
Zurcher Kantonalb   6.750 7/27/2022  USD   31.130
Zurcher Kantonalb  16.000 7/26/2022  CHF   62.990
Leonteq Securitie  13.20010/19/2022  CHF   25.070
DZ Bank AG Deutsc   5.800 6/20/2022  EUR   76.040
DZ Bank AG Deutsc   4.900 6/20/2022  EUR   77.530
DZ Bank AG Deutsc   6.300 6/20/2022  EUR   75.090
DZ Bank AG Deutsc   6.600 9/19/2022  EUR   75.210
Vontobel Financia   7.000 6/24/2022  EUR   68.030
Vontobel Financia   5.500 6/24/2022  EUR   70.440
Vontobel Financia   5.000 9/23/2022  EUR   71.500
Vontobel Financia  11.000 9/23/2022  EUR   63.070
Vontobel Financia   9.500 6/24/2022  EUR   64.330
Vontobel Financia  14.000 9/23/2022  EUR   60.490
Vontobel Financia  12.500 9/23/2022  EUR   74.420
Delta Leasing Co   10.500 07/01/2024 RUB   74.850
Zurcher Kantonalb   9.000 7/21/2022  CHF   76.310
Bank Julius Baer    5.750 7/20/2022  CHF   73.900
Bank Julius Baer    4.850 7/20/2022  CHF   68.700
DZ Bank AG Deutsc   5.250 9/21/2022  EUR   68.800
DZ Bank AG Deutsc   7.250 6/22/2022  EUR   54.190
DZ Bank AG Deutsc   4.250 9/21/2022  EUR   72.390
DekaBank Deutsche   3.800 8/18/2022  EUR   47.400
DekaBank Deutsche   6.500 8/18/2022  EUR   76.330
Leonteq Securitie  10.600 7/19/2022  USD   14.450
SG Issuer SA        0.015 11/07/2033 EUR   64.710
Vontobel Financia  13.500 9/23/2022  EUR   64.980
Vontobel Financia  10.500 9/23/2022  EUR   68.460
Vontobel Financia   7.500 9/23/2022  EUR   72.530
Vontobel Financia  12.000 6/24/2022  EUR   66.130
Vontobel Financia   8.500 6/24/2022  EUR   66.460
Vontobel Financia  12.000 6/24/2022  EUR   62.440
Leonteq Securitie   6.600 1/23/2023  USD   65.850
Landesbank Baden-   5.850 7/22/2022  EUR   40.260
Landesbank Baden-   2.000 7/22/2022  EUR   69.670
Landesbank Baden-   3.600 7/22/2022  EUR   74.100
Vontobel Financia  11.700 1/24/2023  USD   56.610
Landesbank Baden-   2.700 7/22/2022  EUR   40.850
Landesbank Baden-   8.550 7/22/2022  EUR   31.580
Landesbank Baden-   4.700 7/22/2022  EUR   74.260
Landesbank Baden-   4.000 7/22/2022  EUR   72.620
Landesbank Baden-  10.000 7/22/2022  EUR   75.260
Landesbank Baden-   4.150 7/22/2022  EUR   73.460
Landesbank Baden-   6.250 7/22/2022  EUR   39.260
Societe Generale   12.750 6/24/2022  EUR   30.650
Societe Generale    4.250 7/22/2022  EUR   46.810
Societe Generale    8.250 7/22/2022  EUR   36.350
Societe Generale   12.250 7/22/2022  EUR   31.680
Landesbank Baden-   7.200 7/22/2022  EUR   46.870
UniCredit Bank AG   5.550 8/17/2022  EUR   66.860
DZ Bank AG Deutsc  17.100 6/24/2022  EUR   77.360
DZ Bank AG Deutsc   8.800 6/24/2022  EUR   65.620
DZ Bank AG Deutsc  12.300 6/24/2022  EUR   77.560
DZ Bank AG Deutsc  15.400 6/24/2022  EUR   42.590
DZ Bank AG Deutsc   9.200 6/24/2022  EUR   78.040
DZ Bank AG Deutsc  11.100 6/24/2022  EUR   74.390
DZ Bank AG Deutsc  13.100 6/24/2022  EUR   71.030
DZ Bank AG Deutsc  16.300 6/24/2022  EUR   66.690
DZ Bank AG Deutsc  14.400 6/24/2022  EUR   62.290
DZ Bank AG Deutsc   8.700 6/24/2022  EUR   71.710
DZ Bank AG Deutsc  22.800 6/24/2022  EUR   59.320
Vontobel Financia   7.500 9/23/2022  EUR   75.950
Vontobel Financia  11.000 9/23/2022  EUR   70.970
Vontobel Financia   9.500 9/23/2022  EUR   77.830
Vontobel Financia  12.500 9/23/2022  EUR   74.650
Vontobel Financia  11.500 9/23/2022  EUR   37.640
Vontobel Financia   7.500 9/23/2022  EUR   51.960
Vontobel Financia   4.500 9/23/2022  EUR   54.120
Vontobel Financia   9.000 6/24/2022  EUR   53.110
Vontobel Financia   3.500 9/23/2022  EUR   55.130
Vontobel Financia   8.000 6/24/2022  EUR   77.840
Vontobel Financia   7.500 6/24/2022  EUR   52.750
Vontobel Financia   8.500 6/24/2022  EUR   52.820
Raiffeisen Schwei  12.000 07/12/2022 CHF   52.570
Raiffeisen Schwei  10.000 10/12/2022 EUR   60.470
Raiffeisen Schwei  12.00010/13/2022  CHF   66.440
EFG International  20.000 7/21/2022  EUR   62.200
Zurcher Kantonalb   9.000 7/29/2022  CHF   73.490
Zurcher Kantonalb   9.800 7/14/2022  EUR   63.480
Vontobel Financia   7.000 9/23/2022  EUR   67.980
Vontobel Financia   8.500 6/24/2022  EUR   71.130
Landesbank Baden-   5.500 7/22/2022  EUR   72.350
Landesbank Baden-   7.500 7/22/2022  EUR   67.180
Landesbank Baden-   8.750 7/22/2022  EUR   36.180
Landesbank Baden-   3.250 7/22/2022  EUR   66.000
Landesbank Baden-   4.750 7/22/2022  EUR   62.770
DZ Bank AG Deutsc  16.700 6/24/2022  EUR   75.610
Landesbank Baden-   2.100 7/22/2022  EUR   69.480
Landesbank Baden-   3.300 7/22/2022  EUR   65.880
DZ Bank AG Deutsc  24.000 6/24/2022  EUR   37.430
DZ Bank AG Deutsc  24.400 6/24/2022  EUR   26.350
Landesbank Baden-   4.800 7/22/2022  EUR   72.210
DZ Bank AG Deutsc  20.400 6/24/2022  EUR   75.360
Landesbank Baden-   6.500 7/22/2022  EUR   69.720
DZ Bank AG Deutsc  11.300 6/24/2022  EUR   64.830
Landesbank Baden-   2.700 7/22/2022  EUR   75.860
Landesbank Baden-   3.000 7/22/2022  EUR   76.250
Landesbank Baden-   4.000 7/22/2022  EUR   42.670
Societe Generale    3.000 6/24/2022  EUR   55.070
Societe Generale   11.250 6/24/2022  EUR   59.220
Societe Generale   10.750 6/24/2022  EUR   32.610
Societe Generale   14.750 6/24/2022  EUR   29.080
Societe Generale   10.250 7/22/2022  EUR   33.690
Societe Generale   14.250 7/22/2022  EUR   30.140
Landesbank Baden-   4.500 7/22/2022  EUR   51.070
Bank Vontobel AG    9.000 01/12/2023 EUR   59.300
Bank Vontobel AG   15.00010/13/2022  CHF   42.100
DZ Bank AG Deutsc  20.200 6/24/2022  EUR   27.180
DZ Bank AG Deutsc  15.900 6/24/2022  EUR   61.330
DZ Bank AG Deutsc  18.500 6/24/2022  EUR   57.150
DZ Bank AG Deutsc  22.500 6/24/2022  EUR   56.990
UniCredit Bank AG   9.550 8/17/2022  EUR   26.790
DZ Bank AG Deutsc  11.800 6/24/2022  EUR   59.800
DZ Bank AG Deutsc  16.400 6/24/2022  EUR   69.950
DZ Bank AG Deutsc  18.300 6/24/2022  EUR   59.010
DZ Bank AG Deutsc  23.500 6/24/2022  EUR   77.440
DZ Bank AG Deutsc  19.600 6/24/2022  EUR   57.820
DZ Bank AG Deutsc  17.500 6/24/2022  EUR   59.380
Vontobel Financia  11.000 6/24/2022  EUR   71.310
Vontobel Financia  15.000 9/23/2022  EUR   67.040
Vontobel Financia  11.500 6/24/2022  EUR   75.810
Vontobel Financia  14.000 9/23/2022  EUR   74.480
Vontobel Financia  17.000 9/23/2022  EUR   71.070
Vontobel Financia  13.500 6/24/2022  EUR   76.140
Vontobel Financia  15.000 6/24/2022  EUR   73.650
Vontobel Financia   8.500 9/23/2022  EUR   75.950
Vontobel Financia  13.000 9/23/2022  EUR   70.280
Vontobel Financia  15.000 9/23/2022  EUR   67.830
Vontobel Financia  13.000 6/24/2022  EUR   70.590
Vontobel Financia   8.500 9/23/2022  EUR   40.110
Vontobel Financia   3.500 9/23/2022  EUR   53.810
Vontobel Financia   6.500 9/23/2022  EUR   54.750
Vontobel Financia   6.000 9/23/2022  EUR   55.920
Zurcher Kantonalb   9.150 7/22/2022  CHF   74.750
Vontobel Financia  16.000 6/24/2022  EUR   69.030
Zurcher Kantonalb  20.000 7/22/2022  USD   39.240
Zurcher Kantonalb  19.000 7/22/2022  CHF   48.070
Vontobel Financia   9.000 9/23/2022  EUR   75.560
EFG International   8.000 1/26/2023  USD   83.830
Societe Generale   15.750 6/24/2022  EUR   64.410
Bank Julius Baer    6.70010/13/2022  CHF   67.850
DZ Bank AG Deutsc   8.000 7/20/2022  EUR   73.550
DZ Bank AG Deutsc   5.250 9/21/2022  EUR   76.640
DZ Bank AG Deutsc   5.000 7/20/2022  EUR   67.890
DZ Bank AG Deutsc   5.250 9/21/2022  EUR   66.990
DZ Bank AG Deutsc   8.750 6/22/2022  EUR   72.410
Vontobel Financia  14.000 6/24/2022  EUR   28.920
Societe Generale   17.750 6/24/2022  EUR   62.240
DZ Bank AG Deutsc   9.000 9/21/2022  EUR   56.530
Sberbank of Russi   0.010 7/20/2026  RUB   74.100
Bank Julius Baer   15.000 7/13/2022  USD   36.650
Bank Julius Baer   14.500 1/13/2023  USD   32.250
Zurcher Kantonalb  15.000 7/19/2022  CHF   71.030
EFG International   6.000 7/13/2022  EUR   59.740
Zurcher Kantonalb  17.000 7/27/2022  CHF   26.700
DZ Bank AG Deutsc   5.100 6/20/2022  EUR   66.860
DZ Bank AG Deutsc   7.200 6/20/2022  EUR   73.510
Vontobel Financia   6.000 9/23/2022  EUR   69.320
Vontobel Financia   7.500 9/23/2022  EUR   67.480
Vontobel Financia   9.500 9/23/2022  EUR   65.870
Vontobel Financia   5.000 9/23/2022  EUR   74.530
Vontobel Financia  15.000 9/23/2022  EUR   59.780
Vontobel Financia   3.000 9/23/2022  EUR   75.670
Vontobel Financia   6.000 9/23/2022  EUR   47.600
SG Issuer SA        0.021 07/07/2033 EUR   63.740
Bank Julius Baer    4.850 7/20/2022  CHF   60.950
Bank Julius Baer    6.550 7/20/2022  CHF   72.700
DZ Bank AG Deutsc   9.500 9/21/2022  EUR   68.950
DekaBank Deutsche   4.000 8/18/2022  EUR   57.430
DZ Bank AG Deutsc  10.750 8/24/2022  EUR   50.600
DZ Bank AG Deutsc  11.500 6/22/2022  EUR   66.400
UniCredit Bank AG  10.400 08/11/2022 EUR   48.200
DZ Bank AG Deutsc  12.500 8/24/2022  EUR   37.640
Bank Julius Baer   12.00010/20/2022  CHF   61.150
DZ Bank AG Deutsc   7.750 9/21/2022  EUR   68.880
Leonteq Securitie  13.000 7/19/2022  USD   27.160
Vontobel Financia   7.000 6/24/2022  EUR   73.960
Vontobel Financia  10.000 9/23/2022  EUR   64.680
Vontobel Financia   5.000 9/23/2022  EUR   72.200
Vontobel Financia  14.000 6/24/2022  EUR   60.640
Vontobel Financia   6.500 6/24/2022  EUR   68.680
Leonteq Securitie  20.000 7/20/2022  CHF   35.320
Vontobel Financia  10.500 9/23/2022  EUR   18.940
Landesbank Baden-   3.100 7/22/2022  EUR   46.360
Zurcher Kantonalb  16.000 7/28/2022  CHF   36.570
DZ Bank AG Deutsc  15.000 6/24/2022  EUR   69.890
Landesbank Baden-   4.300 7/22/2022  EUR   63.730
Landesbank Baden-   3.100 7/22/2022  EUR   76.990
Landesbank Baden-   6.000 7/22/2022  EUR   34.590
DZ Bank AG Deutsc  20.300 6/24/2022  EUR   59.970
Landesbank Baden-   3.150 7/22/2022  EUR   79.450
Landesbank Baden-   2.000 7/22/2022  EUR   47.570
Societe Generale    9.000 6/24/2022  EUR   36.340
Societe Generale    6.250 7/22/2022  EUR   40.270
Vontobel Financia   9.500 6/24/2022  EUR   43.500
Vontobel Financia  15.750 6/24/2022  EUR   58.550
Landesbank Baden-   3.150 7/22/2022  EUR   54.090
Landesbank Baden-   9.250 7/22/2022  EUR   44.790
UniCredit Bank AG   8.050 8/17/2022  EUR   55.310
Landesbank Baden-   3.100 9/23/2022  EUR   73.380
Vontobel Financia  12.250 6/24/2022  EUR   76.480
Vontobel Financia   9.250 6/24/2022  EUR   35.770
Vontobel Financia   8.000 6/24/2022  EUR   77.070
Vontobel Financia   8.500 9/23/2022  EUR   58.790
Vontobel Financia   5.500 9/23/2022  EUR   63.670
Vontobel Financia  12.000 9/23/2022  EUR   55.060
Vontobel Financia  11.500 6/24/2022  EUR   55.270
Vontobel Financia   8.000 9/23/2022  EUR   59.530
Vontobel Financia  10.000 9/23/2022  EUR   57.550
Leonteq Securitie  10.000 07/12/2022 CHF   60.720
Corner Banca SA    11.200 10/12/2022 EUR   41.630
Goldman Sachs & C   5.000 8/24/2022  EUR   68.990
Goldman Sachs & C   5.00012/21/2022  EUR   70.550
Goldman Sachs & C   5.000 3/22/2023  EUR   71.480
Goldman Sachs & C   3.00012/21/2022  EUR   77.490
Leonteq Securitie  10.000 07/06/2022 EUR   27.630
Corner Banca SA    11.200 7/19/2022  CHF   34.400
Corner Banca SA    13.000 1/19/2023  USD   42.420
Leonteq Securitie  10.400 1/19/2023  USD   63.810
Bank Vontobel AG    8.000 7/18/2022  CHF   27.900
Raiffeisen Schwei  12.000 07/12/2022 CHF   71.830
Leonteq Securitie  11.000 1/19/2023  CHF   63.170
Vontobel Financia   5.500 9/23/2022  EUR   60.210
Vontobel Financia   8.500 9/23/2022  EUR   74.770
Vontobel Financia   9.250 6/24/2022  EUR   63.980
DZ Bank AG Deutsc   7.250 6/22/2022  EUR   74.860
Goldman Sachs & C  20.000 6/22/2022  EUR   71.210
Zurcher Kantonalb   5.000 6/21/2022  CHF   58.930
Bank Vontobel AG    6.504 12/05/2022 CHF   66.500
Bank Vontobel AG    9.004 12/05/2022 CHF   72.000
Bank Vontobel AG    7.508 12/05/2022 EUR   69.300
Bank Vontobel AG    7.756 06/06/2023 EUR   63.000
BNP Paribas Emiss   3.000 6/23/2022  EUR   67.910
EFG International  17.400 06/10/2022 USD   71.200
EFG International   7.000 06/09/2023 CHF   70.970
UBS AG/London       8.000 06/09/2023 CHF   54.750
Leonteq Securitie  21.880 06/10/2022 CHF   54.070
Raiffeisen Schwei  15.000 06/07/2022 CHF   54.870
Raiffeisen Schwei  20.000 06/07/2022 CHF   68.170
VTB Bank PJSC       0.010 08/01/2023 RUB   65.520
Bank Otkritie Fin   0.010 7/28/2023  RUB   75.080
EFG International  12.000 12/09/2022 CHF   44.120
UBS AG/London       7.500 12/09/2022 CHF   61.400
UBS AG/London       6.000 06/09/2022 EUR   45.250
UBS AG/London      17.750 06/09/2022 USD   73.250
SFO VTB Investmen   0.010 03/10/2023 RUB   60.210
Raiffeisen Schwei   5.500 06/07/2023 CHF   69.190
Zurcher Kantonalb   8.10012/14/2022  USD   48.360
DZ Bank AG Deutsc   9.400 9/23/2022  EUR   62.810
DZ Bank AG Deutsc  11.800 9/23/2022  EUR   71.930
Sberbank of Russi   0.010 08/12/2025 RUB   67.300
Vontobel Financia   4.000 6/29/2023  EUR   66.230
Bank Julius Baer    6.900 6/13/2022  EUR   72.850
Bank Julius Baer    9.150 6/13/2022  USD   71.150
Leonteq Securitie   3.910 03/03/2023 CHF   74.030
BNP Paribas Emiss   3.000 6/23/2022  EUR   67.410
BNP Paribas Emiss   3.000 9/22/2022  EUR   67.790
Sberbank of Russi   0.010 08/07/2025 RUB   74.400
Landesbank Baden-   5.000 6/24/2022  EUR   67.160
EFG International  10.000 12/09/2022 USD   41.200
UBS AG/London      11.250 12/09/2022 CHF   36.450
UBS AG/London       8.250 06/09/2023 CHF   62.350
UBS AG/London      10.500 06/09/2023 CHF   55.600
Leonteq Securitie  21.760 06/10/2022 CHF   19.790
DZ Bank AG Deutsc  13.800 9/23/2022  EUR   69.320
DZ Bank AG Deutsc  11.700 9/23/2022  EUR   59.780
DZ Bank AG Deutsc  13.800 6/24/2022  EUR   69.000
DZ Bank AG Deutsc  11.900 9/23/2022  EUR   64.300
Societe Generale    8.500 6/24/2022  EUR   77.660
Societe Generale    9.500 6/24/2022  EUR   75.880
Sberbank of Russi   0.010 08/12/2025 RUB   71.000
DZ Bank AG Deutsc  12.200 9/23/2022  EUR   64.360
DZ Bank AG Deutsc  12.800 6/24/2022  EUR   63.850
DZ Bank AG Deutsc  10.800 9/23/2022  EUR   66.540
DZ Bank AG Deutsc  10.300 9/23/2022  EUR   66.310
DZ Bank AG Deutsc  13.400 9/23/2022  EUR   62.450
Leonteq Securitie  10.00012/14/2022  CHF   66.280
Leonteq Securitie  24.870 6/14/2022  CHF   22.860
Societe Generale    6.000 6/24/2022  EUR   76.240
Societe Generale    8.000 6/24/2022  EUR   71.070
DekaBank Deutsche   3.400 7/19/2024  EUR   68.630
Landesbank Baden-   2.10011/24/2023  EUR   71.920
Vontobel Financia   7.500 6/24/2022  EUR   63.300
Vontobel Financia   9.000 6/24/2022  EUR   41.170
Vontobel Financia  16.000 6/24/2022  EUR   52.280
Vontobel Financia  17.000 6/24/2022  EUR   34.700
Vontobel Financia  10.500 6/24/2022  EUR   39.650
Leonteq Securitie   7.10012/14/2022  CHF   79.540
Zurcher Kantonalb   7.200 06/09/2022 CHF   66.750
Vontobel Financia   9.000 06/08/2022 EUR   42.000
Bank Julius Baer    8.000 09/08/2022 CHF   60.300
Vontobel Financia   4.10012/16/2022  USD   75.200
Raiffeisen Centro   9.202 9/21/2022  EUR   74.420
Vontobel Financia  13.750 6/24/2022  EUR   26.420
DekaBank Deutsche   4.000 07/07/2022 EUR   51.570
DZ Bank AG Deutsc   6.500 6/22/2022  EUR   63.120
DZ Bank AG Deutsc   6.750 6/22/2022  EUR   68.480
DZ Bank AG Deutsc   5.000 6/22/2022  EUR   74.000
DZ Bank AG Deutsc  13.500 6/22/2022  EUR   54.290
Leonteq Securitie  21.000 06/09/2022 CHF   33.940
Credit Suisse AG/  11.000 06/08/2022 CHF   57.850
Vontobel Financia  18.650 06/09/2022 EUR   18.100
Goldman Sachs & C  15.000 7/20/2022  EUR   74.930
Goldman Sachs & C  16.000 9/21/2022  EUR   75.110
Goldman Sachs & C  19.000 7/20/2022  EUR   72.550
Goldman Sachs & C  21.000 7/20/2022  EUR   69.670
Goldman Sachs & C  24.000 6/22/2022  EUR   75.530
Leonteq Securitie  10.000 07/12/2023 CHF   56.390
Vontobel Financia  16.500 6/24/2022  EUR   68.230
Vontobel Financia  14.500 6/24/2022  EUR   69.920
Vontobel Financia  13.000 6/24/2022  EUR   36.290
Vontobel Financia  11.000 6/24/2022  EUR   37.550
Vontobel Financia  19.000 6/24/2022  EUR   73.230
Leonteq Securitie  22.040 07/08/2022 CHF   60.900
Zurcher Kantonalb  15.900 07/08/2022 USD   55.380
Landesbank Baden-   2.250 9/23/2022  EUR   69.250
Bank Julius Baer    7.750 7/15/2022  USD   56.450
Vontobel Financia   6.000 6/24/2022  EUR   78.240
Vontobel Financia   7.000 9/23/2022  EUR   70.840
Vontobel Financia   9.500 9/23/2022  EUR   75.340
Vontobel Financia  11.000 6/24/2022  EUR   73.260
Vontobel Financia   9.000 6/24/2022  EUR   76.020
Vontobel Financia   7.500 9/23/2022  EUR   74.240
Vontobel Financia  13.500 9/23/2022  EUR   65.260
Vontobel Financia  12.000 6/24/2022  EUR   67.040
Vontobel Financia  16.500 9/23/2022  EUR   70.920
Vontobel Financia   7.500 9/23/2022  EUR   60.290
Vontobel Financia  13.000 6/24/2022  EUR   53.770
Vontobel Financia   8.500 6/24/2022  EUR   58.590
Credit Bank of Mo   0.010 08/07/2023 RUB
Zurcher Kantonalb  24.000 6/17/2022  CHF   51.540
Societe Generale    9.000 6/24/2022  EUR   68.980
Vontobel Financia  16.000 6/24/2022  EUR   78.670
Vontobel Financia  14.500 6/24/2022  EUR   53.570
Vontobel Financia  12.000 6/24/2022  EUR   38.250
Vontobel Financia   7.500 6/24/2022  EUR   42.840
Vontobel Financia   6.000 6/24/2022  EUR   44.670
Vontobel Financia  11.500 6/24/2022  EUR   59.050
UniCredit Bank AG   4.450 09/11/2023 EUR   23.660
Societe Generale    7.000 6/24/2022  EUR   73.470
VTB Bank PJSC       0.010 08/08/2023 RUB   77.010
Vontobel Financia  12.000 6/24/2022  EUR   56.410
Vontobel Financia  16.500 6/24/2022  EUR   77.700
Vontobel Financia  15.000 6/24/2022  EUR   79.640
Vontobel Financia   5.500 6/24/2022  EUR   45.670
Vontobel Financia  15.500 6/24/2022  EUR   35.800
Vontobel Financia  13.500 6/24/2022  EUR   36.960
Leonteq Securitie  14.000 9/14/2022  CHF   48.680
Leonteq Securitie   7.00012/14/2022  CHF   76.240
Leonteq Securitie  11.00012/16/2022  CHF   80.150
Vontobel Financia   8.000 6/24/2022  EUR   58.810
Vontobel Financia   6.500 6/24/2022  EUR   60.240
Sberbank of Russi   0.010 8/21/2025  RUB   71.200
Zurcher Kantonalb  11.000 6/21/2022  CHF   65.350
Vontobel Financia  20.000 6/24/2022  EUR   79.270
Vontobel Financia  15.000 6/24/2022  EUR   72.840
Vontobel Financia   9.250 6/24/2022  EUR   36.260
Vontobel Financia  11.000 6/24/2022  EUR   60.540
Zurcher Kantonalb   8.000 6/21/2023  CHF   61.500
Zurcher Kantonalb  12.000 6/21/2022  CHF   51.580
Vontobel Financia   6.250 6/24/2022  EUR   68.620
Vontobel Financia   6.250 6/24/2022  EUR   72.080
Vontobel Financia  16.500 6/24/2022  EUR   32.130
Vontobel Financia   5.500 6/24/2022  EUR   64.970
Vontobel Financia   9.350 6/24/2022  EUR   69.190
Vontobel Financia  12.750 6/24/2022  EUR   38.590
Vontobel Financia  18.000 6/24/2022  EUR   18.770
Vontobel Financia  19.500 6/24/2022  EUR   68.310
Raiffeisen Switze   6.700 05/10/2023 CHF   78.920
Zurcher Kantonalb  11.250 07/12/2022 CHF   76.650
Leonteq Securitie  10.000 10/05/2022 CHF   32.320
Zurcher Kantonalb  11.750 7/13/2022  USD   64.220
Corner Banca SA    16.000 08/10/2022 EUR   50.000
DekaBank Deutsche   4.500 09/08/2022 EUR   77.120
Zurcher Kantonalb  10.000 5/19/2023  CHF   64.660
Leonteq Securitie  17.000 07/05/2022 EUR   34.580
Leonteq Securitie   6.000 01/09/2024 CHF   74.690
DZ Bank AG Deutsc   5.800 6/20/2022  EUR   75.970
Zurcher Kantonalb  10.750 7/13/2022  CHF   63.850
Leonteq Securitie   9.000 01/06/2023 CHF   69.780
Corner Banca SA    16.000 10/05/2022 CHF   55.840
Zurcher Kantonalb  15.000 7/13/2022  CHF   39.670
DZ Bank AG Deutsc   5.400 6/20/2022  EUR   66.030
DZ Bank AG Deutsc   4.700 6/20/2022  EUR   67.450
Sberbank of Russi   0.010 12/01/2025 RUB   72.100
Vontobel Financia  13.500 9/23/2022  EUR   74.470
Vontobel Financia   6.500 9/23/2022  EUR   61.910
Leonteq Securitie  24.610 7/15/2022  CHF   52.180
Leonteq Securitie   9.000 7/15/2022  CHF   59.940
Leonteq Securitie   8.000 01/12/2023 CHF   65.070
Leonteq Securitie  10.000 01/12/2023 CHF   63.750
Leonteq Securitie   9.000 01/12/2023 CHF   71.700
Leonteq Securitie  10.000 10/12/2022 CHF   53.170
Leonteq Securitie   6.200 07/12/2023 CHF   73.290
Leonteq Securitie  10.000 07/06/2022 EUR   26.200
Leonteq Securitie   8.000 01/12/2023 USD   71.120
Vontobel Financia  10.000 6/24/2022  EUR   68.420
Vontobel Financia  12.000 6/24/2022  EUR   72.730
Vontobel Financia   6.250 6/24/2022  EUR   64.510
Raiffeisen Schwei  16.000 7/13/2022  CHF   61.290
Corner Banca SA     8.000 01/12/2023 CHF   73.790
Goldman Sachs & C   6.000 6/22/2022  EUR   73.900
Goldman Sachs & C   6.000 3/22/2023  EUR   74.450
Goldman Sachs & C   7.000 7/20/2022  EUR   64.060
Goldman Sachs & C   7.000 8/24/2022  EUR   63.440
Goldman Sachs & C   7.00012/21/2022  EUR   63.840
Goldman Sachs & C   7.000 7/20/2022  EUR   70.940
Goldman Sachs & C   8.000 6/21/2023  EUR   64.540
Bank Vontobel AG    8.000 01/10/2023 CHF   61.100
Bank Vontobel AG   10.000 07/12/2022 CHF   79.400
Goldman Sachs & C   5.000 7/20/2022  EUR   68.540
Goldman Sachs & C   5.000 9/21/2022  EUR   69.390
Goldman Sachs & C   5.000 6/21/2023  EUR   71.480
Goldman Sachs & C   5.00012/21/2022  EUR   75.940
Goldman Sachs & C   5.000 6/21/2023  EUR   75.380
Goldman Sachs & C   5.000 6/22/2022  EUR   68.370
Societe Generale    4.750 6/24/2022  EUR   46.120
Societe Generale    6.750 6/24/2022  EUR   40.270
Vontobel Financia   5.750 6/24/2022  EUR   72.360
Goldman Sachs & C   3.000 6/22/2022  EUR   76.710
Leonteq Securitie   7.000 07/06/2022 EUR   26.570
Corner Banca SA     8.000 1/16/2023  CHF   52.330
Leonteq Securitie  10.000 1/16/2023  CHF   76.740
Leonteq Securitie  10.00010/19/2022  CHF   36.390
Bank Vontobel AG   10.500 1/16/2023  CHF   48.200
Bank Vontobel AG   10.000 1/16/2023  EUR   58.700
Raiffeisen Schwei  14.000 07/12/2022 CHF   34.000
Societe Generale    4.000 8/26/2022  EUR   68.930
Societe Generale    5.000 8/26/2022  EUR   65.720
Societe Generale    7.000 8/26/2022  EUR   61.080
Raiffeisen Centro  12.689 6/22/2022  EUR   65.980
Raiffeisen Centro  15.928 6/22/2022  EUR   65.950
Raiffeisen Centro   7.232 9/21/2022  EUR   68.900
Raiffeisen Centro  14.848 6/22/2022  EUR   64.830
DZ Bank AG Deutsc  17.600 9/23/2022  EUR   72.110
Raiffeisen Centro   0.851 9/21/2022  EUR   61.600
Societe Generale   12.000 7/22/2022  EUR   71.380
Societe Generale   12.750 8/26/2022  EUR   64.600
Societe Generale    6.500 8/26/2022  EUR   79.280
Societe Generale    7.500 8/26/2022  EUR   37.270
Societe Generale   11.500 8/26/2022  EUR   32.370
DekaBank Deutsche   3.190 2/17/2023  EUR   75.580
Leonteq Securitie  12.00012/28/2022  CHF   58.780
Corner Banca SA    11.60012/27/2022  USD   40.410
Corner Banca SA    18.000 9/27/2022  CHF   52.370
Leonteq Securitie   7.000 9/27/2023  CHF   70.230
Vontobel Financia  20.500 9/23/2022  EUR   58.320
Vontobel Financia  18.000 9/23/2022  EUR   60.510
Vontobel Financia  11.500 9/23/2022  EUR   69.510
Leonteq Securitie  16.000 9/27/2022  EUR   70.450
Leonteq Securitie  20.000 9/27/2022  USD   51.120
Vontobel Financia   8.000 9/23/2022  EUR   65.610
Leonteq Securitie   7.000 7/26/2023  CHF   75.960
Leonteq Securitie   8.400 1/26/2023  CHF   64.370
Vontobel Financia  10.500 9/23/2022  EUR   47.830
Avangard Bank PJS   0.010 2/28/2029  RUB   60.120
Vontobel Financia  11.200 7/26/2022  EUR   48.580
Bank Vontobel AG    4.500 7/21/2023  CHF   74.500
Landesbank Baden-   2.300 6/24/2022  EUR   53.960
Vontobel Financia  19.750 9/23/2022  EUR   54.300
Vontobel Financia  14.500 9/23/2022  EUR   68.150
Societe Generale    5.500 8/26/2022  EUR   73.570
Societe Generale    6.500 8/26/2022  EUR   71.320
Vontobel Financia  16.000 9/23/2022  EUR   73.660
Vontobel Financia   8.000 9/23/2022  EUR   72.300
Vontobel Financia  14.000 9/23/2022  EUR   65.140
Vontobel Financia   6.500 9/23/2022  EUR   73.910
Vontobel Financia  12.500 9/23/2022  EUR   66.300
Vontobel Financia  22.000 9/23/2022  EUR   53.960
DZ Bank AG Deutsc   5.600 9/19/2022  EUR   67.260
DZ Bank AG Deutsc   9.50012/21/2022  EUR   62.330
EFG International  11.000 09/10/2024 USD   58.010
Leonteq Securitie  10.00010/26/2022  CHF   36.570
Leonteq Securitie  12.000 1/26/2023  CHF   32.840
DZ Bank AG Deutsc   6.50012/21/2022  EUR   70.030
Raiffeisen Schwei  13.000 09/06/2022 CHF   34.410
Raiffeisen Schwei   8.700 03/03/2023 CHF   71.880
Raiffeisen Schwei   8.500 03/03/2023 USD   40.190
Zurcher Kantonalb  11.100 09/07/2022 USD   82.150
Raiffeisen Schwei  14.000 7/19/2022  USD   65.170
Raiffeisen Schwei   8.000 7/19/2023  CHF   65.490
Vontobel Financia   8.750 9/23/2022  EUR   68.200
DZ Bank AG Deutsc  17.100 6/24/2022  EUR   61.300
DZ Bank AG Deutsc  21.300 9/23/2022  EUR   42.550
DZ Bank AG Deutsc   8.500 6/24/2022  EUR   75.910
DZ Bank AG Deutsc  10.800 6/24/2022  EUR   44.590
Raiffeisen Centro  11.339 6/22/2022  EUR   64.790
Raiffeisen Centro   5.530 9/21/2022  EUR   74.710
Societe Generale    3.000 8/26/2022  EUR   73.180
Societe Generale    6.750 8/26/2022  EUR   77.690
Societe Generale   10.750 8/26/2022  EUR   67.850
Societe Generale    8.500 8/26/2022  EUR   74.040
Societe Generale    5.500 8/26/2022  EUR   41.680
Societe Generale    9.500 8/26/2022  EUR   34.410
Sberbank of Russi   0.010 9/24/2026  RUB   67.900
Leonteq Securitie  11.000 1/26/2023  USD   52.040
Leonteq Securitie  12.000 3/24/2023  CHF   67.310
Leonteq Securitie  11.00012/27/2022  CHF   70.800
Leonteq Securitie  12.000 9/27/2022  CHF   25.890
Vontobel Financia   8.500 9/23/2022  EUR   58.650
Vontobel Financia  15.500 9/23/2022  EUR   52.650
Vontobel Financia  11.000 9/23/2022  EUR   66.550
Leonteq Securitie  10.000 3/24/2023  USD   51.360
Vontobel Financia   7.500 9/23/2022  EUR   51.540
Vontobel Financia  13.000 6/24/2022  EUR   75.500
Vontobel Financia   7.500 6/24/2022  EUR   71.850
Vontobel Financia   9.500 6/24/2022  EUR   62.590
Vontobel Financia  16.750 6/24/2022  EUR   52.560
Raiffeisen Schwei  17.000 09/07/2022 USD   45.290
UniCredit Bank AG   4.650 9/28/2022  EUR   61.660
Raiffeisen Schwei  16.000 7/19/2022  EUR   59.330
Raiffeisen Schwei  12.00010/19/2022  CHF   74.210
Societe Generale    8.000 8/26/2022  EUR   59.290
DZ Bank AG Deutsc  23.200 9/23/2022  EUR   41.330
DZ Bank AG Deutsc  22.000 6/24/2022  EUR   43.380
DZ Bank AG Deutsc  24.100 9/23/2022  EUR   43.690
Raiffeisen Centro   6.381 9/21/2022  EUR   69.190
DZ Bank AG Deutsc  10.200 9/23/2022  EUR   47.080
Societe Generale   11.500 8/26/2022  EUR   74.330
DZ Bank AG Deutsc  19.900 9/23/2022  EUR   68.960
Raiffeisen Centro   0.851 9/21/2022  EUR   60.370
Raiffeisen Centro   1.702 9/21/2022  EUR   78.030
Societe Generale    8.750 8/26/2022  EUR   72.040
Societe Generale   10.500 8/26/2022  EUR   70.080
Societe Generale    3.500 8/26/2022  EUR   49.370
Bank Julius Baer   16.000 9/23/2022  CHF   29.450
Leonteq Securitie   8.000 9/27/2023  CHF   64.990
Leonteq Securitie  10.000 3/24/2023  CHF   70.600
Vontobel Financia  13.500 9/23/2022  EUR   66.080
Leonteq Securitie  14.00012/27/2022  CHF   38.110
Vontobel Financia  15.500 9/23/2022  EUR   63.040
Vontobel Financia  10.500 9/23/2022  EUR   56.250
Leonteq Securitie  12.00012/28/2022  USD   32.330
Leonteq Securitie  10.000 7/26/2022  CHF   43.040
Leonteq Securitie   8.000 3/24/2023  USD   74.600
Vontobel Financia   7.000 6/24/2022  EUR   63.270
Vontobel Financia   4.000 9/23/2022  EUR   70.940
Zurcher Kantonalb  12.500 08/03/2022 CHF   52.550
UBS AG/London       6.500 10/02/2024 USD   71.500
Sberbank of Russi   0.010 7/22/2024  RUB   74.000
Zurcher Kantonalb  28.500 08/02/2022 USD   41.090
Bank Julius Baer    7.000 09/11/2023 USD   75.050
Societe Generale    8.750 8/26/2022  EUR   74.540
Societe Generale   10.000 8/26/2022  EUR   75.690
Vontobel Financia  14.500 9/23/2022  EUR   75.310
Leonteq Securitie   8.500 03/08/2023 EUR   43.340
Leonteq Securitie   9.500 12/08/2022 EUR   52.820
DZ Bank AG Deutsc   6.000 6/20/2022  EUR   77.590
DZ Bank AG Deutsc   7.250 6/22/2022  EUR   64.760
DZ Bank AG Deutsc   6.00012/21/2022  EUR   78.910
Societe Generale   11.250 6/24/2022  EUR   74.400
Leonteq Securitie   8.000 1/26/2023  CHF   69.920
DZ Bank AG Deutsc  10.500 6/22/2022  EUR   71.950
DZ Bank AG Deutsc   6.25012/21/2022  EUR   57.220
DZ Bank AG Deutsc   8.250 9/19/2022  EUR   63.560
Leonteq Securitie   9.000 7/26/2023  USD   69.980
Societe Generale    8.500 8/26/2022  EUR   41.380
Raiffeisen Schwei   7.000 1/23/2023  CHF   76.170
Leonteq Securitie  10.00010/26/2022  CHF   54.330
Vontobel Financia  12.000 6/24/2022  EUR   45.040
Zurcher Kantonalb  10.000 08/03/2022 CHF   59.710
Vontobel Financia   8.000 9/23/2022  EUR   55.330
Aragon OOO         24.000 3/16/2029  RUB   61.000
Credit Suisse AG/  20.650 9/23/2022  USD   46.500
Zurcher Kantonalb  27.500 08/02/2022 CHF   54.420
Sberbank of Russi   0.010 7/29/2024  RUB   74.200
Bank Julius Baer   10.000 7/26/2022  USD   46.100
Bank Vontobel AG    6.500 1/24/2023  CHF   59.200
Bank Vontobel AG   12.500 1/24/2023  CHF   55.600
EFG International  12.000 03/08/2023 CHF   39.000
Societe Generale    9.250 7/22/2022  EUR   75.400
Vontobel Financia  20.000 9/23/2022  EUR   62.980
Societe Generale    4.500 8/26/2022  EUR   76.340
Vontobel Financia  17.000 9/23/2022  EUR   63.050
Vontobel Financia  15.500 9/23/2022  EUR   64.050
Vontobel Financia   9.500 9/23/2022  EUR   70.950
DZ Bank AG Deutsc   6.200 6/20/2022  EUR   74.760
DZ Bank AG Deutsc   5.200 6/20/2022  EUR   67.250
DZ Bank AG Deutsc   5.700 9/19/2022  EUR   76.210
DZ Bank AG Deutsc   6.500 9/19/2022  EUR   74.860
Bank Vontobel AG   12.500 1/24/2023  CHF   55.600
Vontobel Financia  18.350 9/23/2022  EUR   41.980
Vontobel Financia  16.250 9/23/2022  EUR   40.000
Vontobel Financia   8.350 9/23/2022  EUR   40.430
EFG International  16.000 09/08/2022 CHF   71.210
Societe Generale    7.750 8/26/2022  EUR   76.200
Landesbank Baden-   3.000 9/26/2025  EUR   72.020
Vontobel Financia  10.000 9/23/2022  EUR   75.230
Societe Generale    8.500 8/26/2022  EUR   67.970
Vontobel Financia  10.000 9/23/2022  EUR   69.040
Vontobel Financia  11.000 9/23/2022  EUR   78.790
DZ Bank AG Deutsc   6.200 6/20/2022  EUR   65.770
DZ Bank AG Deutsc   4.800 9/19/2022  EUR   68.540
DZ Bank AG Deutsc   7.200 6/20/2022  EUR   73.190
DZ Bank AG Deutsc   5.750 9/21/2022  EUR   66.090
DZ Bank AG Deutsc   5.50010/26/2022  EUR   69.600
Leonteq Securitie  20.000 7/26/2022  CHF   58.750
DZ Bank AG Deutsc   8.750 6/20/2022  EUR   71.570
DZ Bank AG Deutsc   9.750 6/20/2022  EUR   67.890
Vontobel Financia   9.500 9/23/2022  EUR   73.330
Vontobel Financia  13.000 9/23/2022  EUR   54.320
Vontobel Financia   5.000 9/23/2022  EUR   56.420
Zurcher Kantonalb  12.500 08/03/2022 CHF   75.730
Vontobel Financia   7.000 6/24/2022  EUR   63.880
Landesbank Baden-   3.000 7/22/2022  EUR   69.310
DZ Bank AG Deutsc  16.700 9/23/2022  EUR   68.780
Corner Banca SA    13.200 12/07/2022 CHF   47.410
Societe Generale   11.250 7/22/2022  EUR   71.610
Vontobel Financia  23.000 9/23/2022  EUR   60.970
Vontobel Financia  12.000 9/23/2022  EUR   71.390
Societe Generale    7.500 8/26/2022  EUR   69.530
Vontobel Financia  17.500 9/23/2022  EUR   65.460
Vontobel Financia  13.000 9/23/2022  EUR   77.070
Vontobel Financia  11.500 9/23/2022  EUR   67.700
Vontobel Financia   9.000 9/23/2022  EUR   70.620
DekaBank Deutsche   2.60010/24/2023  EUR   63.120
Landesbank Baden-   4.00011/25/2022  EUR   74.070
Landesbank Baden-   5.10011/25/2022  EUR   39.680
Landesbank Baden-   3.80011/25/2022  EUR   57.990
Landesbank Baden-   6.70011/25/2022  EUR   70.580
Landesbank Baden-   2.75011/25/2022  EUR   74.470
Landesbank Baden-   2.00011/25/2022  EUR   53.050
Landesbank Baden-   8.50011/25/2022  EUR   37.670
Landesbank Baden-   4.35011/25/2022  EUR   51.890
Luzerner Kantonal   8.00012/16/2022  CHF   74.700
Raiffeisen Schwei   8.00011/28/2022  CHF   59.460
Zurcher Kantonalb  13.000 06/10/2022 CHF   45.970
Vontobel Financia  11.750 6/24/2022  EUR   62.670
Raiffeisen Schwei   7.200 06/01/2023 CHF   69.010
Raiffeisen Schwei  12.000 06/01/2022 CHF   42.090
Vontobel Financia  20.000 6/24/2022  EUR   36.660
Vontobel Financia  16.500 6/24/2022  EUR   12.570
Vontobel Financia  14.500 6/24/2022  EUR   63.380
Raiffeisen Schwei  18.520 7/13/2022  CHF   29.090
Basler Kantonalba  12.00010/14/2022  CHF   67.360
Vontobel Financia  14.500 6/24/2022  EUR   62.840
Vontobel Financia   5.000 9/23/2022  EUR   74.220
Vontobel Financia  12.000 9/23/2022  EUR   65.540
Vontobel Financia   9.000 9/23/2022  EUR   71.690
Vontobel Financia  10.500 9/23/2022  EUR   69.350
Vontobel Financia   7.000 6/24/2022  EUR   76.190
Vontobel Financia  11.500 9/23/2022  EUR   77.150
Vontobel Financia  12.500 9/23/2022  EUR   75.780
Vontobel Financia  14.500 9/23/2022  EUR   73.230
Vontobel Financia  18.500 9/23/2022  EUR   68.840
Vontobel Financia   4.500 9/23/2022  EUR   65.570
Vontobel Financia  11.000 9/23/2022  EUR   56.260
Vontobel Financia  13.500 9/23/2022  EUR   54.100
Vontobel Financia  10.000 6/24/2022  EUR   56.880
Leonteq Securitie  12.000 7/15/2022  CHF   51.970
Leonteq Securitie  12.000 10/12/2022 CHF   74.370
Corner Banca SA    10.000 10/12/2022 CHF   34.340
EFG International  13.000 01/06/2023 USD   59.590
Vontobel Financia  13.750 6/24/2022  EUR   40.340
EFG International   8.000 1/19/2023  CHF   63.310
Goldman Sachs & C   6.000 3/22/2023  EUR   66.460
EFG International  18.000 7/14/2022  CHF   61.930
UniCredit Bank AG   6.750 08/03/2022 EUR   63.450
Goldman Sachs & C   6.000 9/21/2022  EUR   75.240
Goldman Sachs & C   6.00012/21/2022  EUR   73.910
Goldman Sachs & C   6.000 8/24/2022  EUR   74.060
Goldman Sachs & C   6.000 6/21/2023  EUR   74.070
Goldman Sachs & C   7.000 6/22/2022  EUR   63.540
Goldman Sachs & C   7.000 9/21/2022  EUR   65.280
Goldman Sachs & C   7.000 6/21/2023  EUR   66.230
Goldman Sachs & C   7.000 6/22/2022  EUR   70.410
Goldman Sachs & C   7.000 9/21/2022  EUR   72.080
Goldman Sachs & C   7.000 8/24/2022  EUR   72.380
Societe Generale    4.000 7/22/2022  USD   38.190
Bank Vontobel AG   10.000 01/10/2023 EUR   64.300
Raiffeisen Schwei  14.000 06/01/2022 CHF   68.050
Societe Generale   16.000 07/03/2024 USD   26.600
Societe Generale   18.000 07/03/2024 USD
Credit Suisse AG/  12.500 8/22/2022  CHF   64.210
Bank Julius Baer    8.800 09/05/2022 EUR   66.850
EFG International   9.850 06/08/2022 USD   70.370
EFG International  10.260 06/08/2022 USD   65.530
Sberbank of Russi   0.010 06/04/2026 RUB   67.500
Sberbank of Russi   0.010 11/12/2025 RUB   71.500
Landesbank Baden-   2.200 1/27/2023  EUR   25.090
UniCredit Bank AG   5.250 07/01/2024 EUR   64.220
Leonteq Securitie   8.00011/23/2022  CHF   61.930
UniCredit Bank AG  13.300 07/07/2022 EUR   72.290
Sberbank of Russi   0.010 11/12/2025 RUB   71.700
Leonteq Securitie  11.000 09/07/2022 CHF   56.860
Leonteq Securitie  11.000 06/03/2022 CHF   70.020
Sberbank of Russi   0.010 5/25/2026  RUB   74.000
Sberbank of Russi   0.010 06/02/2028 RUB   65.100
Leonteq Securitie  23.690 06/03/2022 CHF   20.000
Leonteq Securitie  23.290 06/03/2022 CHF   51.320
Citigroup Global    5.000 08/01/2033 EUR   75.030
Sberbank of Russi   0.010 5/25/2026  RUB   73.500
Erste Group Bank    4.250 6/30/2022  EUR   56.100
DekaBank Deutsche   3.250 08/11/2023 EUR   67.880
Erste Group Bank    8.000 6/30/2022  EUR   56.300
Vontobel Financia   5.750 6/24/2022  EUR   72.140
UBS AG/London       5.250 5/31/2023  CHF   61.250
DZ Bank AG Deutsc   7.500 6/20/2022  EUR   72.050
UBS AG/London      12.00011/30/2022  EUR   32.950
UniCredit Bank AG   4.050 07/01/2024 EUR   67.320
Landesbank Baden-   2.000 2/24/2023  EUR   72.830
Landesbank Baden-   3.400 8/23/2024  EUR   26.630
Vontobel Financia  10.500 6/24/2022  EUR   46.360
Bank Severnyy Mor   8.500            RUB   60.100
DekaBank Deutsche   2.35012/16/2022  EUR   68.290
DZ Bank AG Deutsc   5.000 9/19/2022  EUR   76.750
UBS AG/London       7.750 5/31/2023  CHF   72.300
Erste Group Bank    6.500 6/30/2022  EUR   56.150
Erste Group Bank    5.500 6/30/2025  EUR   75.800
DekaBank Deutsche   3.500 11/04/2022 EUR   43.410
Landesbank Baden-   3.50012/22/2023  EUR   74.680
Leonteq Securitie   9.400 1/30/2023  EUR   64.870
Vontobel Financia  12.500 6/24/2022  EUR   73.320
Vontobel Financia   6.500 6/24/2022  EUR   65.330
Vontobel Financia   8.250 6/24/2022  EUR   67.750
Vontobel Financia  14.750 6/24/2022  EUR   30.220
Vontobel Financia  17.750 6/24/2022  EUR   29.940
Vontobel Financia   5.750 6/24/2022  EUR   74.670
Vontobel Financia  11.750 6/24/2022  EUR   31.070
Vontobel Financia   9.750 6/24/2022  EUR   73.170
Leonteq Securitie  10.000 11/02/2022 CHF   42.460
Leonteq Securitie  10.000 1/30/2023  CHF   70.670
Bank Vontobel AG   12.505 8/19/2022  CHF   46.400
Leonteq Securitie  12.000 7/29/2022  CHF   53.670
Vontobel Financia   8.250 6/24/2022  EUR   39.910
Bank Vontobel AG    7.756 2/13/2023  CHF   60.200
Leonteq Securitie   2.800 7/29/2022  EUR   51.970
Leonteq Securitie  22.450 7/29/2022  CHF   26.310
BNP Paribas Emiss  10.000 9/22/2022  EUR   67.710
BNP Paribas Emiss   8.000 9/22/2022  EUR   33.430
BNP Paribas Emiss  10.000 9/22/2022  EUR   31.480
BNP Paribas Emiss  10.000 6/23/2022  EUR   73.010
BNP Paribas Emiss  14.000 6/23/2022  EUR   68.720
Societe Generale   10.000 7/22/2022  EUR   70.040
Societe Generale    8.000 7/22/2022  EUR   73.750
Societe Generale    6.750 7/22/2022  EUR   70.890
UBS AG/London      14.75011/14/2022  CHF   40.550
UBS AG/London      10.50011/14/2022  CHF   38.700
Societe Generale    8.500 6/24/2022  EUR   74.110
BNP Paribas Emiss  14.000 6/23/2022  EUR   73.820
Societe Generale    6.500 6/24/2022  EUR   35.750
Leonteq Securitie  11.050 08/10/2022 USD   80.730
Societe Generale   11.250 6/24/2022  EUR   76.320
Societe Generale   15.250 6/24/2022  EUR   69.590
BNP Paribas Emiss  12.000 9/22/2022  EUR   55.180
BNP Paribas Emiss  10.00012/22/2022  EUR   57.040
BNP Paribas Emiss   6.000 9/22/2022  EUR   71.490
BNP Paribas Emiss   6.00012/22/2022  EUR   72.850
BNP Paribas Emiss   8.000 6/23/2022  EUR   72.690
BNP Paribas Emiss  12.000 9/22/2022  EUR   67.610
EFG International  15.00011/14/2022  EUR   66.300
Zurcher Kantonalb   8.000 08/08/2022 CHF   64.920
BNP Paribas Emiss   6.000 9/22/2022  EUR   74.780
Vontobel Financia  13.500 6/24/2022  EUR   63.890
BNP Paribas Emiss  10.000 6/23/2022  EUR   61.990
Vontobel Financia  12.500 6/24/2022  EUR   46.340
Zurcher Kantonalb  13.000 08/08/2022 CHF   57.300
Vontobel Financia  17.000 6/24/2022  EUR   59.920
Vontobel Financia  14.000 6/24/2022  EUR   79.150
BNP Paribas Emiss   8.000 9/22/2022  EUR   75.000
BNP Paribas Emiss  14.000 9/22/2022  EUR   78.840
Vontobel Financia  13.500 6/24/2022  EUR   63.950
Vontobel Financia   4.000 6/24/2022  EUR   73.770
BNP Paribas Emiss   5.000 6/23/2022  EUR   70.420
BNP Paribas Emiss   5.000 9/22/2022  EUR   71.530
Sberbank of Russi   0.010 12/08/2025 RUB   70.600
BNP Paribas Emiss   8.00012/22/2022  EUR   73.190
Vontobel Financia  10.000 6/24/2022  EUR   68.510
BNP Paribas Emiss   5.000 6/23/2022  EUR   70.320
BNP Paribas Emiss  14.000 6/23/2022  EUR   60.130
Societe Generale   12.500 7/22/2022  EUR   73.730
Societe Generale    9.750 8/26/2022  EUR   79.010
EFG International  13.000 8/24/2022  CHF   41.420
DZ Bank AG Deutsc   9.500 6/20/2022  EUR   73.560
EFG International   8.200 03/01/2023 USD   39.690
Zurcher Kantonalb  20.500 08/09/2022 CHF   39.270
BNP Paribas Emiss  10.00012/22/2022  EUR   73.330
Sberbank of Russi   0.010 12/05/2025 RUB   70.300
BNP Paribas Emiss  12.00012/22/2022  EUR   79.790
BNP Paribas Emiss   8.00012/22/2022  EUR   75.910
BNP Paribas Emiss  10.00012/22/2022  EUR   72.810
BNP Paribas Emiss   8.00012/22/2022  EUR   76.500
Leonteq Securitie  22.520 07/06/2022 CHF   18.320
DekaBank Deutsche   2.50010/24/2023  EUR   62.980
BNP Paribas Emiss  12.000 9/22/2022  EUR   76.690
BNP Paribas Emiss  14.000 6/23/2022  EUR   75.940
BNP Paribas Emiss   8.000 9/22/2022  EUR   71.400
BNP Paribas Emiss  10.000 9/22/2022  EUR   75.500
BNP Paribas Emiss  12.000 9/22/2022  EUR   71.670
Societe Generale   10.500 6/24/2022  EUR   70.310
Vontobel Financia  10.500 6/24/2022  EUR   69.970
BNP Paribas Emiss   8.000 9/22/2022  EUR   66.750
Vontobel Financia  11.500 6/24/2022  EUR   75.590
BNP Paribas Emiss  12.000 9/22/2022  EUR   54.420
BNP Paribas Emiss  10.000 6/23/2022  EUR   74.760
BNP Paribas Emiss   8.000 9/22/2022  EUR   76.040
BNP Paribas Emiss  14.000 6/23/2022  EUR   58.630
BNP Paribas Emiss  15.000 9/22/2022  EUR   53.000
BNP Paribas Emiss   4.000 6/23/2022  EUR   75.730
Vontobel Financia   8.000 6/24/2022  EUR   46.040
Leonteq Securitie   9.00011/21/2022  CHF   48.500
BNP Paribas Emiss  14.00012/22/2022  EUR   53.230
Societe Generale   13.750 8/26/2022  EUR   71.560
BNP Paribas Emiss  12.000 9/22/2022  EUR   63.100
Vontobel Financia  16.500 6/24/2022  EUR   58.410
BNP Paribas Emiss  12.00012/22/2022  EUR   57.400
BNP Paribas Emiss   4.00012/22/2022  EUR   78.110
BNP Paribas Emiss   5.00012/22/2022  EUR   72.470
BNP Paribas Emiss  10.00012/22/2022  EUR   64.930
Vontobel Financia   7.250 6/24/2022  EUR   53.160
Vontobel Financia  16.450 6/24/2022  EUR   73.270
Vontobel Financia  16.250 6/24/2022  EUR   61.480
BNP Paribas Emiss  12.000 9/22/2022  EUR   69.720
BNP Paribas Emiss   8.00012/22/2022  EUR   69.950
BNP Paribas Emiss   8.00012/22/2022  EUR   68.620
BNP Paribas Emiss   8.000 6/23/2022  EUR   31.300
UniCredit Bank AG   3.600 10/05/2022 EUR   52.570
Leonteq Securitie  12.000 06/08/2022 CHF   36.270
UniCredit Bank AG   4.500 10/05/2022 EUR   66.240
BNP Paribas Emiss  12.00012/22/2022  EUR   30.960
BNP Paribas Emiss  12.000 9/22/2022  EUR   29.920
BNP Paribas Emiss  12.000 6/23/2022  EUR   26.780
BNP Paribas Emiss  10.000 6/23/2022  EUR   72.680
BNP Paribas Emiss   5.000 6/23/2022  EUR   74.040
Vontobel Financia  11.000 6/24/2022  EUR   71.620
BNP Paribas Emiss  10.000 6/23/2022  EUR   28.840
Bank Vontobel AG    6.507 8/17/2022  CHF   65.800
Bank Vontobel AG    6.505 2/27/2023  CHF   57.600
Leonteq Securitie  10.000 06/08/2022 EUR   60.160
BNP Paribas Emiss   5.000 9/22/2022  EUR   75.200
BNP Paribas Emiss   8.00012/22/2022  EUR   68.900
UniCredit Bank AG   4.550 9/28/2023  EUR   64.470
Erste Group Bank    6.250 8/31/2022  EUR   60.350
DZ Bank AG Deutsc   5.600 9/19/2022  EUR   68.020
Vontobel Financia  12.000 08/09/2022 EUR   55.760
Leonteq Securitie  11.00012/28/2022  USD   59.130
Societe Generale    4.750 7/22/2022  EUR   75.980
Leonteq Securitie  26.200 09/07/2022 CHF   39.000
Leonteq Securitie  24.800 09/07/2022 CHF   47.310
Leonteq Securitie   8.500 12/07/2022 EUR   70.920
Raiffeisen Schwei  16.000 9/20/2022  CHF   40.520
Raiffeisen Schwei   7.500 3/17/2023  USD   56.910
Raiffeisen Schwei  16.000 9/20/2022  CHF   34.630
Raiffeisen Schwei   9.000 3/17/2023  CHF   77.850
DZ Bank AG Deutsc   4.750 9/19/2022  EUR   72.510
Raiffeisen Schwei   7.000 9/20/2023  CHF   71.800
DZ Bank AG Deutsc   6.500 9/21/2022  EUR   73.200
DZ Bank AG Deutsc   5.50012/21/2022  EUR   75.710
DZ Bank AG Deutsc  11.750 9/21/2022  EUR   77.940
DZ Bank AG Deutsc   9.750 9/21/2022  EUR   35.030
DZ Bank AG Deutsc  10.250 9/21/2022  EUR   68.680
DZ Bank AG Deutsc  10.000 6/22/2022  EUR   76.290
DZ Bank AG Deutsc   6.500 6/22/2022  EUR   76.630
DZ Bank AG Deutsc   5.25012/19/2022  EUR   73.330
Leonteq Securitie  25.680 9/23/2022  CHF   32.600
Vontobel Financia  11.000 9/23/2022  EUR   42.870
Vontobel Financia  15.000 9/23/2022  EUR   40.370
Vontobel Financia   5.000 9/23/2022  EUR   71.530
Vontobel Financia   9.000 9/23/2022  EUR   44.440
Vontobel Financia   9.000 9/23/2022  EUR   66.200
Vontobel Financia  11.500 9/23/2022  EUR   34.180
Vontobel Financia  16.000 9/23/2022  EUR   59.440
Goldman Sachs & C  25.000 7/20/2022  EUR   64.590
Vontobel Financia   5.500 9/23/2022  EUR   48.530
Vontobel Financia   8.000 6/24/2022  EUR   67.170
Goldman Sachs & C  23.000 8/24/2022  EUR   66.510
Vontobel Financia  10.500 6/24/2022  EUR   64.160
Vontobel Financia  11.000 9/23/2022  EUR   63.330
Vontobel Financia  11.000 9/23/2022  EUR   59.820
Vontobel Financia  11.500 9/23/2022  EUR   58.780
Vontobel Financia  15.500 9/23/2022  EUR   55.700
Vontobel Financia  16.500 9/23/2022  EUR   55.040
Vontobel Financia  17.500 9/23/2022  EUR   54.410
Vontobel Financia   8.500 9/23/2022  EUR   62.950
Vontobel Financia   9.000 9/23/2022  EUR   61.740
Vontobel Financia  10.000 9/23/2022  EUR   60.760
Goldman Sachs & C  23.000 6/22/2022  EUR   50.270
Goldman Sachs & C  19.000 7/20/2022  EUR   53.620
Goldman Sachs & C   5.000 8/24/2022  EUR   70.110
Goldman Sachs & C  20.000 8/24/2022  EUR   53.540
Goldman Sachs & C   4.000 9/21/2022  EUR   74.430
Goldman Sachs & C   6.000 9/21/2022  EUR   67.010
Goldman Sachs & C   5.00012/21/2022  EUR   71.570
Goldman Sachs & C   7.00012/21/2022  EUR   65.590
Goldman Sachs & C   4.000 3/22/2023  EUR   75.550
Goldman Sachs & C   7.000 3/22/2023  EUR   67.210
Goldman Sachs & C   7.000 6/21/2023  EUR   67.900
Goldman Sachs & C  12.000 6/21/2023  EUR   60.740
Vontobel Financia   8.500 9/23/2022  EUR   49.540
Societe Generale    6.50010/28/2022  EUR   44.420
Societe Generale    8.50010/28/2022  EUR   39.230
UniCredit Bank AG   6.650 9/28/2022  EUR   75.780
Societe Generale    5.50010/28/2022  EUR   70.770
Societe Generale    6.50010/28/2022  EUR   68.920
Societe Generale    4.50010/28/2022  EUR   77.750
Vontobel Financia   6.000 6/24/2022  EUR   73.200
Vontobel Financia  14.500 6/24/2022  EUR   68.300
Societe Generale   11.75010/28/2022  EUR   71.310
Vontobel Financia   9.500 6/24/2022  EUR   76.530
Vontobel Financia  13.000 6/24/2022  EUR   71.470
Vontobel Financia  12.000 6/24/2022  EUR   73.090
Vontobel Financia  14.000 6/24/2022  EUR   69.930
Societe Generale    8.00010/28/2022  EUR   66.090
Vontobel Financia   6.000 9/23/2022  EUR   62.770
Vontobel Financia  11.000 9/23/2022  EUR   57.050
Vontobel Financia   8.000 6/24/2022  EUR   59.510
Vontobel Financia  11.000 6/24/2022  EUR   56.080
Vontobel Financia  12.500 6/24/2022  EUR   76.450
Vontobel Financia   9.000 9/23/2022  EUR   78.300
Vontobel Financia  11.000 9/23/2022  EUR   75.090
Vontobel Financia  12.500 6/24/2022  EUR   72.930
Vontobel Financia  16.500 6/24/2022  EUR   67.650
Vontobel Financia  15.000 6/24/2022  EUR   69.310
Vontobel Financia  12.500 9/23/2022  EUR   62.380
Vontobel Financia   6.500 9/23/2022  EUR   71.070
Vontobel Financia  10.000 9/23/2022  EUR   25.650
Vontobel Financia  11.500 9/23/2022  EUR   25.220
SG Issuer SA        6.850 1/20/2024  SEK   72.660
DZ Bank AG Deutsc   6.500 9/19/2022  EUR   76.080
Raiffeisen Schwei   7.500 3/17/2023  CHF   61.590
DZ Bank AG Deutsc   8.000 6/22/2022  EUR   71.740
DZ Bank AG Deutsc  10.250 6/22/2022  EUR   74.390
DZ Bank AG Deutsc   8.250 9/21/2022  EUR   76.350
DZ Bank AG Deutsc  14.500 9/21/2022  EUR   32.240
DZ Bank AG Deutsc   5.00012/21/2022  EUR   76.280
DZ Bank AG Deutsc   6.250 9/21/2022  EUR   55.680
Leonteq Securitie  20.880 9/23/2022  CHF   30.720
Vontobel Financia   7.000 9/23/2022  EUR   46.250
Vontobel Financia   7.000 9/23/2022  EUR   68.720
Vontobel Financia  13.000 9/23/2022  EUR   41.530
Vontobel Financia  11.000 9/23/2022  EUR   63.960
Vontobel Financia  13.500 9/23/2022  EUR   62.110
Vontobel Financia   6.000 6/24/2022  EUR   70.550
Vontobel Financia  13.500 6/24/2022  EUR   61.480
Goldman Sachs & C  14.000 6/22/2022  EUR   75.070
Goldman Sachs & C  20.000 6/22/2022  EUR   68.260
Goldman Sachs & C  25.000 6/22/2022  EUR   64.510
Goldman Sachs & C  18.000 8/24/2022  EUR   71.240
Goldman Sachs & C  20.000 9/21/2022  EUR   69.200
Goldman Sachs & C  22.000 9/21/2022  EUR   67.980
Vontobel Financia   5.000 9/23/2022  EUR   69.610
Vontobel Financia   7.500 9/23/2022  EUR   64.060
Vontobel Financia  14.500 9/23/2022  EUR   56.410
Vontobel Financia  18.500 9/23/2022  EUR   53.820
Goldman Sachs & C   6.000 6/22/2022  EUR   65.530
Basler Kantonalba   8.000 3/22/2023  CHF   67.610
Goldman Sachs & C   5.000 7/20/2022  EUR   69.670
Goldman Sachs & C   6.000 7/20/2022  EUR   65.980
Goldman Sachs & C   4.000 8/24/2022  EUR   74.140
Goldman Sachs & C   6.000 8/24/2022  EUR   66.530
Goldman Sachs & C  10.000 8/24/2022  EUR   60.970
Goldman Sachs & C  15.000 8/24/2022  EUR   56.810
Goldman Sachs & C   5.000 9/21/2022  EUR   70.500
Goldman Sachs & C   4.00012/21/2022  EUR   75.080
Goldman Sachs & C  16.00012/21/2022  EUR   57.830
Goldman Sachs & C   6.000 3/22/2023  EUR   69.710
Goldman Sachs & C   4.000 6/21/2023  EUR   75.030
Goldman Sachs & C   6.000 6/21/2023  EUR   70.040
EFG International   8.000 3/22/2023  USD   77.920
Leonteq Securitie  10.00012/23/2022  CHF   70.940
Societe Generale   10.50010/28/2022  EUR   77.040
Societe Generale   10.50010/28/2022  EUR   36.210
Societe Generale   14.50010/28/2022  EUR   32.940
UniCredit Bank AG  11.450 9/28/2022  EUR   62.460
Societe Generale    7.50010/28/2022  EUR   70.520
Vontobel Financia  15.000 9/23/2022  EUR   24.000
Societe Generale    7.50010/28/2022  EUR   67.410
Vontobel Financia   5.500 6/24/2022  EUR   79.860
Vontobel Financia  14.500 6/24/2022  EUR   64.550
Vontobel Financia  10.000 9/23/2022  EUR   72.830
Societe Generale   13.75010/28/2022  EUR   68.390
Societe Generale   13.500 9/23/2022  EUR   69.350
Societe Generale    4.00010/28/2022  EUR   76.650
Societe Generale    6.00010/28/2022  EUR   70.280
Vontobel Financia   9.500 9/23/2022  EUR   58.240
Vontobel Financia  13.000 6/24/2022  EUR   54.560
Vontobel Financia   7.000 6/24/2022  EUR   61.450
Vontobel Financia   9.500 6/24/2022  EUR   57.740
Vontobel Financia   7.500 6/24/2022  EUR   60.460
Vontobel Financia  16.000 6/24/2022  EUR   71.270
Vontobel Financia  12.000 9/23/2022  EUR   73.570
Vontobel Financia  14.000 6/24/2022  EUR   71.090
Vontobel Financia  14.000 9/23/2022  EUR   70.760
Vontobel Financia  10.000 6/24/2022  EUR   77.000
Vontobel Financia  11.500 6/24/2022  EUR   74.930
Vontobel Financia   9.500 9/23/2022  EUR   66.310
Vontobel Financia  12.500 6/24/2022  EUR   62.210
Vontobel Financia  11.000 6/24/2022  EUR   64.160
Vontobel Financia  14.000 9/23/2022  EUR   24.400
Vontobel Financia  13.500 6/24/2022  EUR   23.410
Vontobel Financia  18.000 6/24/2022  EUR   21.290
Leonteq Securitie  12.000 09/07/2022 EUR   43.420
Vontobel Financia  18.000 6/24/2022  EUR   64.620
Vontobel Financia   6.250 6/24/2022  EUR   76.420
Vontobel Financia  17.250 6/24/2022  EUR   48.100
Raiffeisen Schwei  12.500 09/06/2022 CHF   66.420
Societe Generale   13.500 8/26/2022  EUR   30.850
DZ Bank AG Deutsc  19.500 9/23/2022  EUR   44.010
Vontobel Financia  12.500 9/23/2022  EUR   24.700
Vontobel Financia  15.000 6/24/2022  EUR   22.640
Vontobel Financia  16.500 6/24/2022  EUR   21.930
Vontobel Financia   8.500 9/23/2022  EUR   64.900
Vontobel Financia   3.500 9/23/2022  EUR   82.370
Leonteq Securitie  13.000 7/22/2022  CHF   53.990
Raiffeisen Schwei  13.500 09/06/2022 CHF   64.960
Societe Generale   15.000 9/29/2025  USD   21.150
Sberbank of Russi   0.010 7/23/2026  RUB   63.600
Sberbank of Russi   0.010 7/24/2028  RUB   56.300
Societe Generale    6.000 8/26/2022  EUR   63.160
Societe Generale    9.000 8/26/2022  EUR   77.800
Raiffeisen Centro   8.508 9/21/2022  EUR   69.370
Societe Generale   10.500 8/26/2022  EUR   75.970
Societe Generale   12.50010/28/2022  EUR   34.280
Societe Generale    3.50010/28/2022  EUR   76.230
Societe Generale   16.250 9/23/2022  EUR   61.200
Societe Generale    5.50010/28/2022  EUR   74.870
Societe Generale    6.50010/28/2022  EUR   72.470
Societe Generale    4.50010/28/2022  EUR   73.060
Societe Generale    8.50010/28/2022  EUR   66.150
Vontobel Financia  12.000 6/24/2022  EUR   65.930
Vontobel Financia   6.500 9/23/2022  EUR   77.160
Vontobel Financia  10.000 9/23/2022  EUR   68.170
Vontobel Financia  12.500 9/23/2022  EUR   67.360
Vontobel Financia  12.500 6/24/2022  EUR   70.660
Societe Generale    9.75010/28/2022  EUR   74.990
Societe Generale    5.00010/28/2022  EUR   73.040
Societe Generale    7.00010/28/2022  EUR   68.000
Vontobel Financia   7.000 9/23/2022  EUR   61.090
Vontobel Financia   6.500 6/24/2022  EUR   62.470
Vontobel Financia  13.500 9/23/2022  EUR   74.750
Vontobel Financia  13.000 9/23/2022  EUR   72.130
Vontobel Financia  10.000 9/23/2022  EUR   76.660
Vontobel Financia   9.500 6/24/2022  EUR   66.250
Vontobel Financia  12.000 6/24/2022  EUR   24.250
Leonteq Securitie   8.690 7/26/2023  CHF   67.420
Leonteq Securitie  28.020 7/22/2022  CHF   58.490
Citigroup Global    8.200 3/21/2024  SEK   67.470
Vontobel Financia   5.000 6/24/2022  EUR   64.820
Raiffeisen Schwei  10.500 12/06/2022 CHF   71.650
Raiffeisen Schwei   8.200 03/03/2023 CHF   73.080
Raiffeisen Schwei   7.500 03/03/2023 CHF   63.760
Leonteq Securitie  25.000 09/07/2022 CHF   30.550
Vontobel Financia   7.000 6/24/2022  EUR   44.150
Leonteq Securitie   8.000 09/05/2022 CHF   68.430
Erste Group Bank    4.750 3/31/2025  EUR   60.300
Sberbank of Russi   0.010 04/11/2025 RUB   82.500
Bank Vontobel AG   16.500 08/05/2022 CHF   41.700
Bank Vontobel AG    8.008 2/27/2023  CHF   63.900
UBS AG/London      16.250 09/05/2022 CHF   52.300
Vontobel Financia  13.500 9/23/2022  EUR   70.800
Vontobel Financia  18.500 9/23/2022  EUR   62.510
Vontobel Financia  14.500 9/23/2022  EUR   66.280
Vontobel Financia  19.500 6/24/2022  EUR   59.880
Vontobel Financia  20.000 6/24/2022  EUR   64.960
Vontobel Financia  18.000 6/24/2022  EUR   74.840
Vontobel Financia  10.000 9/23/2022  EUR   77.280
Vontobel Financia  11.500 9/23/2022  EUR   75.470
Vontobel Financia  13.000 9/23/2022  EUR   73.760
Vontobel Financia   9.500 6/24/2022  EUR   78.230
Vontobel Financia   4.500 9/23/2022  EUR   76.580
Vontobel Financia  11.500 9/23/2022  EUR   66.830
Vontobel Financia  11.500 6/24/2022  EUR   75.780
Vontobel Financia  15.500 6/24/2022  EUR   63.000
Vontobel Financia  13.500 6/24/2022  EUR   64.590
Vontobel Financia  16.500 9/23/2022  EUR   76.900
Vontobel Financia  21.000 6/24/2022  EUR   74.660
Vontobel Financia  10.000 9/23/2022  EUR   73.130
Vontobel Financia  15.500 9/23/2022  EUR   49.560
Vontobel Financia  18.500 9/23/2022  EUR   50.500
Vontobel Financia  22.000 9/23/2022  EUR   51.600
Vontobel Financia  20.000 9/23/2022  EUR   50.970
Vontobel Financia   8.000 9/23/2022  EUR   65.380
Bank Julius Baer   26.650 5/31/2022  USD   24.450
Corner Banca SA    10.00011/30/2022  CHF   61.090
Corner Banca SA     8.200 8/30/2023  CHF   69.360
Leonteq Securitie  10.000 2/27/2023  CHF   68.160
DZ Bank AG Deutsc   6.800 9/19/2022  EUR   72.050
Vontobel Financia   9.000 9/23/2022  EUR   76.150
Vontobel Financia  13.500 6/24/2022  EUR   70.910
Vontobel Financia  13.000 6/24/2022  EUR   67.020
Vontobel Financia  13.500 9/23/2022  EUR   67.830
Vontobel Financia  17.500 9/23/2022  EUR   63.780
Vontobel Financia  12.000 9/23/2022  EUR   69.320
Vontobel Financia  21.000 6/24/2022  EUR   58.360
Vontobel Financia  23.000 6/24/2022  EUR   56.950
Vontobel Financia  14.500 6/24/2022  EUR   65.050
Vontobel Financia  16.000 6/24/2022  EUR   63.210
Vontobel Financia  15.500 6/24/2022  EUR   71.350
Vontobel Financia  13.000 9/23/2022  EUR   65.630
Vontobel Financia   3.000 9/23/2022  EUR   80.730
Vontobel Financia  14.500 9/23/2022  EUR   64.510
Vontobel Financia   2.500 6/24/2022  EUR   81.960
Vontobel Financia   7.000 6/24/2022  EUR   60.730
DZ Bank AG Deutsc   5.400 9/19/2022  EUR   65.290
DZ Bank AG Deutsc   4.700 9/19/2022  EUR   66.220
DZ Bank AG Deutsc   5.60012/19/2022  EUR   74.200
Vontobel Financia  25.000 6/24/2022  EUR   80.130
Vontobel Financia  10.000 9/23/2022  EUR   72.940
Vontobel Financia  20.000 9/23/2022  EUR   61.470
Vontobel Financia  10.000 6/24/2022  EUR   71.370
Vontobel Financia   8.000 9/23/2022  EUR   72.500
Vontobel Financia  19.500 6/24/2022  EUR   48.270
Vontobel Financia  16.500 8/31/2022  EUR   55.290
DZ Bank AG Deutsc   9.250 9/21/2022  EUR   66.470
Societe Generale    9.750 8/26/2022  EUR   72.180
DZ Bank AG Deutsc   7.750 9/21/2022  EUR   65.650
Vontobel Financia  16.000 9/23/2022  EUR   68.600
Vontobel Financia  16.000 9/23/2022  EUR   64.990
Vontobel Financia   8.000 9/23/2022  EUR   76.990
Vontobel Financia   7.500 6/24/2022  EUR   76.410
Vontobel Financia  17.500 6/24/2022  EUR   61.480
Vontobel Financia  11.500 6/24/2022  EUR   69.120
Vontobel Financia  15.000 9/23/2022  EUR   72.330
Vontobel Financia  13.500 6/24/2022  EUR   73.490
Vontobel Financia   4.500 6/24/2022  EUR   76.710
Vontobel Financia  12.000 6/24/2022  EUR   66.310
Vontobel Financia   5.500 9/23/2022  EUR   74.670
Vontobel Financia  10.500 9/23/2022  EUR   68.280
Vontobel Financia   3.500 9/23/2022  EUR   78.550
DZ Bank AG Deutsc   5.500 6/22/2022  EUR   66.040
DZ Bank AG Deutsc  10.500 6/22/2022  EUR   73.670
DZ Bank AG Deutsc   5.250 9/21/2022  EUR   64.480
Societe Generale    4.750 6/24/2022  EUR   71.920
Leonteq Securitie  15.000 8/30/2022  CHF   66.100
Leonteq Securitie  13.00011/30/2022  USD   30.500
DZ Bank AG Deutsc   5.300 9/19/2022  EUR   74.500
DZ Bank AG Deutsc   6.20012/19/2022  EUR   73.300
DZ Bank AG Deutsc   6.100 9/19/2022  EUR   73.130
DZ Bank AG Deutsc   5.00012/19/2022  EUR   75.400
Bank Julius Baer    6.750 12/01/2022 CHF   65.300
Vontobel Financia   7.500 9/23/2022  EUR   61.540
Vontobel Financia  17.000 9/23/2022  EUR   50.030
Bank Julius Baer   10.750 12/01/2022 CHF   76.500
Vontobel Financia  17.000 6/24/2022  EUR   67.800
Vontobel Financia  11.000 9/23/2022  EUR   73.270
Vontobel Financia  12.000 6/24/2022  EUR   35.560
Leonteq Securitie   8.000 8/30/2023  CHF   69.110
Vontobel Financia   8.000 9/23/2022  EUR   39.490
Vontobel Financia  11.000 9/23/2022  EUR   37.830
Vontobel Financia   5.500 6/24/2022  EUR   40.940
Vontobel Financia  18.000 6/24/2022  EUR   32.590
Vontobel Financia  15.500 9/23/2022  EUR   35.950
Vontobel Financia   8.000 6/24/2022  EUR   70.510
Vontobel Financia   6.000 9/23/2022  EUR   58.820
Vontobel Financia  10.000 6/24/2022  EUR   36.720
Vontobel Financia   7.000 9/23/2022  EUR   59.160
UniCredit Bank AG   8.130 8/26/2022  EUR   36.610
Vontobel Financia   7.000 6/24/2022  EUR   57.050
Vontobel Financia   6.000 6/24/2022  EUR   56.960
Leonteq Securitie  14.00011/30/2022  CHF   58.570
Vontobel Financia   7.000 6/24/2022  EUR   39.410
Vontobel Financia   8.000 9/23/2022  EUR   65.610
Vontobel Financia   8.000 6/24/2022  EUR   60.870
Vontobel Financia  12.000 6/24/2022  EUR   63.710
Vontobel Financia   4.000 9/23/2022  EUR   66.430
Vontobel Financia   4.000 6/24/2022  EUR   65.120
Vontobel Financia  14.000 6/24/2022  EUR   67.300
Vontobel Financia  16.500 6/24/2022  EUR   63.060
Vontobel Financia  10.000 9/23/2022  EUR   56.100
Vontobel Financia  22.000 6/24/2022  EUR   56.130
Vontobel Financia  11.500 9/23/2022  EUR   69.510
Vontobel Financia   4.500 9/23/2022  EUR   64.570
Vontobel Financia   8.000 9/23/2022  EUR   58.490
Vontobel Financia  16.500 9/23/2022  EUR   50.730
Vontobel Financia  10.000 6/24/2022  EUR   54.730
Vontobel Financia  12.000 9/23/2022  EUR   54.000
Vontobel Financia  14.000 9/23/2022  EUR   52.180
Vontobel Financia   5.500 6/24/2022  EUR   61.200
Vontobel Financia  16.000 6/24/2022  EUR   49.720
Leonteq Securitie  10.000 03/01/2023 USD   41.800
Leonteq Securitie  16.000 8/30/2022  CHF   27.190
Vontobel Financia  14.000 9/23/2022  EUR   36.500
Vontobel Financia  12.500 9/23/2022  EUR   37.130
Vontobel Financia   3.500 9/23/2022  EUR   44.680
Vontobel Financia   8.500 6/24/2022  EUR   38.010
Vontobel Financia  17.000 9/23/2022  EUR   35.460
Vontobel Financia   9.000 6/24/2022  EUR   70.580
Vontobel Financia   3.500 9/23/2022  EUR   66.260
Vontobel Financia   3.500 6/24/2022  EUR   65.070
Vontobel Financia  16.000 6/24/2022  EUR   33.510
Vontobel Financia  14.000 6/24/2022  EUR   34.490
Vontobel Financia   6.000 9/23/2022  EUR   41.900
Vontobel Financia   4.500 9/23/2022  EUR   43.140
Vontobel Financia   7.000 9/23/2022  EUR   40.640
Vontobel Financia   9.500 9/23/2022  EUR   38.610
Vontobel Financia  15.000 9/23/2022  EUR   62.880
Societe Generale   10.000 6/24/2022  EUR   64.500
DekaBank Deutsche   1.000 8/25/2022  EUR   70.520
Barclays Bank PLC   2.150 4/28/2031  EUR   79.210
Raiffeisen Switze   8.000 10/12/2022 CHF   68.970
Raiffeisen Switze   6.500 04/12/2023 CHF   63.100
Basler Kantonalba   7.600 4/13/2023  CHF   62.840
Zurcher Kantonalb   6.800 7/20/2022  CHF   72.390
Bank Vontobel AG    6.008 10/07/2022 CHF   66.800
Bank Vontobel AG    5.005 10/09/2023 CHF   72.700
Bank Vontobel AG    8.001 10/07/2022 CHF   36.900
Bank Vontobel AG    6.008 04/11/2023 EUR   66.900
Bank Vontobel AG   10.009 10/07/2022 EUR   57.100
Bank Vontobel AG   10.010 10/07/2022 EUR   57.100
Bank Vontobel AG   10.006 10/07/2022 CHF   64.100
UBS AG/London       9.00010/14/2022  CHF   70.650
UBS AG/London      11.250 4/14/2023  CHF   50.300
UBS AG/London      10.50010/14/2022  EUR   65.500
UBS AG/London       6.250 4/14/2023  CHF   62.000
UBS AG/London       6.75010/14/2022  EUR   64.650
UBS AG/London      10.50010/14/2022  USD   79.650
UBS AG/London      11.75010/14/2022  CHF   45.050
UBS AG/London       7.75010/14/2022  CHF   65.800
UBS AG/London      12.750 4/14/2023  CHF   58.450
UBS AG/London       9.000 4/14/2023  CHF   63.900
DZ Bank AG Deutsc   9.500 6/22/2022  EUR   64.850
DZ Bank AG Deutsc   6.250 6/22/2022  EUR   70.360
DZ Bank AG Deutsc   8.700 6/24/2022  EUR   69.330
DZ Bank AG Deutsc  11.800 6/24/2022  EUR   63.790
DZ Bank AG Deutsc  13.300 6/24/2022  EUR   61.350
DZ Bank AG Deutsc  14.900 6/24/2022  EUR   59.110
DZ Bank AG Deutsc   8.300 6/24/2022  EUR   62.550
DZ Bank AG Deutsc   8.500 6/22/2022  EUR   74.300
DZ Bank AG Deutsc   6.500 6/22/2022  EUR   67.620
DZ Bank AG Deutsc   9.600 6/24/2022  EUR   76.400
DZ Bank AG Deutsc   6.800 6/24/2022  EUR   72.190
DZ Bank AG Deutsc  10.800 6/24/2022  EUR   64.180
DZ Bank AG Deutsc   5.000 6/22/2022  EUR   68.870
DZ Bank AG Deutsc  12.300 6/24/2022  EUR   64.070
DZ Bank AG Deutsc  14.700 6/24/2022  EUR   77.430
DZ Bank AG Deutsc  17.100 6/24/2022  EUR   72.760
Vontobel Financia  21.000 6/24/2022  EUR   75.520
Vontobel Financia  22.500 6/24/2022  EUR   72.880
Vontobel Financia  19.500 6/24/2022  EUR   78.390
Zurcher Kantonalb   7.300 4/18/2023  CHF   79.550
BNP Paribas Issua   5.680 4/25/2023  EUR   72.100
Raiffeisen Schwei   6.500 07/12/2022 CHF   58.350
Vontobel Financia   5.000 6/24/2022  EUR   73.780
Vontobel Financia   6.000 6/24/2022  EUR   70.960
Vontobel Financia   6.500 6/24/2022  EUR   69.640
Vontobel Financia   5.500 6/24/2022  EUR   72.340
Vontobel Financia   7.500 6/24/2022  EUR   68.400
Vontobel Financia   8.500 6/24/2022  EUR   65.990
Vontobel Financia  10.000 6/24/2022  EUR   63.790
Vontobel Financia   9.000 6/24/2022  EUR   64.860
Vontobel Financia   8.000 6/24/2022  EUR   67.170
Vontobel Financia  12.500 6/24/2022  EUR   59.820
Vontobel Financia  14.500 6/24/2022  EUR   57.180
Vontobel Financia  10.500 6/24/2022  EUR   62.740
Vontobel Financia  13.000 6/24/2022  EUR   58.900
Vontobel Financia  15.500 6/24/2022  EUR   56.380
Vontobel Financia   9.000 6/24/2022  EUR   76.320
Vontobel Financia  12.000 6/24/2022  EUR   69.930
Vontobel Financia   8.000 6/24/2022  EUR   80.030
Vontobel Financia   2.000 6/24/2022  EUR   72.930
Vontobel Financia   9.000 6/24/2022  EUR   59.520
Vontobel Financia  11.500 6/24/2022  EUR   57.000
Vontobel Financia  14.000 6/24/2022  EUR   54.720
Vontobel Financia   7.000 6/24/2022  EUR   62.330
Vontobel Financia   7.500 6/24/2022  EUR   76.390
Vontobel Financia   9.500 6/24/2022  EUR   71.240
Vontobel Financia  15.000 6/24/2022  EUR   61.710
Vontobel Financia  12.500 6/24/2022  EUR   65.430
Vontobel Financia  11.000 6/24/2022  EUR   68.200
Vontobel Financia  11.500 6/24/2022  EUR   66.770
Vontobel Financia  14.000 6/24/2022  EUR   62.890
Vontobel Financia  18.000 6/24/2022  EUR   57.410
Vontobel Financia  19.000 6/24/2022  EUR   56.450
Vontobel Financia  15.500 6/24/2022  EUR   75.900
Vontobel Financia  16.500 6/24/2022  EUR   74.760
Vontobel Financia   4.500 6/24/2022  EUR   75.280
Vontobel Financia   4.000 6/24/2022  EUR   76.840
Vontobel Financia   8.500 6/24/2022  EUR   72.850
Vontobel Financia  10.000 6/24/2022  EUR   69.670
Vontobel Financia  15.500 6/24/2022  EUR   60.560
Vontobel Financia  13.500 6/24/2022  EUR   64.150
Vontobel Financia  16.500 6/24/2022  EUR   59.480
Vontobel Financia  19.500 6/24/2022  EUR   55.500
Vontobel Financia  17.500 6/24/2022  EUR   58.440
Vontobel Financia  10.500 6/24/2022  EUR   72.970
Vontobel Financia  15.500 6/24/2022  EUR   64.620
Vontobel Financia  13.500 6/24/2022  EUR   67.140
Vontobel Financia   3.500 6/24/2022  EUR   68.980
Vontobel Financia   5.000 6/24/2022  EUR   65.460
Vontobel Financia  11.000 6/24/2022  EUR   61.720
Vontobel Financia  12.000 6/24/2022  EUR   60.770
Vontobel Financia  14.000 6/24/2022  EUR   58.040
Vontobel Financia  16.000 6/24/2022  EUR   55.570
Vontobel Financia  15.000 6/24/2022  EUR   73.520
Vontobel Financia  15.000 6/24/2022  EUR   75.100
Vontobel Financia  13.500 6/24/2022  EUR   77.320
Vontobel Financia   8.000 6/24/2022  EUR   74.580
Raiffeisen Switze  10.000 4/16/2024  USD   65.200
Vontobel Financia  15.000 6/24/2022  EUR   74.790
Vontobel Financia  12.500 6/24/2022  EUR   76.080
Vontobel Financia  13.500 6/24/2022  EUR   73.550
Vontobel Financia  15.000 6/24/2022  EUR   71.230
Vontobel Financia  18.000 6/24/2022  EUR   67.040
Vontobel Financia  16.500 6/24/2022  EUR   69.060
Vontobel Financia  19.500 6/24/2022  EUR   65.140
Vontobel Financia   9.000 6/24/2022  EUR   73.490
Vontobel Financia   7.000 6/24/2022  EUR   77.780
Vontobel Financia  11.500 6/24/2022  EUR   69.720
Vontobel Financia  12.500 6/24/2022  EUR   67.970
Vontobel Financia  10.000 6/24/2022  EUR   71.530
Vontobel Financia  14.000 6/24/2022  EUR   66.340
Vontobel Financia   8.000 6/24/2022  EUR   75.570
Vontobel Financia  15.500 6/24/2022  EUR   64.810
Vontobel Financia  16.500 6/24/2022  EUR   63.320
Vontobel Financia  18.000 6/24/2022  EUR   61.930
Vontobel Financia   9.500 6/24/2022  EUR   72.190
Vontobel Financia   8.000 6/24/2022  EUR   76.070
Vontobel Financia  11.500 6/24/2022  EUR   68.740
UniCredit Bank AG   5.300 7/22/2022  EUR   74.150
UniCredit Bank AG   6.900 7/22/2022  EUR   68.800
UniCredit Bank AG   7.800 7/22/2022  EUR   66.430
UniCredit Bank AG   8.700 7/22/2022  EUR   64.210
UniCredit Bank AG   9.600 7/22/2022  EUR   62.200
UniCredit Bank AG  10.600 7/22/2022  EUR   60.290
UniCredit Bank AG   6.100 7/22/2022  EUR   71.370
UniCredit Bank AG   5.90011/25/2022  EUR   72.550
UniCredit Bank AG   5.20011/25/2022  EUR   74.750
UniCredit Bank AG   7.90011/25/2022  EUR   66.520
UniCredit Bank AG   7.20011/25/2022  EUR   68.390
UniCredit Bank AG   8.60011/25/2022  EUR   64.780
UniCredit Bank AG   6.50011/25/2022  EUR   70.380
UniCredit Bank AG   9.40011/25/2022  EUR   63.210
Vontobel Financia  15.000 6/24/2022  EUR   54.470
Leonteq Securitie  11.500 7/15/2022  USD   75.140
Leonteq Securitie  11.000 7/19/2022  CHF   72.030
Corner Banca SA    12.00010/19/2022  EUR   69.510
Leonteq Securitie   9.00010/19/2022  USD   65.740
Leonteq Securitie   7.00010/19/2022  CHF   59.020
Vontobel Financia  17.000 6/24/2022  EUR   62.550
Vontobel Financia  14.500 6/24/2022  EUR   66.480
Vontobel Financia  17.000 6/24/2022  EUR   69.440
Vontobel Financia  15.000 6/24/2022  EUR   73.100
Vontobel Financia   9.500 6/24/2022  EUR   76.250
Vontobel Financia  12.000 6/24/2022  EUR   71.000
Vontobel Financia   9.000 6/24/2022  EUR   58.880
Vontobel Financia  13.000 6/24/2022  EUR   59.150
Leonteq Securitie   8.310 7/19/2022  EUR   57.700
Otthon Centrum Ho   3.000 4/19/2031  HUF   73.700
DZ Bank AG Deutsc   9.750 6/22/2022  EUR   54.350
DZ Bank AG Deutsc   8.000 6/22/2022  EUR   58.680
DZ Bank AG Deutsc   5.250 6/22/2022  EUR   68.890
DZ Bank AG Deutsc   9.000 6/22/2022  EUR   71.860
DZ Bank AG Deutsc   7.750 6/22/2022  EUR   63.200
DZ Bank AG Deutsc   8.500 6/22/2022  EUR   73.240
DZ Bank AG Deutsc  10.500 6/22/2022  EUR   64.910
DZ Bank AG Deutsc   5.750 6/22/2022  EUR   76.120
DZ Bank AG Deutsc   6.750 6/22/2022  EUR   67.660
Vontobel Financia  17.000 6/24/2022  EUR   76.400
Vontobel Financia  17.000 6/24/2022  EUR   52.380
Vontobel Financia  13.000 6/24/2022  EUR   57.820
Vontobel Financia   9.500 6/24/2022  EUR   64.720
Vontobel Financia  14.000 6/24/2022  EUR   64.560
Vontobel Financia  10.000 6/24/2022  EUR   70.670
Vontobel Financia   3.000 6/24/2022  EUR   81.990
Vontobel Financia   8.000 6/24/2022  EUR   67.980
Vontobel Financia   4.500 6/24/2022  EUR   76.710
Vontobel Financia  10.500 6/24/2022  EUR   64.390
Vontobel Financia  12.500 6/24/2022  EUR   61.170
Vontobel Financia  14.500 6/24/2022  EUR   58.280
Vontobel Financia   6.000 6/24/2022  EUR   72.060
Vontobel Financia   8.000 6/24/2022  EUR   73.050
Vontobel Financia  13.000 6/24/2022  EUR   50.800
Vontobel Financia   8.000 6/24/2022  EUR   69.040
Vontobel Financia   9.000 6/24/2022  EUR   57.400
Vontobel Financia  20.000 6/24/2022  EUR   53.130
DekaBank Deutsche   2.400 5/17/2024  EUR   55.820
UBS AG/London       7.800 4/20/2026  EUR   67.540
Leonteq Securitie  10.00010/20/2022  CHF   73.660
Leonteq Securitie  10.000 7/20/2022  CHF   26.740
Vontobel Financia  14.000 6/24/2022  EUR   73.270
Vontobel Financia  12.500 6/24/2022  EUR   73.170
Vontobel Financia   3.000 6/24/2022  EUR   53.180
Vontobel Financia   4.000 6/24/2022  EUR   52.950
Vontobel Financia  10.000 6/24/2022  EUR   16.360
Vontobel Financia   9.000 6/24/2022  EUR   72.940
Vontobel Financia  13.000 6/24/2022  EUR   53.550



                           *********


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 * * *