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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, June 13, 2022, Vol. 23, No. 111

                           Headlines



F I N L A N D

MOBILUX FINANCE: Fitch Raises Rating on Secured Notes to 'B+'


F R A N C E

AUTONORIA 2019 FCT: S&P Raises Class F Notes Rating to 'B(sf)'
INOVIE GROUP: Fitch Affirms 'B' IDR Amid New EUR400MM Loan Add-on
INOVIE GROUP: Moody's Affirms B2 CFR & Rates Term Loan Add-on B2


G E R M A N Y

REVOCAR 2019: DBRS Confirms BB Rating on Class D Notes


I R E L A N D

ARAGVI HOLDING: Fitch Alters Outlook on 'B' IDRs to Positive


I T A L Y

CASSIA SRL 2022-1: DBRS Finalizes BB Rating on Class C Notes


L U X E M B O U R G

BEFESA SA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Positive
MALLINCKRODT INT'L: Moody's Rates New $650MM First Lien Notes 'B3'
NORTHPOLE NEWCO: Moody's Withdraws 'Caa2' Corporate Family Rating


P O R T U G A L

BANCO MONTEPIO: DBRS Confirms 'B' LongTerm Issuer Rating


R O M A N I A

DIGI COMMUNICATIONS: Moody's Puts Ba3 CFR on Review for Downgrade


R U S S I A

[*] RUSSIA: Adds RUR551.4 Billion to Emergency Reserve Fund


S P A I N

CAIXABANK CONSUMO 5: DBRS Confirms B(high) Rating on B Notes
CAJAMAR PYME 3: DBRS Hikes Series B Notes Rating to B(low)


U N I T E D   K I N G D O M

BROWN BIDCO: Moody's Affirms 'B1' CFR, Outlook Stable
BULB: Octopus Energy Submits Last-Minute Bid
DRYDEN 96 EURO 2021: Fitch Assigns 'B-' Rating on Class F Debt
FROSN-2018 DAC: DBRS Confirms B(high) Rating on Class E Notes
GREENSILL CAPITAL: UK Taxpayers to Face Steep Losses on Bad Loan

MISSGUIDED: Campaigners Call for Protection of Garment Workers
MISSGUIDED: Garment Workers in Pakistan Left Unpaid
STARLEAF LTD: Enters Administration, French Unit in Liquidation
TULLOW OIL: Moody's Affirms 'B3' CFR & Alters Outlook to Positive
VE INTERACTIVE: Faces GBP126-Million Lawsuit Over Sale



X X X X X X X X

[*] BOND PRICING: For the Week June 6 to June 10, 2022

                           - - - - -


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F I N L A N D
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MOBILUX FINANCE: Fitch Raises Rating on Secured Notes to 'B+'
-------------------------------------------------------------
Fitch Ratings has upgraded Mobilux Finance SAS's senior secured
notes to 'B+'/RR3 from 'B'/RR4, and as affirmed Mobilux 2 SAS's
(BUT) Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

The upgrade reflects Fitch's expectation of a higher Going Concern
EBITDA than in Fitch's previous forecasts, reflecting a structural
increase in BUT's profitability.

The affirmation of the IDR encapsulates the company's rating
headroom as a result of its sustainably improved profitability.
This should offer some protection against the inflationary
environment, which could weigh on its profit margins in the fiscal
year ending June 2023 (FY23). If the company manages to efficiently
protect its margins despite these challenges, and maintains a
conservative financial policy aimed at deleveraging, this could
lead to positive rating action.

The company's business profile benefits from an extensive network
in France and a good value proposition anchored in affordable
products that is likely to remain resilient, even amid more
challenging macroeconomic conditions.

KEY RATING DRIVERS

Sustainably Improved Profitability: Fitch expects BUT's
Fitch-adjusted EBITDA margin to remain at or above 8% through to
FY25, a marked improvement on the 5.7% margin achieved in FY20,
even though Fitch expects it to momentarily decrease in FY23 due to
inflationary pressures, which are affecting most retailers. Fitch
believes cost-cutting measures, logistics optimisation and
synergies with Conforama will contribute to this improvement in the
longer term.

Improved Leverage: Total adjusted debt to Fitch-defined EBITDAR
reduced to 4.1x in FY21 amid exceptional trading, an improvement
compared with Fitch's prior expectations, giving BUT significant
rating headroom at 'B'. However, Fitch expects leverage to be
around 4.6x in FY22 and potentially peak at 5.4x in FY23 amid
pressure on margins, before trending down towards 4.5x by FY25. If
BUT manages to outperform Fitch's expectations, driving leverage
below 4.5x on a sustained basis, it could result in positive rating
action.

Risk of Temporary Margin Hit: Rising staff and logistics costs as
well as procurement inflation are likely to put temporary pressure
on the company's profitability in FY23, although Fitch thinks that
management will be able to pass on part of the cost increases to
customers. Fitch believes the company will subsequently be able to
restore its margins, as it has demonstrated over the last years
without impairing its market share. However, this needs to be
proved in a high inflationary and potentially stagflation
environment.

Strong Current Trading: BUT has maintained a high level of revenues
and retained some of the gains in market share achieved last year.
This was helped by sustained demand as the average customer basket
has increased compared with pre-pandemic levels. BUT has also
continued protecting its margin despite starting a dilutive trading
activity, thanks to continued cost monitoring and synergies
achieved through its cooperation with Conforama, notably in
procurement. Fitch expects the Fitch-adjusted EBITDA margin to
reach 8.5% in FY22.

Financial Policy Key to Rating: Fitch's rating case does not
include further large shareholder distributions, which Fitch would
view as event risk. Its liquidity buffer and rating headroom offer
some protection but further upstreaming of cash could be negative
for the rating. In June 2021, BUT used around EUR200 million of its
cash and EUR100 million of its new senior secured notes issue to
fund a EUR213 million dividend distribution and a EUR85 million
shareholder loan repayment. In October 2020, BUT had repaid EUR70
million of its shareholder loan.

Adequate Business Profile: Fitch believes BUT has a sustainable
business model, and a satisfactory business profile for its IDR.
The company has improved its product offering over the last years,
and affordable prices will remain appealing. BUT benefits from
strong brand awareness, supported by its extensive store network
that covers a large portion of France. BUT increased its share of
online sales to 11% in FY21 (excluding the marketplace
contribution), but Fitch views this as neutral for the rating as it
is in line with the overall market trend.

DERIVATION SUMMARY

BUT's closest peer is Dutch retailer Maxeda DIY Holding (B/Stable).
Both companies have a satisfactory business profile for the 'B'
category rating, with market-leading positions in concentrated
geographies. Fitch expects BUT to generate margins comparable with
Maxeda, which has almost completed its turnaround plan. Leverage
for both companies is comparable, with expected funds from
operations (FFO) adjusted gross leverage at 5.5x for BUT for FY22
and 5.8x for Maxeda in FY23 (ending January 2023), with both
expected to trend down towards 5.5x.

BUT is rated one notch above The Very Group (B-/Positive), the
UK-based pure online retailer. The Very Group is similar in size
and has similar margins than BUT. Fitch expects The Very Group to
be able to deleverage to below 7x in the near term on a FFO
adjusted gross leverage basis, reflected in the Positive Outlook.

BUT has weaker profitability and higher leverage metrics than other
larger peers such as Kingfisher plc (BBB/Stable), the European DIY
retailer.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

-- Net revenue increasing by 5.2% in FY22, followed by a 2%
    decline in FY23 and 1.5%-2.0% increase thereafter reflecting
    volume and price mix;

-- Fitch-adjusted EBITDA margin declining to 8.5% in FY22 and to
    6.6% in FY23, then growing back to 8.0%-8.3%;

-- Capex representing 2.5% of revenue over the forecast horizon
    (2% in FY23 following assumed margin contraction);

-- Working capital broadly neutral, at -EUR6 million in FY22
    adjusted for the factoring programme and then in line with
    revenue growth;

-- No further dividend distribution to shareholders assumed over
    the next four years;

-- No acquisitions.

KEY RECOVERY ASSUMPTIONS

Fitch assumes that BUT would be considered a going-concern in
bankruptcy and that it would be reorganised rather than liquidated.
Fitch has assumed a 10% administrative claim in the recovery
analysis.

In Fitch's bespoke going-concern (GC) recovery analysis Fitch
considers an estimated post-restructuring EBITDA available to
creditors of about EUR90 million, increased from Fitch's previous
analysis (EUR75 million). The increase in GC EBITDA reflects
sustainable margin improvement achieved.

Fitch has maintained the distressed enterprise value/EBITDA
multiple at 5.0x. This is in line with the multiple used for
Maxeda.

Based on the debt waterfall, the EUR140 million revolving credit
facility (RCF) ranks super-senior to the senior secured debt. After
deducting 10% for administrative claims, Fitch's analysis generates
a ranked recovery for the senior secured bonds in the 'RR3' band,
indicating a 'B+' instrument rating, one notch above the IDR, with
a waterfall generated recovery computation of 53% based on current
metrics and assumptions (previously 39%).

RATING SENSITIVITIES

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

-- Further improvement in scale and diversification together with

    better visibility on macroeconomic conditions that would lead
    to a FFO margin above 5% and a free cash flow (FCF) margin
    above 3% on a sustained basis;

-- Operating EBITDAR/gross interest paid + rents and FFO fixed
    charge cover sustainably above 1.9x;

-- Total adjusted debt to EBITDAR below 4.5x on a sustained basis

    (or FFO adjusted gross leverage below 5x).

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

-- A significant deterioration in revenue and profitability
    reflecting, for example, an increasingly competitive operating

    environment or inability to fully compensate for input price
    rises and other cost inflation, translating into FFO margin
    sustainably below 3.5%;

-- Operating EBITDAR/gross interest paid + rents and FFO fixed
    charge cover below 1.4x on a sustained basis;

-- Total adjusted debt to EBITDAR above 6.5x (or FFO adjusted
    gross leverage sustainably above 7x);

-- Evidence that liquidity is tightening due to operational
    under-performance or additional distribution to shareholders
    impacting leverage materially.

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

Adequate Liquidity: BUT had about EUR203.7 million cash on balance
sheet as of 3Q22 (excluding Fitch-computed restricted cash of EUR35
million). Fitch views this level of cash along with its full access
to EUR140 million RCF as sufficient, given the lack of meaningful
debt repayment needs, to finance the group's operations and cope
with any potential short-term disruptions.

ISSUER PROFILE

BUT is France's third largest self-service retailers for furniture
(beds, kitchen, living rooms), decoration and electrical goods,
categorised as white (refrigerators, washing machines, etc) and
brown (audio-visual products).

SUMMARY OF FINANCIAL ADJUSTMENTS

EUR12.0 million subtracted from FY21 EBITDA and added to other
financial expenses (interest on free credits).

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.

   DEBT             RATING                    RECOVERY   PRIOR
   ----             ------                    --------   -----
Mobilux 2 SAS      
Mobilux Finance S.A.S.

                    LT IDR   B     Affirmed               B

  senior secured    LT       B+    Upgrade       RR3      B




===========
F R A N C E
===========

AUTONORIA 2019 FCT: S&P Raises Class F Notes Rating to 'B(sf)'
--------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Autonoria 2019
FCT's class B-Dfrd notes to 'AA (sf)' from 'AA- (sf)', C-Dfrd notes
to 'A+ (sf)' from 'A (sf)', D-Dfrd notes to 'A- (sf)' from 'BBB
(sf)', E-Dfrd notes to 'BBB- (sf)' from 'BB (sf)', and F-Dfrd notes
to 'B (sf)' from 'B- (sf)'. At the same time, S&P affirmed its 'AAA
(sf)' rating on the class A notes.

S&P removed the criteria observation (UCO) identifier on the class
D-Dfrd, E-Dfrd, and F-Dfrd notes where it placed them ahead of the
publication of its revised criteria for rating global ABS.

The rating actions follow S&P's review of the transaction's
performance and the application of our revised criteria, and
considers the transaction's current structural features.

The main changes under the revised criteria that are relevant for
our analysis of Autonoria 2019 include a wider range of default
stress multiples, tiered recoveries that replace standard recovery
rates for all ratings with increasingly stressful recovery rate
haircuts at higher rating levels, and updated interest rate curves
that are now based on the Cox-Ingersoll-Ross framework that are
specific to each rating category.

As of March 2022, the level of arrears is at 1.27%. Overall,
arrears have slightly increased since amortization began in
September 2020 (0.96%). Arrears above 90 days stand at 0.18%. The
cumulative losses have been limited, at 1.40% of closing pool
balance as of March 2022. It is less than our anticipated base case
after 19 months from start of amortization. The cumulative
recoveries are at 46.2% of the principal gross loss cumulative
amount, as of March 2022, 19 months after amortization began, which
is higher than our recovery rate base case. The trend in cumulative
recoveries is currently linear, and S&P therefore expects
recoveries over the coming months to continue at the same pace as
in the previous months.

S&P said, "We have revised our gross loss base case to 7.00%, from
7.20% previously, to remove the penalty for the worst-case pool
(the transaction began amortization in September 2020), account for
the good performance so far with lower observed losses than
expected. Although the revised auto ABS criteria allow for a wider
range of gross loss multiples, we kept our gross loss multiples
unchanged for consistency compared with the other European auto ABS
transactions.

"With the revised auto ABS criteria, the recovery rate is now
differentiated across rating stress levels. The higher the rating
level, the lower the recovery rate we apply. The haircut is applied
to the base-case recovery rate. We previously applied a recovery
rate of 20% at speculative-grade rating levels, and 13.6% at
investment-grade levels (with a haircut of 32%). Following this
review, we now apply a base-case recovery rate of 30%, to give
credit to higher-than-expected cumulative recoveries and to the
linear trend. We apply the middle of the European haircut range.
Given the unsecured nature of French auto loans, it takes more time
to get recoveries than for secured auto loans in other
jurisdictions. Therefore, we continue to assume a recovery timing
of 36 months."

The revolving phase stopped in September 2020 and the transaction
has started to amortize since then. Credit enhancement has been
stable since closing for all notes because the transaction is
currently amortizing on pro rata basis. At this stage, none of the
sequential triggers have been breached.

S&P said, "We have performed our cash flow analysis to test the
effect of the amended credit assumptions. Our analysis incorporates
a sensitivity with back-loaded default curve, in which defaults are
applied on month one and are increasing over the recession period
to test the pro rata amortization feature. We have run our cash
flows with updated interest rate curves based on the
Cox-Ingersoll-Ross framework. Cash flow outputs in both our
standard and sensitivity runs are higher than in our previous
review, because we lowered our gross loss base case and increased
our recovery rate input at each rating level. As a result, we have
raised our ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and
F-Dfrd notes. The cash flow output of class A notes remains at the
'AAA' level in both runs, therefore we have affirmed our 'AAA (sf)'
rating on the class A notes.

"Although the class D-Dfrd and E-Dfrd notes pass at a higher level
than the ratings assigned, we have limited the upgrade to two
notches for those classes of notes because they do not pass above
our maximum deterioration thresholds in our stability analysis. We
also considered the current macroeconomic uncertainties.

"As the class E-Dfrd and F-Dfrd notes do not benefit from the
liquidity reserve to repay interest shortfalls, we assessed the
risk of the lack of external liquidity when these classes of notes
become the most senior class and timely interest is due. The
accrued cumulative interest shortfalls are due immediately when a
class becomes the most senior. In particular, we assess whether
interest would be repaid on a delay of asset payments or a
servicer's disruption. In our view, in that case the class E-Dfrd
and F-Dfrd notes would benefit from the principal borrowing
mechanism. At the assigned rating levels, the repayment of timely
interest for the class E-Dfrd and F-Dfrd notes could withstand a
reduction of more than 30% of principal collection. In addition, as
most asset payments are collected on the fifth day of the month,
and notes payment date is on the 25th, it gives comfort that there
is some time to recover from a potential disruption of the
servicer. The servicer, BNPP PF, is a large, regulated bank with
high servicing expertise, which further mitigates the disruption
risk.

"Our ratings in this transaction are not constrained by the
application of our sovereign risk criteria for structured finance
transactions or our counterparty risk criteria. Furthermore, our
operational risk criteria do not cap this transaction's ratings."

Inflation in France is expected to reach 5.1% in 2022. Although
elevated inflation is overall credit negative for all auto loans
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. There are several uncertainties stemming from
potential new COVID-19 waves and lockdowns, and the conflict in
Ukraine. The risk is however mitigated in this transaction as 100%
of assets are fixed-rate amortizing loans and there are no balloon
loans.

Autonoria 2019 FCT is a French ABS transaction that securitizes a
portfolio of vehicle loan receivables to private individuals in
France. The consumer loans are originated by BNP Paribas Personal
Finance SA.


INOVIE GROUP: Fitch Affirms 'B' IDR Amid New EUR400MM Loan Add-on
-----------------------------------------------------------------
Fitch Ratings has affirmed Inovie Group's (Inovie) Long-Term Issuer
Default Rating (IDR) of 'B' with a Stable Outlook following the
announcement of a new EUR400 million add-on to its existing term
loan B (TLB), which will be used to finance M&A. Fitch expects to
rate the enlarged senior secured TLB at 'B+' with a Recovery Rating
of 'RR3' upon completion of the add-on.

The 'B' IDR reflects the smaller, albeit growing, scale of Inovie
relative to close rated peers' and its high financial leverage,
which is compensated by its strong position in the highly regulated
and non-cyclical French lab-testing market and strong
profitability. Fitch's expectation of robust free cash flow (FCF)
generation implies sound deleveraging capabilities, albeit subject
to the group's future financial policy, including the profile and
funding of future acquisitions.

The Stable Outlook reflects Fitch's expectation that Inovie will
maintain some deleveraging capacity, with manageable execution
risks and adequate financial flexibility to implement its future
growth strategy.

KEY RATING DRIVERS

Sustainable Business Model: The rating reflects Inovie's
sustainable business model in a defensive sector. It is the
third-largest network of private medical-testing labs in France,
with a historical focus on southern and central France. Recent
acquisitions have allowed the group to increase its presence in
Ile-de-France, diversify its geographic presence and provide
exposure to a region with above-national average growth. Fitch
expects Inovie to benefit from stable non-Covid-19 revenue, high
and resilient operating margins and superior cash generation, due
to a supportive regulation-and-reimbursement regime, combined with
strong barriers to entry.

M&A to Drive Growth: Inovie has announced bolt-on acquisitions of
around EUR900 million so far in 2022 (as of May), following close
to EUR600 million in 2021. Fitch expects Inovie to continue to
build its market share in France and to capitalise on a sound and
focused M&A strategy, targeting smaller laboratories in its
existing and adjacent regions, where it can extract cost savings
from an enlarged business scale. Fitch nevertheless expects M&A
volumes to decrease as mid-size targets become more scarce.

Subdued French Market Growth: Fitch assumes the non-cyclical and
highly regulated French private lab-testing market to show muted
growth (0%-2%) over the next three years, with volume increases
offset by lower prices. The market continues to consolidate but
still has multiple independent laboratories and small laboratory
chains.

Covid-19 Contribution to Continue Declining: Fitch forecasts a
drastic reduction in Covid-19 testing activity, driven by lower
reimbursement prices and an expected decrease in volumes, due to
the successful rollout of a vaccination programme across a large
share of the population, which will in turn decrease profitability
after 2023. Nonetheless Fitch assumes that Covid-19 testing will
remain an additional revenue stream over the medium term, with
margins broadly in line with the group's EBITDA margin.

Strong Cash Flow: Fitch expects Inovie's non-Covid-19 Fitch-defined
EBITDA margin to be at least 33% in 2022 and trend towards 34% by
2024. Profitability will mostly be driven by the agreed
re-alignment of the salary of partner biologists to market
standards, optimisation of the ratio of biologists to each lab and
a reduction of reagent costs. Fitch expects this to increase FCF
margin to the mid-teens, higher than the levels achieved by peer
Synlab and broadly similar to French peers'.

Financial Policy Drives Rating Trajectory: Fitch expects Inovie's
buy-and-build M&A strategy to allow for satisfactory deleveraging,
subject to valuations paid for lab targets, and the financing mix
(including equity reinvested by biologists of acquired labs).
Significant Covid-19 testing activity in 2022 will result in
moderate leverage, but Fitch expects funds from operations (FFO)
adjusted gross leverage to stabilise at 6.5x-7.0x over 2023-2025
once Covid-19 activity normalises, with FCF generation applied to
finance bolt-on acquisitions.

Some Diversification Benefits: Fitch views Inovie's diversification
in the specialty test (around 10% of non-Covid-19 revenue) as
beneficial as these tests are less regulated (not included in the
budgetary scope governed by France's triennial act) and offer
long-term growth opportunities. Fitch views Inovie as firmly placed
to withstand potential tariff pressure relative to smaller peers,
given its critical size and operational efficiencies.

DERIVATION SUMMARY

Inovie's 'B' rating is in line with that of Laboratoire Eimer Selas
(Biogroup; B/Stable) and below that of Synlab AG (BB/Stable), both
of whom are direct routine medical lab-testing peers. The
profitability, cash generation and leverage of Inovie and its
direct peers have benefited from Covid-19-related activity in 2020
to early 2022, which Fitch expects to decrease for the rest of 2022
and to normalise at a much lower level from 2023.

Inovie is smaller in scale and less diversified geographically than
its rated peers, making it highly exposed to the French market and
to potential reimbursement changes in the medium term. Synlab is
well-diversified across Europe, while Biogroup has expanded to
Belgium. Inovie's lack of geographical diversification is somewhat
compensated by a more diversified product offering, with around 15%
of its non-Covid-19 revenue derived from specialty testing.

Inovie's leverage is lower than Biogroup's but much higher than
Synlab's. Synlab materially decreased its FFO-adjusted gross
leverage following its IPO with a projected level of 3.0x through
2025. Fitch expects Inovie's FFO adjusted gross leverage to be in
line with a 'B' IDR at slightly below 7x in the medium term once
Covid-19 activity normalises. This compares with Fitch's
expectation of 8x FFO-adjusted gross leverage in the medium term
for Biogroup. In addition, Inovie differentiates itself with less
aggressive external growth over recent years, which is
characterised by more prudent financing, equity partnerships with
biologists and smaller targeted acquisitions.

Compared with IG global medical diagnostic peers such as Eurofins
Scientific S.E. (BBB-/Stable) and Quest Diagnostics Inc
(BBB/Stable), Inovie is considerably smaller and more
geographically concentrated, more exposed to the routine
lab-testing market and has much higher leverage.

Inovie's rating is supported by Fitch's expectation of strong
profitability and cash flow generation. Expected profitability is
higher than Synlab's and similar to that of French peers.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

Organic sales growth of non-Covid-19 business of 2.5% in 2022, 3%
in 2023 and 2.2% in 2024-2025

Covid-19 as a share of revenue declining in 2022 to about 45% from
its 2021 peak, before normalising in the following three years at
about 10%-15% of 2021 peak

Group EBITDA margin at about 36% in 2022, declining to about 34% in
2023-2025 as Covid-19 sales decline. Non-Covid-19 business EBITDA
margin expected at 33% in 2022-2023 and around 34% in 2024-2025.
Covid-19 business EBITDA margin assumed at 46% in 2022, 39% in
2023, and 35% in 2024-2025

Acquisitions of about EUR1.1 billion in 2022, including the
Bioclinic and Biofutur, EUR200 million in 2023, and EUR100 million
in 2024-2025. Fitch expects 15% of the acquisition amount in 2022
and 20% in 2023 to be financed by equity issuance

No dividend pay-outs

EUR50 million earn-out paid to shareholders in 2022

Capex at 4% of non-Covid-19 revenue for 2022, declining to 3.2% in
2023, 3% in 2024 and 2.8% in 2025

RECOVERY ANALYSIS ASSUMPTIONS

In Fitch's recovery analysis, Fitch follows a going-concern (GC)
approach as this leads to higher recoveries than a liquidation
approach in the event of bankruptcy

Our GC EBITDA is estimated at EUR280 million, after applying stress
to its reported EBITDA in 2021. This level of GC EBITDA, which
could be caused by lower reimbursement, would lead to materially
lower FCF corresponding to a minimum level of earnings required to
cover its cash debt service, tax, maintenance capex and trade
working capital.

-- Distressed enterprise value (EV)/EBITDA multiple of 5.5x
    implies a discount of 0.5x against more geographically
    diversified and larger Biogroup's multiple of 6.0x;

-- Committed revolving credit facility (RCF) of EUR175 million
    fully drawn prior to distress, in line with Fitch's Corporates

    Notching and Recovery Ratings Criteria;

-- Structurally higher-ranking senior debt of EUR125 million at
    subsidiary level, ranking ahead of the RCF and TLB;

-- After deducting 10% for administrative claims from the
    estimated post-distress EV, Fitch's waterfall analysis
    generates a ranked recovery for the enlarged senior secured
    debt (including RCF and TLB) in the 'RR3' band, indicating a
    'B+' instrument rating. The waterfall analysis output
    percentage on current metrics and assumptions is 59%.

RATING SENSITIVITIES

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

-- A larger scale and/or increased product/geographical
    diversification while maintaining EBITDA margin;

-- Total adjusted debt / operating EBITDAR below 4.5x, or FFO-
    adjusted gross leverage trending towards 6.0x on a sustained
    basis (pro-forma for acquisitions);

-- FFO fixed charge coverage above 3.0x on a sustained basis
    (pro-forma for acquisitions).

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

-- Loss of M&A target selection discipline leading to weak
    operating performance, continued dividend payment policy
    leading to increased leverage and/or adverse regulatory
    changes eroding profitability;

-- Total adjusted debt / operating EBITDAR above 6.5x, or FFO-
    adjusted gross leverage above 8.0x on a sustained basis (pro-
    forma for acquisitions);

-- FFO fixed charge coverage below 2.0x on a sustained basis
    (pro-forma for acquisitions);

-- FCF margin in low single digits on a sustained basis.

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: Fitch expects Inovie to have comfortable
liquidity during the next three years. It reported EUR647 million
in readily available cash as of December 2021, of which EUR330
million were used for the Biofutur acquisition, which was completed
in February 2022. Its latest acquisitions will strengthen its
future FCF generation, supporting its financial flexibility.
Furthermore, Fitch's analysis considers Inovie's access to EUR175
million in undrawn committed bank facilities that mature in 2027,
as well as a comfortable debt maturity schedule.

ESG CONSIDERATIONS

Inovie has an ESG Relevance Score of '4' for social impacts due to
its exposure to the French regulated French medical lab testing
market, which is subject to pricing and reimbursement pressures as
governments seek to control national healthcare spending. This has
a negative impact on Inovie's credit profile and is relevant to
ratings in conjunction with other factors.

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

   DEBT               RATING                      RECOVERY   PRIOR
   ----               ------                      --------   -----
Inovie Group         LT IDR    B       Affirmed              B

  senior secured     LT        B+      Affirmed     RR3      B+


INOVIE GROUP: Moody's Affirms B2 CFR & Rates Term Loan Add-on B2
----------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
and the B2-PD probability of default rating of Inovie Group (Inovie
or the company). Concurrently Moody's affirmed the B2 rating of the
senior secured term loan B and the B2 rating of the senior secured
revolving credit facility (RCF) all issued at the level of Inovie
Group. The rating agency also assigned a B2 rating to the
contemplated EUR400 million add-on to the existing senior secured
term loan issued by Inovie Group. The outlook remains stable.

The proceeds from the contemplated EUR400 million add-on will be
used, along with EUR50 million equity from shareholders biologists
and EUR54 million of cash on balance sheet to finance the
acquisition of Bioclinic, an independent group providing clinical
routing testing services in the Paris region.

RATINGS RATIONALE

The rating action reflects the following interrelated drivers: a
sound strategic rationale with the acquisition of Bioclinic
allowing Inovie to increase its scale and strengthen its presence
in the attractive Paris area, a leverage broadly unchanged compared
to the last transaction from December 2021, an aggressive M&A
policy with EUR1.3 billion spent on acquisitions that have been
mostly debt-funded since Moody's assigned the first time rating in
December 2020 and hence related integration risks. The strong
COVID-19 testing tailwinds boost current margin and cash flow
generation, a credit positive. It is very difficult to forecast
COVID-19 testing but Moody's thinks that this activity is not
sustainable, at the current level, in the long-term. However,
despite lower COVID-19 testing activity forecasted by the rating
agency in the mid-term, Moody's expects Inovie to continue to
operate within the credit metrics parameters required for the B2
rating category.

Inovie's ratings are supported by (1) its size, market positioning
and network density in the South regions of France and Paris area,
(2) the defensive nature and positive underlying fundamental trends
for demand for clinical laboratory tests, (3) a good EBITDA margin
level coupled with limited capex needs which should translate into
positive free cash flow (FCF) going forward, and (4) a management
team who holds a substantial ownership stake in the company.

The ratings are constrained by (1) the continuous tariff pressure
in the sector limiting organic growth and margin expansion even if
the triennial agreement provides some visibility, (2) the lack of
geographic diversification outside of France and hence the very
large exposure to one regulatory regime, (3) a high Moody's
adjusted leverage and (4) risk of future debt funded acquisitions.

OUTLOOK

The stable outlook reflects Moody's expectation that the operating
environment will remain favorable for the next quarters. The stable
outlook also assumes that the company will successfully integrate
the high amount of acquisitions announced over the last 12 months
and adopt a measured approach when it comes to likely future
bolt-on acquisitions in terms of size, pace and acquisition
multiple and that funding will not translate into a Moody's
adjusted debt / EBITDA higher than 6.0x.

LIQUIDITY

Liquidity is good supported by (1) around EUR461 million of cash on
balance sheet end of March 2022, (2) full availability under the
EUR175 million RCF post proposed transaction, (3) expectation of
positive free cash flow in the next 12-18 months and (4) long dated
maturities with the senior secured term loan B maturing in March
2028 and the RCF maturing in September 2027. Out of the EUR461
million cash on balance sheet end of March 2022, EUR218 million
will be used to finance other acquisitions announced in Q1 2022 and
EUR54 million to finance the Bioclinic acquisition.

The debt structure includes a springing covenant (9.35x flat
requirement on Senior Net Leverage), with ample headroom, tested
only in case the RCF is drawn by more than 40%.

ESG CONSIDERATIONS

The environmental risk is considered low for the healthcare sector
in general and Inovie in particular. Moody's views social risks to
be high for the healthcare industry given the highly regulated
nature of the industry and the sensitivity to demographic and
societal pressures, including access and affordability of
healthcare services.

Governance risks for Inovie include any potential failure in
internal control that could result in a loss of accreditation or
reputational damage and, as a result, could harm its credit
profile. Inovie's financial policy is in line with that of similar
private equity-owned issuers as illustrated by its high leverage.
However, the ownership structure suggests a degree of stability in
financial policies since a substantial share of capital is owned by
management and other shareholder biologists. The rest is owned by
Ardian and Co-investors which own the majority at the holding
level.

STRUCTURAL CONSIDERATIONS

The senior secured term loan B (including the proposed add-on) and
the RCF are pari passu and rated B2 in line with the CFR. The
instruments share the same security package and are guaranteed by a
group of companies representing at least 80% of the consolidated
group's EBITDA. The security package consists of shares, bank
accounts and intragroup receivables. There is around EUR130 million
of debt directly issued by operating entities. There are typically
limitations in the enforcement of French guarantees hence Moody's
treats the EUR130 million debt as structurally senior to the senior
secured term loan B and the RCF. The small size of this debt in
comparison to the overall debt quantum does not lead to a notching
in the LGD model.

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

Upward rating pressure could arise over time if (1) the
Moody's-adjusted debt/EBITDA falls below 5.0x on a sustained basis;
(2) the Moody's-adjusted FCF/debt improves to 10% on a sustained
basis.

Downward rating pressure could develop if (1) leverage, as measured
by Moody's-adjusted debt/EBITDA, exceeds 6.0x on a sustained basis;
(2) the Moody's adjusted FCF/debt falls below 5% on a sustained
basis and (3) the company's liquidity deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Established in 2009, Inovie is a player in the French private
medical laboratory testing industry with a strong footprint in the
South/ Center of France and Paris area. The company provides
routine and specialty testing. Since the closing of the 1st LBO in
March 2021, Ardian and co-investors own the majority of the capital
at the holding level, while the rest is owned by the senior
management and other shareholder biologists.




=============
G E R M A N Y
=============

REVOCAR 2019: DBRS Confirms BB Rating on Class D Notes
------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by RevoCar 2019 UG (haftungsbeschrankt) (RevoCar 2019) and
RevoCar 2021-1 UG (haftungsbeschrankt) (RevoCar 2021-1):

RevoCar 2019:

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AA (high) (sf) from AA (sf)
-- Class C Notes upgraded to AA (sf) from A (high) (sf)
-- Class D Notes confirmed at BB (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in April 2033. The ratings on the Class B
and Class C Notes address the timely payment of interest while the
senior-most class outstanding otherwise the ultimate payment of
interest and principal on or before the legal final maturity date,
while the rating on the Class D Notes addresses the ultimate
payment of interest and principal on or before the legal final
maturity date.

RevoCar 2021-1:

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at A (sf)
-- Class C Notes confirmed at BBB (sf)
-- Class D Notes confirmed at BB (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in May 2038. The rating on the Class B
Notes addresses the timely payment of interest while the
senior-most class outstanding otherwise the ultimate payment of
interest and principal on or before the legal final maturity date,
while the ratings on the Class C and Class D Notes address the
ultimate payment of interest and principal on or before the legal
final maturity date.

The rating actions follow an annual review of the transactions and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the March 2022 payment dates;

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

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

The transactions are securitizations of German auto loan
receivables originated and serviced by Bank11 FÜR Privatkunden und
Handel GmbH (Bank11), granted primarily to private clients for the
purchase of both new and used vehicles. RevoCar 2019 closed in
April 2019 with an initial portfolio balance of EUR 400.0 million
and included a 12-month revolving period, which ended on the April
2020 payment date. RevoCar 2021-1 closed in May 2021 with an
initial portfolio of EUR 700.0 million and included a 48-month
revolving period.

PORTFOLIO PERFORMANCE
RevoCar 2019:

As of the March 2022 payment date, loans that were one month and
two months in arrears represented 0.6% and 0.2% of the outstanding
portfolio balance, respectively, while loans that were three months
in arrears represented 0.1%. Gross cumulative defaults amounted to
0.7% of the aggregate initial collateral balance, with cumulative
recoveries of 42.0% to date.

RevoCar 2021-1:

As of the March 2022 payment date, loans that were one month and
two months in arrears represented 0.3% and 0.2% of the outstanding
portfolio balance, respectively, while loans that were three months
in arrears represented 0.1%. Gross cumulative defaults amounted to
0.1 % of the aggregate initial collateral balance, with cumulative
recoveries of 41.2% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pools of receivables in both transactions. For RevoCar 2019, DBRS
Morningstar updated its base case PD and LGD assumptions to 1.3%
and 60.5%, respectively, based on the current portfolio
composition. For RevoCar 2021-1, DBRS Morningstar updated its base
case PD and LGD assumptions to 1.4% and 68.7%, respectively. Due to
the revolving period in RevoCar 2021-1, DBRS Morningstar continues
to base its assumptions on the potential portfolio migration and
the replenishment criteria set forth in the transaction legal
documents.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the rated notes in the transactions.

As of the March 2022 payment date, credit enhancement to the Class
A Notes in RevoCar 2019 increased to 20.1% from 12.7% at the time
of the last annual review 12 months ago; credit enhancement to the
Class B Notes increased to 9.1% from 5.7%; credit enhancement to
the Class C Notes increased to 6.6% from 4.2%; and credit
enhancement to the Class D Notes increased to 2.4% from 1.5%.

Credit enhancement to the rated notes in RevoCar 2021-1 remained
unchanged since closing due to the inclusion of a revolving period,
remaining at 8.2% for the Class A Notes, 3.5% for the Class B
Notes, 2.3% for the Class C Notes, and 1.3% for the Class D Notes.

The transactions benefit from an amortizing liquidity reserve,
which will only become available upon a servicer termination event,
with a target balance equal to 0.7% of the outstanding collateral
balance for RevoCar 2019 and 0.25% for RevoCar 2021-1. The reserve
would be available to cover senior fees and expenses, swap payments
(for RevoCar 2019), and interest payments on the respective Class A
Notes. As of the March 2022 payment date, both reserves were at
their target balances of EUR 1.2 million for RevoCar 2019 and EUR
1.75 million for RevoCar 2021-1.

Additionally, the transactions benefit from a commingling reserve
funded by Bank11 at closing to EUR 10.0 million for RevoCar 2019
and EUR 1.65 million for RevoCar 2021-1. For RevoCar 2019, this
reserve is maintained at a balance equal to the scheduled
collections amount for the next collection period plus 0.5% of the
outstanding performing collateral balance. For RevoCar 2021-1, the
reserve is maintained at a balance equal to 15.0% of the scheduled
collections amount for the next collection period minus the
commingling reserve reduction amount. As of the March 2022 payment
date, the reserves were at their target balance of EUR 6.5 million
for RevoCar 2019 and EUR 1.9 million for RevoCar 2021-1,
respectively.

The Bank of New York Mellon - Frankfurt Branch (BNYM-Frankfurt)
acts as the account bank for the transactions. Based on DBRS
Morningstar's private rating on BNYM-Frankfurt, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structures, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the ratings assigned to the
notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

UniCredit Bank AG acts as the swap counterparty for RevoCar 2019.
DBRS Morningstar's private rating on UniCredit Bank AG is
consistent with the First Rating Threshold as described in DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.




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

ARAGVI HOLDING: Fitch Alters Outlook on 'B' IDRs to Positive
------------------------------------------------------------
Fitch Ratings has revised Aragvi Holding International Limited's
(Trans-Oil) Outlook to Positive from Stable. Its Long-Term Foreign
Currency and Local Currency Issuer Ratings (IDRs) have been
affirmed at 'B'.

The Positive Outlook is driven by Trans-Oil's increased scale and
improved diversification following the expansion of its origination
and marketing segment into new countries such as Argentina and
Germany with foreign origination reaching 86% of sales during
financial year end to June 2021. The improved scale and
diversification is also underpinned by the acquisition of Serbian
assets. In addition, the company has pursued a conservative capital
structure and risk management policies which point to a
strengthening in its credit profile.

However, a material escalation of the conflict between Ukraine and
Russia, while not currently envisaged, potentially interfering with
Trans-Oil's physical operations could be detrimental to the
ratings.

Trans-Oil's IDR continues to benefit from the company's dominant
and well-protected market position in agricultural exports and
sunflower seed crushing in Moldova.

KEY RATING DRIVERS

Increased Scale: Fithc expects Trans-Oil's EBITDA to rise to around
USD220 million during FY22, after USD135 million in FY21 and USD94
million in FY20. While high commodity prices also contributed to
EBITDA growth, it was mostly driven by greater volumes traded in
the origination segment supported by additional liquidity from
Eurobond proceeds, recent acquisitions of Serbian crushing and
infrastructure assets and the completion of the high oleic and
organic seeds crushing plant. Fitch assumes that Trans-Oil will
grow mostly organically over the next three years but do not rule
out acquisition of further infrastructure or crushing capacity in
the Black Sea and Danube regions.

Overseas Expansion: Over the past three years, Trans-Oil has
expanded its operations outside Moldova by acquiring a plant in
Romania and assets in Serbia and expanding its origination and
marketing segment into new countries such as Argentina and Germany.
The profit contribution is no longer dominated by Moldova as EBITDA
generated overseas reached 64% in 1HFY21, up sharply from 20% in
FY20. This has helped Trans-Oil to avoid a reduction in EBITDA in
FY21 when harvest in Moldova almost halved due to drought. Fitch
views diversification outside Moldova as positive for the ratings
as long as this does not expose the company to higher commodity
price-and-trading risks and create volatility in profits.

Improved Commodity Diversification: Trans-Oil also diversified its
revenue by crop and is now focused not only on the higher-margin
origination and crushing of sunflower seeds into oil, but also on
the origination of corn, barley, and wheat. Fitch expects sunflower
seed and sunflower oil to decline to around 30% of consolidated
revenue from 2022, while wheat, barley and corn should each make up
around 20% of sales.

Strengthening Position in Serbia: Trans-Oil acquired a silo and
port terminal infrastructure on Danube River in Serbia from MK
Group in December 2021, funded entirely by cash flow from
operations. The acquisition significantly increases the company's
silo storage and export terminal capacity. The new port terminal
facility further improves its procurement capabilities in the
Danube river area and strengthens its position in Serbia following
its previous acquisition of Victoria Oil, the largest modern
crushing plant in Serbia, in June 2021.

High Commodity Prices: Fitch expects sunflower oil prices to remain
high during FY23. This is due to Ukraine sowing 20%-30% less
agricultural crops during this season than in a normal year as a
result of the conflict with Russia resulting in a weaker expected
harvest season in September of FY23. In addition, sunflower oil
supply from Russia is limited by export quota and sanctions. Fitch
therefore expects the shortage of sunflower oil on the market to
keep prices buoyant in 2023. Ukraine and Russia together accounted
for 60% and 80% of global sunflower oil production and exports,
respectively. The other commodities that Trans-Oil trades are also
experiencing peak levels but Fitch assumes them to normalise in
2023-2024.

Conservative Leverage: Fitch projects Trans-Oil's readily
marketable inventories (RMI)-adjusted funds from operations (FFO)
net leverage could decline to around 3.0x from FY22 from 3.9x in
FY21. This is supported by the strong growth of the business
through recent acquisitions in crushing capacity and infrastructure
and the expansion of the origination and marketing segment, despite
Fitch's expectation of some price normalisation from FY24. Fitch
also assumes annual bolt-on M&As of USD30 million.

Declining EBITDA Margin: Trans-Oil's 9.9% consolidated EBITDA
margin in FY21 was higher than that of most Fitch-rated peers in
the sector, due to its asset-heavy business model, with its
ownership of material infrastructure assets, and to strong shares
in its original procurement market of Moldova. The company in FY20
accounted for 62% of agricultural commodity exports and 93% of
sunflower seeds crushed in the country. As the business expands
with a higher proportion of asset-light trading operations, EBITDA
margin has declined from 12%-13%. While Fitch expects EBITDA in
absolute terms to remain high, EBITDA margin is forecast to decline
further towards 8.5%.

RMI Adjustments: Fitch applied RMI adjustments in evaluating
Trans-Oil's leverage and interest coverage ratios and liquidity.
Certain commodities traded by Trans-Oil fulfil Fitch's eligibility
criteria for RMI adjustments as 90% of its international oilseeds
and grain volumes are sold via forward contracts. The differential
between RMI-adjusted and RMI-unadjusted FFO net leverage is around
1.0x.

For the purpose of RMI calculations, Fitch discounted eligible
reported inventory by 40% to reflect basis and counterparty risks.
In Fitch's calculation of leverage and interest cover metrics,
Fitch excluded debt associated with financing RMI and reclassified
the related interest costs as cost of goods sold.

DERIVATION SUMMARY

Trans-Oil is considerably smaller in business size and has a weaker
ranking on a global scale than international agricultural commodity
traders and processors, such as Cargill Incorporated (A/Stable),
Archer Daniels Midland Company (A/Stable), Bunge Limited
(BBB/Stable) and Viterra Limited (BBB-/Stable). It is also more
leveraged than peers.

Trans-Oil is rated two notches lower than Tereos SCA (BB-/Stable)
due to the latter's larger scale and stronger geographic and
product diversification. This is partially offset by its weaker
financial structure.

Trans-Oil compares well with Ukrainian sunflower seed crusher and
grain trader Kernel Holdings S.A (CCC), due to their similar
operations and vertically-integrated models, which include sizeable
logistics and infrastructure assets. The main difference in
business models is Kernel's integration into crop growing, which
limits sourcing and procurement risk, and a wider and diversified
customer base. Also, Kernel enjoys greater business scale and a
larger sourcing market, which, before the Ukraine war, provided
greater protection from weather risks.

In contrast, competition risks for Trans-Oil are lower than for
Kernel due to its stronger market position and absence of
competition from global commodity traders and processors in
Moldova. Kernel's 'CCC' IDR reflects heightened operational and
financial risks following Ukraine's military invasion by Russia in
February 2022.

No Country Ceiling, parent-subsidiary linkage or
operating-environment aspects apply to Trans-Oil's ratings.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

-- Increasing sunflower seeds crushing capacity utilisation over
    FY22-FY25, with volumes increasing to 892,000 metric tonnes
    (mt) in FY25 from 703,000 mt in FY22;

-- Some normalisation of agricultural commodity prices after
    their increase in FY21-FY22;

-- Construction of a high-oleic and organic seeds crushing plant
    with capacity coming on stream in FY22, along with the
    successful integration of Serbian Victoria Oil in FY22;

-- Crushing EBITDA margin to normalise over FY22-FY25 after a
    spike in FY21;

-- Maintaining the ability to preserve profit margins in the
    origination and crushing segments in Moldova;

-- EBITDA margin between 8.6% and 9.4% over FY22-FY25, diluted by

    less profitable origination outside Moldova;

-- Capex of around USD14 million a year in FY23-FY25;

-- Working-capital outflows in FY22 driven by an increase in the
    volume of the commodities traded during this period, increased

    commodity prices and higher inventory driven by an increase of

    foreign origination sales. This is followed by small working-
    capital inflows to FY25 reflecting normalising commodity
    prices;

-- Acquisition spending of USD54 million in FY22, reflecting the
    acquisition of silo and port terminal infrastructure on the
    Danube river in Serbia. This is followed by USD30 million per
    year to FY25;

-- No dividends.

KEY RECOVERY RATING ASSUMPTIONS

Adequate Recovery for Secured Bondholders: The senior secured
Eurobond is rated in line with Trans-Oil's IDR of 'B', reflecting
average recovery prospects given default. The Eurobond is secured
by pledges over substantially all assets of key Moldovan entities,
excluding commodities.

Liquidation Scenario: Fitch's recovery approach assumes the company
will be liquidated instead of restructured in a financial
distress.

The increase in liquid assets such as RMI resulting from Trans-Oil
increased scale, will likely encourage creditors secured by these
assets to pursue a liquidation route. Under this scenario Fitch
expects bondholders will receive better recoveries than in a
going-concern scenario, given pledges over the other assets of the
company. Fitch has applied customary advance rates for key assets
in Trans-Oil, such as 80% for trade receivables, 50% for non-RMI
inventories and 30% for property plant & equipment.

Fitch-adjusted RMI is used to repay firstly outstanding
working-capital credit lines, as such creditors have direct
recourse to these assets. Fitch's assumptions result in a ranked
recovery in the 'RR4' band for the senior secured Eurobond,
indicating a 'B' rating. The waterfall analysis output percentage
on current metrics and assumptions was 57%. However, the Eurobond
is rated in line with Trans-Oil's IDR of 'B' as notching up is not
possible due to the Moldovan jurisdiction. Therefore, the waterfall
analysis output percentage remains capped at 50%.

RATING SENSITIVITIES

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

-- Visibility that achieved benefits from reinforced
    diversification and scale (as measured by EBITDA) are
    sustainable;

-- Maintaining a conservative capital structure with RMI-adjusted

    FFO net leverage at or below 3.0x and strengthening of risk
    management practices including continued reduction in the use
    of derivative instruments (for example as a share of working
    capital);

-- Maintenance of strong internal liquidity with sufficient
    availability of trade-financing lines to secure trading and
    processing volumes and to cope with price volatility;

-- Stable geopolitical environment in Trans-Oil's core countries
    of operation;

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

-- Limited visibility that the conditions for an upgrade would be

    met over the next 12-18 months.

Factors that could, individually or collectively, lead to
downgrade:

-- Weakening of liquidity position or risk of insufficient
    availability of trade-finance lines to fund trading and
    processing operations with internal liquidity score falling to

    1.0x or below;

-- More aggressive risk management or financial policy, as
    reflected by increased profit volatility and higher-than-
    expected investments in working capital, capex and M&A or
    dividend payment;

-- RMI-adjusted FFO net leverage above 4.5x and RMI-adjusted FFO
    interest cover below 2.0x for more than two consecutive years.

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

Adequate Liquidity: At end-2021, Trans-Oil held an estimated USD102
million of cash and Fitch-adjusted RMI of USD285 million,
sufficient to cover projected short-term obligations, including
USD355.3 million of short-term debt. Fitch expects Trans-Oil to be
able to maintain adequate internal liquidity over the next three
years.

Fitch also assumes that Trans-Oil will extend its USD180 million
pre-export financing (PXF) facility at maturity in July 2023. Fitch
believes that refinancing risks are manageable due to projected
moderate leverage and Trans-Oil's record of re-establishing and
increasing the limit of PXF facility since it was obtained in July
2014.

As of June 2021 and December 2021, the company's reported fixed
charge cover ratio was below the 2x covenant threshold under the
PXF facility agreement. This was a temporary decline primarily
driven by a USD41.4 million premium paid for tendering a USD300
million bond refinanced last year. The relevant banks waived the
requirement for the fixed charges coverage ratio of 2.0x on 31
December 2021 and on June 30 2021. Fitch expects, that as of June
2022, Trans-Oil will be compliant with the covenant, as confirmed
by the company.

ISSUER PROFILE

Trans-Oil is a vertically integrated agro-industrial company with
core activities in origination and wholesale trading of grain and
sunflower seeds, storage and trans-shipment operations and the
production of vegetable oils (bottled and in bulk).

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.

   DEBT            RATING                      RECOVERY   PRIOR
   ----            ------                      --------   -----
Aragvi Finance
International DAC

  senior secured  LT           B     Affirmed    RR4      B

Aragvi Holding    
International
Limited           LT IDR       B     Affirmed             B

                  LC LT IDR    B     Affirmed             B




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

CASSIA SRL 2022-1: DBRS Finalizes BB Rating on Class C Notes
------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following classes of Commercial Mortgage-Backed Floating-Rate Notes
due May 2034 issued by Cassia 2022-1 S.R.L. (the Issuer):

-- Class A notes at AA (low) (sf)
-- Class B notes at BBB (high) (sf)
-- Class C notes at BB (sf)

All trends remain Stable.

In addition, DBRS Morningstar discontinued its provisional rating
of B (low) (sf) on the Class D notes. The final rating on the Class
C notes is lower than the previously assigned provisional rating of
BB (high) (sf).

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

The two loans, totalling EUR 236.4 million as of 30 September 2021
(the Cut-Off Date) are backed by 42 big-box and last-mile logistics
properties in Italy. On 1 October 2021, CBRE Ltd. (CBRE) conducted
valuations on the properties and appraised their market value (MV)
at EUR 384.6 million. CBRE believes that the MV of the portfolio as
a single lot is EUR 394.9 million, which equates to a premium of
approximately 2.7% above the aggregated individual property value.
The two senior loans vary in size, but they have the same
loan-to-value ratio (LTV) of 59.9%.

By loan amount, the larger loan is the Thunder II loan with an
outstanding balance of EUR 164.0 million whereas the Jupiter loan
has an outstanding balance of EUR 72.4 million. Each loan bears
interest at a floating rate equal to three-month Euribor (subject
to zero floor), plus a margin that is a function of the weighted
average (WA) of the aggregate interest amounts payable on the
notes. As a result, there is no excess spread and the Sponsor pays
the Issuer costs in accordance with the ongoing financing costs
letter.

The interest rate risk is to be fully hedged by a prepaid cap with
a strike rate set at the higher of 1.5% and the level required to
ensure at least 2.0 times (x) hedged interest coverage ratio. The
cap must be entered into within 30 business days after the senior
loans' utilization date by a hedge provider with a rating plus
relevant triggers that are commensurate with that of DBRS
Morningstar's rating criteria.

The Thunder II borrower is an Italian closed-end fund, whereas the
Jupiter borrowers are split among an Italian closed-end fund,
Jupiter Fund, and two limited liability companies, Mileway Italy
2021 Bidco S.r.l. (Mileway or the Bidco) and Bracchi Immobiliare
Logistica S.r.l. (Bracchi or the Target Company) with the three
relevant facilities: (1) EUR 43,492,520 Jupiter Facility A, (2) EUR
24,859,480 Jupiter Facility B, and (3) EUR 4,000,000 Jupiter
Facility C. The Sponsor plans to restructure the borrower structure
of the Jupiter loan and complete the reverse merger of the Bidco
into its subsidiary, the Target Company (with Bracchi as the
surviving legal entity) within six months of utilization. Until the
restructuring is completed, the Bidco will not have sufficient cash
to service its portion of the loan (the Jupiter Facility B) and
will not benefit from the security over the assets, which are held
instead by the Target Company. In the unlikely scenario that a loan
defaults during the restructuring and the start of an insolvency
proceeding under Italian law, the Bidco's debt will rank junior to
any unsecured creditors of the Target Company. To mitigate this
risk, Facilities B and C will be funded to a blocked account and
only released once the merger has happened. If the merger does not
occur within six months of utilization, both Facility B and
Facility C must be prepaid in full.

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

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

CBRE valued the Thunder II portfolio at EUR 266.9 million as of 1
October 2021, with a 2.7% premium provided that the assets are sold
in a single transaction, which brings the valuation up to EUR 274.0
million. As at the Cut-Off Date, the properties generated EUR 16.2
million of GRI and EUR 14.1 million of net operating income (NOI),
which reflects a 5.9% gross initial yield (GIY) and a 5.2% net
initial yield (NIY), respectively, and a day-one debt yield (DY) of
8.6%. DBRS Morningstar's long-term stable net cash flow (NCF)
assumption and the DBRS Morningstar Value for the Thunder II
portfolio are EUR 11.7 million and EUR 178.9 million, respectively,
representing a haircut of 34.7% to the CBRE valuation.

The Thunder II loan has LTV and DY covenants for cash trap and,
following a permitted structural change (PSC), for events of
default (EODs). The LTV cash trap covenant is set at 69.85%, which
equals the LTV ratio (expressed as a percentage) on the date of the
facility agreement plus 10%. The DY cash trap covenant is set at
7.0% in years one to three and at 7.6% in years four to five.
Following a PSC, the LTV financial covenant is triggered if (1) the
LTV ratio is higher than the lower of (A) 72.35% and (B) the LTV
ratio as at the PSC date plus 15%; and if (2) the DY is less than
the higher of (A) 87.5% of the DY as at the date of the facility
agreement and (B) 85% of the DY as at the PSC date.

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

CBRE valued the Jupiter portfolio at EUR 117.7 million as of 1
October 2021, with a 2.7% premium provided that the assets are sold
in a single transaction, which brings the valuation up to EUR 120.9
million. As at the Cut-Off Date, the properties generated EUR 8.3
million of GRI and EUR 7.0 million of NOI, which reflects a 6.8%
GIY and a 5.8% NIY, respectively, and a day-one DY of 9.7%. DBRS
Morningstar's long-term stable NCF assumption and the DBRS
Morningstar Value for the Jupiter portfolio are EUR 5.7 million and
EUR 85.8 million, respectively, representing a haircut of 29.0% to
the CBRE valuation.

The Jupiter loan has LTV and DY covenants for cash trap and,
following a PSC, for EODs. The LTV cash trap covenant is set at
69.85%, which equals the LTV ratio (expressed as a percentage) on
the date of the facility agreement plus 10%. The DY cash trap
covenant is set at 8.8% in years one to three and at 9.0% in years
four to five. Following a PSC, the LTV financial covenant is
triggered if (1) the LTV ratio is higher than the lower of (A)
72.35% and (B) the LTV ratio as at the PSC date plus 15%; and if
(2) the DY is less than the higher of (A) 87.5% of the DY as at the
date of the facility agreement and (B) 85% of the DY as at the PSC
date.

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

For the purpose of satisfying the applicable risk retention
requirements, Bank of America Europe DAC, Milan Branch (the VRR
Lender) advanced a EUR 6.2 million loan (the VRR Loan) to the
Issuer on the closing date and Goldman Sachs Bank Europe SE (the
VRR Noteholder) subscribed for EUR 6.2 million in notes (the VRR
Notes and, together with the VRR Loan, the VRR Instruments) issued
by the Issuer on the closing date. As at the closing date, the
aggregate principal amount of the VRR Instruments was EUR 12.4
million.

On the closing date, EUR 10,925,000 of the proceeds of issuance of
the Class A Notes together with EUR 575,000 of the amount drawn
under the VRR Instruments were used by the Issuer to fund a reserve
(the Issuer Liquidity Reserve) in an aggregate amount equal to EUR
11,500,000 and such amount will be available to provide liquidity
support to the Class A notes and the Class B notes and certain
payments under the VRR Instruments. DBRS Morningstar estimates that
the commitment amount at closing is equivalent to approximately
18.0 months of coverage based on the hedging terms mentioned above
or approximately 11.4 months of coverage based on the 4% Euribor
cap after scheduled maturity. The liquidity reserve will be reduced
based on note amortization, if any, and in the event of a
substantial MV decline of the property portfolio.

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

Subject to certain conditions being met, the Sponsor is permitted
to put in place structurally subordinated mezzanine financing up to
75% LTV. Many of the principal terms (other than obligors, facility
amounts, margin, bank account structure, financial covenants and
fees) of any mezzanine facility agreements would be substantially
the same as the principal terms of the related senior facilities
agreement.

Notes: All figures are in euros unless otherwise noted.




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L U X E M B O U R G
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BEFESA SA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive from
stable on Befesa S.A. Concurrently, Moody's has affirmed all the
outstanding ratings of Befesa, including its Ba2 corporate family
rating, its Ba2-PD probability of default rating, as well as the
Ba2 rating of its senior secured bank credit facility instruments.

"The rating action has been primarily driven by an ongoing
improvement in Befesa's business profile with meaningfully enhanced
scale and geographic diversification, which the company has
financed in a conservative manner, supporting strong credit
metrics", says Martin Fujerik, Moody's lead analyst on Befesa. "A
continuation of the recent performance and credit metrics
improvements could support further positive rating pressure over
the next 12 to 18 months", Mr. Fujerik adds.

RATINGS RATIONALE

Over the past decade Befesa has invested sizeable amounts to
meaningfully increase its scale and diversify its operations beyond
Europe, where it holds a clear market leading position in the niche
metals recycling industry. Most recently, in August 2021 the
company successfully closed the transformational acquisition of
US-based AZR's recycling assets, which significantly increased its
steel dust recycling capacity by around 620,000 tons from roughly 1
million tons. In addition, in 2019 Befesa started to build two
greenfield steel dust recycling plants in China, aiming to add a
total of 220,000 tons of new capacity to its portfolio. The
investments in China are ramping up largely in line with the
company's expectations and are both very likely to contribute to
Befesa's EBITDA and cash flow already this year.

The company has managed this growth while preserving a conservative
balance sheet. For instance, Befesa funded a large part of the $450
million purchase price for the AZR's recycling assets through new
equity, and hence the acquisition did not increase the company's
leverage. The investments in China were funded without Befesa
generating substantially negative free cash flow (FCF), as defined
by Moody's. Moreover, the company's decision to cut dividends amid
the pandemic in 2020 helped preserve cash flow for growth and
contributed to a reduction of the company's net leverage to 2.1x
for 12 months that ended March 2022 (as defined by Befesa), the
lowest level in the company's history.

Moody's understands that Befesa aims to reduce its net leverage
further and maintain it below 2.0x, which would reduce interest on
its term loan. This strategy also increases the likelihood of the
company sustainably reaching and maintaining its Moody's-adjusted
credit metrics consistent with a higher rating, which is reflected
in the positive outlook.

However, the track record of the company sustainably managing its
balance sheet with such a low leverage still needs to be
established, considering more challenging macroeconomic environment
ahead, but also potential additional organic investments in China
and the acquisition of AZR's zinc refining asset that Befesa might
undertake over the next two years, subject to the asset's
satisfactory operational performance. In addition, while the
execution risk of the company's recent growth investments has
substantially reduced, Befesa still needs to prove that it is able
to reap the expected synergies from the acquisition of AZR's
recycling assets and to deliver the expected output with an
attractive profitability once the new plants in China are fully
ramped up.

Befesa's liquidity profile is currently very good, supported by
sizeable cash balances, an access to an undrawn revolving facility
and limited short term debt maturities. The company's zinc hedging
book now extends to January 2025 at attractive prices, which also
underpins the positive outlook.

ESG CONSIDERATIONS

Befesa plays an important role in the circular economy because it
recycles hazardous waste, which is an important consideration in
the agency's assessment of environmental risks. Corporate
governance considerations include Befesa's status as a publicly
listed company with conservative financial policies, as illustrated
by a large portion of equity in the funding mix for AZR's recycling
assets. Social risks are not significant to the credit quality of
Befesa.

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

Befesa's ratings could be upgraded if the company continued to
improve its business profile in terms of size, geographic and
business segment diversification, while maintaining a long-term
hedging strategy. In addition, Befesa would need to demonstrate its
ability to (1) reduce its Moody's adjusted leverage well below 2.5x
debt/EBITDA through the cycle; (2) achieve meaningful FCF
generation as evidenced by FCF/debt consistently in the
double-digit percentage range despite dividend payments and growth
investments; and (3) maintain a solid liquidity profile.

Conversely, Befesa's ratings could be downgraded if (1) its gross
leverage would remain above 3.5x debt/EBITDA as adjusted by Moody's
for a prolonged period; (2) its FCF/debt would deteriorate to a low
single digit percentage range for a prolonged period; (3) the
company failed to maintain a long-term hedging strategy; or (4) its
liquidity deteriorated.

LIST OF AFFECTED RATINGS:

Issuer: Befesa S.A.

Affirmations:

LT Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Senior Secured Bank Credit Facility, Affirmed Ba2

Outlook Actions:

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Befesa S.A. (Befesa) is the Luxembourg-based parent company of
Befesa Group, a leading international provider of regulated
environmental recycling of hazardous waste in the steel and
aluminum industries. In 2021, the group generated revenue of around
EUR820 million.


MALLINCKRODT INT'L: Moody's Rates New $650MM First Lien Notes 'B3'
------------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Mallinckrodt
International Finance S.A.'s ("Mallinckrodt") proposed $650 million
incremental senior secured first lien notes due 2028. At the same
time, Moody's affirmed all other ratings of the company including
the B3 Corporate Family Rating, the B3-PD Probability of Default,
the B3 rating on the first lien senior secured term loans, as well
as the B3 rating on the $495 million of first lien notes due 2025.
Moody's also affirmed the Caa2 rating on the $323 million and $375
million second lien notes due 2025 and 2029, respectively. There is
no change to the Speculative Grade Liquidity Rating of SGL-2,
reflecting company's good liquidity. The outlook remains stable.

Mallinckrodt has elected to modify the transaction structure
towards a smaller debt financing that will come in the form of a
privately placed $650 million first lien notes offering, which
combined with approximately $250 million of balance sheet cash will
replace the initially contemplated $900 million first lien term
loan. The rating on the previously  proposed $900 million first
lien senior secured term loan due 2029, which was never executed,
will be withdrawn at the close of the transaction.

"While the reduction in outstanding debt of $250 million will
result in a modest improvement in financial leverage, the use of
$250 million of balance sheet cash will diminish the company's
liquidity. However, Moody's does not view the modification in the
transaction structure as material enough to impact Mallinckrodt's
current ratings," said Vladimir Ronin, lead analyst for the
company.

The following ratings/assessments are affected by the action:

Affirmations:

Issuer: Mallinckrodt International Finance S.A.:

Corporate Family Rating, Affirmed at B3

Probability of Default Rating, Affirmed at B3-PD

Senior Secured 1st Lien Term Loan due 2027, Affirmed at B3 (LGD3
from LGD4)

Senior Secured 1st Lien Notes due 2025, Affirmed at B3 (LGD3 from
LGD4)

Senior Secured 2nd Lien Notes due 2025, Affirmed at Caa2 (LGD6)

Senior Secured 2nd Lien Notes due 2029, Affirmed at Caa2 (LGD6)

Assignments:

Issuer: Mallinckrodt International Finance S.A.:

Senior Secured 1st Lien Notes, Assigned B3 (LGD3)

Outlook Actions:

Issuer: Mallinckrodt International Finance S.A.:

Outlook, Remains Stable

RATINGS RATIONALE

Mallinckrodt's B3 CFR reflects its moderately high pro forma
financial leverage of 5.4x for the twelve months ended March 31,
2022, a significant liability related to the opioid settlement, and
the risk that the recent bankruptcy could harm the company's
reputation with customers. The rating is also constrained by high
earnings concentration in its two largest franchises, Acthar and
INOmax, both of which will experience material competitive
pressures from generics, as well as risk of lower reimbursement
from payors that will reduce revenue over time. Mallinckrodt's
ratings are supported by its moderate scale in specialty branded
pharmaceuticals and its growing hospital-based business. The
ratings are also supported by company's good liquidity.

The B3 rating for the senior secured first lien term loans and
notes matches the B3 Corporate Family Rating. Moody's Loss Given
Default (LGD) for Speculative-Grade Companies methodology suggests
that the first lien senior secured debt be rated one notch above
the CFR due to the balance of first and second lien debt in the
capital structure. However, Moody's believes management will
potentially look to fund the remaining opioid litigation settlement
liability with incremental first lien debt. As such, Moody's has
opted to apply a one notch override to the Loss Given Default (LGD)
for Speculative-Grade Companies methodology outcome for the first
lien debt instruments. The $323 million second lien notes due 2025
and $375 million second lien notes due 2029 are both rated Caa2,
two-notches below the CFR, which reflects the subordination of
these instruments to the first lien credit facilities and the
expectation of loss in value in a default scenario.

The Speculative Grade Liquidity Rating of SGL-2 reflects Moody's
expectation that Mallinckrodt's liquidity will remain good over the
next 12 to 18 months. Mallinckrodt's liquidity will be supported by
$250 million of cash at transaction's close. Moody's estimates that
the company will generate at least $250 million of annual free cash
flow over the next 12-to-18 months. However, liquidity will remain
constrained by ongoing opioid-related litigation settlement
payouts, with $200 million due a year post-emergence (and
additional $200 million due in 2024, followed by $150 million
annual payments thereafter, for several years). Mallinckrodt's
liquidity profile is further supported by a new 4-year ABL
revolving credit facility (unrated) that provides for borrowings of
$200 million. Alternative sources of liquidity are limited as
substantially all assets are pledged.

ESG factors are material to the ratings. Mallinckrodt faces
moderate exposure to waste and pollution management stemming from
number of investigations of current and former manufacturing
facilities as well as former disposal sites alleged to have
resulted in environmental contamination, and ongoing incurrence of
cleanup and remediation costs. Mallinckrodt faces very high social
risk exposures. These include high exposure to litigation,
specifically related to its sales of opioid drugs. Additionally,
because branded business represents a large share of cash flows,
drug pricing risk in the US is a key social risk, for Mallinckrodt
as well. Among governance considerations, the company's financial
policies are aggressive, reflected in the bankruptcy filing, as
well as high financial leverage, following reorganization. Moody's
expects that Mallinckrodt's post-bankruptcy exit financing
provisions will act as a guidepost for the financial policy of the
pro-forma company, including debt incurrence limitations and
restricted payments and investments.

The stable outlook reflects Moody's expectation that Mallinckrodt's
financial leverage will be moderately high following the
restructuring, however resolution of key litigation issues, and
refinancing of material portion of its funded debt, will allow the
company to execute on its strategic priorities. Furthermore, while
Moody's expects company's earnings will decline in 2022 due to
higher competition in its' two key franchises, combination of free
cash flow, cash balance, and revolver will provide sufficient
liquidity for operations.

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

Ratings upside is unlikely in the near-term as Mallinckrodt emerges
from bankruptcy, over the next 12-18 months. Longer-term, the
ratings could be upgraded if the company is able to maintain stable
earnings from the core specialty pharmaceutical brands business,
while effectively managing its strategic initiatives under more
conservative financial policies. The company would also need to
resolve remaining opioid-related legal matters, avoiding any
additional litigation, as well, reduce and sustain debt/EBITDA
below 5.5x. Additionally, the company would need to maintain at
least good liquidity highlighted by consistently positive free cash
flows.

The ratings could be downgraded if Mallinckrodt's operating results
are weaker than Moody's anticipates, the company incurs any
material incremental cash outflows related to various ongoing legal
matters including opioids or cleanup related to environmental
remediation, or if it fails to generate positive free cash flows on
an annual basis. Ratings could also be downgraded if the company's
EBIT/interest is sustained below 1.0x, or if liquidity deteriorates
for any reason.

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

Luxembourg-based Mallinckrodt International Finance S.A. is a
subsidiary of Dublin, Ireland-based Mallinckrodt plc (collectively
"Mallinckrodt"). Mallinckrodt is a specialty biopharmaceutical
company with reported net revenue for the twelve months ended March
31, 2022 of approximately $2.1 billion.


NORTHPOLE NEWCO: Moody's Withdraws 'Caa2' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa2 corporate family
rating of NorthPole Newco S.a r.l. (NSO), an Israel-based
cyber-security company, the Caa2-PD probability of default rating
and the Caa2 instrument senior secured bank credit facilities
ratings on the rated term loans and revolving credit facility. The
negative outlook has also been withdrawn.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

NorthPole Newco S.a r.l. is a provider of cybersecurity and
intelligence software solutions to government agencies. Its
offering is focused on mobile end point and location capabilities,
as well as tactical or field solutions and lawful interception for
high-value targets.




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

BANCO MONTEPIO: DBRS Confirms 'B' LongTerm Issuer Rating
--------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings of Caixa Economica Montepio
Geral, S.A. (Banco Montepio, or the Bank), including the Long-Term
Issuer Rating of B, and the Short-Term Issuer Rating of R-4, and
the Trend on all ratings is now Stable. The Bank's Intrinsic
Assessment (IA) is maintained at B and the Support Assessment at
SA3.

The Bank's B (high) Long-Term Deposits rating is one notch above
the IA, reflecting the legal framework in place in Portugal which
has full depositor preference in bank insolvency and resolution
proceedings. The Bank's Short-Term Deposits rating is R-4 with a
Stable trend.

KEY RATING CONSIDERATIONS

The confirmation of the ratings and the change of the Trend to
Stable from Negative takes into account the progress that Banco
Montepio has made in 2021 in strengthening its regulatory capital
ratios and de-risking its balance sheet. The Bank continued to
reduce its stock of non-performing loans (NPLs) and non-core
assets, mainly through the disposal of legacy problem loans.
However, the ratings continue to reflect the Bank's weak
profitability, the still large stock of non-performing loans (NPLs)
and the modest capital cushions.

RATING DRIVERS

An upgrade would require a sustained improvement in profitability
and a further reduction in NPLs.

A downgrade would occur in the event of a material deterioration in
the Bank's capital position or its asset quality.

RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Moderate/Weak

Banco Montepio is a small Portuguese retail and commercial bank
with total assets of around EUR 19.7 billion at end-2021 and is
majority owned by the Montepio Geral Associacao Mutualista (MGAM).
The Bank is currently implementing a restructuring plan aimed at
strengthening its balance sheet, productivity levels and
competitive position. In 2021, the management has taken further
actions to streamline the Bank's retail footprint and enhance
digitalization.

Earnings Combined Building Block (BB) Assessment: Weak/Very Weak

DBRS Morningstar's assessment of Banco Montepio's profitability
considers the Bank's modest revenue diversification, high cost
income ratio and high provisioning costs, which lead to weak
profitability metrics. However we note that Banco Montepio returned
to profit in FY 2021, posting a net income of around EUR 7 million,
compared to a net loss of EUR 80.7 million in 2020. The improvement
reflected the improving economic environment, lower provisions and
impairments, as well as lower operating costs. Nonetheless, the
Bank's profitability levels remain below pre-pandemic levels,
mainly as a result of lower revenues .

Risk Combined Building Block (BB) Assessment: Weak/Very Weak

In 2021, Banco Montepio has made significant progress in reducing
its stock of legacy non-performing loans. Despite the challenges of
the pandemic, the Bank's gross NPE ratio has reduced to 8.6% at
end-2021 (or 8.0% on a pro-forma basis, taking into account the
sale of a secured portfolio of NPLs at the end of 2021) from 10.4%
at end-2020. Nonetheless, the Bank's asset quality metrics continue
to compare unfavorably with domestic and international peers.

Near terms risks from the pandemic have decreased for the time
being, and the Bank's asset quality has proved to be more resilient
than previously anticipated. DBRS Morningstar notes that, so far,
the withdrawal of the moratoria by September 2021 has not resulted
in a spike of new NPLs. However, there has been an increase in the
level of Stage 2 loans. For these loans, credit risk has increased
significantly since initial recognition, and the migration to Stage
3 (NPLs) could take same time before it materializes.

Funding and Liquidity Combined Building Block (BB) Assessment:
Moderate

Banco Montepio's funding profile is underpinned by its customer
deposits, which represent the main source of funding. After a
period of stress in 2017,the Bank's deposit base has stabilized.
This has also helped to reduce funding costs. On the wholesale
market, the Bank has mainly secured exposures, subordinated debt
and repos. Accessing the unsecured market remains more challenging
and costly. In 2021, the Bank took the opportunity to increase its
exposure to the ECB. Funding and liquidity ratios were comfortable
at end-2021 with the NSFR at 125% and the LCR at 264%.

Capitalization Combined Building Block (BB) Assessment: Weak/Very
Weak

In 2021, Banco Montepio restored its capital buffers over the
minimum supervisory requirements, even when excluding the capital
relief measures introduced during the pandemic. The Bank
strengthened its phased-in CET1 and Total capital ratios to 12.7%
and 15.1%, respectively, from 11.6% and 13.8% at end-2020. This was
mainly due to the reduction in RWAs achieved through the reduction
in NPLs, lower exposure to real estate assets, and the sale of
other non-core assets.

Despite this, the current capital cushions provide limited
flexibility for future balance sheet adjustments. Our view on
capital also considers the Bank's limited ability to generate
capital organically as well as the reliance on the main
shareholder.

Notes: All figures are in EUR unless otherwise noted.




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R O M A N I A
=============

DIGI COMMUNICATIONS: Moody's Puts Ba3 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the Ba3 corporate family
rating and the Ba3-PD probability of default rating of Digi
Communications N.V. ("Digi", "DCS" or "the company") on review for
downgrade. Digi is the parent company of RCS & RDS S.A.
("RCS&RDS"), a leading pay-TV and communications services provider
in Romania.

Concurrently, Moody's has also placed on review for downgrade the
Ba3 rating on the EUR850 million guaranteed fixed rate senior
secured notes (split into two tranches, EUR450 million due 2025 and
EUR400 million due 2028) issued by RCS&RDS.

"We have placed Digi's ratings on review for downgrade following
the publication of the preliminary 2021 report, which includes a
qualified audit opinion," says Agustin Alberti, a Moody's Vice
President – Senior Analyst and lead analyst for Digi.

Compliance and reporting is a governance consideration under
Moody's General Principles for Assessing Environmental, Social and
Governance Risks Methodology for assessing ESG risks.

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

On May 30, 2022, Digi released [1] its audited 2021 full year non
statutory consolidated financial statements. The financial
statements were delivered one month later than the company's
initial target of April 30, set in September 2021, when the company
announced the change of auditor from E&Y to KPMG.

The audit report is qualified, and KPMG set out a number of reasons
for the qualification. These reasons relate to the completeness and
availability of key information, and to areas of disclosure.

Management claims that the issues raised are not related to the
quality of the accounts but caused by insufficient time to complete
the audit, since the audit work started in early 2022, which was
later than expected. The company expects to release the 2021
audited Dutch statutory consolidated financial statements by the
end of August at the latest.

The postponed financial statements for fiscal year 2021 and the
qualified nature of the audit report weigh negatively on Moody's
assessment of the company's governance and internal controls. In
terms of Environmental, Social, and Governance (ESG)
considerations, the accounting issues have led the rating agency to
change its assessment of the company's Compliance and Reporting to
4 from 2. Governance risks (Issuer Profile Score or "IPS") remains
moderately negative (G-3), but risks are skewed to the downside
depending on the final report to be released in the next 2-3
months.

The review process will therefore focus on (1) the assessment of
the final 2021 audited Dutch statutory financial statements and any
financial implications arising from that audit, and (2) the
proposed implementation of changes in internal controls to
strengthen the reporting consistency.

Prior to placing the ratings on review, Moody's said that downward
pressure could be exerted on the rating if (1) Digi's operating
performance weakens such that its Moody's-adjusted debt/EBITDA
rises above 3.5x on a sustained basis, (2) the company embarks in a
debt financed organic or inorganic growth strategy, or (3) the
company's liquidity profile weakens (including a reduction in
headroom under financial covenants).

Prior to placing the ratings on review, Moody's said that it could
upgrade Digi if the company (1) increases its scale and
diversification, (2) reports solid operating performance such that
its Moody's-adjusted debt/EBITDA remains well below 2.5x; and (3)
the company generates positive FCF (after capital spending and
dividends) on a sustained basis.

LIST OF AFFECTED RATINGS

On Review for Downgrade:

Issuer: Digi Communications N.V.

Probability of Default Rating, Placed on Review for  Downgrade,
currently Ba3-PD

LT Corporate Family Rating, Placed on Review for  Downgrade,
currently Ba3

Issuer: RCS & RDS S.A.

BACKED Senior Secured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba3

Outlook Actions:

Issuer: Digi Communications N.V.

Outlook, Changed To Ratings Under Review From Stable

Issuer: RCS & RDS S.A.

Outlook, Changed To Ratings Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pay TV
published in October 2021.

COMPANY PROFILE

Digi Communications N.V. is the parent company of RCS & RDS S.A., a
leading pay-TV and communications services provider in Romania and
Hungary. The company completed an IPO in May 2017 and is listed on
the Bucharest Stock Exchange. It generated revenues of EUR1.3
billion and reported EBITDA of EUR480 million (including IFRS16) in
2020. Digi is ultimately controlled by Romanian entrepreneur Zoltan
Teszari, president of the board and founder of the company.




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

[*] RUSSIA: Adds RUR551.4 Billion to Emergency Reserve Fund
-----------------------------------------------------------
Reuters reports that the Russian government added RUR551.4 billion
(US$9.5 billion) to its emergency reserve fund on June 9 as the
Kremlin steps up its stimulus package in a bid to protect the
economy from the impact of Western sanctions and its actions in
Ukraine.

"The funds will be used in part to implement measures aimed at
ensuring the stability of economic development in the conditions of
external constraints," Reuters quotes the government as saying in a
statement announcing the cash injection.

The reserves boost came from extra profits generated by Russia's
vital oil and gas exports, which are bringing in hundreds of
millions of dollars a day to the budget despite Western sanctions,
Reuters discloses.

Western countries have hit Russia with an unprecedented package of
sanctions, including freezing around half -- or US$300 billion --
of the central bank's gold and foreign currency reserves after
Moscow sent tens of thousands of troops into Ukraine on Feb. 24 in
what it calls a "special military operation", Reuters relates.

Russia previously directed oil and gas profits into its US$198
billion sovereign wealth fund, a rainy-day war chest intended to
fund large investment projects, Reuters recounts.

But the emergency reserve fund is a more flexible pot of cash,
allowing the government to plug its own deficit, support social
outlays such as a recent emergency hike in pensions and react to
the looming economic crisis, Reuters notes.

The government added RUR791.6 billion (US$13.56 billion) to the
same fund in May, Reuters states.

Russia's economy is set for its biggest recession in more than two
decades as it faces what the Institute of International Finance has
termed a "full disintegration of 30 years of investment" that could
wipe out 15 years' worth of economic gains, according to Reuters.




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

CAIXABANK CONSUMO 5: DBRS Confirms B(high) Rating on B Notes
------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the Series A Notes and
Series B Notes (together, the Notes) issued by Caixabank Consumo 5,
F.T. (the Issuer) at AA (sf) and B (high) (sf), respectively.

The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in October 2054. The rating of the Series
B Notes addresses the ultimate payment of interest and principal on
or before the legal final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses;

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

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

The transaction is a securitization of unsecured consumer loans
granted to individuals residing in Spain by CaixaBank, S.A.
(CaixaBank), which is also the servicer of the portfolio and acts
as the issuer account bank. The transaction closed in June 2020. At
closing, the static EUR 3.6 billion collateral portfolio consisted
of loans granted primarily to borrowers in Catalonia (31.5% of the
initial portfolio balance), Andalusia (17.6%), and Madrid (10.5%).

PORTFOLIO PERFORMANCE

As of the January 2022 payment date, loans that were 0 to 30 days,
30 to 60 days, and 60 to 90 days delinquent represented 0.6%, 0.4%,
and 0.04% of the outstanding portfolio balance, respectively, while
loans more than 90 days delinquent amounted to 3.8%. Gross
cumulative defaults amounted to 1.7% of the aggregate original
portfolio balance, with cumulative recoveries of 1.3% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 6.2% and 73.9%, respectively.

CREDIT ENHANCEMENT

The subordination of the Series B Notes and the cash reserve
provides credit enhancement to the Series A Notes, while only the
cash reserve provides credit enhancement to the Series B Notes,
following the full repayment of the Series A Notes. As of the
January 2022 payment date, credit enhancement to the Series A Notes
increased to 23.4% from 19.0% at the time of the last annual
review; credit enhancement to the Series B Notes decreased to 5.7%
from 6.8% due to the significant amortization of the cash reserve,
which started after one year had elapsed since the issuance date,
on the July 2021 payment date.

The transaction benefits from an amortizing cash reserve available
to cover senior expenses and all payments due on the senior-most
class of notes outstanding at the time. The reserve was funded to
EUR 177.5 million at closing through a subordinated loan granted by
CaixaBank and, as long as the reserve has been replenished to its
target level on the previous payment date, it will amortize to its
target level of 5% of the outstanding principal balance of the
Notes. As of the January 2022 payment date, the reserve was at its
target amount of EUR 103.5 million.

CaixaBank acts as the account bank for the transaction. Based on
the account bank reference rating of CaixaBank at A (high), which
is one notch below the DBRS Morningstar Long Term Critical
Obligations Rating of AA (low), the downgrade provisions outlined
in the transaction documents, and other mitigating factors inherent
in the transaction structure, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the ratings assigned to the Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.


CAJAMAR PYME 3: DBRS Hikes Series B Notes Rating to B(low)
----------------------------------------------------------
DBRS Ratings GmbH upgraded its ratings on the notes issued by IM
BCC Cajamar PYME 3 FT (the Issuer) as follows:

-- Series A Notes upgraded to AA (high) (sf) from AA (low) (sf)  

-- Series B Notes upgraded to B (low) (sf) from CCC (low) (sf)

The rating on the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal maturity date in June 2057. The rating on the Series B Notes
addresses the ultimate payment of interest and principal on or
before the legal maturity date.

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

-- The portfolio performance, in terms of level of delinquencies
and defaults, as of the February 2022 payment date;

-- The one-year base case probability of default (PD) and default
and recovery rates on the outstanding receivables;

-- The current available credit enhancement to the notes to cover
the expected losses at their respective rating levels; and

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

The transaction is a cash flow securitization collateralized by a
portfolio of secured and unsecured loans originated and serviced by
Cajamar Caja Rural S.C.C. (Cajamar) to small and medium-size
enterprises (SME) and self-employed individuals based in Spain. The
transaction closed in April 2021.

PORTFOLIO PERFORMANCE

The portfolio is performing within DBRS Morningstar's expectations.
As of 31 January 2022, the 90+-day delinquency ratio was 0.6%.
There are no defaults reported so far.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its default rate and recovery
assumptions on the outstanding portfolio to 33.4% and 27.9%,
respectively, at the AA (high) (sf) rating level, and to 10.5% and
38.4%, respectively, at the B (low) (sf) rating level. DBRS
Morningstar updated its base case PD to 2.8%, based on the updated
portfolio composition and including coronavirus-related adjustments
and.

CREDIT ENHANCEMENT

The credit enhancement available to the notes has increased as the
transaction deleverages. As of the February 2022 payment date, the
credit enhancement available to the Series A Notes and Series B
Notes increased to 34.1% and 3.9%, respectively, compared with
26.0% and 3.0%, respectively, at closing. Credit enhancement is
provided by the subordination of the Series B Notes and a reserve
fund. The reserve fund was funded at closing through a subordinated
loan and is available to cover senior fees and interest and
principal on the Series A Notes and, once the Series A Notes are
fully amortized, interest and principal on the Series B Notes. The
reserve fund does not amortize through the life of the transaction
and remains at its target level of EUR 30.0 million.

The Series B Notes interest and principal payments are subordinated
to the Series A Notes payments.

Banco Santander S.A. (Santander) acts as the account bank for the
transaction. Based on the account bank reference rating of A (high)
on Santander (one notch below its DBRS Morningstar Long Term
Critical Obligations Rating of AA (low)), the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, DBRS Morningstar considers
the risk arising from the exposure to the account bank to be
consistent with the rating assigned to the notes, as described in
DBRS Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in its
proprietary Excel-based cash flow engine.

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

For this transaction, DBRS Morningstar increased the expected
default rate on receivables granted to obligors operating in
certain industries based on their perceived exposure to the adverse
disruptions of the coronavirus. As per DBRS Morningstar's
assessment, 9.5% of the outstanding portfolio balance represented
industries classified in the high-risk economic sectors. This led
the underlying one-year PDs to be multiplied by 1.5 times. DBRS
Morningstar also conducted an additional sensitivity analysis to
determine that the transaction benefits from sufficient liquidity
support to withstand high levels of payment holidays in the
portfolio. As of January 31, 2022, EUR 71,402.9 was reported as
currently benefitting from coronavirus-related moratoriums.

Notes: All figures are in euros unless otherwise noted.




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

BROWN BIDCO: Moody's Affirms 'B1' CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has affirmed the ratings of BROWN BIDCO
LIMITED and its subsidiaries. These comprise the B1 corporate
family rating and B1-PD probability of default rating of BROWN
BIDCO LIMITED, the B1 instrument ratings of the $1.894 billion
currently outstanding backed senior secured first lien term loan
due 2028 and the $350 million  backed senior secured revolving
credit facility (RCF) due 2026, which will be upsized to $400
million, borrowed by Brown Group Holding LLC and Signature Aviation
US Holdings, Inc. (Signature), and the B1 rating of the $114
million currently outstanding backed senior secured notes due 2028
issued by Signature Aviation US Holdings, Inc.

Moody's has also assigned a B1 rating to the proposed $1.1 billion
backed senior secured first lien term loan due 2029 to be borrowed
by Brown Group Holding LLC and Signature Aviation US Holdings, Inc.
The outlook on all of the company's ratings is stable.

The new debt of $1.1 billion will finance the purchase of the
announced acquisition of fixed-base operator, Truman Arnold
Corporation (TAC), and to pay associated fees and expenses.

The rating actions reflect:

The company's strong trading performance since March 2021, with
the business and general aviation market in the US recovering to
above 2019 levels

The potential for a sustained increase in the revenues for the
fixed-based operations ("FBO") sector, from higher adoption rates
compared to before the pandemic

Substantial re-leveraging as a result of the transaction to 7.3x
at December 2021 pro forma for the new financing, with leverage
expected to reduce to around 6.6x by December 2022

Risks of declining demand given the highly cyclical nature of the
industry and potential that recent growth in the market may not be
sustained

RATINGS RATIONALE

The B1 CFR reflects the company's (1) strong position as the
leading fixed base operator in the US; (2) flexible cost structure,
allowing the company to manage periods of decreased revenue; (3)
substantial and profitable lease revenue stream from provision of
hangarage (parking) for general aviation aircraft; (4) strong
history of organic revenue growth in its core business from
2010-19; (5) resilient performance during the coronavirus pandemic
and strong market recovery thereafter.

The ratings also reflect: (1) high financial leverage of 7.3x on a
Moody's-adjusted basis as at December 2021, pro forma for the
acquisition of TAC and the additional financing; (2) exposure to
the highly-cyclical business and general aviation markets, which
may also challenge the company's ability to pass on non-fuel cost
inflation; (3) risks that the recent growth in demand is not
sustained; (4) potential for more debt-funded acquisitions which
would limit the pace of deleveraging; and (5) limitations in the
quality of financial disclosure in relation to both Signature and
TAC.

Signature experienced a short-lived impact of the pandemic, which
the company well managed with effective cost control and efficiency
gains. The company has benefitted from a strong recovery in demand
since March 2021, including expansion of the customer base as more
leisure travelers adopted private air travel. According to the
company, more travelers are committing to longer-term private
aviation through fractional ownership, supporting higher volumes in
that segment of the customer base. There has been substantial
growth in demand for business and general aviation in the US, with
flight movements exceeding 20% of 2019 levels since June 2021 [1].
This has been driven by several factors including changes in
working patterns since the pandemic, a rebound in US domestic
business travel, and changes in wealth distribution with
significant growth in the number of high net worth individuals.

The sector is also highly cyclical, with flight volumes strongly
correlated with changes in GDP. Weakening economic conditions could
not only reduce demand but also complicate passing higher costs to
customers. Currently, buoyant demand supports cost pass through.
The company is protected contractually from oil price increases and
has a long track record of margin stability.

The transaction leaves the rating relatively weakly positioned
given increased leverage, low cash flows relative to debt and
potential for a more challenging market environment. As a result of
the acquisition of TAC, which follows the acquisition of Vail
Valley Jet Center in October 2021, Moody's-adjusted pro forma
leverage increases to 7.3x at December 31, 2021, compared to 5.9x
before the transaction. Moody's expects further market growth and
cost savings to reduce leverage to around 6.6x in 2022. Further
deleveraging will rely on earnings expansion. The outstanding term
debt does not begin to mature until 2028 and Moody's does not
expect early repayments. Leverage metrics will be pressured during
periods of declining demand and if more debt-funded acquisitions
occur. In addition, Moody's expects sustained low free cash flow to
debt, in the low to mid-single digit percentages, although this
reflects a relatively high degree of discretionary capital
expenditure enhancing hangar capacity.

The company's financial reporting is relatively limited with low
granularity, extended periods prior to delivery of accounts, and no
separate quarterly results provided at year end. In addition,
limited financial information is available in relation to TAC,
although this is partially mitigated by its relatively simple
business model. Moody's has reviewed 2021 consolidated audited
accounts for parent company Brown Topco Limited and intermediate
holding company Signature Aviation Limited which provide an
adequate degree of financial information on the group.

STRUCTURAL CONSIDERATIONS

The existing backed senior secured first lien term loan, and the
backed senior secured notes both due 2028, the RCF due 2026 and the
new backed senior secured first lien term loan due 2029 are rated
B1, in line with the CFR, reflecting the first lien only capital
structure and pari passu ranking of the debt instruments. The
facilities are guaranteed by material subsidiaries with substantial
guarantor coverage (88% at December 2020 by revenues) and security
is provided over substantially all the assets of the borrowers and
material subsidiaries. The backed senior secured notes due 2028
were previously unsecured but received substantially the same
security and rank equally with the first lien term debt on closing
of the take-private transaction.

LIQUIDITY

The company's liquidity is good, supported by cash of $247 million
at the end of March 2022 and access to an undrawn RCF to be upsized
to $400 million from $350 million. The RCF contains a springing
leverage covenant set at 40% headroom which applies when the
facility is at least 40% drawn. Moody's expects the company to
continue to generate positive free cash flow.

OUTLOOK

The stable outlook reflects Moody's expectation that Signature will
continue to grow its net revenues and EBITDA at least in line with
the market, leading to Moody's adjusted leverage reducing below
6.5x within the next 12-18 months. Moody's also assumes that to the
extent further debt-financed acquisitions are undertaken, the
company will be able to delever to below 6.5x within a 12-18 month
period.

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

The ratings could be upgraded if Moody's expects:

Moody's-adjusted leverage to reduce sustainably towards the low
5x

Moody's-adjusted EBITA / interest to increase sustainably above
3x

Free cash flow / debt to increase to at least mid-single digit
percentages

An upgrade would also require positive organic revenue growth at or
above the market, and for the company to maintain financial
policies consistent with the above metrics.

Moody's could downgrade the ratings if:

Moody's-adjusted leverage is expected to remain sustainably above
6.5x

Moody's-adjusted EBITA / interest reduces consistently below 2x

Free cash flow / debt reduces to low single digit percentages

The ratings could also be downgraded if there is a material
weakness in the market which is likely to delay or prevent
deleveraging, if there is a material weakening in the company's
liquidity position, or if organic revenue growth is sustained
materially below market rates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

BROWN BIDCO LIMITED is an intermediate holding company of the
Signature Aviation group, which has 190 FBO locations on a pro
forma basis (excluding 104 EPIC locations and 13 Signature Select
locations) providing business and general aviation flight support
services at airports, with the US being its largest market followed
by Europe. An FBO is a commercial business granted the right by an
airport owner/operator to provide aeronautical services to general
aviation aircraft on the airport's property. In June 2021 the
company was acquired by entities controlled by Blackstone
Infrastructure Partners, Blackstone Core Equity, Global
Infrastructure Partners and Cascade Investment, L.L.C.


BULB: Octopus Energy Submits Last-Minute Bid
--------------------------------------------
Gill Plimmer and Jim Pickard at The Financial Times report that
Octopus Energy has made a last-minute entry in a three-way race to
buy collapsed electricity and gas supplier Bulb, according to two
people close to the deal.

Centrica, the owner of British Gas, and Masdar, an Abu Dhabi-based
energy company, are also in talks with the UK government as it
tries to secure bids ahead of a closing deadline on June 30, the FT
relays, citing people familiar with the discussions.

Ovo Energy is weighing a last-minute offer after making a bid in
November, which it later withdrew, although it is not part of the
formal process, which is being run by financial advisers Lazard,
the FT discloses.

Bulb collapsed last November after natural gas prices soared and it
failed to raise new money, leaving the government to step in to
ensure its 1.6mn households still received energy, the FT
recounts.

While bigger rivals took on the customers of about 30 smaller
failed rivals, regulator Ofgem considered transfers would be too
difficult to carry out at Bulb, the FT states.

Ministers are now keen to offload Bulb as taxpayers have spent
hundreds of millions of pounds propping it up in the past seven
months, the FT notes.

The government has set aside up to GBP2.2 billion to keep the
business running over the coming months, making it the biggest
state bailout since Royal Bank of Scotland in 2008, the FT
relates.

To offload the energy provider this summer, the government is
expected to offer bidders a clean balance sheet with no debt as
well as a generous financial dowry to secure a deal, say two people
close to the negotiations, the FT notes.

However, the government has not set out how much money it would be
prepared to inject in the deal and is instead waiting to see what
the three bidders offer, according to officials, the FT relays.

Wild fluctuations in the price of gas, which has dropped in recent
weeks, have made it harder to predict how much support Bulb will
need to continue as a going concern, according to the FT.

Potential buyers also point out that Bulb's brand has been damaged,
with consumers likely to seek better deals at rivals, the FT
states.

In addition, Ofgem has already handed companies taking over the
customers of 29 smaller failed suppliers GBP1.84 billion, with the
cost loaded on to household bills, the FT notes.

Any sale would differ from previous customer transfers because the
buyer would take on the entire company, although it remains unclear
how outstanding creditors will be handled, the FT discloses.  This
includes Sequoia Economic Infrastructure Income Fund, which is owed
about GBP50 million, the FT relays.

Bulb, which never made a profit, owed GBP254 million to customers
who had paid for their electricity and gas in advance when it
collapsed last November, the FT states.  It recorded a loss of
GBP59 million at the time of its administration, the FT notes.


DRYDEN 96 EURO 2021: Fitch Assigns 'B-' Rating on Class F Debt
--------------------------------------------------------------
Fitch Ratings has assigned Dryden 96 Euro CLO 2021 DAC final
ratings.

   DEBT                  RATING                    PRIOR
   ----                  ------                    -----
Dryden 96 Euro CLO 2021 DAC

A XS2471067319         LT    AAAsf    New Rating   AAA(EXP)sf
B-1 XS2471067400       LT    AAsf     New Rating   AA(EXP)sf
B-2 XS2471067822       LT    AAsf     New Rating   AA(EXP)sf
C XS2471068044         LT    Asf      New Rating   A(EXP)sf
D XS2471068127         LT    BBB-sf   New Rating   BBB-(EXP)sf
E XS2471068630         LT    BB-sf    New Rating   BB-(EXP)sf
F XS2471068713         LT    B-sf     New Rating   B-(EXP)sf
Subordinated Notes     LT    NRsf     New Rating   NR(EXP)sf
XS2471068804

TRANSACTION SUMMARY

Dryden 96 Euro CLO 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 transaction closed in June 2022. Notes
proceeds have been used to fund a portfolio with a target par of
EUR400 million. The portfolio is actively managed by PGIM Loan
Originator Manager Limited. The transaction has a two-year
reinvestment period and a seven-year weighted average life (WAL).

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 25.6.

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 58.5%.

Diversified Portfolio (Positive): There are two matrices that
correspond to a top 10 obligor concentration limit at 27% and two
fixed rate asset limits of 10% and 20%, respectively. 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 two-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 analysis is 12 months shorter than the WAL
covenant at the issue date. The reduction to the risk horizon
reflects the strict reinvestment criteria post reinvestment period,
which includes 'CCC' bucket limitation and the coverage tests
satisfaction as well as a WAL covenant that progressively steps
down over time. In Fitch'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 across the
structure.

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in upgrades of
no more than five 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.

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.


FROSN-2018 DAC: DBRS Confirms B(high) Rating on Class E Notes
-------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on all classes of the
Commercial Mortgage-Backed Floating-Rate Notes due May 2028 issued
by FROSN-2018 DAC (the Issuer) as follows:

-- Class RFN at AAA (sf)
-- Class A1 at AAA (sf)
-- Class A2 at AA (low) (sf)
-- Class B at A (sf)
-- Class C at BBB (high) (sf)
-- Class D at BB (high) (sf)
-- Class E at B (high) (sf)

The trend on the Class RFN remains Stable, while the trends on the
Class A1 through Class E notes remain Negative.

The rating confirmations follow a slight deleveraging of the loan
following a part repayment of EUR 10.7 million on the February 2022
interest payment date (IPD), as well as an accelerated capex
spending by the borrower. The Negative trends on the Class A1
through Class E notes reflect the continuing uncertainty around the
future rental cash flow generated by the property portfolio as its
performance continues to deteriorate.

FROSN-2018 DAC is a securitization of one floating-rate senior
commercial real estate loan advanced by Morgan Stanley and
Citibank, N.A., London Branch. The loan refinanced the existing
indebtedness of the borrowers in addition to providing capex to the
underlying collateral. At issuance, the collateral consisted of 63
mixed office and retail properties located across Finland. As of
the Q1 2022 IPD, only 45 assets remain in the portfolio as further
two properties were released from the security pool in Q1 2022
against an EUR 10.7 million voluntary repayment of the senior loan,
which was allocated pro rata to the notes. As a result, the
outstanding balance of the senior loan has reduced to EUR 297.1
million (EUR 274.8 million for the securitized part). Based on the
valuation conducted by CBRE in October 2020, this translates into a
loan-to-value (LTV) of 58.2%, a slight deleveraging from 60.2% at
the last annual review.

The performance of the remaining portfolio continued to deteriorate
over the past year, with gross rental income (GRI) declining to EUR
42.4 million in Q1 2022 from EUR 50.9 million in Q1 2021. When
accounting for the two sold properties, this constitutes a decline
of 14.6%, which is only partially driven by vacancy, but largely by
contract renewals at lower rent as occupier demand in the Finish
office market has shifted towards modern premises, and assets are
facing strong competition in the local markets. The portfolio
continues to suffer from a high vacancy rate, which increased by
1.4 percentage points to 44.2% since the last review in Q1 2021.
The borrower accelerated its capital expenditure with the capex
account balance reducing to zero in February 2022 from EUR 6.5
million 12 months earlier, which could facilitate leasing activity
going forward. However, uncertainty remains around the future cash
flows of the portfolio, as nearly half of in-place leases has a
break date or expires in the next 12 months.

The portfolio's deteriorating performance caused the loan to breach
its debt yield (DY) cash trap covenant in Q3 2020. The loan remains
in cash trap as of February 2022 and DBRS Morningstar does not
expect this to change given the current level of GRI and the
step-up in the DY cash trap covenant to 11.0% in year five of the
transaction. The transaction's DY stood at 8.4% as of the February
2022 IPD.

DBRS Morningstar has removed the released properties from its
analysis, and adjusted its vacancy assumptions to account for the
increased vacancy. This led to DBRS Morningstar's net cash flow
(NCF) reducing to EUR 26.6 million, compared with EUR 28.1 million
at the last annual review. As a result, DBRS Morningstar's value
declined to EUR 322.0 million, which represents a 36.3% haircut to
the current valuation. This did not trigger any changes to the
current ratings, which were confirmed with Negative trends on the
Class A1 through Class E notes, reflecting the continuing
uncertainty around the future rental cash flow of the property
portfolio. The trend on Class RFN remains Stable.

The transaction includes the reserve fund notes (RFN), which fund
the note share part (95%) of the liquidity reserve. At issuance,
the EUR 16.7 million RFN proceeds and the EUR 878,947.37 VRR Loan
Interest contribution were deposited into the transaction's
liquidity reserve, which can be used to pay property protection
advances, senior costs, and interest shortfalls (if any) in
relation to the corresponding VRR Loan Interest, RFN, Class A1,
Class A2, and Class B notes. The liquidity reserve currently
amounts to EUR 9.1 million and, according to DBRS Morningstar's
analysis, is equivalent to approximately 28 months and 12 months'
coverage on the covered notes, based on the interest rate cap
strike rate of 1.0% per annum and the Euribor cap after loan
maturity of 4.25% per annum, respectively.

The third, and final, one year extension option was exercised,
extending the loan maturity date to February 15, 2023. The final
maturity of the notes is on May 21, 2028, approximately five years
after the date of the fully extended senior loan maturity.

Notes: All figures are in euros unless otherwise noted.


GREENSILL CAPITAL: UK Taxpayers to Face Steep Losses on Bad Loan
----------------------------------------------------------------
Robert Smith and Owen Walker at The Financial Times report that
British taxpayers face steep losses on a government-guaranteed loan
Greensill Capital made to a business owned by a neighbour of its
disgraced founder.

Greensill collapsed in March last year, triggering a financial and
political scandal that engulfed David Cameron, the former prime
minister who advised the supply chain finance firm, the FT
recounts.

The bad loan in the UK was a much more local affair, although it
affects some of those global institutions, the FT notes.
Chester-based Special Needs Group is owned by local businessman
Barnabas Borbely, who lives around the corner from Lex Greensill in
the Cheshire village of Saughall.

According to the FT, the company, a private business that provides
services for people with learning disabilities, has now also
collapsed into administration, with Greensill Capital set to
recover less than a quarter of the money it lent to the business.

A report from the company's administrators shows that Greensill is
Special Needs Group's "only material creditor" and is set to
receive just GBP4.9 millionn of the GBP22.8 million it is owed,
describing this as a "significant shortfall against their
security", the FT discloses.

Of the debt extended by Greensill, GBP5 million is in the form of a
government-backed loan, while the larger portion was funded by a
Credit Suisse investment fund, the FT states.

Greensill has filed an insurance claim in a bid to recover the
losses, according to a person familiar with the matter, but it
could face an uphill battle reclaiming the money, the FT notes.
Tokio Marine and Insurance Australia Group, which insured the bulk
of Greensill's riskier lending, have both accused Greensill of
making "fraudulent" misrepresentations and declined to pay out on
any claims, the FT relates.

The British Business Bank confirmed that government guarantees
remain in place on Greensill's loans to small businesses such as
Special Needs Group but the state-owned lender told the Financial
Times that it had now opened a fresh investigation into Greensill's
"compliance with the CBILS [Coronavirus Business Interruption Loan
Scheme] requirements", the FT notes.

The bank has already suspended government guarantees on GBP400
million of loans Greensill advanced under a separate Covid-19
lending scheme for larger companies, the FT recounts.

Under an administration deal, a new company that Borbely
established this year will buy Special Needs Group's operating
subsidiaries for GBP5.2 million, the FT discloses.  According to
the FT, the administrator's report notes that "no other offers"
were made for these business units and that it received a valuation
on a "break-up basis" of just GBP4.3 million.

While Borbely provided an "unlimited personal guarantee" on Special
Needs Group's GBP23 million loan from Greensill, the finance firm
is releasing him from this obligation under the terms of the
administration deal, the FT states.

Aside from the GBP5 million of government-guaranteed debt,
Greensill packaged the bulk of the loans to Special Needs Group
into Credit Suisse's now stricken US$10 billion of supply-chain
finance funds, which have exposed some of the Swiss bank's richest
clients to potentially billions of dollars in losses, the FT
relays.

The administrator's report shows that Greensill essentially
provided start-up financing to Special Needs Group, extending GBP18
million of loans to the business on an "interest only" basis in
2018, when the Chester-based company was only a month old, the FT
states.


MISSGUIDED: Campaigners Call for Protection of Garment Workers
--------------------------------------------------------------
Ecotextile News reports that campaigners on June 10 staged protests
calling for supply chain garment workers to be protected during the
insolvency process of fast fashion brand Missguided.

According to Ecotextile News, activists from the Labour Behind the
Label initiative are targeting the Manchester headquarters of
Missguided and the London offices of both co-owners Alteri
Investors and administrators Teneo.

They called on all three to act to ensure that all payments to
suppliers are made in full so that factories can avoid closure and
provide ongoing employment to garment workers, Ecotextile News
relates.


MISSGUIDED: Garment Workers in Pakistan Left Unpaid
---------------------------------------------------
Shah Meer Baloch at The Guardian reports that hundreds of garment
workers in Pakistan making clothing for collapsed fast fashion
brand Missguided say they have been left destitute and starving
after not receiving salaries for more than four months.

According to The Guardian, the workers, who typically earn between
GBP100 and GBP160 a month, say that despite not being paid they
have continued working even as the Manchester-based retailer went
into administration, with suppliers claiming the company owes them
millions of pounds for clothing already completed and shipped.

In Faisalabad, one of Pakistan's textile heartlands, workers at the
Bismillah factory have been exclusively making clothes for
Missguided since 2017, The Guardian discloses.

Inside the Bismillah factory, mountains of boxes of Missguided
clothing sit abandoned, The Guardian relays.  Like most suppliers
in poor countries used by global fashion brands, suppliers are
expected to pay upfront for all clothing orders, with invoices only
raised when the goods are completed and ready to be shipped, The
Guardian notes.

"They never told me they were facing a financial crisis, Missguided
kept us in the dark," The Guardian quotes Nadeem Siddique, the
owner of the Bismillah factory, as saying. "[In the past few
months] we have shipped hundreds of thousands of pieces of clothing
that they ordered and thousands more are stuck in our storerooms
and port to be shipped.  We have not got a single dollar for these
clothes.  We have no other option than to fire workers."

Mr. Siddique, as cited by The Guardian, said that the factory
started supplying Missguided in 2017 and, in 2019, the company said
it wanted to increase orders and asked the factory to expand and
hire more workers, and produce exclusively for the brand.

"Since 2019, we have been making 200,000 pieces for Missguided each
month," Mr. Siddique said at his office in Faisalabad, claiming
that Missguided owed him more than GBP2 million in unpaid invoices,
The Guardian notes.

"After they asked us to expand capacity we hired another 300
workers, but now Missguided has left us alone amid threats from
investors, vendors and workers," he said.  "They even gave us an
order in May that was supposed to be shipped in June."

Hundreds of workers in the Spry Sports factory in the city of
Sialkot, which was making about 200,000 pieces of clothing for
Missguided every month, say they are also going hungry after
receiving no pay for months, The Guardian disclsoes.

Since going into administration, "certain intellectual property" of
Missguided has been bought by Frasers Group, controlled by the
Sports Direct founder, Mike Ashley, for GBP20 million in cash, The
Guardian recounts.  The company, The Guardian says, will continue
to be operated by the administrator under a transitional agreement
for about eight weeks.

According to The Guardian, The Clean Clothes Campaign said that the
Missguided workers in Pakistan were facing "wage theft" and
destitution while shareholder profits will be protected.

"Missguided, co-owner Alteri, and the appointed administrators must
urgently take action to ensure that workers in Pakistan and
elsewhere are paid their wages," The Guardian quotes Meg Lewis,
campaigns lead at the Clean Clothes Campaign, as aying.

"We are seeing the tip of the iceberg in terms of workers in
Missguided's supply chain who are facing crisis.  This again
highlights the gross injustice, that brands are able to impose
discounts or refuse to pay for goods that have already been
shipped.  It is likely that many of the workers stories will never
be told, and the true scale of impact will remain hidden," she
said.


STARLEAF LTD: Enters Administration, French Unit in Liquidation
---------------------------------------------------------------
Tom Wright at UC Today, citing a post on The Gazette's website,
reports that UC hardware and software provider StarLeaf has fallen
into administration.

According to UC Today, the filing -- dated June 9 and specifically
for StarLeaf Limited -- states that two employees of Kroll Advisory
Limited were appointed joint administrators on June 1.

The firm's French entity is also in liquidation, UC Today relays,
citing French business databases Societe and Infogreffe.

An employee of StarLeaf France said in a LinkedIn post last month
that the French arm was being liquidated owing to problems faced by
StarLeaf Ltd in the UK, UC Today relates.  The post said the French
operation would be managed from StarLeaf's UK headquarters moving
forward, UC Today notes.

StarLeaf most recently filed accounts last August for the year
ending December 31, 2021.  It reported sales of US$28.5 million for
this period, down four percent year on year.

StarLeaf's portfolio includes applications for messaging, meetings
and chat, as well as devices for meeting rooms and APIs to embed
its services.


TULLOW OIL: Moody's Affirms 'B3' CFR & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 Long-Term Corporate
Family Rating and the B3-PD Probability of Default Rating of Tullow
Oil plc (Tullow, or the company). Concurrently, Moody's has
affirmed the B2 rating of Tullow's outstanding $1.7 billion
 backed senior secured notes due 2026 and the Caa2 rating of the
$800 million backed senior unsecured notes due 2025. The outlook
has been changed to positive from stable.

The action follows Tullow's announcement made on 1st June 2022[1]
with respect to the proposed all-share merger with UK-based, oil
and gas exploration and production (E&P) company Capricorn Energy
plc (Capricorn). The merger will be implemented by means of a
court-sanctioned scheme of arrangement, where Tullow will acquire
all of Capricorn's shares in exchange for new shares in Tullow.
Upon completion, Tullow's shareholders will hold approximately 53%
of the combined entity, while Capricorn's shareholders will hold
the remainder. Closing is expected by the end of 2022, subject to
shareholder and various regulatory approvals.

RATINGS RATIONALE

Moody's expects the announced merger to enlarge Tullow's scale
(measured in terms of average daily hydrocarbon production) and to
add diversification to the company's business profile. Moody's also
expects continued commitment to a conservative financial policy
that prioritises balance sheet resilience over shareholder
remuneration, resulting in a strengthened financial profile being
maintained under a number of hydrocarbon price scenarios.

On a pro-forma basis, Tullow's average daily production would
sustainably increase to around 100 thousand barrels of oil
equivalent (kboepd) from around 60 kboepd on a standalone basis,
supported in the medium term by a pipeline of short-cycle,
infrastructure-led development projects. From a business profile
perspective, the addition of Capricorn's onshore, gas-weighted
assets would reduce Tullow's substantial geographic and asset
concentration in Ghana (Government of Ghana, Caa1 Stable), as well
as moderately rebalance the commodity mix to 75% liquids / 25%
natural gas. These considerations are balanced by a pro-forma
meaningful exposure to Egypt (Government of Egypt, B2 Negative) and
Capricorn's very short track record of operating hydrocarbon assets
within the country. From a financial profile perspective, Moody's
estimates that the combined entity's adjusted leverage (measured in
terms of Moody's-adjusted debt to average daily production) would
decline significantly to $38,500 from $63,000 as at the end of
2021, owing to Capricorn's low debt burden of less than $200
million (as at 31 December 2021) and assuming no further
restructuring of the combined entity's capital structure. At the
same time, the rating agency expects Retained Cash Flow to debt (as
adjusted by Moody's) to rise to 20%-25% in a $70-$65/barrel oil
price scenario in 2022-23, nearly doubling from 12.6% in 2021,
along with stronger and sustainably positive FCF generation over
the same period. Notably, both metrics take into account the $60
million ordinary dividend the combined entity intends to pay to
shareholders, which Moody's view as modest and sustainable even in
a  low oil price environment.

ESG CONSIDERATIONS

Governance considerations include Moody's expectation that the
combined entity will adopt a conservative financial policy and
capital allocation framework, which includes prioritization of
balance sheet strength over shareholder remuneration. Moody's views
Tullow's intention to pursue an all-share merger with Capricorn as
conservative and creditor friendly.

Environmental considerations primarily relate to increasing
regulatory risks facing upstream companies as the world moves
towards cleaner energy mix, in particular as far as carbon
emissions are concerned. However, Moody's expects the shift away
from hydrocarbons to occur over a period of decades and that global
oil demand will continue to grow through at least the latter half
of the 2030's. Moody's considerations also extend to the relevance
of decommissioning liabilities, which would remain broadly
unchanged at around $500 million on a pro-forma basis. Despite the
significant uncertainties relating to the estimated costs for
decommissioning, Moody's does not expect costs associated with
asset retirement obligations to have a significant adverse effect
on Tullow's operating and financial performance in the next few
years and within the context of the overall cash generating
capacity.

LIQUIDITY

Tullow's liquidity position is good. Moody's assessment considers
the company's (i) projected positive Free Cash Flow (FCF)
generation  in 2022-2023, (ii) retention of sizeable cash
balances, underpinned by a pro-forma cash quantum of $1.3 billion,
and (iii) access to a committed $500 million cash tranche of the
Revolving Credit Facility (RCF) due December 2024, which is
currently undrawn and expected to remain unutilised. Internally
generated cash flows and available cash should comfortably cover
all of Tullow's funding needs over the next 12-18 months.

RATING OUTLOOK

The positive outlook reflects Moody's expectation of Tullow's
proposed merger with Capricorn concluding as planned. In Moody's
view, the pro-forma larger scale and more diversified business
profile offset the somewhat higher operating risks stemming from
the additional exposure to Egypt. The positive outlook also
reflects Moody's expectation of continued conservative management
of the company's balance sheet in order to maintain the
strengthened financial profile and good liquidity position under a
number of hydrocarbon price scenarios.

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

An upgrade of Tullow's ratings would require the company to build a
solid operational track record in Egypt, coupled with sustainable
strong operational performance in Ghana. Further positive rating
pressure would also require rising operating profitability and
improving FCF generation accompanied by a strong liquidity profile.
Finally, for an upgrade Moody's would require larger production
scale and substantial deleveraging, such that E&P debt to average
daily production falls below $30,000 and retained cash flow to
gross debt improves to at least 15%, which could be achieved if the
announced transaction concludes as planned.

Conversely, Tullow's ratings could come under negative pressure if
the company's E&P debt to total average daily production remains
sustainably above $60,000 or if retained cash flow to debt falls
below 10%. Weakening liquidity including a failure to address the
2025 maturities at least 12 months in advance could also lead to a
downgrade. Tullow's ratings could be under negative pressure also
following a downgrade of Ghana's sovereign rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.

COMPANY PROFILE

Tullow Oil plc is a UK-based independent exploration and production
oil and gas company, with producing assets located in Ghana, Gabon
and Cote d'Ivoire, and contingent resources in Kenya and Guyana.
The company holds over 30 licenses across 8 countries and produced
around 60 barrels of oil equivalent per day in 2021. Tullow Oil plc
is listed on the London, Irish and Ghana Stock Exchanges.     

VE INTERACTIVE: Faces GBP126-Million Lawsuit Over Sale
------------------------------------------------------
James Titcomb at The Telegraph reports that administrators who
oversaw the collapse of the former British tech unicorn Ve
Interactive have been hit with a GBP126 million lawsuit over claims
they sold the company at a knock-down price to its directors.

As previously reported by the Troubled Company Reporter-Europe, The
Telegraph disclosed that the advertising technology start-up, which
was valued at GBP1.5 billion before it collapsed after being unable
to pay its debts, was bought out of administration for just GBP2
million in 2017.  The TCR-Europe relayed that The Telegraph said
repeated losses and heavy spending left the company unable to pay
staff and eventually it collapsed in 2017.




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

[*] BOND PRICING: For the Week June 6 to June 10, 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



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

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

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

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

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

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


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